SEGRO Plc
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About the company
Operating as a UK Real Estate Investment Trust (REIT), SEGRO is a prominent player in the ownership, management, and development of modern logistics and light industrial facilities. The company oversees an extensive portfolio of 8. 1 million square meters (88 million square feet) of space, valued at £13.
- CEO
- David John Rivers Sleath
- IPO
- 2007
- Employees
- 463
- HQ
- London, GL, GB
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- Market Cap
- $17.32B
- P/E
- 44.43
- Fwd P/E
- 33.00
- PEG
- -1.10
- P/S
- 17.40
- P/B
- 1.08
- EV/EBITDA
- 43.32
- Div Yield
- 2.07%
- Gross Margin
- 74.63%
- Op Margin
- 69.40%
- Net Margin
- 40.00%
- ROE
- 2.46%
- ROIC
- 2.90%
Latest fiscal year · YoY change
- Revenue
- $725.88M+7.5%
- Gross Profit
- $537.91M+1.3%
- Op Income
- $461.93M
- Net Income
- $550.91M-7.3%
- EPS
- $0.41-8.9%
- OCF Growth
- +20.0%
- FCF Growth
- +19.9%
- 52W High
- $13.21
- 52W Low
- $8.18
- 50D MA
- $11.83
- 200D MA
- $10.28
- Beta
- 1.18
- RSI (14)
- 57
- Avg Volume
- 7.07K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
SEGRO reported a strong 2025 with record leasing, higher earnings and dividends, improving occupier momentum, and an expanded data center growth strategy.· February 20, 2026
- Signed a record GBP 99 million of new headline rent, including GBP 33 million from development signings.
- Adjusted EPS rose 6% to 6.1% growth; full-year dividend was 31.1p, also up 6.1%.
- Like-for-like net rental income grew 6%, helped by GBP 37 million of reversion uplifts from renewals and rent reviews.
- Balance sheet remained solid, with LTV at 31% and net debt-to-EBITDA improving to 8.4x.
- Management said inquiry levels and deal activity improved in late 2025 and have continued into 2026, with a strong pipeline in logistics and data centers.
SEGRO said 2025 adjusted earnings per share increased 6.1%, full-year dividend was 31.1p and up 6.1% year on year, adjusted NAV per share increased 2%, net rental income grew 8.6%, and like-for-like net rental income rose 6%. They also reported portfolio valuation growth of 1% on a like-for-like basis, adjusted profit before tax up 8.3%, LTV of 31%, and net debt-to-EBITDA down to 8.4x from 8.6x. On the operating side, they signed GBP 99 million of new headline rent, delivered GBP 37 million of reversion uplifts, and increased occupancy to 94.9%. Guidance included 2026 development CapEx of EUR 450 million to EUR 550 million, with about EUR 150 million for infrastructure, and disposals expected at or above the upper end of the long-term 1% to 2% portfolio run rate.
David Sleath framed 2025 as a strong year operationally and financially despite a difficult macro backdrop, emphasizing record leasing, better occupier sentiment, and a pickup in second-half activity that has carried into 2026. He stressed SEGRO’s long-term compounding track record and said the company is positioned to move back toward historical growth averages as fundamentals improve. His tone was constructive and increasingly confident, especially around the data center opportunity and the company’s land bank.
Susanne Schroeter-Crossan highlighted disciplined financial execution: adjusted EPS up 6.1%, dividend up 6.1% to 31.1p, adjusted NAV per share up 2%, net rental income up 8.6%, and adjusted profit before tax up 8.3%. She said LTV finished at 31% and net debt-to-EBITDA improved to 8.4x, supported by higher EBITDA and disciplined capital management; average debt maturity was 6 years and undrawn RCFs and term loans were circa EUR 1.9 billion. On capital allocation, she said 2026 development CapEx should be EUR 450 million to EUR 550 million, including around EUR 150 million of infrastructure, and that share buybacks are not currently attractive because development opportunities are more compelling. She also said the current data center strategy would not require an equity raise, with project debt and joint-venture funding helping keep cash equity needs manageable.
Analysts focused on three areas: whether SEGRO would move into defense manufacturing space, how much further urban occupancy could recover, and how the new data center strategy would be funded and protected from technology obsolescence. Management said defense manufacturing may create some indirect logistics demand but is not a major near-term theme for SEGRO because many sites would be in locations outside its core prime portfolio. On data centers, Andrew Pilsworth said the company is investing in long-life power and cooling infrastructure rather than chips or servers, and that obsolescence risk is therefore limited; Susanne added the fully fitted model would use JV project debt and should not require an equity raise. On capital intensity, David Sleath said fully fitted projects would likely be done one or two at a time and funded through active recycling, keeping leverage manageable.
The call pointed to a clear improvement in demand conditions, with stronger inquiry levels, more pre-lets, and improved leasing momentum in both the U.K. and Continental Europe. SEGRO’s prime urban and logistics assets appear well positioned, occupancy improved, and management believes the company has a substantial embedded growth runway from reversion, vacant space, development, and data centers. The data center pipeline, in particular, was presented as a sizable incremental opportunity supported by power, land, planning, and JV expertise.
Management acknowledged that deals can still take time to convert, geopolitics remain uncertain, and some markets like South/East London, Poland, and Czech Republic are still less robust than prime core areas. The fully fitted data center strategy brings higher project complexity and larger capital requirements, even if management believes funding is manageable and risks are controlled. There was also some caution that 2026 outcomes depend on pre-let timing, market conditions, and whether the recovery in occupier activity continues.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 96.8%
- Shares Outstanding
- 1.35B
- Float Shares
- 1.31B
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Generate SEGXF report →SEGRO (OTCMKTS:SEGXF) Given Average Recommendation of “Hold” by Brokerages
defenseworld.net · Aug 17
Segro and Prologis agree final terms on £13.5bn takeover deal
proactiveinvestors.co.uk · Aug 4
Prologis to Buy U.K.'s Segro for $18.8 Billion
wsj.com · Aug 4
UK's Segro agrees to Prologis' up to $19.2 billion bid
reuters.com · Aug 4
SEGRO Plc (SEGXF) Q2 2026 Earnings Call Transcript
seekingalpha.com · Jul 30
Segro Shares Rise After Board Yields to Prologis's Final $18.7 Billion Takeover Bid
wsj.com · Jul 23
SEGRO jumps after board agrees to recommend Prologis deal
proactiveinvestors.co.uk · Jul 23
Segro jumps as Prologis raises 'best and final' bid to £14bn, seeking more time for talks
proactiveinvestors.co.uk · Jul 22
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