SEGRO (SGRO) Q1 2026 TU earnings summary

Executive summary

• Achieved strong operational performance in Q1 2026, with £23 million of new headline rent contracted, including £12 million from development lettings.

• Maintained momentum in leasing, pre-let negotiations, and disposals above book value despite geopolitical uncertainties.

• Advanced data centre strategy with new pre-let agreements, planning approvals, and infrastructure upgrades.

Financial highlights

• £23 million of new headline rent contracted in Q1 2026, with £11 million from existing portfolio and £12 million from development lettings.

• 38% uplift on rent reviews, renewals, and regears in the UK; Group uplift at 19%, Continental Europe at 4%.

• Customer retention at 83% and occupancy stable at 94.8%.

Outlook and guidance

• Favourable supply-demand dynamics expected to support further market rental growth and new development opportunities.

• Reiterated 2026 development capex guidance of £450-550 million.