Sirius Real Estate (SRE) H1 2026 earnings summary

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.