Segro Reports H1 2026 Profit Growth Amid Acquisition Proposal

The Tip Desk · July 30, 2026 · 2 min read

Adjusted pre-tax profit rose 6.3% to £268 million, while the board indicates it would be minded to recommend a fourth acquisition proposal from Prologis.

Segro Plc reported an adjusted pre-tax profit of £268 million for the first half of 2026, a 6.3% increase from £252 million in the same period last year [3, 11]. Adjusted earnings per share rose 6.6% to 19.3 pence [3, 11]. The company increased its interim dividend by 4.5% to 10.14 pence [3, 11].

Operational performance was supported by 5.3% like-for-like net rental income growth and £53 million of new headline rent secured [1, 11]. This included £27 million from leasing and reversion capture in the existing portfolio and £26 million from development signings. Occupancy remained at 94.5%, within the company's 94-96% target range.

Portfolio valuation decreased 1.2% to £18.7 billion as of June 30, 2026, primarily due to higher yields applied by the company's incoming UK valuer [3, 11]. Adjusted net asset value per share fell 2.5% to 902 pence [3, 11]. Segro completed or exchanged £308 million of disposals above book value so far in 2026.

On July 22, 2026, Prologis, Inc. submitted a fourth "Best and Final" proposal to acquire Segro. Segro's board unanimously concluded that the financial terms are at a level it would be minded to recommend to shareholders, subject to confirmatory due diligence and agreement on final terms. A decision from Prologis on whether to make a firm offer is required by August 12, 2026.

Looking ahead, Segro expects development capex for 2026 to be between £500 million and £550 million [6, 10]. The company targets Adjusted EPS progression from 36.6 pence in 2025 to approximately 50.0 pence by 2030. Management expects ongoing growth in earnings and dividends to be supported by cost discipline and a capital-efficient corporate structure.