SEGRO (SGRO) Q2 2026 TU earnings summary

Trading performance highlights

• Secured £53 million in new headline rent during H1 2026, up from £31 million in H1 2025.

• Achieved £24 million in new pre-lets, contributing to a record pipeline of projects under construction or in advanced negotiations.

• Realized a 44% uplift on rent reviews, renewals, and regears in the UK, with a group-wide uplift of 32%.

• Maintained occupancy at 94.5%, with a slight decrease due to recent speculative completions in Germany.

• Pro forma adjusted NAV stands at 905 pence, reflecting minor valuation adjustments.

Capital allocation and development

• Development capex for 2026 is now expected at £500-550 million, at the top end of previous guidance.

• £308 million of disposals completed or exchanged, all above book value, supporting self-funded growth.

• Record pipeline of projects under construction or in advanced negotiations represents £90 million of potential rent, 75% pre-let.

• EPRA cost ratio reduced to below 18%, down from 19.8% at year end.

Strategic initiatives and data centre progress

• Added 0.5GVA to the strategic power bank for data centres.

• Signed a second joint venture with Pure DC and progressing discussions for the first fully fitted data centre lease in London.