Segro

Website: Segro
Index: FTSE 100
EPIC: SGRO
Supersector: Real Estate
Sector: Real Estate Investment Trusts
Subsector: Industrial and Office REITs
Market Cap: £10.52B
Payout Frequency: Semi-Annual

Next Segro Dividend

Segro next goes ex-dividend on 26/03/2026. This will be the Final dividend for 2026.

The dividend per share amount is 21.4000p (GBP) and the payment date is 08/05/2026.

Key Dividend Information

Final dividend: 21.4 pence per share (up 5.9% YoY; prior year: 20.2p)
Full-year dividend (FY2025): 31.1 pence per share (up 6.1% YoY; prior year: 29.3p)
Ex-dividend date: 26/03/2026
Record date: 27/03/2026
Payment date: 08/05/2026

Coverage and Policy Signals

Adjusted EPS (2025): 36.6p (up 6.1% YoY) vs dividend 31.1p ? payout c.85% (coverage ~1.18x), consistent with UK REIT norms.
Management reiterates aim to deliver “further compounding growth in earnings and dividends.”

Short Analysis: Sustainability and Growth

Earnings support: Like-for-like net rental income up 6.0%; occupancy 94.9%; ERV growth 2.3%. Record £99m new rent secured provides forward earnings visibility.
Embedded growth: Identified £152m of income upside (reversion and leasing vacancy) plus development pipeline at an attractive 7.1% yield and high pre-let content (55%).
Balance sheet: LTV 31%, net debt/EBITDA 8.4x, average cost of debt 2.6%. Leverage moderate for the sector; low funding cost continues to underpin cash distributions.
Capital allocation: 2026 development capex guided at £450–550m (incl. ~£150m infrastructure), to be supported by planned disposals at or above the upper end of 1–2% of portfolio. This rotation should fund growth while preserving dividend capacity.
Trajectory: FY dividend growth of 6.1% matched to adjusted EPS growth suggests a disciplined, sustainable progression rather than overextension.

Structural Changes and Policy Commentary

No structural changes (demergers, M&A, share consolidation) disclosed.
Strategic emphasis on industrial/logistics and a sizeable data centre opportunity (2.5GW powered land, 1.1GW pre-lettable by end-2028) could enhance medium-term cash flows and support dividend growth, subject to execution.

Risks and Flags to Dividend Stability

Execution risk on the development and data centre pipelines; timing of pre-lets and completions may create earnings lumpiness.
Disposal dependence: 2026 plan assumes elevated disposals to fund capex; weaker investment markets could slow asset sales or compress proceeds.
Payout headroom: c.85% payout leaves less buffer if adjusted earnings soften.
Financing environment: Average debt cost edged up to 2.6%; further increases or refinancing at higher rates would pressure interest cover and dividend headroom.
Valuation sensitivity: Modest portfolio valuation gains (+1.0%) highlight exposure to yield shifts; adverse moves could constrain balance sheet flexibility.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
27/03/2025	14/05/2025	Final	20.20p	GBX
07/08/2025	19/09/2025	Interim	9.70p	GBX

Total (Annual Dividends Per Share): 29.90p

Dividend Yield = Annual Dividends Per Share (29.90p) ÷ Share Price (757.8p) = 3.95%

Ex Dividend Date	Payment Date	Type	Amount	Currency
26/03/2026	08/05/2026	Final	21.4000p	GBX
07/08/2025	19/09/2025	Interim	9.70p	GBX
27/03/2025	14/05/2025	Final	20.20p	GBX
08/08/2024	20/09/2024	Interim	9.10p	GBX
14/03/2024	03/05/2024	Final	19.10p	GBX
10/08/2023	22/09/2023	Interim	8.70p	GBX
16/03/2023	04/05/2023	Final	18.20p	GBX
11/08/2022	23/09/2022	Interim	8.10p	GBX
17/03/2022	04/05/2022	Final	16.90p	GBX
12/08/2021	24/09/2021	Interim	7.40p	GBX
18/03/2021	04/05/2021	Final	15.20p	GBX
13/08/2020	24/09/2020	Interim	6.90p	GBX
19/03/2020	01/05/2020	Final	14.40p	GBX
15/08/2019	23/09/2019	Interim	6.30p	GBX
21/03/2019	02/05/2019	Final	13.25p	GBX
16/08/2018	28/09/2018	Interim	5.55p	GBX
22/03/2018	03/05/2018	Final	11.35p	GBX
17/08/2017	29/09/2017	Interim	5.25p	GBX
23/03/2017	04/05/2017	Final	11.20p	GBX
18/08/2016	30/09/2016	Interim	5.20p	GBX
24/03/2016	05/05/2016	Final	10.60p	GBX
20/08/2015	02/10/2015	Interim	5.00p	GBX
26/03/2015	08/05/2015	Final	10.20p	GBX
27/08/2014	03/10/2014	Interim	4.90p	GBX
26/03/2014	09/05/2014	Final	9.90p	GBX
04/09/2013	04/10/2013	Interim	4.90p	GBX

Year	Interim	Final	Currency	Total	Change
2024	9.100	20.200	GBX	29.300	5.390
2023	8.700	19.100	GBX	27.800	5.700
2022	8.100	18.200	GBX	26.300	8.230
2021	7.400	16.900	GBX	24.300	9.950
2020	6.900	15.200	GBX	22.100	6.760
2019	6.300	14.400	GBX	20.700	10.100
2018	5.550	13.250	GBX	18.800	13.250
2017	5.250	11.350	GBX	16.600	1.210
2016	5.200	11.200	GBX	16.400	5.120
2015	5.000	10.600	GBX	15.600	3.310
2014	4.900	10.200	GBX	15.100	2.020
2013	4.900	9.900	GBX	14.800

Number of Shares:

Payment	Paid	Amount
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