Sirius Real Estate (SRE) H2 2024 earnings summary

Executive summary

• Achieved FFO of EUR 110.2 million for FY 2024, doubling FFO over four years and marking the 21st consecutive increasing dividend, with H2 dividend of EUR 0.0305 per share.

• Group rent roll grew 8.2% to EUR 185.3 million, with like-for-like increases of 7.1% in Germany and 7.7% in the UK.

• Maintained strong balance sheet with EUR 244.5 million cash, net LTV of 33.9%, and weighted average debt expiry of 4.0 years.

• Continued asset recycling, selling at a 5% premium to book value and reinvesting in value-add opportunities.

• Operates 149 sites across Germany and the UK, with over EUR 2.5 billion in property assets.

Financial highlights

• Rental income increased 10% year-over-year to EUR 187.0 million, driven by acquisitions and organic growth.

• FFO up 8% from last year; full-year dividend of EUR 0.0605 per share, 68% payout on FFO.

• Adjusted profit before tax increased 15% to EUR 110.0 million; profit before tax up 32% to EUR 115.2 million.

• Adjusted NAV per share up 2% to EUR 1.111; EPRA NTA per share up 2% to EUR 1.0982.

• Group recurring profit after tax: EUR 80 million in Germany, EUR 26 million in the UK.

Outlook and guidance

• Targeting EUR 128 million FFO in two years, with a longer-term ambition of EUR 150 million.

• Trading in line with expectations post year-end; full effect of recent acquisitions to be realized in the coming year.

• Easing energy prices in Germany offset macroeconomic concerns; organic growth and opportunistic acquisitions remain focus.

• Committed to keeping LTV below 40%; current LTV at 36.5% post-year-end.