Slide 1: SEGRO 2021 Full Year Results
SEGRO 2021 FULL YEAR RESULTS 18 FEBRUARY 2022
Slide 2: Strength, breadth & depth of occupier demand
STRENGTH, BREADTH & DEPTH OF OCCUPIER DEMAND FRESA amazon A Total new headline rent signed! pare. oe " | DECATHLON | 80 & 2 70 £ 60 : GORILLAS io Alliance ax < 10 Healthcare 0 2015 2016 2017 2018 2019 2020 2021 % chronopost relaxdays creative goods SEGRO 1 Net new rent on existing space reflects hea
Slide 3: Urban opportunities and acquisitions
URBAN LAND OPPORTUNITIES ACQUISITIONS SEGR 3
Slide 4: Championing low-carbon growth and investing in local communities
+ Reduced operational carbon emissions by 10% + Increased visibility of customer energy use to 54% * Carried out life cycle assessments on over 440,000 sq m of developed space CHAMPIONING Established the Community Owns. KX Investment Plan (CIP) framework Setting up our first plans i key markets such
Slide 5: We create the space that enables extraordinary things to happen
-_\ WE CREATEs LS ENABLES EXTRAORDINAI THINGS TO HAPPEN — Strong financial Driving value Leveraging our results and growth operating from our platform to portfolio create new opportunities Confident outlook
Slide 6: Things to happen: strong results, growth, platform, outlook
THINGS TO HAPPEN Strong financial Driving value Leveraging our Confident results and growth operating outlook from our platform to portfolio create new opportunities SEGRO
Slide 7: Adjusted earnings per share, portfolio valuation and loan to value
29.1p Adjusted earnings per sh +14.6% £18bn 23% Portfolio valuation Loan to value +28.8%2 1 Average number of shares was 1,197.7 million in 2021 2 Percentage valuation change based on difference between opening and closing valuation for all properties including those under construction and land, adj
Slide 8: Consistently delivering strong returns
CONSISTENTLY DELIVERING STRONG RETURNS Passing Rent Adjusted NAV' per share 1,300 _— GR 550 42% CAGR F 4920 AS % 1,050 & 450 i, 2 % § 800 @ 350 - 518 5 1137 E250 350 378 = 650 700 ~ & = 288 324 < 478 556 300 150 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021 . . Dividend per share Adjus
Slide 9: 13% growth in net rental income
13% GROWTH IN NET RENTAL INCOME Proportionally consolidated net rental income (excluding joint venture fees), 2020-21, £ million Like for like NRI Group +4.9% UK +5.6% cE +3.6% 2020 net rental income Like-for-like Completed Disposals Acquisitions Other ' 2021 net rental income2 NRI developments 1 Ot
Slide 10: 20% increase in adjusted PBT
20% INCREASE IN ADJUSTED PBT Adjusted income statement 2021 2020 Change fm £m SELP performance fee: ; — Net £13 million recognised in the period had Gross rental income AAT 393 1.1p impact on EPS - Excluding that EP: Id h 28.0 Property operating expenses (100) (88) 40090 that EPS would have been 28.
Slide 11: £4.1 billion valuation surplus
£4.1 BILLION VALUATION SURPLUS Portfolio UK Continental Europe +28.8% +32.2% +22.5% _, £4,500m ‘3 £4,000m | —_—_— § £3,500m = ~—O S$ £3,000m | a7 cl 5 £2,500m || £ £2,000m 2 £1,500m 3 £1,000m = £500m £0m Total London Thames Valley UK Big Box Germany France Poland Italy Spain Portfolio value £18.4bn
Slide 12: Driven by yield shift, asset management and rental growth
DRIVEN BY YIELD SHIFT, ASSET MANAGEMENT AND RENTAL GROWTH! Property yield2: 3.8% ERV growth: 13.1% 2020: 4.5% 2020: 2.5% London 23.5% UK: Thames ‘ Valley +12.2% +18.8% National +8.9% 2020: +3.1% Logistics Germany +3.3% Cont. France +6.0% Eur: ——— +4.1% Italy +5.9% 2020: +1.5% Poland +0.2% ™31-Dec-21
Slide 13: Significant reversionary potential to be captured
SIGNIFICANT REVERSIONARY POTENTIAL TO BE CAPTURED Accumulated reversion to ERV in the portfolio’, £m Reversion to ERV, £m SEGRO em=CE mmgUK —=Group 2016 2017 2018 2019 1 Reversion on let space only, excludes vacancy. 2020 2021 100 Headline rent, £m a o 3 co) b o nN So UK headline rent subject to rev
Slide 14: Balance sheet positioned to support further growth
BALANCE SHEET POSITIONED TO SUPPORT FURTHER GROWTH LTV ratio and average cost of debt (incl share of joint ventures), 2013-21 60% 4.2% 4.2% 40% LTV ratio 20% & £ & a oS oO + T “ 0% o + ral So So So a a a maa LTV ratio SEGRO 2016 Bex 1.7% 2017 Key 2018 PARa 2019 PAM — Ave cost of debt 1.6% 2020 Amy 1
Slide 15: Strong financial results
STRONG FINANCIAL RESULTS Strong earnings growth driven by the capture of reversion, lettings and development 29% increase in the value of the portfolio £1.3bn of new financing to fund future growth 2021 full dividend increased by 10% SEGRO SEGRO Park Enfield, London
Slide 16: We create the space that enables extraordinary things to happen
WE CREATE ETH ENABLES EXTRAORD THINGS TO HAPPEN Strong financial Driving value Leveraging our Confident results and growth operating outlook from our platform to portfolio create new opportunities SEGRO
Slide 17: Favourable market dynamics
FAVOURABLE MARKET DYNAMICS 3) Record levels of take up across Europe in 2021! ae —s 33 million sqm of space needed over next 5 years across Europe to support growth of e-commerce? Vacancy at a record low level of 3.5%? 1 Source: Savills. 2 Source: CBRE. 3 Source: Savills. 4 Source: Savills - €62 bil
Slide 18: High demand from a diverse range of occupiers
HIGH DEMAND FROM A DIVERSE RANGE OF OCCUPIERS @ Net new rent on existing space New rent contracted Contracted rent! 100 90 80 70 60 50 40 Annualised rental income, £m 30 , = « FE SE 2015 2016 2017 2018 2019 2020 2021 1 Net new rent on existing space reflects headline rent agreed on new leases less p
Slide 19: Actively managing the existing portfolio
ACTIVELY MANAGING THE EXISTING PORTFOLIO High levels of customer retention and Capturing reversion from continued low vacancy! renewals and reviews? 9 100 25 Includes impact of Heathrow 8 90 2 re-gears? 7 80 9 $ 20 /~ a s +19.1% = 6 77% 70 gs £ 17.8% g co 5 rd & 15 5 3 3 g 50 3 g 7 S 4 s 8 +12.2% —_
Slide 20: Asset management initiatives reducing carbon emissions and creating value
ASSET MANAGEMENT INITIATIVES REDUCING CARBON EMISSIONS AND CREATING VALUE Refurbishment driving All SEGRO procured energy now additional value on renewable tariffs Driving increased visibility of Adding Green lease clauses to help us customer energy use achieve our net zero-carbon goals SEGRO 20
Slide 21: Another strong year of development
ANOTHER STRONG YEAR OF DEVELOPMENT 60 50 40 30 Potential new headline rent, £m 20 10 (¢) 2014 2015 2016 2017 2018 2019 2020 2021 SEGRO 839,200 sqm of new space completed 47 projects £52m potential headline rent (93% leased) 6.8% average yield on cost 98% targeting BREEAM ‘Excellent’ or ‘Very Good’ (
Slide 22: SEGRO Park Saint Quentin Fallavier
ket SEGRO Park Saint Quentin Fallavier, SEGR ‘(81 Hoeksteen, The Netherlands 22
Slide 23: Community Investment Plans
COMMUNITY INVESTMENT PLANS “We will create and implement Community Investment Plans for every key market in our portfolio by 2025.” | EE EMPLOYMENT ECONOMY ENVIRONMENT Developing training and Working with our Improving the local employment customers to support environment opportunities our local eco
Slide 24: Things to happen
THINGS TO HAPPEN Strong financial Driving value Leveraging our Confident results and growth operating outlook from our platform to portfolio create new opportunities SEGRO
Slide 25: Development and disposals
DEVELOPMENT DISPOSALS * £649m of development capex * Older UK assets as part of a swap » Includes £99m infrastructure spend + Portfolio of urban warehouses in Italy * SEGRO sales to SELP
Slide 26: Urban opportunities and land acquisitions
URBAN OPPORTUNITIES LAND ACQUISITIONS + UK asset swap * £326m of land acquisitions across the UK and Europe * Forward-funded agreements * Older assets with short-term income that have redevelopment potential SEGR 26
Slide 27: We create the space that enables extraordinary things to happen
WE CREATE THE SPAGE THA ENABLES EXTRAORDINARY THINGS TO HAPPEN Strong financial Driving value Leveraging our Confident results and growth operating outlook from our platform to portfolio create opportunities
Slide 28: Data & digitalisation, sustainability
DATA & DIGITALISATION SUSTAINABILITY 28
Slide 29: Portfolio split by geography and asset type
Portfolio split by geography and asset type (at 31 December 2021) Other, Poland 136" £1.2bn @ » B&B to ndon Glen £7:3bn Omtanos Diamiues Oanmsteroam seruiN© poznas O Wan vRiteO Ngee. Qoussanor wroctawO une H OFmmPT — Ggcue OROOMCE France £24bn Oraris munich © won Omian Germany BOLOGNA O 23m Thames V
Slide 30: Demand-supply conditions supportive of further rental growth
DEMAND-SUPPLY CONDITIONS SUPPORTIVE OF FURTHER RENTAL GROWTH SEGRO SEGRO Property Type Region % of portfolio! Pemand Supply 5 year average ERV growth conditions conditions . ERV growth expectations UK 55% Urban warehouses i Continental 12% Europe UK 8%? Big box warehouses i Continental 21% Europe ..
Slide 31: £390+ million of potential rental income from future development
£390+ MILLION OF POTENTIAL RENTAL INCOME FROM FUTURE DEVELOPMENT = , les g ¢ ot ce 6 = & a Se Be Se i #6 226 G: 83 a: #3 co = So ows a ge - —eo eg 3 ea xs 3 a ge 8 a uw — a ioe a Qamsteram — BERL pornasi, Owe ° apron ol OS Qrestcore Oona 9 SOON Current 801,360 3802 62 7.0% 60% Mare ° rac» OciNace mo
Slide 32: Potential >£1 billion rental income
POTENTIAL >£1 BILLION RENTAL INCOME Annualised gross cash passing rent', £ million (as at 31 December 2021) £257m potential from current activity £309m from land bank +109% and land options 160* he | | woes ae kz "= =a Le 5 Plus: further growth potential from aie Plus: further gout potential from re
Slide 33: Confident outlook
CONFIDENT OUTLOOK iil Supportive structural Ge = trends au Restricted Strong balance land sheet availability limits supply RESPONSIBLE WS PeNES ad bea a Pan-European Prime operating portfolio platform © of existing assets Exceptional landbank for development SEGRO
Slide 34: We create the space that enables extraordinary things to happen
-_\ WE CREATEs LS ENABLES EXTRAORDINAI THINGS TO HAPPEN — Strong financial Driving value Leveraging our results and growth operating from our platform to portfolio create new opportunities Confident outlook
Slide 35: Appendix: Portfolio and Financial Data
APPENDIX 1 Portfolio and Financial Data SEGRO
Slide 36: Adjusted income statement (JVs proportionally consolidated)
ADJUSTED INCOME STATEMENT (JVS PROPORTIONALLY CONSOLIDATED) 2021 2020 Group JVs Total Group JVs Total £m £m £m £m £m £m Gross rental income 447 135 582 393 121 514 Property operating expenses (100) (35) (135) (88) (31) (119) Net rental income 347 100 447 305 90 395 JV management fee income! 52 (24)
Slide 37: Balance sheet (JVs proportionally consolidated)
BALANCE SHEET (JVS PROPORTIONALLY CONSOLIDATED) 31 December 2021 31 December 2020 Group JVs Total Group JVs Total fm £m £m fm fm fm Investment properties 15,492 2,909 18,401 10,671 2,348 13,019 Trading properties 45 45 52 52 Total properties 15,537 2,909 18,446 10,723 2,348 13,071 Investment in join
Slide 38: Pro forma 2021 accounting net rental income
PRO FORMA 2021 ACCOUNTING NET RENTAL INCOME Group JVs Total £m £m £m 2021 net rental income 347 100 447 Full year impact of: Disposals since 1 January 2021 (12) (1) (13) Acquisitions since 1 January 2021 29 2 31 Developments completed and let 25 3 aD One-off items (7) (7) Pro forma 2021 net rental i
Slide 39: Total cost ratio
TOTAL COST RATIO Total cost ratio, 2020-21 (proportionally consolidated) Indl. joint ventures at share 20 200 Gross rental income (less reimbursed costs) 504 448 Property operating expenses 100 88 Administration expenses 59 52 JV operating expenses 48 43 JV management fees? (104) (88) Total costs! 1
Slide 40: EPRA performance measures
EPRA PERFORMANCE MEASURES 31 December 2021 £m £p per share 31 December 2020 £m £p per share EPRA Earnings 348 29.1 292 25.4 EPRA NTA 13,704 1,137 9,725 814 EPRA NRV 14,986 1,243 10,571 885 EPRA NDA 13,155 1,091 9,155 766 EPRA net inital yield 3.0% 3.8% EPRA topped-up net initial yield 3.3% 4.1% EPRA
Slide 41: EPRA capital expenditure analysis
EPRA CAPITAL EXPENDITURE ANALYSIS 2021 2020 Group JVs Total Group JVs Total £m £m £m £m £m £m Acquisitions 1,280 159 1,439 858 82 940 Development! 588 61 649 485 46 531 Completed properties? 35 10 45 34 6 40 Other? 22 11 Bo) 27 9 36 Total 1,925 241 2,166 1,404 143 1,547 1 Includes wholly-owned capit
Slide 42: 40% increase in adjusted NAV
40% INCREASE IN ADJUSTED NAV! Components of Adjusted NAV change, 31 December 2020 to 31 December 2021 346p | (21)p (8)p Standing assets: 272p Land & development: 74p 29p ee (23)p 31 December 2020 2021 Adjusted EPS Dividends Realised and unrealised Tax charge Exchange rate and other 31 December 2021
Slide 43: £1.3bn of new financing
£1.3BN' OF NEW FINANCING: BALANCE SHEET POSITIONED TO SUPPORT GROWTH SEGRO Bond €500m debut green bond 10 year maturity and 0.5% coupon Proceeds will be allocated to finance eligible green projects under the SEGRO Green Finance Framework SEGRO Term Loan Facility €750m multicurrency facility 2 year f
Slide 44: Long term debt maturity profile
LONG TERM DEBT MATURITY PROFILE Debt maturity by type and year, £ millions (as at 31 December 2021) 1,400 1,200 1,000 800 NS N 600 \ N 400 N N N \ 200 X L \ | 7 oo = a [] i a 2 x 6 .° n 2 2 ° = Q 2 x 4 - ~ 2 a a 8 a aq S a 8 & a a Py 3 a 3 o Ps 3 3 8 8 8 & g 8 8 8 g & g & & & & R & & mSEGRO bank deb
Slide 45: Euro currency exposure and hedging
EURO CURRENCY EXPOSURE AND HEDGING 6,000 5,000 4,000 3,000 2,000 1,000 ) mEuro gross assets Balance sheet, £m (31 December 2021) Assets 62% hedged mEuro debt mEuro currency swaps m™ Other euro liabilities Income Statement, £m (12 months to 31 December 2021) Income 29% hedged mEuro income m™ Euro Cos
Slide 46: Look-through loan-to-value ratio and cost of debt
LOOK-THROUGH LOAN-TO-VALUE RATIO AND COST OF DEBT 31 December 2021 Weighted average cost of debt, % Gross debt, Net debt, including excluding commitment fees ‘commitment fees ‘and non-cash and non-cash interest interest Group gross borrowings 3,406 15 Group cash & equivalents (45) Group net borrowin
Slide 47: Positioning SEGRO to deliver on its purpose
POSITIONING SEGRO TO DELIVER ON ITS PURPOSE Context Targets Actions Championing Low-carbon growth Segro recognises that the world faces a climate emergency and we are committed to playing our part in tackling climate change, by limiting global temperature rise to less than 1.5 degrees, in tandem wit
Slide 48: Urban and big box warehouses - complementary asset types
URBAN AND BIG BOX WAREHOUSES — COMPLEMENTARY ASSET TYPES Urban warehouses (67%) - Smaller units, generally < 10,000 sq m - Diverse range of uses (including ‘last mile’ delivery and datacentres) - Increased demand as a result of population expansion and growth of the digital economy - Development hig
Slide 49: A very diversified customer base
A VERY DIVERSIFIED CUSTOMER BASE Customer sectors e| (headline rent, SEGRO share) 5) AIRCANADA @ Dsv m®., wenn 1,471 customers XPO @ GEODIS | = | logistics 21% Top 20 customers = "wes 90 32% of total group 11% - headline rent Sainsburys Wholesale and ee Retail il BOOKER my aioe Distrbuton my 10% ="
Slide 50: EPRA vacancy rate
EPRA VACANCY RATE Vacancy rate reconciliation, 31 December 2020 to 31 December 2021 3.9% 0.2% 0.2% o_o i = 3.2% Speculative (0.3)% 0.4% : development! ° . 1a a (1.2)% Existing Existing standing assets standing assets 2.6% 2.5% 31 December 2020 _ Long-term lettings Short-term lettings Acquisitions Di
Slide 51: Enhanced, de-risked development programme
ENHANCED, DE-RISKED DEVELOPMENT PROGRAMME Development-led growth! The majority of which is pre-let 700 100% 600 80% & 500 x g 60% g 400 5 300 & 40% a S200 FA a 20% "oI 5 5 5 5 55 5 5 € 8 2013 2014 2015 2016 2017 2018 2019 2020 2021 NX NX N NX N NX NX NX NX NX 1 Capex on developments and infrastructu
Slide 52: Land bank provides optionality and opportunity for growth
LAND BANK PROVIDES OPTIONALITY AND OPPORTUNITY FOR GROWTH 900 7.0% & * 6.0% Net land utilisation, 2015-2021 ¥ 700 (Based on opening book value or acquisition value) g 5.0% 400 ~ 600 300 5 200 3 500 4.0% ina E 1 Eo DOE EE 400 3.0% ° = - 300 -200 2.0% -300 1.0% -500 2015 2016 2017 2018 2019 2020 2021
Slide 53: SEGRO European Logistics Partnership (SELP)
SEGRO EUROPEAN LOGISTICS PARTNERSHIP (SELP) HEADLINE FIGURES Assets under Management (as at 31 December 2021) 2.2 €1,950m & 20 “18 5 16 €1,478m__€1,327m Ea €1,266m vo a! 2 g 12 — 10 5 08 = 06 €471m 2 ic < 00 ° > > > uv c & 2g = z 3 E an = £ a 5 628 = tC} mAUM at inception mAUM Growth €414m Netherlan
Slide 54: Appendix II: Market Data
APPENDIX Il Market Data SEGRO
Slide 55: European industrial investment volumes
EUROPEAN INDUSTRIAL INVESTMENT VOLUMES European industrial investment volumes By geography, €bn = N ° i) i) 2006 2007 mUK mGermany France mCEE mRest of Europe Source: CBRE. SEGRO 2020 2006 European industrial investment volumes By quarter, €bn mQI wQ2 9Q3 9Q4 0; 2020 55
Slide 56: Prime logistics yields vs bond yields
PRIME LOGISTICS YIELDS VS 10 YEAR BOND YIELDS 12.0 10.0 8.0 6.0 Warsaw: 4.35% 40 London: 3.5% Paris: 3.25% Dusseldorf: 3.1% 2.0 UK 10yr bond: 1.0% 00 Germany 10yr bond: 0.2% -2.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: CBRE, Bloomberg (data c
Slide 57: European industrial and logistics take-up statistics
EUROPEAN INDUSTRIAL AND LOGISTICS — TAKE-UP STATISTICS Take-up of warehouse space — UK! Take-up of warehouse space >5,000 sq m — France? 60 (m sq m) 5.0 (m sq m) 5.0 40 48 3.0 2.0 2.0 1.0 1.0 0.0 0.0 sBssgersgezee be¢288 sse:rsgereze?tptpbeet:c &aA 8 8 3 ooocmcmcpmUlcWCUCOCOCC SC Ss eee gs 8 8 i=} S
Slide 58: European logistics vacancy rates
EUROPEAN LOGISTICS VACANCY RATES — AVERAGE 3.5% (2021) FROM 5.1% (2020) 14% 12% 10% 8% 6% SS 4% 2% 0% —Spain (Barcelona) — Czech Republic —France —Netherlands — Spain (Madrid) —Poland —UK
Slide 59: European industrial and logistics availability statistics
EUROPEAN INDUSTRIAL AND LOGISTICS — AVAILABILITY STATISTICS 10.0 UK warehouse space supply! (m sqm) 9.0 — 8.0 — a on 6.0 5.0 40 3.0 2.0 1.0 0.0 1 Source: Savills. 2 Source: CBRE. SEGRO mam New / Early Marketed — Vacancy rate 25% 20% 15% 10% 5% 0% Availability of warehouse space >5,000 sq m — France?
Slide 60: Disclaimer
This document has been prepared by SEGRO plc (SEGRO) solely for use at the presentation of SEGRO’s results announcement in respect of the year ended 31 December 2021 (the Results Announcement). For the purposes of this disclaimer, ‘Presentation’ shall mean this document, the oral presentation of the