Sirius Real Estate Limited (SRE) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everybody, and welcome to today's presentation of Sirius Real Estate's interim results for the period ending September 2025. My name is Andrew Coombs. I'm the Chief Executive Officer of the Sirius Group, and I'm joined this morning by Chris Bowman, who is the Group Chief Financial Officer of Sirius Real Estate. Together, we will take you through this morning's presentation. As you all know, we are an on-balance sheet, best-in-class owner and operator of mixed-use light industrial business parks on the edge of key towns in Germany and the United Kingdom. Please remember that Sirius operates in both the German and the UK markets. under the brand of Cirrus in Germany and BizSpace in the UK. The group currently operates over 3 billion euros of property, 90% of which is wholly owned by the group. This consists of 160 sites in total, 77 in the UK, 76 in Germany and 7 sites within the Titanium joint venture in Germany. Let's now turn to page four and look at the highlights for the period. The Sirius Group is a rigorous, well-run and very importantly growing organisation. We have proved the resilience and the reliability of the business model during COVID, during the gas crisis in Germany, and most recently through a period of rising interest rates in Europe and the UK, during which we have successfully protected valuations in spite of yield expansion. In that time, we have continuously, without exception, grown our revenues. We have continually, without exception, increased our dividend payments And as I said, we have made sure that the value of our properties goes up, not down. In the period to September 25, we successfully grew like-for-like rent roll by more than 5%. And as a result of the acquisitions in the period, we have grown the total rent roll by mor...