Slide 1: Half year results 2025
Enabling extraordinary things 2025 Half year results 31 July 2025
Slide 2: Key messages
Strong 7.8% like-for-like rental growth from existing portfolio Key messages Improving pre-let development pipeline Significant progress building our data centre platform 2
Slide 3: We create the space that enables extraordinary things to happen
We create the space that enables extraordinary things to happen 2025 Existing portfolio Further upside from Additional value Half year supporting profitable creation results attractive development opportunity from like-for-like growth data centres 3
Slide 4: Attractive earnings and dividend growth, strong balance sheet
Attractive earnings and dividend growth, strong balance sheet £ 252m 18.1p 9.7p Adjusted profit before tax Adjusted earnings per share1 Dividend per share +11.0% +6.5% +6.6% £ 18.5bn Portfolio valuation2 910p Adjusted NAV per share4 31% Loan to value +0.5%3 +0.3% +3ppts 1. Average number of shares w
Slide 5: 6.5% growth in Adjusted earnings per share
6.5% growth in Adjusted earnings per share H1 2025 H1 2024 Adjusted income statement £m £m Change Gross rental income 306 283 Property operating expenses (42) (43) Net rental income 264 240 +10.0% Joint venture management fee income 12 14 Capitalised interest: £32m (HY24: £34m) Other income 2 5 Admi
Slide 6: Driven by 7.8% growth in like-for-like NRI
Driven by 7.8% growth in like-for-like NRI Proportionally consolidated H1 net rental income (excluding joint venture fees)1 Like-for-like NRI Group +7.8% UK +8.4% £13m -£16m CE +6.7% £17m -£13m +£22m £21m £328m JVs - £64m Group - £264m £306m JVs - £66m Group - £240m 2 1H24 net rental income Like-for
Slide 7: Portfolio value increased 0.5% to £18.5bn
Portfolio value increased 0.5% to £18.5bn Property yield (%)1 6-month 6-month capital ERV growth (%)2 growth (%)3 0.5 1.0 UK urban: 1.8 0.4 1.4 UK big box: 0.3 0.6 0.4 CE urban: 0.5 CE big box: 0.4 1.0 1.3 (0.3) 0.6 0.0 0.5 1.4 (1.5) 4 4.2 3.1 (0.2) 0.2 (1.4) 0.0 1. Net true equivalent yield. Yield
Slide 8: Balance sheet provides significant firepower for growth
Balance sheet provides significant firepower for growth LTV ratio (incl share of joint ventures), 2016-1H25 £1.9bn committed liquidity1 Available cash and undrawn committed facilities A- credit rating SEGRO Fitch senior unsecured 8.8x net debt:EBITDA ratio2 4.3x interest cover ratio 30% 34% 33% 29%
Slide 9: Limited impact from refinancing due to long-term debt portfolio
Limited impact from refinancing due to long-term debt portfolio Diverse, long duration debt profile Indicative evolution of year-end cost of debt from refinancing2 (as at 30 June 2025, proforma for SELP 2025 bond refinancing) 1,200 1,200 4.0% 6.6 years1 c.£25m Average debt Net finance 3.5% 1,000 mat
Slide 10: Driving rents and compounding growth in earnings
Driving rents and compounding growth in earnings Slough Trading Estate 7.8% like-for-like NRI growth 6.5% Adjusted earnings growth and 6.6% dividend growth +0.3% NAV increase – first since mid 2022 Strong balance sheet and limited refinancing 10
Slide 11: We create the space that enables extraordinary things to happen
We create the space that enables extraordinary things to happen 2025 Existing portfolio Further upside from Additional value Half year supporting profitable creation results attractive development opportunity from like-for-like growth data centres 11
Slide 12: 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 30 June 2025) Other £1.6bn UK Poland £1.3bn Midlands Amsterdam Hamburg Warsaw Berlin Poznań £1.4bn London & Tilburg Düsseldorf Łódź Western Corridor Leipzig Italy Wroclaw AUM
Slide 13: 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 Retailers (incl e-commerce), 3PLs and Customers and services
Slide 14: Enduring structural trends
Enduring structural trends Data & Urbanisation digitalisation Growth of e-commerce Growing urban populations Explosion of digital data Diverse and dynamic occupier base Adoption of AI Shrinking land supply Supply chain Sustainability optimisation Customer service Regulation Cost efficiency Customer
Slide 15: £31m of new rent secured from leasing and asset management activity
£31m of new rent secured from leasing and asset management activity New contracted headline rent (£m)1 70 60 Annualised rental income, £m 50 40 30 20 10 0 1H16 1H17 1H18 1H19 2H20 2H21 2H22 2H23 2H24 2H16 2H17 2H18 2H19 1H20 1H21 1H22 1H23 1H24 1H25 Existing space Developments 1. New rent contracted
Slide 16: 55% reversion captured in the UK, high retention rate
55% reversion captured in the UK, high retention rate Capturing high levels of reversion…1 …retaining customers and maintaining UK +55% healthy levels of occupancy2 CE +6% 35 100 +34% +33% 90 30 +31% Customer retention rate and occupancy rate, % 80 Rent change on review and renewal, % 25 70 +23% 60
Slide 17: £116m of mark-to-market rent potential will continue to drive growth
£116m of mark-to-market rent potential will continue to drive growth in rents and earnings Accumulated reversion to ERV in the portfolio1 Mark-to-market rent potential in the portfolio 15% Reversionary potential1 (UK 20%, CE 8%) 140 140 120 120 £67m uplift opportunity 100 100 by Dec-27 49 Reversion
Slide 18: Investment activity to drive portfolio outperformance
Investment activity to drive portfolio outperformance Disposals Acquisitions Development Selective disposals of assets and land including: Building scale in markets where we have strong Including £62m for infrastructure - older estate in North London conviction over rental growth potential and futur
Slide 19: We create the space that enables extraordinary things to happen
We create the space that enables extraordinary things to happen 2025 Existing portfolio Further upside from Additional value Half year supporting profitable creation results attractive development opportunity from like-for-like growth data centres 19
Slide 20: £19m headline rent from development completions
£19m headline rent from development completions Development completions £19m 60 headline rent (92% leased) 50 H2 200,000 sqm estimate of new space completed (6 projects) Potential new headline rent, £m 40 30 7.7% development yield 100%1 20 rated BREEAM ‘Excellent’ or better 10 0 2016 2017 2018 2019
Slide 21: £50m of potential headline rent in current and near-term pipeline
£50m of potential headline rent in current and near-term pipeline Current and near-term Speculative development is a larger proportion of current pipeline… but absolute volumes consistent2 30 20 £m ERV 10 0 £50m FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 HY25 Near-term pipeline improving2 Estimate
Slide 22: Further >£450m of rental opportunity from land bank and options
Further >£450m of rental opportunity from land bank and options Land bank Potential annualised gross rent from current, near-term and future pipeline, by asset type and region1 (£406m at 30 June 2025) Midlands Amsterdam Big box Continental Europe Warsaw Berlin Poznań Łódź 41% 39% London & Western Co
Slide 23: A clear pathway to more than double our rent roll
A clear pathway to more than double our rent roll Annualised gross cash passing rent1, £ million (as at 30 June 2025) £255m £529m Plus: from existing development portfolio potential Further rental growth 123 +113% Indexation 356 Acquisitions/ disposals 50 Fully fitted 116 56 data centre 83 opportuni
Slide 24: We create the space that enables extraordinary things to happen
We create the space that enables extraordinary things to happen 2025 Existing portfolio Further upside from Additional value Half year supporting profitable creation results attractive development opportunity from like-for-like growth data centres 24
Slide 25: 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 26: 2.3GW+ of existing and future power capacity across Europe
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 1.8GW+ Düsseldorf Frankfurt Paris Future capacity for pre-lets - Secured (<20271): 0.4GW - Reserved (2027- 2030): 0.3GW -
Slide 27: SEGRO Pure Premier Park Data Centre Limited joint venture
SEGRO Pure Premier Park Data Centre Limited Joint venture to develop a 56MW fully fitted data centre Construction of a fully fitted data centre on 10-acre site within prime London Availability Zone 70MVA+ power capacity (56MW IT load)1 Targeting pre-let to a hyperscaler Project site c.£1bn total cap
Slide 28: Flexibility to choose the best risk-adjusted returns for each opportunity
Flexibility to choose the best risk-adjusted returns for each opportunity in the pipeline Powered shell Fully fitted Development of a multi-storey data centre Development and fit-out1 of multi-storey data Illustrative examples shell leased to co-locator or hyperscaler for centre, leased to a hypersc
Slide 29: We create the space that enables extraordinary things to happen
We create the space that enables extraordinary things to happen 2025 Existing portfolio Further upside from Additional value Half year supporting profitable creation results attractive development opportunity from like-for-like growth data centres 29
Slide 30: Earnings and NAV growth
Consistent compounding earnings growth through the cycle EPS growth 6.5% 8% Significant value creation HY25 2016-2024 opportunity from data centres Earnings and NAV growth CAGR 1.8GW land-enabled power bank Flexibility to deliver powered shells and fully fitted Upside from profitable development pip
Slide 31: Q&A
Q&A SEGRO HY25 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 31
Slide 32: Appendix
Appendix Portfolio and Financial Data 32
Slide 33: Adjusted income statement (JVs proportionally consolidated)
Adjusted income statement (JVs proportionally consolidated) H1 2025 H1 2024 Group JVs Total Group JVs Total £m £m £m £m £m £m Gross rental income 306 68 374 283 70 353 Property operating expenses (42) (4) (46) (43) (4) (47) Net rental income 264 64 328 240 66 306 JV management fee income1 12 (6) 6 1
Slide 34: Pro forma H1 2025 accounting net rental income
Pro forma H1 2025 accounting net rental income Group JVs Total £m £m £m Pro forma H1 2025 net rental income assuming disposals, H1 2025 net rental income 264 58 322 acquisitions and let developments Half year impact of: completed as at 1 January 2025 Disposals since 1 January 2025 (1) - (1) Share of
Slide 35: Total cost ratio (proportionally consolidated)
Total cost ratio (proportionally consolidated) Half year to 30 June 2025 Half year to 30 June 2024 Incl. joint ventures at share £m £m Gross rental income (less reimbursed costs) 372 351 Property operating expenses 42 43 Administration expenses 33 35 JV operating and administrative expenses 11 11 JV
Slide 36: Balance sheet (JVs proportionally consolidated)
Balance sheet (JVs proportionally consolidated) 30 June 2025 31 December 2024 Group JVs Total Group JVs Total £m £m £m £m £m £m Investment properties 15,625 2,947 18,572 15,303 2,526 17,829 Trading properties 2 – 2 6 - 6 Total properties 15,627 2,947 18,574 15,309 2,526 17,835 Investment in joint ve
Slide 37: 0.3% increase in Adjusted NAV
0.3% increase in Adjusted NAV1 Components of Adjusted NAV change, 31 December 2024 to 30 June 2025 4p -20p 3p 18p -2p 907 910 31 December 2024 H1 2025 Adjusted EPS Realised and unrealised Exchange rate Dividends Other (incl tax) 30 June 2025 property gains 1. Adjusted NAV is in line with EPRA NTA. 3
Slide 38: Asset value stabilisation
Asset value stabilisation Group £18.5bn1 UK Continental Europe £500m +1.1% +0.5% +2.1% +0.4% +0.6% £0m Whole portfolio valuation change, £m -0.8% -£500m -5.1% -3.4% -7.3% -4.0% -£1,000m -£1,500m -13.1% -£2,000m -£2,500m -11.0% FY22 FY23 FY24 HY25 FY22 FY23 FY24 HY25 FY22 FY23 FY24 HY25 1. Whole port
Slide 39: EPRA performance measures
EPRA performance measures Half year to 30 June 2025 Half year to 30 June 2024 £m £p per share £m £p per share EPRA Earnings 245 18.1 221 16.9 EPRA NTA 12,330 910 12,069 891 EPRA NRV 13,585 1,003 13,248 978 EPRA NDV 12,379 914 12,293 908 EPRA LTV 33.1% 32.0% EPRA net initial yield 4.1% 4.1% EPRA topp
Slide 40: EPRA capital expenditure analysis
EPRA capital expenditure analysis Six months to 30 June 2025 Six months to 30 June 2024 >70% of Completed properties Group JVs Total Group JVs Total capex was £m £m £m £m £m £m for major refurbishment, Acquisitions1 15 228 243 190 - 190 infrastructure and fit-out costs prior to re-letting Developmen
Slide 41: Euro currency exposure and hedging
Euro currency exposure and hedging Balance sheet, £m (30 June 2025) - €1.17:£1 as at 30 June 2025 7,000 - € assets 72% hedged by € liabilities 6,000 - €2.0bn (£1.7bn) of residual exposure – 14% of Group NAV Assets 72% 5,000 hedged - Illustrative NAV sensitivity vs €1.17: 4,000 - +5% (€1.23) = -£80m
Slide 42: Look-through loan-to-value ratio and cost of debt
Look-through loan-to-value ratio and cost of debt 30 June 2025 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 4,787 2.5 2.7 93% Group cash
Slide 43: Net debt: EBITDA (SEGRO Group)
Net debt: EBITDA (SEGRO Group) 12 months ending 12 months ending 12 months ending 30 June 2025 30 June 2024 31 December 2024 £m £m £m Gross rental income 615 564 592 Property operating expenses (91) (86) (92) Administration expenses (74) (65) (76) Other fee income 2 7 5 JV management fee income 24 2
Slide 44: High quality, diverse and growing customer base
High quality, diverse and growing customer base Customer sectors Services TMT Transport and logistics Customers (headline rent, SEGRO share) & utilities Other 1,400 Wholesale and retail distribution Top 20 customers 32% 3% 7% 7% 24% of total group headline rent 9% Retail Post and 10% Largest custome
Slide 45: Land bank provides optionality and opportunity for growth
Land bank provides optionality and opportunity for growth Land bank value Net land utilisation, 2016-1H25 (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 1,200 Land bank value, £m 200 68 (118) (28) (84) 1,000 6.0% (207) (25) Lan
Slide 46: SEGRO European Logistics Partnership (SELP) headline figures
SEGRO European Logistics Partnership (SELP) headline figures €6.7bn 5.7% Assets under Management (as at 30 June 2025) €1,953m Land and assets Net true equivalent yield 1.8 €1,594m 1.6 1.4 0.9% 0.8% Assets under management, €m 1.2 Capital value change ERV growth €1,079m 1.0 €810m €358m €408m 0.8 €675
Slide 47: 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 30 June 2025 (the Results Announcement). For the purposes of this disclaimer, ‘Presentation’ shall mean thi