Sirius Real Estate (SRE) Q2 2027 TU earnings summary

Executive summary

• Rent roll increased 11.3% YoY, including 5.1% like-for-like growth, with organic growth in Germany and the U.K. and acquisitions concentrated in Germany.

• Operating performance remained robust through a challenging macroeconomic and geopolitical environment, supported by active asset management and tenant engagement.

Financial highlights

• Rent roll growth was 11.3% YoY overall and 5.1% on a like-for-like basis; figures use a constant GBP:EUR rate of 1.1701.

• Approximately €150m was invested in acquisitions at gross yields above 8%.

Outlook and guidance

• Strong acquisition pipeline; capital deployment remains disciplined, with opportunities required to meet ambitious double-digit return targets.

• Expect U.K. energy-price base effects to pass through in early 2027 and, absent further geopolitical shocks, a more benign U.K. environment going into FY 2028.

• Confident in the operating platform’s ability to deliver double-digit total accounting returns and grow a well-covered dividend.