February 16, 2026
138 Student Living Ltd. (138SL)
Unaudited financials for the first quarter ended December 31, 2025:
138 Student Living Ltd. (138SL) for the first quarter ended December 31, 2025, reported a 4% increase in income, totalling $389.37 million compared to $374.24 million in the corresponding quarter last year.
Other operating income amounted to $16.26 million (2024: $37.46 million), representing a 57% decrease year over year. Consequently, total revenue decreased by 1% to $405.63 million compared to $411.70 million for the first quarter ended December 31, 2024.
Administrative and other expenses increased by 1% to close at $234.66 million (2024: $231.58 million), while profit from operations decreased by 5% from $180.12 million in 2024 to $170.97 million for the quarter. As a result, finance costs for the first quarter amounted to $68.80 million, a 12% decrease relative to $77.99 million reported in 2024.
Profit before taxation for the quarter amounted to $102.17 million, broadly in line with $102.13 million reported in 2024. Taxation charge totalled $9.49 million, a 52% decrease from the corresponding period last year (2024: $19.70 million).
Net profit for the quarter amounted to $92.68 million, a 12% increase from the $82.43 million reported in 2024.
Consequently, earnings per share for the quarter amounted to $0.17 (2024: EPS: $0.15). The twelve-month trailing EPS was $0.66, and the number of shares used in these calculations was 536,855,600.
Notably, 138SL’s stock price closed the trading period on February 16, 2026, at $3.38, with a corresponding P/E ratio of 5.14x.
Balance Sheet Highlights
The company’s assets totalled $9.06 billion (2024: $9.89 billion). This decrease was primarily attributable to the Financial Asset – Service Concession Rights, which amounted to $8.05 billion (2024: $9.02 billion).
Shareholders’ equity was $4.88 billion (2024: $5.61 billion), representing a book value per share of $9.08 (2024: $10.86).
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