SIRIUS REAL ESTATE LIMITED - Interim results for the six months ended 30 September 2025

Interim results for the six months ended 30 September 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
("Sirius Real Estate", "Sirius", the "Company" or the "Group")

17 November 2025

                                                    Sirius Real Estate Limited


                          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 57% 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 €2,765.4m 2 (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
•   Additional €105.0m capital raised from its €359.9m 1.75% bonds due in November 2028 to provide firepower 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, which we have assembled. Our like-for-like rent roll growth was again above 5% and helped us drive a 6.6% growth in
FFO for the period, while our value add and tenant renewal capex 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."

Notes:
*Group rent roll and rental income KPI's have been translated using a consistent foreign currency exchange rate of GBP:EUR 1.1450,
being the closing exchange rate as at 30 September 2025.

** Variance between basic and headline earnings per share is attributable to the gain on revaluation of investment properties (see
note 10 of the Group's September 2025 interim results) being included in the calculation of basic earnings per share and excluded
from headline earnings per share.

1.     DIVIDEND

       The Board has authorised a dividend in respect of the first six months ended 30 September 2025 of 3.18c per share, an increase
       of 4% on the 3.06c per share dividend relating to the same period last year.

       It is expected that, for the dividend authorised relating to the six-month period ended 30 September 2025, the record date will
       be 12 December 2025 for shareholders on both the SA register and the UK register and the dividend will be paid on 22 January
       2026. A detailed dividend announcement will be made on 17 November 2025, including details of the ex-dividend dates and the
       DRIP alternative.


2.     SHORT-FORM ANNOUNCEMENT

       This short-form announcement is the responsibility of the directors of the Company. It contains only a summary of the information
       in the full announcement ("Full Announcement") and does not contain full or complete details. The Full Announcement can be
       found at:

       https://senspdf.jse.co.za/documents/2025/JSE/ISSE/SREE/HY26.pdf

       A copy of the Full Announcement is also available for viewing on the Company's website at https://www.sirius-real-
       estate.com/news/regulatory-news/.

       Any investment decisions by investors and/or shareholders should be based on consideration of the Full Announcement, as a
       whole.

       These interim results have been reviewed by the Company's auditors, Ernst & Young LLP, who expressed an unmodified review
       opinion thereon. This opinion is available, along with the interim results on the Company's website at www.sirius-real-
       estate.com.

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

If you would like to join the webcast please use the registration link below:
https://stream.brrmedia.co.uk/broadcast/68fb4cb79f0c7e00132b0652

For further information:
Sirius Real Estate
Andrew Coombs, CEO / Chris Bowman, CFO
+49 (0) 30 285 010 110

FTI Consulting (Financial PR)
Richard Sunderland / Ellie Sweeney / James McEwan / Talia Shirion
+44 (0) 20 3727 1000
SiriusRealEstate@fticonsulting.com

17 November 2025

JSE Sponsor
PSG Capital

Date: 17-11-2025 09:00:00
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