SIRIUS REAL ESTATE LIMITED

(Incorporated in Guernsey)

Company Number: 46442

JSE Share Code: SRE

LSE (GBP) Share Code: SRE

LEI: 213800NURUF5W8QSK566

ISIN Code: GG00B1W3VF54

 

1 June 2026

Sirius Real Estate Limited

("Sirius Real Estate", "Sirius", the "Group" or the "Company")

 

Results for the year ended 31 March 2026

 

25^th consecutive dividend increase underpinned by consistent sustainable FFO growth and strong operational performance driving adjusted NAV ahead of expectations

 

Sirius Real Estate, the leading owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany and the UK, announces its consolidated financial results for the year to 31 March 2026.

 

Operating platform continues to drive rental and FFO growth

·      4.9% increase in profit before tax to €211.4m (2025: €201.6m) due to strong operational performance and €111.3m valuation gain in 2026 compared to €81.0m gain in the previous financial year.

·      6.4% like-for-like annualised rent roll growth to €224.2m^1,2 (31 March 2025: €210.8m) driven by continued strong organic growth and occupier demand in Germany and the UK.

·      8.4% increase in Funds from Operations ("FFO") to €133.5m (2025: €123.2m) with 4.5% increase in FFO per share to €8.82c (2025: 8.44c) and progressing well towards our near term €150m FFO target as well as contributing to the launch of our next target to €175m FFO.

·      29.0% rise in profit after tax to €229.8m (31 March 2025: €178.2m) reflecting release of deferred tax liabilities in the German portfolio following a phased government reduction in the corporate tax rate.

·      EPRA EPS decreased by 7.8% to 7.43c (2025: 8.06c) principally due to realised foreign exchange translation effects and finance fees to related to recent financing activities, with the majority of these headwinds incurred in the first half when we reported 2.84c EPRA EPS. Basic earnings per share improved by 24.3% to 15.16c (2025: 12.20c) driven by increased earnings and valuation gains in the period.

 

Over 12 years' dividend growth with 25 consecutive dividend distributions supported by sustainable FFO growth:

·      Progressive H2 dividend of 3.22c per share (2025: 3.09c per share), amounting to a 4.1% uplift in the total dividend for the financial year to 6.40c (2025: 6.15c).

 

Income driven valuation gains

·     20.5% increase in value of owned investment property portfolio up to €2,969.4 m³ (31 March 2025: €2,465.2m) with €111.3m (2025: €81m) of the uplift achieved through asset management and the remaining € 369.9m from the Company's accretive acquisitions programme.

·     Portfolio gross and net yield of 7.5% and 6.8% in Germany (2025: 7.4% and 6.7%) and 12.3% and 8.7% in the UK (2025: 14.1% and 9.5%) respectively for the period.

·      Adjusted NAV per share increased by 5.0% to 124.78c (2025: 118.89c), ahead of consensus expectations.

 

Significant market opportunity captured with €463.3m⁴ of assets completed or notarised fuelling future rental growth and comprising:

·    Nine acquisitions in Germany for €271.1m⁴ (net of costs) contributing an annualised NOI of €19.8m at an average gross yield of 8.2% and 85.7% occupancy.

·      Four transactions in the UK for £166.2m (€192.2m) adding £10.6m (€12.2m) of annual NOI, at an average gross yield of 6.7% and 84.2% occupancy.

·      Three of the above assets (€155.8m)⁴, have a strong defence related tenant base in line with the Company's strategy

 

Strong balance sheet reinforces financial flexibility and provides the ability to act decisively on acquisitions

·     Cash at bank of €372.7m (2025: €571.3m) and €300m undrawn revolving credit facility, providing abundant liquidity ahead of the repayment of the €400.0m bond due in June 2026.

·      36.1% net LTV (2025: 31.4%) and Net Debt to EBITDA of 6.6x (2025: 5.2x).

·     Successful €105m bond tap of the Group's 2028 bonds conducted in September 2025 and oversubscribed €88.3m equity raise (€85.9m net of costs) in February 2026, reflecting strong capital markets support for Sirius' proposition.

·     Doubled the size of our existing undrawn Revolving Credit Facility to €300.0m while further diversifying our banking syndicate with Barclays joining, ABN Amro, BNP Paribas and HSBC as well as providing additional flexibility for acquisitions and capex investment and debt management.

·     2.5% (2025: 2.6%) weighted average cost of debt and weighted average debt expiry of 3.2 years (2025: 4.2 years) ensures stability, efficiency and long-term flexibility.

 

Outlook

·    The Group is trading in line with management expectations in the new financial year and while we are carefully monitoring the recent conflict in the Middle East on our business we have not at this time seen it impact on occupier demand.

·     Sirius continues to assess further growth options in both Germany and the UK on an opportunistic basis, including recycling of mature assets and reinvesting in value-add opportunities.

·      Defence and self storage offer particularly compelling growth opportunities in both the UK and Germany.

1     Group rent roll and rental income KPI's have been translated utilising a constant foreign currency exchange rate of GBP: EUR 1.1516, being the closing exchange rate as at 31 March 2026.

2     Vantage Point has been excluded from these performance measures, to provide transparency on underlying portfolio performance, reflecting the asset's scale and tenant concentration at acquisition, with a single managed out tenant representing approximately 500,000 sq ft (46,452 sqm) to enable the Company to actively repurpose the space for future letting.

3     Including assets held for sale.

4     Including one acquisition completed after 31 March 2026.

 

Commenting on the results, Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said: "Sirius has delivered another strong performance over the past year, demonstrating the continued effectiveness of the Group's asset management programme in driving growth and value, even during times of volatile market conditions. The 38% average return on investment we have generated from upgrading 250,000 sqm of space just through our value add capex programme in the last three years is a real testament to the strength of our team in this respect. This coupled with the diversity and strength of occupier demand for, and appeal of, the spaces we provide is reflected in the fact that we are able to report our 12th consecutive year of like-for-like rent roll growth above 5% today, 8.4% growth in FFO as well as a milestone 25^th progressive dividend payout.

 

"At the same time, we have continued to make good progress in our acquisition programme, investing over €463 million into thirteen attractive assets that sit well under Sirius' operating platform and generate resilient income streams from day one. This included around €155 million into properties with strong defence related or adjacent tenant bases. The projected rise in UK and German government defence spending is expected to have a material effect on demand for the types of industrial space Sirius provides, with the urgency of need making existing stock the only feasible option at scale.

 

"Additionally, the equity and debt markets have shown continued support for our investment proposition, as demonstrated through the oversubscribed equity raise and successful bond tap during the period. Alongside the doubling of our revolving credit facility in March 2026, these initiatives have reinforced Sirius's financial flexibility and ability to act decisively when opportunities aligned to our strategic priorities arise. While we continue to monitor the situation in the Middle East, we have yet to see it impact our business or occupier demand and we remain confident in our ability to continue to deliver accretive growth on behalf of our shareholders."

 

WEBCAST

There will be an in-person presentation for analysts/investors at 09:00 BST (10:00 CET/ SAST) today, hosted by Andrew Coombs, Chief Executive Officer, and Chris Bowman, Chief Financial Officer, at Peel Hunt's offices located at 100 Liverpool St, London EC2M 2AT.

 

There will also be a live webcast available, which can be accessed via the following link:

https://brrmedia.news/SRE_FY26 

For further information:

Sirius Real Estate

Andrew Coombs, CEO / Chris Bowman, CFO

+44 (0)20 3059 0855

 

FTI Consulting (Financial PR)

Richard Sunderland / Talia Shirion

+44 (0) 20 3727 1000

[email protected] 

 

 

NOTES TO EDITORS

About Sirius Real Estate

Sirius is a property company listed on the equity shares (commercial companies) category market 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 U.K. As of 31 March 2026, the Group's portfolio comprised 145 assets let to 10,477 tenants with a total book value of approximately €3.0 billion, generating a total annualised rent roll of €258.6 million. Sirius also holds a 35% stake in Titanium, its €350+ million German-focused joint venture with BNP Paribas Asset Management Alts.

 

The Company'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 Company 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

Follow us on LinkedIn at https://www.linkedin.com/company/siriusrealestate/

Follow us on X at @SiriusRE

 

LEI: 213800NURUF5W8QSK566

 

JSE Sponsor: PSG Capital

 

Chair's statement

 

Disciplined capital allocation in an uncertain environment

 

The past financial year has been conducted against a backdrop of heightened macroeconomic, geopolitical and capital markets uncertainty. Business confidence across many sectors has been influenced by inflationary pressures, elevated interest rates and political developments, reinforcing the importance of disciplined decision making and a long term perspective. The Board's overriding priority is always prudently to ensure that the Group continues to deliver resilient performance and a well-covered and progressive dividend whilst maintaining balance sheet strength and strategic flexibility. However, against the wider market backdrop it is pleasing to observe consistently strong levels of opportunity for internal and external growth as we seek to deliver further success to our shareholders and scale the business platform.

The Board was pleased to see the Group deliver another year of strong operational progress, including like-for-like rent roll growth of 6.4%, and full year results in line with expectations. This performance reflects the continued effectiveness of the Group's asset management platform across both Germany and the UK, even as market conditions were at times volatile during the year. This has led to our 25th consecutive increased dividend payment for the second half of the financial year.

Throughout the year, the Board worked closely with management to oversee a balanced approach to growth and risk. We placed emphasis on protecting the quality and visibility of the Group's income streams, maintaining prudent leverage and ensuring that capital allocation decisions reflected areas where underlying demand dynamics offered greater clarity. This approach is consistent with the Board's focus on sustainable value creation rather than short term optimisation.

In this context, the Board supported management's decision to prioritise selective investment in assets benefiting from defence and infrastructure related occupier demand, particularly in Germany. Both Germany and the UK have announced material increases in defence spending, with Germany committing very significant fiscal stimulus. In the Board's view, such programmes are expected to translate into more time critical, programme driven demand for industrial space, favouring existing, adaptable stock. While defence related assets remain a modest proportion of the overall portfolio, their inclusion reflects a considered allocation of incremental capital to areas where income visibility is expected to be enhanced at the margin, without altering the fundamentally diversified nature of the Group's business.

Self-storage activity is a further example of this. Adding storage services to existing business parks has been beneficial to occupiers and highly accretive to income for the Group over many years. However, a site use optimisation opportunity has allowed the Group to commence building its first stand-alone self-storage store in Berlin Gartenfeld. This is due to open at the end of the year and we will continue to consider further opportunities to allocate capital to dedicated self-storage stores in both Germany and the UK. From an overall perspective, we do not rule out the possibility of allocating capital into the UK in the near term, particularly where defence and self-storage is concerned; however, we continue to see Germany as the market into which the majority of our near-term capital investment will be made.

The Board has carefully considered the Group's capital structure during the year, recognising the need for prudence and aligning with the preferences of our supportive shareholder base. We welcomed the strength of investor support demonstrated through the February 2026 equity raise, the debt market support for our bond tap in September 2025 and the increase of the Group's revolving credit facility in March 2026. These actions reinforce the Group's financial flexibility and ability to act decisively where opportunities align with strategic priorities and reflect investor confidence in the Company's ability to deliver accretive growth together with a well-covered and progressive dividend. At the same time, the Board continues to emphasise disciplined capital recycling, ensuring that mature and non-core assets are disposed of where value add potential has been maximised and capital can be redeployed more effectively elsewhere.

Importantly, the Board continues to pursue the Group's established strategy that positions it strategically for the future. Active asset management, disciplined leasing, portfolio diversification and a strong internal operating platform remain central to how the Group creates value. The actions taken during the year represent a measured evolution of capital allocation within this framework, shaped by prevailing market conditions and informed by the objective of improving visibility over leasing outcomes and leveraging the scalability of the business platform. It is this adaptability that makes Sirius an interesting proposition.

I would like to thank the Executive team and all colleagues across Germany and the UK for their continued commitment and professionalism. Their ability to deliver sustained organic growth while adapting to a challenging external environment underpins the Board's confidence in the Group's long term prospects.

Daniel Kitchen

Chair

29 May 2026

 

Asset management review - Group

 

A people-led operating platform delivering resilient income growth

 

Introduction

The Asset management review sets out how the Group's people-led operating platform delivered performance across the portfolio during the year. The review is structured around the five value drivers that underpin the Asset Management Strategy and demonstrates how operational execution translated into income growth, occupancy management, valuation resilience and cash generation.

During the year, the Group continued to deliver strong organic performance across both Germany and the UK, despite an uneven macroeconomic backdrop. Like-for-like rent roll growth remained robust, driven by leasing execution, disciplined pricing and targeted investment into vacant and sub-optimal space. This performance reflects the effectiveness of the Group's asset management platform and the resilience of demand for the flexible, functional space Sirius provides.

Alongside organic growth, asset management activity supported valuation stability and balance sheet strength. Capital expenditure was deployed selectively to enhance income and improve space utilisation. Cash collection remained strong across the portfolio, supporting earnings quality and financial resilience.

The sections below provide further detail on performance during the year, aligned to each of the Group's five asset management value drivers.

Platform delivers rent roll growth across both markets

Active leasing execution remained the primary driver of organic income growth across the portfolio during the year. The Group delivered 6.4% like-for-like rent roll growth to €224.2m (31 March 2025: €210.8m), reflecting disciplined pricing and effective management of lease events across both operating platforms.

This performance was supported by continued strength in achieved rates. The Group's like-for-like average rate increased to €9.39 per sqm (31 March 2025: €8.93 per sqm), demonstrating the operating platform's ability to capture rental uplifts while maintaining appropriate flexibility for occupiers.

Including acquisitions, total rent roll increased by 18.4% to €258.6m (31 March 2025: €218.4m), reflecting the continued deployment of capital into income-generative assets alongside organic growth delivered through the standing portfolio.

Occupier demand remained resilient, with like-for-like occupancy improving to 87.5% (31 March 2025: 86.5%), although total occupancy decreased slightly to 85.0% (31 March 2025: 85.9%) due to portfolio changes and the natural timing of vacancy associated with acquisitions and asset management activity. It is the nature of Sirius' strategy that occupancy fluctuates as we acquire sites with lower occupancy with a view to realising the potential of the vacancy and recycle mature more highly occupied assets.

Cash collection remained strong at 98.3% (31 March 2025: 98.3%), supporting earnings quality and reinforcing the resilience of the Group's diversified, multi-let tenant base.

Performance by geography is outlined below.

Key metrics

Metric	31 March 2026	31 March 2025	Variance	Variance %
Total rent roll(€m)	258.6	218.4	40.2	18.4%
Like-for-like rent roll (€m)(1)	224.2	210.8	13.4	6.4%
Average rate (€) per sqm	8.98	8.82	0.16	1.8%
Average rate (€) per sqm like-for-like(1)	9.39	8.93	0.46	5.2%
Total occupancy (%)	85.0	85.9	(0.9)	(1.0)%
Like-for-like occupancy (%)(1)	87.5	86.5	1.0	1.2%
Cash collection (%)	98.3	98.3	-	-

 

(1)   Excluding Vantage Point, unless otherwise noted, throughout this Strategic report. Vantage Point has been excluded from these performance measures, to provide transparency on underlying portfolio performance, reflecting the asset's scale and tenant concentration at acquisition, with a single managed out tenant representing approximately 500,000 sq ft (46,452 sqm) to enable the Company to actively repurpose the space for future letting.

Asset management review - Germany

 

Germany

 

Key metrics

Metric	31 March 2026	31 March 2025	Variance	Variance %
Total rent roll (€m)	165.2	140.2	25.0	17.8%
Like-for-like rent roll (€m)	150.4	140.2	10.2	7.3%
Average rate (€) per sqm	7.82	7.50	0.32	4.3%
Average rate (€) per sqm like-for-like	7.94	7.50	0.44	5.9%
Total occupancy (%)	85.5	85.4	0.1	0.1%
Like-for-like occupancy (%)	86.5	85.4	1.1	1.3%
Cash collection (%)	98.1	98.2	(0.1)	(0.1)%

 

Lettings and rental growth

During the year, the German operating platform delivered continued strong organic performance, supported by active leasing, disciplined pricing and targeted capital investment across the standing portfolio. As illustrated in the key metrics and supporting tables, like-for-like rent roll growth remained robust, reflecting the resilience of occupier demand and the effectiveness of the Group's established asset management model in Germany.

Total rent roll increased during the year, driven by a combination of organic income growth and acquisitions integrated into the existing operating platform. Like-for-like rent roll growth was achieved through a mix of contractual uplifts, renewals and re-letting at higher rates, supported by effective management of lease events and close engagement with tenants. This performance demonstrates the ability of the German platform to convert leasing activity into sustainable income growth across economic cycles.

Average achieved rates increased on a like-for-like basis, reflecting pricing discipline and continued demand for functional, adaptable space across the portfolio. This rate growth was achieved alongside broadly stable occupancy, evidencing management's focus on balancing income growth with tenant retention and affordability.

Occupancy across the portfolio remained stable during the year, with like-for-like occupancy improving as vacant and under-utilised space was progressively let up. The portfolio continues to comprise a mix of mature assets and value-add assets, with remaining vacancy providing clear, defined opportunities for further income growth through active asset management, subject to disciplined capital deployment and tenant demand conditions. The tables illustrate that a significant proportion of vacancy sits within value-add assets, where targeted investment and space reconfiguration support higher future rent roll potential.

The movement in rent roll is illustrated in the table below:

	€m
Rent roll at 31 March 2025	140.2
Move-outs	(20.7)
Move-ins	24.3
Contracted uplifts	6.6
Disposals	0.0
Acquisitions	14.8
Rent roll at 31 March 2026	165.2

 

Cash collection

Cash collection remained strong and consistent, reflecting the quality and diversification of the German tenant base and the effectiveness of credit control and tenant engagement processes. No single tenant or sector dominates the rent roll, supporting income stability and reducing exposure to individual tenant stress or sector-specific shocks.

Capex investment programme

Capital expenditure during the year was deployed selectively to protect and grow the earnings base, with investment focused on the conversion of vacant space, refurbishment of returned units and targeted improvements to enhance lettability and income potential. These programmes continue to generate attractive returns and support both near-term rent roll growth and longer-term valuation resilience.

Value-add capex

This capex investment programme is a key driver of value creation and has 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 Company, these programmes have also been integral in reducing service charge irrecoverables as well as rolling out the Company's product offering such as market-aligned Smartspace or self-storage under the brand MyLager.

In the last three years the Company has transformed 257,282 sqm of space for an investment of €29.2m. At 31 March 2026 this space was generating €11.2m in rent roll (at 80% occupancy). This transformed space has also been a major contributor towards the large valuation increases seen on the portfolio.

The details of the value-add capex investment programme completed in the last three years are detailed below:

 

Value-add capex	Budget	Actual
Sqm developed	257,282	257,282
Investment (€m)	33.8	29.2
Investment psm (€)	131	113
Rent improvement (€m)	12.8	11.2
Occupancy	91%	80%
Rate psm (€)	4.56	4.52
ROI	38%	38%

 

The actual data above includes projects that were recently completed and are yet to reach budgeted occupancy levels with the rental upside still to come.

Renewals capex

Furthermore, the Company has successfully renewed major tenants' leases by investing in their spaces in order to retain them on site for longer terms as well as achieve an incremental income improvement post renewal. In the last three years 211,436 sqm were renewed as a result of this capex investment programme which has resulted in an incremental increase in rent roll of €2.7m. 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	211,436
Investment (€m)	4.9
Incremental rent improvement (€m)	2.7
ROI (%)	56%

 

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 Company has identified the potential of creating new builds on excess land, as well as transforming significantly structural buildings into higher-quality newly built structures. As of 31 March 2026, an additional 891 sqm hall in the Berlin Gartenfeld property has been completed for an investment of €1.7m and has already been fully let generating €0.13m in annualised rental income, which has contributed to a further increase in the value of the asset by €0.4m after capex. The Company has a further 10,426 sqm in running projects and identified a pipeline of 9,276 sqm of newly built spaces currently in the planning phase. The combined development cost of these projects is estimated at €29.0m and is expected to increase the rent roll by €2.7m as well as an €11.1m increase in valuation after capex. When evaluating new build projects the capital is assessed relative to acquiring new sites or other capex investment; hence, the achieved ungeared IRRs on projects completed to date have been highly attractive. The details of the new builds and major investments capex investment programme have been detailed in the table below:

New builds and major investments	Completed	In progress	Pipeline
Sqm	3,962	10,426	9,276
Investment (€m)	7.0	20.2	8.8
Rent improvement (€m)	0.6	1.8	0.9
Rate psm budgeted (€)	10.78	14.42	8.50
Rate psm (€)	13.41	-	-
Occupancy	100%	-	-
Yield on cost	9%	9%	11%
Value uplift (€m)	3.0	7.3	3.8
Ungeared IRR	21%	19%	22%

 

Vacancy analysis

In addition to the capex investment programmes completed in the last three years, the Company has identified further opportunities to increase the value-add capex programme by investing in vacancy on acquired sites as well as upgrading spaces returned each year as a result of move-outs. Within the existing vacancy at 31 March 2026, the Company has identified approximately 64,079 sqm of such space which will require an investment of approximately €11.4m and has an estimated rental value of €5.3m when fully let. Additionally, the Company plans to convert 2,391 sqm of structural void building into a new build as part of the New Builds and Major Investments capex programme. Upgrading these spaces allows the Company to enhance the reversionary potential of the portfolio whilst significantly improving the quality, desirability and hence value of not only the space that is invested into but the whole site.

The analysis below details the sub-optimal space and vacancy at 31 March 2026 and highlights the potential opportunity from developing this space.

Vacancy analysis - March 2026
Total space (sqm)	2,059,055
Occupied space (sqm)	1,760,042
Vacant space (sqm)	299,013
Occupancy	85%

 

	% of total space	Sqm	Capex investment €m	ERV  (post investment)
Structural vacancy	3%	66,187	-	-
Value-add capex	3%	64,079	(11.4)	5.3
Major investment new build	0%	2,391	(5.7)	0.4
Total space subject to investment	3%	66,470	(17.1)	5.7
Lettable vacancy:
Smartspace vacancy	2%	41,093	-	5.1
Other vacancy	6%	125,263	-	7.5
Total lettable space	8%	166,356	-	12.6
Total vacancy	15%	299,013	(17.1)	18.3

 

The German portfolio's headline 85% occupancy rate means that in total 299,013 sqm of space is vacant at 31 March 2026. When excluding the vacancy which is subject to investment (3% of total space), and the structural vacancy which is not economically viable to develop (3% of total space), the Company's occupancy rate based on space that is readily lettable is approximately 91%.

Whilst the capex investment programmes are a key part of Sirius' strategy, they represent one of several ways in which the Company can organically grow income and capital values. A wide range of asset management capabilities including the capturing of contractual rent increases, uplifts on renewals and the re-letting of space at higher rates are also expected to contribute to the Company's rent roll growth going forward.

Whilst the Company will continue to look to asset recycling to replenish the vacancy which is let up after transformation, the Company maintains a risk-adjusted strategy and expects to continue to hold a significant amount of core mature assets in order to maintain a balanced portfolio that provides a combination of stable, long-term financeable income with value-add assets with growth potential.

Well-diversified income and tenant base

The German portfolio benefits from a well-diversified tenant base, with income spread across production, storage and office uses, and a large number of SME tenants alongside long-term anchor occupiers. This diversity underpins the resilience of cash flows and supports consistent leasing activity across market conditions.

The table below illustrates the diverse nature of tenant mix within the Sirius portfolio at the end of the reporting period:

	No. of tenants at 31 March 2026	Occupied sqm	% of occupied sqm	Total rent roll  €m	% of total rent roll  %	Rate per sqm €
Top 50 anchor tenants (1)	50	716,308	41%	62.3	38%	7.25
Smartspace SME tenants (2)	3,840	86,737	5%	11.1	7%	10.67
Other SME tenants (3)	3,546	956,997	54%	91.8	55%	7.99
Total	7,436	1,760,042	100%	165.2	100%	7.82

 

(1)   Mainly large national/international private and government tenants.

(2)   Mainly small and medium-sized private and government tenants.

(3)   Mainly small and medium-sized private and individual tenants.

 

Smartspace and First Choice

Smartspace products continued to play an important role within the German portfolio, contributing higher-yielding income and supporting flexibility for occupiers. Growth in Smartspace rent roll reflects a combination of rate progression and incremental increases in occupied space, underlining the effectiveness of converting previously sub-optimal or structurally vacant areas into income-producing accommodation. While occupancy within Smartspace moderated during the year, this reflects the ongoing expansion of the product offering rather than a deterioration in underlying demand.

The table below illustrates the contribution of each of the Smartspace products:

Smartspace product type	Total  sqm	Occupied  sqm	Occupancy %	Total rent roll  (excl. service charge) €m	% of total rent roll  %	Rate  per sqm (excl. service charge) €
First Choice office	8,137	5,970	73%	1.4	13%	19.99
SMSP office	47,730	31,102	65%	3.9	35%	10.43
SMSP workbox	5,849	5,695	97%	0.6	5%	8.94
SMSP storage	64,762	43,970	68%	4.7	42%	8.73
SMSP container	-	-	-	0.5	5%	n/a
SMSP total	126,478	86,737	69%	11.1	100%	10.56

 

Overall, asset management performance in Germany during the year reflects a mature, income-led operating platform, characterised by repeatable organic growth, stable occupancy, disciplined capital investment and strong cash collection. The portfolio remains well positioned to continue delivering resilient income growth through active management of existing assets, with clearly defined opportunities for further optimisation within the value-add component of the estate.

Asset management review - UK

 

UK

 

Key metrics

Metric	31 March 2026	31 March 2025	Variance	Variance %
Total rent roll (£m)	81.1	67.9	13.2	19.5%
Like-for-like rent roll (£m)(1)	64.1	61.3	2.8	4.6%
Average rate (£) per sq ft	11.77	12.47	(0.70)	(5.6)%
Average rate (£) per sq ft like-for-like(1)	14.47	13.92	0.55	4.0%
Total occupancy (%)	83.7	87.3	(3.6)	(4.1)%
Like-for-like occupancy (%)(1)	91.7	90.9	0.8	0.9%
Cash collection (%)	98.8	98.8	-	-

 

(1) Excluding Vantage Point, unless otherwise noted, throughout this Strategic report. Vantage Point has been excluded from these performance measures, to provide transparency on underlying portfolio performance, reflecting the asset's scale and tenant concentration at acquisition, with a single managed out tenant representing approximately 500,000 sq ft (46,452 sqm) to enable the Company to actively repurpose the space for future letting.

 

Lettings and rental growth

The UK operating platform delivered a year of strong rent roll growth and resilient underlying performance, supported by acquisition-led expansion alongside continued progress within the standing portfolio. As illustrated in the Key metrics table, rent roll increased by 19.5% to £81.1m (€93.4m), while like-for-like rent roll grew by 4.6%, reflecting effective leasing execution, customer retention and disciplined asset management.

Growth during the year was driven primarily by acquisitions, which contributed £12.0m (€13.8m) of additional rent roll, alongside continued organic progression within the existing estate. This combination supports the Group's UK strategy of scaling the platform to capture operational leverage, while maintaining pricing discipline and income durability across the core portfolio.

Movements in average rental rates must be considered in the context of portfolio mix. As shown in the table, the average portfolio rental rate declined by 5.6% to £11.77 per sq ft, reflecting the strategic addition of larger-scale industrial assets acquired during the year, most notably Hartlebury Industrial Estate, which carries a lower average rent per sq ft due to its size and use profile. This dilution effect is a consequence of asset mix rather than a weakening in underlying pricing.

On a like-for-like basis, excluding acquisitions, achieved rates per sq ft increased by 4.0%, demonstrating that underlying pricing across the core UK portfolio remains resilient and that occupancy growth has not been achieved at the expense of pricing integrity. Like-for-like rent roll growth was driven primarily by contractual uplifts and renewals, supported by strong customer retention and proactive day-to-day asset management.

Occupancy trends further reinforce this distinction. While total occupancy declined to 83.7%, reflecting the inclusion of newly acquired assets with lower in-place occupancy at acquisition, like-for-like occupancy improved to 91.7%. This highlights improving underlying demand and the effectiveness of void management and retention initiatives across the established estate.

Vantage Point Business Village

Vantage Point Business Village, Gloucester, acquired in April 2024, is presented separately within the Group's UK disclosures to provide transparency on underlying portfolio performance, reflecting the asset's scale and tenant concentration at acquisition, with a single occupier representing approximately 500k sq ft.

During the year, asset management activity at the site included the managed exit of the single largest tenant and the re-letting of approximately one-third of the resulting vacant space at a rate replacing more than half of the previous rent. The remaining vacant space is being progressed through a combination of subdivision, refurbishment and change-of-use initiatives.

Accordingly, Vantage Point has been excluded from the underlying LFL performance metrics presented above for the year. Including Vantage Point, the LFL metrics show that the rate would have increased by 8.5%, occupancy would have decreased by 4.3% and the combined effect would have resulted in a 2.7% rent roll growth in the UK.

The below outlines the movement in rent roll for the year.

	£m
Rent roll 31 March 2025	67.9
Move-outs	(13.4)
Move-ins	11.6
Contracted uplifts	3.6
Disposals	(0.6)
Acquisitions	12.0
Rent roll 31 March 2026	81.1

 

Excluding acquisitions, higher move-outs (including Vantage Point as referenced above) than move-ins reflect a deliberate rebalancing of customer mix, with customers departing generally occupying higher-priced space. This has been managed proactively through space recycling, targeted refurbishments and repositioning activity. Contracted uplifts of £3.6m provided additional support to the sustainability of like-for-like growth and income quality.

Despite a challenging economic and political environment, letting activity remained robust, supported by higher enquiry volumes and increased absolute deal numbers. While conversion rates softened slightly year-on-year, improved enquiry flow and deal activity contributed to occupancy improvement and reflect sound alignment between space configuration, affordability and occupier demand.

Cash collection

The twelve month rolling cash collection remained strong at 98.8%, unchanged year-on-year, despite the increase in total billings arising from acquisitions. This performance reflects the resilience of the UK tenant base and the effectiveness of the Group's credit control and customer engagement processes.

Site investment

Capital investment continues to be deployed to protect and grow the earnings base, with expenditure focused on maintaining asset quality, improving the configuration of space, supporting occupancy growth and delivering targeted value-add initiatives. Total capital expenditure of £14.4m (€16.7m) (31 March 2025: £10.9m (€13.0m)) during the year reflects the continued emphasis on investment that supports rent roll growth, future reversion and portfolio resilience, including selective investment in higher-yielding space and ESG-focused initiatives to improve efficiency and mitigate regulatory and obsolescence risk. Capital deployment also supported the integration and optimisation of newly acquired assets and the continued expansion of the self-storage offering.

Capital expenditure was primarily focused on improving the condition and configuration of space, supporting occupancy levels and rental growth across the portfolio. The increase in investment reflects the Company's continued focus on value-add initiatives, with over 40% of total spend allocated to projects expected to drive growth in rent roll. These initiatives include investment to expand and enhance higher yielding space, reflecting the evolving mix of customer demand across the portfolio.

The ESG focused investment, including energy efficiency initiatives and projects, aims to improve EPC performance, alongside continued selective investment to enhance the customer experience. Investment activity during the year also reflects the expansion of the portfolio through acquisitions, with capital expenditure supporting the integration and optimisation of newly acquired assets, as well as continued growth in the self-storage business. Defensive capital expenditure accounted for the remainder of the total spend.

Well-diversified income and tenant base

The UK portfolio benefits from a well-diversified tenant base, as illustrated in the tenant analysis table, with income spread across industrial, office, studio and storage uses. No single tenant or sector dominates the rent roll, reducing concentration risk and supporting income stability across market cycles. The platform continues to demonstrate a strong ability to attract and retain SME tenants, which remain central to the UK occupier proposition.

	No. of tenants at 31 March 2026	Occupied sq ft m	% of occupied sq ft	Total rent roll £m	% of total rent roll	Rate per sq ft £
Top 100 tenants	100	3.1	45%	25.2	31%	8.06
Next 900	900	2.4	35%	31.0	38%	13.11
Remaining SME	3,300	1.4	20%	24.9	31%	17.82
Total	4,300	6.9	100%	81.1	100%	11.77

 

SMEs in the UK are typically defined as companies with revenues of up to £50.0m and up to 250 employees. The Company's internal operating platform and product offering have a strong track record of attracting and retaining tenants in this segment of the market which is expected to continue to grow as a result of structural trends impacting the UK market.

Overall, the UK asset management performance during the year reflects a platform actively transitioning from acquisition-led expansion towards stabilisation and optimisation, with improving occupancy, robust cash collection and increasing visibility of leasing outcomes. This positions the UK portfolio to contribute more consistently to the Group's income base over time.

 

Financial review

 

Sustainable FFO growth delivered through operational performance and disciplined capital allocation

 

"Sirius has achieved another year of FFO growth, driven by organic and acquisitive growth which has ensured we have been more than able to digest the ongoing increases in finance expense. It was another year of capital raising, with a very well-supported equity raise alongside a bond tap and the introduction of a revolving credit facility which was later doubled to €300m. This support sets us up for future growth and whilst we will continue to face finance cost headwinds, we are confident of being able to continue to deliver sector leading growth and income."

Chris Bowman

Chief Financial Officer

​

Trading performance and earnings

Sirius recorded funds from operations (FFO) of €133.5m, an increase of 8.4% compared with the prior year (31 March 2025: €123.2m), reflecting the continued conversion of rental income growth into recurring cash earnings. FFO growth was achieved despite an increase in finance costs, demonstrating the underlying resilience of the Group's income base and operating platform.

Total revenue increased by 9.4% to €347.5m (31 March 2025: €317.5m), while profit before tax increased to €211.4m (31 March 2025: €201.6m). The Group delivered strong organic growth, with like-for-like rent roll increasing by 6.4%, driven by pricing discipline, positive leasing spreads and effective occupancy management across both Germany and the UK. Including acquisitions, total rent roll increased by 18.4%, reflecting disciplined capital deployment into income-producing assets.

On a diluted basis, EPRA earnings per share decreased by 8.3% compared with the prior year. This movement primarily reflects foreign exchange translation effects, increased share based payment charges, financing fees related to fundraising activities and dilution from equity raised in the period.

On a per share basis, FFO per share increased by 4.5% to 8.82 cents, reflecting earnings growth partially offset by the dilutive impact of the February 2026 equity raise.

	Earnings €m	No. of shares	31 March 2026 cents per share	Earnings €m	No. of shares	31 March 2025 cents per share	Change %
FFO per share	133.5	1,514,459,087	8.82	123.2	1,460,013,616	8.44	4.5
Diluted EPRA EPS*	112.5	1,545,150,711	7.28	117.7	1,482,145,687	7.94	(8.3)

 

*     See note 11 and Annex 1 - non-IFRS measures section of the Annual Report and Accounts 2026.

 

Portfolio valuation - Group

The portfolio of owned assets was independently valued at €2,943.8m by Cushman & Wakefield LLP at 31 March 2026 (31 March 2025: €2,469.4m), which converts to a book value of €2,960.5m (31 March 2025: €2,488.1m) after the adjustments in relation to lease incentives and inclusion of leased investment property. Valuation movements during the year primarily reflect the conversion of income growth and leasing execution into asset values, rather than changes in market yields. Net valuation gains of €111.3m were recorded after capital expenditure (31 March 2025: €81.0m), demonstrating the earnings led nature of valuation performance across the portfolio.

	German investment property €m	UK investment property €m	Total investment property €m
Owned investment properties at 31 March 2025	1,894.7	574.7	2,469.4
Additions relating to owned investment properties	177.7	192.2	369.9
Capex investment and capitalised broker fees	33.4	16.6	50.0
Disposal*	(31.0)	(3.0)	(34.0)
Gain/(loss) on revaluation above capex investment and broker fees	110.2	1.1	111.3
Currency effects	-	(22.8)	(22.8)
Owned investment properties at 31 March 2026	2,185.0	758.8	2,943.8
Adjustment in respect of lease incentives	(4.4)	0.0	(4.4)
Adjustment in respect of long-term leasehold liabilities	7.3	13.8	21.1
Total investment properties at book value at 31 March 2026	2,187.9	772.6	2,960.5

 

*     Includes investment properties reclassified to assets held for sale.

 

Portfolio valuation - Germany

The book value, including acquisitions, of the owned German portfolio increased by €320.0m or 16.9% from €1,890.6m to €2,210.6m. This included an increase in valuation (above capex and broker fees) on those assets owned in the period of €110.2m driven by a like-for-like increase of €10.2m in rent roll and a small amount of gross yield compression (1bp). The entire German portfolio including the acquisitions purchased in the period is valued at an average gross yield of 7.5% (31 March 2025: 7.4%) which translates to a net yield of 6.8% (31 March 2025: 6.7%) and an EPRA net initial yield (including estimated purchaser costs) of 6.3% (31 March 2025: 6.3%).

Yield movement during the year was limited, underlining that valuation gains were largely income led rather than driven by market yield compression. The portfolio continues to comprise a mix of mature and value-add assets, with remaining vacancy and reversionary potential providing further opportunity for income growth through active asset management subject to disciplined capital deployment and tenant demand conditions, as described in the Asset management review - Germany section of this report.

	Total rent roll  €m	Book value * €m	NOI €m	Capital value €m/sqm	Gross yield  %	Net yield  %	Vacant space sqm	Rate psqm €	Occupancy %
Value-add assets	111.8	1,415.7	98.3**	928	7.9%	6.9%	271,102	7.61	81.9%
Mature assets	53.4	794.9	51.2	1,357	6.7%	6.4%	27,911	8.31	95.5%
Total	165.2	2,210.6	149.5	1,047	7.5%	6.8%	299,013	7.82	85.5%

 

*     Includes investment properties held for sale when applicable.

**    Includes €3.2m of non-recoverable service charge from DDS contracts.

 

Portfolio valuation - UK

At 31 March 2026, the UK portfolio was independently valued by Cushman & Wakefield LLP at £658.9m (€758.8m) (31 March 2025: £480.0m (€552.8m)), representing an increase of £178.9m (€206.0m), including assets acquired in the period, compared to the prior year valuation. The increase in portfolio value reflects both strategic acquisition activity and organic like-for-like growth, which together more than offset the impact of asset disposals from the prior year. During the year, we acquired four properties totalling £166.2m (€192.2m); this includes the acquisition of Hartlebury Industrial Estate for £107.0m (€123.2m) marking a significant milestone for the portfolio, given its scale, strategic location and income-generating profile.

In line with our active portfolio management strategy, we also disposed of two non-core properties with a book value of £2.7m (€3.0m).

On a like-for-like basis, the portfolio increased in value by £19.6m (€22.6m) or 4.1% to £496.9m (€572.2m) when compared to the value at 31 March 2025 of £477.3m (€549.6m) which was driven by a €2.8m (4.6%) uplift in like-for like revenue and a 20bps net yield compression which can be contributable to the on-going increased performance of the sites supported by sustained tenant demand and stable rental income reflecting the continued execution of the Company's Asset Management Strategy.  The portfolio delivered a total average gross yield of 12.3% (2025: 14.1%) and a like-for-like net yield of 9.3% (2025: 9.5%). The 20 basis point tightening in net yield was fully supported by a corresponding increase in the rent roll over the year, contributing positively to the like-for-like valuation uplift.

The portfolio delivered a total average gross yield of 12.3% (2025: 14.1%) and a like-for-like net yield of 9.3% (2025: 9.5%). The 20 basis point tightening in net yield was fully supported by a corresponding increase in the rent roll over the year, contributing positively to the like-for-like valuation uplift.

	Total rent roll  £m	Book value £m	NOI £m	Capital value £m/sq ft	Gross yield %	Net yield %	Vacant space sq ft	Rate psq ft £	Occupancy %
UK portfolio	81.1	658.9	57.0	80.09	12.3	8.7	1,341,121	11.77	83.7

 

The UK does not have material lease incentives adjusting the investment property values.

 

Net asset value

The Group delivered a total shareholder accounting return of 10.2%, reflecting valuation performance and distributions during the year. Adjusted NAV per share increased by 5.0% to 124.78 cents, while EPRA NTA per share increased by 4.3% to 122.71 cents, driven primarily by income led valuation gains.

	Cents per share
NAV per share at 31 March 2025	112.29
Recurring profit after tax	6.29
Equity raise	0.07
Gain on revaluation (net of capex)	7.03
Deferred tax charge	1.21
Cash dividend paid	(6.15)
Adjusting items (1)	(1.03)
NAV per share at 31 March 2026	119.71
Deferred tax and derivatives	5.07
Adjusted NAV per share at 31 March 2026 (2)	124.78
EPRA adjustments (3)	(2.07)
EPRA NTA per share at 31 March 2026 (2)	122.71

 

(1)   Adjusting items includes items such as share of profit in associates, gains and losses on investments, share-based payments including vesting and foreign currency effects.

(2)   See Annex 1 - non-IFRS measures section of the Annual Report and Accounts 2026 for further details.

(3)   Adjusted for the potential impact of shares issued in relation to the Company's long-term incentive programmes, intangible assets, provisions for deferred tax and derivative financial instruments.

 

The EPRA NTA per share, which, like adjusted NAV per share, excludes the provisions for deferred tax but also includes the potential impact of shares issued in relation to the Company's long-term incentive programmes and excludes intangible assets, was 122.71c, an increase of 4.3% from 117.61c at 31 March 2025.

Financing

During the year, the Group undertook a number of financing actions to support disciplined capital deployment while maintaining balance sheet resilience in a volatile market environment. These actions included a targeted equity raise to fund identified acquisition opportunities, a tap of the Company's 2028 bonds and the introduction and subsequent doubling of the Group's revolving credit facility, to enhance liquidity and flexibility, and the ongoing management of the Group's predominantly unsecured debt programmes. Collectively, these measures strengthened the Group's funding position, supported the execution of its investment strategy and ensured continued compliance with financial covenants while preserving financial flexibility.

The increase in net loan to value to 36.1% (31 March 2025: 31.4%) reflects the timing of acquisitions completed during and shortly after the year end, ahead of the full income contribution from those assets. The Group reported a weighted average cost of debt of 2.5% (31 March 2025: 2.6%), a weighted average debt maturity of 3.2 years (31 March 2025: 4.2 years), and interest coverage at EBITDA level of 7.3x (31 March 2025: 6.3x).

Net LTV, which reduces the loan balance by free cash (excluding restricted cash balances), is calculated as follows:

 

Net LTV

	31 March 2026 €m	31 March 2025 €m
Total debt*	1,444.8	1,345.5
Less cash and cash equivalents (not including cash restricted under contractual terms)	(372.7)	(571.3)
Total	1,072.1	774.4
Book value of owned investment properties (including investment properties held for sale when applicable)	2,969.4	2,465.2
Net loan to value ratio (%)	36.1%	31.4%

 

*     Excludes loan issue costs.

 

A summary of the movement in the Group's debt is set out below:

Movement in debt*

	€m
Total debt at 31 March 2025	1,345.5
Debt additions	105.0
Scheduled amortisation	(5.7)
Total debt at 31 March 2026	1,444.8

 

*     Excludes loan issue costs.

 

Dividend

The Board has approved the Company's 25th consecutive half yearly dividend increase, with 3.22 cents per share payable to shareholders for the second half of the financial year ended 31 March 2026. Combined with the first half dividend of 3.18 cents per share, this marks a 4.1% increase from the total dividend of 6.15 cents declared for the previous financial year ended 31 March 2025. Dividend decisions continue to be made with reference to FFO and balance sheet capacity, rather than valuation movements.

Further details regarding the dividend distribution and announcement can be found in note 28 of the Annual Report and Accounts.

Summary

The Group delivered another year of resilient financial performance, characterised by strong FFO growth, disciplined capital allocation and balance sheet strength. Organic income growth across both platforms, supplemented by accretive acquisitions, supported cash earnings progression despite continued finance cost headwinds.

The Company's strong financial profile, along with its proven internal operating platform, means the Company is fully capable of taking advantage of opportunities that arise, adapting to changing market conditions, as evidenced by our investment into properties with defence-related tenants. With acquisition firepower available, further vacancy to develop and reversion potential to capture, the Company looks forward to continuing to deliver attractive and sustainable returns for shareholders in the future.

 

Chris Bowman

Chief Financial Officer

29 May 2026

 

Statement of Directors' responsibilities

The Directors are responsible for preparing the Annual Report and Accounts in accordance with applicable law and regulations.

The Companies (Guernsey) Law, 2008 requires the Directors to prepare financial statements for each financial year. Under that law, they have prepared the financial statements in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB and applicable law.

Under The Companies (Guernsey) Law, 2008 the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and of its profit or loss for that period.

In preparing these financial statements, the Directors are required to:

•     select suitable accounting policies in accordance with IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" and then apply them consistently;

•     make judgements and accounting estimates that are reasonable and prudent;

•     present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

•     state that the Group has complied with IFRS as issued by the IASB, subject to any material departures disclosed and explained in the financial statements;

•     provide additional disclosures when compliance with the specific requirements of IFRS as issued by the IASB is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Group's financial position and performance; and

•     prepare the Group's financial statements on a going concern basis, unless it is inappropriate to do so.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the Annual Report and Accounts complies with The Companies (Guernsey) Law, 2008. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

Responsibility statement of the Directors in respect of the Annual Report and Accounts

Each of the Directors confirm to the best of their knowledge:

•     the financial statements, prepared in accordance with IFRS as issued by the IASB, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and

•     the Strategic report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole together with a description of the principal risks and uncertainties that they face.

Each of the Directors confirm to the best of their knowledge that the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group's position and performance, business model and strategy.

By order of the Board

Daniel Kitchen

Chair

29 May 2026

 

Declaration by Group Chief Executive Officer (CEO) and Chief Financial Officer (CFO)

for the year ended 31 March 2026 (additional declaration as required by the JSE Listings Requirements)

Each of the Directors, whose names are stated below, hereby confirm that:

(a)   the annual financial statements set out on pages 125 to 165 fairly present in all material respects the financial position, financial performance and cash flows of the issuer in terms of IFRS;

(b)   to the best of our knowledge and belief, no facts have been omitted or untrue statements made that would make the annual financial statements false or misleading;

(c)   internal financial controls have been put in place to ensure that material information relating to the issuer and its consolidated subsidiaries have been provided to effectively prepare the financial statements of the issuer;

(d)   the internal financial controls are adequate and effective and can be relied upon in compiling the annual financial statements and we have fulfilled our role and function as Executive Directors with primary responsibility for implementation and execution of controls;

(e)   where we are not satisfied, we have disclosed to the Audit Committee and the auditor any deficiencies in design and operational effectiveness of the internal financial controls, and have remediated the deficiencies; and

(f)    we are not aware of any fraud involving Directors.

Andrew Coombs

CEO

29 May 2026

Chris Bowman

CFO

29 May 2026

 

Principal Risks and Uncertainties

 

The principal risks and uncertainties faced by the Group are included on pages 55 to 57 of the Group's Annual Report and Accounts 2026 available on the website at: www.sirius-real-estate.com

 

 

Consolidated income statement

for the year ended 31 March

	Notes	2026 €m	2025 €m
Revenue	5	347.5	317.5
Direct costs	6	(146.1)	(130.8)
Net operating income		201.4	186.7
Gain on revaluation of investment properties	13	110.6	79.4
(Loss)/gain on disposal of properties		(0.5)	1.6
Movement in expected credit loss provision		1.5	(0.3)
Administrative expenses	6	(63.0)	(53.9)
Share of profit of associates	19	4.7	2.4
Operating profit		254.7	215.9
Finance income	9	15.3	13.9
Finance expense	9	(58.6)	(28.2)
Net finance expense		(43.3)	(14.3)
Profit before tax		211.4	201.6
Taxation income/(expense)	10	18.4	(23.4)
Profit for the year after tax		229.8	178.2
Profit attributable to:
Owners of the Company		229.6	178.1
Non-controlling interest		0.2	0.1
		229.8	178.2
Earnings per share
Basic earnings per share	11	15.16c	12.20c
Diluted earnings per share	11	14.86c	12.02c

 

All operations of the Group have been classified as continuing.

 

Consolidated statement of comprehensive income

for the year ended 31 March

	Notes	2026 €m	2025 €m
Profit for the year after tax		229.8	178.2
Items that may be reclassified to profit or loss in subsequent periods
Foreign currency translation	27	(24.0)	13.4
		(24.0)	13.4
Other comprehensive (expense)/income for the year after tax		(24.0)	13.4
Total comprehensive income for the year after tax		205.8	191.6
Total comprehensive income attributable to:
Owners of the Company		205.6	191.5
Non-controlling interest		0.2	0.1
		205.8	191.6

 

Consolidated statement of financial position

at 31 March

	Notes	2026 €m	2025 €m
Non-current assets
Investment properties	13	2,960.5	2,488.1
Plant and equipment	15	19.3	17.8
Intangible assets	16	1.6	1.7
Right of use assets	17	8.9	10.8
Other financial assets	18	47.3	49.1
Investment in associates	19	30.1	26.1
Deferred tax assets	10	4.1	4.1
Total non-current assets		3,071.8	2,597.7
Current assets
Trade and other receivables	20	48.4	70.2
Cash and cash equivalents	21	410.2	604.8
Total current assets		458.6	675.0
Assets held for sale	14	30.0	-
Total assets		3,560.4	3,272.7
Current liabilities
Trade and other payables	22	(130.8)	(117.7)
Interest-bearing loans and borrowings	23	(397.2)	(0.4)
Lease liabilities	17	(2.2)	(2.4)
Current tax liabilities	10	(2.5)	(7.0)
Total current liabilities		(532.7)	(127.5)
Non-current liabilities
Interest-bearing loans and borrowings	23	(1,022.0)	(1,318.6)
Lease liabilities	17	(29.9)	(33.6)
Deferred tax liabilities	10	(84.3)	(103.4)
Total non-current liabilities		(1,136.2)	(1,455.6)
Total liabilities		(1,668.9)	(1,583.1)
Net assets		1,891.5	1,689.6
Equity
Issued share capital	26	-	-
Other reserve	27	694.0	696.2
Own shares held	26	(10.2)	(8.5)
Foreign currency translation reserve	27	(16.6)	7.4
Retained earnings		1,223.4	993.7
Total equity attributable to the owners of the Company		1,890.6	1,688.9
Non-controlling interest		0.9	0.7
Total equity		1,891.5	1,689.6

 

The financial statements on pages 125 to 165 were approved by the Board of Directors on 29 May 2026 and were signed on its behalf by:

Daniel Kitchen

Chair

 

Company number: 46442

 

Consolidated statement of changes in equity

for the year ended 31 March

	Notes	Issued share capital €m	Other reserve €m	Own shares held €m	Foreign currency translation reserve €m	Retained earnings €m	Total equity attributable to the owners of the Company €m	Non- controlling interest €m	Total equity €m
At 31 March 2024		-	605.7	(8.1)	(6.0)	815.7	1,407.3	0.6	1,407.9
Profit for the year		-	-	-	-	178.1	178.1	0.1	178.2
Other comprehensive income for the year		-	-	-	13.4	-	13.4	-	13.4
Total comprehensive income for the year		-	-	-	13.4	178.1	191.5	0.1	191.6
Shares issued	26	185.0	(4.1)	-	-	-	180.9	-	180.9
Transaction costs relating to share issues		(6.3)	-	-	-	-	(6.3)	-	(6.3)
Dividends paid	28	-	(84.5)	-	-	-	(84.5)	-	(84.5)
Transfer of share capital	26	(178.7)	178.7	-	-	-	-	-	-
Share-based payment transactions	8	-	6.5	-	-	-	6.5	-	6.5
Shares withheld to settle employee tax obligations	8	-	(3.8)	-	-	-	(3.8)	-	(3.8)
Own shares purchased	26	-	-	(2.7)	-	-	(2.7)	-	(2.7)
Own shares allocated	26	-	(2.3)	2.3	-	-	-	-	-
At 31 March 2025		-	696.2	(8.5)	7.4	993.8	1,688.9	0.7	1,689.6
Profit for the year		-	-	-	-	229.6	229.6	0.2	229.8
Other comprehensive expense for the year		-	-	-	(24.0)	-	(24.0)	-	(24.0)
Total comprehensive income for the year		-	-	-	(24.0)	229.6	205.6	0.2	205.8
Shares issued	26	90.6	(2.3)	-	-	-	88.3	-	88.3
Transaction costs relating to share issues	26	(2.4)	-	-	-	-	(2.4)	-	(2.4)
Dividends paid	28	-	(96.5)	-	-	-	(96.5)	-	(96.5)
Transfer of share capital	26	(88.2)	88.2	-	-	-	-	-	-
Share-based payment transactions	8	-	10.2	-	-	-	10.2	-	10.2
Shares withheld to settle employee tax obligations	8	-	(1.3)	-	-	-	(1.3)	-	(1.3)
Own shares purchased	26	-	0.2	(2.4)	-	-	(2.2)	-	(2.2)
Own shares allocated	26	-	(0.7)	0.7	-	-	-	-	-
At 31 March 2026		-	694.0	(10.2)	(16.6)	1,223.4	1,890.6	0.9	1,891.5

 

Consolidated statement of cash flows

for the year ended 31 March

	Notes	2026 €m	2025 €m
Operating activities
Profit for the year before tax		211.4	201.6
Loss/(gain) on disposal of properties		0.5	(1.6)
Loss on disposal of plant and equipment		-	0.1
Net foreign exchange differences in working capital		13.2	(4.1)
Share-based payments expenses	8	10.2	6.5
Gain on revaluation of investment properties	13	(110.6)	(79.4)
Depreciation of plant and equipment	6	2.2	2.4
Amortisation of intangible assets	6	0.7	1.3
Loss on disposal of intangible assets	16	-	1.2
Expected credit loss		(1.5)	-
Depreciation of right of use assets	6	1.7	1.8
Share of profit of associates	19	(4.7)	(2.4)
Finance income	9	(15.3)	(13.9)
Finance expense	9	45.4	28.2
Changes in working capital
(Increase)/decrease in trade and other receivables		(9.7)	0.3
Increase/(decrease) in trade and other payables		3.4	(2.1)
Cash generated from operations before tax		146.9	139.9
Taxation paid		(6.3)	(6.8)
Cash flows from operating activities		140.6	133.1
Investing activities
Purchase of investment properties		(330.3)	(141.5)
Prepayments relating to investment property acquisitions		(5.3)	(38.5)
Capital expenditure on investment properties		(50.1)	(48.8)
Purchase of plant and equipment and intangible assets		(4.6)	(13.2)
Proceeds on disposal of properties (including investment properties held for sale when applicable)		5.0	19.7
Dividends received from investment in associates		0.7	1.5
Decrease in other financial assets (deposits)		0.6	-
Interest received		15.5	13.7
Cash flows used in investing activities		(368.5)	(207.1)
Financing activities
Proceeds from issue of share capital	26	88.3	180.9
Transaction costs on issue of shares	26	(2.4)	(6.3)
Shares purchased		-	(2.7)
Payment relating to exercise of share options	8	(1.3)	(3.8)
Dividends paid to owners of the Company	28	(89.9)	(84.5)
Proceeds from interest-bearing loans and borrowings	23	105.0	409.9
Repayment of interest-bearing loans and borrowings	23	(5.7)	(19.7)
Payment of principal portion of lease liabilities		(2.4)	(2.3)
Capitalised loan issue costs		(7.7)	(19.5)
Finance charges paid		(36.0)	(22.9)
Cash flows from financing activities		47.9	429.1
(Decrease)/increase in cash and cash equivalents		(180.0)	355.1
Net foreign exchange differences		(14.6)	5.5
Cash and cash equivalents at the beginning of the year		604.8	244.2
Cash and cash equivalents at the year end	21	410.2	604.8

 

Notes to the financial statements

for the year ended 31 March 2026

 

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 prime 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 year ended 31 March 2026.

The principal activity of the Group is the investment in, and development of, industrial, warehouse, office properties and storage spaces to provide conventional and flexible workspace in Germany and the United Kingdom (UK).

2. Material accounting policies information

(a) Basis of preparation and statement of compliance

The consolidated financial statements have been prepared on a historical cost basis, except for investment properties and investment properties held for sale, that have been measured at fair value. The consolidated financial information is presented in euros and all values are rounded to the nearest hundred thousand shown in millions (€m), except where otherwise indicated.

The Company has prepared its annual consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), the Disclosure and Transparency Rules of the United Kingdom Financial Conduct Authority, the JSE Listings Requirements and The Companies (Guernsey) Law, 2008.

The consolidated financial statements have been prepared on the same basis as 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 (b) below.

(b) Changes in accounting policies

New and amended standards and interpretations

The Group applied for the first time certain new standards, amendments and interpretations, which are effective for annual periods beginning on or after 1 January 2025 (unless otherwise stated).

•     Amendments to IAS 21 - Lack of exchangeability.

There has been no material impact on the financial statements of adopting any new standards, amendments and interpretations.

A number of new standards, amendments and interpretations have been issued but are not yet effective for the Group and have not been early adopted as listed below:

Effective for annual periods beginning on or after 1 January 2026:

•     Amendments to IFRS 7 and IFRS 9 - Contracts referencing nature-dependent electricity;

•     Amendments to IFRS 7 and IFRS 9 - Amendments to the classification and measurement of financial instruments; and

•     Annual Improvements to IFRS Accounting Standards - Volume 11 - Clarifications, simplifications, corrections or changes to improve consistency in:

•     IFRS 1 First-time Adoption of International Financial Reporting Standards;

•     IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7;

•     IFRS 9 Financial Instruments;

•     IFRS 10 Consolidated Financial Statements; and

•     IAS 7 Statements of Cash Flows.

Effective for annual periods beginning on or after 1 January 2027:

•     Amendments to IAS 21 - Translation to a hyperinflationary presentation currency;

•     IFRS 19 Subsidiaries without Public Accountability; and

•     IFRS 18 Presentation and Disclosure in Financial Statements.

The application of these new standards, amendments and interpretations is not expected to have a material impact on the Group's consolidated financial statements with the exception of IFRS 18. IFRS 18 replaces IAS 1 Presentation of Financial Statements and becomes effective for periods beginning on, or after, 1 January 2027 and will apply to comparative information. It introduces new requirements for the structure of the income statement, including classification of income and expenses into newly prescribed categories, which may affect the presentation of operating profit. The standard also introduces additional disclosure requirements for management-defined performance measures (MPMs). The Group is currently assessing the impact of the new standard on its consolidated financial statements and expects changes primarily related to presentation and disclosures.

(c) Going concern

The Directors have assessed the Group's financial position, cash flow forecasts and principal risks and uncertainties in determining whether it is appropriate to prepare the financial statements on a going concern basis.

The Directors have assessed the Group's going concern for the period to 31 October 2027 (the "going concern period"), a period greater than twelve months, chosen to align with its historical application of the period and to cover all upcoming subsidiary audits of the Group. In performing this assessment, the Directors have considered the Group's forecast profitability, liquidity, the timing of debt maturities, covenant compliance and the potential impact of external events which could adversely affect the Group's operations.

The Directors have considered a base case forecast together with a severe but plausible downside scenario. The base case reflects the Group's expected operational performance, and the downside scenario applies a combination of stresses to the base case assumptions, including reductions in occupancy and rental income, increased irrecoverable service charge costs, elevated inflation costs on operating costs which are not recovered from tenants and reductions in property values. These stresses are designed to capture the plausible risk scenarios facing the Group as a result of adverse macroeconomic conditions, tenant distress and cost volatility which could impact the Group's cash flows, profitability and impact on key covenants.

The assessment also considers geopolitical uncertainty and energy market volatility. In this context, the Group's exposure to utility cost inflation is mitigated through a combination of executed price fixing arrangements, contractual recovery mechanisms and the application of explicit service charge recovery stresses within the downside scenario.

The base case and severe but plausible downside scenarios include the following assumptions applied to the portfolio:

•     5.5% growth per annum in rent roll at 31 March 2026, principally from contractual increases in rents and organic growth through lease renewals;

•     increasing cost levels in line with forecast inflation;

•     continuation of forecast investment programs;

•     continuation of forecast dividend payments in line with historical dividend payouts and UK REIT requirements;

•     payment of contractual loan interest and loan amortisation amounts, as well as repayment of the €400.0m corporate bond due June 2026; and

•     only acquisitions and disposals which are contractually committed or Board approved are made, which includes two post balance sheet acquisitions amounting to €143.7m and one disposal amounting to €30.0m.

Severe but plausible downside scenario:

•     10% reduction in occupancy and rental income per annum from base assumptions;

•     10% per annum reduction in service charge recovery (i.e. higher irrecoverable) from base assumptions;

•     10% reduction in property valuations per annum; and

•     cost inflation above that forecasted.

In both the base case and the severe but plausible downside scenario, the Group is forecast to maintain sufficient liquidity to meet its liabilities as they fall due throughout the going concern period and to remain above its minimum working capital requirements at all times. No financial covenant breaches occurred during the financial year and there are no forecast breaches in either scenario.

The forecasts do not rely on the completion of any uncommitted refinancing, equity issuance or asset disposals. In addition, the Directors have considered the availability of mitigating actions within management control, including the reduction or deferral of discretionary capital expenditure and discretionary dividends, which would provide further available liquidity but are not forecast to be required to support the going concern conclusion in the base case and severe but plausible downside scenarios.

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 31 March 2026 of 31.4%, before there was a loan to value covenant breach, whilst a reduction of 29.8% of EBITDA and 40.7% reduction in contracted rent roll would be required before any income related covenants would breach. The likelihood of these reductions materialising is remote.

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 October 2027, the Board believes it is appropriate to adopt the going concern basis in preparing its financial statements.

(d) Basis of consolidation

The consolidated financial information comprises the financial information of the Group at 31 March 2026. The financial information of the subsidiaries is prepared for the same reporting period as the Company, using consistent accounting policies.

All intra-group balances and transactions and any unrealised income and expenses arising from intra-group transactions are eliminated in preparing the consolidated financial statements.

Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases.

Non-controlling interests represent the portion of profit or loss and net assets not held by the Group and are presented separately in the consolidated income statement and the consolidated statement of comprehensive income and within equity in the consolidated statement of financial position, separately from the Company's shareholders' equity.

(e) Acquisitions

Where a property is acquired through the acquisition of corporate interests, management considers the substance of the assets and activities of the acquired entity in determining whether the acquisition represents the acquisition of a business.

The Group accounts for an acquisition as a business combination where an integrated set of activities is acquired in addition to the property (see policy in note 2(x)). An acquired set of activities and assets is not a business if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.

Where such acquisitions are not deemed to be an acquisition of a business, they are not treated as business combinations. Instead, they are treated as asset acquisitions, with the cost to acquire the corporate entity being allocated between the identifiable assets and liabilities of the entity based on their relative fair values on the acquisition date. Accordingly, no goodwill arises.

(f) Foreign currency translation

The consolidated financial information is presented in euros, which is the functional and presentational currency of the Parent Company. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using the functional currency.

Transactions in foreign currencies are initially recorded in the functional currency at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the functional currency at the exchange rate ruling at the statement of financial position date. All differences are taken to the statement of profit and loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.

Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e. translation differences on items whose fair value gain or loss is recognised in other comprehensive income (OCI) or profit or loss are also recognised in OCI or profit or loss, respectively).

On consolidation, the assets and liabilities of foreign operations are translated into euros at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at the exchange rates at the dates of the transactions, or where appropriate, the average exchange rates for the period. The foreign exchange differences arising on translation for consolidation are recognised in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to profit or loss.

(g) Revenue recognition

Rental income

Rental income from operating leases and licence agreements containing leases is recognised on a straight-line basis over the term of the relevant lease unless another systematic basis is more representative of the time pattern in which the benefit derived from the leased asset is diminished. Fixed or determinable rental increases, which can take the form of actual amounts or agreed percentages, are recognised on a straight-line basis over the term of material leases. If the increases are related to a price index to cover inflationary cost increases, then the policy is to apply the price index from the date it is effective on a straight-line basis over the remaining lease term.

Lease incentives (including rent free periods, stepped rents, indexation clauses and other types of incentive) are spread on a straight-line basis over the lease term. Where there is a reasonable expectation that the tenant will exercise break options, the lease incentives are spread up to the break date. The above applies to both revenues generated from investment properties and managed properties.

In addition to the above, the Group has entered into leases and licensing arrangements (which meet the definition of a lease under IFRS 16 Leases (IFRS 16)) where the revenue due from the tenant is an all-inclusive price, representing lease income (recognised in accordance with IFRS 16) and service charge income (recognised in accordance with IFRS 15 Revenue from Contracts with Customers (IFRS 15)). Management has estimated the allocation of the revenues using the relevant service charge costs incurred and the occupancy of the properties where all-inclusive lease and licence arrangements are in place.

Revenue from contracts with customers

The Group's revenue from contracts with customers includes service charge income and other income.

(i) Service charge income

The Group generates revenue from management charges and other expenses recoverable from tenants based on the Group's right to recharge tenants for costs incurred (with or without markup) on a day-to-day basis. These services are specified in the lease agreements and separately invoiced. Service charge income is recognised as revenue when the performance obligations of the services specified in the lease agreements are met, which is typically over time because the tenants simultaneously receive and consume the benefits provided by the Group. The Group applies the time elapsed method to measure progress.

The Group acts as a principal in relation to these services, and records revenue on a gross basis, as it controls the specified goods or services before transferring them to tenants.

(ii) Other income

(ii) (a) Other income from managed properties

The Group has contractual agreements with its associate for the management of its properties. This generates fee income which is recognised when the services are provided to the associate at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services. The Group identifies itself as a principal in this arrangement as it controls and manages the services provided to its customers. The performance obligation is satisfied over time because the associates simultaneously receive and consume the benefits provided by the Group. The Group applies the time elapsed method to measure progress.

(ii) (b) Other income from investment properties

The Group has other property related income including conferencing and catering activities, internet, telephone and virtual office services. This income is recognised when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.

(h) Leases

Group as lessor

Leases where the Group does not transfer substantially all the risks and benefits of ownership of the asset are classified as operating leases with rental income recognised from these leases and licence agreements containing leases held with tenants (see policy in note 2(g)).

Group as lessee

All contracts that give the Group the right to control the use of an identified asset over a certain period of time in return for consideration are considered leases within the meaning of IFRS 16.

The Group, at the commencement date of the lease (i.e. the date the underlying asset is available for use), recognises lease liabilities equal to the present value of the future lease payments, discounted to reflect the term-specific incremental borrowing rate if the interest rate implicit in the lease is not readily determinable. Lease liabilities are subsequently increased by the periodic interest expenses and reduced by the lease payments made during the financial year.

Correspondingly, right of use assets are initially recognised at the amount of the lease liabilities (plus any advance payments that have already been made or any initial direct costs). Subsequently, the right of use assets are generally measured at cost, taking depreciation (calculated straight line over the lease term) and impairments into account, and are presented separately in the statement of financial position except for right of use assets that meet the definition of IAS 40 Investment Property (IAS 40) which are presented as investment property and subsequently measured at fair value.

The Group utilises the recognition exemptions provided by IFRS 16 and does not apply IFRS 16 to leases with a contractual term of twelve months or less or to leases in which the underlying asset is of low value (on a case-by-case basis).

Lease payments associated with short-term leases and with leases of low-value assets are recognised as expenses on a straight-line basis over the lease term.

Right of use assets relating to office spaces are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.

(i) Income tax

Certain subsidiaries may be subject to foreign taxes in respect of foreign sources of income. Sirius Real Estate Limited is a UK resident for tax purposes. The Group's UK property business is a UK Real Estate Investment Trust (REIT). As a result, the Group's UK property business does not pay UK corporation tax on its profits and gains from the qualifying rental business in the UK. Non-qualifying UK profits and gains continue to be subject to corporation tax as normal.

Current income tax

Current income tax assets and liabilities are measured at the reporting date at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date.

Deferred income tax

Deferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements, with the following exceptions:

•     where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that, at the time of the transaction, does not give rise to equal taxable and deductible temporary differences and affects neither accounting nor taxable profit or loss;

•     in respect of taxable temporary differences associated with investments in subsidiaries and associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and

•     deferred tax assets are only recognised to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised.

Deferred tax assets and liabilities are only offset if there is a legally enforceable right to set off current tax assets against current tax liabilities, they relate to income of the same taxable entity or tax group and are taxed by the same taxation authority. Deferred tax assets and liabilities are recognised based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date and are not discounted.

The Group has applied the exception in IAS 12 to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

(j) Sales tax

Revenues, expenses, assets and liabilities are recognised net of the amount of sales tax except:

•     where the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and

•     receivables and payables that are stated with the amount of sales tax included.

The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position.

(k) Investment properties

Investment properties are properties that are either owned by the Group or held under a lease which are held for long-term rental income and/or capital appreciation.

Gains or losses arising from changes in the fair values of all investment properties are included in the income statement in the period in which they arise.

Owned investment properties

Investment properties owned by the Group are initially recognised at cost, including transaction costs when the control of the property is transferred. Where recognition criteria are met, the carrying amount includes subsequent costs to add to or replace part of an investment property. Subsequent to initial recognition, owned investment properties are stated at fair value, which reflects market conditions at the reporting date as determined by a professional external valuer.

Long-term leasehold

Long-term leasehold liabilities associated with the ownership of property and the resultant right of use assets are accounted for in accordance with IFRS 16 (see policy in note 2(h)). An adjustment is made to the fair value of the investment property for such recognised long-term leasehold.

(l) Disposals of investment property

Investment property disposals are recognised when control of the property transfers to the buyer, which typically occurs on the date of completion. Profit or loss arising on disposal of investment properties is calculated by reference to the most recent carrying value of the asset adjusted for subsequent capital expenditure.

(m) Plant and equipment

Recognition and measurement

Items of plant and equipment are stated at historical cost less accumulated depreciation and any impairment loss.

Depreciation

Where parts of an item of plant and equipment have different useful lives, they are accounted for as separate items of plant and equipment.

Depreciation is charged in the income statement on a straight-line basis over the estimated useful lives of an item of the fixed assets. The estimated useful lives are as follows:

Plant and equipment          three to ten years

Fixtures and fittings             three to fifteen years

Depreciation methods, useful lives and residual values are reviewed at each reporting date.

(n) Intangible assets

The Group recognises both internally developed and acquired intangible assets.

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Intangible assets with a definite useful life are amortised on a straight-line basis over their respective useful lives. Their useful lives are between three and five years. Any amortisation of these assets is recognised as such under administrative expenses in the consolidated income statement.

Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate:

•     the technical feasibility of completing the intangible asset so that the asset will be available for use or sale;

•     its intention to complete and its ability and intention to use or sell the asset;

•     how the asset will generate future economic benefits;

•     the availability of resources to complete the asset; and

•     the ability to measure reliably the expenditure during development.

Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete, and the asset is available for use. It is amortised over the period of expected future benefit. Amortisation is recorded in administrative expenses. During the period of development, the asset is tested for impairment annually.

(o) Trade and other receivables

Trade receivables include rent and service charge receivables that do not contain significant financing components and are measured at the transaction price. Other receivables are initially measured at fair value plus transaction costs. Subsequently, trade and other receivables are measured at amortised cost and are subject to impairment. The Group applies the simplified impairment model of IFRS 9 Financial Instruments in order to determine expected credit losses in trade and other receivables, including lease incentives.

The Group assesses on a forward-looking basis the expected credit losses associated with its trade and other receivables. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the receivable. If collection is expected in more than one year, the balance is presented within non-current assets.

(p) Treasury Shares and shares issued to the Employee Benefit Trust

Own equity instruments are deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group's equity instruments.

(q) Equity-settled share-based payments

The fair value of equity-settled share-based payments to employees is determined at the date of grant and is recognised in employee costs (note 7) on a straight-line basis, together with a corresponding increase in equity (other reserve) over the period that individuals are providing service to the Group in respect of the awards. The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognised at the beginning and end of that period.

For share awards granted under the LTIP and SIP, the fair values are determined by Monte-Carlo and Black-Scholes models (see note 8).

The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that meet the related service and non-market performance conditions at the vesting date.

(r) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits and other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

(s) Assets held for sale

Investment properties held for sale

Investment properties held for sale are separately disclosed at the asset's fair value. In order for an investment property held for sale to be recognised, the following conditions must be met:

•     the asset must be available for immediate sale in its present condition and location;

•     the asset is being actively marketed;

•     the asset's sale is expected to be completed within twelve months of classification as held for sale;

•     there must be no expectation that the plan for selling the asset will be withdrawn or changed significantly; and

•     the successful sale of the asset must be highly probable.

(t) Bank borrowings

Interest-bearing bank loans and borrowings are initially recorded at fair value net of directly attributable transaction costs.

Subsequent to initial recognition, interest-bearing loans and borrowings are measured at amortised cost using the effective interest rate method.

When debt refinancing exercises are carried out, existing liabilities will be treated as being extinguished when the new liability is substantially different from the existing liability. In making this assessment, the Group will consider the transaction as a whole, taking into account both qualitative and quantitative characteristics in order to make the assessment.

(u) Trade payables

Trade payables are initially measured at fair value and are subsequently measured at amortised cost, using the effective interest rate method.

(v) Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

(w) Dividends

Interim dividend distributions to shareholders are recognised in the financial statements when paid. Final dividend distributions to the Company's shareholders are recognised as a liability in the consolidated financial information in the period in which the dividends are approved by the shareholders. The final dividend relating to the year ended 31 March 2026 will be approved and recognised in the financial year ending 31 March 2027.

(x) Business combinations

(i) Subsidiary undertakings

Business combinations are accounted for using the acquisition method at the acquisition date, which is the date on which control is transferred to the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable, as well as other factors including Board representation. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control passes.

(ii) Associates

Associates are those entities over which the Group has significant influence, but which are not subsidiary undertakings or joint ventures. The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting. Investments in associates are carried in the balance sheet at cost as adjusted by post-acquisition changes in the Group's share of profit or loss of the associate, less received dividend and any impairment in the value of individual investments.

(y) Non-IFRS measures

Further details on non-IFRS measures can be found in the Annex 1 section of the financial statements.

(i) EPRA measures

The Directors have chosen to disclose the EPRA metrics which are relevant to the Group, which include EPRA earnings, EPRA net asset value metrics and EPRA loan to value, which are widely used metrics that provide additional information to their IFRS equivalents (further details on EPRA best practice recommendations can be found at www.epra.com). Note 11 includes a reconciliation of basic and diluted earnings to EPRA earnings. Note 12 includes a reconciliation of net assets to EPRA net asset value metrics. Note 25 includes a calculation of EPRA loan to value ratio.

(ii) Headline earnings disclosure required by the JSE

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 11 includes a reconciliation between IFRS earnings and headline earnings.

(iii) Other disclosures

The Directors have chosen to disclose funds from operations (FFO) 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 FFO is included within note 4.

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 value is included within note 12.

The Directors have chosen to disclose net loan to value in order to help assess risk; a calculation of net loan to value is included within note 25.

3. Critical accounting judgements, key and other sources of estimation uncertainty

Critical accounting judgements

In the process of applying the Group's accounting policies, which are described in note 2, the Directors have made the following judgements that have the most significant effect on the amounts recognised in the financial information:

Acquisition and disposal of properties

Property transactions can be complex in nature and material to the financial statements. To determine when an acquisition or disposal should be recognised, management considers whether the Group assumes or relinquishes control of the property, and the point at which this is obtained or relinquished. Consideration is given to the terms of the acquisition or disposal contracts and any conditions that must be satisfied before the contract is fulfilled. In the case of an acquisition, management must also consider whether the transaction represents an asset acquisition or business combination.

Key sources of estimation uncertainty

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

Valuation of investment properties (including those presented within assets held for sale)

The fair value of the Group's owned investment properties was determined by Cushman & Wakefield LLP (2025: Cushman & Wakefield LLP), an independent valuer.

The Cushman & Wakefield LLP valuation approach is explained in note 13.

As a result of the level of estimation used in arriving at the market valuations, the amounts which may ultimately be realised in respect of any given property may differ from the valuations shown on the statement of financial position. Refer to note 13 for further information, including sensitivity analysis.

Other sources of estimation uncertainty

The following areas of estimation uncertainty are not presented to comply with the requirements of paragraph 125 of IAS 1 as it is not expected there is a risk of a material adjustment to the carrying amount of assets and liabilities within the next financial year. They are presented as additional disclosure of estimates used in the accounts.

Sustainability

In preparing the financial statements, management considered the impact of climate change, taking into account the relevant disclosures in the Strategic report, including those made in accordance with the recommendations of the Task Force on Climate-related Financial Disclosures. The Group also considered the work performed to date in delivering its potential net zero pathway for the German portfolio to 2045 benchmarked against Carbon Risk Real Estate Monitor (CRREM) methodology, the leading global standard for operational decarbonisation of real estate assets, and in line with the Science Based Targets initiative (SBTi), its updated assessment of exposure to, and mitigation of, climate-related physical risk, as well as aligning with the current Energy Performance Certificate (EPC) regulatory requirements for the UK. These considerations included a limited exposure in relation to the investment properties, based on the current climate-related requirements. On this basis, the Directors concluded that climate change did not have a material impact on the financial reporting judgements and estimates for the period; consistent with this assessment this is not expected to have a significant impact on the Group's going concern of viability assessment.

4. Operating segments

Information on each operating segment, which comprises the aggregate of properties each of Germany and the UK, is provided to the chief operating decision maker, namely the Company Board of Directors and the Executive Committee members.

These aggregations are also considered to be the reportable segments as they have similar economic characteristics. Further disaggregation of the investment properties is disclosed in note 13 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.

	Year ended 31 March 2026				Year ended 31 March 2025
	Germany €m	UK €m	Total €m		Germany €m	UK €m	Total €m
Rental income from investment properties	149.1	56.2	205.3		134.1	47.8	181.9
Total rental income	149.1	56.2	205.3		134.1	47.8	181.9
Other income from investment properties	5.2	4.7	9.9		8.6	3.3	11.9
Service charge income from investment properties	81.1	35.3 (1)	116.4		71.1	33.3 (1)	104.4
Other income from managed properties	4.7	-	4.7		5.5	-	5.5
Service charge income from managed properties	11.2	-	11.2		13.8	-	13.8
Total revenue from contracts with customers	102.2	40.0	142.2		99.0	36.6	135.6
Revenue	251.3	96.2	347.5		233.1	84.4	317.5
Service charge costs relating to investment properties	(90.7)	(29.7)	(120.4)		(81.4)	(25.8)	(107.2)
Costs relating to managed properties	(15.5)	-	(15.5)		(15.2)	-	(15.2)
Non-recoverable maintenance costs	(4.3)	(5.9)	(10.2)		(4.3)	(4.1)	(8.4)
Direct costs	(110.5)	(35.6)	(146.1)		(100.9)	(29.9)	(130.8)
Net operating income	140.8	60.6	201.4		132.2	54.5	186.7
Gain/(loss) on revaluation of investment properties	109.5	1.1	110.6		86.2	(6.8)	79.4
(Loss)/gain on disposal of properties	(0.7)	0.2	(0.5)		(0.1)	1.7	1.6
Movement in expected credit loss provision	1.7	(0.2)	1.5		(0.2)	(0.1)	(0.3)
Employee costs	(15.7)	(11.8)	(27.5)		(13.9)	(8.0)	(21.9)
Depreciation and amortisation	(3.3)	(1.3)	(4.6)		(3.7)	(1.8)	(5.5)
Other administrative expenses	(27.2)	(3.7)	(30.9)		(19.2)	(7.3)	(26.5)
Share of profit of associates	4.7	-	4.7		2.4	-	2.4
Operating profit	209.8	44.9	254.7		183.7	32.2	215.9
Bank interest income	11.7	1.3	13.0		10.9	0.8	11.7
Finance income from associates	2.3	-	2.3		2.2	-	2.2
Amortisation of capitalised loan issue costs	(8.4)	-	(8.4)		(3.3)	-	(3.3)
Other finance expense	(45.9)	(4.3)	(50.2)		(20.6)	(4.3)	(24.9)
Net finance expense	(40.3)	(3.0)	(43.3)		(10.8)	(3.5)	(14.3)
Segment profit before tax	169.5	41.9	211.4		172.9	28.7	201.6
Taxation income/(expense)	16.3	2.1	18.4		(22.6)	(0.8)	(23.4)
Segment profit after tax	185.8	44.0	229.8		150.3	27.9	178.2

 

(1)   Includes €28.2m (2025: €26.2m) 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:

	Year ended 31 March 2026				Year ended 31 March 2025
	Germany €m	UK  €m	Total  €m		Germany €m	UK €m	Total €m
Segment profit for the year after tax	185.8	44.0	229.8		150.3	27.9	178.2
Adjustments for:
(Gain)/loss on revaluation of investment properties	(109.5)	(1.1)	(110.6)		(86.2)	6.8	(79.4)
Adjustment in respect of long-term leasehold liabilities	(0.5)	(0.0)	(0.5)		(1.3)	-	(1.3)
Loss/(gain) of disposals of properties	0.7	(0.2)	0.5		0.1	(1.7)	(1.6)
Gain on revaluation of investment property from associates and related tax	(1.2)	-	(1.2)		(0.1)	-	(0.1)
Other expenses not included in FFO	0.5	-	0.5		0.6	-	0.6
Share-based payments	10.2	-	10.2		6.5	-	6.5
Foreign exchange effects	13.8	-	13.8		(4.1)	-	(4.1)
Depreciation and amortisation (excluding depreciation relating to right of use assets)	1.8	1.1	2.9		2.2	1.5	3.7
Amortisation of capitalised loan issue costs	8.4	-	8.4		3.3	-	3.3
Adjustment in respect of IFRS 16	-	(0.1)	(0.1)		0.8	0.0	0.8
Adjustment for total deferred tax(1)	(19.1)	(1.1)	(20.2)		16.8	(0.2)	16.6
Funds from operations	90.9	42.6	133.5		88.9	34.3	123.2

 

(1)   This is total deferred tax income or expense as detailed in note 10.

 

For more information on funds from operations and the adjusting items, refer to Annex 1 - Table A.

	2026				2025
	Germany €m	UK €m	Total €m		Germany €m	UK €m	Total €m
Segment assets
Investment properties	2,187.9	772.6	2,960.5		1,899.1	589.0	2,488.1
Investment in associates	30.1	-	30.1		26.1	-	26.1
Other non-current assets(1)	21.5	8.3	29.8		21.1	9.2	30.3
Total segment non-current assets	2,239.5	780.9	3,020.4		1,946.3	598.2	2,544.5

 

(1)   Consists of plant and equipment, intangible assets and right of use assets.

 

5. Revenue

	Year ended 31 March 2026 €m	Year ended 31 March 2025 €m
Rental income from investment properties	205.3	181.9
Total rental income	205.3	181.9
Other income from investment properties	9.9	11.9
Service charge income from investment properties(1)	116.4	104.4
Other income from managed properties	4.7	5.5
Service charge income from managed properties	11.2	13.8
Total revenue from contracts with customers	142.2	135.6
Revenue	347.5	317.5

 

(1)   Includes €28.2m (2025: €26.2m) 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 incurs 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 4).

6. Operating profit

The following items have been charged in arriving at operating profit:

Direct costs

	Year ended 31 March 2026 €m	Year ended 31 March 2025 €m
Service charge costs relating to investment properties	120.4	107.2
Costs relating to managed properties(1)	15.5	15.2
Non-recoverable maintenance costs	10.2	8.4
Direct costs	146.1	130.8

 

(1)   Costs related to managed properties comprise service charge expenses incurred on behalf of the managed properties as well as allocated overhead costs associated with administering and operating those properties.

 

Administrative expenses

	Year ended 31 March 2026 €m	Year ended 31 March 2025 €m
Audit and non-audit fees to audit firm	1.5	2.3
Legal and professional fees	4.8	8.9
Other administration costs	9.8 (1)	4.8
Share-based payments	10.2	6.5
Payroll and staff related costs	27.5	21.9
Director fees and expenses	0.8	0.7
Depreciation of plant and equipment (see note 15)	2.2	2.4
Amortisation of intangible assets (see note 16)	0.7	1.3
Depreciation of right of use assets (see note 17)	1.7	1.8
Marketing	3.3	2.7
Other expenses not included in FFO(2)	0.5	0.6
Administrative expenses	63.0	53.9

 

(1)   Unrealised net foreign exchange difference has been reclassed to other finance costs in note 9.

(2)   This is mostly legal case costs relating to the legal case mentioned in note 22.

 

Other administration costs include net foreign exchange loss of €0.6m as a result of decreasing British pound sterling (GBP) rates throughout the year (2025: €4.1m gain as a result of increasing GBP rate throughout the year).

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 4).

Audit fees and non-audit fees to audit firm

The following services have been provided by the Group's auditor:

	Year ended 31 March 2026 €m	Year ended 31 March 2025 €m
Audit fees to audit firm:
Audit of consolidated financial statements	1.1	1.2
Audit of subsidiary undertakings	0.3	0.3
Total audit fees	1.4	1.5
Audit related assurance services	0.1	0.8
Total fees for non-audit services	0.1	0.8
Total fees	1.5	2.3

 

7. Employee costs and numbers

	Year ended 31 March 2026 €m	Year ended 31 March 2025 €m
Wages and salaries	35.4	33.3
Social security costs	5.5	5.1
Defined contribution pension scheme	0.5	0.4
Share-based payments	10.2	6.5
Other employment costs	0.7	0.9
Total	52.3	46.2

 

The above employee costs are costs recognised in both administrative expenses of €47.0m (2025: €41.3m) and direct costs of €5.3m (2025: €4.9m).

All employees are employed directly by one of the following Group subsidiary companies: Sirius Facilities GmbH, Curris Facilities & Utilities Management GmbH, SFG NOVA GmbH, Sirius Renewable Energy GmbH, Sirius Finance (Cyprus) Limited, BizSpace Limited, BizSpace II Limited, M25 Business Centres Limited and Sirius Coöperatief B.A. The average number of people employed by the Group during the year was 470 (2025: 459), expressed in full-time equivalents. In addition, at 31 March 2026, the Board of Directors consists of seven Non-Executive Directors (2025: six) and two Executive Directors (2025: two).

8. Equity-settled share-based payments

LTIP

The LTIP is for the benefit of the Executive Directors and the Senior Management Team. Awards granted under the LTIP are made in the form of nil-cost options which vest after the three year performance period with vested awards being subject to a further restricted period of two years when shares acquired on exercise cannot be sold. Awards are subject to adjusted net asset value per share (TNR) (two-thirds of award) and relative total shareholder return (TSR) (one-third of award) performance conditions. Awards are equity settled. The employees' tax obligation will be determined upon the vesting date of the share issue.

The following assumptions were used in calculating the fair value per share for the TNR and TSR elements of the awards that were granted during the current and prior reporting periods:

	July 2024 grant	July 2025 grant
Share price at grant date - €	1.13	1.09
Exercise price - €	nil	nil
Expected volatility(1) - %	30.5	27.1
Expected life - years	2.82	2.89
Expected dividend yield(2) - %	nil	nil
Risk-free rate based on European treasury bonds rate of return - %	2.53 p.a.	1.92 p.a.
Fair value per share (TNR)(3) - €	1.13	1.12
Fair value per share (TSR)(4) - €	0.62	0.71
Weighted average fair value of share - €	0.96	0.98
Number of share awards granted	6,897,473	9,140,600

 

(1)   Expected volatility of the Company's share price was determined by calculating the historical volatility of the Company's share price over the period immediately prior to the date of grant, commensurate with the term to the end of the performance period.

(2)   The dividend yield has been set to nil as there is an intention to pay dividend equivalents on the awards granted.

(3)   TNR is classed as a non-market performance condition. As such, the fair value has been calculated using a Black-Scholes model and does not take the expected outcome of the performance condition into account. The Company currently estimates the expected vesting outcome for the TNR award to be 100%.

(4)   Relative TSR is classed as a market-based performance condition. As such, projected performance and the likelihood of achieving the condition have been taken into account when calculating the fair value using a Monte-Carlo model. The model also uses assumptions for the expected volatility of comparator companies, the pairwise correlation between comparator companies and TSR performance between the start of the performance period and the date of grant.

 

SIP

A SIP for the benefit of senior employees was approved in 2021. Awards granted under the SIP are made in the form of a conditional right to receive a specified number of shares for nil cost which vest after the three year performance period with vested awards being subject to a further restricted period of one year when shares cannot be sold. Awards are subject to TNR (two-thirds of award) and relative TSR (one-third of award) performance conditions. Awards are equity settled. The employees' tax obligation will be determined upon the vesting date of the share issue.

The following assumptions were used in calculating the fair value per share for the TNR and TSR elements of the awards that were granted during the current and prior reporting periods:

	July 2024 grant	July 2024 (UK) grant	July 2024 (UK align) grant	July 2025 grant
Share price at grant date - €	1.13	1.13	1.13	1.09
Exercise price - €	n/a	n/a	n/a	nil
Expected volatility(1) - %	30.5	30.5	30.5	27.1
Expected life - years	2.92	3.59	1.59	2.89
Expected dividend yield(2) - %	nil	nil	nil	nil
Risk-free rate based on European treasury bonds rate of return - %	2.53 p.a.	2.53 p.a.	3.14 p.a.	1.92 p.a.
Fair value per share (TNR)(3) - €	1.13	1.13	1.13	1.12
Fair value per share (TSR)(4) - €	0.70	0.62	0.94	0.71
Weighted average fair value of share - €	0.99	0.96	1.07	0.98
Number of share awards granted	3,854,000	2,360,750	480,000	1,972,200

 

(1)   Expected volatility of the Company's share price was determined by calculating the historical volatility of the Company's share price over the period immediately prior to the date of grant, commensurate with the term to the end of the performance period.

(2)   The dividend yield has been set to nil as there is an intention to pay dividend equivalents on the awards granted.

(3)   TNR is classed as a non-market performance condition. As such, the fair value has been calculated using a Black-Scholes model and does not take the expected outcome of the performance condition into account. The Company currently estimates the expected vesting outcome for the TNR award to be 100%.

(4)   Relative TSR is classed as a market-based performance condition. As such, projected performance and the likelihood of achieving the condition have been taken into account when calculating the fair value using a Monte-Carlo model. The model also uses assumptions for the expected volatility of comparator companies, the pairwise correlation between comparator companies and TSR performance between the start of the performance period and the date of grant.

 

Deferred Bonus Plan

The Deferred Bonus Plan (DBP) is subject to rules approved by the Board and to the Directors' Remuneration Policy (approved by shareholders triennially) for Executive Directors and two members of the Senior Management Team within the Group.

The participants are subject to annual performance bonus conditions and objectives to be agreed by the Remuneration Committee as disclosed in the Annual Report in the Remuneration report. At the end of the applicable financial year, and on receipt of an annual performance bonus, as determined by the Remuneration Committee, 50% or 65% depending on the participants are awarded as cash with the remainder transferred into shares in the Company. Of the remaining 50% or 35% for certain participants to be transferred in shares, half is deferred for one year and the remaining half is deferred for two years.

EMSP

In May 2025 the new equity-settled Employee Matching Share Plan (EMSP) was launched which allows eligible employees to purchase shares in the market which are held by the Employee Benefit Trust (partnership shares) annually and, after three years' service (or on leaving employment if allowable), receive free matching shares at one for one.

Share-based payments expense

The following table analyses the total share-based payments expense recognised in the consolidated income statement between each plan:

	Year ended 31 March 2026 €m	Year ended 31 March 2025 €m
LTIP	6.2	3.2
SIP	3.0	2.4
DBP	0.9	0.9
EMSP	0.1	-
Total	10.2	6.5

 

An amount of €10.2m (2025: €6.5m) is recognised in the other reserve as per the consolidated statement of changes in equity. In addition, an amount of €1.3m (2025: €3.8m) has been paid for participants' tax liabilities in relation to share-based payment plans.

Number of share awards and vesting

Movements in the number of awards outstanding are as follows:

	Year ended 31 March 2026 Number of share awards	Year ended 31 March 2025 Number of share awards
Balance outstanding at the beginning of the year (nil exercisable)	25,142,207	19,260,260
Maximum granted	12,394,395	14,505,055
Forfeited	(159,947)	(861,044)
Exercised	(1,985,187)	(3,531,554)
Shares surrendered to cover employee tax obligations	(849,469)	(2,835,123)
Expired	(1,053,159)	(1,395,387)
Balance outstanding at year end (nil exercisable)	33,488,840	25,142,207

 

The weighted average remaining contractual life for the share awards outstanding at year end was 1.38 years (2025: 1.43 years). The exercise price for share awards exercised during the reporting period and outstanding at year end was €nil (2025: €nil).

The following table details the vesting of share awards between each plan:

	Year ended 31 March 2026						Year ended 31 March 2025
	LTIP	SIP	DBP	EMSP	Total		LTIP	SIP	DBP	EMSP	Total
Shares exercised	1,318,254	226,953	438,449	1,531	1,985,187		1,482,979	1,792,827	255,748	-	3,531,554
Weighted average share price - €	1.15	1.15	1.15	1.13	1.15		1.18	1.13	1.18	-	1.15
Shares surrendered to cover employee tax obligations	534,270	198,224	116,287	688	849,469		1,291,178	1,321,479	222,466	-	2,835,123
Amount paid for the participants' tax liabilities - €m	0.7	0.4	0.2	0.0	1.3		1.6	1.9	0.3	-	3.8

 

9. Finance income and finance expense

	Year ended 31 March 2026 €m	Year ended 31 March 2025 €m
Bank interest income	13.0	11.7
Finance income from associates	2.3	2.2
Finance income	15.3	13.9
Bank loan interest expense	(35.6)	(23.5)
Interest expense related to lease liabilities (see note 17)	(1.0)	(1.1)
Amortisation of capitalised loan issue costs	(8.4)	(3.3)
Total interest expense	(45.0)	(27.9)
Bank charges	(0.4)	(0.3)
Net foreign exchange difference	(13.2) (1)	-
Other finance costs	(13.6)	(0.3)
Finance expense	(58.6)	(28.2)
Net finance expense	(43.3)	(14.3)

 

(1)   This is the unrealised net foreign currency translation loss on monetary assets held in foreign currency.

 

10. Taxation

Consolidated income statement

	Year ended 31 March 2026 €m	Year ended 31 March 2025 €m
Current income tax
Current income tax expense	(4.8)	(5.8)
Adjustments in respect of prior periods(1)	3.0	(1.0)
Total current income tax expense	(1.8)	(6.8)
Deferred tax
Relating to origination and reversal of temporary differences	(20.0)	(20.7)
Relating to recognition of deferred tax assets on tax losses	-	4.1
Relating to effects from enacted future changes of German tax rate(1)	40.2	-
Total deferred tax income/(expense)	20.2	(16.6)
Income tax income/(expense)	18.4	(23.4)

 

(1)   For detailed explanation of these line items see the below reconciliation table.

 

The German corporation tax rate of 15.825% is used in the tax reconciliation for the Group. The German corporation tax rate is the most appropriate rate to use as the majority of profits are allocated to Germany. Taxation for other jurisdictions is calculated at the rates prevailing in each jurisdiction.

The reconciliation of the effective tax rate is explained below:

	Year ended 31 March 2026 €m	Year ended 31 March 2025 €m
Profit before tax	211.4	201.6
Current tax using the German corporation tax rate of 15.825% (2025: 15.825%)	33.5	31.9
Effects of:
Deductible interest on internal financing(1)	(5.5)	(4.9)
Tax exempt gain from selling of investments and dividends(2)	(0.7)	(0.4)
Non-deductible expenses(3)	2.2	1.0
Change in unrecognised deferred tax - tax effect of utilisation of tax losses not previously recognised	(2.4)	(3.8)
Adjustments in respect of prior periods(4)	(3.0)	1.0
German trade tax	-	0.6
Tax exempt income under UK REIT regime(5)	(7.2)	(6.0)
Difference in foreign tax rates(6)	4.9	4.0
Effects from enacted future changes of German tax rate(7)	(40.2)	-
Total income tax (income)/expense	(18.4)	23.4

 

(1)   Deductible interest on internal financing relates to the tax effect for the Group regarding the intra-group financing, specifically to the interest expense treated as tax deductible in Germany and the interest income treated as taxable in Cyprus.

(2)   The dividend income received by the Group is tax exempt.

(3)   Non-deductible expenses include inter alia adviser and corporate fees, depreciation and bonus expenses as well as non-deductible interest expenses under the UK Corporate Interest Restriction rules.

(4)   The prior year's adjustments were made to reflect potential tax exposures from tax audits for prior financial years. In the current year, the Group benefits from tax reliefs resulting from immediate depreciation of capex and effects from group relief, based on the tax returns filed for prior years.

(5)   The income from property rental business and profits from disposal of assets generated by BizSpace Group are exempt from UK tax due to the UK REIT regime. A UK REIT is not subject to taxation on its UK property rental business if it pays Property Income Distributions (PID) of at least 90% of the taxable profits from its UK property rental business within twelve months of the end of each accounting period.

(6)   As the UK corporation tax rate at 31 March 2026 was 25% (2025: 25%), this item shows the difference between this rate and the German corporation tax rate of 15.825% used in the above reconciliation.

(7)   The changes in German tax legislation (see next page) and the respective remeasurement of the deferred tax liability have led to a decrease in the deferred tax liability by €40.2m at 31 March 2026. The decrease reflects a one-off non-cash adjustment.

 

Deferred tax assets and liabilities

Recognised deferred tax assets and liabilities are attributable to the following:

	Consolidated statement of financial position			Consolidated income statement
	2026 €m	2025 €m		Year ended 31 March 2026 €m	Year ended 31 March 2025 €m
Additions and release of deferred tax liabilities from acquisitions	-	-		1.1	-
Revaluation of owned investment property	(102.0)	(126.7)		24.7 (1)	(19.4)
Lease incentives	(0.5)	(0.7)		0.2	(0.0)
Fixed asset temporary differences	-	0.1		(0.1)	0.1
Lease liabilities	1.4	3.3		(1.9)	(0.3)
Right of use assets	(1.1)	(3.0)		1.9	0.4
Recognised tax losses offset against temporary differences	17.9	23.6		(5.7)	(1.4)
Losses available for offsetting against future taxable income	4.1	4.1		-	4.0
Deferred tax income/(expense)				20.2	(16.6)
Net deferred tax liabilities	(80.2)	(99.3)
Reflected in the consolidated statement of financial position:
Deferred tax assets	4.1	4.1
Deferred tax liabilities	(84.3)	(103.4)

 

(1)   Deferred tax liabilities attributable to revaluation of owned investment properties decreased by €24.7m, which is mainly attributable to the reduced German tax rate resulting in deferred tax liabilities decreasing by €40.2m, as indicated in the first table above.

 

In the prior year, a deferred tax asset of €4.1m on available tax losses was 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, allowing the available carried forward losses to be recovered against those profits.

In July 2025, the "Act for an Immediate Tax-Based Investment Programme to Strengthen Germany as Business Location" was enacted, reducing the German corporate income tax rate by one percentage point per year from 15% down to 10% by 2032 (plus 5.5% solidarity surcharge). Deferred taxes relating to the German business are therefore remeasured estimating the realisation of properties over the reduction period 2028 to 2032.

The Group has not recognised a deferred tax asset on €94.3m (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.

A deferred tax liability is recognised on temporary differences of €nil (2025: €nil) relating to the unremitted earnings of overseas subsidiaries as the Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future.

The following is the analysis of the deferred tax balances (after offset) by jurisdiction:

	Assets			Liabilities			Net
	2026 €m	2025 €m		2026 €m	2025 €m		2026 €m	2025 €m
UK	4.1	4.1		-	-		4.1	4.1
Germany	19.3	27.0		(103.6)	(130.4)		(84.3)	(103.4)
Deferred tax assets/(liabilities)	23.4	31.1		(103.6)	(130.4)		(80.2)	(99.3)

 

The deferred tax asset in Germany refers to the available tax losses which are set off against temporary differences and therefore reduce the deferred tax charge and future taxable charges.

Current tax assets and liabilities

The following is the analysis of the current tax balances (after offset) by jurisdiction:

	Assets			Liabilities			Net
	2026 €m	2025 €m		2026 €m	2025 €m		2026 €m	2025 €m
UK	-	-		-	(1.1)		-	(1.1)
Germany	-	-		(1.7)	(5.4)		(1.7)	(5.4)
Cyprus	-	-		(0.8)	(0.5)		(0.8)	(0.5)
Current tax liabilities	-	-		(2.5)	(7.0)		(2.5)	(7.0)

 

11. Earnings per share

The calculations of the basic, diluted, EPRA and headline earnings per share are based on the following data:

	Year ended 31 March 2026 €m	Year ended 31 March 2025 €m
Earnings attributable to the owners of the Company
Basic earnings	229.6 (1)	178.1
Diluted earnings	229.6 (1)	178.1
EPRA earnings	112.5	117.7
Diluted EPRA earnings	112.5	117.7
Headline earnings	99.3	117.7
Diluted headline earnings	99.3	117.7
Number of shares
Weighted average number of ordinary shares for the purpose of basic, EPRA and headline earnings per share	1,514,459,087	1,460,013,616
Weighted average effect of grant of share awards	30,691,624	22,132,071
Weighted average number of ordinary shares for the purpose of diluted earnings, diluted EPRA earnings and diluted headline earnings per share	1,545,150,711	1,482,145,687
Earnings per share
Basic earnings per share	15.16c	12.20c
Diluted earnings per share	14.86c	12.02c
EPRA earnings per share	7.43c	8.06c
Diluted EPRA earnings per share	7.28c	7.94c
Headline earnings per share	6.56c	8.06c
Diluted headline earnings per share	6.43c	7.94c

 

(1)   Basic earnings and diluted earnings increased by €51.5m, which is mainly attributable to the reduced German tax rate resulting in deferred tax liabilities decreasing by €40.2m. Refer to note 10.

 

For the calculation of basic, headline, EPRA and diluted earnings per share the number of shares does not include 9,296,302 own shares held (2025: 7,743,647 shares), which are held by an Employee Benefit Trust on behalf of the Group.

EPRA earnings

	Year ended 31 March 2026 €m	Year ended 31 March 2025 €m
Basic and diluted earnings attributable to owners of the Company	229.6	178.1
Deduct gain on revaluation of investment properties	(110.6)	(79.4)
Add loss/(deduct gain) on disposal of properties (net of related tax)	0.5	(1.6)
Deferred tax in respect of EPRA earnings adjustments	(19.1)	20.6
Adjustments related to non-operating and exceptional items	13.2 (1)	-
NCI relating to revaluation (net of related tax)	0.1	0.1
NCI relating to gain on disposal of properties (net of related tax)	0.0	0.0
Add loss/(deduct gain) on revaluation of investment property from associates	0.2	(0.8)
Tax in relation to the revaluation gains/losses on investment property from associates	(1.4)	0.7
EPRA earnings	112.5	117.7

 

(1)   This is the unrealised net foreign currency translation loss on monetary assets held in foreign currency.

 

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):

	Year ended 31 March 2026			Year ended 31 March 2025
	Gross €m	Net €m		Gross €m	Net €m
Basic and diluted earnings attributable to owners of the Company		229.6			178.1
Deduct gain on revaluation of investment properties	(110.6)	(129.7)(1)		(79.4)	(58.8)
Add loss/(deduct gain) on disposal of properties	0.5	0.5		(1.6)	(1.6)
NCI relating to revaluation	0.1	0.1		0.1	0.1
NCI relating to gain on disposal of properties	0.0	0.0		0.0	0.0
Add loss/(deduct gain) on revaluation of investment property from associates	0.2	(1.2)		(0.8)	(0.1)
Headline earnings		99.3			117.7

 

(1)   This amount includes €40.2m attributable to the reduced German tax rate. Refer to note 10.

 

12. Net asset value per share

	2026 €m	2025 €m
Net asset value
Net asset value for the purpose of assets per share (total equity attributable to the owners of the Company)	1,890.6	1,688.9
Net deferred tax liabilities (see note 10)	80.2	99.3
Adjusted net asset value attributable to the owners of the Company	1,970.8	1,788.2
Number of shares
Number of ordinary shares for the purpose of net asset value per share and adjusted net asset value per share	1,579,369,538	1,504,113,743
Effect of grant of share awards	33,488,840	25,142,207
Number of ordinary shares for the purpose of EPRA NRV, NTA and NDV per share	1,612,858,378	1,529,255,950
Net asset value per share	119.71c	112.29c
Adjusted net asset value per share	124.78c	118.89c

 

The number of shares does not include 9,296,302 shares own shares held (2025: 7,743,647 shares), which are held by an Employee Benefit Trust on behalf of the Group.

2026	EPRA NRV €m	EPRA NTA €m	EPRA NDV €m
Net asset value at year end (basic)	1,890.6	1,890.6	1,890.6
Diluted net asset value at fair value	1,890.6	1,890.6	1,890.6
Group
Deferred tax in respect of fair value movements on investment properties	84.3	83.7 (1)	n/a
Intangible assets as per note 16	n/a	(1.6)	n/a
Fair value of fixed interest rate debt	n/a	n/a	84.9
Real estate transfer tax	228.9	n/a	n/a
Investment in associates
Deferred tax in respect of fair value movements on investment properties	6.5	6.5 (1)	n/a
Fair value of fixed interest rate debt	n/a	n/a	18.3
Real estate transfer tax	9.7	n/a	n/a
Total EPRA NRV, NTA and NDV	2,220.0	1,979.2	1,993.8
EPRA NRV, NTA and NDV per share	137.64c	122.71c	123.62c

 

2025	EPRA NRV €m	EPRA NTA €m	EPRA NDV €m
Net asset value at year 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 as per note 16	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 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	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 at year end except for, when applicable, deferred tax in relation to investment properties held for sale.

 

For more information on adjusted net asset value and EPRA NRV, NTA and NDV, refer to Annex 1.

13. Investment properties

The movement in the book value of investment properties is as follows:

	2026 €m	2025 €m
Total investment properties at book value at the beginning of the year	2,488.1	2,210.6
Owned investment properties movements
Additions	369.9	148.5
Capital expenditure	50.0	51.9
Disposals	(4.0)	(14.3)
Reclassified as investment properties held for sale (see note 14)	(30.0)	-
Gain on revaluation	111.3	81.0
Adjustment in respect of lease incentives	(0.2)	(0.3)
Other movements
Adjustment in respect of long-term leasehold liabilities	(0.5)	(1.3)
Derecognition of long-term leasehold liabilities	(0.8)	-
Foreign exchange differences	(23.3)	12.0
Total investment properties at book value at year end(1)	2,960.5	2,488.1

 

(1)   Excluding investment properties held for sale when applicable.

 

The reconciliation of the valuation carried out by the external valuer to the carrying values shown in the consolidated statement of financial position is as follows:

	2026 €m	2025 €m
Owned investment properties at market value per valuer's report(1)	2,943.8	2,469.4
Adjustment in respect of lease incentives separately recognised	(4.4)	(4.2)
Adjustment in respect of long-term leasehold liabilities separately recognised	21.1	22.9
Total investment properties at book value at year end(1)	2,960.5	2,488.1

 

(1)   Excluding investment properties held for sale when applicable.

 

The reconciliation of loss or gain on revaluation as per the consolidated income statement is as follows:

	Year ended 31 March 2026 €m	Year ended 31 March 2025 €m
Gain on revaluation of owned investment properties	111.3	81.0
Adjustment in respect of lease incentives	(0.2)	(0.3)
Adjustment in respect of long-term leasehold liabilities	(0.5)	(1.3)
Gain on revaluation of investment properties	110.6	79.4

 

Included in the loss or gain on revaluation of investment properties are gross gains of €152.7m and gross losses of €42.1m (2025: gross gains of €130.2m and gross losses of €50.8m).

Other than the capital commitments disclosed in note 31, 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.

Whilst the valuations were appropriate at 31 March 2026, changes to macro-economic conditions could affect future valuations.

Owned investment properties

The fair value (market value) of the Group's owned investment properties at year end has been arrived at on the basis of a valuation carried out at that date by Cushman & Wakefield LLP (2025: Cushman & Wakefield LLP), an independent valuer accredited by the Royal Institute 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 owned 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 values of these properties are consistent with the prior period.

The approach to valuation for owned investment properties 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.

2026	Market value €m		Market rental rate per sqm €				Discount factor %				Capitalisation factor %				Market growth % p.a.
			Low	High	Weighted  average		Low	High	Weighted  average		Low	High	Weighted  average		Low	High	Weighted  average
Traditional business parks
Mature	450.4		2.92	9.15	6.57		4.4	6.5	4.8		4.9	7.5	5.7		1.0	1.0	1.0
Value add	822.4		3.14	8.46	5.71		4.4	7.3	5.7		5.4	8.0	6.5		1.0	1.0	1.0
Total traditional business parks	1,272.8		2.92	9.15	5.94		4.4	7.3	5.4		4.9	8.0	6.2		1.0	1.0	1.0
Modern business parks
Mature	267.9		4.80	11.21	8.88		4.3	6.4	4.8		5.2	6.8	5.7		1.0	1.0	1.0
Value add	339.1		4.70	21.25	7.36		4.6	6.8	5.5		4.6	7.3	6.4		1.0	1.0	1.0
Total modern business parks	607.0		4.70	21.25	7.88		4.3	6.8	5.2		4.6	7.3	6.1		1.0	1.0	1.0
Office
Mature	77.9		9.36	11.64	10.74		4.5	4.8	4.7		5.5	5.8	5.7		1.0	1.0	1.0
Value add	227.3		6.96	12.35	8.78		5.0	6.5	5.6		5.6	7.3	6.3		1.0	1.0	1.0
Total office	305.2		6.96	12.35	9.15		4.5	6.5	5.3		5.5	7.3	6.2		1.0	1.0	1.0
Total Germany (1)	2,185.0		2.92	21.25	6.73		4.3	7.3	5.3		4.6	8.0	6.2		1.0	1.0	1.0

 

(1)   Excluding investment properties held for sale when applicable.

 

2026	Market value €m	Market rental rate per sqm €				Equivalent yield %
		Low	High	Weighted average		Low	High	Weighted average
Total mixed-use schemes	343.0	4.93	48.89	8.42		5.9	12.9	8.7
Total office	155.1	9.80	35.97	17.11		9.0	12.4	10.6
Total industrial	260.7	4.49	25.35	7.16		6.3	11.3	8.5
Total UK	758.8	4.49	48.89	8.99		5.9	12.9	9.1

 

2025	Market value €m	Market rental rate per sqm €				Discount factor %				Capitalisation factor %				Market growth % p.a.
		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)	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

 

(1)   Excluding investment properties held for sale when applicable.

 

2025	Market value €m	Market rental rate per sqm €				Equivalent yield %
		Low	High	Weighted average		Low	High	Weighted 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:

2026	Market value €m	Change of 5% in market rental rates €m			Change of 0.25% in discount factor €m			Change of 0.25% in capitalisation factor €m			Change of 0.5% in market growth p.a. €m
		Increase	Decrease		Increase	Decrease		Increase	Decrease		Increase	Decrease
Total traditional business parks	1,272.8	62.4	(63.2)		(25.6)	26.0		(29.9)	32.0		38.5	(37.9)
Total modern business parks	607.0	28.8	(29.0)		(16.3)	8.3		(15.1)	16.0		14.3	(21.9)
Total office	305.2	16.1	(15.7)		(6.0)	6.8		(7.1)	8.3		10.3	(9.3)
Market value Germany(1)	2,185.0	107.3	(107.9)		(47.9)	41.1		(52.1)	56.3		63.1	(69.1)

 

(1)   Excluding investment properties held for sale when applicable.

 

2026	Market value €m	Change of 5% in market rental rates €m			Change of 0.5% in equivalent yield €m
		Increase	Decrease		Increase	Decrease
Total mixed-use schemes	343.0	14.2	(14.2)		(22.0)	25.0
Total office	155.1	6.4	(3.3)		(5.5)	9.2
Total industrial	260.7	10.4	(9.5)		(15.7)	19.4
Market value UK	758.8	31.0	(27.0)		(43.2)	53.6

 

2025	Market value €m	Change of 5% in market rental rates €m			Change of 0.25% in discount factor €m			Change of 0.25% in capitalisation factor €m			Change of 0.5% in market growth p.a. €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)	1,894.9	91.4	(92.3)		(37.2)	37.5		(44.2)	47.4		56.6	(55.5)

 

(1)   Excluding investment properties held for sale when applicable.

 

2025	Market value €m	Change of 5% in market rental rates €m			Change of 0.5% in equivalent yield €m
		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 at year end was 2.8 years (2025: 2.7 years). The weighted average lease expiry remaining across the owned portfolio in the UK at year end was 2.2 years (2025: 1.4 years). Licence agreements in the UK are rolling and are included in the valuation.

14. Assets held for sale

Investment properties held for sale

	2026 €m	2025 €m
Pfungstadt	30.0	-
Balance at year end	30.0	-

 

The disclosures regarding valuation in note 13 are also applicable to investment properties held for sale.

Pfungstadt in the German reporting segment was a notarised disposal in May 2025 and is expected to complete in the second quarter of financial year 2026/2027. The disposal forms part of the Group's strategy to recycle capital from a mature asset into investments with higher expected returns.

15. Plant and equipment

	Plant and equipment €m	Fixtures and fittings €m	Total €m
Cost
At 31 March 2025	16.0	11.0	27.0
Additions in year	3.5	0.4	3.9
Disposals in year	(0.0)	(0.1)	(0.1)
Foreign exchange differences	(0.3)	(0.2)	(0.5)
At 31 March 2026	19.2	11.1	30.3
Depreciation
At 31 March 2025	(2.8)	(6.4)	(9.2)
Charge for year	(1.3)	(0.9)	(2.2)
Disposals in year	0.0	0.1	0.1
Foreign exchange differences	0.1	0.2	0.3
At 31 March 2026	(4.0)	(7.0)	(11.0)
Net book value at 31 March 2026	15.2	4.1	19.3
Cost
At 31 March 2024	3.9	11.0	14.9
Additions in year	12.0	0.3	12.3
Disposals in year	(0.1)	(0.4)	(0.5)
Foreign exchange differences	0.2	0.1	0.3
At 31 March 2025	16.0	11.0	27.0
Depreciation
At 31 March 2024	(1.4)	(5.7)	(7.1)
Charge for year	(1.4)	(1.0)	(2.4)
Disposals in year	0.1	0.3	0.4
Foreign exchange differences	(0.1)	-	(0.1)
At 31 March 2025	(2.8)	(6.4)	(9.2)
Net book value at 31 March 2025	13.2	4.6	17.8

 

16. Intangible assets

	Software and licences with definite useful life €m	Total €m
Cost
At 31 March 2025	12.0	12.0
Additions in year	0.7	0.7
Disposals in year	-	-
Foreign exchange differences	(0.1)	(0.1)
At 31 March 2026	12.6	12.6
Amortisation
At 31 March 2025	(10.3)	(10.3)
Charge for year	(0.7)	(0.7)
Disposals in year	-	-
Foreign exchange differences	0.0	0.0
At 31 March 2026	(11.0)	(11.0)
Net book value at 31 March 2026(1)	1.6	1.6
Cost
At 31 March 2024	12.3	12.3
Additions in year	0.9	0.9
Disposals in year	(1.2)	(1.2)
Foreign exchange differences	0.0	0.0
At 31 March 2025	12.0	12.0
Amortisation
At 31 March 2024	(9.0)	(9.0)
Charge for year	(1.3)	(1.3)
Disposals in year	-	-
Foreign exchange differences	(0.0)	(0.0)
At 31 March 2025	(10.3)	(10.3)
Net book value at 31 March 2025(1)	1.7	1.7

 

(1)   Included in the net book value is an amount of €1.1m relating to intangible assets under development not yet amortised (2025: €0.6m). All other development projects are expected to finalise in the next financial year.

 

17. Right of use assets and lease liabilities

Set out below are the carrying amounts of right of use assets (excluding those presented as investment properties) recognised and the movements during the year:

	Office €m	Total €m
At 31 March 2024	12.6	12.6
Depreciation expense	(1.8)	(1.8)
Foreign exchange differences	0.0	0.0
At 31 March 2025	10.8	10.8
Depreciation expense	(1.7)	(1.7)
Lease modifications	(0.2)	(0.2)
Foreign exchange differences	(0.0)	(0.0)
At 31 March 2026	8.9	8.9

 

Set out below are the carrying amounts of lease liabilities and the movements during the year:

	2026 €m	2025 €m
Balance at the beginning of the year	(36.0)	(37.8)
Accretion of interest	(1.0)	(1.1)
Lease modifications	0.9	(0.1)
Payments	3.4	3.4
Foreign exchange differences	0.6	(0.4)
Total	(32.1)	(36.0)
Current lease liabilities	(2.2)	(2.4)
Non-current lease liabilities	(29.9)	(33.6)

 

The following table sets out the carrying amount, by maturity, of the Group's lease liabilities:

2026	Within 1 year €m	1-5 years €m	5+ years €m	Total €m
Long-term leasehold(1)	(0.3)	(1.1)	(19.7)	(21.1)
Office	(1.9)	(7.5)	(1.6)	(11.0)
Total	(2.2)	(8.6)	(21.3)	(32.1)

 

2025	Within 1 year €m	1-5 years €m	5+ years €m	Total €m
Long-term leasehold(1)	(0.4)	(1.9)	(20.6)	(22.9)
Office	(2.0)	(7.5)	(3.6)	(13.1)
Total	(2.4)	(9.4)	(24.2)	(36.0)

 

(1)   These lease liabilities relate to right of use assets presented as investment properties.

 

Maturity analysis of lease liabilities using contractual undiscounted payments is disclosed in note 24.

The overall weighted average discount rate used for the year is 3.0% (2025: 2.9%).

During the year expenses paid for leases of low-value assets and short-term leases which are recognised straight line over the lease term (included in administrative expenses) amounted to €0.7m (2025: €0.7m).

In addition to leases of low-value assets and payments resulting from short-term leases that are included in the cash flow from operating activities, interest payments and repayments of lease liabilities totalling €3.4m (2025: €3.4m) were incurred for the year and are included in the cash flow from financing activities.

18. Other financial assets (non-current)

	2026 €m	2025 €m
Deposits	2.2	4.0
Loans to associates	45.1	45.1
Other financial assets	47.3	49.1

 

Loans to associates relate to shareholder loans granted to associates by the Group. The loans terminate on 31 December 2031 and are charged at a fixed interest rate of 5.0%. The expected credit loss has been considered based on multiple factors such as history of repayments, current financial position of the borrower, forward-looking budgets and forecasts. Based on the assessment the expected credit loss was immaterial.

19. Investment in associates

The principal activity of the associates is the investment in, and development of, commercial property located in Germany and to provide conventional and flexible workspace. Since the associates are individually immaterial the Group is disclosing aggregated information of the associates.

The following table illustrates the summarised financial information of the Group's investment in associates:

	2026 €m	2025 €m
Current assets	32.8	31.0
Non-current assets(1)	365.8	364.6
Current liabilities	(17.9)	(24.0)
Non-current liabilities	(297.7)	(302.0)
Equity	83.0	69.6
Unrecognised accumulated losses	3.1	5.0
Subtotal	86.1	74.6
Group's share in equity - 35%	30.1	26.1

 

(1)   Non-current assets are only investment properties. These are valued using the same methodology as the German owned investment properties as stated in note 13.

 

	Year ended 31 March 2026 €m	Year ended 31 March 2025 €m
Net operating income	28.4	24.8
Loss on revaluation of investment properties	(3.5)	(0.4)
Administrative expense	(3.3)	(5.0)
Operating profit	21.6	19.4
Net finance expense	(8.8)	(8.6)
Profit before tax	12.8	10.8
Taxation	2.6	(3.7)
Unrecognised profit	(1.9)	(0.3)
Total profit and comprehensive income for the year after tax	13.5	6.8
Group's share of profit for the year - 35%	4.7	2.4

 

Included within the non-current liabilities are shareholder loans amounting to €128.8m (2025: €128.8m). At year end no contingent liabilities existed (2025: none). The associates had contracted capital expenditure for development and enhancements of €1.9m at year end (2025: €1.5m).

The following table illustrates the movement in investment in associates:

	2026 €m	2025 €m
Balance at the beginning of the year	26.1	25.2
Dividend received	(0.7)	(1.5)
Share of profit	4.7	2.4
Balance at year end	30.1	26.1

 

20. Trade and other receivables

	31 March 2026 €m	31 March 2025 €m
Gross trade receivables(1)	18.3	20.3
Expected credit loss provision(2)	(6.6)	(8.1)
Net trade receivables	11.7	12.2
Other receivables	28.9	17.2
Prepayments	7.8	40.8
Trade and other receivables	48.4	70.2

 

(1)   The amount of trade receivables includes receivables from contracts with customers of €8.4m (2025: €13.1m).

(2)   The amount of expected credit loss provision includes expected credit losses in relation to contracts with customers of €3.5m (2025: €5.4m).

 

Other receivables primarily include accrued income of €16.5m (2025: €3.9m), which includes €13.5m of accrued service charge income. In the prior year, accrued service charge income was presented within trade receivables. Other receivables also includes lease incentives of €4.4m (2025: €4.2m) and accrued income from associates of €2.4m (2025: €6.6m). Based on the assessment the expected credit loss was immaterial for other receivables.

Included in prepayments of €7.8m, there are €5.3m prepayments mainly relating to the acquisition of a new site in Kiel, Germany. In the prior year, there were €38.5m prepayments for acquisitions of new sites.

21. Cash and cash equivalents

	2026 €m	2025 €m
Cash at bank	156.1	68.4
Short-term investments	216.6	502.9
Cash restricted under contractual terms:
- Deposits for bank guarantees	3.1	3.1
- Deposits received from tenants	34.4	30.4
Cash and cash equivalents	410.2	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 are subject to an insignificant risk of changes in value.

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.

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.

Cash is held by reputable banks and the Group assessed the expected credit loss to be immaterial.

22. Trade and other payables

	2026 €m	2025 €m
Trade payables	11.1	13.3
Accrued expenses	45.5	39.2
Provisions	-	4.0
Interest payable	8.9	8.2
Tenant deposits	34.4	30.2
Unearned revenue	18.6	15.2
Other payables	12.3	7.6
Trade and other payables	130.8	117.7

 

The following table breaks down the balance of accrued expenses:

	2026 €m	2025 €m
Costs relating to service charge	22.2	18.1
Bonuses	8.2	8.6
Administrative costs	3.0	2.1
Capital expenditure	7.7	7.8
Other costs	4.4	2.6
Total	45.5	39.2

 

During the year, the Group settled a legal claim in relation to a property which was sold during 2017 for €4.5m and the provision was utilised.

Unearned revenue includes contract liabilities representing service charge amounts of €3.4m (2025: €2.3m). Contract liabilities relate to service charges received in advance, reflecting consideration received for services to be rendered in the subsequent month. All unearned revenue of the prior year was recognised as revenue in the current year.

Included within other payables are credit balances due to tenants mainly in relation to over collections of service charge in amount of €3.4m (2025: €2.2m).

23. Interest-bearing loans and borrowings

	Interest rate %	Loan maturity date	2026 €m	2025 €m
Current
Berlin Hyp AG	4.26	31 October 2030	2.9	2.7
Saarbrücken Sparkasse	3.264 (1)	30 October 2041	0.6	0.6
Deutsche Pfandbriefbank AG	4.25	31 December 2030	1.2	1.3
Corporate bond I	1.125	22 June 2026	400.0	-
Capitalised loan issue costs			(7.5)	(4.2)
			397.2	0.4
Non-current
Berlin Hyp AG	4.26	31 October 2030	160.6	163.5
Saarbrücken Sparkasse	3.264 (1)	30 October 2041	11.5	12.1
Deutsche Pfandbriefbank AG	4.25	31 December 2030	53.1	55.4
Corporate bond I	1.125	22 June 2026	-	400.0
Corporate bond II	1.75	24 November 2028	464.9	359.9
Corporate bond III	4.00	22 January 2032	350.0	350.0
Capitalised loan issue costs			(18.1)	(22.3)
			1,022.0	1,318.6
Total			1,419.2	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.

 

All loans and borrowings are at a fixed interest rate.

The movement of loans and borrowings for the year comprised of €5.7m repayment of loans, €105.0m loan drawdowns and €0.9m net movement of capitalisation loan issue costs, being €7.7m new capitalised loan issue costs and €8.6m amortisation of loan issue costs (2025: €19.8m, €409.9m and €16.2m respectively).

The borrowings (excluding unamortised capitalised loan issue costs) are repayable as follows:

	2026 €m	2025 €m
On demand or within one year	404.7	4.6
In the second year	4.8	404.7
In the third to tenth years inclusive	1,035.3	936.2
Total	1,444.8	1,345.5

 

The Group has pledged 15 (2025: 15) investment properties to secure several separate interest-bearing debt facilities granted to the Group. The 15 (2025: 15) properties had a combined valuation of €604.5m at year end (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 year, 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 at year end.

Refer to note 2(c) where the Group discloses forecast covenant compliance with regard to management's going concern assessment.

Loan details

No changes to the terms of the facilities listed below have occurred during the current year unless otherwise indicated.

Berlin Hyp AG

On 1 November 2023, the Group agreed to a facility agreement with Berlin Hyp AG for €170.0m. Amortisation is 1.5% per annum with the remainder due in one instalment on the final maturity date. This facility is secured over nine property assets.

Saarbrücken Sparkasse

On 1 March 2025, the Group concluded an agreement with Saarbrücken Sparkasse to refinance the existing facility with a new facility which amounts to €12.7m. Amortisation is 4.0% per annum with the remainder due in one instalment on the final maturity date. The facility is secured over one property asset.

Deutsche Pfandbriefbank AG

On 1 January 2024, the Group agreed to a facility agreement with Deutsche Pfandbriefbank AG for €58.3m. Amortisation is 2.1% per annum with the remainder due in one instalment on the final maturity date. This facility is secured over five property assets.

Corporate bond I

On 22 June 2021, the Group raised its inaugural corporate bond for €400.0m. The bond is listed at the Luxembourg Stock Exchange, with the principal balance coming due on 22 June 2026.

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 consolidated corporate bond is listed at the Luxembourg Stock Exchange with the principal balance coming due on 24 November 2028.

Corporate bond III

On 22 January 2025, the Group issued its third corporate bond for €350.0m. The bond is listed at the Luxembourg Stock Exchange, with the principal balance coming due on 22 January 2032.

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. On 17 March 2026, the facility was amended to increase the total facility amount to €300.0m, extend the facility's maturity to 16 March 2029, and add Barclays Bank PLC as an additional lender. All other terms of the agreement remained unchanged.

The facility includes two one-year extension options at the lenders' discretion and incorporates accordions allowing it to be upsized by up to an additional €100.0m. 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, at the reporting date being 1.2%.

24. Financial instruments

Risk management

The Group's principal financial liabilities comprise bank loans and trade payables. The Group has various financial assets, i.e. net trade receivables, other receivables (including deposits and excluding lease incentives), loans to associates, and cash and cash equivalents.

The main risks arising from the Group's financial instruments are credit risk, liquidity risk and market risk.

Credit risk

Credit risk arises when a failure by counterparties to discharge their obligations could reduce the amount of future cash inflows from financial assets on hand at the reporting date. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The risk management policies employed by the Group to manage these risks are discussed below.

In the event of a default by an occupational tenant, the Group will suffer a rental shortfall and incur additional costs, including expenses incurred to try and recover the defaulted amounts and legal expenses in maintaining, insuring and marketing the property until it is re-let. During the year, the Group monitored the tenants in order to anticipate and minimise the impact of defaults by occupational tenants, as well as to ensure that the Group has a diversified tenant base. The credit risk on tenants is also addressed through the performance of credit checks, collection of deposits and regular communication with the tenants.

Included in loans to associates are loans provided to associate entities from Group entities. During the year the Group assessed credit risk relating to loans to associates by reviewing business plans and monitoring cash collection rates and the operational performance of each associate in order to anticipate and minimise the impact of any impairment.

Included in other receivables are lease incentives. During the year the Group monitored tenants in order to anticipate and minimise the impact of defaults and move-outs from tenants who received lease incentives. The maximum credit risk exposure for other receivables excludes lease incentives.

The ageing of trade receivables at the reporting date was:

	2026			2025
	Gross €m	Impairment €m		Gross €m	Impairment €m
0-30 days	4.9	(0.8)		6.9	(0.9)
31-120 days (past due)	2.2	(0.4)		1.5	(0.3)
More than 120 days	11.2	(5.4)		11.9	(6.9)
Total	18.3	(6.6)		20.3	(8.1)

 

The gross carrying amounts of trade receivables disclosed in the table above represent the Group's maximum exposure to credit risk at the reporting date, without taking into account any collateral held or other credit enhancements.

The Group holds collateral as credit enhancements in the form of bank guarantees and tenant deposits. Bank guarantees are typically issued by reputable financial institutions and are callable in the event of tenant default. Tenant deposits represent cash deposits received from tenants at the commencement of lease agreements and are held by the Group for the duration of the lease term.

These credit enhancements are considered in measuring expected credit losses, as they mitigate potential credit risk exposure. There were no significant changes in the nature, quality or extent of collateral held during the reporting period, nor were there changes in the Group's collateral policies.

For certain trade receivables, no loss allowance has been recognised because the value of the related bank guarantees or tenant deposits is assessed to fully cover the outstanding exposure.

Rental income from tenant leases is generally due one month in advance. The exception is service charge balancing billing, which is due ten days after it has been invoiced. Included in the Group's trade receivables are debtors with carrying amounts of €18.3m (2025: €20.3m) that are outstanding at the reporting date for which the Group has provided impairment of €6.6m (2025: €8.1m). These receivables are subject to lifetime ECL measurement in accordance with IFRS 9. Although the balances are credit impaired, they continue to be recognised as the Group expects to recover a portion of the outstanding amounts.

Liquidity risk

Liquidity risk is the risk that an entity may encounter difficulty in fulfilling its financial obligations, which require the settlement through cash payments or the transfer of another financial asset. This risk arises when the maturities of assets and liabilities are not aligned. While an unmatched position can enhance profitability, it may also increase the likelihood of losses. The Group has procedures with the objective of minimising such losses, such as maintaining sufficient cash and other highly liquid current assets and having available an adequate amount of committed credit facilities. The Group prepares cash flow forecasts and continually monitors its ongoing commitments compared to available cash. Cash and cash equivalents are placed with financial institutions on a short-term basis which allows immediate access. This reflects the Group's desire to maintain a high level of liquidity in order to meet any unexpected liabilities that may arise due to the current financial position. Similarly, trade receivables are due either in advance (e.g. rents and recharges) or within ten days (e.g. service charge reconciliations), further bolstering the Group's management of liquidity risk.

The table below summarises the maturity profile of the Group's financial liabilities, based on contractual undiscounted payments:

2026	Interest-bearing loans (1) €m	Trade and other payables €m	Lease liabilities €m	Total €m
Undiscounted amounts payable in:
6 months or less	(411.7)	(66.7)	(1.6)	(480.0)
6 months-1 year	(29.3)	-	(1.6)	(30.9)
1-2 years	(36.5)	-	(2.9)	(39.4)
2-5 years	(750.4)	-	(9.1)	(759.5)
5-10+ years	(374.5)	-	(86.4)	(460.9)
	(1,602.4)	(66.7)	(101.6)	(1,770.7)
Interest	157.6	-	69.5	227.1
	(1,444.8)	(66.7)	(32.1)	(1,543.6)

 

2025	Interest-bearing loans (1) €m	Trade and other payables €m	Lease liabilities €m	Total €m
Undiscounted amounts payable in:
6 months or less	(18.4)	(59.3)	(1.7)	(79.4)
6 months-1 year	(20.8)	-	(1.7)	(22.5)
1-2 years	(435.7)	-	(3.5)	(439.2)
2-5 years	(455.2)	-	(9.6)	(464.8)
5-10+ years	(593.9)	-	(92.8)	(686.7)
	(1,524.0)	(59.3)	(109.3)	(1,692.6)
Interest	178.5	-	73.3	251.8
	(1,345.5)	(59.3)	(36.0)	(1,440.8)

 

(1)   Excludes loan issue costs.

 

Market risk

The Group is exposed to market risks from changes in foreign currency exchange rates and changes in interest rates.

(i) Foreign currency risk

The Group's exposure to currency risk relates primarily to the Group's exposure to the GBP and to a lesser extent the South African rand. This exposure is driven primarily by the UK operations. In addition thereto, the Group has dividend obligations in both the GBP and South African rand. The foreign currency risk in relation to the GBP is mitigated as a result of the BizSpace Group generating GBP denominated income in order to fund its obligations when they come due and, in addition, the Group's GBP dividend obligations. The Group holds small deposits in South African rand for the purposes of working capital and dividend obligations. Dividends are distributed semi-annually, minimising foreign currency risk. The majority of the Group's denominated assets relate to cash balances.

At 31 March 2026, if the currency unit had weakened 5% against the GBP with all other variables held constant, pre-tax profit for the year would have been €8.9m (2025: €18.5m) lower. If the currency unit had strengthened 5% against the GBP, with all other variables held constant, pre-tax profit would have been €8.9m (2025: €18.5m) higher.

(ii) Interest rate risk

The Group's exposure to interest rate risk relates primarily to the Group's long-term floating rate debt obligations. The Group's policy is to mitigate interest rate risk by ensuring that a minimum of 80% of its total borrowing is at fixed or capped interest rates by taking out fixed rate loans or derivative financial instruments to hedge interest rate exposure, or interest rate caps.

A change in interest will only have an impact on floating rate loans due to the fact that the other loans have a general fixed interest rate or they are effectively fixed by a swap. All interest-bearing loans and borrowings of the Group have fixed interest rates and thus there is currently no exposure to interest rate risk.

Fair values

Set out below is a comparison by category of carrying amounts and fair values of the Group's financial instruments that are carried in the financial statements at amortised cost but where the carrying value is not a reasonable approximation to fair value (excluding any financial assets held for sale and financial liabilities directly associated with financial assets held for sale when applicable):

Fair value hierarchy level		2026			2025
		Carrying amount €m	Fair value €m		Carrying amount €m	Fair value €m
Financial assets
Loans to associates	2	45.1	44.2		45.1	45.7
Financial liabilities
Interest-bearing loans and borrowings(1)
Fixed rate borrowings	2	1,444.8	1,359.0		1,345.5	1,259.7

 

(1)   Excludes loan issue costs.

 

The fair values of the loans to associates and interest-bearing loans and borrowings have been calculated based on a discounted cash flow model using the prevailing market rates of interest at 31 March 2026.

Fair value hierarchy

For financial assets or liabilities measured at amortised cost and whose carrying value is a reasonable approximation to fair value there is no requirement to analyse their value in the fair value hierarchy.

The below analyses financial instruments categorised into a fair value hierarchy based on the valuation technique used to determine fair value:

Level 1:  quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2:  inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

Level 3:  inputs for the asset or liability that are not based on observable market data (unobservable inputs).

25. 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 the total shareholder accounting return, net loan to value (LTV) and EPRA LTV as set out in the tables below:

Total shareholder accounting return

	2026 €	2025 €
Movement in adjusted NAV per share	5.90c	7.76c
Dividend paid per share, six months ended 30 September	3.18c	3.06c
Dividend paid per share, six months ended 31 March	3.09c	3.05c
Total	12.17c	13.87c
Adjusted NAV per share for prior year	118.89c	111.12c
Total shareholder accounting return	10.2%	12.5%

 

Net LTV

	2026 €m	2025 €m
Carrying amount of interest-bearing loans and borrowings	1,419.2	1,319.0
Unamortised capitalised loan issue costs	25.6	26.5
Less cash and cash equivalents (not including cash restricted under contractual terms)	(372.7)	(571.3)
Total	1,072.1	774.2
Book value of owned investment properties(1)	2,969.4	2,465.2
Net LTV	36.1%	31.4%

 

(1)   Includes investment properties held for sale when applicable.

 

EPRA LTV

		Proportionate consolidation
	Group	Investment in associates	Total
2026	€m	€m	€m
Interest-bearing loans and borrowings(1)	204.3	52.6	256.9
Corporate bonds	1,214.9	-	1,214.9
Net payables(2)	82.7	3.2	85.9
Cash and cash equivalents	(410.2)	(8.4)	(418.6)
Net debt (a)	1,091.7	47.4	1,139.1
Investment properties	2,960.5	128.0	3,088.5
Assets held for sale	30.0	-	30.0
Plant and equipment	19.3	-	19.3
Intangible assets	1.6	-	1.6
Loan to associates	45.1	-	45.1
Total property value (b)	3,056.5	128.0	3,184.5
EPRA LTV (a/b)	35.7%	37.0%	35.8%

 

		Proportionate consolidation
	Group	Investment in associates	Total
2025	€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 current year (note 2(c)).

26. Issued share capital

Authorised	Number of shares	Share capital €m
Ordinary shares of no par value	Unlimited	-
At 31 March 2026 and 31 March 2025	Unlimited	-

 

Issued and fully paid	Number of shares	Share capital €m
At 31 March 2024	1,340,848,147	-
Issued ordinary shares	163,717,021	178.7
Transfer of share capital to other reserve	-	(178.7)
Shares issued to Employee Benefit Trust	(2,500,000)	-
Shares allocated by the Employee Benefit Trust	2,048,575	-
At 31 March 2025	1,504,113,743	-
Issued ordinary shares	76,808,450	88.3
Transfer of share capital to other reserve	-	(88.3)
Shares issued to Employee Benefit Trust	(2,235,923)	-
Shares allocated by the Employee Benefit Trust	683,268	-
At 31 March 2026	1,579,369,538	-

 

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.

Pursuant to an equity raise of €88.3m on 17 February 2026, the Company issued 75,490,196 ordinary shares at an issue price of £1.02, resulting in the Company's overall issued share capital being 1,588,665,840 ordinary shares. Costs associated with the equity raise amounted to €2.4m. The net proceeds of the equity raise were €85.9m.

In addition, during the year the Company issued 1,318,254 (2025: 1,482,979) shares in relation to the exercise of the LTIP as per note 8.

Shares held by the Employee Benefit Trust are disclosed as own shares held. During the year 2,235,923 shares were acquired and 683,268 were allocated by the Employee Benefit Trust mainly in relation to the issue of SIP, DBP and EMSP shares as per note 8. A total of 9,296,302 own shares are held by the Employee Benefit Trust (2025: 7,743,647 own shares). The total number of shares with voting rights was 1,588,665,840 (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.

The LTIP, SIP, DBP and EMSP shares were issued at nil cost, and the fair value of €2.3m for these shares recorded in the share capital account has been transferred back to the other reserve.

All shares issued in the year were issued under general authority. No shares were bought back in the year (2025: none) and there are no Treasury Shares held directly by the Company at the year end (2025: none).

27. Other and foreign currency translation reserves

Other reserve

This reserve comprises of amounts in relation to scrip dividend transfers from share capital, share-based payment transactions, equity raises and share buybacks.

Foreign currency translation reserve

The Group holds a foreign currency translation reserve which relates to foreign currency translation effect during the course of the business with the UK segment.

The following table shows the movement in the foreign currency translation reserve:

	2026 €m	2025 €m
Balance at the beginning of the year	7.4	(6.0)
Foreign currency translation	(24.0)	13.4
Balance at year end	(16.6)	7.4

 

The movement in the year of €24.0m loss is a result of an decreasing GBP/EUR rate which is higher at current year end compared with 31 March 2025 (2025: €13.4m gain).

28. Dividends

	Payment date	Dividend per share cents	Year ended 31 March 2026 €m	Year ended 31 March 2025 €m
For the year ended 31 March 2024:
Final	25 July 2024	3.05		41.3
For the year ended 31 March 2025:
Interim	23 January 2025	3.06		43.2
Final	24 July 2025	3.09	46.0
For the year ended 31 March 2026:
Interim	22 January 2026	3.18	50.5 (1)
Dividends disclosed in the consolidated statement of changes in equity			96.5	84.5
Timing difference relating to the withholding tax liabilities			(6.6)	-
Dividends disclosed in the consolidated statement of cash flows			89.9	84.5

 

(1)   Includes €2.6m liability of withholding tax for the interim dividend for the year ended 31 March 2025.

 

Either non-PID dividends or a mixture of both PID and non-PID dividends were paid over the reporting periods. PID dividends are paid, as required by REIT legislation, after deduction of withholding tax at the basic rate (currently 20%), where appropriate. Certain classes of shareholders may be able to elect to receive dividends gross. Please refer to our website www.sirius-real-estate.com/investors/dividends for details.

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 periods. 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 in respect of the second half of the financial year ended 31 March 2026 of 3.22c per share, an increase of 4.2% on the equivalent dividend last year. The total dividend for the year is 6.40c, an increase of 4.1% on the 6.15c total dividend for the year ended 31 March 2025.

It is expected that, for the dividend authorised relating to the six month period ended 31 March 2026, the ex-dividend date will be 9 July 2026 for shareholders on the UK register, 8 July 2026 for shareholders on the SA register, and the dividend will be paid on 30 July 2026. A detailed dividend announcement will be made on 1 June 2026, including details of a DRIP alternative.

29. Notes to cash flow

Changes in liabilities arising from financing activities

Reconciliation of movements of liabilities arising from financing activities:

	31 March 2025 €m	Cash flows €m	Changes in fair values €m	Other (1) €m	31 March 2026 €m
Interest-bearing loans and borrowings	1,319.0	91.6	-	8.6	1,419.2
Lease liabilities	36.0	(3.4)	-	(0.5)	32.1
Total	1,355.0	88.2	-	8.1	1,451.3

 

	31 March 2024 €m	Cash flows €m	Changes in fair values €m	Other (1) €m	31 March 2025 €m
Interest-bearing loans and borrowings	945.1	370.6	-	3.3	1,319.0
Lease liabilities	37.8	(3.4)	-	1.6	36.0
Total	982.9	367.2	-	4.9	1,355.0

 

(1)   Amortisation of capitalised loan issue costs, foreign exchange differences, lease modifications and accretion of interest on lease liabilities.

 

30. Related parties

Key management personnel

The following amounts have been paid to people considered to be key management personnel (the Company Board of Directors and the Executive Committee members) of the Group:

Consolidated income statement	Year ended 31 March 2026 €m	Year ended 31 March 2025 €m
Directors' fees	0.8	0.7
Salary and employee benefits	6.0	5.8
Share-based payments	6.3	3.6
Total	13.1	10.1

 

Included within salary and employee benefits are pension contributions amounting to €0.2m (2025: €0.2m).

There are no payables at the reporting date from Directors' fees and salary and employee benefits (2025: €nil).

Directors' emoluments have been disclosed in the Annual Report in the Remuneration report under the "Single figure table" and in the additional disclosures in respect of the single figure table section on pages 99 and 100.

Associates

The following balances and transactions with associates exist at the reporting date:

Consolidated statement of financial position	2026 €m	2025 €m
Loans to associates	45.1	45.1
Trade and other receivables	2.7	6.3
Total	47.8	51.4

 

Trade and other receivables relate to amounts owed from services supplied, performance fee and accrued interest on loans to associates, both of which are due to be settled in the normal course of business. As a result of unchanged credit quality, no expected credit loss provision has been recognised.

Consolidated income statement	Year ended 31 March 2026 €m	Year ended 31 March 2025 €m
Services supplied	15.1	17.9
Performance fee	0.8	1.4
Interest income	2.3	2.2
Total	18.2	21.5

 

Services provided to associates primarily relate to the provision of property and asset management services. Providing these services, the Group generated service charge and other income from managed properties of €15.9m (2025: €19.3m) as shown in note 5.

For details regarding the investment in associates, including dividends received, see note 19.

31. Commitments and contingencies

Capital and other commitments

At the reporting date, the Group had contracted capital expenditure for development and enhancements on existing properties of €19.5m (2025: €18.7m). In addition, the Group has notarised acquisitions of investment properties totalling €97.4m (2025: €116.4m), of which €5.3m (2025: €38.5m) has already been paid (see note 20), with the remaining commitment amounting to €92.1m (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.

32. Operating lease arrangements

Group as lessor

All properties leased by the Group are under operating leases and the future minimum lease payments receivable under non-cancellable leases are as follows:

	2026 €m	2025 €m
Less than 1 year	202.6	169.0
1-2 years	130.3	106.2
2-3 years	89.2	70.0
3-4 years	66.3	45.5
4-5 years	40.7	32.1
More than 5 years	116.1	51.7
Total	645.2	474.5

 

33. List of subsidiary undertakings and investments in associates

The Group consists of 124 subsidiary companies (2025: 118 subsidiary companies). All subsidiaries are consolidated. The principal activity of the subsidiaries is the investment in, and development of, industrial, warehouse and office properties to provide conventional and flexible workspace in Germany and the UK. Immaterial subsidiary companies are not disclosed in the table below.

Company name	Country of incorporation	Ownership at 31 March 2026 %	Ownership at 31 March 2025 %
Bedford Heights Ltd(1)	UK	100.00	n/a
BizSpace Developments Ltd	UK	100.00	100.00
BizSpace Holdings Ltd	UK	100.00	100.00
BizSpace II Ltd	UK	100.00	100.00
BizSpace Ltd	UK	100.00	100.00
BizSpace Property 100 Ltd	Jersey	100.00	100.00
BizSpace Property I Ltd	UK	100.00	100.00
Hamsard 3767 Ltd	UK	100.00	100.00
Curris Facilities & Utilities Management GmbH	Germany	100.00	100.00
DDS Aspen B.V.	Netherlands	100.00	100.00
DDS Bagnut B.V.	Netherlands	100.00	100.00
DDS Business Centres B.V.	Netherlands	100.00	100.00
DDS Coconut B.V.	Netherlands	100.00	100.00
DDS Conferencing & Catering GmbH	Germany	100.00	100.00
DDS Elm B.V.	Netherlands	100.00	100.00
DDS Fir B.V.	Netherlands	100.00	100.00
DDS Hawthorn B.V.	Netherlands	100.00	100.00
DDS Hazel B.V.	Netherlands	100.00	100.00
DDS Hyacinth B.V.	Netherlands	100.00	100.00
DDS Lark B.V.	Netherlands	100.00	100.00
DDS Mulberry B.V.	Netherlands	100.00	100.00
DDS Rose B.V.	Netherlands	100.00	100.00
Helix Investments Ltd(2, 3)	Jersey	100.00	100.00
Helix Property Ltd	Jersey	100.00	100.00
M25 Business Centres Ltd	UK	100.00	100.00
Marba Bamboo B.V.	Netherlands	100.00	100.00
Marba Cherry B.V.	Netherlands	100.00	100.00
Marba Daffodil B.V.	Netherlands	100.00	100.00
Marba Lavender B.V.	Netherlands	100.00	100.00
Marba Mango B.V.	Netherlands	100.00	100.00
Marba Olive B.V.	Netherlands	100.00	100.00
Marba Sunflower B.V.	Netherlands	100.00	100.00
Marba Violin B.V.	Netherlands	100.00	100.00
Marba Willstätt B.V.	Netherlands	100.00	100.00
My Lager GmbH(4)	Germany	100.00	n/a
SFG NOVA Construction and Services GmbH	Germany	100.00	100.00
Sirius Alder B.V.	Netherlands	100.00	100.00
Sirius Aloe GmbH & Co. KG	Germany	100.00	100.00
Sirius Aster GmbH & Co. KG	Germany	100.00	100.00
Sirius Beech B.V.	Netherlands	100.00	100.00
Sirius Birch GmbH & Co. KG	Germany	100.00	100.00
Sirius Coöperatief B.A.(3)	Netherlands	100.00	100.00
Sirius Dahlia GmbH & Co. KG	Germany	100.00	100.00
Sirius Daphne GmbH & Co. KG(4)	Germany	100.00	n/a
Sirius Facilities GmbH	Germany	100.00	100.00
Sirius Finance (Cyprus) Ltd.(3, 5)	Cyprus	100.00	100.00
Sirius Four B.V.	Netherlands	100.00	100.00
Sirius Frankfurt Erste GmbH & Co. KG	Germany	100.00	100.00
Sirius Frankfurt Zweite GmbH & Co. KG	Germany	100.00	100.00
Sirius Jasmine GmbH & Co. KG	Germany	100.00	100.00
Sirius Juniper B.V.	Netherlands	100.00	100.00
Sirius Kale GmbH & Co. KG	Germany	100.00	100.00
Sirius Krefeld Erste GmbH & Co. KG	Germany	100.00	100.00
Sirius Lily B.V.	Netherlands	100.00	100.00
Sirius Lotus GmbH & Co. KG	Germany	100.00	100.00
Sirius Magnolia GmbH & Co. KG(4)	Germany	100.00	n/a
Sirius Narcissus GmbH & Co. KG	Germany	100.00	100.00
Sirius Oak B.V.	Netherlands	100.00	100.00
Sirius Orange B.V.	Netherlands	100.00	100.00
Sirius Pepper GmbH & Co. KG	Germany	100.00	100.00
Sirius Pine B.V.	Netherlands	100.00	100.00
Sirius Renewable Energy GmbH	Germany	100.00	100.00
Sirius Tamarack B.V.	Netherlands	100.00	100.00
Sirius Three B.V.	Netherlands	100.00	100.00
Sirius Tulip B.V.	Netherlands	100.00	100.00
Sirius UK1 Ltd(3)	UK	100.00	100.00
Sirius UK2 Ltd(2, 3)	UK	100.00	100.00
Sirius Willow B.V.	Netherlands	100.00	100.00
Marba Bonn B.V.	Netherlands	100.00	100.00
Marba Bremen B.V.	Netherlands	99.73	99.73
Marba Brinkmann B.V.	Netherlands	99.73	99.73
Marba Cedarwood B.V.	Netherlands	99.73	99.73
Marba Chestnut B.V.	Netherlands	99.73	99.73
Marba Dutch Holdings B.V.	Netherlands	99.73	99.73
Marba Foxglove B.V.	Netherlands	99.73	99.73
Marba Hornbeam B.V.	Netherlands	99.73	99.73
Marba Königswinter B.V.	Netherlands	99.73	99.73
Marba Maintal B.V.	Netherlands	99.73	99.73
Marba Marigold B.V.	Netherlands	99.73	99.73
Marba Merseburg B.V.	Netherlands	99.73	99.73
Marba Mimosa B.V.	Netherlands	99.73	99.73
Marba Regensburg B.V.	Netherlands	99.73	99.73
Marba Saffron B.V.	Netherlands	99.73	99.73
Marba Troisdorf B.V.	Netherlands	99.73	99.73
Sirius Acerola GmbH & Co. KG	Germany	99.73	99.73
Sirius Almond GmbH & Co. KG	Germany	99.73	99.73
Sirius Bluebell GmbH & Co. KG	Germany	99.73	99.73
Sirius Cypress GmbH & Co. KG	Germany	99.73	99.73
Sirius Grape GmbH & Co. KG	Germany	99.73	99.73
Sirius Hibiscus GmbH & Co. KG	Germany	99.73	99.73
Sirius Indigo GmbH & Co. KG	Germany	99.73	99.73
Sirius Mayflower GmbH & Co. KG	Germany	99.73	99.73
Sirius Oyster GmbH & Co. KG	Germany	99.73	99.73
Verwaltungsgesellschaft Gewerbepark Bilderstöckchen GmbH	Germany	94.15	94.15

 

(1)   Bedford Heights Ltd was acquired during the year ended 31 March 2026 as part of the Bedford acquisition.

(2)   During the year ended 31 March 2026 Helix Investments Ltd issued 167,982,070 preference shares of nominal value £1.00 (€1.16) each (2025: Helix Investments Ltd issued 273,637,500 preference shares of nominal value £1.00 (€1.17) each) that were fully subscribed to by Sirius UK2 Ltd. The funds raised were used to finance the acquisition of assets to the investment property portfolio.

(3)   Subsidiary company directly held by the Parent entity, Sirius Real Estate Limited.

(4)   New incorporated subsidiary company.

(5)   During the year ended 31 March 2026 Sirius Finance (Cyprus) Ltd issued 199,100,000 ordinary shares of nominal value €1.00 each (2025: 33,000,000 ordinary shares of nominal value €1.00 each) that were fully subscribed to by the Parent entity, Sirius Real Estate Limited. The funds raised were used to enable the acquisition of assets to the investment property portfolio.

 

Investment in associates which are accounted for with the equity method:

Company name	Country of incorporation	Ownership at 31 March 2026 %	Ownership at 31 March 2025 %
DDS Daisy B.V.	Netherlands	35.00	35.00
DDS Edelweiss B.V.	Netherlands	35.00	35.00
DDS Lime B.V.	Netherlands	35.00	35.00
DDS Maple B.V.	Netherlands	35.00	35.00
Sirius Boxwood B.V.	Netherlands	35.00	35.00
Sirius Laburnum B.V.	Netherlands	35.00	35.00
Sirius Orchid B.V.	Netherlands	35.00	35.00
Sirius Pear B.V.	Netherlands	35.00	35.00

 

34. Post balance sheet events

On 27 March 2026, the Group notarised the acquisition of 100% of the shares of two entities in Kiel. The transaction comprised warehouse, production, laboratory and office spaces, including related equipment and a shareholder loan. The total acquisition price amounted to €93.4m. The transaction completed on 1 April 2026.

On 1 May 2026, the Group notarised the conditional acquisition of an asset in Luton, UK, for £5.6m (€6.4m). Subject to planning permission being granted and once fully developed, the property will comprise of 5,500 sqm of storage space. On receipt of planning permission for the change of use the transaction is expected to complete in the second quarter of financial year 2026/2027.

On 27 May 2026, the Group notarised the acquisition of an asset in Fulda, Germany, for €49.8m. The mixed-use multi-tenant business park comprises 57,771 sqm of industrial, warehouse and office space and is 100% occupied. The transactions is expected to complete in the second quarter of financial year 2026/2027.

Business analysis (unaudited information)

at 31 March 2026

 

Geographical property analysis - owned investment properties

Germany

Region	No. of owned properties	Total sqm 000	Occupancy	Rate psqm €	Rent roll €m	% of portfolio by rent roll	Value €m(2)	Gross yield	Net yield	WALE rent	WALE sqm
Frankfurt	16	342	89.4%	8.44	31.0	19%	394.7	7.8%	7.4%	2.7	2.9
Berlin	4	108	94.3%	9.85	12.0	7%	201.2	6.0%	5.9%	2.5	2.5
Stuttgart	10	368	92.0%	5.65	23.0	14%	311.2	7.4%	6.9%	2.7	2.7
Cologne	8	147	91.8%	9.31	15.1	9%	209.6	7.2%	7.0%	2.5	2.7
Munich	5	162	86.3%	9.84	16.5	10%	276.0	6.0%	5.5%	3.4	3.6
Düsseldorf	16	452	76.3%	7.99	33.0	20%	371.8	8.9%	7.7%	2.9	3.1
Hamburg	5	122	74.9%	6.72	7.4	5%	103.5	7.1%	6.5%	1.6	1.5
Other	14	358	84.5%	7.49	27.2	16%	342.6	7.9%	7.3%	3.4	3.7
Total Germany	78	2,059	85.5%	7.82	165.2	100%	2,210.6	7.5%	6.8%	2.8	3.0

 

UK

Region	No. of  owned properties	Total sqm 000	Occupancy	Rate psqm € (1)	Rent roll €m (1)	% of portfolio by rent roll	Value €m (2)	Net yield	WALE rent	WALE sqm
Midlands	13	248	87.7%	9.02	23.5	25%	234.6	8.0%	3.2	3.3
North	10	55	93.3%	14.16	8.8	10%	56.3	11.2%	1.3	1.6
North East and North	12	91	91.5%	8.62	8.6	10%	65.8	8.6%	1.6	1.9
North West	15	116	93.0%	11.80	15.3	16%	106.4	9.9%	1.6	1.8
South East	14	37	87.5%	36.65	14.4	15%	120.9	8.2%	1.4	1.5
South West	12	217	67.7%	12.97	22.8	24%	174.8	8.3%	2.7	0.8
Total UK	76	764	83.7%	12.16	93.4	100%	758.8	8.7%	2.2	1.4

 

(1)   The Group's UK business charges licence customers an all-inclusive rate, which includes an implicit element of service charge.

(2)   Book value of owned investment properties including investment properties held for sale when applicable.

 

Usage analysis

Germany

Usage	Total sqm	% of total sqm	Occupied sqm	% of occupied  sqm	Rent roll €m	% of rent roll	Vacant sqm	Rate psqm €
Office	634,351	30.8%	519,439	29.5%	57.8	35.0%	114,912	9.27
Storage	652,460	31.7%	555,572	31.6%	39.3	23.8%	96,888	5.89
Production	492,862	23.9%	464,308	26.4%	31.8	19.3%	28,555	5.72
Smartspace	131,549	6.4%	90,457	5.1%	11.3	6.8%	41,092	10.39
Other(1)	147,833	7.2%	130,266	7.4%	25.0	15.1%	17,566	16.01
Total Germany	2,059,055	100.0%	1,760,042	100.0%	165.2	100.0%	299,013	7.82

 

UK

Usage	Total sqm	% of total sqm	Occupied sqm	% of occupied  sqm	Rent roll €m (3)	% of rent roll	Vacant sqm	Rate psqm € (3)
Office	147,899	19.3%	119,106	18.6%	42.2	45.2%	28,793	29.54
Workshop	570,655	74.7%	484,850	75.8%	44.5	47.7%	85,805	7.65
Storage	4,028	0.5%	1,724	0.3%	1.7	1.9%	2,304	84.31
Other(2)	41,773	5.5%	34,083	5.3%	5.0	5.2%	7,690	12.23
Total UK	764,355	100.0%	639,763	100.0%	93.4	100.0%	124,592	12.16

 

(1)   Other includes: catering, other usage, residential and technical space, land and car parking.

(2)   Other includes: aerials, car parking, retail units, yards, catering and residential.

(3)   The Group's UK business charges licence customers an all-inclusive rate, which includes an implicit element of service charge.

 

Lease expiry profile of future minimum lease payments receivable under non-cancellable leases

Germany by income

Period	Office €m	Production €m	Storage €m	Smartspace €m	Other (1) €m	Adjustments in relation to lease incentives €m	Total €m
Less than 1 year	50.4	29.0	32.1	6.5	20.0	(2.4)	135.6
Between 1 and 5 years	81.7	69.0	55.9	1.7	32.0	(0.2)	240.1
More than 5 years	15.0	24.6	13.1	0.1	10.3	0.0	63.1
Total	147.1	122.6	101.1	8.3	62.3	(2.6)	438.8

 

Germany by sqm

Period	Office sqm	Production sqm	Storage sqm	Smartspace sqm	Other (1) sqm	Total sqm
Less than 1 year	144,271	104,056	203,350	80,516	44,869	577,062
Between 1 and 5 years	317,374	270,159	284,322	9,906	69,018	950,779
More than 5 years	57,794	90,093	67,900	35	16,379	232,201
Total	519,439	464,308	555,572	90,457	130,266	1,760,042

 

(1)   Other includes: catering, other usage, residential and technical space, land and car parking.

 

UK by income

Period	Office €m	Workshop €m	Storage €m	Other (2) €m	Adjustments in relation to lease incentives €m	Total €m
Less than 1 year	12.6	7.8	0.1	0.6	-	21.1
Between 1 and 5 years	33.7	46.0	0.0	2.7	-	82.4
More than 5 years	15.8	75.9	0.0	12.8	-	104.5
Total	62.1	129.7	0.1	16.1	-	208.0

 

UK by sqm

Period	Office sqm	Workshop sqm	Storage sqm	Other (2) sqm	Total sqm
Less than 1 year	62,844	138,674	1,724	10,950	214,192
Between 1 and 5 years	56,120	252,002	-	10,329	318,451
More than 5 years	8,780	94,174	-	4,165	107,119
Total	127,744	484,850	1,724	25,444	639,762

 

(2)   Other includes: aerials, car parking, retail units, yards, catering and residential.

 

The Group's UK business provides flexible leases that represent approximately 53.9% of rent roll and conventional leases that represent 46.1% of rent roll.

Escalation profile per usage

Germany

The Group's German business' primary source of revenue relates to leasing contracts with tenants. The Group's German business realises escalations as a result of renewals, inflation linked indexations and contractually agreed uplifts. Approximately 29.3% of contracts in place at 31 March 2026 are subject to contractual uplifts. The average contractual uplifts over the coming twelve months split by usage are detailed as follows:

Usage	Increase in %
Office	3.01%
Storage	3.20%
Production	3.44%
Smartspace	9.30%
Other(1)	3.52%
Total	3.45%

 

(1)   Other includes: catering, other usage, residential and technical space, land and car parking.

 

UK

The Group's UK business' primary source of revenue relates to leasing contracts and licence fee agreements with tenants. The Group's UK business realises escalations as a result of renewals, inflation linked indexations and contractually agreed uplifts. Of the lease contracts in place at 31 March 2026, approximately 39.8% are subject to contractual uplifts. The average contractual lease contract uplifts over the coming twelve months split by usage are detailed as follows:

Usage	Increase in %
Office	7.3%
Workshop	11.7%
Total	10.3%

 

Property profile

Germany

Property and location	Total sqm	Office sqm	Storage sqm	Production sqm	Other (1) sqm	Rate psqm €
Aachen I	24,524	12,983	2,239	5,512	3,790	10.01
Aachen II	9,788	1,402	6,669	1,511	206	7.07
Alzenau	66,645	27,640	7,579	24,376	7,050	8.65
Bochum	56,009	11,791	35,643	3,966	4,609	5.64
Bochum II	4,259	3,502	479	12	266	9.61
Bonn	9,055	3,087	2,411	477	3,080	9.85
Bonn - Dransdorf	19,205	5,554	6,891	1,478	5,282	8.63
Buxtehude	28,780	1,120	9,775	13,421	4,464	5.20
Cölln Parc	13,520	5,823	3,420	2,940	1,337	11.87
Cologne	30,090	2,667	13,756	3,125	10,542	6.66
Dreieich	12,969	6,033	2,893	-	4,043	8.90
Dreieich II	5,605	194	2,592	-	2,819	7.30
Dresden	58,473	25,332	17,804	11,274	4,063	9.55
Dresden II	1,236	652	421	-	163	11.72
Dresden III	22,247	3,115	8,501	8,781	1,850	8.55
Düsseldorf - Sud	21,441	2,814	12,318	1,970	4,339	7.68
Düsseldorf II	9,896	4,430	4,949	-	517	7.63
Düsseldorf III	34,246	20,581	10,617	171	2,877	12.47
Erfurt	23,663	6,780	11,970	-	4,913	4.25
Essen	15,481	5,907	4,690	2,310	2,574	7.18
Essen II	11,624	7,439	1,845	627	1,713	10.93
Feldkirchen	26,420	11,983	3,842	7,752	2,843	11.76
Fellbach	26,436	1,748	16,115	340	8,233	6.37
Fellbach II	9,769	4,601	217	-	4,951	10.36
Frankfurt	4,330	2,253	476	68	1,533	13.03
Frankfurt III	10,228	4,848	1,376	-	4,004	14.69
Frankfurt Röntgenstraße	5,525	3,846	555	36	1,088	12.69
Freiburg Teningen	20,798	7,102	6,233	5,578	1,885	6.08
Frickenhausen	28,009	5,966	8,158	10,611	3,274	6.01
Friedrichsdorf	17,536	6,427	5,489	3,074	2,546	8.17
Gartenfeld	29,490	6,042	10,508	6,896	6,044	10.68
Geilenkirchen	17,124	269	4,036	12,603	216	5.84
Göppingen	36,388	2,419	8,116	23,736	2,117	4.29
Grasbrunn	14,359	7,267	4,734	-	2,358	12.65
Hallbergmoss	18,721	12,205	2,876	-	3,640	11.76
Hamburg	29,616	5,064	18,426	4,805	1,321	7.13
Hamburg Lademannbogen	10,533	7,677	1,010	-	1,846	10.49
Hanover	22,762	8,112	3,958	6,344	4,348	8.32
Heidenheim	46,843	8,415	15,420	13,828	9,180	4.91
Heiligenhaus	44,810	19,596	7,534	12,364	5,316	7.08
Klipphausen	17,779	993	108	16,031	647	7.85
Köln Porz	21,215	14,862	2,285	279	3,789	12.86
Köln Rodenkirchen	19,920	9,918	6,689	2,178	1,135	8.47
Krefeld	11,331	7,016	2,520	594	1,201	7.74
Krefeld II	6,147	2,893	325	2,171	758	8.69
Krefeld III	9,705	4,557	3,312	999	837	9.40
Lübeck	14,198	4,031	5,879	4,270	18	7.19
Ludwigsburg	28,461	6,614	9,499	3,588	8,760	7.88
Mahlsdorf	29,483	11,678	10,705	1,963	5,137	9.36
Mahlsdorf II	12,773	5,780	1,263	1,906	3,824	9.37
Maintal Mitte	11,026	462	4,523	5,685	356	5.97
Mannheim	69,923	13,450	20,851	27,687	7,935	5.66
Mannheim II	14,707	5,884	4,127	586	4,110	7.18
Mannheim III	3,048	2,276	741	-	31	8.20
Markgröningen	58,356	4,532	30,853	20,337	2,634	3.79
Mönchengladbach	78,319	22,122	24,816	28,284	3,097	4.38
München - Neuaubing II	9,851	95	7,598	1,125	1,033	8.83
Munich - Neuaubing	93,099	12,782	31,918	32,242	16,157	8.68
Nabern II	5,578	1,620	491	2,376	1,091	9.43
Neckartenzlingen	51,593	15,307	19,470	14,087	2,729	4.84
Neu-Isenburg	8,187	5,370	1,165	-	1,652	12.06
Neuruppin	22,959	1,404	7,629	13,133	793	5.97
Neuss	17,629	13,368	1,277	182	2,802	13.25
Neuss II	33,652	7,960	17,198	6,058	2,436	6.34
Norderstedt	12,627	3,052	7,507	172	1,896	5.47
Nürnberg	14,153	2,323	3,241	7,532	1,057	7.66
Oberhausen	83,846	41,495	27,764	1,130	13,457	12.41
Offenbach Carl Legien-Strasse	45,419	9,703	9,316	17,678	8,722	7.00
Offenbach I	15,290	3,647	2,650	2,355	6,638	8.22
Öhringen	18,900	1,860	7,731	8,596	713	5.09
Pfungstadt	32,796	6,698	12,229	9,867	4,002	7.19
Potsdam	35,991	12,363	12,720	4,876	6,032	9.67
Potsdam II	244	165	71	-	8	14.46
Rastatt	20,265	5,068	8,043	2,366	4,788	7.55
Reinsberg	36,008	4,014	2,594	27,977	1,423	4.73
Rostock	18,712	8,114	1,955	6,680	1,963	7.43
Saarbrücken	47,126	28,802	9,784	2,264	6,276	9.91
Schenefeld	40,531	10,367	26,483	1,961	1,720	6.42
Solingen	13,333	2,475	4,409	4,924	1,525	3.28
Stuttgart - Kirchheim	57,863	20,168	12,897	18,737	6,061	6.99
Wiesbaden	18,559	14,377	1,283	-	2,899	18.78
Total	2,059,055	634,351	652,460	492,862	279,382	7.82

 

UK

Property and location	Total sqm	Office sqm	Workshop sqm	Storage sqm	Other (2) sqm	Rate psqm € (3)
Albion Mills Business Centre	14,894	5,101	5,320	889	3,584	8.97
Altrincham	4,476	1,375	2,768	-	333	15.06
Ashford	1,824	1,823	-	-	1	46.22
Banbury	43,934	-	43,934	-	-	5.32
Barnsley	6,835	724	5,915	-	196	8.30
Barnsley Carlton	3,383	1,172	2,016	-	195	18.59
Basingstoke	10,314	10,183	-	-	131	25.29
Bedford	20,353	8,895	10,024	-	1,434	14.34
Bradford - Dudley Hill	11,212	901	10,013	-	298	9.56
Bristol Equinox	1,304	1,303	-	-	1	51.69
Bury	3,874	3,874	-	-	-	17.49
Camberwell - Lomond	2,039	1,037	546	-	456	35.57
Carnforth	16,212	303	15,756	-	153	7.32
Cheadle	1,627	1,608	-	-	19	44.67
Christchurch	2,663	1,275	605	-	783	32.18
Consett	4,641	-	4,641	-	-	3.69
Coventry	1,621	1,621	-	-	-	17.84
Design Works	4,852	3,512	555	-	785	13.65
Didcot	1,021	491	510	-	20	35.69
Dinnington	3,788	1,000	2,648	-	140	11.97
Doncaster	2,732	2,730	-	-	2	26.88
Dorking	2,149	1,406	715	-	28	42.40
Earl Mill, Oldham	15,890	3,967	11,368	-	555	6.25
Egham	1,002	927	-	-	75	31.90
Fareham	1,758	1,758	-	-	-	47.33
Gateshead	13,269	-	12,036	-	1,233	5.58
Gloucester	20,445	615	17,055	113	2,662	6.28
Gloucester - Barnwood	3,304	3,022	24	257	1	34.30
Hartlebury	135,094	3,735	131,204	-	155	4.70
Hebburn	5,463	-	5,462	-	1	9.12
Hemel Hempstead	4,265	4,262	-	-	3	30.70
Hooton	1,355	1,225	-	-	130	31.20
Hove	2,939	875	643	-	1,421	33.71
Islington Studio	3,060	-	201	-	2,859	29.83
Leeds - Brooklands	2,025	1,436	-	573	16	19.19
Leeds - Wortley	3,726	-	3,725	-	1	8.81
Littlehampton	1,993	1,992	-	-	1	29.15
Liverpool	3,486	1,322	2,164	-	-	20.06
London Colney	1,998	206	116	-	1,676	28.23
M25 Business Centre	3,284	2,190	1,048	-	46	31.82
Maidstone	1,645	1,644	-	-	1	40.22
Manchester - Trafford Park	8,815	-	8,675	-	140	9.27
Manchester - Newton Heath	5,659	1,340	3,353	-	966	21.31
Manchester - Old Trafford	4,610	1,716	2,806	-	88	26.09
Milton Keynes	3,591	3,529	14	-	48	26.56
New Addington - Croydon	6,649	379	6,158	-	112	16.34
Newcastle - Amber Court	4,289	4,289	-	-	-	22.99
Northampton - K2	4,689	57	4,631	-	1	9.48
Northampton - KG	12,597	1,110	11,389	-	98	8.76
Nottingham - Arnold	5,281	1,342	3,738	-	201	10.43
Nottingham - Park Row	4,142	4,124	-	-	18	35.95
Nottingham - Roden	4,545	-	4,533	-	12	8.84
Oldham - Hollinwood	5,484	5,453	-	-	31	26.38
Perivale	2,147	436	1,604	-	107	29.83
Peterlee	18,307	-	18,306	-	1	4.52
Poole	6,326	5,586	-	591	149	21.65
Preston	3,295	1,741	1,297	256	1	17.84
Rochdale (Fieldhouse)	21,605	527	20,894	-	184	4.47
Rochdale (Moss Mill)	16,163	-	14,442	-	1,721	4.32
Rotherham	4,487	1,374	3,112	-	1	15.03
Sandy Business Park	9,261	108	9,152	-	1	9.86
Sheffield (Cricket)	1,927	-	1,927	-	-	12.21
Shipley	2,238	2,238	-	-	-	14.88
Solihull	1,689	1,688	-	-	1	49.08
Southampton	37,711	1,985	23,031	-	12,695	6.04
Spectrum House	4,302	4,116	169	-	17	40.01
Stanley	3,775	-	3,775	-	-	6.94
Swindon	6,856	324	6,496	-	36	17.87
The Ivories	2,300	-	2,299	-	1	42.79
Theale	2,600	2,542	-	-	58	64.99
Vantage Point Business Village	122,280	20,013	97,882	1,078	3,307	3.84
Wakefield	20,814	619	18,443	-	1,752	5.60
Warrington - Craven Court	3,829	-	3,829	-	-	12.07
Wembley	1,779	-	1,779	-	-	31.30
Wimbledon	3,293	1,172	1,569	271	281	29.49
Wolverhampton - Willenhall	5,271	581	4,340	-	350	10.43
Total	764,355	147,899	570,655	4,028	41,773	12.16

 

(1)   Other includes: Smartspace, catering, other usage, residential and technical space, land and car parking.

(2)   Other includes: aerials, car parking, retail units, yards, catering and residential.

(3)   The Group's UK business charges licence customers an all-inclusive rate, which includes an implicit element of service charge.

 

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, funds from operations and net loan to value (collectively, "the Non-IFRS Financial Information").

The Directors have disclosed:

•     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 cash flow from operations. The reconciliation for funds from operations is detailed in table A below showing all line item adjustments.

•     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 B 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 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. The reconciliation for headline earnings is detailed in table C 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 D 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 E 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 E 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 E 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 calculation for EPRA LTV is detailed in table F below showing all line item.

•     Net loan to value in order to help assess risk. The calculation of net loan to value is detailed in table G below showing all line items.

The Non-IFRS Financial Information is presented in accordance with the JSE Listings Requirements as well as 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.

Ernst & Young Inc. has issued an independent auditor's assurance report on certain Non-IFRS Financial Information for the year ended 31 March 2026 which is included on pages 172 to 173 of the Annual Report and Accounts 2026. The starting point for all the Non-IFRS Financial Information has been extracted, without adjustment, from the audited Group's consolidated financial statements for the year ended 31 March 2026 (the consolidated financial statements).

Table A - Funds from operations

	Year ended 31 March 2026 €m	Year ended 31 March 2025 €m
Profit for the year after tax(1)	229.8	178.2
Adjustments for:
Gain on revaluation of investment properties(2)	(110.6)	(79.4)
Adjustment in respect of long-term leasehold liabilities(3)	(0.5)	(1.3)
Loss/(gain) on disposals of properties(4)	0.5	(1.6)
Gain on revaluation of investment property from associates and related tax(5)	(1.2)	(0.1)
Other expenses not included in FFO(6)	0.5	0.6
Share-based payments(7)	10.2	6.5
Foreign exchange effects(8)	13.8	(4.1)
Depreciation and amortisation (excluding depreciation relating to IFRS 16)(9)	2.9	3.7
Amortisation of capitalised loan issue costs(10)	8.4	3.3
Adjustment in respect of IFRS 16(11)	(0.1)	0.8
Adjustment of total deferred tax(12)	(20.2)	16.6
Funds from operations(13)	133.5	123.2

 

Notes:

(1)   Presents profit or loss after tax which has been extracted from the 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 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 13 within the consolidated financial statements.

(4)   Presents the gain or loss on disposal of properties which has been extracted from the 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 11 within the consolidated financial statements.

(6)   Presents other expenses not included in FFO as included in administrative expenses in note 6 within the consolidated financial statements.

(7)   Presents share-based payments as included in administrative expenses in note 6 within the consolidated financial statements.

(8)   Presents the net foreign exchange gains or losses as included in other administration costs in note 6 and net foreign exchange difference in note 9 within the consolidated financial statements.

(9)   Presents depreciation of plant and equipment plus amortisation of intangible assets as included in administrative expenses in note 6 within the consolidated financial statements.

(10) Presents amortisation of capitalised loan issue costs which has been extracted from note 9 within the consolidated financial statements.

(11) Presents the differential between the expense recorded in the consolidated income statement for the year relating to long-term leasehold liabilities in accordance with IFRS 16 amounting to €3.3m (2025: €4.2m) and the actual cash expense recorded in the consolidated statement of cash flows for the year amounting to €3.4m (2025: €3.4m).

(12) Presents the total deferred tax expense which has been extracted from note 10 within the consolidated financial statements.

(13) Presents the funds from operations. Additionally, FFO per share is 8.82c (2025: 8.44c) which is the funds from operations divided by the weighted average number of ordinary shares for the purpose of basic, EPRA and headline earnings per share from note 11 within the consolidated financial statements for each respective reporting period.

 

Table B - EPRA earnings

	Year ended 31 March 2026 €m	Year ended 31 March 2025 €m
Basic and diluted earnings attributable to owners of the Company(1)	229.6	178.1
Deduct gain on revaluation of investment properties(2)	(110.6)	(79.4)
Add loss/(deduct gain) on disposal of properties (net of related tax)(3)	0.5	(1.6)
Deferred tax in respect of EPRA earnings adjustments(4)	(19.1)	20.6
Adjustments related to non-operating and exceptional items(5)	13.2	-
NCI relating to revaluation (net of related tax)(6)	0.1	0.1
NCI relating to gain on disposal of properties (net of related tax)(7)	0.0	0.0
Add loss/(deduct gain) on revaluation of investment property from associates(8)	0.2	(0.8)
Tax in relation to the revaluation gains/losses on investment property from associates(9)	(1.4)	0.7
EPRA earnings(10)	112.5	117.7

 

Notes:

(1)   Presents the profit attributable to owners of the Company which has been extracted from the 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 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 11 within the consolidated financial statements.

(4)   Presents deferred tax in respect of EPRA earning adjustments which has been extracted from note 11 within the consolidated financial statements.

(5)   Presents adjustments related to non-operating and exceptional items which has been extracted from note 11 within the consolidated financial statements.

(6)   Presents the non-controlling interest relating to revaluation (net of related tax) which has been extracted from note 11 within the consolidated financial statements.

(7)   Presents the non-controlling interest relating to gain or loss on disposal of properties (net of related tax) which has been extracted from note 11 within the consolidated financial statements.

(8)   Presents the gain or loss on revaluation of investment property from associates which has been extracted from note 11 within the consolidated financial statements.

(9)   Presents tax in relation to the revaluation gains/losses on investment property from associates which has been extracted from note 11 within the consolidated financial statements.

(10) Presents the EPRA earnings.

 

Table C - 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):

	Year ended 31 March 2026			Year ended 31 March 2025
	Gross €m	Net €m		Gross €m	Net €m
Basic earnings and diluted earnings attributable to owners of the Company(1)		229.6			178.1
Deduct gain on revaluation of investment properties(2)	(110.6)	(129.7)		(79.4)	(58.8)
Add loss/(deduct gain) on disposal of properties(3)	0.5	0.5		(1.6)	(1.6)
NCI relating to revaluation(4)	0.1	0.1		0.1	0.1
NCI relating to gain on disposal of properties(5)	0.0	0.0		0.0	0.0
Add loss/(deduct gain) on revaluation of investment property from associates(6)	0.2	(1.2)		(0.8)	(0.1)
Headline earnings(7)		99.3			117.7

 

Notes:

(1)   Presents the profit attributable to owners of the Company which has been extracted from the 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 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). This amount includes €40.2m attributable to the reduced German tax rate.

(3)   Presents the gain or loss on disposal of properties which has been extracted from the 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 non-controlling interest relating to gain or loss on disposal of properties (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.

(6)   Presents the gain or loss on revaluation of investment property from associates (for the gross column) less any related tax (for the net column), both of which has been extracted from note 11 within the consolidated financial statements.

(7)   Presents the headline earnings.

 

Table D - Adjusted net asset value

	2026 €m	2025 €m
Net asset value
Net asset value for the purpose of assets per share (total equity attributable to the owners of the Company)(1)	1,890.6	1,688.9
Net deferred tax liabilities(2)	80.2	99.3
Adjusted net asset value attributable to owners of the Company(3)	1,970.8	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 consolidated statement of financial position within the consolidated financial statements.

(2)   Presents the net deferred tax liabilities or assets which have been extracted from note 10 within the consolidated financial statements.

(3)   Presents the adjusted net asset value attributable to the owners of the Company.

 

Table E - EPRA net asset measures

2026	EPRA NRV €m	EPRA NTA €m	EPRA NDV €m
Net asset value at year end (basic)(1)	1,890.6	1,890.6	1,890.6
Diluted net asset value at fair value	1,890.6	1,890.6	1,890.6
Group
Deferred tax in respect of fair value movements on investment properties(2)	84.3	83.7*	n/a
Intangible assets(3)	n/a	(1.6)	n/a
Fair value of fixed interest rate debt(4)	n/a	n/a	85.0
Real estate transfer tax(5)	228.9	n/a	n/a
Investment in associates
Deferred tax in respect of fair value movements on investment properties(2)	6.5	6.5*	n/a
Fair value of fixed interest rate debt(4)	n/a	n/a	18.3
Real estate transfer tax(5)	9.7	n/a	n/a
Total EPRA NRV, NTA and NDV(6)	2,220.0	1,979.2	1,993.9

 

2025	EPRA NRV €m	EPRA NTA €m	EPRA NDV €m
Net asset value at year 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 at year end except for, when applicable, deferred tax in relation to investment properties 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 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 10 within the consolidated financial statements and for EPRA NTA only the additional credit adjustment for the deferred tax expense relating to investment properties held for sale of €0.6m (2025: €nil). For investment in associates the deferred tax income/(expense) arising on revaluation losses/gains amounted to €1.4m (2025: (€0.7m)).

(3)   Presents intangibles which has been extracted from the consolidated statement of financial position within the consolidated financial statements.

(4)   Presents the fair value of financial liabilities and assets on the consolidated statement of financial position, net of any related deferred tax.

(5)   Presents the add-back of purchasers' costs in order 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.

 

Table F - EPRA LTV

		Proportionate consolidation
2026	Group €m	Investment in associates €m	Total €m
Interest-bearing loans and borrowings(1)	204.3	52.6	256.9
Corporate bonds(2)	1,214.9	-	1,214.9
Net payables(3)	82.7	3.2	85.9
Cash and cash equivalents(4)	(410.2)	(8.4)	(418.6)
Net debt (a)(5)	1,091.7	47.4	1,139.1
Investment properties(6)	2,960.5	128.0	3,088.5
Assets held for sale(7)	30.0	-	30.0
Plant and equipment(8)	19.3	-	19.3
Intangible assets(9)	1.6	-	1.6
Loan to associates(10)	45.1	-	45.1
Total property value (b)(11)	3,056.5	128.0	3,184.5
EPRA LTV (a/b)(12)	35.7%	37.0%	35.8%

 

		Proportionate consolidation
2025	Group €m	Investment in associates €m	Total €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%	39.9%	30.4%

 

Notes:

(1)   Presents the interest-bearing loans and borrowings which have been extracted from the consolidated statement of financial position within the consolidated financial statements less the corporate bonds which have been extracted from note 23 within the consolidated financial statements.

(2)   Presents the corporate bonds which have been extracted from note 23 within the consolidated financial statements.

(3)   Presents the net payables, which are the sum of trade and other receivables, trade and other payables, current tax liabilities (all of which have been extracted from the consolidated statement of financial position within the consolidated financial statements) and deposits which have been extracted from note 18 within the consolidated financial statements.

(4)   Presents the cash and cash equivalents which have been extracted from the 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 consolidated statement of financial position within the consolidated financial statements.

(7)   Presents the assets held for sale which have been extracted from the consolidated statement of financial position within the consolidated financial statements.

(8)   Presents the plant and equipment which have been extracted from the consolidated statement of financial position within the consolidated financial statements.

(9)   Presents the intangible assets which have been extracted from the consolidated statement of financial position within the consolidated financial statements.

(10) Presents the loan to associates which has been extracted from note 18 within the consolidated financial statements.

(11) Presents the total property value, which is the sum of investment properties, assets held for sale (when applicable), 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 G - Net LTV

	2026 €m	2025 €m
Carrying amount of interest-bearing loans and borrowings(1)	1,419.2	1,319.0
Unamortised capitalised loan issue costs(2)	25.6	26.5
Less cash and cash equivalents (not including cash restricted under contractual terms)(3)	(372.7)	(571.3)
Total	1,072.1	774.2
Book value of owned investment properties(4)	2,969.4	2,465.2
Net LTV(5)	36.1%	31.4%

 

(1)   Presents the interest-bearing loans and borrowings which have been extracted from the consolidated statement of financial position within the consolidated financial statements.

(2)   Presents the current and non-current capitalised loan issue costs which have been extracted from note 23 within the consolidated financial statements.

(3)   Presents the cash at bank and short-term investments which have been extracted from note 21 within the consolidated financial statements.

(4)   Presents the owned investment properties at market value per valuer's report adjusted in respect of lease incentives separately recognised which have been extracted from note 13 within the consolidated financial statements plus investment properties held for sale which have been extracted from note 14 within the consolidated financial statements when applicable.

(5)   Presents the net LTV which 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 investment properties held for sale when applicable).

 

Glossary of terms

 

Adjusted net asset value (adjusted NAV)	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 11 showing all line item adjustments)
EPRA loan to value (EPRA LTV)	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 25 showing all line items)
EPRA net reinstatement value (EPRA NRV)	is the net asset value adjusted to reflect the value required to rebuild the Group and assuming that the Group never sells assets (EPRA NRV is detailed in note 12 showing all line item adjustments)
EPRA net tangible assets (EPRA NTA)	is the net asset value adjusted to reflect that the Group buys and sells assets, thereby crystallising certain levels of unavoidable deferred tax (EPRA NTA is detailed in note 12 showing all line item adjustments)
EPRA net disposal value (EPRA NDV)	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 12 showing all line item adjustments)
EPRA net initial yield (EPRA NIY)	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 64 of the Group's Annual Report and Accounts 2026
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 amortisation, loan issue costs, foreign exchange differences and other non-recurring items. Refer to note 4 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 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 11 showing all line item adjustments)
Like-for-like	refers to the manner in which metrics are subject to adjustment in order 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 (net LTV)	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 investment properties 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 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
Property Income Distribution (PID)	is a distribution by a REIT to its shareholders paid out of qualifying profits. A REIT is required to distribute at least 90% of its qualifying profits as a PID to its shareholders
Rate	·       for the German portfolio is rental income per sqm expressed on a monthly basis at a specific reporting date; ·       for the UK portfolio is rental income (including estimated service charge element) per sqm expressed on a monthly basis at a specific reporting date in EUR; and ·       for the UK portfolio is rental income (including estimated service charge element) per sq ft expressed on an annual basis 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 31 March 2026. Rent roll should not be interpreted or used as a forecast or estimate. Rent roll differs from rental income described in note 5 of the Annual Report and reported within revenue in the audited 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 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 movements in adjusted NAV per share and dividends paid divided by the opening adjusted NAV per share
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, as amended, 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