Highlights

  • Profit after tax increased 56.8% to EUR 87.0m for the six months ended 30 September 2025.
  • Total rent roll grew 15.2% to EUR 242.5m, with 5.2% like-for-like growth across portfolios.
  • H1 dividend per share rose 4% to 3.18c, marking the 24th consecutive increase.

Sirius Real Estate (LSE:SRE) which manages business and industrial parks in Germany and the UK, reported a 56.8% increase in profit after tax to EUR 87.0m (H1 2024: EUR 55.5m). The rise was supported by operational performance, valuation gains, and the phased reduction of the German corporate tax rate from 15% to 10% between 2028 and 2032.

The Group’s total rent roll increased 15.2% to EUR 242.5m (H1 2024: EUR 210.5m), with like-for-like growth of 5.2% to EUR 211.7m (H1 2024: EUR 201.2m). FFO grew 6.6% to EUR 64.7m (H1 2024: EUR 60.7m), with FFO per share at 4.30c (H1 2024: 4.29c), reflecting the impact of the July 2024 equity raise. Profit before tax decreased 6.0% to EUR 57.5m (H1 2024: EUR 61.2m) due to a net foreign exchange loss of EUR 14.2m on sterling cash reserves. Basic earnings per share rose 47.2% to 5.77c (H1 2024: 3.92c), while headline and EPRA earnings per share fell 28.8% to 2.84c (H1 2024: 3.99c) largely due to currency translation effects.

Dividend Growth Maintained

The Company declared a progressive H1 dividend of 3.18c per share (H1 2024: 3.06c), representing a 4% increase. This marks the 24th consecutive dividend increase for the Group.

Property Valuations and Portfolio Performance

The Group’s property portfolio value rose 12.2% to EUR 2,765.4m (31 March 2025: EUR 2,465.2m), driven by EUR 295.0m in acquisitions and EUR 14.4m in asset management-related valuation uplifts. Portfolio yields were 7.5% gross and 6.7% net in Germany (31 March 2025: 7.4% and 6.7%) and 12.3% gross and 8.8% net in the UK (31 March 2025: 14.1% and 9.5%). Group EPRA net initial yield was 6.8% (31 March 2025: 6.9%). Adjusted NAV per share decreased 0.9% to 117.84c (31 March 2025: 118.89c) and EPRA NTA per share fell 1.4% to 115.94c (31 March 2025: 117.61c), reflecting currency translation effects.

Balance Sheet and Liquidity

The Group maintained a weighted average cost of debt of 2.5% (31 March 2025: 2.6%) with a debt expiry of 3.7 years (31 March 2025: 4.2 years). A new 5-year EUR 150.0m undrawn revolving credit facility from ABN Amro, BNP Paribas, and HSBC provides additional capacity. Net LTV was 38.3% (31 March 2025: 31.4%), with net debt to EBITDA of 6.7x, both within target limits. Cash on hand was EUR 389.0m (31 March 2025: EUR 571.3m), with Fitch reaffirming a BBB rating with a stable outlook.

Share Performance of SRE

SRE was trading 1.97% lower at GBX 96.90 per share as of 17 November 2025.