Segro (LSE:SGRO) reported a 6.3% rise in adjusted pre-tax profit to £268 million for the six months to 30 June, with adjusted earnings per share up 6.6% to 19.3p.
The real estate investment trust, which owns industrial, logistics and data centre assets across the UK and Continental Europe, said like-for-like net rental income grew 5.3%, driven by a 44% average uplift on UK rent reviews and renewals.
The interim dividend rises 4.5% to 10.14p.
Segro highlighted that during the half it added £53 million of new headline rent in the period, more than the £31 million secured a year earlier, including £24 million of new pre-lets.
Chief executive David Sleath said the company has "a record pipeline of development projects under construction or in advanced negotiations, underpinned by improving occupier demand for high-quality, well-located industrial, logistics and data centre space."
The company added 0.5 gigavolt-amperes (GVA) to its data centre power bank, taking total potential capacity to 3.0GVA, and won planning approval for its first fully fitted data centre, at Park Royal in London.
Development capital expenditure for 2026 is now expected to reach £500 million to £550 million.
Segro is targeting adjusted EPS of approximately 50.0p by 2030, up from 36.6p in 2025.
News Intelligence what this means for the company
Segro reported H1 2026 adjusted EPS up 6.6% to 19.3p, backed by 5.3% like-for-like rental growth and £53 million of new headline rent—71% above the prior-year period. The company has raised its 2030 EPS target to 50.0p from 36.6p in 2025, implying a compound annual growth rate of roughly 8% over five years, and now expects development capex of £500–550 million in 2026 alone, signalling confidence in its data centre and logistics pipeline despite a pending takeover deadline.
The earnings lift and raised 2030 guidance demonstrate Segro is executing on rental growth and data centre expansion independent of takeover uncertainty. However, the 2.5% fall in EPRA NTA per share to 902p—driven by higher valuation yields—signals property market headwinds that may constrain near-term asset value, even as operational momentum accelerates.
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