London · Delayed Price · Currency is GBP · Price in GBX SEGRO Earnings Call Transcripts
Fiscal Year 2026
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Strong H1 results featured 6.6% EPS growth, robust leasing, and a 5.3% rise in net rental income. The development pipeline and data center strategy advanced, with over GBP 1 billion in future income opportunities identified. UK valuation declined modestly, but balance sheet strength and market demand support a positive outlook.
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A unique, supply-constrained portfolio in prime European urban and logistics markets underpins strong rental growth and significant embedded value, especially in data centers. The business is self-funding its robust development pipeline, projecting substantial earnings growth and structural upside, while rejecting a takeover proposal as undervaluing its unique assets and future potential.
Fiscal Year 2025
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Delivered record new headline rent and strong financial growth in 2025, with robust performance across U.K. and Continental Europe. Data centre strategy and disciplined capital allocation position the business for continued growth, supported by favorable market trends.
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Strong like-for-like rental income growth and the first NAV uptick since 2022 drove a 6.5% increase in earnings and dividends per share. Development prospects and data center expansion are improving, with a robust balance sheet and visible rental reversion supporting future growth.
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A major joint venture will deliver a GBP 1 billion fully fitted data center in West London, targeting a 9-10% yield and leveraging rare land and power assets. The project responds to strong hyperscaler demand and is structured for phased delivery and robust risk management.
Fiscal Year 2024
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Delivered 5.5% growth in earnings and dividends per share and 8% net rental income growth year-over-year, with strong leasing activity and disciplined capital allocation. Positioned for further growth in 2025, especially in data centers, supported by a robust balance sheet and liquidity.
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Strong H1 2024 results with 15% profit growth, robust rental uplifts, and a healthy balance sheet. Development and asset management drive future growth, supported by favorable market trends and a significant land bank.