SEGRO reports record leasing and 6% earnings growth in 2025
SEGRO PLC (LSE:SGRO), the FTSE 100-listed warehouse and industrial property group, has reported a record year of leasing activity and 6% growth in earnings and dividends.
For 2025, the company secured £99 million of new contracted rent during the year, surpassing its previous record of £91 million in 2024, with demand picking up markedly in the second half as structural drivers, including e-commerce and data centre expansion, reasserted themselves.
Adjusted pre-tax profit rose 8.3% to £509 million, while adjusted earnings per share increased 6.1% to 36.6 pence.
The full-year dividend was raised 6.1% to 31.1 pence per share.
Like-for-like net rental income grew 6.0% across the group, with UK rent reviews and lease renewals delivering an average uplift of 46%.
Occupancy edged up to 94.9% from 94.0% a year earlier, with customer retention improving to 82%.
The group’s adjusted net asset value per share rose 2.0% to 925 pence, reflecting a 1.0% like-for-like increase in portfolio valuation to £18.96 billion.
Chief executive David Sleath said momentum had continued into 2026, with higher enquiry levels and active negotiations across industrial, logistics and data centre occupiers.
SEGRO said its data centre opportunity was among the largest in Europe, with 2.5 gigawatts of powered land, of which 1.1 gigawatts would be available to pre-let by the end of 2028.
The group said it had £152 million of embedded income growth available from its existing portfolio, comprising £99 million of rent reversion and £53 million from leasing vacant space.
Development capital expenditure for 2026 is forecast at £450 million to £550 million, including around £150 million of infrastructure spending.
Loan-to-value ratio stood at 31% at year-end, up from 28% at the end of 2024, with average cost of debt at 2.6%.
