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.

• U.K. like-for-like rates grew strongly, with occupancy impacted by seasonal move-outs; valuations expected to stabilize.

• Group expects to deliver full-year results in line with expectations and anticipates positive valuation movement at period end.

Financial position and capital management

• Completed €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 November 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 optimize yield through product mix, occupancy, and rate management.

• Expect property values in Germany to increase as the transactional market becomes more active and sector confidence improves.

• Strategy focuses on acquiring, upgrading, and integrating business parks to drive returns and shareholder value.