SEGRO Plc (SGRO) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Okay, good morning everybody and great to see so many people here on a Friday in half term week. So whether you are here in the room with us or joining us online, we're absolutely delighted to have you with us as we present Seagrow's 2025 full year results. I'm joined here by a number of my executive colleagues and I'd particularly like to welcome Suzanne Schroeter, who's presenting her first set of results after joining us only in December. Before getting into the detail, what I'd like to do is share some key messages with you, set the scene as it were, and explain why we are confident about the future. And I should just mention, our presentation is going to run a little bit longer than normal today because there's a lot we want to talk about, particularly to give more colour on our data centre strategy and set out what we think is a really exceptional opportunity for this part of our business. So 2025 actually turned out to be a very strong year for Seagrow, both operationally and in financial terms as well, despite the rather challenging macro. We signed a record £99 million of new headline rent, including £33 million of development signings. Within our existing portfolio, we delivered 37 million of reversion uplifts from lease renewals and rent reviews, which itself was a key driver of our 6% growth in like-for-like net rental income. All of this translated into a 6% increase in adjusted earnings per share and a 2% growth in adjusted NAV per share, so a strong set of financial outcomes. But what pleased me most about 2025 was the improving occupier sentiment and a pickup in deal activity in the second half of the year as the structural drivers underpinning demand for our assets began to reassert themselves. That momentum has continued into 2026. Inquiry levels ri...