Interim results for six months ended 30 Sept 2025

SIRIUS REAL ESTATE LIMITED

(Incorporated in Guernsey)

Company Number: 46442

JSE Share Code: SRE

LSE (GBP) Share Code: SRE

LEI: 213800NURUF5W8QSK566

ISIN Code: GG00B1W3VF54

17 November 2025

Sirius Real Estate Limited

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

Interim results for the six months ended 30 September 2025

Strong operational results drive FFO and a 4% increase in dividend

Sirius Real Estate, the leading owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany and the U.K., announces its consolidated financial results for the six months to 30 September 2025.

Operating platform continues to drive rental and FFO growth

• 56.8% increase in profit after tax to €87.0m (30 September 2024: €55.5m) due to strong operational performance, valuation gain and release of deferred tax liabilities in the German portfolio as the German government enacted an annual 1% reduction on the corporate tax rate from 2028 until 2032 from 15% to 10%

• 15.2% total rent roll growth to €242.5m1 (30 September 2024: €210.5m) highlighting the impact of acquisitions in the period, supported by a 5.2% like-for-like rent roll growth to €211.7m1 (30 September 2024: €201.2m) driven by continued strong organic growth and occupier demand in Germany and the UK

• 6.6% growth in funds from operations ("FFO") to €64.7m (30 September 2024: €60.7m) with FFO per share of 4.30c (2024: 4.29c) reflecting the dilutionary effect of the July 2024 equity raise before Sirius sees the corresponding growth from acquisitions in future periods

• 6.0% decrease in profit before tax to €57.5m (30 September 2024: €61.2m) primarily due to a net foreign exchange loss of €14.2m on sterling cash reserves held in anticipation of UK investments made in the period

• Basic earnings per share increased by 47.2% to 5.77c (30 September 2024: 3.92c) reflecting the strong 56.8% growth in profit after tax and the higher shares in issue following the equity issuance in July 2024 while headline earnings and EPRA earnings per share decreased by 28.8% to 2.84c (30 September 2024: 3.99c) primarily due to foreign currency translation loss of €14.2m in the period

Sustainable FFO growth supports 24th progressive dividend payout

• Progressive H1 dividend of 3.18c per share (30 September 2024: 3.06c) amounting to a 4.0% increase in dividend per share

Valuations underpinned by income

• Value of owned investment property portfolio up 12.2% to €2,765.4m2 (31 March 2025: €2,465.2m) driven by €295.0m in acquisitions in the period and a €14.4m asset management led uplift in valuations

• Portfolio gross and net yields of 7.5% and 6.7% in Germany (31 March 2025: 7.4% and 6.7%) and 12.3% and 8.8% in the UK (31 March 2025: 14.1% and 9.5%) respectively for the period

• Group EPRA net initial yield of 6.8% (31 March 2025: 6.9%) with Germany stable at 6.2% and the UK at a tighter yield of 8.3%, reflecting the industrial focused acquisition activity (31 March 2025: 6.3% and 8.9%) respectively

• 0.9% decrease in Adjusted NAV per share to 117.84c (31 March 2025: 118.89c), with valuation gains being offset by unrealised foreign currency translation effects in the period on the Group's UK assets being converted into the euro based reporting currency

• 1.4% decrease in EPRA NTA per share to 115.94c (31 March 2025: 117.61c), again valuation gains having been offset by unrealised foreign currency translation effects

Strong balance sheet

• 2.5% (31 March 2025: 2.6%) weighted average cost of debt and weighted average debt expiry of 3.7 years (31 March 2025: 4.2 years) ensures stability, efficiency and long-term flexibility

• New 5 year €150.0m undrawn Revolving Credit Facility from a syndicate of three banks, ABN Amro, BNP Paribas and HSBC, providing capacity for acquisitions and capex investment, as well as efficient cash management

• An additional €105.0m capital raised from its €359.9m 1.75% bonds due in November 2028 to provide fire power for the Group's acquisition pipeline

• 38.3% net LTV (31 March 2025: 31.4%) (higher as available cash was invested into property) and Net Debt to EBITDA of 6.7x, within our 40.0% net LTV and 8x target caps respectively

• €389.0m cash position at 30 September 2025 (31 March 2025: €571.3m) as well as €150.0m undrawn RCF provides capacity for acquisitions and capex investment as well as repayment of the €400.0m bond due in June 2026

• Fitch reaffirmed its BBB investment grade rating with "Stable Outlook" in October 2025

Outlook

• The Group is trading in line with management expectations

• Sirius continues to target further growth options, particularly in Germany on an opportunistic basis, using existing firepower as well as recycling of mature assets to reinvest in value-add opportunities

1 The Group has chosen to disclose certain Group rental income figures utilising a constant foreign currency exchange rate of GBP:EUR 1.1450, being the closing exchange rate as at 30 September 2025.

2 Including assets held for sale

Commenting on the period, Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said: "Over the first half of the year Sirius has delivered another strong performance, demonstrating the platform's continued ability to asset manage value and drive rental income from the highly resilient portfolio that we have assembled and which comprises assets that appeal to a broad range of occupiers. Our like-for-like rent roll growth was again above 5% and helped us drive a 6.6% growth in FFO, while our value add and tenant renewal capex investment programmes have now achieved average returns on investment of 41% and 54% over the last three years respectively.

At the same time, we have continued to make good progress in our acquisition programme, investing almost €340m so far this year, including the purchase of a significant estate in Hartlebury which has been transformatory for our BizSpace business in the UK. Importantly, with the proceeds of our 2024 capital raise now fully invested and overall rent roll 15.2% ahead of the same period last year, we expect these well timed acquisitions to begin to flow through to FFO and earnings growth on a per share basis in the second half and beyond.

Sirius remains favourably positioned to continue to build scale by utilising its strong balance sheet for acquisitions and organically through its intensive asset management initiatives and diversified offerings. With the business performing well and a confident outlook we are pleased to be delivering our 24th consecutive increased dividend to shareholders."

Webcast Presentation

Webcast Conference 

There will be an in person presentation for analysts at 09.00am (10.00am CET/ 11.00am SAST) today, hosted by Andrew Coombs, Chief Executive Officer of Sirius Real Estate, and Chris Bowman, Chief Financial Officer. This will be held at Berenbergs's offices: 60 Threadneedle St, London EC2R 8HP, United Kingdom

For those unable to join in person, there will be an audio webcast presentation, with registration available via the link below: https://stream.brrmedia.co.uk/broadcast/68fb4cb79f0c7e00132b0652

For further information:

Sirius Real Estate

Andrew Coombs, CEO / Chris Bowman, CFO

+44 (0) 20 3059 0855

FTI Consulting (Financial PR)

Richard Sunderland / Ellie Sweeney / James McEwan

+44 (0) 20 3727 1000

[email protected] 

NOTES TO EDITORS

About Sirius Real EstateSirius is a property company listed on the equity shares (commercial companies) category of the London Stock Exchange and the premium segment of the main board of the JSE Limited. It is a leading owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany and the UK. As of 30 September 2025, the Group's portfolio comprised 153 assets let to 10,958 tenants with a total book value of €2.8 billion, generating a total rent roll of €242.5m. Sirius also holds a 35% stake in Titanium, its €350.0m+ German-focused joint venture with clients of AXA IM Alts.

The Group's strategy centres on acquiring business parks at attractive yields and integrating them into its network of sites - both under the Sirius and BizSpace names and alongside a range of branded products. The business then seeks to reconfigure and upgrade existing and vacant space to appeal to the local market via intensive asset management and investment and may then choose to refinance or dispose of assets selectively once they meet maturity, to release capital for new investment. This active approach allows the Group to generate attractive returns for shareholders through growing rental income, improving cost recoveries and capital values, and enhancing returns through securing efficient financing terms. 

For more information, please visit: www.sirius-real-estate.com

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

Follow us on X (Twitter) at @SiriusRE

JSE Sponsor

PSG Capital

Business update

Acquisition programme supports total rent roll growth

Total revenue

€162.3m

3.7%

2025 €162.3m

2024 €156.5m

Total rent roll

€242.5m1

15.2%

2025 €242.5m

2024 €210.5m

Net operating income

€95.1m

2.9%

2025 €95.1m

2024 €92.4m

Funds from operations

€64.7m

6.6%

2025 €64.7m

2024 €60.7m

Profit before tax

€57.5m

(6.0)%

2025 €57.5m

2024 €61.2m

Profit after tax

€87.0m

56.8%

2025 €87.0m

2024 €55.5m

Interim dividend

3.18c per share

4.0%

2025 3.18c

2024 3.06c

Basic earnings per share

5.77c per share

47.2%

2025 5.77c

2024 3.92c

Adj. NAV per share

117.84c per share

(0.9)%

2025 117.84c

2024* 118.89c

1 The Group has chosen to disclose certain Group rental income figures utilising a constant foreign currency exchange rate of GBP:EUR 1.1450, being the closing exchange rate as at 30 September 2025.

* 31 March 2025 comparative

In summary:

• Sirius continues to deliver like-for-like rent roll growth well ahead of inflation, which coupled with the contribution from a well-timed series of successful acquisitions has driven total rent roll growth by 15.2% year on year. With a strong balance sheet and opportunities to recycle mature assets, the Group is able to continue to act on accretive opportunities as they arise which should maintain strong returns and a progressive dividend for our shareholders

• The Group looks ahead with confidence and continues to trade in line with management expectations for the full year.

Key Group metrics:

* The Group has chosen to disclose certain Group rental income figures throughout utilising a constant foreign currency exchange rate of GBP:EUR 1.1450, being the closing exchange rate as at 30 September 2025, throughout this document.

Overview

The Group is pleased to report continued trading in line with expectations, with Group total rent roll increasing by 15.2%* year-on-year and like-for-like Group rent roll growth of 5.2%* compared to the prior year.

The ongoing acquisition programme in the first six months, which seamlessly followed on from that of the previous financial year, across both jurisdictions contributed positively to strong total rent roll growth of 15.2%*, with Germany reporting an increase of 12.0% (30 September 2024: 7.8%) and the UK growing by 21.0% (30 September 2024: 29.6%). The 5.2% year-on-year like-for-like rent roll growth demonstrates the Group's consistent ability to achieve over 5% organic rent roll growth in Germany and the UK. 5.3% (30 September 2024: 5.8%) growth in Germany was primarily a result of protecting occupancy and focusing on renewals at higher rates, whereas in the UK the 5.1% (30 September 2024: 4.9%) increase was achieved by increasing rate while giving up on some occupancy to permit growth in future periods. The 5.1% increase in rate excludes Vantage Point, Gloucester, acquired in April 2024. The site has been subject to active asset management where the site's largest tenant was actively managed out and we re-let one third of the resulting vacancy at a rate which replaces more than half the previous rent. The remaining vacant space is undergoing refurbishment to drive rates potential further and maximise rent roll growth. Due to the scale of Vantage Point and concentration of one single tenant at acquisition, it has been excluded from the underlying rent roll growth stated above for the period. Including Vantage Point, rent roll in the UK would have increased by 1.9%.

The strong trading underpins the board's confidence to declare a 4.0% increase in the interim dividend to 3.18c per share compared to the 3.06c paid in respect of the first half of the last financial year. Adjusted NAV per share declined by 0.9% to 117.84c per share (31 March 2025: 118.89c per share) in the six-month period due to the negative impact of unrealised foreign currency effects on the translation of our UK assets into the Group's reporting currency. Owned investment property, driven by acquisitive growth increased by 12.2% to €2,765.4m** from €2,465.2m as at 31 March 2025 which includes €295.0m in property acquisitions in the period.

The Group's balance sheet remains strong with a net LTV of 38.3% (31 March: 31.4%), a weighted average debt expiry of 3.7 years (31 March 2025: 4.2 years) and a weighted average cost of debt of 2.5% (31 March 2025: 2.6%). At the half year the Group had €389.0m of cash in the bank following tapping its €359.9m 1.75% bonds due in November 2028, for €105.0m of nominal value in September 2025, to continue to support the Group's acquisition programme as well as capex investments. In addition, the Group secured a €150.0m Revolving Credit Facility ("RCF") in June 2025 with an initial three-year term which may be extended at the lenders' discretion (two one-year extensions) and incorporates accordions allowing it to be upsized by up to an additional €100.0m, all of which are at the Group's request requiring bank consent, to provide the Group with added flexibility to manage its balance sheet. The facility is undrawn and permits additional balance sheet flexibility as well as efficient cash management.

The Group has €400.0m in corporate bonds expiring in June 2026 which are to be repaid upon coming due and €150.3m in debt in its Titanium venture in which it holds a 35% interest, expiring in March 2026. The debt within Titanium is ringfenced within the venture and refinancing activity on the debt is well progressed. The financing activity in the period demonstrates continued support from the Group's debt partners to finance its operations throughout the property cycle.

* The Group has chosen to disclose certain Group rental income figures throughout utilising a constant foreign currency exchange rate of GBP:EUR 1.1450, being the closing exchange rate as at 30 September 2025, throughout this document.

** Including assets held for sale

Financial performance

Total revenue, which comprises rental income, fee income from our investment in associates, other income from investment properties and service charge income, increased by 3.7% to €162.3m (30 September 2024: €156.5m). Excluding the effects from gains and losses from the revaluation of investment properties, profit before tax decreased by 26.2% to €43.1m (30 September 2024: €58.4m). This decline, despite the underlying growth of our funds from operations, was principally driven by the negative €14.2m swing in foreign currency effects on the Group's cash holdings in sterling as well as increasing net finance expense. The Group reported a profit before tax for the six-month period of €57.5m (30 September 2024: €61.2m) which includes €15.5m of gain* from investment property revaluations of its owned assets (30 September 2024: €3.6m gain*). Reported profit after tax grew by 57.1% to €87.0m (September 2024: €55.5m) due to the effects of tax legislation enacted in the period in Germany; whereby corporate tax is being reduced from the statutory rate of 15% to 10% over a five-year period from 2028 to 2032, which has had a corresponding decrease on the Group's German deferred tax liabilities of €34.7m.

* Net of capex and before adjustments in relation to lease incentives.

FFO for the six months grew to €64.7m (4.30c per share) compared to €60.7m (4.29c per share) for the same period in the prior year. The increase of 0.2% on a per share basis reflects the full effect of the July 2024 equity issuance leading to increased shares outstanding and the timing of the Group's acquisitions in the period which were heavily skewed to later in the period meaning relatively little contribution to FFO growth. The full effect of the Group's acquisitions are expected to contribute to FFO per share growth in the coming periods. Diluted EPRA earnings per share, which excludes the impact of valuations, has decreased by 29.2% due to timing of acquisitions in the period following the aforementioned equity raises and is expected to improve towards the end of the financial year as the earnings contributions from these acquisitions are realised. Excluding the impact of foreign currency fluctuations, diluted EPRA earnings per share would decrease by 1.9% to 3.72c (30 September 2024: 3.79c)

The following table sets out the key earnings per share metrics:

Table 1: FFO and Earnings per share

The Directors have chosen to disclose EPRA earnings, which are widely used alternative metrics to their IFRS equivalents (further details on EPRA best practice recommendations can be found at www.epra.com). Refer to note 2(c) for further information.

Net asset value (NAV) per share improved to 113.22c (31 March 2025: 112.29c) in the period whilst adjusted net asset value (adjusted NAV) per share declined by 0.9% to 117.84c (31 March 2025: 118.89c). EPRA net tangible assets (EPRA NTA) per share decreased by 1.4% to 115.94 c (31 March 2025: 117.61c). The valuation metrics are described in more detail below and the movement in net asset value per share in the period can be seen in the following table:

Table 2: Net assets per share

* See note 11 of the Interim Report.

Lettings and rental growth

Rental growth

Germany

In Germany, like-for-like year-on-year rent roll increased by 5.3% to €142.5m (30 September 2024: €135.3m). Rent roll growth was driven by protecting occupancy and focussing on improving renewal rates to mitigate the effects of seasonal known move-outs. Average like-for-like rate per sqm increased by 4.7% to €7.73 per sqm (31 September 2024: €7.38 per sqm) through active asset management and despite expected move-outs like-for-like occupancy increased to 84.2% (30 September 2024: 83.8%) as well as total occupancy at 83.2% (30 September 2024: 83.8%).

UK

On a like-for-like basis, excluding Vantage Point Business Village, BizSpace achieved an increase in rent roll of 5.1% to £60.4m (€69.2m*), up from £57.5m (€65.8 m*) in the prior year. This performance was driven by the combined effects of pricing uplifts and occupancy gains across the core portfolio. This demonstrates the resilience of the underlying portfolio and BizSpace's ability to extract value through active asset and lease management as well as balancing pricing initiatives across the existing tenant base. On the same basis, occupancy increased to 89.0% as at 30 September 2025, up from 88.0% at 30 September 2024. This improvement was driven by disciplined focus on customer retention, as well as proactive management of void spaces.

The portfolio's total rent roll increased by 21.0% year on year to £79.5m (€91.0m*) from £65.7m (€75.2m*) as at 30 September 2024. The increase was primarily attributable to the Group's ongoing success in executing its acquisition led growth strategy, with five property acquisitions during the year contributing £13.2m (€15.1m*) in additional rent roll. Hartlebury Industrial Estate, the Group's single largest acquisition to date, contributes c. 54% of the rental increase from acquisitions with a £7.1m (€8.1m) impact. With its substantial scale and focus on industrial and warehousing uses, Hartlebury commands a lower average rent per square foot, which has diluted the BizSpace's average rental rate at a portfolio level. As a result, BizSpace's average rental rate decreased by 8.7% to £11.52 per sq ft (€11.83 per sqm), compared to £12.62 per sq ft (€12.96 per sqm) in the prior year.

* The Group has chosen to disclose certain Group rental income figures throughout utilising a constant foreign currency exchange rate of GBP:EUR 1.1450, being the closing exchange rate as at 30 September 2025, throughout this document.

Cash collection

Group

As rental rates continue to increase in both Germany and in the UK, the value of the Group's in-house team of cash collection professionals who maintain close working relationships with tenants is key to the Group's success in collecting its debts. The Group has been successful in maintaining consistent cash collection rates across the Group of 96.7% (30 September 2024: 97.3%) for the period with the 12-month rolling rate at a stable 97.7% (30 September 2024: 98.1%).

Germany

The 12 month rolling cash collection rate of 97.8% compares to 97.5% in the comparative prior period. In the six months to 30 September 2025, the Group increased its tenant billings by 5.2% to €106.9m (excluding VAT) (30 September 2024: €101.6m), of which €103.6m or 96.9% was collected, ahead of the 96.6% collected in the prior comparative period. The Group expects to collect the majority of the €3.4m outstanding debts through its regular collection activities over the coming months. The Group wrote off €0.5m (30 September 2024: €0.1m) in older debts in the period which were deemed not collectable.

UK

BizSpace's 12 month rolling cash collection rate remained strong at 98.7% (30 September 2024: 99.7%). The slight decline reflects the impact of higher total billings which nearly doubled year on year as a result of BizSpace's continued expansion through acquisitions.

Of the £61.0m (€71.1m) which was billed in the period, £60.2m (€70.2m) or 98.7% was collected. The remaining £0.8m (€0.9m) is expected to be recovered as part of its regular collection activities over the coming months. The increase in uncollected debt, when compared to the prior period of £0.8m is predominantly due to larger lease customers at newly acquired sites, where billing and payment cycles are still being integrated and normalising following acquisition. BizSpace recorded insignificant write offs in both the current and prior periods.

Portfolio valuation

Group

The portfolio of owned assets was independently valued at €2,739.5m by Cushman & Wakefield LLP at 30 September 2025 (31 March 2025: €2,465.2m), which converts to a book value of €2,756.5m (31 March 2025: €2,488.1m) after the adjustments in relation to lease incentives of €5.1m together with the inclusion of leased investment property of €22.1m. In addition €31.0m is classified as held for sale in the period.

Germany

The book value of owned investment property increased by €132.9m to €2,023.4m as at 30 September 2025, which includes €31.0m in assets classified as held for sale.

In addition to the €101.5m of acquisitions in the period relating to investment property, the €31.3m increase in value of the owned investment properties in the German portfolio was made up of €14.5m of capex investment and €17.7m of valuation uplift and €0.9m adjustment with respect to lease incentives on the back of the 5.3% increase in like-for-like rent roll. Valuation gains were driven by like‑for‑like increase of €7.2m in rent roll and a small amount of yield compression. The entire German portfolio is valued at an average gross yield of 7.5% (31 March 2025: 7.4%) which translates to a net yield of 6.7% (31 March 2025: 6.7%) and an EPRA net initial yield (including estimated purchaser costs) of 6.2% (31 March 2025: 6.3%).

As at the period end, approximately 63% of the total portfolio comprised assets benefiting from both income and value-add potential which will be realised through Sirius' intensive asset management and selective capex investment over the next few years. These assets have an average occupancy of 78.9% and are valued on a gross yield of 7.9%, compared to the mature assets which are on average around 94.2% occupied and valued on a gross yield of 6.8%. Unlocking the potential in the value-add portfolio will come from filling up sites and stabilising their rental income. This will be achieved through our strategy of making the properties much more appealing to a wider market which includes the lower cost of capital investors who buy these types of assets on much tighter yields. Hence, we would expect to see the gap between the yields of the value-add assets and mature assets tighten as the value-add assets approach maturity. This is why the capex investment programme, which has successfully and consistently improved occupancy, rental income, service charge cost leakage and overall quality of the rent roll and sites in general, has proven to be extremely value accretive.

UK

In addition to the €193.5m of acquisitions in the period relating to investment property and €1.8m of disposals in the period, the €24.4m decrease in the value of owned investment properties was primarily driven by a negative unrealised foreign currency translation adjustment of €28.5m, €2.2m of valuation deficit, offset by €6.3m of capex investment.

As at 30 September 2025, the UK portfolio was independently valued by Cushman & Wakefield LLP at £648.0m (€742.0m) (31 March 2025: £480.0m (€574.6m)), this reflects a material increase of £168.0m (€195.9m) in first half of the year, compared to the valuation at 31st March 2025. The increase in Portfolio value was driven by strategic acquisition activity and organic like-for-like growth, which together more than offset the impact of asset disposals. During the period, we completed the acquisition of four properties including the acquisition of Hartlebury Industrial Estate for £101.1m (€117.9m) marking a significant milestone for the portfolio, given its scale, strategic location and income-generating profile. One property was sold for £1.6m (€1.8m) in the period.

On a like-for-like basis, the portfolio increased in value by £9.6m (2.0%) to £488.1m (€558.9m), when compared to the value at 31 March 2025 of £478.5m (€547.9m). This growth reflects an improvement in net operating income, driven by sustained tenant demand and stable rental income performance across the portfolio during the period.

The portfolio delivered an average gross yield of 12.3% (2025: 14.1%) and a net yield of 8.8% (2025: 9.5%). The 4 basis point increase in net yield was fully offset by a corresponding increase in rent roll during the period, contributing positively to the like-for-like valuation uplift.

The average capital value of the portfolio of £78 per sq ft (€965 per sqm) (31 March 2025: £77 per sq ft (€992 per sqm) remains well below replacement cost and further supports the sentiment that there remains value-add potential within the portfolio.

German capex investment programme

Value-add capex

The Group's capex investment programmes on the German assets have historically been focused on the transformation of poor quality vacant space as well as upgrading of space returned each year as a result of move outs. Other than significantly improving income and valuation for the Group, these programmes have also been integral in reducing service charge irrecoverables as well as rolling out the Group's product offering such as SmartSpace or self-storage.

In the last 3 years the Group has transformed 293,824 sqm of space for an investment of €31.2m. As at 30 Sep 2025 this space returned €12.7m in rent roll at 74% occupancy, already reaching the ROI targets. Occupancy is expected to increase further over time through the Group's management programme in selling this space. This transformed space has also been a major contributor towards the large valuation increases seen on the portfolio over this three year period.

The details of the value-add capex programme completed in the last 3 years is detailed below:

Renewals capex

The Group has successfully renewed major tenants' leases by investing in their spaces in order to retain them on site long-term as well as achieving an incremental income improvement post renewal. In the last 3 years 185,705 sqm were renewed as a result of this capex investment programme which has resulted in an incremental increase in rent roll of €2.3m. Renewing these leases has also improved the valuation of the assets and helped to reduce the irrecoverable service charge position. The details of this programme are included in the table below:

New builds and major investments

In addition to the value-add and renewals capex investment programmes investing into the existing spaces of the portfolio the Group has identified the potential of creating new builds on excess land, as well as transforming significantly structurally vacant buildings into higher quality newly built structures. As at 30 September 2025, three halls in the Berlin Gartenfeld property have been completed for an investment of €7.0m and have already been fully let generating €0.6m in rent roll. The Group has also identified a pipeline of 16,867 sqm of newly built spaces currently in the planning phase. The combined development cost of these projects is estimated at €25.3m and is expected to increase the rent roll by €2.4m as well as a €10.2m increase in valuation after capex. The details of the New Builds and Major Investments capex programme have been detailed in the table below:

Asset recycling, acquisitions and disposals

Recycling equity from mature assets into new value-add acquisitions has always been a significant part of the Sirius business model. It benefits the Group in many ways including: a) proving enhanced valuations that can also be crystallised; b) replenishing the growth opportunity with the vacancy that can be targeted by the capex investment programme; and c) being accretive to FFO per share (and therefore dividend per share), with a consequent contribution to NAV per share growth. This is an element of the Group's strategy which Sirius is able to execute effectively throughout the property cycle and this has been evidenced by the Group's continued asset recycling initiatives.

Acquisitions

The Group completed on eleven acquisitions in the period as part of its continuing asset acquisition programme, of which one completed in Germany post balance sheet date. Utilising funds from its various financing activities, €338.7m was invested across the Group, of which €295.0m was invested in the period. In the UK investments amounted to €193.5m with Germany investing €101.5m in the period and an additional €43.7m post balance sheet. Light industrial assets, with day one rental income, at attractive yields, yet with value-add opportunities continued to be the focus in the period. Transactional markets are now notably stronger in the German industrial segment, with investments expected to pivot to Germany in the near future.

Disposals

The Group disposed of one sub-scale, non-core property in the UK for €1.8m (£1.6m) and one mature asset in Germany for €30.0m which is expected to complete on 1 April 2026 and is treated as an asset held for sale.

A summary of the acquisitions and disposals transacted during the period is set out in the tables below, the details of which may be found on the Group's website at https://www.sirius-real-estate.com/news-views/regulatory-news:

Table 3a: Acquisitions - Germany

* includes purchasers costs

** post balance sheet acquisition

Table 3b: Disposals - Germany

* to complete 1st April 2026

Table 3c: Acquisitions - UK

* includes acquisition costs

** includes purchasers costs

Table 3d: Disposals - UK

Net LTV and debt refinancing

Net LTV

Net LTV has increased to 38.3% (31 March 2025: 31.4%) as we have invested into the acquisition programme during the period and is calculated as follows:

The increase in net LTV as a result of the Group's acquisitions programme remains comfortably within its 40% net LTV target cap.

Debt refinancing

The Group has €400.0m in corporate debt coming due in June 2026 which it intends to fund from available cash and the new RCF, which is presently undrawn.

All covenants were complied with in full during the period. A summary of the movement in the Group's debt is set out below:

Table 4: Movement in debt*

* Excludes loan issue costs.

Strength of well-diversified income and tenant base

The combination of a diverse tenant base and wide range of space offerings, which are underpinned by an established operating platform, continues to benefit Sirius which should continue to allow the Group to grow over the next few years. Sirius' portfolio includes industrial, manufacturing, urban logistics/production, storage and out of town office space that caters to multiple usages and a vast range of sizes and tenant types. The diversity of the Group's tenant base ranges from large, stable and long-term anchor tenants through to the flexible SME and private customers who are the engine room of any economy. Sirius has recently made senior hires to help it develop growth opportunities it sees in both defence and self-storage.

Germany

The Group's large anchor tenants, representing 43% of the tenant base, are typically multinational corporations occupying production, storage and related office space whereas the Mittlestand SME and individual tenants occupy space on both a conventional and a flexible basis including space marketed under the popular SmartSpace brand which provides tenants with a fixed cost and high degree of flexibility, contributing €10.1m in rent roll, translating to approximately 7% of total rent roll. The single largest tenant contributes 2.0% of total rent roll whilst 7.5% of its rent roll comes from government tenants. Mittelstand businesses are typically defined as companies with revenues of up to €50.0m and up to 500 employees. These tenants remain a key target group which the internal operating platform has demonstrated an ability to attract in significant volumes as evidenced through the high number of enquiries that are generated each month, mainly through internally generated marketing channels. The wide range of tenants that the Sirius marketing and sales team is able to attract is a key competitive advantage and results in a significantly de-risked business model when compared to other owners of multi-tenanted light industrial and business park assets. The table below illustrates the diverse nature of tenant mix within the German portfolio at the end of the reporting period:

Table 5a: Tenant breakdown - Germany

1 Mainly large national/international private and public tenants.

2 Mainly small and medium-sized private and public tenants.

3 Mainly small and medium-sized private and retail tenants.

* See glossary section of the Interim Report 2025.

UK

BizSpace's portfolio includes light industrial, studio, out of town office space and storage that caters to multiple usages and a range of sizes and types of tenants. As a result, BizSpace's business model is underpinned by a well-diversified tenant base. BizSpace's top 100 tenants, which are typically large corporates, account for 31.3% of the rent roll with the next 900 tenants accounting for 38.4% of rent roll. The remaining 30.3% of rent roll relates to over 3,000 SME and micro-SME tenants which occupy 19.6% of the overall estate.

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

Table 5b: Tenant breakdown - UK

* See glossary section of the Interim Report 2024.

Environmental, social and governance ("ESG")

We continue to make steady progress with our ESG performance, concentrating on the actions that will generate long-term sustainability and economic resilience for our business. Guided by the priorities set out in our 2024/25 Annual Report, and findings of our materiality assessment, we remain committed to actions that drive measurable progress in our decarbonisation, social and governance programmes.

Having achieved net zero for Scope 1 and 2 emissions across both Germany and the UK last year, we aim to maintain this position while continuing to direct our efforts to the more complex challenge of reducing Scope 3. Based on a 2021/22 baseline, we remain focused on our ambition to achieve a 45% reduction in Group Scope 3 carbon emissions intensity per square metre, on a like-for-like basis, by 2030. During the second half of the year, we will continue to refine our short- and mid-term decarbonisation pathway, to reflect the growth and acquisitions within the business, and to ensure progress remains both achievable and economically viable.

We are developing detailed asset-specific decarbonisation and physical-risk plans, which will require closer collaboration with our tenants through a structured engagement programme which is ongoing. Key actions include the continued rollout of LED lighting, photovoltaic (PV) installations and heating system replacements across our portfolio. We remain on track to ensure that all of our UK assets received the required Energy Performance Certificate (EPC) ratings within the regulated timeframe, and to meet our target of having 65% of our UK sites rated as EPC C or better by the end of this financial year. Oversight of our ESG strategy remains with the Board and our Sustainability and Ethics Committee, ensuring alignment with the Group's broader decision-making processes

We continue to prioritise and evolve our training, development and employee engagement programmes. We are on track to deliver 1,300 training days this financial year, with over 800 already completed across the Group. Our leadership development initiatives continue to evolve through our 'Manager Circle 2.0' and our transition to a 'Teams@Work' strategy, focused on empowering high-performing teams. Together with our broader social programmes, including PRISMA, these initiatives remain central to sustaining high engagement levels, strengthening our community relationships and supporting the Group's wider corporate objectives. Our employee survey, conducted in May 2025, is evidence of this engagement, with a high response rate of over 82% and an employee Net Promoter Score of 78% for the Group.

In the second half of the year, our focus will remain on advancing our environmental and social strategies, enhancing the quality of ESG data to support decision-making and ensuring readiness for future compliance and reporting requirements. We will provide a full update on our progress in our 2025/26 Annual Report and ESG Report.

Dividend Declaration

The Group will pay a dividend of 3.18c per share relating to the period from 1 April 2025 to 30 September 2025 on 22 January 2026. Shareholders will have the option to invest their dividend in a Dividend Reinvestment Plan (DRIP). A detailed dividend announcement will be made on 17 November 2025, including details of the ex-dividend dates, the record dates and the DRIP alternative.

Outlook

Sirius is pleased with its trading performance in the first six months of the financial year, which is in line with expectations. The Group remains committed to growing its dividend to shareholders and is well positioned to continue to build its scale on the back of its strong balance sheet, both organically through its intensive asset management initiatives, diversified offerings and effective and dynamic business model and through extending its acquisitions programme.

Andrew Coombs

Chief Executive Officer

Chris Bowman

Chief Financial Officer

14 November 2025

Statement of Directors' responsibilities

Each of the Directors, whose names and functions appear below, confirm to the best of their knowledge that the unaudited condensed interim set of consolidated interim financial statements have been prepared in accordance with note 2(a), IAS 34 "Interim Financial Reporting", as issued by the IASB, and the interim management report herein includes a fair review of the information required by the Disclosure Guidance and Transparency Rules ("DTR"), namely:

• DTR 4.2.7 (R): an indication of important events that have occurred during the first six months of the financial year, and their impact on the condensed interim set of consolidated interim financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

• DTR 4.2.8 (R): any related party transactions that have taken place in the six-month period ended 30 September 2025 that have materially affected, and any changes in the related party transactions described in the 2024 Annual Report that could materially affect, the financial position or performance of Sirius Real Estate Limited during the period.

The Directors of Sirius Real Estate Limited as at the date of this announcement are set out below:

· Daniel Kitchen, Chairman*

· Caroline Britton, Senior Independent Director*

· Andrew Coombs, Chief Executive Officer

· Chris Bowman, Chief Financial Officer

· Mark Cherry*

· Kelly Cleveland*

· Joanne Kenrick*

· Deborah Davis*

* Non-Executive Directors.

A list of the current Directors is maintained on the Sirius Real Estate Limited website: www.sirius-real-estate.com.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in Guernsey governing the preparation and dissemination of financial information differs from legislation in other jurisdictions.

By order of the Board

Andrew Coombs

Chief Executive Officer

Chris Bowman

Chief Financial Officer

14 November 2025

INDEPENDENT REVIEW REPORT

to Sirius Real Estate Limited

Conclusion

We have been engaged by Sirius Real Estate Limited (the "Group") to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2025 which comprises the interim condensed consolidated income statement, the interim condensed consolidated statement of comprehensive income, the interim condensed consolidated statement of financial position, the interim condensed consolidated statement of changes in equity, the interim condensed consolidated statement of cash flows and the related notes 1 to 21. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2025 is not prepared, in all material respects, in accordance with International Accounting Standard 34 "Interim Financial Reporting", the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority, the South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides, as issued by the South African Accounting Practices Committee Financial Pronouncements as issued by Financial Reporting Standards Council and the JSE Limited Listing requirements for condensed interim.

Basis for Conclusion

We conducted our review in accordance with International Standard on Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" (ISRE) issued by the Financial Reporting Council. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in note 2a, the annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards as issued by the IASB. The condensed consolidated set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting", the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority, the South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides, as issued by the South African Accounting Practices Committee Financial Pronouncements as issued by Financial Reporting Standards Council and the JSE Limited Listing requirements for condensed interim reports.

Conclusions Relating to Going Concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with this ISRE, however future events or conditions may cause the entity to cease to continue as a going concern.

Responsibilities of the directors

The directors are responsible for preparing the half-yearly financial report in accordance with:

• the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority;

• the South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides, as issued by the South African Accounting Practices Committee;

• Financial Pronouncements as issued by Financial Reporting Standards Council; and

• the JSE Limited Listing requirements for condensed interim reports.

In preparing the half-yearly financial report, the directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the review of the financial information

In reviewing the half-yearly report, we are responsible for expressing to the Group a conclusion on the condensed set of financial statements in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

Use of our report

This report is made solely to the Group in accordance with guidance contained in International Standard on Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Group, for our work, for this report, or for the conclusions we have formed.

Ernst & Young LLP

London

14 November 2025

Interim condensed consolidated income statement

for the six months ended 30 September

(1) Refer to note 2(a).

All operations of the Group have been classified as continuing.

Interim condensed consolidated statement of comprehensive income

for the six months ended 30 September

(1) Refer to note 2(a).

Interim condensed consolidated statement of financial position

as at 30 September

(1) Refer to note 2(a).

The financial statements were approved by the Board of Directors on 14 November 2025 and were signed on its behalf by:

Daniel Kitchen

Chair

Company number: 46442

Interim condensed consolidated statement of changes in equity

for the six months ended 30 September

(1) Refer to note 2(a).

Interim condensed consolidated statement of cash flows

for the six months ended 30 September

(1) Refer to note 2(a).

Notes forming part of the financial statements

for the six months ended 30 September 2025

1. General information

Sirius Real Estate Limited (the "Company") is a company incorporated in Guernsey and resident in the United Kingdom for tax purposes, whose shares are publicly traded on the equity shares (commercial companies) category of the London Stock Exchange ("LSE") (primary listing) and the premium segment of the main board of the JSE Limited ("JSE") (primary listing).

The consolidated financial information of the Company comprises that of the Company and its subsidiaries (together referred to as the "Group" or "Sirius") for the six month period ended 30 September 2025.

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

2. Basis for preparation and changes in accounting policies

(a) Basis of preparation

The Company prepares its interim condensed set of financial statements in accordance with the Disclosure and Transparency Rules of the United Kingdom Financial Conduct Authority, the JSE Listings Requirements, IAS 34 Interim Financial Reporting ("IAS 34"), The Companies (Guernsey) Law, 2008 and in compliance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

The unaudited interim condensed set of consolidated financial statements has been prepared on a historical cost basis, except for investment properties and investment properties held for sale (when applicable), which have been measured at fair value. The unaudited interim condensed set of consolidated financial statements is presented in Euros and all values are rounded to the nearest hundred thousand shown in millions (€m), except where otherwise indicated.

The financial information in this unaudited interim condensed set of consolidated financial statements does not comprise statutory accounts. They do not include all the information required for the full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 March 2025. The unaudited interim condensed financial statements have been prepared on the basis of the accounting policies set out in the Group's annual financial statements for the year ended 31 March 2025 except for the changes in accounting policies as shown in note 2(b). The financial statements for the year ended 31 March 2025 have been prepared in accordance with IFRS as issued by the IASB. The financial information presented for the year ended 31 March 2025 is derived from the statutory accounts for that year. Statutory accounts for the year ended 31 March 2025 were approved by the Board on 30 May 2025. The report of the auditor on those accounts was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report, and (iii) did not contain a statement under Sections 263 (2) or (3) of The Companies (Guernsey) Law, 2008.

As at the reporting date the Group's unaudited interim condensed set of consolidated financial statements reflects consistent accounting policies and methods of computation as used in the previous financial year except for those changes mentioned under note 2(b).

(b) Changes in accounting policies

Effective 1 January 2025, the amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability applies to the reporting period. It has had no impact on the Group's interim condensed financial statements.

(c) Non-IFRS measures

Further details on non-IFRS measures can be found in the Annex 1 sections of this document.

(i) EPRA Measures

The Directors have chosen to disclose EPRA earnings, EPRA net asset value metrics and EPRA loan to value, which are widely used alternative metrics to their IFRS equivalents (further details on EPRA best practice recommendations can be found at www.epra.com). Note 10 of the interim condensed financial statements includes a reconciliation of basic and diluted earnings to EPRA earnings. Note 11 of the interim condensed financial statements includes a reconciliation of net assets to EPRA net asset value metrics. Note 15 of the interim condensed financial statements includes a calculation of EPRA loan to value ratio.

(ii) Earnings disclosure required by the JSE Limited

The Directors are required, as part of the JSE Listings Requirements, to disclose headline earnings; in order to provide an alternative indication of the Group's underlying business performance. Headline earnings are calculated in accordance with the circular titled Headline Earnings issued by SAICA, as amended from time to time. Note 10 of the interim condensed financial statements includes a reconciliation between IFRS and headline earnings.

(iii) Other disclosures

The Directors have chosen to disclose funds from operations in order to provide an alternative indication of the Group's underlying business performance and to facilitate the calculation of its dividend pool; a reconciliation between profit or loss after tax and funds from operations ("FFO") is included within note 3 of the interim condensed financial statements.

The Directors have chosen to disclose adjusted net asset value in order to assist in comparisons with similar businesses, a reconciliation between net asset value and adjusted net asset is included within note 11 of the interim condensed financial statements.

The Directors have chosen to no longer disclose adjusted earnings and adjusted profit after tax as an alternative performance measure because they concluded that these performance measures do not provide relevant information that best represents the Group's financial position and its operating and strategic priorities. The primary focus is on the performance measures mentioned under policy note (c) which provide transparent and accurate reflection of the Group's financial performance and are widely used and recognised across the industry.

By streamlining disclosures, the Directors aim to align reporting practices with industry standards and regulatory expectations, ensuring that investors and analysts can assess the Company's financial position without reliance on supplemental metrics.

This decision is also in line with the Company's commitment to providing clear, concise, and relevant financial information that best represents its operational and strategic priorities. priorities.

(d) Going concern

The Group has prepared its going concern assessment for the period to 31 March 2027 (the "going concern period"), a period greater than twelve months, consistent with its historical application of the period.

The Group's going concern assessment is based on a forecast of the Group's future cash flows and covenant compliance. This considers management's base case scenario and a severe but plausible downside scenario where sensitivities are applied to model the outcome on the occurrence of downside assumptions explained below. It considers the Group's principal risks and uncertainties and is dependent on a number of factors including financial performance, continued access to lending facilities (see note 15) and the ability to continue to operate the Group's secured and unsecured debt structure within its financial covenants.

The base case scenario is based upon the FY26/FY27 board approved budget. The severe but plausible scenario models a potential downturn in the Group's performance from the base case scenario, considering factors like geopolitical instability through potential impacts of heightened inflation, unattractive borrowing rates on expiring debt, and outward yield movements on investment properties, as well as the risk of tenant insolvencies and or increased move-outs which are not replaced.

The recent macro trends, specifically relating to increased cost of debt and foreign currency deterioration have placed further pressure on the costs of the business, however this did not result in any deterioration in the Group's profitability in the period ended 30 September 2025 and asset values have improved due to a combination of rent roll growth and yield compression since the 31 March 2025 valuation. The Group raised €350.0m through a corporate bond issuance in January 2025 which will be used, alongside existing cash resources to repay the €400.0m corporate bond which falls due in June 2026. In addition, the Group raised a further €105.0m through its tap of the corporate bond II. However, the Directors continue to be mindful of the challenging macro factors present in the market and maintain their perspective on the severity of the falls in valuations assessed in the severe but plausible downside scenario in the going concern period.

The base case and severe but plausible downside scenarios include the following assumptions applied to both the German and UK portfolios:

Base case:

» 5.5% growth per annum in rent roll at 30 September 2025, principally from contractual increases in rents and organic growth through lease renewals;

» increasing cost levels in line with forecast inflation of 3%;

» continuation of forecast capex investment in line with historic levels;

» continuation of forecast dividend payments in line with historic dividend payouts and UK REIT requirements;

» payment of contractual loan interest and loan amortisation amounts, repayment of the €400.0m corporate bond I due in June 2026 and refinancing of the €150.4m loan within the investment in associates as it falls due in March 2026 (€52.6m represents the Company's 35% stake) at market interest rates; and

» only acquisitions and disposals which are contractually committed are made, which includes the one Feldkirchen asset near Munich amounting to €43.7m and the Pfungstadt disposal amounting to €30.0m.

Severe but plausible downside scenario:

» reduction in occupancy and rental income of 10% per annum from the base case;

» reduction in service charge recovery of 10% per annum from the base case recoverability;

» increasing cost levels in line with forecast inflation of 3%;

» reduction in property valuations of 10% per annum;

» continuation of forecast capex investment in line with historic levels;

» continuation of forecast dividend payments in line with historic dividend payouts and UK REIT requirements;

» payment of contractual loan interest and loan amortisation amounts, repayment of the €400.0m corporate bond I due in June 2026 and repayment of the €150.4m loan within the investment in associates as it falls due in March 2026 (€52.6m represents the Company's 35% stake); and

» only acquisitions and disposals which are contractually committed are made, which includes the one Feldkirchen asset near Munich amounting to €43.7m and the Pfungstadt disposal amounting to €30.0m.

The Directors are of the view that a more severe scenario arising is implausible based upon the market outlook across Germany and the UK, and the Group's track record of performance in challenging scenarios, most recently through the high interest and inflationary environment in both Germany and the UK, the Covid-19 pandemic and post pandemic period.

The Group has also performed a reverse stress test over the impact of a fall in its property valuations and income reductions during the going concern period. This showed that the Group could withstand a fall in valuations from 30 September 2025 of 17%, before there was a loan to value covenant breach, whilst a reduction of 35% of EBITDA or 42% reduction in contracted rent roll would be required before any income related covenants would breach. These events are considered to be remote due to the Group's strong performance throughout most recent economic headwinds, with the macroeconomic environment pointing towards stability. The reductions required for the reverse stress test have never been seen by the Group.

In the base case scenario, the Group forecasts having sufficient free cash available to fund the aforementioned loans falling due within the period and its post balance sheet acquisitions. In the severe but plausible downside scenario, the Group could utilise mitigating actions available to it which include restricting non-REIT related dividends, reducing capital expenditure, the disposal of assets or additional sources of financing such as rolling credit facilities and tapping existing bonds. The restriction of non-REIT related dividends and the reduction to capital expenditure are mitigating actions within the control of the Directors and there is sufficient time to implement these restrictions if required. The Group does not forecast any material covenant breaches in the severe but plausible downside scenario throughout the going concern period.

The Directors have not identified any material uncertainties which may cast significant doubt on the Group's ability to continue as a going concern for the duration of the going concern period.

The Directors also evaluated potential events and conditions beyond the going concern period that may cast significant doubt on the Group's ability to continue as a going concern, of which none have been identified.

After due consideration of the going concern assessment for the period to 31 March 2027, the Board believes it is appropriate to adopt the going concern basis in preparing its financial statements.

(e) Principal risks and uncertainties

The key risks that could affect the Group's medium-term performance and the factors which mitigate these risks have not changed substantially from those set out on pages 60 to 62 of the Group's Annual Report and Accounts 2025 and have been assessed in line with the requirements of the 2018 UK Corporate Governance Code. The risks are set out below. The Board is satisfied that the Group continues to operate within its risk profile for the remaining six months of the financial year.

Principal risks summary

3. Operating segments

Information on each reportable segment, which are considered to be each geographical location, is provided to the chief operating decision maker, namely the Company Board of Directors and the Executive Committee members.

These are considered reportable segments with similar economic characteristics - which the Directors consider is best achieved by aggregating into German properties and UK properties.

Further disaggregation of the investment properties is disclosed in note 12 owing to the range in values of key inputs and assumptions underpinning the property valuation.

There are no sales between reportable segments. There is no single tenant that makes up more than 10% of a reportable segment's revenue or Group revenue.

The Directors have enhanced the information provided in the reportable segment disclosure this period to better reflect the information provided to the Board on the underlying operating segments and to provide further information on material elements of those segments. The comparative information has been amended to be consistent with the information provided this period. This has resulted in the segment results now including disaggregation of direct costs, employee costs per segment and a reconciliation from segment profit/(loss) after tax to FFO. These enhancements are consistent with the disclosure made for the year ended 31 March 2025 financial statements.

From these additional enhancements there is no change to the segment profit for Germany and the UK.

(1) Includes €13.3m (30 September 2024: €11.8m) that is an apportionment of the UK inclusive rent amount that the Directors consider to represent the income related to property expenses that would be recovered via a service charge mechanism in a traditional lease arrangement, in accordance with Group accounting policies.

The following table shows the reconciliation from segment profit or loss after tax with funds from operations by segment:

For more information on funds from operations, refer to Annex 1.

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

4. Revenue

(1) Includes €13.3m (30 September 2024: €11.8m) that is an apportionment of the UK inclusive rent amount that the Directors consider to represent the income related to property expenses that would be recovered via a service charge mechanism in a traditional lease arrangement, in accordance with Group accounting policies.

The Group manages properties for its associate. As part of this, service charge income from managed properties is generated which relates to costs the Group incur to provide the associate with necessary services.

A reconciliation of the revenue from contracts with customers by segment is disclosed in the segment information (see note 3).

5. Operating profit

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

Direct costs

Administrative expenses