Sirius Real Estate H2 Earnings Call Highlights

Sirius Real Estate (LON:SRE) reported higher full-year funds from operations, rental income and dividends for the play ended March 31, 2026, arsenic absorption said acquisitions and like-for-like rent rotation maturation offset macroeconomic unit successful the U.K. and Europe.

Group Chief Executive Officer Andrew Coombs said the proprietor and relation of mixed-use airy concern concern parks delivered “another twelvemonth of concern arsenic usual” contempt “macroeconomic headwinds and governmental uncertainty.” Sirius operates much than EUR 3 cardinal of spot crossed much than 160 sites and astir 2,000 commercialized buildings successful Germany and the U.K., with 90% of the portfolio wholly owned.

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For the year, funds from operations roseate 8.4% to EUR 133.5 million, portion FFO per stock accrued 4.5%. Rental income roseate 11.4% to EUR 239.8 million, and Group Chief Financial Officer Chris Bowman said the institution ended the twelvemonth with rent rotation “well successful excess of EUR 250 million,” adding that “there is maturation baked into our portfolio for the twelvemonth ahead.”

The institution declared a second-half dividend of EUR 0.0322 per share, bringing the full dividend for the twelvemonth to EUR 0.064, up 4.1% from the anterior year. Bowman said the summation marked the company’s 25th consecutive play of dividend growth.

Acquisitions Drive Rent Roll Growth

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Sirius said radical like-for-like rent rotation accrued 6.4%, portion full rent rotation grew by much than 11% arsenic acquisitions contributed to the portfolio. Bowman said the institution completed oregon notarized EUR 513 cardinal of acquisition enactment during the period, bringing EUR 36 cardinal of nett operating income, lone astir fractional of which was reflected successful the fiscal 2026 nett and nonaccomplishment statement.

“We fundamentally person baked successful maturation to travel from each of that acquisition activity,” Bowman said. He added that the acquisitions were made astatine an mean 8.2% gross output and 7.6% nett yield, supra the yields connected the existing portfolio.

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Investment properties accrued by conscionable implicit EUR 500 million, reflecting astir EUR 400 cardinal of completed acquisitions and a EUR 110 cardinal valuation uplift. Bowman said yields were “essentially stable,” and the valuation summation reflected management’s absorption connected driving rental income. Profit earlier taxation roseate 5% to EUR 211 million.

Corporate costs and overheads accrued 3%, beneath the complaint of portfolio growth, which Bowman said demonstrated operational leverage. EBITDA roseate 11.6% to EUR 158.3 million.