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Sirius Real Estate
Sirius Real Estate (SRE) investor relations material
Sirius Real Estate H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary17 Nov, 2025
Executive summary
Operates over €3 billion in property across 160 sites in Germany and the U.K., focusing on mixed-use light industrial business parks.
Achieved 6.6% year-over-year FFO growth to €64.7m, with a 5.2% like-for-like rent roll increase and a 4% dividend hike to 3.18c per share.
Completed or notarised €340m in acquisitions, expanding both German and UK portfolios, and maintained a strong balance sheet with over €424.9m in cash reserves.
Profit after tax rose 56.8% to €87.0m, driven by operational strength, valuation gains, and a major deferred tax release.
Financial highlights
Rental income increased 7.7% to €112.6m; EBITDA up 9.7%; FFO rose 6.6% to €64.7m; profit after tax up 56.8% to €87.0m.
Like-for-like rent roll grew 5.2% year-over-year; total rent roll up 15.2% to €242.5m, driven by acquisitions.
Dividend per share increased 4% to 3.18c, with a 74% payout ratio for the first half.
Adjusted NAV per share decreased 0.9% to 117.84c, affected by FX translation and equity raises.
Net LTV at 38.3% due to acquisition activity; net debt-to-EBITDA at 6.7x; interest cover over 4.5x.
Outlook and guidance
Trading in line with management expectations for the full year; expects like-for-like rent roll growth to accelerate in H2, targeting 6–7% for the year.
Focused on reaching €150m FFO by 2028, with plans to target €175m and then €200m.
Dividend payout ratio expected to settle around 70% until 2029, then return to 65% as interest headwinds subside.
Organic growth prospects remain strong, supported by ongoing investment and a robust acquisition pipeline.
Focus remains on opportunistic growth in Germany and recycling mature assets into value-add opportunities.
German tax rate change: future cash flow impact
UK portfolio: diluted average rent strategy
June 2026 bond repayment: LTV impact
What drives Germany's output increase post-transition?
How is AI impacting UK inquiry capture strategy?
How do financing headwinds impact dividend payout?
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Next Sirius Real Estate earnings date
Q4 2026 TU13 Apr, 2026
Sirius Real Estate
Next Sirius Real Estate earnings date
Q4 2026 TU13 Apr, 2026
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Frequently asked questions
Sirius Real Estate is a British-based real estate investment company. It owns and operates office, warehouse and self-storage spaces; production and workshop spaces. Its business includes the ownership, development and operation of commercial properties in Germany. It owns and manages business parks with approximately 4.3 million square feet of lettable space in the United Kingdom; and 1.8 million square meters of lettable space in Germany. Sirius Real Estate Limited was incorporated in 2007 and is based in Saint Peter Port, Guernsey
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