Sirius Real Estate (SRE) H2 2025 earnings summary

Executive summary

• Operates 152 sites (75 U.K., 70 Germany) plus 7 joint venture sites, with a €2.6bn property portfolio, 90% wholly owned.

• Achieved 11.8% FFO growth to €123.2m and 75% increase in profit before tax to €201.6m year-over-year.

• Completed or notarised €270m in acquisitions, expanding both German and UK portfolios, and maintains over €600m in cash.

• Demonstrated resilience and growth through COVID, energy crisis, and rising rates, with consistent revenue and dividend increases.

• 23rd consecutive dividend increase, up 1.7% to €6.15 per share.

Financial highlights

• Like-for-like rent roll grew by 6.3% year-over-year, with Germany at 6.1% and UK at 6.6%.

• Rental income up 15.1% to €215.3m; NOI up 12.4% to €189.8m.

• EBITDA increased 13% to €141.8m; FFO per share at 8.44c.

• Profit before tax rose 75% to just over €200m, driven by €80.7m valuation surplus.

• Adjusted NAV per share up 7% to €118.89; total accounting return 12.5%.

Outlook and guidance

• Targeting €150m FFO within three years, driven by organic growth, value-add CapEx, and acquisitions.

• Confident in ability to repeat €270m of acquisitions in the coming year.

• German rent roll growth remains above inflation despite economic headwinds.

• UK portfolio growth through acquisitions offers future value creation.

• Ongoing focus on organic growth, asset recycling, and opportunistic acquisitions in both markets.