Segro reported mixed full‑year results with market rental growth at 2% but LFL rent growth at 6%.
IPO consistent EPRA net tangible assets were 925p per share, slightly below consensus.
Recurring earnings per share came in at 36.6p, marginally beating the 36.2p consensus and up 6% YoY.
The company declared a full‑year dividend of 31.1p per share, a 6% increase from the previous year.
Vacancy fell by one percentage point to 5%, meeting the company’s 4–6% target range.
CEO David Sleath cited record new rent signing, signalling strengthen tenant demand and potential for future rental growth.
Morgan Stanley analyst Bart Gysens noted that high reversion rates fuelled strong LFL growth and that Segro could outperform if market rental growth accelerates or if risk appetite increases, especially in data centre development.
📖 Full Retelling
On 20 February 2026, Segro plc – a London‑listed industrial property group – announced its full‑year financial results, reporting mixed performance with softer market rental growth but stronger like‑for‑like (LFL) earnings. The company, which serves mainly warehousing and data centre tenants in the UK, highlighted that modest market rent increases were offset by solid internal rent performance, leading to a dividend rise and an improved vacancy rate.
🏷️ Themes
Corporate earnings reporting, Industrial property rental dynamics, Dividend policy and shareholder returns, Operational metrics: vacancy, leasing activity, Market outlook and analyst commentary
Entity Intersection Graph
No entity connections available yet for this article.
Deep Analysis
Why It Matters
Segro's mixed results highlight a contrast between modest market rental growth and stronger like-for-like performance, indicating that tenant demand is improving while overall market conditions remain soft. The company’s dividend increase and occupancy gains suggest resilience that could influence investor sentiment and future earnings.
Context & Background
Soft 2% market rental growth in 2025
6% like-for-like rent growth driven by strong reversion
Vacancy fell to 5%, within target range
What Happens Next
Segro plans to maintain its leasing momentum into 2026, with the CEO noting record new rent levels. If market rental growth accelerates or the company adopts a higher risk appetite in data centre development, the stock could outperform expectations. Investors will watch for further dividend adjustments and occupancy trends.
Frequently Asked Questions
What was Segro's recurring EPS for the year?
36.6p, slightly above consensus.
How did vacancy change?
Declined by one percentage point to 5%, within target.
What is Segro's full-year dividend?
31.1p per share, up 6% from prior year.
Original Source
try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry Nvidia and OpenAI close to finalizing smaller, $30 bln investment- FT Gold prices tick up amid US-Iran tensions, Fed caution; set for weekly loss U.S. stocks end lower after hawkish Fed minutes; Walmart guidance falls short Berenberg sees more than 50% upside in this small-cap software stock (South Africa Philippines Nigeria) Segro posts mixed full-year results with soft rental growth, strong LFL By Vahid Karaahmetovic Author Vahid Karaahmetovic Earnings Published 02/20/2026, 03:23 AM Segro posts mixed full-year results with soft rental growth, strong LFL 0 Investing.com -- Segro reported mixed full-year results, with softer market rental growth partly offset by stronger like-for-like rent performance and earnings that were broadly in line with expectations. The company’s shares edged slightly lower in London trading after the release. Dive deeper into corporate earnings with InvestingPro The company posted EPRA net tangible assets of 925p per share, below Visible Alpha consensus of 938p, up 2% in the second half. Recurring EPS was 36.6p, slightly ahead of the 36.2p consensus estimate and representing 6% year-on-year growth. SEGRO declared a full-year dividend of 31.1p per share, up 6% from the prior year. Operationally, market rental growth was 2% for the year, while LFL rents rose 6% as the group continued to capture strong reversion. Vacancy declined by one percentage point to 5%, returning to the midpoint of the company’s 4–6% target range. "Market rental growth at 2% was soft as expected, but the high reversion rate has been driving strong 6% growth in rents like for like," said Morgan Stanley analyst Bart Gysens. Segro said leasing activity remained strong, with CEO David Sleath noting the company had signed a “record level of new rent” and that momentum has continued into 2026. "We note that strong leasing and better occupancy suggest tenant demand has started to improve; we could see the stock startin...
