Sirius Real Estate Ltd.

SRE · Main Market · Real Estate · mcap £1,399m · 89.7p

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Financials · balance sheet 31 Mar 26 · last twelve months · today’s market value

Source: results 01 Jun 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,427m
Owner’s net cash: £324.1m
Net cash / market cap: 23%
EV ex leases: £1,103m
Free cash flow after leases: £119.5m
FCF yield: 8.4%
Net income (owners): £198.7m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies – figures the company reported in EUR are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Trading update 05 Oct 266 figures since the last report

Rent roll grew 11.3% with 5.1% organic growth; €150m deployed into acquisitions at over 8% yields.

Rent roll growth	11.3%
Like-for-like rent roll growth	5.1%
Asset acquisitions deployed	€150 million
Gross yields on acquisitions	more than 8%
Liquidity retained	more than €250 million
Net portfolio yield	over 7%

As stated by the company, unaudited. Read it →

Latest report: FY Mar 26 (twelve months to 31 Mar 26), published 01 Jun 26 · read the results ↗

Source ↗

	2026 €m	2025 €m
Revenue	347.5	317.5
Direct costs	(146.1)	(130.8)
Net operating income	201.4	186.7
Gain on revaluation of investment properties	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	(63.0)	(53.9)
Share of profit of associates	4.7	2.4
Operating profit	254.7	215.9
Finance income	15.3	13.9
Finance expense	(58.6)	(28.2)
Net finance expense	(43.3)	(14.3)
Profit before tax	211.4	201.6
Taxation income/(expense)	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
Total profit attributable to	229.8	178.2
Earnings per share
Basic earnings per share	15.16c	12.20c
Diluted earnings per share	14.86c	12.02c

Source ↗

	2026 €m	2025 €m
Non-current assets
Investment properties	2,960.5	2,488.1
Plant and equipment	19.3	17.8
Intangible assets	1.6	1.7
Right of use assets	8.9	10.8
Other financial assets	47.3	49.1
Investment in associates	30.1	26.1
Deferred tax assets	4.1	4.1
Total non-current assets	3,071.8	2,597.7
Current assets
Trade and other receivables	48.4	70.2
Cash and cash equivalents	410.2	604.8
Total current assets	458.6	675.0
Assets held for sale	30.0	-
Total assets	3,560.4	3,272.7
Current liabilities
Trade and other payables	(130.8)	(117.7)
Interest-bearing loans and borrowings	(397.2)	(0.4)
Lease liabilities	(2.2)	(2.4)
Current tax liabilities	(2.5)	(7.0)
Total current liabilities	(532.7)	(127.5)
Non-current liabilities
Interest-bearing loans and borrowings	(1,022.0)	(1,318.6)
Lease liabilities	(29.9)	(33.6)
Deferred tax liabilities	(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	-	-
Other reserve	694.0	696.2
Own shares held	(10.2)	(8.5)
Foreign currency translation reserve	(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

Source ↗

	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	10.2	6.5
Gain on revaluation of investment properties	(110.6)	(79.4)
Depreciation of plant and equipment	2.2	2.4
Amortisation of intangible assets	0.7	1.3
Loss on disposal of intangible assets	-	1.2
Expected credit loss	(1.5)	-
Depreciation of right of use assets	1.7	1.8
Share of profit of associates	(4.7)	(2.4)
Finance income	(15.3)	(13.9)
Finance expense	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	88.3	180.9
Transaction costs on issue of shares	(2.4)	(6.3)
Shares purchased	-	(2.7)
Payment relating to exercise of share options	(1.3)	(3.8)
Dividends paid to owners of the Company	(89.9)	(84.5)
Proceeds from interest-bearing loans and borrowings	105.0	409.9
Repayment of interest-bearing loans and borrowings	(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	410.2	604.8

Source ↗

	2025 €m	2024 €m
Revenue	162.3	156.5
Direct costs	(67.2)	(64.1)
Net operating income	95.1	92.4
Gain on revaluation of investment properties	14.4	2.8
Loss on disposal of properties	(0.6)	(0.2)
Movement in expected credit loss provision	1.4	(1.8)
Administrative expenses	(43.9)	(25.7)
Share of profit of associates	2.3	1.1
Operating profit	68.7	68.6
Finance income	9.3	5.1
Finance expense	(20.5)	(12.5)
Net finance expense	(11.2)	(7.4)
Profit before tax	57.5	61.2
Taxation income/(expense)	29.5	(5.7)
Profit for the period after tax	87.0	55.5
Profit attributable to
Owners of the Company	86.9	55.5
Non-controlling interest	0.1	(0.0)
Total profit attributable to	87.0	55.5
Earnings per share
Basic earnings per share	5.77c	3.92c
Diluted earnings per share	5.67c	3.87c

Source ↗

	Unaudited (1) 30 September 2025 €m	Audited 31 March 2025 €m
Non-current assets
Investment properties	2,756.5	2,488.1
Plant and equipment	18.2	17.8
Intangible assets	1.6	1.7
Right of use assets	9.7	10.8
Other financial assets	48.9	49.1
Investment in associates	27.7	26.1
Deferred tax assets	4.1	4.1
Total non-current assets	2,866.7	2,597.7
Current assets
Trade and other receivables	43.7	70.2
Cash and cash equivalents	424.9	604.8
Total current assets	468.6	675.0
Asset held for sale	31.0	-
Total assets	3,366.3	3,272.7
Current liabilities
Trade and other payables	(130.1)	(117.7)
Interest-bearing loans and borrowings	(398.1)	(0.4)
Lease liabilities	(2.4)	(2.4)
Current tax liabilities	(6.3)	(7.0)
Total current liabilities	(536.9)	(127.5)
Non-current liabilities
Interest-bearing loans and borrowings	(1,018.4)	(1,318.6)
Lease liabilities	(31.6)	(33.6)
Deferred tax liabilities	(73.6)	(103.4)
Total non-current liabilities	(1,123.6)	(1,455.6)
Total liabilities	(1,660.5)	(1,583.1)
Net assets	1,705.8	1,689.6
Equity
Issued share capital	-	-
Other reserve	653.3	696.2
Own shares held	(8.0)	(8.5)
Foreign currency translation reserve	(21.0)	7.4
Retained earnings	1,080.7	993.8
Total equity attributable to the owners of the Company	1,705.0	1,688.9
Non-controlling interest	0.8	0.7
Total equity	1,705.8	1,689.6

Source ↗

	2025 €m	2024 €m
Operating activities
Profit for the period before tax	57.5	61.2
Loss on disposal of properties	0.6	0.2
Net foreign exchange differences in working capital	14.2	2.1
Share-based payments expense	4.9	2.7
Gain on revaluation of investment properties	(14.4)	(2.8)
Depreciation of plant and equipment	1.1	1.1
Amortisation of intangible assets	0.4	0.6
Depreciation of right of use assets	0.9	0.9
Share of profit of associates	(2.3)	(1.1)
Finance income	(9.3)	(5.1)
Finance expense	20.5	12.5
Changes in working capital
Increase in trade and other receivables	(11.9)	(7.0)
Increase/(decrease) in trade and other payables	3.2	(3.0)
Cash generated from operations before tax	65.4	62.3
Taxation paid	(2.6)	(3.8)
Cash flows from operating activities	62.8	58.5
Investing activities
Purchase of investment properties	(256.5)	(119.0)
Capital expenditure on investment properties	(21.3)	(22.7)
Purchase of plant and equipment and intangible assets	(2.1)	(8.9)
Proceeds on disposal of properties (including assets held for sale when applicable)	1.8	5.5
Dividends received from investments in associates	0.7	1.4
Interest received	9.3	5.1
Cash flows used in investing activities	(268.1)	(138.6)
Financing activities
Proceeds from issue of share capital	-	180.9
Transaction costs on issue of shares	-	(6.3)
Payment relating to exercise of share options	(1.3)	(3.8)
Dividends paid to owners of the Company	(46.0)	(41.3)
Proceeds from interest-bearing loans and borrowings	105.0	59.9
Repayment of interest-bearing loans and borrowings	(3.4)	(2.3)
Payment of principal portion of lease liabilities	(1.7)	(1.7)
Capitalised loan issue costs	(5.0)	(9.0)
Finance charges paid	(8.5)	(10.1)
Cash flows from financing activities	39.1	166.3
(Decrease)/increase in cash and cash equivalents	(166.2)	86.2
Net foreign exchange difference	(13.7)	(1.1)
Cash and cash equivalents as at the beginning of the period	604.8	244.2
Cash and cash equivalents as at the period end	424.9	329.3

	FY Mar 26	FY Mar 25
Revenue to operating profit
Depreciation (owned assets)	1.9	2.0
Depreciation (right-of-use)	1.5	1.5
Amortisation	0.6	1.1
Share-based payments	8.8	5.5
Operating profit to net income
Finance costs	39.3	23.7
Profit before tax	182.8	169.7
Net income (owners)	198.7	150.0
Per share
EPS basic	13.2p	10.2p
Dividend per share	5.6p	5.1p

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Revenue to operating profit
Revenue	–	139.2	–	132.9
Operating profit	–	58.9	–	58.3
Depreciation (owned assets)	1.0	0.9	1.1	0.9
Depreciation (right-of-use)	0.7	0.8	0.8	0.8
Amortisation	0.3	0.3	0.6	0.5
Share-based payments	4.6	4.2	3.2	2.3
Operating profit to net income
Finance costs	56.8	(17.6)	34.3	(10.6)
Profit before tax	133.5	49.3	117.7	52.0
Tax	–	25.3	–	(4.8)
Net income (owners)	124.2	74.5	102.8	47.1
Per share
EPS basic	8.1p	5.0p	6.9p	3.3p
EPS diluted	–	5.0p	–	3.2p
Dividend per share	2.8p	2.8p	2.6p	2.6p

	FY Mar 26	FY Mar 25
Operating activities
Cash from operations	121.6	112.0
Interest paid	(31.1)	(19.3)
Tax paid	(5.4)	(5.7)
Financing activities
Lease principal paid	(2.1)	(1.9)
Dividends paid	(77.7)	(71.1)
Share buybacks	–	(2.3)
Shares issued	76.4	152.2

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Operating activities
Cash from operations	67.7	53.9	62.3	49.7
Interest paid	(23.8)	(7.3)	(10.7)	(8.6)
Tax paid	(3.2)	(2.2)	(2.5)	(3.2)
Investing activities
Capex (PP&E)	–	(1.8)	–	(7.6)
Financing activities
Lease principal paid	(0.6)	(1.5)	(0.5)	(1.4)
Dividends paid	(38.3)	(39.5)	(36.0)	(35.1)
Shares issued	–	–	(1.4)	153.6

	31 Mar 26	31 Mar 25
Non-current assets
Other intangibles	–	1.4
Property, plant & equipment	–	14.9
Investment property	2,582.5	2,062.3^r
Associates & JVs	–	21.8
Other investments	–	41.1
Non-current assets	–	2,173.1
Current assets
Trade receivables	–	58.7
Cash	324.1	477.9^r
Current assets	–	564.7
Total assets	–	2,737.8
Current liabilities
Trade payables	–	98.5
Borrowings, current	–	0.3
Lease liabilities, current	–	2.0
Current liabilities	–	106.7
Non-current liabilities
Borrowings, non-current	–	1,103.1
Lease liabilities, non-current	–	28.1
Non-current liabilities	–	1,217.7
Total liabilities	–	1,324.3
Equity
Non-controlling interests	–	0.6
Total equity	–	1,413.4
Net cash and other figures
Undrawn facilities	260.9	–

	31 Mar 26	30 Sep 25	31 Mar 25
Non-current assets
Other intangibles	–	1.4	1.4
Property, plant & equipment	–	15.9	14.9
Investment property	2,582.5	2,406.7	2,062.3^r
Associates & JVs	–	24.2	21.8
Other investments	–	42.7	41.1
Non-current assets	–	2,530.0	2,173.1
Current assets
Trade receivables	–	38.2	58.7
Cash	324.1	371.0	477.9^r
Current assets	–	409.1	564.7
Total assets	–	2,939.1	2,737.8
Current liabilities
Trade payables	–	113.6	98.5
Borrowings, current	–	347.6	0.3
Lease liabilities, current	–	2.1	2.0
Current liabilities	–	468.8	106.7
Non-current liabilities
Borrowings, non-current	–	889.2	1,103.1
Lease liabilities, non-current	–	27.6	28.1
Non-current liabilities	–	981.0	1,217.7
Total liabilities	–	1,449.8	1,324.3
Equity
Non-controlling interests	–	0.7	0.6
Total equity	–	1,489.3	1,413.4
Net cash and other figures
Undrawn facilities	260.9	–	–

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