Slide 1: 2024 Full year results
Enabling extraordinary things 2024 Full year results 14 February 2025
Slide 2: Clear strategy continues to deliver
Clear strategy continues to deliver Driving rents £91m New rent contracted +5.8% Like-for-like rental growth £37m Rent from new development Investing for growth £471m Development capex £454m Acquisitions £896m Disposals Strong balance sheet 28% LTV ratio 8.6x Net debt:EBITDA 2.5% Cost of Debt 2
Slide 3: Adding to our strong track record of compounding performance
Adding to our strong track record of compounding performance Passing Rent Adjusted earnings per share 750 35 Adjusted EPS, pence 34.5 650 32.7 Passing rent, £m 665 30 639 31.0 550 587 28.0 25 450 518 25.4 24.4 462 23.4 20 350 19.9 378 18.8 350 324 15 250 288 150 10 2016 2017 2018 2019 2020 2021 2022
Slide 4: Making further progress with Responsible SEGRO
Making further progress with Responsible SEGRO Championing Investing in our local Nurturing talent low-carbon growth communities and environments - Reduction in the embodied carbon intensity of our - 14 Community Investment Plans - Reshaping of Leadership Team developments - 49 local community proje
Slide 5: We create the space that enables extraordinary things to happen
Delivering in 2024 Primed for further growth We create the space that enables Significant additional value creation extraordinary opportunity with data centres things to happen 5
Slide 6: We create the space that enables extraordinary things to happen
Delivering in 2024 Primed for further growth We create the space that enables Significant additional value creation extraordinary opportunity with data centres things to happen 6
Slide 7: FY24 financial results
FY24 financial results £ 470m 34.5p 29.3p Adjusted profit before tax Adjusted earnings per share1 Dividend per share +14.9% +5.5% +5.4% £ 17.8bn Portfolio valuation 907p Adjusted NAV per share3 28% Loan to value +1.1%2 Unchanged -6ppts 1. Average number of shares was 1,328.7 million on 31 December 2
Slide 8: 5.5% growth in Earnings per share
5.5% growth in Earnings per share 2024 2023 Adjusted income statement £m £m Change Gross rental income 592 547 Property operating expenses (92) (85) Net rental income 500 462 +8.2% Joint venture management fee income 26 29 Capitalised interest: £69m (FY23: £68m) Other income 5 5 Administration expen
Slide 9: Driven by 6% like-for-like NRI growth
Driven by 6% like-for-like NRI growth Proportionally consolidated net rental income (excluding joint venture fees)1 Like for like NRI Group +5.8% UK +5.9% CE +5.7% £8m -£17m £32m -£11m +£41m £29m £628m JVs - £128m Group - £500m £587m JVs - £125m Group - £462m 2023 net rental income Like-for-like Com
Slide 10: Higher growth in rents and values in H2
Higher growth in rents and values in H2 Group £17.8bn1 UK Continental Europe Capital growth: +1.1% Capital growth: +2.1% Capital growth: -0.8% Yield: 5.4%, +10bps Yield: 5.3%, +10bps Yield: 5.6%, +20bps ERV growth: +3.2% ERV growth: +3.7% ERV growth: +2.3% £500m +1.0% +1.3% +0.0% +0.9% +0.6% £0m Who
Slide 11: Balance sheet provides significant firepower for growth
Balance sheet provides significant firepower for growth LTV ratio (incl share of joint ventures), 2014-2024 £2.1bn committed liquidity1 60% Available cash and undrawn committed facilities A- credit rating SEGRO Fitch senior unsecured 40% 8.6x net debt:EBITDA ratio2 LTV ratio 3.9x interest cover rati
Slide 12: Long-term debt portfolio with limited impact from refinancing
Long-term debt portfolio with limited impact from refinancing Diverse, long duration debt profile Indicative evolution of year-end cost of debt from refinancing2 (as at 31 December 2024, proforma for SELP new issue) 1,200 1,200 4.0% 3.5% 1,000 1,000 7.2 years 3.1% 2.9% 3.0% Average debt 3.0% Average
Slide 13: £91m of new rent secured from leasing and asset management activity
£91m of new rent secured from leasing and asset management activity New contracted headline rent (£m)1 Proactive asset management 120 Record level of reversion 100 captured 80 Improving occupier market 60 sentiment into year end 40 20 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 Existing space Dev
Slide 14: High levels of retention and occupancy, activity strong in Q4 and into 2025
High levels of retention and occupancy, activity strong in Q4 and into 2025 Strong leasing activity in 2024 (headline rent, £ per sq m)1 Customer retention rate and occupancy rate (%) 450 100 400 90 80 350 70 300 60 250 Occupancy 50 200 40 94% (target: 94-96%) 150 30 100 Retention 20 50 10 80% 0 0 J
Slide 15: Record level of reversion captured, further £118m embedded reversionary potential
Record level of reversion captured, further £118m embedded reversionary potential Rent change on review and renewal (%)1 Future rental uplift potential (£m) 40 120 35 UK +43% CE +7% +34% 100 £71m uplift opportunity 47 30 +31% by Dec-27 80 25 +23% 11 20 60 118 23 15 40 +13% 10 +12% +12% +10% +9% 20 3
Slide 16: Growing rents through proactive asset management…
Growing rents through proactive asset management… SEGRO Park Cologne City SEGRO Park Premier Road Setting new Repositioning assets rental levels through refurbishment SEGRO Park Newham SEGRO Park Rainsford Road Capturing significant Helping our reversion in London customers grow 16
Slide 17: …and through profitable development programme
…and through profitable development programme Development completions £37m headline rent from 70 development completions • 84% leased 60 • 6.9% development yield • 97%1 rated BREEAM 50 ‘Excellent’ or better (100% Potential new headline rent, £m ‘Very Good’ or better) 40 £46m headline rent in 30 curr
Slide 18: Driving rents and compounding earnings
Driving rents and compounding earnings SEGRO Logistics Park Łódź Record reversion driving significant rent roll growth 5.5% EPS and 5.4% DPS growth Asset value stabilisation Improving occupier market sentiment 18
Slide 19: We create the space that enables extraordinary things to happen
Delivering in 2024 Primed for further growth We create the space that enables Significant additional value creation extraordinary opportunity with data centres things to happen 19
Slide 20: Enduring structural trends
Enduring structural trends Data & Urbanisation digitalisation Supply chain Sustainability optimisation 20
Slide 21: A prime portfolio, exceptional landbank and market-leading operating platform
A prime portfolio, exceptional landbank and market-leading operating platform Portfolio split by geography and asset type (at 31 December 2024) Other £1.4bn UK Poland £1.3bn Hamburg Midlands Amsterdam Warsaw Berlin Poznań £1.3bn London & Tilburg Düsseldorf Łódź Thames Valley Italy Wroclaw AUM Lille
Slide 22: SEGRO's irreplicable portfolio structurally advantaged to outperform
SEGRO’s irreplicable portfolio structurally advantaged to outperform Big box logistics Urban Prime locations Key transportation corridors & logistics hubs Densely populated, congested urban areas Retailers (incl e-commerce), 3PLs and Diverse, providers of high value add goods and Customers manufactu
Slide 23: Disciplined capital allocation driving attractive total returns
Disciplined capital allocation driving attractive total returns Illustrative blended target return metrics in a stable yield environment Plus: significant value upside from data centres > 8% unlevered return on standing portfolio 7-8% YOC Total unlevered 3-4% return Urban: 3-6% >9% Big box: 2-4% 5.4
Slide 24: Disposals of assets with weaker risk-adjusted return prospects
Disposals of assets with weaker risk-adjusted return prospects SEGRO Logistics Park Rome South Annual portfolio review process identifies assets we believe offer weaker future risk-adjusted returns Aim to recycle c. 2% per annum Also: seek opportunities to crystalise gains via sales to special purch
Slide 25: Acquiring high-quality assets to enhance portfolio risk return
Acquiring high-quality assets to enhance portfolio risk return Heerlen, Netherlands Leveraging strong relationships and local knowledge to identifying attractive opportunities in our core markets Strong potential to grow rents through asset management 5-6% equivalent yield Asset acquisitions in 2024
Slide 26: Development delivering 7-8% yield on cost
Development delivering 7-8% yield on cost SEGRO Logistics Park Northampton Exceptional land bank in Europe’s most attractive and supply-constrained markets Development yield 7-8%1 vs stabilised yield c.5% Yield on new money >10% 7-8% development yield Development capex in Land acquisitions in 2024 2
Slide 27: £422m of rental growth opportunity from profitable development
£422m of rental growth opportunity from profitable development Current and near-term Land bank Midlands Amsterdam Warsaw Berlin Poznań Łódź London & Thames Valley Düsseldorf Wroclaw Cologne Frankfurt Gliwice Prague Paris Munich £51m Lyon £371m Potential rent Milan Bologna Potential rent £190m Marsei
Slide 28: Potential to double rent roll (+51% within 3 years)
Potential to double rent roll (+51% within 3 years) Annualised gross cash passing rent1, £ million 3 year opportunity (2025 – 2027) Plus: Further rental growth 100 +114% 269 Indexation Acquisitions/ 102 +51% 47 disposals 51 Additional data 71 55 centre opportunities 62 1,422 1,006 665 Passing Rent i
Slide 29: We create the space that enables extraordinary things to happen
Delivering in 2024 Primed for further growth We create the space that enables Significant additional value creation extraordinary opportunity with data centres things to happen 29
Slide 30: SEGRO has the track record and expertise in the high growth data centre market
SEGRO has the track record and expertise in the high growth data centre market Slough Trading Estate Owners of Europe's 20 years of largest data centre hub experience in the on the Slough Trading data centre sector Estate Track record of Strong relationships powered shell with global data delivery c
Slide 31: Executing our data centre strategy in 2024
Executing our data centre strategy in 2024 Development Completion of a further powered shell data centre in Slough One under construction, due to complete in 2025 Advanced conversations on further pre-lets New, enhanced Simplified Planning Zone in Slough Trading Estate Crystalising gains Disposed of
Slide 32: 2.3GW of existing and future power capacity
2.3GW of existing and future power capacity in key Availability Zones across Europe 0.5GW Land-enabled power bank Operational and under construction London Berlin Warsaw Slough Düsseldorf Frankfurt 1.8GW Paris Future capacity for pre-lets - Secured (<20271): 0.4GW - Reserved (2027- 2030): 0.3GW - Ap
Slide 33: Actively considering fully-fitted data centre model
Actively considering fully-fitted data centre model Characteristics: Powered Fully shell fitted Source land, power and planning Build shell Complete fit-out Operate and maintain Leasing risk Pre-let Pre-let Capital intensity Medium High (8-10x) Typical yield on cost 8-12% 8-12% Significant value-cre
Slide 34: We create the space that enables extraordinary things to happen
Delivering in 2024 Primed for further growth We create the space that enables Significant additional value creation extraordinary opportunity with data centres things to happen 34
Slide 35: Q&A FY2024 Results
Q&A SEGRO FY24 Results Supportive structural trends Restricted Strong land balance availability FY2024 Results sheet limits supply response Market leading Prime pan-European portfolio operating of existing platform assets Exceptional landbank for development 35
Slide 36: Appendices
Appendices 36
Slide 37: Adjusted income statement (JVs proportionally consolidated)
Adjusted income statement (JVs proportionally consolidated) 2024 2023 Group JVs Total Group JVs Total £m £m £m £m £m £m Gross rental income 592 137 729 547 134 681 Property operating expenses (92) (9) (101) (85) (9) (94) Net rental income 500 128 628 462 125 587 JV management fee income1 26 (12) 14
Slide 38: Pro forma 2024 accounting net rental income
Pro forma 2024 accounting net rental income 2024 Pro forma 2024 net rental income Group JVs Total assuming disposals, acquisitions £m £m £m and let developments completed 2024 net rental income 500 128 628 as at 1 January 2024 Full year impact of: Share of JV fee costs removed Disposals since 1 Janu
Slide 39: Total cost ratio (proportionally consolidated)
Total cost ratio (proportionally consolidated) 2024 2023 Incl. joint ventures at share £m £m Gross rental income (less reimbursed costs) 725 678 Property operating expenses 92 85 Administration expenses 76 63 JV operating and administrative expenses 23 23 JV management fees and other costs recovered
Slide 40: Balance sheet (JVs proportionally consolidated)
Balance sheet (JVs proportionally consolidated) 31 December 2024 31 December 2023 Group JVs Total Group JVs Total £m £m £m £m £m £m Investment properties 15,303 2,526 17,829 14,914 2,915 17,829 Trading properties 6 - 6 3 - 3 Total properties 15,309 2,526 17,835 14,917 2,915 17,832 Investment in join
Slide 41: Adjusted NAV unchanged
Adjusted NAV unchanged1 Components of Adjusted NAV change, 31 December 2023 to 31 December 2024 12p -28p 34p -9p -6p -3p Standing assets: 8p Land & Development: 4p 907 907 31-Dec-23 2024 Adjusted EPS Realised and unrealised Dividends Equity share placing Exchange rate Other (incl tax) 31-Dec-24 gain
Slide 42: Portfolio yield stable, ERV growth of 3.2%
Portfolio yield stable, ERV growth of 3.2% Property yield1 12-month 12-month yield change ERV growth2 31-Dec-23 Group 1H: +1.4% 31-Dec-24 5.4% +10bps +3.2% 2H: +1.7% UK 5.3% +10bps +3.7% Germany 5.2% +30bps +2.7% France 5.5% ─ +2.0% +20bps +0.6% CE: Italy 5.7% +2.3% Poland 6.8% +30bps +4.0% 3 Other
Slide 43: EPRA performance measures
EPRA performance measures 31 December 2024 31 December 2023 £m £p per share £m £p per share EPRA Earnings 458 34.5 413 33.9 EPRA NTA 12,287 907 11,162 907 EPRA NRV 13,477 994 12,317 1,001 EPRA NDV 12,354 912 11,310 919 EPRA LTV 30.6% 36.9% EPRA net initial yield 4.1% 4.0% EPRA topped-up net initial
Slide 44: EPRA capital expenditure analysis
EPRA capital expenditure analysis 2024 2023 More than 64% of Completed Group JVs Total Group JVs Total properties capex was £m £m £m £m £m £m for major refurbishment, Acquisitions 454 - 454 403 10 413 infrastructure and fit-out costs prior to re-letting Development 430 41 471 443 84 527 which is exp
Slide 45: Euro currency exposure and hedging
Euro currency exposure and hedging Balance sheet, £m (31 December 2024) - €1.21:£1 as at 31 December 2024 6,000 - € assets 75% hedged by € liabilities 5,000 - €1.7bn (£1.4bn) of residual exposure – 11% of Group NAV Assets 75% 4,000 hedged - Illustrative NAV sensitivity vs €1.21: 3,000 - +5% (€1.27)
Slide 46: Look-through loan-to-value ratio and cost of debt
Look-through loan-to-value ratio and cost of debt 31 December 2024 Weighted average Hedging £m interest rate, % cover, % excluding including commitment fees Fixed Cover including commitment fees and non-cash interest active caps and non-cash interest Group gross borrowings1 4,641 2.5 2.9 106% 2 Grou
Slide 47: Net debt: EBITDA (SEGRO Group)
Net debt: EBITDA (SEGRO Group) 12 months ending 12 months ending 31 December 2024 31 December 2023 £m £m Gross rental income 592 547 Property operating expenses (92) (85) Administrative expenses (76) (63) Other fee income 5 5 JV management fee income 26 29 Add back depreciation 12 6 Dividends receiv
Slide 48: Urban and big box warehouses – complementary asset types
Urban and big box warehouses – complementary asset types Portfolio by type (valuation, SEGRO share) Data as at 31 December 2024 Other1 Urban warehouses 8% Big boxes (65%) 2% (33%) Data centres - Smaller units, generally <10,000 sq m 11% - Larger units, generally over 10,000 sq m - Diverse range of u
Slide 49: High quality, diverse and growing customer base
High quality, diverse and growing customer base Customer sectors Services Transport and logistics Customers (headline rent, SEGRO share) & utilities 1,369 Other Wholesale and retail distribution Top 20 customers 7% 7% 23% 33% of total group 9% headline rent Post and parcel Retail delivery 10% 18% La
Slide 50: >£400 million of potential rental income from development
>£400 million of potential rental income from development gross rent (£m) Estimated cost SEGRO land bank (31 December 2024) Development Development to complete Proportion Expected Potential pipeline delivery Midlands Amsterdam Warsaw pre-let (sq m) yield3 Berlin Poznań Łódź Area (£m) London & Düssel
Slide 51: Land bank provides optionality and opportunity for growth
Land bank provides optionality and opportunity for growth Net land utilisation, 2016-2024 (Based on opening book value or acquisition value) 2,000 12.0% 800 433 1,800 600 10.0% 1,600 151 1,400 400 (40) 8.0% 86 Land bank value, £m 1,200 200 68 (118) (28) (84) 1,000 6.0% (207) Land value, £m 0 800 4.0
Slide 52: Positioning SEGRO to deliver on its purpose
Positioning SEGRO to deliver on its purpose Championing Investing in our local Nurturing Low-carbon growth communities and talent environments SEGRO recognises that the world faces a climate SEGRO is an integral part of the communities SEGRO’s people are vital to and inseparable Context emergency an
Slide 53: SEGRO European Logistics Partnership (SELP) headline figures
SEGRO European Logistics Partnership (SELP) headline figures Assets under Management (as at 31 December 2024) €6.0bn 5.7% Land and assets Net true equivalent yield 1.8 €1,636m 1.6 €1,538m 1.4 -1.0% 2.9% Assets under management, €m 1.2 €1,067m Capital value change ERV growth 1.0 €800m €319m €366m 0.8
Slide 54: Forward-looking statements and Disclaimer
Forward-looking statements and 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 period ended 31 December 2024 (the Results Announcement). For the purposes of this disclaimer, ‘Presentation’ shall mean