Slide 1: Full year results
Enabling extraordinary things 2025 Full year results 20 February 2026
Slide 2: Full Year 2025
£99m £33m New rent Development contracted signings Full Year 2025 Strong operational and financial performance £37m +6.0% Reversion Like-for-like capture NRI growth Momentum building in occupier markets Primed for significant growth +6.1% +2.0% Adjusted earnings and Adjusted NAV per dividend per sha
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 800 40 GR AGR 755 8% CA 700 11% C 35 36.6 Adjusted EPS, pence 34.5 Passing rent, £m 600 665 639 30 32.7 587 31.0 500 28.0 518 25 462 25.4 400 24.4 23.4 20 378 19.9 300 350 18.8 324 15 288 200 10 201
Slide 4: Successful execution of our Responsible SEGRO initiatives
Successful execution of our Responsible SEGRO initiatives Championing Investing in our local Nurturing talent low-carbon growth communities and environments – All development completions BREEAM – Community Investment Plans in place in all – Achieved our target of 40% female senior ‘Excellent’ or hig
Slide 5: We create the space that enables extraordinary things to happen
We create the space that enables extraordinary things to happen Strong financial Strong operational Significant growth Compelling performance performance ahead in industrial opportunity from and logistics data centre platform 5
Slide 6: FY 2025: Strong financial performance
FY 2025: Strong financial performance £509m Adjusted profit before tax 36.6p Adjusted earnings per share1 31.1p Dividend per share +8.3% +6.1% +6.1% £19bn 925p Adjusted NAV per share3 31% Loan to value Portfolio valuation (at share) +2.0% +3.0 ppt +1.0%2 1. Average number of shares was 1,352.5 milli
Slide 7: Adjusted earnings per share up 6.1%
Adjusted earnings per share up 6.1% 2025 2024 Adjusted income statement £m £m Change Gross rental income 637 592 Property operating expenses (94) (92) Net rental income 543 500 +8.6 % Joint ventures profit after tax: – Lower due to higher finance costs Joint venture management fee income 25 26 and h
Slide 8: Driven by strong 6.0% like-for-like NRI growth
Driven by strong 6.0% like-for-like NRI growth Proportionally consolidated net rental income (excluding joint venture fees) Like-for-like NRI Group +6.0% UK +6.2% CE +5.8% +£22m -£22m +£31m -£17m +£47m +£33m £675m £628m JVs - £132m Group - £543m JVs - £128m Group - £500m 2024 net rental income Like-
Slide 9: Positive valuation move in both UK and Continental Europe
Positive valuation move in both UK and Continental Europe Group £19.0bn1 UK Continental Europe ERV growth: 2.3% ERV growth: 3.1% ERV growth: 1.0% Yield2: 5.5% Yield2: 5.4% Yield2: 5.6% +28.8% £4,000m +32.2% Whole portfolio valuatoin change, £m £2,000m +22.5% +1.1% +1.0% -3.4% +2.1% +0.8% +1.5% £0m -
Slide 10: Strong balance sheet supported by a diverse financing structure
Strong balance sheet supported by a diverse financing structure LTV1 and Net debt:EBITDA2 ratio, 2015-2025 Diverse, long duration debt profile (as at 31 December 2025) £1.9bn Net debt: Committed liquidity1 3 EBITDA 9.9x 8.1x 8.4x 7.8x 8.3x 7.4x 8.8x 11.7x 10.4x 8.6x 8.4x 1,000 2.6% Average cost of d
Slide 11: Clear and disciplined approach to capital allocation backed by a strong balance sheet
Clear and disciplined approach to capital allocation backed by a strong balance sheet Development Disposals – Development on existing land bank yields 7-8% – Every asset subject to a rigorous annual (>10% yield on new money) - most accretive use of assessment capital – Directly feeds our recycling c
Slide 12: Financial summary
Financial summary +6% like-for-like NRI growth +6% growth in both earnings and dividends Strong balance sheet Clear capital allocation priorities SEGRO Logistics Park Cerdanyola 12
Slide 13: We create the space that enables extraordinary things to happen
We create the space that enables extraordinary things to happen Strong financial Strong operational Significant growth Compelling performance performance ahead in industrial opportunity from and logistics data centre platform 13
Slide 14: UK: Strong income growth from existing portfolio, momentum building in development pipeline
UK: Strong income growth from existing portfolio, momentum building in development pipeline Outstanding asset management performance delivered a record year of rent roll growth in existing portfolio West London (Park Royal and Heathrow) continues to show strength Great progress in making our excepti
Slide 15: Continental Europe: Strong leasing performance, structural trends driving a recovery in pre-let markets
Continental Europe: Strong leasing performance, structural trends driving a recovery in pre-let markets Strong leasing performance helped to drive occupancy to 98% Variations between geographies - Germany and Italy delivering standout performances Record period of pre-let and speculative signings in
Slide 16: Record £99 million of new headline rent signed
Record £99 million of new headline rent signed New contracted headline rent (£m)1 120 £98m £99m 100 £95m £91m £88m Annualised rental income, £m £78m 80 £66m £66m 60 £54m £45m 40 20 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Existing space Developments 1. New rent contracted is total headlin
Slide 17: Excellent asset management performance: capturing reversion, retaining customers and increasing occupancy
Excellent asset management performance: capturing reversion, retaining customers and increasing occupancy Rent change on review and renewal (%)1 Customer retention rate and occupancy rate (%) 40 100 UK +46% CE +6% 35 +36% +34% 80 30 +31% 25 60 +23% Occupancy 20 15 40 95% (target: 94-96%) +13% +12% +
Slide 18: Investment activity to enhance portfolio returns
Investment activity to enhance portfolio returns Lich, Germany Enfield, UK Asset acquisitions Disposals Building scale in markets where we have strong conviction over rental Selective disposals of assets and land including: growth potential and future returns: – older estate in North London – in Ger
Slide 19: £413m invested into development — pipeline now returning to longer term levels
£413m invested into development — pipeline now returning to longer term levels Development completions Development completions £29m headline rent 70 • 93% leased 60 • 8.2% development yield • All BREEAM ‘Excellent’ New headline rent when fully leased, £m or better1 50 Current pipeline 40 £53m headli
Slide 20: We create the space that enables extraordinary things to happen
We create the space that enables extraordinary things to happen Strong financial Strong operational Significant growth Compelling performance performance ahead in industrial opportunity from and logistics data centre platform 20
Slide 21: Structural trends driving increased momentum in occupier markets
Structural trends driving increased momentum in occupier markets Data & Urbanisation digitalisation Supply chain Sustainability optimisation 21
Slide 22: Prime assets, exceptional landbank and market-leading operating platform drive outperformance
Prime assets, exceptional landbank and market-leading operating platform drive outperformance £22bn £19bn AUM Portfolio value (at share) Hamburg Midlands Amsterdam Warsaw Dortmund Berlin Poznań London & Tilburg Western Corridor Düsseldorf Łódź Wroclaw Frankfurt Cologne Katowice Prague Portfolio spli
Slide 23: Growth ahead through reversion capture, increased occupancy and further ERV growth
Growth ahead through reversion capture, increased occupancy and further ERV growth Accumulated reversion to ERV in the portfolio1 Current opportunity in the portfolio 140 Reversionary potential £99m + £53m = £152m 120 (UK 16%, CE 6%) Mark-to-market ERV of vacant Total current rent potential2 space o
Slide 24: Profitable development pipeline offers >£400m of rental opportunity
Profitable development pipeline offers >£400m of rental opportunity Current and near-term Land bank Midlands Amsterdam Warsaw Berlin Poznań Łódź Dortmund London & Düsseldorf Thames Valley Wroclaw Cologne Frankfurt Gliwice Prague Paris Munich £62m £346m Potential rent Lyon Milan Potential rent £345m
Slide 25: Potential to generate almost £800m of new rental income
Potential to generate almost £800m of new rental income Annualised gross cash passing rent1, £ million « Further ERV growth 147 +103% « Indexation 346 « Selective redevelopment 62 99 of assets 53 68 1,530 « Acquisitions/ — disposals 755 « Fully fitted data centre opportunities Passing Rent in Vacant
Slide 26: We create the space that enables extraordinary things to happen
We create the space that enables extraordinary things to happen Strong financial Strong operational Significant growth Compelling performance performance ahead in industrial opportunity from and logistics data centre platform 26
Slide 27: Cloud and Inference AI set to drive significant European data centre market growth
Cloud and Inference AI set to drive significant European data centre market growth Rising user-demand and businesses’ digital infrastructure moving to Cloud based solutions Latency and proximity are key Growth and clustering in key Availability Zones Cloud The ‘user interface’ of AI Latency and resi
Slide 28: SEGRO's exceptional growing bank of powered land
SEGRO’s exceptional growing bank of powered land Powered land bank focused on key European Availability Zones Significant land holdings in key European Availability Zones London Berlin Warsaw Frankfurt Paris 2.5GW+ total power bank with 1.1GW available to pre-let by end of 2028 SEGRO land Establishe
Slide 29: Executing on our data centre strategy in 2025
Executing on our data centre strategy in 2025 – Strengthened our group-wide data centre platform and created a new energy team – Andrew Pilsworth appointed MD of Data Centres – Formed joint venture with Pure DC Group to develop our first fully fitted data centre Capabilities – Completed powered shel
Slide 30: Optimising risk-adjusted returns according to the characteristics of each site
Optimising risk-adjusted returns according to the characteristics of each site SEGRO’s scope of activity Powered Powered Fully Operational land shell fitted Source land Secure planning Fit-out Characteristics Secure power « Build shell « (MME, no racks/servers)1 « Operate and maintain Leasing approa
Slide 31: Our strategy de-risks the fully fitted model whilst capturing higher returns
Our strategy de-risks the fully fitted model whilst capturing higher returns Operational and governance Joint venture responsibilities: – Solely focused in and around key Availability Zones SEGRO JV partner Land – Develop only within joint venture, leveraging our Power partners’ technical and commer
Slide 32: Compelling opportunity from data centre platform
Compelling opportunity from data centre platform Exceptional 2.5GW+ Ability to drive significant land and power positions value and income on the most in key European prime sites through delivering Availability Zones fully fitted data centres in a de- risked joint venture structure Sequenced executi
Slide 33: Summary and conclusions
Summary and conclusions Strong operational and – High-quality, reversionary portfolio financial performance in 2025 supporting strong LfL rental growth Momentum building in occupier – Upside from development on our markets continuing into 2026 profitable land bank Primed for significant growth – Sig
Slide 34: Q&A
SEGR Q&A 2025 Full year results
Slide 35: Appendices
Appendices 35
Slide 36: Adjusted income statement (JVs proportionally consolidated)
Adjusted income statement (JVs proportionally consolidated) 2025 2024 Group JVs Total Group JVs Total £m £m £m £m £m £m Gross rental income 637 142 779 592 137 729 Property operating expenses (94) (10) (104) (92) (9) (101) Net rental income 543 132 675 500 128 628 JV management fee income1 25 (12) 1
Slide 37: Pro forma 2025 accounting net rental income
Pro forma 2025 accounting net rental income 2025 Pro forma 2025 net rental income Group JVs Total £m £m £m assuming disposals, acquisitions and let developments completed 2025 rental income 543 132 675 as at 1 January 2025 Full year impact of: Disposals since 1 January 2025 — — — Share of JV fee cos
Slide 38: Portfolio value increased 1.0% to £19.0bn
Portfolio value increased 1.0% to £19.0bn Property yield (%)1 Capital ERV growth (%)2 growth (%)3 Group 5.5 1.0 2.3 UK 5.4 UK urban: 3.8% 0.8 3.1 UK big box: 2.7% Continental Europe 5.6 1.5 CE urban: 0.9% 1.0 CE big box: 1.1% Germany 5.2 3.1 2.4 Netherlands 5.5 1.4 1.3 France 5.5 0.0 1.7 Italy 5.7 1
Slide 39: Total cost ratio (proportionally consolidated)
Total cost ratio (proportionally consolidated) 2025 2024 Incl. joint ventures at share £m £m Gross rental income (less reimbursed costs) 776 725 Property operating expenses 94 92 Administration expenses 73 76 JV operating and administrative expenses 25 23 JV management fees and other costs recovered
Slide 40: Balance sheet (JVs proportionally consolidated)
Balance sheet (JVs proportionally consolidated) 31 December 2025 31 December 2024 Group JVs Total Group JVs Total £m £m £m £m £m £m Investment properties 15,998 3,042 19,040 15,303 2,526 17,829 Trading properties 1 — 1 6 — 6 Total properties 15,999 3,042 19,041 15,309 2,526 17,835 Investment in join
Slide 41: Adjusted NAV increased
907 907 Adjusted NAV increased1 Components of Adjusted NAV change (pence), 31 December 2024 to 31 December 2025 +37 +7 -30 +5 -1 Standing assets: +12p Land & Development: -5p 907 925 31 December 2024 2025 EPS Realised and unrealised Dividends Exchange rate Other (incl tax) 31 December 2025 gains 1.
Slide 42: EPRA performance measures
EPRA performance measures 2025 2024 £m Pence per share £m Pence per share EPRA earnings 495 36.6 458 34.5 EPRA NTA 12,537 925 12,287 907 EPRA NRV 13,827 1,020 13,477 994 EPRA NDV 12,590 929 12,354 912 EPRA LTV 33.6 % 30.6% EPRA net initial yield 4.2 % 4.1% EPRA topped-up net initial yield 4.6 % 4.4%
Slide 43: EPRA capital expenditure analysis
EPRA capital expenditure analysis 2025 2024 More than 70% of Completed Group JVs Total Group JVs Total £m £m £m £m £m £m properties capex was for major refurbishment, infrastructure Acquisitions 24 234 258 454 — 454 and fit-out costs prior to Development 369 18 387 430 41 471 re-letting which is exp
Slide 44: Euro currency exposure and hedging
Euro currency exposure and hedging Balance sheet, £m (31 December 2025) – €1.15:£1 as at 31 December 2025 6,000 – € assets 71% hedged by € liabilities 5,000 – €2.0bn (£1.8bn) of residual exposure – 14% of Group NAV Assets 71% – Illustrative NAV sensitivity vs €1.15: 4,000 hedged – +5% (€1.21) = -£84
Slide 45: Look-through loan-to-value ratio and cost of debt
Look-through loan-to-value ratio and cost of debt Weighted average Hedging 31 December 2025 £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 4,987 2.5 2.8 96 % Group
Slide 46: Net debt: EBITDA (SEGRO Group)
Net debt: EBITDA (SEGRO Group) 12 months ending 12 months ending 31 December 2025 31 December 2024 £m £m Gross rental income 637 592 Property operating expenses (94) (92) Administrative expenses (73) (76) Other fee income 4 5 JV management fee income 25 26 Add back depreciation 17 12 Dividends recei
Slide 47: SEGRO's irreplicable portfolio structurally advantaged to outperform
SEGRO’s irreplicable portfolio structurally advantaged to outperform Urban Big box logistics Prime locations Densely populated, congested urban areas Key transportation corridors & logistics hubs Diverse, providers of high value add goods and Retailers (incl e-commerce), 3PLs and Customers services
Slide 48: High quality, diverse and growing customer base
High quality, diverse and growing customer base1 Transport and Retail Manufacturing Post and Wholesale Data centre Services and TMT Other logistics parcel delivery and retail providers utilities Customers distribution 25% 18% 15% 10% 9% 7% 6% 3% 7% 1,371 Top 20 customers 33% of total group headline
Slide 49: >£400m of potential rental income from development
>£400m of potential rental income from development Potential gross Estimated cost SEGRO land bank (31 December 2025) Development Development to complete Proportion Expected rent (£m) pipeline delivery Midlands Amsterdam Warsaw pre-let (sq m) yield3 Berlin Łódź Area (£m) Dortmund Poznań London & Düss
Slide 50: Land bank provides optionality and opportunity for growth
Land bank provides optionality and opportunity for growth Land bank value Net land utilisation (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 Land value, £m 1,200 200 68 (118) (28) (84) 1,000 6.0% (155) (207
Slide 51: 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 52: SEGRO European Logistics Partnership (SELP) headline figures
SEGRO European Logistics Partnership (SELP) headline figures Assets under Management (as at 31 December 2025) £6.8bn +5.7% €2.5 Land and assets Net true equivalent yield €2.0bn €2 +1.6% +1.5% Assets under management, €bn €1.6bn Capital value change ERV growth €1.5 €1.1bn €1 €0.8bn €0.7bn €367m €411m
Slide 53: 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 2025 (the Results Announcement). For the purposes of this disclaimer, ‘Presentation’ shall mean