Sirius Real Estate (SRE) H2 2026 earnings summary

Executive summary

• FFO grew 8.4% to €133.5 million year-over-year, with strong operational momentum and resilience in both Germany and the UK despite macroeconomic and political challenges.

• Completed or notarized €513.2 million in acquisitions, marking the most active year for portfolio expansion, with a focus on mixed-use light industrial business parks and increasing exposure to defense and self-storage sectors.

• Achieved the 25th consecutive dividend increase, up 4.1% to €0.064 (6.40c) per share.

• Operates over €3 billion in property, with 160+ sites and nearly 2,000 buildings across Germany and the UK.

• Strategic focus remains on core German and UK businesses, scaling defense and self-storage sectors.

Financial highlights

• Funds from Operations (FFO) rose 8.4% year-over-year to €133.5 million; FFO per share up 4.5% to 8.82c.

• Rental income increased 11.4% year-over-year to €239.8 million; rent roll exceeded €250 million at year-end.

• Profit before tax up 5% to €211 million; EBITDA up 11.6% to €158.3 million.

• Adjusted NAV per share increased 5% to 124.78c; NAV up 7% (basic), 5% (adjusted), and 4% (EPRA) year-over-year.

• Cash reserves exceeded €410 million, with over €710 million in cash and undrawn facilities at year-end; net LTV at 36.1%.

Outlook and guidance

• Immediate ambition to reach €150 million FFO within the next year, with a mid-term goal of €175 million, supported by capex, pricing, and asset management initiatives.

• Full P&L impact of over €500 million in recent acquisitions expected in the next fiscal year.

• Continued focus on expanding defense and self-storage sectors, with plans to scale self-storage and build a €500 million defense property portfolio.

• Ongoing focus on recycling mature assets and acquiring value-add opportunities.

• UK market showed recovery and strong momentum into the new year after a weak Q4.