Sirius Real Estate (SRE) Trading Update summary

Trading performance

• Achieved a 14.9% year-on-year increase in rent roll, with like-for-like rent roll up 5.5% for the half year ended 30 September 2024.

• Organic growth and recent acquisitions contributed to strong rental income growth across Germany and the U.K.

• Germany outperformed the U.K. in rent roll growth, benefiting from stronger rates and improved asset management.

• Expectation of property value increases in Germany and positive valuation movement at Group level.

Financial position and capital management

• Completed a €180 million equity fundraising in July 2024 to fund new acquisitions.

• Free cash reserves stood at approximately €297 million as of 30 September 2024.

• No significant debt maturities until June 2026; weighted average cost of debt is 2.1% with 3.5 years average expiry.

• Successfully issued €59.9 million in bonds in May 2024, consolidated with existing €300 million bonds due 2028.

Strategic outlook and operations

• In exclusivity on several asset acquisitions in both Germany and the U.K., with completions expected in coming months.

• Asset management platform continues to drive yield optimization through product mix and occupancy management.

• Remains on track to deliver full-year results in line with expectations.

• Strategy focuses on acquiring, upgrading, and integrating business parks to maximize returns.