Tritax Big Box Reit Plc · LSE:BBOX
Tritax Big Box Reit — FY2025 Earnings Presentation
59 slides from Tritax Big Box Reit's earnings presentation, Feb 27, 2026
Slide 1: Entering 2026 with strong momentum
Change telescope image for AI box image sent by Lizzie ENTERING 2026 WITH STRONG MOMENTUM Full-year results for the year 27 February 2026 ended 31 December 2025 Tritax Big Box REIT plc | FY25 results
Slide 2: Agenda
AGENDA 1 Key messages Colin Godfrey 2 Financial and operational review Frankie Whitehead 3 Strategic update Colin Godfrey Q&A 2 Tritax Big Box REIT plc | FY25 results
Slide 3: CEO introduction: well placed to deliver three growth drivers
Against a backdrop of strengthening occupier demand and supportive structural trends, and following the successful integration of recent acquisitions, we enter 2026 well placed to deliver on our three growth drivers and our ambition to grow adjusted earnings by 50% by 20301. Colin Godfrey CEO 3 Trit
Slide 4: Strong momentum across our growth drivers
STRONG MOMENTUM ACROSS OUR GROWTH DRIVERS WELL POSITIONED FOR 2026 AND BEYOND Strategic Strong Multi-year execution performance growth drivers Launched our ‘power-first’ data centre approach; Manor Farm Increase in net 1. Capture record rental primed for delivery rental income 10.6% reversion and
Slide 5: Building on more than 10 years of progress
BUILDING ON MORE THAN 10 YEARS OF PROGRESS BROADENING CAPABILITIES AND ENHANCING PERFORMANCE Constantly driving performance to improve efficiency and enhance returns to shareholders 2013 2019 2023 2025 IPO DEVELOPMENT URBAN DATA CENTRES URBAN EXPANSION Attractive contracted rent …plus disciplined EP
Slide 6: Disciplined progress: financial and operational review
DISCIPLINED PROGRESS FINANCIAL AND OPERATIONAL REVIEW Frankie Whitehead CFO 6 Tritax Big Box REIT plc | FY25 results
Slide 7: Continued strong performance
CONTINUED STRONG PERFORMANCE ATTRACTIVE EARNINGS AND DIVIDEND GROWTH EPRA LFL Rental Growth Adjusted EPS1 Dividend per share (ex-additional DMA income) 4.2% +0.3pts 8.38p +4.1% 8.00p +4.4% FY24: 3.9% FY24: 8.05p FY24: 7.66p Portfolio value EPRA NTA per share £7.89bn +20.5% 187.8p +1.2% FY24: 6.55bn
Slide 8: Attractive recurring earnings and dividend growth
ATTRACTIVE RECURRING EARNINGS AND DIVIDEND GROWTH INCREASING RENTAL INCOME AND CONTINUED EFFICIENT DELIVERY Income statement Significant further rental income growth through contractually secured growth and capturing record reversion £ million FY25 FY24 change £ million 37% income growth Embedded re
Slide 9: Investing in our growth drivers
INVESTING IN OUR GROWTH DRIVERS DISCIPLINED CAPITAL RECYCLING VIA DISPOSALS Balance sheet £1,525.1 million of investment activity in period As at: change 31-Dec-25 31-Dec-24 Logistics (capex) Data centres (capex) Logistics (acquisitions) Portfolio value1 (£m) 7,894.6 6,547.9 +20.5% £231.0m £209.0m £
Slide 10: Delivering compelling underlying returns
DELIVERING COMPELLING UNDERLYING RETURNS DRIVEN BY INVESTMENT AND DEVELOPMENT PERFORMANCE Attractive Underlying Total Accounting Return of 8.5% Future progression in TAR supported by: Capital value improvement +2.4% scale and acceleration of reversion capture (0.7)% Full impact of the portfolio 2.6%
Slide 11: £14.9 million of rental income added
£14.9 MILLION OF RENTAL INCOME ADDED DELIVERING 12.5% UPLIFT IN PASSING RENTS ACROSS LEASE EVENTS FY25 lease events increased passing rent by 12.5%... Further income growth opportunity % of Absolute Annualised Absolute through leasing up vacancy Review type contracted rent rent uplift rent uplift re
Slide 12: Acquired highly reversionary logistics portfolio
ACQUIRED HIGHLY REVERSIONARY LOGISTICS PORTFOLIO £20 MILLION REVERSION BRIDGE SUPPORTING INCOME CAPTURE Blackstone portfolio income capture underwritten 1 2 3 67.3 £66-68 million per annum by 3-year £20 million reversion bridge 1.0 £20.0m 0-10% Plus 3.0 anticipated £ million Provided by 40-50% 3.5 5
Slide 13: Attractive development returns
ATTRACTIVE DEVELOPMENT RETURNS DELIVERING TOWARDS THE TOP END OF YIELD ON COST GUIDANCE Creating additional opportunities through logistics development Development starts 1.4 million sq ft £13.3 million ERV FY24: 1.9m sq ft 27% pre-committed Development completions 1.7 million sq ft 0.6 million sq f
Slide 14: Sustainability supporting performance
SUSTAINABILITY SUPPORTING PERFORMANCE MEETING OCCUPIER DEMAND FOR SUSTAINABLE BUILDINGS Continued delivery across our four sustainability pillars, supporting performance enhancement 1. Sustainable 2. Climate and 3. Natural 4. People and buildings carbon capital communities EPC B or above Portfolio r
Slide 15: Balance sheet strength supporting growth drivers
BALANCE SHEET STRENGTH SUPPORTING GROWTH DRIVERS DIVERSIFIED FUNDING SOURCES; £700 MILLION OF LIQUIDITY Staggered and long-term …diversified across Interest capitalised committed debt portfolio… a range of funding sources across development pipeline £ million £500 Acquisition As at 31 December 2025
Slide 16: Looking forward: guidance
LOOKING FORWARD: GUIDANCE FLEXIBLE FUNDING LEVERS TO ENABLE GROWTH INVESTMENT Asset disposals Debt Equity JV / capital partner c.£800 million sold over the past FY25 refinancing: FY21: £300 million equity raise Potentially accessing three years - £400 million 5-yr RCF FY24: equity consideration to t
Slide 17: Strong performance
STRONG PERFORMANCE FINANCIAL STRENGTH SUPPORTING STRATEGIC DELIVERY Strategic delivery driving …supported by financial strength …which together drives strong performance… and funding optionality… delivery of superior returns Increase in net rental income +10.6% Strong Superior risk- balance sheet ad
Slide 18: Well placed to deliver: strategic update
WELL PLACED TO DELIVER STRATEGIC UPDATE Colin Godfrey CEO 18 Tritax Big Box REIT plc | FY25 results
Slide 19: Executing our strategy
EXECUTING OUR STRATEGY DELIVERING OUR THREE GROWTH DRIVERS 1 Capture record rental reversion and active GROWTH AND DATA DRIVER CENTRES AT High-quality management 9-11% assets INVESTMENT PORTFOLIO attracting world- REVERSIONARY renowned clients YIELD c.6% Attractive, capital 2 AT YIELD ON COST OF eff
Slide 20: Supportive market environment
SUPPORTIVE MARKET ENVIRONMENT IMPROVED DEMAND, MODERN BUILDINGS WELL POSITIONED Occupational Take-up increased by 22% y-o-y as occupier confidence improved Capital Uptick in investment activity market Vacancy of new buildings remains stable market prime yields stable at 5.25% M sq ft Take-up Under c
Slide 21: Strategically positioned portfolio
STRATEGICALLY POSITIONED PORTFOLIO PROVIDING RESILIENCE AND GROWTH OPPORTUNITIES Resilient big box income Our portfolio is underpinned by complemented by increased urban exposure high-quality clients Online retail Homewares & DIY Other Retail 3PL Distribution 2% 2022 19% 2025 Urban share of portfoli
Slide 22: Expertise drives rental reversion capture
EXPERTISE DRIVES RENTAL REVERSION CAPTURE GROWTH DRIVER 1 OVER £100 MILLION OF POTENTIAL ADDITIONAL RENTAL INCOME 28% logistics reversion and vacancy to capture... …of which, we have the potential to realise 73% within three years2 27.2 £ million Contracted Rent ERV 500 28% 7.9 450 12.1 400 26% £101
Slide 23: Acquisitions enhancing performance
ACQUISITIONS ENHANCING PERFORMANCE GROWTH DRIVER 1 18% UPLIFT IN UKCM CONTRACTED RENTS SINCE ACQUISITION Excellent UKCM progress, including …provides a clear blueprint for …with our asset management initiatives £361 million (c.80%1) of disposals… assets acquired from Blackstone… already making an im
Slide 24: Agile logistics development platform
AGILE LOGISTICS DEVELOPMENT PLATFORM GROWTH DRIVER 2 PRIMED TO CAPTURE A STRENGTHENING OCCUPATIONAL MARKET High income potential from capital-efficient development portfolio… 2026 development momentum primed for delivery Existing FY25 passing portfolio £337m rent Pre-lets in solicitors’ hands +90% £
Slide 25: Data centres: accelerating demand, constrained supply
DATA CENTRES ACCELERATING DEMAND, CONSTRAINED SUPPLY Demand strong and Development constrained by expected to accelerate multiple factors, led by power The UK will need at least 6GW of AI- Power capable data centre capacity by 2030 infrastructure – an increase of c.4x. – UK Compute Roadmap, July 202
Slide 26: Considerable data centre progress in 12 months
CONSIDERABLE DATA CENTRE PROGRESS IN 12 MONTHS GROWTH DRIVER 3 MANOR FARM PRIMED FOR DELIVERY Manor Farm Site 2 £58 million Stage Milestones anticipated annual 107MW 125MW rent from first two sites Site secured ● ● Sequential power Masterplan developed ● ● delivery from Early stage Technical due dil
Slide 27: Significant rental income growth opportunity
SIGNIFICANT RENTAL INCOME GROWTH OPPORTUNITY ENABLED BY OUR THREE CORE GROWTH DRIVERS Progression1 of annual passing rent towards a total opportunity of over c.£ 800 million – an uplift of over £475 million… GROWTH DRIVER 01 Reversion capture and asset management 02 Logistics pipeline development 03
Slide 28: A compelling combination
A COMPELLING COMBINATION RESILIENT INCOME AND STRONG GROWTH Powerful Strong growth drivers balance sheet Accelerating Resilient Attractive capital income stream dividend return progression Attractive dividend return today and the potential to deliver earnings growth of 50% by the end of 20301 (1) 50
Slide 29: Appendix
APPENDIX Supporting materials for the FY25 results 29 Tritax Big Box REIT plc | FY25 results
Slide 30: Attractive combination of resilience and growth
ATTRACTIVE COMBINATION OF RESILIENCE AND GROWTH CREATING SUPERIOR RISK-ADJUSTED RETURNS TO SHAREHOLDERS Supportive long-term markets Earnings growth Modern and sustainable assets +4.1% Quality World-renowned clients Dividend progression +4.4% Active management and reversion capture Strong underlying
Slide 31: Modern assets in a range of sizes and locations
MODERN ASSETS IN A RANGE OF SIZES AND LOCATIONS… • Modern assets with an … with strong EPC … in a range of Modern buildings1… …and sizes1 average building age of 15.8 ratings1… locations2… years • Well-configured, flexible space with significant eaves’ 6% 2% heights 3% 19% 17% 9% • 94% of portfolio
Slide 32: Let to a diversified range of large customers
…LET TO A DIVERSIFIED RANGE OF LARGE CUSTOMERS ON ATTRACTIVE LEASE TERMS Long-dated …with a range of upward- …. and leases… only review types… frequencies. 5% 8% 8% 8% 13% 14% 9% 30% 40% 29% 35% 21% 79% Fixed RPI/CPI Annually Open market Hybrid Five-yearly 5 10 15 20 >20 years None None or other fre
Slide 33: Guidance
GUIDANCE BUILDING ON OUR PERFORMANCE Guidance Rental reversion capture Opportunity to capture 73% within three years Portfolio Expected to be mid-single digits enhancement to earnings per share in Blackstone portfolio acquisition accretion 2026 and meaningfully accretive thereafter Development capex
Slide 34: Continued earnings progression
CONTINUED EARNINGS PROGRESSION DELIVERED THROUGH SUCCESSFUL STRATEGIC EXECUTION Delivering attractive earnings growth of 4%1, despite enhanced disposal programme 0.22p 0.11p 0.49p 0.20p 0.34p (0.25p) (0.20p) (0.09p) (0.86p) 8.91p 8.87p 8.38p FY24 Subtract Investment Development Acquisitions UKCM Dis
Slide 35: Positive EPRA NTA uplift of 1.2%
POSITIVE EPRA NTA UPLIFT OF 1.2% DRIVEN BY PORTFOLIO CAPITAL VALUE MOVEMENT Movement in EPRA net tangible asset (NTA) value per share (31 December 2024 to 31 December 2025) Growth in Net Tangible Assets per share 1.2% 4.89p (1.09)p 1.63p (2.62)p 6.82p (7.43)p 187.76p 185.56p Portfolio capital value
Slide 36: Rental reviews and expiries
RENTAL REVIEWS AND EXPIRIES 2026 2027 2028 Review type Frequency Rent (£m) % of passing ERV (£m) Rent (£m) % of passing ERV (£m) Rent (£m) % of passing ERV (£m) 33.8 9.4% 40.4 33.8 9.4% 40.4 33.8 9.4% 40.4 Indexation Annual 26.7 7.4% 34.6 17.6 4.9% 23.7 13.0 3.6% 13.4 5-yearly 0.0 0.0% - 1.8 0.5% 1.
Slide 37: UK's largest logistics focused land platform
UK’S LARGEST LOGISTICS FOCUSED LAND PLATFORM TBBR land assets 25 SITES c.33.1 SQ FT Across the UK Potential developable space <15% <5% of GAV development as proportion of of GAV exposure to speculative overall portfolio development Note: Map is illustrative. Some locations include multiple site phas
Slide 38: Attractive opportunities to enhance returns
ATTRACTIVE OPPORTUNITIES TO ENHANCE RETURNS ACCRETIVE CAPITAL ALLOCATION Delivering superior risk-adjusted returns Attractive range of opportunities to deploy capital to enhance returns Take steps to minimise risk at each key stage of Yield on cost (%) opportunity development …. 12 11 Risk at point
Slide 39: Current development pipeline
CURRENT DEVELOPMENT PIPELINE Estimated cost to complete (by period) Contractual H1 2026 H2 2026 H1 2027 Total Total Rent / ERV (£m) (£m) (£m) (£m) (million sq ft) (£m) Current 9.7 13.3 5.1 28.1 0.8 9.8 Speculative Current Let / 10.5 1.6 - 12.1 1.0 9.8 Pre-Let Total 20.2 14.9 5.1 40.2 1.8 19.6 39 Tri
Slide 40: Dynamic pipeline of development opportunities
DYNAMIC PIPELINE OF DEVELOPMENT OPPORTUNITIES Unallocated/allocated PLANNING PROCESS Online consent STAGE Detailed consent TRITAX Future Current BIG BOX Near-term development pipeline development development pipeline PIPELINE TIMING Longer-term land held Potential development starts in the Potential
Slide 41: Medium-term development pipeline
MEDIUM-TERM DEVELOPMENT PIPELINE Near-term development Total Current book value Estimated cost to ERV pipeline (million sq ft) (£ million) completion (£ million) (£ million) Potential near term starts within 12 2.1 46.8 216.5 19.2 months Potential near term starts within 3.9 47.9 503.8 39.4 the foll
Slide 42: Portfolio value
PORTFOLIO VALUE £ million 31 December 2025 31 December 2024 Investment property 7,391.1 5,929.4 Other property assets 0.8 1.7 Land options (at cost) 124.2 148.8 Share of Joint Ventures 25.2 24.4 Financial Asset 2.4 3.2 Held For Sale 350.9 440.4 Portfolio value 7,894.6 6,547.9 42 Tritax Big Box REIT
Slide 43: Portfolio debt summary
PORTFOLIO DEBT SUMMARY Loan commitment Amount drawn Carrying value per balance Lender Asset security Maturity (£ million) (as at 31 December 2025, £ million) sheet (£ million) Loan Notes 2.625% Bonds 2026 None Dec-26 65.6 65.6 65.6 2.86% Loan notes 2028 None Feb-28 250.0 250.0 250.0 2.98% Loan notes
Slide 44: DMA income further enhances return
DMA INCOME FURTHER ENHANCES RETURN THROUGH LIMITED CAPITAL INVESTMENT Compelling growth drivers DMA activity delivering exceptional Development Management Agreement (DMA) activity returns given low capital intensity FY25 GUIDANCE Recognised from freehold land sales plus development activity Total DM
Slide 45: A range of complementary funding levers
A RANGE OF COMPLEMENTARY FUNDING LEVERS TO SUPPORT STRATEGY AND OPTIMISE SHAREHOLDER RETURN A balanced use of these funding sources underpins our ability to execute our strategy, maintain financial resilience, and deliver sustainable shareholder value. Asset disposals Equity £800+ million sold over
Slide 46: Appendix 2: Our market, strategy, structure and investment case
APPENDIX 2 Our market, strategy, structure and investment case 46 Tritax Big Box REIT plc | FY25 results
Slide 47: Long-term demand drivers and constrained supply
LONG-TERM DEMAND DRIVERS AND CONSTRAINED SUPPLY SUPPORT POTENTIAL FOR ENDURING RENTAL GROWTH Long-term drivers remain supportive of logistics real estate demand… … however, UK has significant barriers Structural trend Logistics real estate impact to new supply Increased e-commerce/omni- Limited avai
Slide 48: Platform for performance
PLATFORM FOR PERFORMANCE ENABLED BY ONGOING INVESTMENT IN CAPABILITIES Tritax Management has deep …supported by ongoing …all delivered sector experience and an investment in an to Tritax Big Box entrepreneurial culture… engaged team… cost effectively 28 91 Sector Average senior 12.6% 12.4% Investmen
Slide 49: Compelling shareholder performance
COMPELLING SHAREHOLDER PERFORMANCE EFFICIENTLY DELIVERED One of the lowest EPRA Cost Ratios in European real estate… …and delivering leading UK listed real estate TSR 70% EPRA Cost Ratios for Europeal real estate 100% UK Real Estate Total Shareholder Returns (2019 - 2025) 60% 80% 71.9% 60% 50% 40% 4
Slide 50: Our path to net zero
OUR PATH TO ASSET MANAGEMENT NET ZERO 1 ACQUISITION – UNDERSTANDING REDUCING 2 DEVELOPMENT – ASSET 3 MANAGEMENT – DATA – 4 UNDERSTANDING 5 TECHNOLOGY – IMPROVING DATA CARBON RISK EMBODIED CARBON REDUCING OUR EMISSIONS QUALITY OPERATIONAL CARBON & ACCESS Our targets: • Application of low-carbon • Det
Slide 51: Deploying capital with precision
DEPLOYING CAPITAL WITH PRECISION DEVELOPMENT EXPERIENCE AND FLEXIBILITY REDUCES RISK AND ENHANCES RETURNS Each new building evaluated / approved by investment committee Capital committed on a building-by-building basis Securing larger buildings Letting risk removed Build to suit Certainty on returns
Slide 52: Preference for powered-shell leases
PREFERENCE FOR “POWERED-SHELL” LEASES DATA CENTRES ATTRACTIVE RISK-RETURN BALANCE Tritax powered-shell leases offer attractive risk adjusted returns… … are aligned with Tritax Big Box’s logistics experience… Tritax Leverages extensive experience in Powered land Powered shell Fully fitted Operational
Slide 53: Unlocking significant value
UNLOCKING SIGNIFICANT VALUE DATA CENTRES BY HARNESSING THE MARRIAGE VALUE OF LAND AND POWER Entrepreneurial European leader in renewable and low-carbon power Experts in logistics generation Securing land Investment grade rating from Moody’s, S&P, Fitch Navigating complex UK planning regime Provides
Slide 54: Deal specific JV structure
DEAL SPECIFIC JV STRUCTURE DATA CENTRES ALIGNMENT OF INTEREST IN A SIMPLE JV STRUCTURE Tritax:EDF structure BBOX EDF Income ratio Renewables 80 : 20 50% of power 50% of power Simple Data centre Power infrastructure revenue infrastructure revenue and symbiotic rent infrastructure relationship with 10
Slide 55: Benefits of our structure
BENEFITS OF OUR STRUCTURE 1% (Top-30) STRUCTURE BENEFITS shareholding built up • Dedicated team focused on TBBR, with significant “skin in the game” by the Manager INDEPENDENT • Facilitates cross sharing of ideas and best practice NON-EXECUTIVE BOARD • TBBR shareholders benefit from lower costs - ad
Slide 56: Portfolio track record
PORTFOLIO TRACK RECORD FY20 FY21 FY22 FY23 FY24 FY25 Contracted rental income1 £180.6m £195.6m £224.0m £225.3m £313.5m £360.9m EPRA cost ratio 14.2% 13.9% 15.7% 13.1% 13.6%3 13.7%3 Adjusted EPS 7.17p 8.23p 7.79p 7.75p 8.91p 8.87p Dividend per share 6.40p 6.70p 7.00p 7.30p 7.66p 8.00p Dividend payout
Slide 57: Disclaimer
DISCLAIMER THIS PRESENTATION IS PROVIDED BY TRITAX MANAGEMENT LLP (“TRITAX”) involve known and unknown risks, uncertainties and other factors which may cause FOR INFORMATION PURPOSES ONLY IN RELATION TO TRITAX BIG BOX REIT actual results and outcomes to differ materially from those expressed or impl
Slide 58: Accommodating the future
ACCOMMODATING THE FUTURE Published by Tritax Big Box REIT plc. Tritax, the Tritax logo and Big Box are registered trademarks of, and used under licence from, Tritax Management LLP. 58 Tritax Big Box REIT plc | FY25 results
Slide 59: tritaxbigbox.co.uk
> = r=) ITAX AA BIG BOX. > @ tritaxbigbox.co.uk