Rob Abraham
CEO & Director
Right. Good morning, everyone, and welcome to Super’s Interim Results to the 31st December 2025. So I’m going to start us off with a strategic overview, and then I’ll hand you over to Mike to take you through the numbers.
So it’s been an incredibly busy period for us with significant levels of activity as we delivered on our strategy to grow earnings. And shareholders are now seeing the benefits of this as we’re increasing the minimum dividend uplift to 2% from the next financial year onwards. And we’re positioned for further growth with an attractive near-term pipeline of over GBP 500 million.
So just to take you through some of the proactive steps we’ve taken over the last year to create a platform for growth. We’ve achieved much greater shareholder alignment through the internalization of the management. And shortly after that, we completed the joint venture, which has allowed us to undertake capital recycling and also generate management fee income.
And during the period, we scaled that to GBP 845 million, demonstrating our access to capital alongside the debut bond issue that Mike will talk to in a moment. We’ve established a cost-efficient and scalable platform, evidenced by our 9.2% EPRA cost ratio, and this continues to trend lower as we look to grow the business.
And to support this future growth, we’ve