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SEGRO (SGRO) investor relations material
SEGRO H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record GBP 99 million in new headline rent and delivered strong operational and financial performance in 2025, with momentum building in occupier markets and a clear path for significant growth in industrial, logistics, and data centre platforms.
Adjusted earnings per share rose 6.1% year-over-year, and adjusted NAV per share increased by 2% to 925p.
Improving occupier sentiment and deal activity in H2 2025 continued into 2026, with strong inquiry levels and an active pipeline.
Maintained disciplined capital allocation and operational excellence, supporting compounding annual growth since 2016.
Advanced Responsible SEGRO strategy, reducing carbon intensity and delivering 54 community projects.
Financial highlights
Adjusted profit before tax reached GBP 509 million, up 8.3% year-over-year.
Net rental income grew by 8.6% year-over-year, driven by 6% like-for-like rental growth and development completions.
Full year dividend of GBP 0.311, up 6.1% year-over-year.
Portfolio valuation increased by 1% on a like-for-like basis to GBP 19 billion, with both U.K. and Continental Europe positive for the first time since 2022.
Record GBP 99 million of new headline rent contracted and GBP 33 million of reversion captured.
Outlook and guidance
Expect like-for-like rental growth to remain strong, supported by reversion capture, leasing vacant space, and active asset management.
Development CapEx for 2026 guided at GBP 450–550 million, including GBP 150 million for infrastructure and data centre power upgrades.
Disposals expected at or above the upper end of the 1%-2% long-term run rate to fund higher-return opportunities.
Rental growth guidance maintained at 2%-4% for big box logistics and 3%-6% for urban assets over the medium term.
Momentum in occupier markets expected to continue into 2026, with significant growth opportunities in industrial, logistics, and data centre sectors.
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