Core Insights - SEGRO reported a "very strong year" in 2025, highlighting record leasing activity, like-for-like rental growth, and improving occupier sentiment that has continued into early 2026 [5] Financial Performance - Loan-to-value ratio ended at 31% and net debt to EBITDA decreased to 8.4x from 8.6x [1] - Adjusted NAV per share increased by 2% and adjusted earnings per share rose by 6.1%, driven by higher net rental income and cost discipline [2] - Full-year dividend declared at £0.311, also up 6.1% year-over-year [2] Portfolio and Occupancy - Portfolio valuation grew by 1% on a like-for-like basis, marking the first positive valuation movement for both the U.K. and continental Europe since early 2022 [2] - Overall occupancy increased by 90 basis points to 94.9%, primarily driven by continental Europe [3] Leasing Activity - SEGRO signed a record £99 million of new headline rent in 2025, including £33 million from development signings [4] - Achieved a 36% uplift on rent reviews and renewals, with an average of 46% in the U.K. [3] - U.K. occupancy rose by 50 basis points to 93.1%, supported by development deals [6] Development and Capital Allocation - SEGRO invested £413 million into development in 2025, with £387 million in development capex and £26 million in land acquisitions [10] - Guidance for 2026 development capex is set between £450 million and £550 million [11] - Expected disposals in 2026 to be at or above 1% to 2% of portfolio value [12] Data Center Strategy - SEGRO views data centers as an "exceptional opportunity," driven by cloud adoption and AI workloads [13] - The powered land bank across key European availability zones totals over 2.5 GW, with 0.5 GW operational capacity [14] - Focus on fully fitted projects is expected to generate development profits up to three times those of powered shells [17]