We have a proven business model that has compounded shareholder value through varying economic and property market cycles. The Group has delivered low-volatility growth in earnings, dividends and net asset value, underpinned by well-above-inflation like-for-like rental growth and disciplined capital allocation.

Key performance indicators demonstrate a repeatable business model:

• Average total accounting returns of 14% per annum over the last ten years are consistently above cost of capital and have been positive in every year.
• A progressive dividend has increased 25 times consecutively since its inception.
• Long-term shareholder total returns have been materially ahead of most UK listed real estate peers and major UK equity indices.

Sirius has built an all-weather business model capable of repeatedly generating attractive shareholder returns through disciplined execution and operational excellence.

The long-term success of Sirius is built upon an uncommon combination of favourable economic characteristics that naturally compound income and shareholder value. These structural advantages create predictable cash flows, resilient earnings and attractive long-term capital returns.

Sirius operates as a business platform. It is not simply a collection of buildings. The Group is run as a fully integrated operating model and service platform capable of manufacturing its own growth, which creates competitive advantages difficult for traditional landlords to replicate.

Competitive advantages include:

• Fully integrated in-house leasing and marketing capabilities, providing greater control, faster execution and improved customer engagement.
• Flexible accommodation solutions that allow customers to expand or contract within the portfolio, significantly improving retention.
• Active provision of complementary services that strengthen customer relationships and create additional revenue opportunities.
• Industry-leading service charge management that consistently narrows the gap between gross and net property income, narrowing cost leakage and contributing materially to profitability.

The platform becomes increasingly valuable as it scales, enabling Sirius to acquire under-managed assets with confidence to rapidly unlock operational efficiencies and value.

Sirius generates value through intensive asset management and improvement rather than relying on passive market appreciation.

Our platform provides the confidence to target actively under-utilised assets, where operational expertise and low cost / low risk capital investment can materially improve income, occupancy and long-term capital values as valuers recognise the improved revenue yield of our sites.

Value creation is driven by:

• The tenant sourcing, engagement and retention competency of the operating platform which means we confidently seek to acquire assets with vacancy
• High-return refurbishment and repositioning projects.
• Optimising space use and tenant mix.
• Use of surplus, under-utilised or structurally void areas capable of supporting new use, change of use, future development or selective disposals.

Typical capital expenditure returns on invested capital are 20–30%.

Operating across two major economies allows diversification and capital to be routed to best-opportunity assets and local economic dynamics. Supply and demand tension, capacity constraints, and local market knowledge lie at the heart of asset selection and retention decision-making.

The portfolio increasingly benefits from exposure to sectors supported by long-term structural demand, including:

• The government-backed income of defence-related occupiers.
• SME industrial and business parks.
• Flexible business storage solutions. 
• Urban logistics and real estate geared to modern delivery systems.

Deep local market knowledge supports superior acquisition discipline, stronger pricing decisions, and informed capital recycling. The significant exposure to Germany offers a stable and differentiated economic exposure.

Capital allocation has been a significant contributor to Sirius' long-term shareholder returns. Capital is allocated towards opportunities expected to generate returns comfortably above the Group's cost of capital while maintaining a conservative financial profile. Acquisitions must be earnings-accretive while mature or fully transformed assets are subject to strict capital recycling considerations. Most assets are acquired with a view to divestment once value has been created.

The business benefits from attractively priced Euro-denominated financing. The balance sheet is managed to prudent coverage ratios (Net Debt/EBITDA <7x), while a conservative FFO payout ratio (below 75%) allows a healthy dividend yield, certainty of dividend payout and retention of income for asset improvement capex.

As the operating platform expands, partnerships with third-party capital have provided an additional source of scalable, capital-light growth.

Investment resilience is considered through structured internal processes, and risk is intentionally allocated.  The combination of diversified tenants, affordable rents, active management, and disciplined financial policies has enabled the Group to consistently produce growing rental income and dividends through periods of both economic expansion and market disruption.

Key sources of resilience include:

• Strong tenant diversification across sectors and locations.
• Higher property yields that have provided valuation protection during periods of rising interest rates.
• Liquid asset lot sizes supporting efficient capital recycling.
• Conservative financing and strong interest cover.
• Increasing exposure to structurally supported sectors including defence and infrastructure.
• Industry-leading ESG credentials, including Scope 1 and Scope 2 net zero status.

These characteristics have contributed to lower earnings volatility than many listed real estate peers. The track record of consistently positive and high like-for-like rental growth and low occupancy volatility fully validates the resilient business model.

Sirius is built on an honest, entrepreneurial, no-surprises culture. Senior management is accessible and transparent. Meaningful share ownership among long-tenured executives aligns directly with long-term decision making and shareholder wealth creation. In addition, 30% of employees are Sirius shareholders through attractive employee share plans.

Sirius benefits from a dual listing in the UK and South Africa and a stable shareholder register that reflects long term fulfilment of return expectations and mutual trust.

Investors have repeatedly supported oversubscribed equity and debt issuances, providing financial flexibility to pursue attractive growth opportunities while maintaining a conservative balance sheet. This access to capital has consistently enhanced shareholder returns through earnings-accretive investment. The highly cashflow generative nature of the business means that a naturally low earnings multiple when the share price trades at NTA per share enables non-dilutive access to equity at even modest share price valuation.

Sirius possesses substantial internally generated growth opportunities that do not depend upon favourable property market conditions. Approximately two-thirds of the existing portfolio continues to offer untapped value creation potential through refurbishment, leasing initiatives, operational improvements, selective development and change of use.

Examples of hidden value creation opportunities will include:

• Sale of lower-valued workspace assets for residential and mixed-use conversion
• Change of use of warehouse space into business self storage space
• Use of vacant land for new development or industrial outdoor storage
• Creating uses for structural void spaces

The established operating platform now offers increasing economies of scale and improved operational leverage with every incremental acquisition.

Management has articulated a clear mid-term ambition to grow Funds From Operations from €133 million at Year End 2026 to €175 million while continuing to deliver progressive dividend growth and ultimately achieving Dividend Aristocrat recognition.

The combination of embedded portfolio opportunities, scalable operations, and disciplined capital allocation provides a credible pathway for years of stability and value creation.