REG - Sirius Real Estate - Interim results for six months ended 30 Sept 2025
Today 07:00
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RNS Number : 6949H Sirius Real Estate Limited 17 November 2025
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
17 November 2025
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius", the "Group" or the "Company")
Interim results for the six months ended 30 September 2025
Strong operational results drive FFO and a 4% increase in dividend
Sirius Real Estate, the leading owner and operator of branded business and
industrial parks providing conventional space and flexible workspace in
Germany and the U.K., announces its consolidated financial results for the six
months to 30 September 2025.
Operating platform continues to drive rental and FFO growth
• 56.8% increase in profit after tax to €87.0m (30 September 2024:
€55.5m) due to strong operational performance, valuation gain and release of
deferred tax liabilities in the German portfolio as the German government
enacted an annual 1% reduction on the corporate tax rate from 2028 until 2032
from 15% to 10%
• 15.2% total rent roll growth to €242.5m(1) (30 September 2024:
€210.5m) highlighting the impact of acquisitions in the period, supported by
a 5.2% like-for-like rent roll growth to €211.7m(1) (30 September 2024:
€201.2m) driven by continued strong organic growth and occupier demand in
Germany and the UK
• 6.6% growth in funds from operations ("FFO") to €64.7m (30
September 2024: €60.7m) with FFO per share of 4.30c (2024: 4.29c) reflecting
the dilutionary effect of the July 2024 equity raise before Sirius sees the
corresponding growth from acquisitions in future periods
• 6.0% decrease in profit before tax to €57.5m (30 September 2024:
€61.2m) primarily due to a net foreign exchange loss of €14.2m on sterling
cash reserves held in anticipation of UK investments made in the period
• Basic earnings per share increased by 47.2% to 5.77c (30 September
2024: 3.92c) reflecting the strong 56.8% growth in profit after tax and the
higher shares in issue following the equity issuance in July 2024 while
headline earnings and EPRA earnings per share decreased by 28.8% to 2.84c (30
September 2024: 3.99c) primarily due to foreign currency translation loss of
€14.2m in the period
Sustainable FFO growth supports 24th progressive dividend payout
• Progressive H1 dividend of 3.18c per share (30 September 2024: 3.06c)
amounting to a 4.0% increase in dividend per share
Valuations underpinned by income
• Value of owned investment property portfolio up 12.2% to
€2,765.4m(2) (31 March 2025: €2,465.2m) driven by €295.0m in
acquisitions in the period and a €14.4m asset management led uplift in
valuations
• Portfolio gross and net yields of 7.5% and 6.7% in Germany (31 March
2025: 7.4% and 6.7%) and 12.3% and 8.8% in the UK (31 March 2025: 14.1% and
9.5%) respectively for the period
• Group EPRA net initial yield of 6.8% (31 March 2025: 6.9%) with
Germany stable at 6.2% and the UK at a tighter yield of 8.3%, reflecting the
industrial focused acquisition activity (31 March 2025: 6.3% and 8.9%)
respectively
• 0.9% decrease in Adjusted NAV per share to 117.84c (31 March 2025:
118.89c), with valuation gains being offset by unrealised foreign currency
translation effects in the period on the Group's UK assets being converted
into the euro based reporting currency
• 1.4% decrease in EPRA NTA per share to 115.94c (31 March 2025:
117.61c), again valuation gains having been offset by unrealised foreign
currency translation effects
Strong balance sheet
• 2.5% (31 March 2025: 2.6%) weighted average cost of debt and weighted
average debt expiry of 3.7 years (31 March 2025: 4.2 years) ensures stability,
efficiency and long-term flexibility
• New 5 year €150.0m undrawn Revolving Credit Facility from a
syndicate of three banks, ABN Amro, BNP Paribas and HSBC, providing capacity
for acquisitions and capex investment, as well as efficient cash management
• An additional €105.0m capital raised from its €359.9m 1.75% bonds
due in November 2028 to provide fire power for the Group's acquisition
pipeline
• 38.3% net LTV (31 March 2025: 31.4%) (higher as available cash was
invested into property) and Net Debt to EBITDA of 6.7x, within our 40.0% net
LTV and 8x target caps respectively
• €389.0m cash position at 30 September 2025 (31 March 2025:
€571.3m) as well as €150.0m undrawn RCF provides capacity for acquisitions
and capex investment as well as repayment of the €400.0m bond due in June
2026
• Fitch reaffirmed its BBB investment grade rating with "Stable
Outlook" in October 2025
Outlook
• The Group is trading in line with management expectations
• Sirius continues to target further growth options, particularly in
Germany on an opportunistic basis, using existing firepower as well as
recycling of mature assets to reinvest in value-add opportunities
1 The Group has chosen to disclose certain Group rental income figures
utilising a constant foreign currency exchange rate of GBP:EUR 1.1450, being
the closing exchange rate as at 30 September 2025.
2 Including assets held for sale
Commenting on the period, Andrew Coombs, Chief Executive Officer of Sirius
Real Estate, said: "Over the first half of the year Sirius has delivered
another strong performance, demonstrating the platform's continued ability to
asset manage value and drive rental income from the highly resilient portfolio
that we have assembled and which comprises assets that appeal to a broad range
of occupiers. Our like-for-like rent roll growth was again above 5% and helped
us drive a 6.6% growth in FFO, while our value add and tenant renewal capex
investment programmes have now achieved average returns on investment of 41%
and 54% over the last three years respectively.
At the same time, we have continued to make good progress in our acquisition
programme, investing almost €340m so far this year, including the purchase
of a significant estate in Hartlebury which has been transformatory for our
BizSpace business in the UK. Importantly, with the proceeds of our 2024
capital raise now fully invested and overall rent roll 15.2% ahead of the same
period last year, we expect these well timed acquisitions to begin to flow
through to FFO and earnings growth on a per share basis in the second half and
beyond.
Sirius remains favourably positioned to continue to build scale by utilising
its strong balance sheet for acquisitions and organically through its
intensive asset management initiatives and diversified offerings. With the
business performing well and a confident outlook we are pleased to be
delivering our 24(th) consecutive increased dividend to shareholders."
Webcast Presentation
Webcast Conference
There will be an in person presentation for analysts at 09.00am (10.00am CET/
11.00am SAST) today, hosted by Andrew Coombs, Chief Executive Officer of
Sirius Real Estate, and Chris Bowman, Chief Financial Officer. This will be
held at Berenbergs's offices: 60 Threadneedle St, London EC2R 8HP, United
Kingdom
(https://www.google.com/maps/place/data=!4m2!3m1!1s0x487603534783f8ab:0x1765c2e33dc8786c?sa=X&ved=1t:8290&ictx=111)
For those unable to join in person, there will be an audio webcast
presentation, with registration available via the link below:
https://stream.brrmedia.co.uk/broadcast/68fb4cb79f0c7e00132b0652
(https://stream.brrmedia.co.uk/broadcast/68fb4cb79f0c7e00132b0652)
For further information:
Sirius Real Estate
Andrew Coombs, CEO / Chris Bowman, CFO
+44 (0) 20 3059 0855
FTI Consulting (Financial PR)
Richard Sunderland / Ellie Sweeney / James McEwan
+44 (0) 20 3727 1000
SiriusRealEstate@fticonsulting.com
NOTES TO EDITORS
About Sirius Real Estate
Sirius is a property company listed on the equity shares (commercial
companies) category of the London Stock Exchange and the premium segment of
the main board of the JSE Limited. It is a leading owner and operator of
branded business and industrial parks providing conventional space and
flexible workspace in Germany and the UK. As of 30 September 2025, the Group's
portfolio comprised 153 assets let to 10,958 tenants with a total book value
of €2.8 billion, generating a total rent roll of €242.5m. Sirius also
holds a 35% stake in Titanium, its €350.0m+ German-focused joint venture
with clients of AXA IM Alts.
The Group's strategy centres on acquiring business parks at attractive yields
and integrating them into its network of sites - both under the Sirius and
BizSpace names and alongside a range of branded products. The business then
seeks to reconfigure and upgrade existing and vacant space to appeal to the
local market via intensive asset management and investment and may then choose
to refinance or dispose of assets selectively once they meet maturity, to
release capital for new investment. This active approach allows the Group to
generate attractive returns for shareholders through growing rental income,
improving cost recoveries and capital values, and enhancing returns through
securing efficient financing terms.
For more information, please visit: www.sirius-real-estate.com
(http://www.sirius-real-estate.com/)
Follow us on LinkedIn at https://www.linkedin.com/company/siriusrealestate/
(https://www.linkedin.com/company/siriusrealestate/)
Follow us on X (Twitter) at @SiriusRE
JSE Sponsor
PSG Capital
Business update
Acquisition programme supports total rent roll growth
Total revenue
€162.3m
3.7%
2025 €162.3m
2024 €156.5m
Total rent roll
€242.5m(1)
15.2%
2025 €242.5m
2024 €210.5m
Net operating income
€95.1m
2.9%
2025 €95.1m
2024 €92.4m
Funds from operations
€64.7m
6.6%
2025 €64.7m
2024 €60.7m
Profit before tax
€57.5m
(6.0)%
2025 €57.5m
2024 €61.2m
Profit after tax
€87.0m
56.8%
2025 €87.0m
2024 €55.5m
Interim dividend
3.18c per share
4.0%
2025 3.18c
2024 3.06c
Basic earnings per share
5.77c per share
47.2%
2025 5.77c
2024 3.92c
Adj. NAV per share
117.84c per share
(0.9)%
2025 117.84c
2024* 118.89c
1 The Group has chosen to disclose certain Group rental income figures
utilising a constant foreign currency exchange rate of GBP:EUR 1.1450, being
the closing exchange rate as at 30 September 2025.
* 31 March 2025 comparative
In summary:
• Sirius continues to deliver like-for-like rent roll growth well ahead
of inflation, which coupled with the contribution from a well-timed series of
successful acquisitions has driven total rent roll growth by 15.2% year on
year. With a strong balance sheet and opportunities to recycle mature assets,
the Group is able to continue to act on accretive opportunities as they arise
which should maintain strong returns and a progressive dividend for our
shareholders
• The Group looks ahead with confidence and continues to trade in line
with management expectations for the full year.
Key Group metrics:
Metric 30 September 2025 30 September 2024 Movement Movement %
Total rent roll* (€m) 242.5 210.5 32.0 15.2%
Like-for-like rent roll* (€m) 211.7 201.2 10.5 5.2%
Average rate (€) per sqm* 8.76 8.72 0.04 0.5%
Average rate (€) per sqm like for like* 9.23 8.82 0.41 4.6%
Total occupancy (%) 83.2% 84.2% (1.0)% (1.2)%
Like for like occupancy (%) 85.1% 84.6% 0.5% 0.6%
Cash collection (%) 97.7% 97.3% 0.4% 0.4%
* The Group has chosen to disclose certain Group rental income figures
throughout utilising a constant foreign currency exchange rate of GBP:EUR
1.1450, being the closing exchange rate as at 30 September 2025, throughout
this document.
Overview
The Group is pleased to report continued trading in line with expectations,
with Group total rent roll increasing by 15.2%* year-on-year and like-for-like
Group rent roll growth of 5.2%* compared to the prior year.
The ongoing acquisition programme in the first six months, which seamlessly
followed on from that of the previous financial year, across both
jurisdictions contributed positively to strong total rent roll growth of
15.2%*, with Germany reporting an increase of 12.0% (30 September 2024: 7.8%)
and the UK growing by 21.0% (30 September 2024: 29.6%). The 5.2% year-on-year
like-for-like rent roll growth demonstrates the Group's consistent ability to
achieve over 5% organic rent roll growth in Germany and the UK. 5.3% (30
September 2024: 5.8%) growth in Germany was primarily a result of protecting
occupancy and focusing on renewals at higher rates, whereas in the UK the 5.1%
(30 September 2024: 4.9%) increase was achieved by increasing rate while
giving up on some occupancy to permit growth in future periods. The 5.1%
increase in rate excludes Vantage Point, Gloucester, acquired in April 2024.
The site has been subject to active asset management where the site's largest
tenant was actively managed out and we re-let one third of the resulting
vacancy at a rate which replaces more than half the previous rent. The
remaining vacant space is undergoing refurbishment to drive rates potential
further and maximise rent roll growth. Due to the scale of Vantage Point and
concentration of one single tenant at acquisition, it has been excluded from
the underlying rent roll growth stated above for the period. Including Vantage
Point, rent roll in the UK would have increased by 1.9%.
The strong trading underpins the board's confidence to declare a 4.0% increase
in the interim dividend to 3.18c per share compared to the 3.06c paid in
respect of the first half of the last financial year. Adjusted NAV per share
declined by 0.9% to 117.84c per share (31 March 2025: 118.89c per share) in
the six-month period due to the negative impact of unrealised foreign currency
effects on the translation of our UK assets into the Group's reporting
currency. Owned investment property, driven by acquisitive growth increased by
12.2% to €2,765.4m** from €2,465.2m as at 31 March 2025 which includes
€295.0m in property acquisitions in the period.
The Group's balance sheet remains strong with a net LTV of 38.3% (31 March:
31.4%), a weighted average debt expiry of 3.7 years (31 March 2025: 4.2 years)
and a weighted average cost of debt of 2.5% (31 March 2025: 2.6%). At the half
year the Group had €389.0m of cash in the bank following tapping its
€359.9m 1.75% bonds due in November 2028, for €105.0m of nominal value in
September 2025, to continue to support the Group's acquisition programme as
well as capex investments. In addition, the Group secured a €150.0m
Revolving Credit Facility ("RCF") in June 2025 with an initial three-year term
which may be extended at the lenders' discretion (two one-year extensions) and
incorporates accordions allowing it to be upsized by up to an
additional €100.0m, all of which are at the Group's request requiring bank
consent, to provide the Group with added flexibility to manage its balance
sheet. The facility is undrawn and permits additional balance sheet
flexibility as well as efficient cash management.
The Group has €400.0m in corporate bonds expiring in June 2026 which are to
be repaid upon coming due and €150.3m in debt in its Titanium venture in
which it holds a 35% interest, expiring in March 2026. The debt within
Titanium is ringfenced within the venture and refinancing activity on the debt
is well progressed. The financing activity in the period demonstrates
continued support from the Group's debt partners to finance its operations
throughout the property cycle.
* The Group has chosen to disclose certain Group rental income figures
throughout utilising a constant foreign currency exchange rate of GBP:EUR
1.1450, being the closing exchange rate as at 30 September 2025, throughout
this document.
** Including assets held for sale
Financial performance
Total revenue, which comprises rental income, fee income from our investment
in associates, other income from investment properties and service charge
income, increased by 3.7% to €162.3m (30 September 2024: €156.5m).
Excluding the effects from gains and losses from the revaluation of investment
properties, profit before tax decreased by 26.2% to €43.1m (30 September
2024: €58.4m). This decline, despite the underlying growth of our funds from
operations, was principally driven by the negative €14.2m swing in foreign
currency effects on the Group's cash holdings in sterling as well as
increasing net finance expense. The Group reported a profit before tax for the
six-month period of €57.5m (30 September 2024: €61.2m) which includes
€15.5m of gain* from investment property revaluations of its owned assets
(30 September 2024: €3.6m gain*). Reported profit after tax grew by 57.1% to
€87.0m (September 2024: €55.5m) due to the effects of tax legislation
enacted in the period in Germany; whereby corporate tax is being reduced from
the statutory rate of 15% to 10% over a five-year period from 2028 to 2032,
which has had a corresponding decrease on the Group's German deferred tax
liabilities of €34.7m.
* Net of capex and before adjustments in relation to lease incentives.
FFO for the six months grew to €64.7m (4.30c per share) compared to €60.7m
(4.29c per share) for the same period in the prior year. The increase of 0.2%
on a per share basis reflects the full effect of the July 2024 equity issuance
leading to increased shares outstanding and the timing of the Group's
acquisitions in the period which were heavily skewed to later in the period
meaning relatively little contribution to FFO growth. The full effect of the
Group's acquisitions are expected to contribute to FFO per share growth in the
coming periods. Diluted EPRA earnings per share, which excludes the impact of
valuations, has decreased by 29.2% due to timing of acquisitions in the period
following the aforementioned equity raises and is expected to improve towards
the end of the financial year as the earnings contributions from these
acquisitions are realised. Excluding the impact of foreign currency
fluctuations, diluted EPRA earnings per share would decrease by 1.9% to 3.72c
(30 September 2024: 3.79c)
The following table sets out the key earnings per share metrics:
Table 1: FFO and Earnings per share
Six months Six months
ended ended
30 September 2025 30 September 2024
Earnings No. of shares Cents Earnings No. of shares Cents Change
€m per share €m per share %
FFO 64.7 1,505,262,883 4.30 60.7 1,415,498,735 4.29 0.2
Diluted EPRA Earnings 42.8 1,533,360,943 2.79 56.5 1,435,133,744 3.94 (29.2)
The Directors have chosen to disclose EPRA earnings, which are widely used
alternative metrics to their IFRS equivalents (further details on EPRA best
practice recommendations can be found at www.epra.com (https://www.epra.com/)
). Refer to note 2(c) for further information.
Net asset value (NAV) per share improved to 113.22c (31 March 2025: 112.29c)
in the period whilst adjusted net asset value (adjusted NAV) per share
declined by 0.9% to 117.84c (31 March 2025: 118.89c). EPRA net tangible assets
(EPRA NTA) per share decreased by 1.4% to 115.94 c (31 March 2025: 117.61c).
The valuation metrics are described in more detail below and the movement in
net asset value per share in the period can be seen in the following table:
Table 2: Net assets per share
cents per share
NAV per share as at 31 March 2025 112.29
Profit after tax 3.09
Gain on revaluation of investment properties 0.97
Deferred tax charge 1.98
Cash dividend paid (3.09)
Share-based payments including vesting 0.08
Foreign currency (1.86)
Adjusting items (0.24)
NAV per share as at 30 September 2025 113.22
Deferred tax adjustments* 4.62
Adjusted NAV per share as at 30 September 2025 117.84
EPRA adjustments* (1.90)
EPRA NTA per share as at 30 September 2025 115.94
* See note 11 of the Interim Report.
Lettings and rental growth
Rental growth
Germany
In Germany, like-for-like year-on-year rent roll increased by 5.3% to
€142.5m (30 September 2024: €135.3m). Rent roll growth was driven by
protecting occupancy and focussing on improving renewal rates to mitigate the
effects of seasonal known move-outs. Average like-for-like rate per sqm
increased by 4.7% to €7.73 per sqm (31 September 2024: €7.38 per sqm)
through active asset management and despite expected move-outs like-for-like
occupancy increased to 84.2% (30 September 2024: 83.8%) as well as total
occupancy at 83.2% (30 September 2024: 83.8%).
UK
On a like-for-like basis, excluding Vantage Point Business Village, BizSpace
achieved an increase in rent roll of 5.1% to £60.4m (€69.2m*), up from
£57.5m (€65.8 m*) in the prior year. This performance was driven by the
combined effects of pricing uplifts and occupancy gains across the core
portfolio. This demonstrates the resilience of the underlying portfolio and
BizSpace's ability to extract value through active asset and lease management
as well as balancing pricing initiatives across the existing tenant base. On
the same basis, occupancy increased to 89.0% as at 30 September 2025, up from
88.0% at 30 September 2024. This improvement was driven by disciplined focus
on customer retention, as well as proactive management of void spaces.
The portfolio's total rent roll increased by 21.0% year on year to £79.5m
(€91.0m*) from £65.7m (€75.2m*) as at 30 September 2024. The increase was
primarily attributable to the Group's ongoing success in executing its
acquisition led growth strategy, with five property acquisitions during the
year contributing £13.2m (€15.1m*) in additional rent roll. Hartlebury
Industrial Estate, the Group's single largest acquisition to date, contributes
c. 54% of the rental increase from acquisitions with a £7.1m (€8.1m)
impact. With its substantial scale and focus on industrial and warehousing
uses, Hartlebury commands a lower average rent per square foot, which has
diluted the BizSpace's average rental rate at a portfolio level. As a result,
BizSpace's average rental rate decreased by 8.7% to £11.52 per sq ft
(€11.83 per sqm), compared to £12.62 per sq ft (€12.96 per sqm) in the
prior year.
* The Group has chosen to disclose certain Group rental income figures
throughout utilising a constant foreign currency exchange rate of GBP:EUR
1.1450, being the closing exchange rate as at 30 September 2025, throughout
this document.
Cash collection
Group
As rental rates continue to increase in both Germany and in the UK, the value
of the Group's in-house team of cash collection professionals who maintain
close working relationships with tenants is key to the Group's success in
collecting its debts. The Group has been successful in maintaining consistent
cash collection rates across the Group of 96.7% (30 September 2024: 97.3%) for
the period with the 12-month rolling rate at a stable 97.7% (30 September
2024: 98.1%).
Germany
The 12 month rolling cash collection rate of 97.8% compares to 97.5% in the
comparative prior period. In the six months to 30 September 2025, the Group
increased its tenant billings by 5.2% to €106.9m (excluding VAT) (30
September 2024: €101.6m), of which €103.6m or 96.9% was collected, ahead
of the 96.6% collected in the prior comparative period. The Group expects to
collect the majority of the €3.4m outstanding debts through its regular
collection activities over the coming months. The Group wrote off €0.5m (30
September 2024: €0.1m) in older debts in the period which were deemed not
collectable.
UK
BizSpace's 12 month rolling cash collection rate remained strong at 98.7% (30
September 2024: 99.7%). The slight decline reflects the impact of higher total
billings which nearly doubled year on year as a result of BizSpace's continued
expansion through acquisitions.
Of the £61.0m (€71.1m) which was billed in the period, £60.2m (€70.2m)
or 98.7% was collected. The remaining £0.8m (€0.9m) is expected to be
recovered as part of its regular collection activities over the coming months.
The increase in uncollected debt, when compared to the prior period of £0.8m
is predominantly due to larger lease customers at newly acquired sites, where
billing and payment cycles are still being integrated and normalising
following acquisition. BizSpace recorded insignificant write offs in both the
current and prior periods.
Portfolio valuation
Group
The portfolio of owned assets was independently valued at €2,739.5m by
Cushman & Wakefield LLP at 30 September 2025 (31 March 2025: €2,465.2m),
which converts to a book value of €2,756.5m (31 March 2025: €2,488.1m)
after the adjustments in relation to lease incentives of €5.1m together with
the inclusion of leased investment property of €22.1m. In addition €31.0m
is classified as held for sale in the period.
Germany
The book value of owned investment property increased by €132.9m to
€2,023.4m as at 30 September 2025, which includes €31.0m in assets
classified as held for sale.
In addition to the €101.5m of acquisitions in the period relating to
investment property, the €31.3m increase in value of the owned investment
properties in the German portfolio was made up of €14.5m of capex investment
and €17.7m of valuation uplift and €0.9m adjustment with respect to lease
incentives on the back of the 5.3% increase in like-for-like rent roll.
Valuation gains were driven by like‑for‑like increase of €7.2m in rent
roll and a small amount of yield compression. The entire German portfolio is
valued at an average gross yield of 7.5% (31 March 2025: 7.4%) which
translates to a net yield of 6.7% (31 March 2025: 6.7%) and an EPRA net
initial yield (including estimated purchaser costs) of 6.2% (31 March 2025:
6.3%).
As at the period end, approximately 63% of the total portfolio comprised
assets benefiting from both income and value-add potential which will be
realised through Sirius' intensive asset management and selective capex
investment over the next few years. These assets have an average occupancy of
78.9% and are valued on a gross yield of 7.9%, compared to the mature assets
which are on average around 94.2% occupied and valued on a gross yield of
6.8%. Unlocking the potential in the value-add portfolio will come from
filling up sites and stabilising their rental income. This will be achieved
through our strategy of making the properties much more appealing to a wider
market which includes the lower cost of capital investors who buy these types
of assets on much tighter yields. Hence, we would expect to see the gap
between the yields of the value-add assets and mature assets tighten as the
value-add assets approach maturity. This is why the capex investment
programme, which has successfully and consistently improved occupancy, rental
income, service charge cost leakage and overall quality of the rent roll and
sites in general, has proven to be extremely value accretive.
UK
In addition to the €193.5m of acquisitions in the period relating to
investment property and €1.8m of disposals in the period, the €24.4m
decrease in the value of owned investment properties was primarily driven by a
negative unrealised foreign currency translation adjustment of €28.5m,
€2.2m of valuation deficit, offset by €6.3m of capex investment.
As at 30 September 2025, the UK portfolio was independently valued by Cushman
& Wakefield LLP at £648.0m (€742.0m) (31 March 2025: £480.0m
(€574.6m)), this reflects a material increase of £168.0m (€195.9m) in
first half of the year, compared to the valuation at 31(st) March 2025. The
increase in Portfolio value was driven by strategic acquisition activity and
organic like-for-like growth, which together more than offset the impact of
asset disposals. During the period, we completed the acquisition of four
properties including the acquisition of Hartlebury Industrial Estate for
£101.1m (€117.9m) marking a significant milestone for the portfolio, given
its scale, strategic location and income-generating profile. One property was
sold for £1.6m (€1.8m) in the period.
On a like-for-like basis, the portfolio increased in value by £9.6m (2.0%) to
£488.1m (€558.9m), when compared to the value at 31 March 2025 of £478.5m
(€547.9m). This growth reflects an improvement in net operating income,
driven by sustained tenant demand and stable rental income performance across
the portfolio during the period.
The portfolio delivered an average gross yield of 12.3% (2025: 14.1%) and a
net yield of 8.8% (2025: 9.5%). The 4 basis point increase in net yield was
fully offset by a corresponding increase in rent roll during the period,
contributing positively to the like-for-like valuation uplift.
The average capital value of the portfolio of £78 per sq ft (€965 per sqm)
(31 March 2025: £77 per sq ft (€992 per sqm) remains well below replacement
cost and further supports the sentiment that there remains value-add potential
within the portfolio.
German capex investment programme
Value-add capex
The Group's capex investment programmes on the German assets have historically
been focused on the transformation of poor quality vacant space as well as
upgrading of space returned each year as a result of move outs. Other than
significantly improving income and valuation for the Group, these programmes
have also been integral in reducing service charge irrecoverables as well as
rolling out the Group's product offering such as SmartSpace or self-storage.
In the last 3 years the Group has transformed 293,824 sqm of space for an
investment of €31.2m. As at 30 Sep 2025 this space returned €12.7m in rent
roll at 74% occupancy, already reaching the ROI targets. Occupancy is expected
to increase further over time through the Group's management programme in
selling this space. This transformed space has also been a major contributor
towards the large valuation increases seen on the portfolio over this three
year period.
The details of the value-add capex programme completed in the last 3 years is
detailed below:
Value-add capex Budget Actual
Sqm developed 293,824 293,824
Investment €m 35.4 31.2
Investment psm € 120 106
Rent improvement €m 14.7 12.7
Occupancy 92% 74%
Rate psm € 4.52 4.91
ROI % 41% 41%
Renewals capex
The Group has successfully renewed major tenants' leases by investing in their
spaces in order to retain them on site long-term as well as achieving an
incremental income improvement post renewal. In the last 3 years 185,705 sqm
were renewed as a result of this capex investment programme which has resulted
in an incremental increase in rent roll of €2.3m. Renewing these leases has
also improved the valuation of the assets and helped to reduce the
irrecoverable service charge position. The details of this programme are
included in the table below:
Major renewals capex
Sqm renewed 185,705
Investment €m 4.25
Incremental rent improvement €m 2.31
ROI % 54%
New builds and major investments
In addition to the value-add and renewals capex investment programmes
investing into the existing spaces of the portfolio the Group has identified
the potential of creating new builds on excess land, as well as transforming
significantly structurally vacant buildings into higher quality newly built
structures. As at 30 September 2025, three halls in the Berlin Gartenfeld
property have been completed for an investment of €7.0m and have already
been fully let generating €0.6m in rent roll. The Group has also identified
a pipeline of 16,867 sqm of newly built spaces currently in the planning
phase. The combined development cost of these projects is estimated at
€25.3m and is expected to increase the rent roll by €2.4m as well as a
€10.2m increase in valuation after capex. The details of the New Builds and
Major Investments capex programme have been detailed in the table below:
New builds and major investments Completed Pipeline
Sqm 3,962 16,867
Investment €m 7.0 25.3
Rent improvement €m 0.6 2.4
Rate psm budgeted € 10.78 11.89
Rate psm € 13.41
Occupancy 100%
Yield on cost 9% 10%
Value uplift* €m 3.0 10.2
Ungeared IRR % 21% 21%
Asset recycling, acquisitions and disposals
Recycling equity from mature assets into new value-add acquisitions has always
been a significant part of the Sirius business model. It benefits the Group in
many ways including: a) proving enhanced valuations that can also be
crystallised; b) replenishing the growth opportunity with the vacancy that can
be targeted by the capex investment programme; and c) being accretive to FFO
per share (and therefore dividend per share), with a consequent contribution
to NAV per share growth. This is an element of the Group's strategy which
Sirius is able to execute effectively throughout the property cycle and this
has been evidenced by the Group's continued asset recycling initiatives.
Acquisitions
The Group completed on eleven acquisitions in the period as part of its
continuing asset acquisition programme, of which one completed in Germany post
balance sheet date. Utilising funds from its various financing activities,
€338.7m was invested across the Group, of which €295.0m was invested in
the period. In the UK investments amounted to €193.5m with Germany investing
€101.5m in the period and an additional €43.7m post balance sheet. Light
industrial assets, with day one rental income, at attractive yields, yet with
value-add opportunities continued to be the focus in the period. Transactional
markets are now notably stronger in the German industrial segment, with
investments expected to pivot to Germany in the near future.
Disposals
The Group disposed of one sub-scale, non-core property in the UK for €1.8m
(£1.6m) and one mature asset in Germany for €30.0m which is expected to
complete on 1 April 2026 and is treated as an asset held for sale.
A summary of the acquisitions and disposals transacted during the period is
set out in the tables below, the details of which may be found on the Group's
website at https://www.sirius-real-estate.com/news-views/regulatory-news:
Table 3a: Acquisitions - Germany
Notarised/completed for acquisition Date Total Total Rent roll Annualised Occupancy Gross yield*
investment acquired €m NOI
€m sq m €m
Munich II Apr 25 13.3 10,191 0.8 0.5 71% 5.6%
Reinsberg Apr 25 22.1 36,936 1.5 1.3 76% 6.7%
Mönchengladbach Jul 25 17.2 70,900 2.4 1.4 66% 14.1%
Lübeck Jul 25 12.6 14,810 1.0 1.0 88% 8.3%
Geilenkirchen Aug 25 12.9 17,317 1.2 1.2 100% 9.3%
Dresden III Sep 25 23.4 21,158 2.1 2.1 100% 9.1%
Feldkirchen Oct 25** 43.7 27,180 3.4 3.4 94% 7.8%
Total 145.2 198,492 12.4 10.9 80% 8.6%
* includes purchasers costs
** post balance sheet acquisition
Table 3b: Disposals - Germany
Notarised/completed for disposal Date Total Disposed Disposed Occupancy Gross yield**
Sales Price disposed rent roll annualised
€m sq m €m NOI
€m
Pfungstadt May-25* 30.0 33,452 2.4 2.2 89% 7.9%
Total 30.0 33,452 2.4 2.2 89% 7.9%
* to complete 1st April 2026
Table 3c: Acquisitions - UK
Notarised/completed for acquisition Date Total Total Rent roll Annualised Occupancy Gross yield**
Investment* acquired £m NOI
£m sq ft £m
Consett May-25 0.5 16,652 0.0 0.0 32.1% 4.9%
Bedford Aug-25 16.1 238,172 1.8 1.5 96.0% 11.9%
Hartlebury Aug-25 107.0 1,455,487 7.1 6.9 84.0% 7.0%
Southampton Sep-25 42.8 393,584 2.2 2.1 80.0% 5.1%
Total 166.4 2,103,895 11.1 10.5 84.2% 6.7%
* includes acquisition costs
** includes purchasers costs
Table 3d: Disposals - UK
Notarised/completed for disposal Date Total Disposed Disposed annualised Occupancy Gross yield**
Sales price disposed rent roll NOI
£m sq ft £m £m
Huddersfield Aug-25 1.6 25,442 0.2 0.1 84.5% 11.6%
Total 1.6 25,442 0.2 0.1 84.5% 11.6%
Net LTV and debt refinancing
Net LTV
Net LTV has increased to 38.3% (31 March 2025: 31.4%) as we have invested into
the acquisition programme during the period and is calculated as follows:
30 September 2025 31 March 2025
€m €m
Total debt 1,447.2 1,345.6
Less cash and cash equivalents (not including cash restricted under (389.0) (571.3)
contractual terms)
Total 1,058.2 774.3
Fair value of owned investment properties (including those assets held for 2,765.4 2,465.2
sale)
Net loan to value ratio 38.3% 31.4%
The increase in net LTV as a result of the Group's acquisitions programme
remains comfortably within its 40% net LTV target cap.
Debt refinancing
The Group has €400.0m in corporate debt coming due in June 2026 which it
intends to fund from available cash and the new RCF, which is presently
undrawn.
All covenants were complied with in full during the period. A summary of the
movement in the Group's debt is set out below:
Table 4: Movement in debt*
€m
Total debt as at 31 March 2025 1,345.6
Debt additions 105.0
Scheduled amortisation (3.4)
Total debt as at 30 September 2025 1,447.2
* Excludes loan issue costs.
Strength of well-diversified income and tenant base
The combination of a diverse tenant base and wide range of space offerings,
which are underpinned by an established operating platform, continues to
benefit Sirius which should continue to allow the Group to grow over the next
few years. Sirius' portfolio includes industrial, manufacturing, urban
logistics/production, storage and out of town office space that caters to
multiple usages and a vast range of sizes and tenant types. The diversity of
the Group's tenant base ranges from large, stable and long-term anchor tenants
through to the flexible SME and private customers who are the engine room of
any economy. Sirius has recently made senior hires to help it develop growth
opportunities it sees in both defence and self-storage.
Germany
The Group's large anchor tenants, representing 43% of the tenant base, are
typically multinational corporations occupying production, storage and related
office space whereas the Mittlestand SME and individual tenants occupy space
on both a conventional and a flexible basis including space marketed under the
popular SmartSpace brand which provides tenants with a fixed cost and high
degree of flexibility, contributing €10.1m in rent roll, translating to
approximately 7% of total rent roll. The single largest tenant contributes
2.0% of total rent roll whilst 7.5% of its rent roll comes from government
tenants. Mittelstand businesses are typically defined as companies with
revenues of up to €50.0m and up to 500 employees. These tenants remain a key
target group which the internal operating platform has demonstrated an ability
to attract in significant volumes as evidenced through the high number of
enquiries that are generated each month, mainly through internally generated
marketing channels. The wide range of tenants that the Sirius marketing and
sales team is able to attract is a key competitive advantage and results in a
significantly de-risked business model when compared to other owners
of multi-tenanted light industrial and business park assets. The table below
illustrates the diverse nature of tenant mix within the German portfolio at
the end of the reporting period:
Table 5a: Tenant breakdown - Germany
No. of Occupied % of rent roll* % of total Rate
tenants as at sqm occupied €m rent roll* per sqm
30 September sqm % €
2025
Top 50 anchor tenants(1) 50 709,714 43% 57.2 38% 6.72
Smartspace SME tenants(2) 3,497 80,204 5% 10.1 7% 10.54
Other SME tenants(3) 3,205 876,646 52% 84.2 55% 8.00
Total 6,752 1,666,564 100% 151.5 100% 7.58
1 Mainly large national/international private and public tenants.
2 Mainly small and medium-sized private and public tenants.
3 Mainly small and medium-sized private and retail tenants.
* See glossary section of the Interim Report 2025.
UK
BizSpace's portfolio includes light industrial, studio, out of town office
space and storage that caters to multiple usages and a range of sizes and
types of tenants. As a result, BizSpace's business model is underpinned by a
well-diversified tenant base. BizSpace's top 100 tenants, which are typically
large corporates, account for 31.3% of the rent roll with the next 900 tenants
accounting for 38.4% of rent roll. The remaining 30.3% of rent roll relates to
over 3,000 SME and micro-SME tenants which occupy 19.6% of the overall estate.
The table below illustrates the diverse nature of tenant mix within the
BizSpace portfolio at the end of the reporting period:
Table 5b: Tenant breakdown - UK
No. of Occupied % of Rent roll* % of total Rate
tenants as at sq ft m occupied £m Rent roll* per sq ft
30 September sq ft % £
2025
Top 100 tenants 100 3.2 46.9% 24.8 31.3% 7.68
Next 900 900 2.3 33.5% 30.5 38.4% 13.22
Remaining SME 3,206 1.4 19.6% 24.2 30.3% 17.78
Total 4,206 6.9 100.0% 79.5 100.0% 11.52
* See glossary section of the Interim Report 2024.
Environmental, social and governance ("ESG")
We continue to make steady progress with our ESG performance, concentrating on
the actions that will generate long-term sustainability and economic
resilience for our business. Guided by the priorities set out in our 2024/25
Annual Report, and findings of our materiality assessment, we remain committed
to actions that drive measurable progress in our decarbonisation, social and
governance programmes.
Having achieved net zero for Scope 1 and 2 emissions across both Germany and
the UK last year, we aim to maintain this position while continuing to direct
our efforts to the more complex challenge of reducing Scope 3. Based on a
2021/22 baseline, we remain focused on our ambition to achieve a 45% reduction
in Group Scope 3 carbon emissions intensity per square metre, on a
like-for-like basis, by 2030. During the second half of the year, we will
continue to refine our short- and mid-term decarbonisation pathway, to reflect
the growth and acquisitions within the business, and to ensure progress
remains both achievable and economically viable.
We are developing detailed asset-specific decarbonisation and physical-risk
plans, which will require closer collaboration with our tenants through a
structured engagement programme which is ongoing. Key actions include the
continued rollout of LED lighting, photovoltaic (PV) installations and heating
system replacements across our portfolio. We remain on track to ensure that
all of our UK assets received the required Energy Performance Certificate
(EPC) ratings within the regulated timeframe, and to meet our target of having
65% of our UK sites rated as EPC C or better by the end of this financial
year. Oversight of our ESG strategy remains with the Board and our
Sustainability and Ethics Committee, ensuring alignment with the Group's
broader decision-making processes
We continue to prioritise and evolve our training, development and employee
engagement programmes. We are on track to deliver 1,300 training days this
financial year, with over 800 already completed across the Group. Our
leadership development initiatives continue to evolve through our 'Manager
Circle 2.0' and our transition to a 'Teams@Work' strategy, focused on
empowering high-performing teams. Together with our broader social programmes,
including PRISMA, these initiatives remain central to sustaining high
engagement levels, strengthening our community relationships and supporting
the Group's wider corporate objectives. Our employee survey, conducted in May
2025, is evidence of this engagement, with a high response rate of over 82%
and an employee Net Promoter Score of 78% for the Group.
In the second half of the year, our focus will remain on advancing our
environmental and social strategies, enhancing the quality of ESG data to
support decision-making and ensuring readiness for future compliance and
reporting requirements. We will provide a full update on our progress in our
2025/26 Annual Report and ESG Report.
Dividend Declaration
The Group will pay a dividend of 3.18c per share relating to the period from
1 April 2025 to 30 September 2025 on 22 January 2026. Shareholders will have
the option to invest their dividend in a Dividend Reinvestment Plan (DRIP). A
detailed dividend announcement will be made on 17 November 2025, including
details of the ex-dividend dates, the record dates and the DRIP alternative.
Outlook
Sirius is pleased with its trading performance in the first six months of the
financial year, which is in line with expectations. The Group remains
committed to growing its dividend to shareholders and is well positioned to
continue to build its scale on the back of its strong balance sheet, both
organically through its intensive asset management initiatives, diversified
offerings and effective and dynamic business model and through extending its
acquisitions programme.
Andrew Coombs
Chief Executive Officer
Chris Bowman
Chief Financial Officer
14 November 2025
Statement of Directors' responsibilities
Each of the Directors, whose names and functions appear below, confirm to the
best of their knowledge that the unaudited condensed interim set of
consolidated interim financial statements have been prepared in accordance
with note 2(a), IAS 34 "Interim Financial Reporting", as issued by the IASB,
and the interim management report herein includes a fair review of the
information required by the Disclosure Guidance and Transparency Rules
("DTR"), namely:
• DTR 4.2.7 (R): an indication of important events that have occurred
during the first six months of the financial year, and their impact on the
condensed interim set of consolidated interim financial statements, and a
description of the principal risks and uncertainties for the remaining six
months of the financial year; and
• DTR 4.2.8 (R): any related party transactions that have taken place
in the six-month period ended 30 September 2025 that have materially affected,
and any changes in the related party transactions described in the 2024 Annual
Report that could materially affect, the financial position or performance of
Sirius Real Estate Limited during the period.
The Directors of Sirius Real Estate Limited as at the date of this
announcement are set out below:
· Daniel Kitchen, Chairman*
· Caroline Britton, Senior Independent Director*
· Andrew Coombs, Chief Executive Officer
· Chris Bowman, Chief Financial Officer
· Mark Cherry*
· Kelly Cleveland*
· Joanne Kenrick*
· Deborah Davis*
* Non-Executive Directors.
A list of the current Directors is maintained on the Sirius Real Estate
Limited website: www.sirius-real-estate.com.
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Group's website.
Legislation in Guernsey governing the preparation and dissemination of
financial information differs from legislation in other jurisdictions.
By order of the Board
Andrew Coombs
Chief Executive Officer
Chris Bowman
Chief Financial Officer
14 November 2025
INDEPENDENT REVIEW REPORT
to Sirius Real Estate Limited
Conclusion
We have been engaged by Sirius Real Estate Limited (the "Group") to review the
condensed set of financial statements in the half-yearly financial report for
the six months ended 30 September 2025 which comprises the interim condensed
consolidated income statement, the interim condensed consolidated statement of
comprehensive income, the interim condensed consolidated statement of
financial position, the interim condensed consolidated statement of changes in
equity, the interim condensed consolidated statement of cash flows and the
related notes 1 to 21. We have read the other information contained in the
half yearly financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the
condensed set of financial statements.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 September 2025 is not prepared,
in all material respects, in accordance with International Accounting Standard
34 "Interim Financial Reporting", the Disclosure Guidance and Transparency
Rules of the United Kingdom's Financial Conduct Authority, the South African
Institute of Chartered Accountants (SAICA) Financial Reporting Guides, as
issued by the South African Accounting Practices Committee Financial
Pronouncements as issued by Financial Reporting Standards Council and the JSE
Limited Listing requirements for condensed interim.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements 2410 (UK) "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" (ISRE) issued by the Financial
Reporting Council. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in note 2a, the annual financial statements of the Group are
prepared in accordance with International Financial Reporting Standards as
issued by the IASB. The condensed consolidated set of financial statements
included in this half-yearly financial report has been prepared in accordance
with International Accounting Standard 34 "Interim Financial Reporting", the
Disclosure Guidance and Transparency Rules of the United Kingdom's Financial
Conduct Authority, the South African Institute of Chartered Accountants
(SAICA) Financial Reporting Guides, as issued by the South African Accounting
Practices Committee Financial Pronouncements as issued by Financial Reporting
Standards Council and the JSE Limited Listing requirements for condensed
interim reports.
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE, however future events or conditions may cause the entity to cease
to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report
in accordance with:
• the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority;
• the South African Institute of Chartered Accountants (SAICA)
Financial Reporting Guides, as issued by the South African Accounting
Practices Committee;
• Financial Pronouncements as issued by Financial Reporting
Standards Council; and
• the JSE Limited Listing requirements for condensed interim
reports.
In preparing the half-yearly financial report, the directors are responsible
for assessing the Group's ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the Group
or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Group a conclusion on the condensed set of financial statements in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
This report is made solely to the Group in accordance with guidance contained
in International Standard on Review Engagements 2410 (UK) "Review of Interim
Financial Information Performed by the Independent Auditor of the Entity"
issued by the Financial Reporting Council. To the fullest extent permitted by
law, we do not accept or assume responsibility to anyone other than the Group,
for our work, for this report, or for the conclusions we have formed.
Ernst & Young LLP
London
14 November 2025
Interim condensed consolidated income statement
for the six months ended 30 September
Notes Unaudited((1)) Unaudited(1)
2025 2024
€m €m
Revenue 4 162.3 156.5
Direct costs 5 (67.2) (64.1)
Net operating income 95.1 92.4
Gain on revaluation of investment properties 12 14.4 2.8
Loss on disposal of properties (0.6) (0.2)
Movement in expected credit loss provision 1.4 (1.8)
Administrative expenses 5 (43.9) (25.7)
Share of profit of associates 2.3 1.1
Operating profit 68.7 68.6
Finance income 8 9.3 5.1
Finance expense 8 (20.5) (12.5)
Net finance expense (11.2) (7.4)
Profit before tax 57.5 61.2
Taxation income/(expense) 9 29.5 (5.7)
Profit for the period after tax 87.0 55.5
Profit attributable to:
Owners of the Company 86.9 55.5
Non-controlling interest 0.1 (0.0)
87.0 55.5
Earnings per share
Basic earnings per share 10 5.77c 3.92c
Diluted earnings per share 10 5.67c 3.87c
(1) Refer to note 2(a).
All operations of the Group have been classified as continuing.
Interim condensed consolidated statement of comprehensive income
for the six months ended 30 September
Notes Unaudited((1)) Unaudited (1)
2025 2024
€m €m
Profit for the period after tax 87.0 55.5
Other comprehensive income that may be reclassified
to profit or loss in subsequent periods
Foreign currency translation (28.4) 13.2
Other comprehensive (loss)/income after tax that may be reclassified to profit (28.4) 13.2
or loss in subsequent periods
Other comprehensive (loss)/income for the period after tax (28.4) 13.2
Total comprehensive income for the period after tax 58.6 68.7
Total comprehensive income attributable to:
Owners of the Company 58.5 68.7
Non-controlling interest 0.1 (0.0)
58.6 68.7
(1) Refer to note 2(a).
Interim condensed consolidated statement of financial position
as at 30 September
Notes Unaudited((1)) Audited
30 September 31 March
2025 2025
€m €m
Non-current assets
Investment properties 12 2,756.5 2,488.1
Plant and equipment 18.2 17.8
Intangible assets 1.6 1.7
Right of use assets 9.7 10.8
Other financial assets 48.9 49.1
Investment in associates 27.7 26.1
Deferred tax assets 9 4.1 4.1
Total non-current assets 2,866.7 2,597.7
Current assets
Trade and other receivables 43.7 70.2
Cash and cash equivalents 14 424.9 604.8
Total current assets 468.6 675.0
Asset held for sale 13 31.0 -
Total assets 3,366.3 3,272.7
Current liabilities
Trade and other payables (130.1) (117.7)
Interest-bearing loans and borrowings 15 (398.1) (0.4)
Lease liabilities (2.4) (2.4)
Current tax liabilities 9 (6.3) (7.0)
Total current liabilities (536.9) (127.5)
Non-current liabilities
Interest-bearing loans and borrowings 15 (1,018.4) (1,318.6)
Lease liabilities (31.6) (33.6)
Deferred tax liabilities 9 (73.6) (103.4)
Total non-current liabilities (1,123.6) (1,455.6)
Total liabilities (1,660.5) (1,583.1)
Net assets 1,705.8 1,689.6
Equity
Issued share capital 17 - -
Other reserve 653.3 696.2
Own shares held 17 (8.0) (8.5)
Foreign currency translation reserve (21.0) 7.4
Retained earnings 1,080.7 993.8
Total equity attributable to the owners of the Company 1,705.0 1,688.9
Non-controlling interest 0.8 0.7
Total equity 1,705.8 1,689.6
(1) Refer to note 2(a).
The financial statements were approved by the Board of Directors on 14
November 2025 and were signed on its behalf by:
Daniel Kitchen
Chair
Company number: 46442
Interim condensed consolidated statement of changes in equity
for the six months ended 30 September
Notes Issued Other Own Foreign Retained Total equity Non- Total
share reserve shares currency earnings attributable controlling equity
capital €m held translation €m to the interest €m
€m €m reserve owners of €m
€m the Company
€m
As at 31 March 2024 (audited) - 605.7 (8.1) (6.0) 815.7 1,407.3 0.6 1,407.9
Profit for the period - - - - 55.5 55.5 (0.0) 55.5
Other comprehensive income for the period - - - 13.2 - 13.2 - 13.2
Total comprehensive income for the period - - - 13.2 55.5 68.7 (0.0) 68.7
Shares issued 185.0 (4.1) - - - 180.9 - 180.9
Transaction costs relating to share issues (6.3) - - - - (6.3) - (6.3)
Dividends paid 18 - (41.3) - - - (41.3) (0.0) (41.3)
Transfer of share capital (178.7) 178.7 - - - - - -
Share-based payment transactions 7 - 2.7 - - - 2.7 - 2.7
Value of shares withheld to settle employee tax obligations 7 - (3.8) - - - (3.8) - (3.8)
Own shares purchased - - - - - - - -
Own shares allocated - (2.3) 2.3 - - - - -
As at 30 September 2024 (unaudited)((1)) - 735.6 (5.8) 7.2 871.2 1,608.2 0.6 1,608.8
As at 31 March 2025 (audited) - 696.2 (8.5) 7.4 993.8 1,688.9 0.7 1,689.6
Profit for the period - - - - 86.9 86.9 0.1 87.0
Other comprehensive income for the period - - - (28.4) - (28.4) - (28.4)
Total comprehensive income for the period - - - (28.4) 86.9 58.5 0.1 58.6
Dividends paid 18 - (46.0) - - - (46.0) - (46.0)
Share-based payment transactions 7 - 4.9 - - - 4.9 - 4.9
Value of shares withheld to settle employee tax obligations 7 - - - - (1.3) -
(1.3) (1.3)
Own shares purchased - 0.2 (0.2) - - - - -
Own shares allocated - (0.7) 0.7 - - - - -
As at 30 September 2025 (unaudited)((1)) - 653.3 (8.0) (21.0) 1,080.7 1,705.0 0.8 1,705.8
(1) Refer to note 2(a).
Interim condensed consolidated statement of cash flows
for the six months ended 30 September
Notes Unaudited(1) Unaudited(1)
30 September 30 September
2025 2024
€m €m
Operating activities
Profit for the period before tax 57.5 61.2
Loss on disposal of properties 0.6 0.2
Net foreign exchange differences in working capital 14.2 2.1
Share-based payments expense 7 4.9 2.7
Gain on revaluation of investment properties 12 (14.4) (2.8)
Depreciation of plant and equipment 5 1.1 1.1
Amortisation of intangible assets 5 0.4 0.6
Depreciation of right of use assets 5 0.9 0.9
Share of profit of associates (2.3) (1.1)
Finance income 8 (9.3) (5.1)
Finance expense 8 20.5 12.5
Changes in working capital
Increase in trade and other receivables (11.9) (7.0)
Increase/(decrease) in trade and other payables 3.2 (3.0)
Cash generated from operations before tax 65.4 62.3
Taxation paid (2.6) (3.8)
Cash flows from operating activities 62.8 58.5
Investing activities
Purchase of investment properties (256.5) (119.0)
Capital expenditure on investment properties (21.3) (22.7)
Purchase of plant and equipment and intangible assets (2.1) (8.9)
Proceeds on disposal of properties (including assets held for sale when 1.8
applicable)
5.5
Dividends received from investments in associates 0.7 1.4
Interest received 9.3 5.1
Cash flows used in investing activities (268.1) (138.6)
Financing activities
Proceeds from issue of share capital - 180.9
Transaction costs on issue of shares - (6.3)
Payment relating to exercise of share options 7 (1.3) (3.8)
Dividends paid to owners of the Company 18 (46.0) (41.3)
Proceeds from interest-bearing loans and borrowings 15 105.0 59.9
Repayment of interest-bearing loans and borrowings 15 (3.4) (2.3)
Payment of principal portion of lease liabilities (1.7) (1.7)
Capitalised loan issue costs (5.0) (9.0)
Finance charges paid (8.5) (10.1)
Cash flows from financing activities 39.1 166.3
(Decrease)/increase in cash and cash equivalents (166.2) 86.2
Net foreign exchange difference (13.7) (1.1)
Cash and cash equivalents as at the beginning of the period 604.8 244.2
Cash and cash equivalents as at the period end 14 424.9 329.3
(1) Refer to note 2(a).
Notes forming part of the financial statements
for the six months ended 30 September 2025
1. General information
Sirius Real Estate Limited (the "Company") is a company incorporated in
Guernsey and resident in the United Kingdom for tax purposes, whose shares are
publicly traded on the equity shares (commercial companies) category of the
London Stock Exchange ("LSE") (primary listing) and the premium segment of the
main board of the JSE Limited ("JSE") (primary listing).
The consolidated financial information of the Company comprises that of the
Company and its subsidiaries (together referred to as the "Group" or "Sirius")
for the six month period ended 30 September 2025.
The principal activity of the Group is the investment in, and development of,
industrial, warehouse and office properties to provide conventional and
flexible workspace in Germany and the United Kingdom ("UK").
2. Basis for preparation and changes in accounting policies
(a) Basis of preparation
The Company prepares its interim condensed set of financial statements in
accordance with the Disclosure and Transparency Rules of the United Kingdom
Financial Conduct Authority, the JSE Listings Requirements, IAS 34 Interim
Financial Reporting ("IAS 34"), The Companies (Guernsey) Law, 2008 and in
compliance with the framework concepts and the measurement and recognition
requirements of International Financial Reporting Standards ("IFRS") as issued
by the International Accounting Standards Board ("IASB").
The unaudited interim condensed set of consolidated financial statements has
been prepared on a historical cost basis, except for investment properties and
investment properties held for sale (when applicable), which have been
measured at fair value. The unaudited interim condensed set of consolidated
financial statements is presented in Euros and all values are rounded to the
nearest hundred thousand shown in millions (€m), except where otherwise
indicated.
The financial information in this unaudited interim condensed set of
consolidated financial statements does not comprise statutory accounts. They
do not include all the information required for the full annual financial
statements and should be read in conjunction with the consolidated financial
statements of the Group as at and for the year ended 31 March 2025. The
unaudited interim condensed financial statements have been prepared on the
basis of the accounting policies set out in the Group's annual financial
statements for the year ended 31 March 2025 except for the changes in
accounting policies as shown in note 2(b). The financial statements for the
year ended 31 March 2025 have been prepared in accordance with IFRS as issued
by the IASB. The financial information presented for the year ended 31 March
2025 is derived from the statutory accounts for that year. Statutory accounts
for the year ended 31 March 2025 were approved by the Board on 30 May 2025.
The report of the auditor on those accounts was (i) unqualified, (ii) did not
include a reference to any matters to which the auditor drew attention by way
of emphasis without qualifying its report, and (iii) did not contain a
statement under Sections 263 (2) or (3) of The Companies (Guernsey) Law, 2008.
As at the reporting date the Group's unaudited interim condensed set of
consolidated financial statements reflects consistent accounting policies and
methods of computation as used in the previous financial year except for those
changes mentioned under note 2(b).
(b) Changes in accounting policies
Effective 1 January 2025, the amendment to IAS 21 The Effects of Changes in
Foreign Exchange Rates: Lack of Exchangeability applies to the reporting
period. It has had no impact on the Group's interim condensed financial
statements.
(c) Non-IFRS measures
Further details on non-IFRS measures can be found in the Annex 1 sections of
this document.
(i) EPRA Measures
The Directors have chosen to disclose EPRA earnings, EPRA net asset value
metrics and EPRA loan to value, which are widely used alternative metrics to
their IFRS equivalents (further details on EPRA best practice recommendations
can be found at www.epra.com). Note 10 of the interim condensed financial
statements includes a reconciliation of basic and diluted earnings to EPRA
earnings. Note 11 of the interim condensed financial statements includes a
reconciliation of net assets to EPRA net asset value metrics. Note 15 of the
interim condensed financial statements includes a calculation of EPRA loan to
value ratio.
(ii) Earnings disclosure required by the JSE Limited
The Directors are required, as part of the JSE Listings Requirements, to
disclose headline earnings; in order to provide an alternative indication of
the Group's underlying business performance. Headline earnings are calculated
in accordance with the circular titled Headline Earnings issued by SAICA, as
amended from time to time. Note 10 of the interim condensed financial
statements includes a reconciliation between IFRS and headline earnings.
(iii) Other disclosures
The Directors have chosen to disclose funds from operations in order to
provide an alternative indication of the Group's underlying business
performance and to facilitate the calculation of its dividend pool; a
reconciliation between profit or loss after tax and funds from operations
("FFO") is included within note 3 of the interim condensed financial
statements.
The Directors have chosen to disclose adjusted net asset value in order to
assist in comparisons with similar businesses, a reconciliation between net
asset value and adjusted net asset is included within note 11 of the interim
condensed financial statements.
The Directors have chosen to no longer disclose adjusted earnings and adjusted
profit after tax as an alternative performance measure because they concluded
that these performance measures do not provide relevant information that best
represents the Group's financial position and its operating and strategic
priorities. The primary focus is on the performance measures mentioned under
policy note (c) which provide transparent and accurate reflection of the
Group's financial performance and are widely used and recognised across
the industry.
By streamlining disclosures, the Directors aim to align reporting practices
with industry standards and regulatory expectations, ensuring that investors
and analysts can assess the Company's financial position without reliance on
supplemental metrics.
This decision is also in line with the Company's commitment to providing
clear, concise, and relevant financial information that best represents its
operational and strategic priorities. priorities.
(d) Going concern
The Group has prepared its going concern assessment for the period to 31 March
2027 (the "going concern period"), a period greater than twelve months,
consistent with its historical application of the period.
The Group's going concern assessment is based on a forecast of the Group's
future cash flows and covenant compliance. This considers management's base
case scenario and a severe but plausible downside scenario where sensitivities
are applied to model the outcome on the occurrence of downside assumptions
explained below. It considers the Group's principal risks and uncertainties
and is dependent on a number of factors including financial performance,
continued access to lending facilities (see note 15) and the ability to
continue to operate the Group's secured and unsecured debt structure within
its financial covenants.
The base case scenario is based upon the FY26/FY27 board approved budget. The
severe but plausible scenario models a potential downturn in the Group's
performance from the base case scenario, considering factors like geopolitical
instability through potential impacts of heightened inflation, unattractive
borrowing rates on expiring debt, and outward yield movements on investment
properties, as well as the risk of tenant insolvencies and or increased
move-outs which are not replaced.
The recent macro trends, specifically relating to increased cost of debt and
foreign currency deterioration have placed further pressure on the costs of
the business, however this did not result in any deterioration in the Group's
profitability in the period ended 30 September 2025 and asset values have
improved due to a combination of rent roll growth and yield compression since
the 31 March 2025 valuation. The Group raised €350.0m through a corporate
bond issuance in January 2025 which will be used, alongside existing cash
resources to repay the €400.0m corporate bond which falls due in June 2026.
In addition, the Group raised a further €105.0m through its tap of the
corporate bond II. However, the Directors continue to be mindful of the
challenging macro factors present in the market and maintain their perspective
on the severity of the falls in valuations assessed in the severe but
plausible downside scenario in the going concern period.
The base case and severe but plausible downside scenarios include the
following assumptions applied to both the German and UK portfolios:
Base case:
» 5.5% growth per annum in rent roll at 30 September 2025,
principally from contractual increases in rents and organic growth through
lease renewals;
» increasing cost levels in line with forecast inflation of 3%;
» continuation of forecast capex investment in line with historic
levels;
» continuation of forecast dividend payments in line with historic
dividend payouts and UK REIT requirements;
» payment of contractual loan interest and loan amortisation amounts,
repayment of the €400.0m corporate bond I due in June 2026 and refinancing
of the €150.4m loan within the investment in associates as it falls due in
March 2026 (€52.6m represents the Company's 35% stake) at market interest
rates; and
» only acquisitions and disposals which are contractually committed
are made, which includes the one Feldkirchen asset near Munich amounting to
€43.7m and the Pfungstadt disposal amounting to €30.0m.
Severe but plausible downside scenario:
» reduction in occupancy and rental income of 10% per annum from the
base case;
» reduction in service charge recovery of 10% per annum from the base
case recoverability;
» increasing cost levels in line with forecast inflation of 3%;
» reduction in property valuations of 10% per annum;
» continuation of forecast capex investment in line with historic
levels;
» continuation of forecast dividend payments in line with historic
dividend payouts and UK REIT requirements;
» payment of contractual loan interest and loan amortisation amounts,
repayment of the €400.0m corporate bond I due in June 2026 and repayment of
the €150.4m loan within the investment in associates as it falls due in
March 2026 (€52.6m represents the Company's 35% stake); and
» only acquisitions and disposals which are contractually committed
are made, which includes the one Feldkirchen asset near Munich amounting to
€43.7m and the Pfungstadt disposal amounting to €30.0m.
The Directors are of the view that a more severe scenario arising is
implausible based upon the market outlook across Germany and the UK, and the
Group's track record of performance in challenging scenarios, most recently
through the high interest and inflationary environment in both Germany and the
UK, the Covid-19 pandemic and post pandemic period.
The Group has also performed a reverse stress test over the impact of a fall
in its property valuations and income reductions during the going concern
period. This showed that the Group could withstand a fall in valuations from
30 September 2025 of 17%, before there was a loan to value covenant breach,
whilst a reduction of 35% of EBITDA or 42% reduction in contracted rent roll
would be required before any income related covenants would breach. These
events are considered to be remote due to the Group's strong performance
throughout most recent economic headwinds, with the macroeconomic environment
pointing towards stability. The reductions required for the reverse stress
test have never been seen by the Group.
In the base case scenario, the Group forecasts having sufficient free cash
available to fund the aforementioned loans falling due within the period and
its post balance sheet acquisitions. In the severe but plausible downside
scenario, the Group could utilise mitigating actions available to it which
include restricting non-REIT related dividends, reducing capital expenditure,
the disposal of assets or additional sources of financing such as rolling
credit facilities and tapping existing bonds. The restriction of non-REIT
related dividends and the reduction to capital expenditure are mitigating
actions within the control of the Directors and there is sufficient time to
implement these restrictions if required. The Group does not forecast any
material covenant breaches in the severe but plausible downside scenario
throughout the going concern period.
The Directors have not identified any material uncertainties which may cast
significant doubt on the Group's ability to continue as a going concern for
the duration of the going concern period.
The Directors also evaluated potential events and conditions beyond the going
concern period that may cast significant doubt on the Group's ability to
continue as a going concern, of which none have been identified.
After due consideration of the going concern assessment for the period to 31
March 2027, the Board believes it is appropriate to adopt the going concern
basis in preparing its financial statements.
(e) Principal risks and uncertainties
The key risks that could affect the Group's medium-term performance and the
factors which mitigate these risks have not changed substantially from those
set out on pages 60 to 62 of the Group's Annual Report and Accounts 2025 and
have been assessed in line with the requirements of the 2018 UK Corporate
Governance Code. The risks are set out below. The Board is satisfied that the
Group continues to operate within its risk profile for the remaining six
months of the financial year.
Principal risks summary
Risk area Principal risk(s)
1. Macroeconomic • Geopolitical tensions prolonging slow economic growth
environment • Increasing borrowing costs and inflation
and markets • Tariffs on exports reducing business confidence increasing pressure
on specific industries
2. Capital allocation • The capital allocated to the purchase of investment property or site
investment does not generate the
required returns
• Availability of accretive investment opportunities
• Misalignment of asset development and demand
• Site investments insufficient to improve value of site considering
regulatory environment and/or age
of the assets
• Unable to recycle low yielding assets into higher yielding assets
• Availability and pricing of capital
3. Occupier markets • Shifts in demand as tenant demand and/or expectations of product
offering evolve
• Excessive vacancy rates
• Excessive tenant churn and insolvencies
4. People • Inability to recruit and retain talent with appropriate skill set to
meet strategic objectives of the
Company
5. Cyber threat • Breaches and loss of sensitive data from cyber attacks
• Business interruptions
• Reputational damage
6. Climate Change • Unforeseen costs relating to physical and transition risks (the
transition to net zero)
• Failure to meet stakeholder expectations in adapting to ongoing
trends
• Changes in regulatory environment as regulation evolves over time
3. Operating segments
Information on each reportable segment, which are considered to be each
geographical location, is provided to the chief operating decision maker,
namely the Company Board of Directors and the Executive Committee members.
These are considered reportable segments with similar economic characteristics
- which the Directors consider is best achieved by aggregating into German
properties and UK properties.
Further disaggregation of the investment properties is disclosed in note 12
owing to the range in values of key inputs and assumptions underpinning the
property valuation.
There are no sales between reportable segments. There is no single tenant that
makes up more than 10% of a reportable segment's revenue or Group revenue.
The Directors have enhanced the information provided in the reportable segment
disclosure this period to better reflect the information provided to the Board
on the underlying operating segments and to provide further information on
material elements of those segments. The comparative information has been
amended to be consistent with the information provided this period. This has
resulted in the segment results now including disaggregation of direct costs,
employee costs per segment and a reconciliation from segment profit/(loss)
after tax to FFO. These enhancements are consistent with the disclosure made
for the year ended 31 March 2025 financial statements.
From these additional enhancements there is no change to the segment profit
for Germany and the UK.
Six months Six months
ended 30 September 2025 ended 30 September 2024
Germany UK Total Germany UK Total
€m €m €m €m €m €m
Rental income from investment properties 72.2 24.2 96.4 69.0 23.6 92.6
Total rental income 72.2 24.2 96.4 69.0 23.6 92.6
Other income from investment properties 1.9 2.7 4.6 1.9 0.6 2.5
Service charge income from investment properties 37.3 17.5(1) 54.8 36.9 16.0(1) 52.9
Other income from managed properties 2.0 - 2.0 3.5 - 3.5
Service charge income from managed properties 4.5 - 4.5 5.0 - 5.0
Total revenue from contracts with customers 45.7 20.2 65.9 47.3 16.6 63.9
Revenue 117.9 44.4 162.3 116.3 40.2 156.5
Service charge costs relating to investment properties (43.1) (13.2) (56.3) (42.6) (11.8) (54.4)
Costs relating to managed properties (6.4) - (6.4) (5.9) - (5.9)
Non-recoverable maintenance costs (2.0) (2.5) (4.5) (2.1) (1.7) (3.8)
Direct costs (51.5) (15.7) (67.2) (50.6) (13.5) (64.1)
Net operating income 66.4 28.7 95.1 65.7 26.7 92.4
Gain/(loss) on revaluation of investment properties 16.6 (2.2) 14.4 10.7 (7.9) 2.8
(Loss)/gain on disposal of properties (0.7) 0.1 (0.6) (0.2) (0.0) (0.2)
Movement in expected credit loss provision 1.6 (0.2) 1.4 (1.8) (0.0) (1.8)
Employee costs (7.1) (5.6) (12.7) (8.9) (4.3) (13.2)
Depreciation and amortisation (1.7) (0.7) (2.4) (1.9) (0.7) (2.6)
Other administrative expenses (27.0) (1.8) (28.8) (6.7) (3.2) (9.9)
Share of profit of associates 2.3 - 2.3 1.1 - 1.1
Operating profit 50.4 18.3 68.7 58.0 10.6 68.6
Bank interest income 7.3 0.8 8.1 3.6 0.4 4.0
Finance income from associates 1.2 - 1.2 1.1 - 1.1
Amortisation of capitalised finance costs (2.4) - (2.4) (1.5) - (1.5)
Other finance expense (16.0) (2.1) (18.1) (8.6) (2.4) (11.0)
Net finance expense (9.9) (1.3) (11.2) (5.4) (2.0) (7.4)
Segment profit before tax 40.5 17.0 57.5 52.6 8.6 61.2
Taxation income/(expense) 28.4 1.1 29.5 (5.7) (0.0) (5.7)
Segment profit after tax 68.9 18.1 87.0 46.9 8.6 55.5
(1) Includes €13.3m (30 September 2024: €11.8m) that is an
apportionment of the UK inclusive rent amount that the Directors consider to
represent the income related to property expenses that would be recovered via
a service charge mechanism in a traditional lease arrangement, in accordance
with Group accounting policies.
The following table shows the reconciliation from segment profit or loss after
tax with funds from operations by segment:
Six months Six months
ended 30 September 2025 ended 30 September 2024
Germany UK Total Germany UK Total
€m €m €m €m €m €m
Segment profit for the period after tax 68.9 18.1 87.0 46.9 8.6 55.5
Adjustments for:
(Gain)/loss on revaluation of investment properties (16.6) 2.2 (14.4) (10.7) 7.9 (2.8)
Adjustment in respect of long-term leasehold liabilities (0.2) (0.0) (0.2) (0.6) (0.0) (0.6)
Loss/(gain) of disposals of properties 0.7 (0.1) 0.6 0.2 0.0 0.2
Gain on revaluation of investment property from associates and related tax (0.4) - (0.4) (0.3) - (0.3)
Other expenses not included in FFO 0.1 - 0.1 0.7 - 0.7
Share-based payments 4.9 - 4.9 2.7 - 2.7
Foreign exchange effects 14.2 - 14.2 (2.1) - (2.1)
Depreciation and amortisation (excluding depreciation relating to IFRS 16) 0.9 0.6 1.5 1.0 0.7 1.7
Amortisation of financing fees 2.4 - 2.4 1.5 - 1.5
Adjustment in respect of IFRS 16 (0.1) 0.0 (0.1) 0.3 (0.0) 0.3
Adjustment for total deferred tax (29.8) (1.1) (30.9) 3.9 - 3.9
Funds from operations 45.0 19.7 64.7 43.5 17.2 60.7
For more information on funds from operations, refer to Annex 1.
30 September 2025 31 March 2025
Germany UK Total Germany UK Total
€m €m €m €m €m €m
Segment assets
Investment properties 2,000.8 755.7 2,756.5 1,899.1 589.0 2,488.1
Investment in associates 27.7 - 27.7 26.1 - 26.1
Other non-current assets(1) 20.7 8.8 29.5 21.1 9.2 30.3
Total segment non-current assets 2,049.2 764.5 2,813.7 1,946.3 598.2 2,544.5
(1) Consists of plant and equipment, intangible assets and right of use
assets.
4. Revenue
Six months Six months
ended ended
30 September 30 September
2025 2024
€m €m
Rental income from investment properties 96.4 92.6
Total rental income 96.4 92.6
Other income from investment properties 4.6 2.5
Service charge income from investment properties(1) 54.8 52.9
Other income from managed properties 2.0 3.5
Service charge income from managed properties 4.5 5.0
Total revenue from contracts with customers 65.9 63.9
Revenue 162.3 156.5
(1) Includes €13.3m (30 September 2024: €11.8m) that is an
apportionment of the UK inclusive rent amount that the Directors consider to
represent the income related to property expenses that would be recovered via
a service charge mechanism in a traditional lease arrangement, in accordance
with Group accounting policies.
The Group manages properties for its associate. As part of this, service
charge income from managed properties is generated which relates to costs the
Group incur to provide the associate with necessary services.
A reconciliation of the revenue from contracts with customers by segment is
disclosed in the segment information (see note 3).
5. Operating profit
The following items have been charged in arriving at operating profit:
Direct costs
Six months Six months
ended ended
30 September 30 September
2025 2024
€m €m
Service charge costs relating to investment properties 56.3 54.4
Costs relating to managed properties 6.4 5.9
Non-recoverable maintenance costs 4.5 3.8
Direct costs 67.2 64.1
Administrative expenses
Six months Six months
ended ended
30 September 30 September
2025 2024
€m €m
Audit and non-audit fees to audit firm 0.8 0.9
Legal and professional fees 2.9 2.7
Other administration costs 18.4 1.4
Share-based payments 4.9 2.7
Employee costs 12.7 13.2
Director fees and expenses 0.4 0.2
Depreciation of plant and equipment 1.1 1.1
Amortisation of intangible assets 0.4 0.6
Depreciation of right of use assets 0.9 0.9
Marketing 1.3 1.3
Other expenses not included in FFO(1) 0.1 0.7
Administrative expenses 43.9 25.7
(1) This is legal case costs relating to an ongoing legal claim in
relation to a property which was sold during 2017. Refer to the year ended 31
March 2025 financial statements for further information.
Other administration costs include net foreign exchange loss in amount of
€14.2m as a result of declining British pound sterling ("GBP") rates
throughout the period (30 September 2024: €2.1m gains as a result of
increasing GBP rates throughout the period).
Other expenses not included in FFO are items outside the normal course of
business and therefore have been identified as expenses not included in the
FFO calculation (see note 3).
6. Employee costs
Six months Six months
ended ended
30 September 30 September
2025 2024
€m €m
Wages and salaries(1) 16.1 16.6
Social security costs 2.7 2.5
Defined contribution pension scheme 0.2 0.2
Share-based payments(1) 4.9 2.7
Other employment costs 0.4 0.4
Total 24.3 22.4
(1) To conform to the current period presentation, the share-based
payments have been shown as a separate line and this is a reallocation from
wages and salaries for the six months ended 30 September 2024.
7. Equity-settled share-based payments
The Group operates various equity-settled share-based payments schemes, refer
to the year ended 31 March 2025 financial statements for full terms and
conditions.
Share-based payments expense
A reconciliation of share-based payments and employee benefit schemes and
their impact on the interim condensed consolidated income statement is as
follows:
Six months Six months
ended ended
30 September 30 September
2025 2024
€m €m
LTIP 2.8 1.1
SIP 1.6 1.2
DBP 0.5 0.4
EMSP 0.0 -
Total 4.9 2.7
An amount of €4.9m (30 September 2024: €2.7m) is recognised in other
reserve as per the interim condensed consolidated statement of changes in
equity. In addition, an amount of €1.3m (30 September 2024: €3.8m) has
been paid for participants' tax liabilities in relation to share-based payment
plans.
Number of share awards
Movements in the number of awards outstanding are as follows:
Six months ended Year ended
30 September 2025
31 March 2025
Number of Number of
share awards share awards
Balance outstanding as at the beginning of the period (nil exercisable) 25,142,207 19,260,260
Maximum granted during the period 12,000,035 14,505,055
Forfeited during the period (21,167) (861,044)
Exercised during the period (1,937,879) (3,531,554)
Shares surrendered to cover employee tax obligations (848,781) (2,835,123)
Expired during the period (1,053,159) (1,395,387)
Balance outstanding as at period end (nil exercisable) 33,281,256 25,142,207
The weighted average remaining contractual life for the share awards
outstanding as at the reporting date was 1.87 years (31 March 2025: 1.43
years). The exercise price for share awards exercised during the reporting
period and outstanding as at the reporting date was €nil (31 March 2025:
€nil).
8. Finance income and finance expense
Six months Six months
ended ended
30 September 30 September
2025 2024
€m €m
Bank interest income 8.1 4.0
Finance income from associates 1.2 1.1
Finance income 9.3 5.1
Bank loan interest expense (17.4) (10.3)
Interest expense related to lease liabilities (0.5) (0.5)
Amortisation of capitalised finance costs (2.4) (1.5)
Total interest expense (20.3) (12.3)
Bank charges (0.2) (0.2)
Other finance costs (0.2) (0.2)
Finance expense (20.5) (12.5)
Net finance expense (11.2) (7.4)
9. Taxation
Interim condensed consolidated income statement
Six months Six months
ended ended
30 September 30 September
2025 2024
€m €m
Current income tax
Current income tax expense (2.2) (2.0)
Adjustment in respect of prior periods 0.8 0.2
Total current income tax expense (1.4) (1.8)
Deferred tax
Relating to origination and reversal of temporary differences (3.8) (3.9)
Relating to effects from enacted new German tax rate 34.7 -
Total deferred tax income/(expense) 30.9 (3.9)
Income tax income/(expense) 29.5 (5.7)
Deferred tax assets and liabilities
Recognised deferred tax assets and liabilities are attributable to the
following:
Interim condensed consolidated statement of financial position Interim condensed consolidated
income statement
Six months Six months
30 September 31 March ended ended
2025 2025 30 September 30 September
2025 2024
€m €m €m €m
Additions and release of deferred tax liabilities from acquisitions - - 1.1 -
Revaluation of owned investment property (90.1) (126.7) 36.6(1) (3.7)
Lease incentives (0.6) (0.7) 0.1 (0.0)
Fixed asset temporary differences 0.1 0.1 - 0.0
Leased liabilities from IFRS 16 1.7 3.3 (1.6) (0.2)
Right of use assets in accordance to IFRS 16 (1.4) (3.0) 1.6 0.2
Recognised tax losses offset against temporary differences 16.8 23.6 (6.8) (0.2)
Losses available for offsetting against future taxable income 4.0 4.1 (0.1) -
Deferred tax income/(expense) 30.9 (3.9)
Net deferred tax liabilities (69.5) (99.3)
Reflected in the statement of financial position:
Deferred tax assets 4.1 4.1
Deferred tax liabilities (73.6) (103.4)
(1) Deferred tax liabilities attributable to revaluation of owned
investment properties decreased by €36.6m, which is mainly attributable to
reduced German tax rate resulting in reduced deferred tax liabilities by
€34.7m, as indicated in the first table above.
In the previous financial year, a deferred tax asset of €4.1m on available
tax losses has been recognised in regard to the UK business. The Group expects
to generate future taxable profits which are not tax exempt under the UK REIT
regime and will be set off against the available carried forward losses.
Deferred taxes are measured at the tax rate which is expected to be applied
when the asset is realised and the liability is settled. In July 2025, the
"Act for an Immediate Tax-Based Investment Programme to Strengthen Germany as
Business Location" was enacted. This law will reduce the German corporate
income tax rate by 1 percentage point per year from 15% down to 10% by 2032
(plus 5.5% solidarity surcharge). Thus, deferred taxes relating to the German
business have been remeasured with the latest tax legislation. The Group has
estimated the realisation of properties over the five year reduction period
(2028 to 2032) consistent with historic transactions in recent financial
years. This has led to a decrease in the deferred tax liability by €34.7m as
of 30 September 2025.
The Group has not recognised a deferred tax asset on €97.7m (31 March 2025:
€104.8m) of tax losses carried forward and future share scheme deductions as
it is not considered probable that future profits will be available to offset
the deferred tax asset against. There is no expiration date on the losses and
future share scheme tax deductions will convert to tax losses on realisation.
A change in ownership of the Group may result in restriction on the Group's
ability to use tax losses in certain tax jurisdictions.
10. Earnings per share
The calculation of the basic, diluted, EPRA, headline and adjusted earnings
per share are based on the following data:
Six months Six months
ended ended
30 September 30 September
2025 2024
€m €m
Earnings attributable to the owners of the Company
Basic earnings 86.9(1) 55.5
Diluted earnings 86.9(1) 55.5
EPRA earnings 42.8 56.5
Diluted EPRA earnings 42.8 56.5
Headline earnings 42.8 56.5
Diluted headline earnings 42.8 56.5
Number of shares
Weighted average number of ordinary shares for the purpose of basic, EPRA and 1,505,262,883 1,415,498,735
headline earnings per share
Weighted average effect of grant of share awards 28,098,060 19,635,009
Weighted average number of ordinary shares for the purpose of diluted 1,533,360,943 1,435,133,744
earnings, diluted ERPA earnings and diluted headline earnings per share
Earnings per share
Basic earnings per share 5.77c 3.92c
Diluted earnings per share 5.67c 3.87c
EPRA earnings per share 2.84c 3.99c
Diluted EPRA earnings per share 2.79c 3.94c
Headline earnings per share 2.84c 3.99c
Diluted headline earnings per share 2.79c 3.94c
(1) Basic earnings and diluted earnings increased by €31.4m, which is
mainly attributable to reduced German tax rate resulting in reduced deferred
tax liabilities by €34.7m. Refer to note 9.
For the calculation of basic, headline, EPRA and diluted earnings per share
the number of shares does not include 7,278,542 own shares held (30 September
2024: 5,243,647 shares), which are held by an Employee Benefit Trust on behalf
of the Group.
EPRA earnings
Six months Six months
ended ended
30 September 30 September
2025 2024
€m €m
Basic and diluted earnings attributable to owners of the Company 86.9 55.5
Deduct gain on revaluation of investment properties (14.4) (2.8)
Add loss on disposal of properties (net of related tax) 0.6 0.2
Deferred tax in respect of EPRA earnings adjustments (29.9) 3.9
NCI relating to revaluation (net of related tax) 0.0 0.0
Deduct gain on revaluation of investment property from associates (0.5) (0.4)
Tax in relation to the revaluation gains/losses on investment property from 0.1 0.1
associates
EPRA earnings 42.8 56.5
For more information on EPRA earnings refer to Annex 1.
Headline earnings
The following table shows the reconciliation of basic to headline earnings,
separately disclosing the impact before tax (gross column) and after tax (net
column):
Six months Six months
ended 30 September 2025 ended 30 September 2024
Gross Net Gross Net
€m €m €m €m
Basic and diluted earnings attributable to owners of the Company 86.9 55.5
(Deduct gain)/add loss on revaluation of investment properties (14.4) (44.3) (2.8) 1.1
Add loss on disposal of properties 0.6 0.6 0.2 0.2
NCI relating to revaluation 0.0 0.0 0.0 0.0
Deduct gain on revaluation of investment property from associates (0.5) (0.4) (0.4) (0.3)
Headline earnings 42.8 56.5
11. Net asset value per share
30 September
2025 31 March
€m 2025
€m
Net asset value
Net asset value for the purpose of assets per share (total equity attributable 1,705.0 1,688.9
to the owners of the Company)
Net deferred tax liabilities (see note 9) 69.5 99.3
Adjusted net asset value attributable to the owners of the Company 1,774.5 1,788.2
Number of shares
Number of ordinary shares for the purpose of net asset value per share and 1,505,897,102 1,504,113,743
adjusted net asset value per share
Effect of grant of share awards 33,281,256 25,142,207
Number of ordinary shares for the purpose of EPRA NRV, NTA and NDV per share 1,539,178,358 1,529,255,950
Net asset value per share 113.22c 112.29c
Adjusted net asset value per share 117.84c 118.89c
The number of shares does not include 7,278,542 own shares held (31 March
2025: 7,743,647 shares), which are held by an Employee Benefit Trust on behalf
of the Group.
EPRA NRV EPRA NTA EPRA NDV
30 September 2025 €m €m €m
Net asset value as at period end (basic) 1,705.0 1,705.0 1,705.0
Diluted net asset value at fair value 1,705.0 1,705.0 1,705.0
Group
Deferred tax in respect of fair value movements on investment properties 73.5 73.1((1)) n/a
Intangible assets n/a (1.6) n/a
Fair value of fixed interest rate debt n/a n/a 73.2
Real estate transfer tax 213.5 n/a n/a
Investment in associates
Deferred tax in respect of fair value movements on investment properties 8.0 8.0((1)) n/a
Fair value of fixed interest rate debt n/a n/a 1.7
Real estate transfer tax 9.7 n/a n/a
Total EPRA NRV, NTA and NDV 2,009.7 1,784.5 1,779.9
EPRA NRV, NTA and NDV per share 130.57c 115.94c 115.64c
EPRA NRV EPRA NTA EPRA NDV
31 March 2025 €m €m €m
Net asset value as at period end (basic) 1,688.9 1,688.9 1,688.9
Diluted net asset value at fair value 1,688.9 1,688.9 1,688.9
Group
Deferred tax in respect of fair value movements on investment properties 103.3 103.3((1)) n/a
Intangible assets n/a (1.7) n/a
Fair value of fixed interest rate debt n/a n/a 86.4
Real estate transfer tax 191.2 n/a n/a
Investment in associate
Deferred tax in respect of fair value movements on investment properties 8.0 8.0( (1)) n/a
Fair value of fixed interest rate debt n/a n/a 3.3
Real estate transfer tax 9.6 n/a n/a
Total EPRA NRV, NTA and NDV 2,001.0 1,798.5 1,778.6
EPRA NRV, NTA and NDV per share 130.85c 117.61c 116.31c
(1) The Group intends to hold onto the investment properties and has
excluded such deferred taxes for the whole portfolio as at period end except
for, when applicable, deferred tax in relation to assets held for sale.
For more information on adjusted net asset value and EPRA NRV, NTA and NDV,
refer to Annex 1.
12. Investment properties
The movement in the book value of investment properties is as follows:
30 September
2025 31 March
€m 2025
€m
Total investment properties at book value as at the beginning of the period 2,488.1 2,120.6
Owned investment properties movements
Additions 295.0 148.5
Capital expenditure 20.9 51.9
Disposals (1.7) (14.3)
Reclassified as investment properties held for sale (see note 13) (31.0) -
Gain on revaluation 15.5 81.0
Adjustment in respect of lease incentives (0.9) (0.3)
Other movements
Adjustment in respect of long-term leasehold liabilities (0.2) (1.3)
Foreign exchange differences (29.2) 12.0
Total investment properties at book value as at period end(1) 2,756.5 2,488.1
(1) Excluding assets held for sale when applicable.
The reconciliation of the valuation carried out by the external valuer to the
carrying values shown in the interim condensed consolidated statement of
financial position is as follows:
30 September
2025 31 March
€m 2025
€m
Owned investment properties at market value per valuer's report(1) 2,739.5 2,469.4
Adjustment in respect of lease incentives (5.1) (4.2)
Adjustment in respect of long-term leasehold liabilities 22.1 22.9
Total investment properties at book value as at period end(1) 2,756.5 2,488.1
(1) Excluding assets held for sale when applicable.
The reconciliation of loss or gain on revaluation as per the interim condensed
consolidated income statement is as follows:
Six months Six months
ended ended
30 September 30 September
2025 2024
€m €m
Gain on revaluation of owned investment properties 15.5 3.6
Adjustment in respect of lease incentives (0.9) (0.2)
Adjustment in respect of long-term leasehold liabilities (0.2) (0.6)
Gain on revaluation of investment properties 14.4 2.8
Included in the loss or gain on revaluation of investment properties are gross
gains of €39.7m and gross losses of €25.3m (30 September 2024: gross gains
of €36.9m and gross losses of €34.1m).
Other than the capital commitments disclosed in note 20, the Group is under no
contractual obligation to purchase, construct or develop any investment
property. The Group is responsible for routine maintenance of the investment
properties.
All investment properties are categorised as Level 3 fair values as they use
significant unobservable inputs. There have not been any transfers between
levels during the current or prior period.
Owned investment properties
The fair value (market value) of the Group's owned investment properties at
period end has been arrived at on the basis of a valuation carried out at that
date by Cushman & Wakefield LLP (31 March 2025: Cushman & Wakefield
LLP), an independent valuer accredited by the Royal Institution of Chartered
Surveyors ("RICS"). The fee arrangement with Cushman & Wakefield LLP for
the valuation of the Group's properties is fixed, subject to an adjustment for
acquisitions and disposals.
The value of each of the properties has been assessed in accordance with the
RICS valuation standards on the basis of market value. The methodology and
assumptions used to determine the fair value of the properties are consistent
with the prior period.
The approach to valuation for owned investment properties (including assets
classified as held for sale) is as follows:
» German Portfolio
Discounted cash flow model which uses the net operating income and applies a
discount rate for the income period of ten to fourteen years. After ten to
fourteen years, a determining residual value (exit scenario) is calculated,
discounted to present value.
» UK Portfolio
A blended approach of a discounted cash flow on the net operating income for a
period, reflecting the all-inclusive leases typically used in these
properties, followed by a capitalised income basis (where income is
capitalised by an appropriate yield which reflects the age, location,
ownership, customer base and agreement type) for the subject property.
Information on significant unobservable inputs per class of owned investment
property is disclosed below.
Market Market rental
value rate per sqm Discount factor Capitalisation factor Market growth
€m € % % % p.a.
30 September 2025 Low High Weighted average Low High Weighted average Low High Weighted average Low High Weighted average
Traditional business parks
Mature 305.6 2.84 9.03 5.91 4.6 7.3 5.3 5.3 8.3 6.2 1.0 1.0 1.0
Value add(1) 901.0 3.08 8.26 5.74 4.5 7.5 5.6 5.0 7.8 6.3 1.0 1.0 1.0
Total traditional business parks 1,206.6 2.84 9.03 5.78 4.5 7.5 5.5 5.0 8.3 6.3 1.0 1.0 1.0
Modern business parks
Mature 213.2 4.66 10.91 8.29 4.4 5.1 4.5 5.1 6.4 5.4 1.0 1.0 1.0
Value add 318.0 4.59 9.18 6.99 5.0 6.6 5.7 5.4 7.3 6.4 1.0 1.0 1.0
Total modern business parks 531.2 4.59 10.91 7.39 4.4 6.6 5.2 5.1 7.3 6.0 1.0 1.0 1.0
Office
Mature 73.2 9.07 11.51 10.50 4.9 5.5 5.0 5.5 6.0 5.8 1.0 1.0 1.0
Value add 215.7 6.84 12.27 8.66 5.1 6.9 5.9 5.9 7.4 6.4 1.0 1.0 1.0
Total office 288.9 6.84 12.27 9.00 4.9 6.9 5.6 5.5 7.4 6.2 1.0 1.0 1.0
Total Germany 2,026.7 2.84 12.27 6.48 4.4 7.5 5.5 5.0 8.3 6.2 1.0 1.0 1.0
(1) Including Pfungstadt asset held for sale.
Market rental rate
Market per sqm Equivalent yield
value € %
€m
30 September 2025 Low High Weighted Low High Weighted
average average
Total mixed-use schemes 338.8 4.90 48.61 8.41 5.8 12.9 8.6
Total office 151.7 8.72 35.48 16.74 9.0 12.9 10.5
Total industrial 251.5 4.55 25.68 6.96 6.4 11.4 8.5
Total UK 742.0 4.55 48.61 8.95 5.8 12.9 9.0
Market Market rental
value rate per sqm Discount factor Capitalisation factor Market growth
€m € % % % p.a.
31 March 2025 Low High Weighted average Low High Weighted average Low High Weighted average Low High Weighted average
Traditional business parks
Mature 445.9 2.84 8.83 6.45 4.5 6.9 5.0 5.1 7.6 5.8 1.0 1.0 1.0
Value add 661.7 4.07 8.28 5.64 4.5 7.1 5.9 5.5 7.8 6.7 1.0 1.0 1.0
Total traditional business parks
1,107.6 2.84 8.83 5.90 4.5 7.1 5.5 5.1 7.8 6.3 1.0 1.0 1.0
Modern business parks
Mature 209.7 4.65 10.61 8.17 4.4 5.1 4.5 5.1 6.5 5.4 1.0 1.0 1.0
Value add 291.7 4.53 9.06 6.87 5.0 6.6 5.7 5.4 7.8 6.5 1.0 1.0 1.0
Total modern business parks
501.4 4.53 10.61 7.29 4.4 6.6 5.2 5.1 7.8 6.1 1.0 1.0 1.0
Office
Mature 65.3 9.01 11.51 10.47 4.9 5.0 4.9 5.5 6.0 5.8 1.0 1.0 1.0
Value add 220.6 6.73 12.21 8.58 5.1 7.0 5.9 5.9 7.4 6.4 1.0 1.0 1.0
Total office 285.9 6.73 12.21 8.90 4.9 7.0 5.7 5.5 7.4 6.3 1.0 1.0 1.0
Total Germany 1,894.9 2.84 12.21 6.56 4.4 7.1 5.5 5.1 7.8 6.2 1.0 1.0 1.0
Market rental rate
Market per sqm Equivalent yield
value € %
€m
31 March 2025 Low High Weighted Low High Weighted
average average
Total mixed-use schemes 224.7 3.68 49.03 8.72 5.9 12.9 9.0
Total office 136.8 9.12 37.35 18.87 9.0 12.9 10.6
Total industrial 213.1 4.69 26.84 7.11 6.3 11.4 8.7
Total UK 574.6 3.68 49.03 9.30 5.9 12.9 9.3
As a result of the level of judgement and estimates used in arriving at the
market valuations, the amounts which may ultimately be realised in respect of
any given property may differ from valuations shown in the statement of
financial position. Key inputs are considered to be inter-related whereby
changes in one key input can result in changes in other key inputs. The impact
of changes in relation to the key inputs is also shown in the table below:
30 September 2025 Change of 5% Change of 0.25% Change of 0.25% Change of 0.5%
Market in market rental rates in discount rates in capitalisation factor in market growth p.a.
value €m €m €m €m
€m
Increase Decrease Increase Decrease Increase Decrease Increase Decrease
Total traditional business parks(1) 1,206.6 58.3 (58.3) (23.3) 24.0 (27.7) 30.5 34.6 (33.9)
Total modern business parks 531.2 24.9 (25.0) (10.3) 10.4 (12.7) 14.2 15.2 (14.8)
Total office 288.9 14.6 (14.7) (5.7) 5.7 (6.8) 7.5 8.8 (8.6)
Market value Germany 2,026.7 97.8 (98.0) (39.3) 40.1 (47.2) 52.2 58.6 (57.3)
(1) Including Pfungstadt asset held for sale.
Market Change of 5% Change of 0.5%
30 September 2025 value in market rental rates in equivalent yield
€m €m €m
Increase Decrease Increase Decrease
Total mixed-use schemes 338.8 14.5 (14.1) (21.8) 25.4
Total office 151.7 5.0 (4.7) (6.6) 7.5
Total industrial 251.5 10.2 (10.3) (15.0) 17.7
Market value UK 742.0 29.7 (29.1) (43.4) 50.6
31 March 2025 Market Change of 5% Change of 0.25% Change of 0.25% Change of 0.5%
value in market rental rates in discount rates in capitalisation factor in market growth p.a.
€m €m €m €m €m
Increase Decrease Increase Decrease Increase Decrease Increase Decrease
Total traditional business parks 1,107.6 54.1 (54.6) (21.6) 21.7 (25.6) 27.4 31.9 (31.7)
Total modern business parks 501.4 22.9 (23.1) (9.9) 9.9 (11.9) 12.9 15.3 (14.9)
Total office 285.9 14.4 (14.6) (5.7) 5.9 (6.7) 7.1 9.4 (8.9)
Market value Germany 1,894.9 91.4 (92.3) (37.2) 37.5 (44.2) 47.4 56.6 (55.5)
Market Change of 5% Change of 0.5%
value in market rental rates in equivalent yield
€m €m €m
31 March 2025 Increase Decrease Increase Decrease
Total mixed-use schemes 224.7 9.1 (8.8) (13.0) 12.4
Total office 136.8 4.3 (4.0) (5.5) 6.3
Total industrial 213.1 8.4 (8.3) (12.9) 12.2
Market value UK 574.6 21.8 (21.1) (31.4) 30.9
The weighted average lease expiry remaining across the owned portfolio in
Germany as at the reporting date was 2.9 years (31 March 2025: 2.7 years). The
weighted average lease expiry remaining across the owned portfolio in the UK
as at reporting date was 2.2 years (31 March 2025: 1.4 years). Licence
agreements in the UK are rolling and are included in the valuation.
13. Assets held for sale
Investment properties held for sale
30 September
2025 31 March
€m 2025
€m
Mönchengladbach (parking space) 1.0 -
Pfungstadt 30.0 -
Balance as at period end 31.0 -
The disclosures regarding valuation in note 12 are also applicable to assets
held for sale.
The disposal of Mönchengladbach (parking space) has been completed in October
2025. Pfungstadt was a notarised disposal in May 2025 and is expected to
complete in March 2026.
14. Cash and cash equivalents
30 September
2025 31 March
€m 2025
€m
Cash at bank 67.1 68.4
Short-term investments 321.9 502.9
Cash restricted under contractual terms:
- Deposit for bank guarantees 3.1 3.1
- Deposits received from tenants 32.8 30.4
Balance as at period end 424.9 604.8
Cash at bank earns interest at floating rates based on daily bank deposit
rates.
Short-term investments are an investment in Money Market Funds. The Group
invests only in highly liquid products with short maturities, which are
readily convertible to a known amount of cash and that are subject to an
insignificant risk of changes in value.
Tenants' deposits are legal securities of tenants retained by the Group
without the right to use these cash deposits for purposes other than strictly
tenant related transactions (e.g. move-out costs, costs due to non-compliance
with certain terms of the lease agreement or late rent/service charge
payments). The tenants' deposits meet the definition of cash as the Group can
access these deposits on demand.
Deposits for bank guarantees represents cash balances placed with banks as
collateral for guarantees issued to suppliers. While these deposits are
subject to certain usage restrictions, they are classified as cash and cash
equivalents as they are maintained with banks and are readily convertible to
known amounts of cash upon the release or expiry of the related guarantees.
Cash is held by reputable banks and the Group assessed the expected credit
loss to be immaterial.
15. Interest-bearing loans and borrowings
Interest rate Loan maturity date 30 September 31 March
% 2025 2025
€m €m
Current
Berlin Hyp AG
- fixed rate facility 4.26 31 October 2030 2.8 2.7
Saarbrücken Sparkasse
- fixed rate facility 3.264((1)) 30 October 2041 0.6 0.6
Deutsche Pfandbriefbank AG
- fixed rate facility 4.25 31 December 2030 1.3 1.3
Corporate bond I
- fixed rate 1.125 22 June 2026 400.0 -
Capitalised finance charges on all loans (6.6) (4.2)
398.1 0.4
Non-current
Berlin Hyp AG
- fixed rate facility 4.26 31 October 2030 162.1 163.5
Saarbrucken Sparkasse
- fixed rate facility 3.264((1)) 30 October 2041 11.8 12.1
Deutsche Pfandbriefbank AG
- fixed rate facility 4.25 31 December 2030 53.7 55.4
Corporate bond I
- fixed rate 1.125 22 June 2026 - 400.0
Corporate bond II
- fixed rate 1.75 24 November 2028 464.9 359.9
Corporate bond III
- fixed rate 4.00 22 January 2032 350.0 350.0
Capitalised finance charges on all loans (24.1) (22.3)
1,018.4 1,318.6
Total 1,416.5 1,319.0
(1) This facility has a fixed rate of 3.264% until 28 February 2030 at
which point a new interest rate can be negotiated.
The movement of loans and borrowings for the reporting period comprised of
€3.4m repayment of loans, €105.0m loan drawdowns, €4.1m net movement of
capitalisation of finance charges being €7.4m new capitalised finance
charges and €3.3m amortisation of finance charges (31 March 2025: €19.8m,
€409.9m and €16.2m respectively).
The Group has pledged 15 (31 March 2025: 15) investment properties to secure
several separate interest-bearing debt facilities granted to the Group. The 15
(31 March 2025: 15) properties had a combined valuation of €512.9m as at the
reporting date (31 March 2025: €560.7m).
Group debt covenants
The Group's loans are subject to various covenants, which include interest
cover ratio, loan to value, debt service cover, occupancy, etc. as stipulated
in the loan agreements.
During the period, the Group did not breach any of its loan covenants, nor did
it default on any of its obligations under its loan agreements and the Group
has a sufficient level of headroom as at the reporting date.
Refer to note 2(d) where the Group discloses forecast covenant compliance with
regard to management's going concern assessment.
Loan details
Details of loans and borrowings entered into during the reporting period are
detailed below. For information regarding existing loans and borrowings, refer
to the year ended 31 March 2025 financial statements.
Corporate bond II
On 16 September 2025, the Group issued a bond tap of €105.0m to be
consolidated and form a single series with the €300.0m corporate bond issued
on 24 November 2021 and the €59.9m bond tap issued on 17 May 2024. The newly
issued bond tap has the same conditions.
Revolving credit facility
On 20 June 2025, the Group entered into an unsecured €150.0m Revolving
Credit Facility ("RCF") with ABN AMRO Bank N.V., BNP Paribas S.A., and HSBC
Continental Europe S.A. The facility matures on 19 June 2028 and may be
extended at the lenders' discretion (two one-year extensions) and incorporates
accordions allowing it to be upsized by up to an additional €100.0m. As at
the reporting date, no amounts have been drawn down. Drawdowns and repayments
are at the Group's discretion, with each loan repayable by the end of its
lending period. The facility carries a floating interest rate based on EURIBOR
plus a margin linked to the Group's credit rating, as at the reporting date
being 1.20%.
Fair values
As at reporting date, the carrying amount (excluding loan issue costs) of the
interest-bearing loans and borrowings is €1,447.2m (31 March 2025:
€1,345.5m) and the fair value €1,374.0m (31 March 2025: €1,259.7m).
The fair values of the interest-bearing loans and borrowings have been
calculated based on a discounted cash flow model using the prevailing market
rates of interest as at the reporting date with a fair value hierarchy level
2.
16. Capital Management
For the purpose of the Group's capital management, capital includes all equity
reserves attributable to the equity holders of the Parent. The Group seeks to
enhance shareholder value both by investing in the business so as to improve
the return on investment and by managing the capital structure. The Group
manages its capital structure and in doing so takes into consideration the
impact of changes in economic conditions. The Group assesses its capital
management through, amongst other things, net loan to value ("LTV") and EPRA
LTV as set out in the tables below:
Net LTV
30 September 2025 31 March
€m 2025
€m
Carrying amount of interest-bearing loans and borrowings 1,416.5 1,319.0
Unamortised capitalised loan issue costs 30.7 26.5
Less cash and cash equivalents (not including cash restricted under (389.0) (571.3)
contractual terms)
Total 1,058.2 774.2
Book value of owned investment properties(1) 2,765.4 2,465.2
Net LTV 38.3% 31.4%
(1) Includes assets held for sale when applicable.
EPRA LTV
Proportionate consolidation
30 September 2025 Group Investment in associates Total
€m €m €m
Interest-bearing loans and borrowings((1)) 201.6 52.5 254.1
Corporate bonds 1,214.9 - 1,214.9
Net payables((2)) 88.9 4.4 93.3
Cash and cash equivalents (424.9) (8.3) (433.2)
Net debt (a) 1,080.5 48.6 1,129.1
Investment properties 2,756.5 128.0 2,884.5
Assets held for sale 31.0 - 31.0
Plant and equipment 18.2 - 18.2
Intangible assets 1.6 - 1.6
Loan to associates 45.1 - 45.1
Total property value (b) 2,852.4 128.0 2,980.4
EPRA LTV (a/b) 37.9% 38.0% 37.9%
Proportionate consolidation
31 March 2025 Group Investment in associates Total
€m €m €m
Interest-bearing loans and borrowings((1)) 209.1 52.6 261.7
Corporate bonds 1,109.9 - 1,109.9
Net payables((2)) 50.5 5.9 56.4
Cash and cash equivalents (604.8) (7.4) (612.2)
Net debt (a) 764.7 51.1 815.8
Investment properties 2,488.1 127.6 2,615.7
Plant and equipment 17.8 - 17.8
Intangible assets 1.7 - 1.7
Loan to associates 45.1 - 45.1
Total property value (b) 2,552.7 127.6 2,680.3
EPRA LTV (a/b) 30.0% 40.0% 30.4%
(1) Excludes corporate bonds as shown as a separate line.
(2) This is made up of deposits, trade and other receivables, trade and
other payables and current tax liabilities.
To maintain or adjust the capital structure, the Group may undertake a number
of actions, including, but not limited to, share issuances and changes to its
distribution policy to shareholders. The transfer of amounts recorded in share
capital to other reserves is to increase the equity reserves attributable to
the owners of the Company. The Group's distribution policy takes into account
the concept of solvency under The Companies (Guernsey) Law, 2008. The Group is
not subject to externally imposed capital requirements other than those
related to the covenants of the bank loan facilities and the UK REIT capital
requirements. There have been no breaches of the financial covenants of any
interest-bearing loans and borrowings in the reporting period (note 2(d)).
17. Issued share capital
Authorised Number Share
of shares capital
€m
Ordinary shares of no par value Unlimited -
As at 30 September 2025 Unlimited -
Issued and fully paid Number Share
of shares capital
€m
As at 31 March 2025 1,504,113,743 -
Issued ordinary shares 1,318,254 -
Transfer of share capital to other reserve - -
Shares issued to the Employee Benefit Trust (204,797) -
Shares allocated by the Employee Benefit Trust 669,902 -
As at 30 September 2025 1,505,897,102 -
Holders of the ordinary shares are entitled to receive dividends and to attend
and vote at any general meeting. Shares held in treasury are not entitled to
receive dividends or to vote at general meetings.
For details of the share capital movements refer to the issued share capital
column of the statement of changes in equity.
During the reporting period the Company issued 1,318,254 shares in relation to
the exercise of LTIP. The LTIP, SIP and DBP shares were issued at nil cost,
and the fair value of €2.4m for these shares recorded in the share capital
account has been transferred back to the other reserve.
Shares held by the Employee Benefit Trust are disclosed as own shares held. A
total of 7,278,542 own shares are held by the Employee Benefit Trust (31 March
2025: 7,743,647 shares). The total number of shares with voting rights was
1,513,175,644 (31 March 2025: 1,511,857,390). No votes are cast in respect of
the shares held in the Employee Benefit Trust in connection with the Company's
share plans and dividends paid and payable are subject to a standing waiver.
All shares issued in the reporting period were issued under general authority.
No shares were bought back in the period (31 March 2025: none) and there are
no Treasury Shares held directly by the Company at the period end (31 March
2025: none).
18. Dividends
Payment date Dividend per share cents Six months ended Six months
30 September 2025 ended
€m 30 September
2024
€m
For the year ended 31 March 2024:
Final 25 July 2024 3.05 41.3
For the year ended 31 March 2025:
Final 24 July 2025 3.09 46.0
Dividends paid 46.0 41.3
The Company offered a Dividend Reinvestment Plan ("DRIP") to shareholders as
an alternative to a cash dividend in respect of all dividends paid during the
reporting period. DRIP allows shareholders to reinvest the dividend to
purchase additional shares in the Company in the open market, not newly issued
shares by the Company.
The Company's Employee Benefit Trust waived its rights to all dividends paid
during the reporting period.
The Board has authorised a dividend relating to the six month period ended 30
September 2025 of 3.18c per share. It is expected that, the record date will
be 12 December 2025 for shareholders on both the SA register and the UK
register and the dividend will be paid on 22 January 2026. A detailed dividend
announcement will be made on 17 November 2025, including details of a DRIP
alternative.
19. Related parties
There have been no material changes in the related party transactions
described in the financial statements for the year ended 31 March 2025.
20. Commitments and contingencies
Capital and other commitments
As at the reporting date, the Group had contracted capital expenditure for
development and enhancements on existing properties of €20.6m (31 March
2025: €18.7m).
The Group has no commitments as at reporting date in relation to notarised
acquisitions of investment properties (31 March 2025: €77.9m).
The above noted were committed but not yet provided for in the financial
statements.
Contingencies
The Group, from time to time, receives claims in respect of disputes with
tenants or suppliers. Provisions for such claims are recorded only when
management considers that it is probable that the Group will settle them via
an outflow of economic resources. If such disputes are considered possible
these are disclosed as contingent liabilities to the extent the dispute is
deemed material.
21. Post balance sheet events
On 16 October 2025, the Group notarised the acquisition of an asset in
Feldkirchen, for €43.7m. The business park comprises 27,180 sqm of
industrial, storage and office space and is 94% occupied. The transaction
completed on 12 November 2025.
Annex 1 - non-IFRS measures
Basis of preparation
The Directors of Sirius Real Estate Limited have disclosed additional non-IFRS
measures; these include EPRA earnings, adjusted net asset value, EPRA net
reinstatement value, EPRA net tangible assets, EPRA net disposal value, EPRA
loan to value, headline earnings and funds from operations (collectively
"Non-IFRS Financial Information").
The Directors have disclosed:
• EPRA earnings in order to assist in comparisons with similar
businesses in the real estate sector as a measure of a company's underlying
operating results and an indication of the extent to which current dividend
payments are supported by earnings. EPRA earnings is a definition of earnings
as set out by the European Public Real Estate Association defined as earnings
from operational activities. The reconciliation between basic and diluted
earnings and EPRA earnings is detailed in table A below showing all line item
adjustments.
• Adjusted net asset value in order to assist in comparisons with
similar businesses. Adjusted net asset value represents net asset value after
adjusting for net deferred tax asset/liability. The reconciliation for
adjusted net asset value is detailed in table B below.
• EPRA net reinstatement value ("EPRA NRV") in order to assist in
comparisons with similar businesses in the real estate sector. EPRA NRV is a
definition of net asset value as set out by the European Public Real Estate
Association defined as the net asset value adjusted to reflect the value
required to rebuild the entity and assuming that entities never sell assets.
The reconciliation for EPRA NRV is detailed in table C below showing all line
item adjustments.
• EPRA net tangible assets ("EPRA NTA") in order to assist in
comparisons with similar businesses in the real estate sector. EPRA NTA is a
definition of net asset value as set out by the European Public Real Estate
Association defined as the net asset value adjusted to reflect that entities
buy and sell assets, thereby crystallising certain levels of unavoidable
deferred tax. The reconciliation for EPRA NTA is detailed in table C below
showing all line item adjustments.
• EPRA net disposal value ("EPRA NDV") in order to assist in
comparisons with similar businesses in the real estate sector. EPRA NDV is a
definition of net asset value as set out by the European Public Real Estate
Association defined as the net asset value adjusted to reflect the
shareholders' value under a disposal scenario, where deferred tax, financial
instruments and certain other adjustments are calculated to the full extent of
their liability, net of any resulting tax. The reconciliation for EPRA NDV is
detailed in table C below showing all line item adjustments.
• EPRA loan to value ("EPRA LTV") in order to assist in comparisons
with similar businesses in the real estate sector. EPRA LTV is a definition of
loan to value ratio as set out by the European Public Real Estate Association
defined as debt divided by market value of property including any capital
which is not equity as debt irrespective of its IFRS classification; it is
calculated on proportional consolidation; and assets are included at fair
value and net debt at nominal value. The reconciliation for EPRA LTV is
detailed in table D below showing all line item adjustments.
• Headline earnings in order to provide an alternative indication of
the Group's underlying business performance as required by the JSE Listings
Requirements. Headline earnings represents earnings after excluding
"separately identifiable remeasurements", net of related tax (both current and
deferred) and related NCI, other than re-measurements specifically included in
headline earnings ("included remeasurements"), as defined by the circular
titled Headline Earnings issued by SAICA. The reconciliation for headline
earnings is detailed in table E below showing all line item adjustments.
• Funds from operations in order to assist in comparisons with
similar businesses and to facilitate the Group's dividend policy which is
derived from profit or loss after tax. Accordingly, funds from operations
exclude non-cash items and any one-off non operations related cash items to
show the net cashflow flow from operations The reconciliation for funds from
operations is detailed in table F below showing all line item adjustments.
The Non-IFRS Financial Information is presented in accordance with the JSE
Limited Listings Requirements and The Guide on Pro forma Financial Information
and the Headline Earnings Circular 1/2023 issued by SAICA. The Non-IFRS
Financial Information is the responsibility of the Directors. The Non-IFRS
Financial Information has been presented for illustrative purposes and, due to
its nature, may not fairly present the Group's financial position or result of
operations.
The Non-IFRS measures included in the Interim Report 2025 have not been
reviewed nor reported on by the independent auditor. The starting point for
all the Non-IFRS Financial Information has been extracted from the Group's
unaudited interim condensed set of consolidated financial statements for the
six months ended 30 September 2025 (the "consolidated financial statements").
Table A - EPRA earnings
Six months Six months
ended ended
30 September 30 September
2025 2024
€m €m
Basic and diluted earnings attributable to owners of the Company(1) 86.9 55.5
Deduct gain on revaluation of investment properties(2) (14.4) (2.8)
Add loss on disposal of properties (net of related tax)(3) 0.6 0.2
Deferred tax in respect of EPRA earnings adjustments(4) (29.9) 3.9
NCI relating to revaluation (net of related tax)(5) 0.0 0.0
Deduct gain on revaluation of investment property from associates(6) (0.5) (0.4)
Tax in relation to the revaluation gains/losses on investment property from 0.1 0.1
associates(7)
EPRA earnings(8) 42.8 56.5
Notes:
(1) Presents the profit attributable to owners of the Company which has
been extracted from the unaudited interim condensed consolidated income
statement within the consolidated financial statements.
(2) Presents the gain or loss on revaluation of investment properties
which has been extracted from the unaudited interim condensed consolidated
income statement within the consolidated financial statements.
(3) Presents the gain or loss on disposal of properties (net of related
tax) which has been extracted from note 10 within the consolidated financial
statements.
(4) Presents deferred tax in respect of EPRA earning adjustments which has
been extracted from note 10 within the consolidated financial statements.
(5) Presents the non-controlling interest relating to revaluation (net of
related tax) which has been extracted from note 10 within the consolidated
financial statements.
(6) Presents the gain or loss on revaluation of investment property from
associates which has been extracted from note 10 within the consolidated
financial statements.
(7) Presents tax in relation to the revaluation gains/losses on investment
property from associates which has been extracted from note 10 within the
consolidated financial statements.
(8) Presents the EPRA earnings for the period.
Table B - Adjusted net asset value
30 September
2025 31 March
€m 2025
€m
Net asset value
Net asset value for the purpose of assets per share (total equity attributable 1,705.0 1,688.9
to the owners of the Company)(1)
Net deferred tax liabilities(2) 69.5 99.3
Adjusted net asset value attributable to the owners of the Company((3)) 1,774.5 1,788.2
Notes:
(1) Presents the net asset value for the purpose of assets per share
(total equity attributable to the owners of the Company) which has been
extracted from the unaudited interim condensed consolidated statement of
financial position within the consolidated financial statements.
(2) Presents the net deferred tax liabilities or assets which have been
extracted from the unaudited interim condensed consolidated statement of
financial position within the consolidated financial statements.
(3) Presents the adjusted net asset value attributable to the owners of
the Company as at period end.
Table C - EPRA net asset measures
30 September 2025 EPRA NRV EPRA NTA EPRA NDV
€m €m €m
Net asset value as at period end (basic)(1) 1,705.0 1,705.0 1,705.0
Diluted net asset value at fair value 1,705.0 1,705.0 1,705.0
Group
Deferred tax in respect of fair value movements on investment properties(2) 73.5 73.1(*) n/a
Intangible assets(3) n/a (1.6) n/a
Fair value of fixed interest rate debt(4) n/a n/a 73.2
Real estate transfer tax(5) 213.5 n/a n/a
Investment in associates
Deferred tax in respect of fair value movements on investment properties(2) 8.0 8.0(*) n/a
Fair value of fixed interest rate debt(4) n/a n/a 1.7
Real estate transfer tax(5) 9.7 n/a n/a
Total EPRA NRV, NTA and NDV(6) 2,009.7 1,784.5 1,779.9
31 March 2025 EPRA NRV EPRA NTA EPRA NDV
€m €m €m
Net asset value as at period end (basic)(1) 1,688.9 1,688.9 1,688.9
Diluted net asset value at fair value 1,688.9 1,688.9 1,688.9
Group
Deferred tax in respect of fair value movements on investment properties(2) 103.3 103.3(*) n/a
Intangible assets(3) n/a (1.7) n/a
Fair value of fixed interest rate debt(4) n/a n/a 86.4
Real estate transfer tax(5) 191.2 n/a n/a
Investment in associates
Deferred tax in respect of fair value movements on investment properties(2) 8.0 8.0 * n/a
Fair value of fixed interest rate debt(4) n/a n/a 3.3
Real estate transfer tax(5) 9.6 n/a n/a
Total EPRA NRV, NTA and NDV(6) 2,001.0 1,798.5 1,778.6
* The Group intends to hold onto the investment properties and has
excluded such deferred taxes for the whole portfolio as at period end except
for, when applicable, deferred tax in relation to assets held for sale.
Notes:
(1) Presents the net asset value for the purpose of assets per share
(total equity attributable to the owners of the Company) which has been
extracted from the unaudited interim condensed consolidated statement of
financial position within the consolidated financial statements.
(2) Presents for the Group the net deferred tax liabilities or assets
which have been extracted from note 9 of the consolidated financial statements
and for EPRA NTA only the additional credit adjustment for the deferred tax
expense relating to assets held for sale of €0.4m (31 March 2025: €nil).
For investment in associates the deferred tax income/(expense) arising on
revaluation gains/losses amounted to (€0.1m) (31 March 2025: (€0.7m)).
(3) Presents intangible assets which has been extracted from the unaudited
interim condensed consolidated statement of financial position within the
consolidated financial statements.
(4) Presents the fair value of financial liabilities and assets on the
unaudited interim condensed consolidated statement of financial position, net
of any related deferred tax.
(5) Presents the add-back of purchasers' costs to reflect the value prior
to any deduction of purchasers' costs, as shown in the Valuation Certificate
of Cushman & Wakefield LLP.
(6) Presents the EPRA NRV, EPRA NTA and EPRA NDV, respectively, as at
period end.
Table D - EPRA LTV
Proportionate consolidation
30 September 2025 Group Investment in associates Total
€m €m €m
Interest-bearing loans and borrowings((1)) 201.6 52.5 254.1
Corporate bonds((2)) 1,214.9 - 1,214.9
Net payables((3)) 88.9 4.4 93.3
Cash and cash equivalents((4)) (424.9) (8.3) (433.2)
Net debt (a)((5)) 1,080.5 48.6 1,129.1
Investment properties((6)) 2,756.5 128.0 2,884.5
Assets held for sale((7)) 31.0 - 31.0
Plant and equipment((8)) 18.2 - 18.2
Intangible assets((9)) 1.6 - 1.6
Loan to associates((10)) 45.1 - 45.1
Total property value (b)((11)) 2,852.4 128.0 2,980.4
EPRA LTV (a/b)((12)) 37.9% 38.0% 37.9%
Proportionate consolidation
31 March 2025 Group Investment in associates Total
€m €m €m
Interest-bearing loans and borrowings((1)) 209.1 52.6 261.7
Corporate bonds((2)) 1,109.9 - 1,109.9
Net payables((3)) 50.5 5.9 56.4
Cash and cash equivalents((4)) (604.8) (7.4) (612.2)
Net debt (a)((5)) 764.7 51.1 815.8
Investment properties((6)) 2,488.1 127.6 2,615.7
Plant and equipment((8)) 17.8 - 17.8
Intangible assets((9)) 1.7 - 1.7
Loan to associates((10)) 45.1 - 45.1
Total property value (b)((11)) 2,552.7 127.6 2,680.3
EPRA LTV (a/b)((12)) 30.0% 40.0% 30.4%
Notes:
(1) Presents the interest-bearing loans and borrowings which have been
extracted from the unaudited interim condensed consolidated statement of
financial position within the consolidated financial statements less the
corporate bonds which have been extracted from note 15 within the consolidated
financial statements.
(2) Presents the corporate bonds which have been extracted from note 15 within
the consolidated financial statements.
(3) Presents the net payables, which is the sum of trade and other
receivables, trade and other payables, current tax liabilities (all of which
have been extracted from the unaudited interim condensed consolidated
statement of financial position within the consolidated financial statements)
and deposits of €3.8m (31 March 2025: €4.0m) which makes up part of other
financial assets (non-current) extracted from the unaudited interim condensed
consolidated statement of financial position within the consolidated financial
statements.
(4) Presents the cash and cash equivalents which have been extracted from the
unaudited interim condensed consolidated statement of financial position
within the consolidated financial statements.
(5) Presents the net debt, which is the sum of interest-bearing loans and
borrowings, corporate bonds, and net payables, less cash and cash equivalents.
(6) Presents the investment properties values which have been extracted from
the unaudited interim condensed consolidated statement of financial position
within the consolidated financial statements.
(7) Presents the assets held for sale which have been extracted from the
unaudited interim condensed consolidated statement of financial position
within the consolidated financial statements.
(8) Presents the plant and equipment which have been extracted from the
unaudited interim condensed consolidated statement of financial position
within the consolidated financial statements.
(9) Presents the intangible assets which have been extracted from the
unaudited interim condensed consolidated statement of financial position
within the consolidated financial statements.
(10) Presents the loan to associates of €45.1m (31 March 2025: €45.1m)
which makes up part of other financial assets (non-current) extracted from the
unaudited interim condensed consolidated statement of financial position
within the consolidated financial statements
(11) Presents the total property value, which is the sum of investment
properties, assets held for sale, plant and equipment, intangible assets and
loan to associates.
(12) Presents the EPRA LTV which is net debt divided by total property value
in percentage.
Table E - Headline Earnings
The following table shows the reconciliation of basic to headline earnings,
separately disclosing the impact before tax (gross column) and after tax (net
column):
Six months Six months
ended 30 September 2025 ended 30 September 2024
Gross Net Gross Net
€m €m €m €m
Basic earnings and diluted earnings attributable to owners of the Company((1)) 86.9 55.5
(Deduct gain)/add loss on revaluation of investment properties((2)) (14.4) (44.3) (2.8) 1.1
Add loss on disposal of properties((3)) 0.6 0.6 0.2 0.2
NCI relating to revaluation((4)) 0.0 0.0 0.0 0.0
Deduct gain on revaluation of investment property from associates((5)) (0.5) (0.4) (0.4) (0.3)
Headline earnings((6)) 42.8 56.5
Notes:
(1) Presents the profit attributable to owners of the Company which has
been extracted from the unaudited interim condensed consolidated income
statement within the consolidated financial statements.
(2) Presents the gain or loss on revaluation of investment properties
which has been extracted from the unaudited interim condensed consolidated
income statement within the consolidated financial statements (for the gross
column) less any related deferred tax movement which has been extracted from
note 10 within the consolidated financial statements (for the net column).
(3) Presents the gain or loss on disposal of properties which has been
extracted from the unaudited interim condensed consolidated income statement
within the consolidated financial statements (for the gross column) less any
related current tax which has been extracted from note 10 within the
consolidated financial statements (for the net column).
(4) Presents the non-controlling interest relating to revaluation (for the
gross column) less any related tax (for the net column) both of which have
been extracted from note 11 within the consolidated financial statements.
(5) Presents the gain or loss on revaluation of investment property from
associates (for the gross column) less any related tax (for the net column)
which has been extracted from note 11 within the consolidated financial
statements.
(6) Presents the headline earnings for the period.
Table F - Funds from operations
Six months Six months
ended ended
30 September 30 September
2025 2024
Profit for the period after tax(1) 87.0 55.5
Adjustments for:
Gain on revaluation of investment properties(2) (14.4) (2.8)
Adjustment in respect of long-term leasehold liabilities(3) (0.2) (0.6)
Loss of disposals of properties(4) 0.6 0.2
Gain on revaluation of investment property from associates and related tax(5) (0.4) (0.3)
Other expenses not included in FFO(6) 0.1 0.7
Share-based payments(7) 4.9 2.7
Foreign exchange effects(8) 14.2 (2.1)
Depreciation and amortisation (excluding depreciation relating to IFRS 16)(9) 1.5 1.7
Amortisation of financing fees(10) 2.4 1.5
Adjustment in respect of IFRS 16(11) (0.1) 0.3
Adjustment of total deferred tax(12) (30.9) 3.9
Funds from operations(13) 64.7 60.7
Notes:
(1) Presents profit or loss after tax which has been extracted from the
unaudited interim condensed consolidated income statement within the
consolidated financial statements.
(2) Presents the gain or loss on revaluation of investment properties
which has been extracted from the unaudited interim condensed consolidated
income statement within the consolidated financial statements.
(3) Presents the adjustment in respect of long-term leasehold liabilities
which has been extracted from note 12 within the consolidated financial
statements.
(4) Presents the gain or loss on disposal of properties which has been
extracted from the unaudited interim condensed consolidated income statement
within the consolidated financial statements.
(5) Presents the gain or loss on revaluation of investment property from
associates and related tax which has been extracted from note 10 within the
consolidated financial statements.
(6) Presents other expenses not included in FFO as included in other
administration costs in note 5 within the consolidated financial statements.
(7) Presents share-based payments as included in other administration
costs in note 5 within the consolidated financial statements.
(8) Presents the net foreign exchange gains or losses as included in other
administration costs in note 5 within the consolidated financial statements.
(9) Presents depreciation of plant and equipment and amortisation of
intangible assets which have been extracted from note 5 within the
consolidated financial statements.
(10) Presents amortisation of capitalised finance costs which has been
extracted from note 8 within the consolidated financial statements.
(11) Presents the differential between the expense recorded in the unaudited
interim condensed consolidated income statement for the year relating to
long-term leasehold liabilities in accordance with IFRS 16 amounting to
€1.6m (30 September 2024: €2.0m) and the actual cash expense recorded in
the unaudited interim condensed consolidated statement of cash flows for the
year amounting to €1.7m (30 September 2024: €1.7m).
(12) Presents the total deferred tax expense which has been extracted from
note 9 within the consolidated financial statements.
(13) Presents the funds from operations for the period.
Glossary of terms
Adjusted net asset value is the total equity attributable to the owners of the Company adjusted for net
deferred tax liabilities/assets
Capital value is the market value of a property divided by the total sqm of a property
Company is Sirius Real Estate Limited, a company incorporated in Guernsey and resident
in the United Kingdom for tax purposes, whose shares are publicly traded on
the equity shares (commercial companies) category of the London Stock Exchange
(primary listing) and the premium segment of the main board of the JSE
Limited (primary listing)
Cumulative total return is the return calculated by combining the movement in investment property
value net of capex with the total net operating income less bank interest over
a specified period of time
EPRA European Public Real Estate Association
EPRA earnings is adjusted earnings in order to assist in comparisons with similar businesses
in the real estate sector as a measure of the Group's underlying operating
results and an indication of the extent to which current dividend payments are
supported by earnings (EPRA earnings is detailed in note 10 showing all line
item adjustments)
EPRA loan to value is a loan to value ratio defined as debt divided by market value of property
including any capital which is not equity as debt irrespective of its IFRS
classification; it is calculated on proportional consolidation; and assets are
included at fair value and net debt at nominal value (EPRA LTV is detailed in
note 15 showing all line item adjustments)
EPRA net reinstatement value is the net asset value adjusted to reflect the value required to rebuild the
Group and assuming that the Group never sell assets (EPRA NRV is detailed in
note 11 showing all line item adjustments)
EPRA net tangible assets is the net asset value adjusted to reflect that the Group buy and sell assets,
thereby crystallising certain levels of unavoidable deferred tax (EPRA NTA is
detailed in note 11 showing all line item adjustments)
EPRA net disposal value is the net asset value adjusted to reflect the shareholders' value under a
disposal scenario, where deferred tax, financial instruments and certain other
adjustments are calculated to the full extent of their liability, net of any
resulting tax (EPRA NDV is detailed in note 11 showing all line item
adjustments)
EPRA net initial yield is the rent roll based on the cash rents passing at reporting date, less
non-recoverable property operating expenses, divided by the market value of
the owned property (adjusted by lease incentives), increased with (estimated)
purchasers' costs
Estimated rental value ("ERV") is the estimated rental value (at market rates) which is the annualised rental
income at 100% occupancy
Executive Committee as set out on page 68 of the Group's Annual Report and Accounts 2025
Funds from operations ("FFO") is profit after tax adjusted for non-cash and non-operational items, including
revaluations on investment properties, share-based payments, depreciation and
amortization, financing fees, foreign exchange differences and other
non-recurring items. Refer to note 3 of the financial statements for further
information
Gross yield is the rent roll divided by the market value (adjusted by lease incentives) of
a property
Group comprises that of the Company and its subsidiaries
Headline earnings is earnings after excluding "separately identifiable re-measurements", net of
related tax (both current and deferred) and related NCI, other than
re-measurements specifically included in headline earnings ("included
re-measurements"), as defined by the circular titled Headline Earnings issued
by SAICA (headline earnings is detailed in note 10 showing all line item
adjustments)
Like-for-like refers to the manner in which metrics are subject to adjustment to make them
directly comparable. Like-for-like adjustments are made in relation to rent
roll, rate and occupancy and eliminate the effect of asset acquisitions and
disposals that occur in the reporting period
LTIP Long Term Incentive Plan
LTV loan to value
Net loan to value is the ratio of principal value of total debt less cash, excluding that which
is restricted in contractual terms, to the aggregate value of owned investment
property (including assets held for sale when applicable)
Net operating income is the rental, service charge and other income generated from investment and
managed properties less directly attributable costs
Net yield is the rent roll less non-recoverable property operating expenses divided by
the market value (adjusted by lease incentives) of a property
Occupancy is the percentage of total lettable space occupied as at reporting date
Operating profit is the net operating income adjusted for gains/losses on revaluation of
investment properties, gains/losses on disposal of properties, movement in
expected credit loss provision, administrative expenses and share of profit of
associates
Rate for the German portfolio is rental income per sqm expressed on a monthly basis
as at a specific reporting date
for the UK portfolio is rental income (includes estimated service charge
element) per sqm expressed on a monthly basis as at a specific reporting date
in EUR
for the UK portfolio is rental income (includes estimated service charge
element) per sq ft expressed on an annual basis as at a specific reporting
date in GBP
Rent roll is the contracted rental income of a property at a specific reporting date
expressed in annual terms. Unless stated otherwise the reporting date is 30
September 2025. Rent roll should not be interpreted or used as a forecast or
estimate. Rent roll differs from rental income described in note 4 of the
Interim Report and reported within revenue in the unaudited interim condensed
consolidated income statement for reasons including:
• rent roll represents contracted rental income at a specific point
in time expressed in annual terms;
• rental income as reported within revenue represents rental income
recognised in the period under review; and
• rental income as reported within revenue includes accounting
adjustments including those relating to lease incentives
Senior Management Team is made up of the Executive Committee members and certain Directors of Group
subsidiary entities
SIP Share Incentive Plan
Sirius comprises that of the Company and its subsidiaries
Total debt is the aggregate amount of the interest-bearing loans and borrowings excluding
unamortised capitalised loan issue costs
Total shareholder accounting return is the return obtained by a shareholder calculated by combining both movements
in adjusted NAV per share and dividends paid
Total return is the return for a set period of time combining valuation movement and income
generated
Ungeared IRR is an estimate of the internal rate of return not taking into consideration
debt
Weighted average cost of debt is the weighted effective rate of interest of loan facilities expressed as a
percentage
Weighted average debt expiry is the weighted average time to repayment of loan facilities expressed in
years
Corporate directory
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
Registered office
Plaza House
Fifth Floor
Admiral Park
St Peter Port
Guernsey GY1 2HU
Channel Islands
Registered number
Incorporated in Guernsey under The Companies (Guernsey) Law, 2008, under
number 46442
Company Secretary
A Gallagher
Sirius Real Estate Limited
Plaza House
Fifth Floor
Admiral Park
St Peter Port
Guernsey GY1 2HU
Channel Islands
UK solicitors
Penningtons Manches Cooper LLP
125 Wood Street
London EC2V 7AW
United Kingdom
Financial PR
FTI Consulting LLP
200 Aldersgate Street
London EC1A 4HD
United Kingdom
JSE sponsor
PSG Capital Proprietary Limited
1st Floor, Ou Kollege Building
35 Kerk Street
Stellenbosch 7600
South Africa
Joint broker
Peel Hunt LLP
100 Liverpool Street
London EC2M 2AT
United Kingdom
Joint broker
Berenberg
60 Threadneedle Street
London EC2R 8HP
United Kingdom
Property valuer
Cushman & Wakefield LLP
Bleidenstraße 6
60311 Frankfurt am Main
Germany
Independent auditor
Ernst & Young LLP
1 More London Place,
London SE1 2AF
United Kingdom
Guernsey solicitors
Carey Olsen (Guernsey) LLP
PO Box 98
Carey House
Les Banques
St Peter Port
Guernsey GY1 4BZ
Channel Islands
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. END IR FZMMMVVLGKZM
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Sirius Real Estate
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