SEGRO : 2026 Half Year Results Presentation

About this update from Segro Plc

Enabling extraordinary things 2026 Half year results 30 July 2026 Half Year 2026 Positive momentum across industrial and logistics portfolio Continued execution of data centre strategy Strong financial performance supporting future growth opportunity (2.5)% EPRA NTA per share 6.6% Adjusted earnings per share growth 5.3% Like-for-like NRI growth £11m Reversion capture £26m Development signings £53m New rent contracted We create the space that enables extraordinary things to happen Positive momentum across industrial and logistics portfolio Continued execution of data centre strategy Strong financial performance supporting future growth opportunity Existing portfolio and development pipeline contributing to £53 million of new headline rent contracted New contracted headline rent (£m) 1 80 70 Annualised rental income, £m 60 50 40 30 20 10 0 1H16 2H16 1H17 2H17 1H18 2H18 1H19 2H19 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 1H26 Existing space Developments 1. New rent contracted is total headline rent secured or in the case of developments agreed in the year. 4 Capturing reversion, maintaining occupancy and retaining customers Rent change on review and renewal (%) 1 Customer retention rate and occupancy rate (%) UK +44% CE +4% 100 40 +36% 80 Occupancy 94.5% (target: 94-96%) +31% +32% +34% 30 60 +23% 20 40 Retention 77% +10% +12% +12% +13% 10 +9% 20 +5% 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 Delivering strong like-for-like rental growth through active asset management Like for like net rental income growth, (%) 2.1% 2.6% 3.1% 4.0% 4.9% 4.7% 5.3% 6.0% 5.8% 6.5% 6.7% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 Current opportunity in the portfolio £101m + Mark-to-market rent potential £56m ERV of vacant space = £157m Total current opportunity from existing portfolio Disciplined capital allocation driving portfolio performance Disposals Selective sales of assets and land to crystallise value and fund investment £308m 1 Acquisitions Attractive land acquisitions supporting future development £37m Development 765,000 sq m under construction and FY26 capex now expected: £500-550m £176m UK big box JV SEGRO expected to contribute £1bn seed portfolio of land and standing assets into the JV, with future capex to be funded by non-recourse debt and partner equity contributions on a 50:50 basis Includes £95 million exchanged and due to complete later in 2026. Development completions expected to increase in the second half Development completions 60 50 H1 2026 completions 116,200 sq m of space 1 £12m headline rent 2 58% leased 6.5% development yield All BREEAM 'Excellent' or better 3 SEGRO Park Düsseldorf Flingern H2 estimate New headline rent when fully leased, £m 40 30 20 10 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 At 100%. At SEGRO share. Based on certifications received or expected. 8 Industrial and logistics development pipeline with £441m of potential rent Current and near-term pipeline 1 Future pipeline 75% Associated with pre-lets 7.4% Expected development yield £90m Potential rent 7-8% Attractive development yield £128m Potential rent on optioned land £223m Potential rent on owned land SEGRO Park Dortmund Midlands Amsterdam Warsaw Berlin Poznań Łódź London & Western Corridor Dortmund Düsseldorf Wroclaw Cologne Frankfurt Gliwice Prague Paris Munich Lyon Milan Bologna Marseille Rome Barcelona Madrid Estimated based on the current expected completion date of projects to be developed on the Group's land bank, which incorporates a number of assumptions including planning, customer demand and procurement of construction contracts. Includes one powered shell data centre project under construction. 9 We create the space that enables extraordinary things to happen Continued execution of data centre strategy Positive momentum across industrial and logistics portfolio Strong financial performance supporting future growth opportunity 10 3.0GVA power bank with 1.4GVA of near to mid-term data centre opportunity in key Availability Zones SEGRO land Established AZs (FLAP-D) Emerging AZs Near to mid-term opportunities 12 sites currently assumed to be fully fitted developments 2 powered shells assumed and 4 powered land sales CGI of Premier Park DC JV Increased 3.0GVA power bank 1 + Additional applications in progress 0.5GVA 3.0GVA 1.1GVA c.£460m potential rent 2 0.3GVA 0.8GVA 0.3GVA Operational capacity Available to pre-let today Available to pre-let by end of 2028 Available to pre-let by end of 2033 Additional power Total power bank Estimated based on the potential pre-lease date of projects which can be 2-3 years before the energisation date. 1.4GVA near to mid-term opportunity, c.95% power secured. Power secured defined as contracted or confirmed with ROFO as per local market convention. Excluding powered shell pre-let signed in March 2026 which is under construction and sits within current pipeline. 11 Executing our data centre strategy in H1 2026 Signed a powered shell data centre pre-let on the Slough Trading Estate Obtained planning approval for Premier Park DC JV 1 in West London, active pre-let discussions underway Formed a second fully fitted data centre joint venture with Pure DC Added 0.5GVA to strategic power bank and advanced further power applications Progressed infrastructure works in Slough to enable significant future power upgrades 12 1. SEGRO's first fully fitted data centre in joint venture with Pure Data Centres Group Limited. We create the space that enables extraordinary things to happen Positive momentum across Continued execution of industrial and logistics data centre strategy portfolio Strong financial performance supporting future growth opportunity 13 Strong financial performance £268m Adjusted profit before tax +6.3% 19.3p Adjusted earnings per share 1 +6.6% 10.14p Dividend per share 2 +4.5% £19bn Portfolio valuation (at share) (1.2)% 3 902p EPRA NTA per share 4 (2.5)% 31% Loan to value 5 +0.6 ppt 1. Average number of shares was 1,352.8 million for the period ending 30 June 2026. 2. Consistent with the terms of the "Best and Final" Proposal from Prologis announced on 22 July 2026, which the Board has stated it is minded to recommend, the interim dividend is set at up to 10.14 pence. 3. Percentage valuation change based on difference between opening and closing valuation for all properties including those under construction and land, adjusting for capex, acquisitions and disposals. The portfolio valuation decreased 1.2 per cent (H1 2025: 0.5 per cent increase) on a like-for-like basis driven mostly by the application of higher yields by the Group's incoming UK valuer. 14 4. EPRA NTA per share consistent with the 905p proforma Adjusted NAV we announced in our H1 2026 Trading Update after adjusting for profits, dividends and currency movements in the period. 5. SEGRO only (excluding joint ventures), 32% including joint ventures Earnings driven by strong 5.3% like-for-like NRI growth +£5m +£2m £0m +£3m (£1m) (£9m) +£16m Like-for-like NRI £245m Adj EPS: 18.1p £261m Adj EPS: 19.3p Net Rental Income growth: +£23m Adjusted profit (proportionally consolidated) Total cost ratio (excl. share based payments): - 17.4% (H1 2025: 18.4%) 3 Net finance costs: £11m higher, reflecting higher weighted average cost of debt Capitalised interest £36m (H1 2025: £32m) 2026: c.£70m (reducing thereafter) Group 5.3% UK 6.6% CE 3.3% 1H25 Like-for-like NRI Completed Net investment Other² JV fees Admin expenses Net finance 1H26 developments costs and tax See slide 24 for more detail on the impact of acquisitions, disposals and development completions on net rental income. Other includes -£2m takebacks for redevelopment, -£2m of lease surrenders and dilapidation income offset by +£4m of FX. Including share base payments 18.1% (H1 2025: 19.0%). 15 Modest portfolio value decline driven by yield movements Group 1.8% ERV growth 5 5.6% (+10bps) Yield 3 (1.2)% Valuation change 2 £19bn Portfolio value 1 UK CE 1.1% ERV growth 5 5.7% (+10bps) Yield 3 0.1% Valuation change 2 £7bn Continental Europe portfolio value 1 2.3% ERV growth 5 5.6% (+20bps) Yield 3 (2.0)% Valuation change 2,4 £12bn UK portfolio value 1 Whole portfolio including acquisitions, land & developments, at SEGRO share. Percentage valuation change based on difference between opening and closing valuation for all properties including those under construction and land, adjusting for capex, acquisitions and disposals. Net True Equivalent yield. UK portfolio valued by Cushman & Wakefield for the first time following the mandatory rotation of external valuers. ERV growth based on assets held throughout at 30 June 2026. See slide 25 for further information by country. 16 tenant deposits and uncommitted facilities. 17 A- senior unsecured / BBB+ Issuer Rating 6.3 years Average debt maturity 3 8.3x Net debt:EBITDA 1 Balance sheet remains strong 31% Loan to value 1,2 2.8% Average cost of debt 3 £1.5bn Cash and undrawn facilities 3,4 SEGRO only (excluding joint ventures). 2. 32% including joint ventures. 3. Including share of joint ventures. 4. Available cash and undrawn facilities, excludes See slide 31 for debt maturity profile Over £1bn of incremental income opportunity embedded in our existing portfolio and development pipelines Annualised gross cash passing rent 1 , £ million 30 June 2026 passing rent: £762m 464 128 223 90 101 56 67 Rent in rent free Vacant space Reversion Current and near-term pre-let development opportunities² Future pipeline³ Land held under option⁴ Data centre development from 1.4GVA⁵ allocated pipeline Total incremental income £1.1bn incremental opportunity £464m data centre £441m industrial and logistics development £224m from existing portfolio Further ERV growth Indexation Selective redevelopment of assets Acquisitions/ - disposals 1.1GVA additional power for data centre pipeline Including JVs at share. Near-term development opportunities include pre-let agreements subject to final conditions such as planning permission, which are expected to commence within the next 12 months. Estimated based on the current expected completion date of projects to be developed on the Group's landbank, which incorporates a number of assumptions including planning, customer demand and procurement of construction contracts. Excludes development projects identified for sale on completion and from projects identified as "near-term opportunities". Land secured by way of options or conditional on contract. 5. Power secured defined as contracted or allocated with ROFO as per local market convention. 18 We create the space that enables extraordinary things to happen Positive momentum across industrial and logistics portfolio Continued execution of data centre strategy Strong financial performance supporting future growth opportunity 19 Q&A 20 2026 Half year results Appendix Supplementary information 21 Adjusted income statement Adjusted income statement Half year to 30 June 2026 £m Half year to 30 June 2025 £m Change Gross rental income Property operating expenses 326 (46) 306 (42) Net rental income 280 264 6.1 % Joint venture management fee income 15 12 Other income 2 2 Administrative expenses (34) (33) Share of joint ventures' adjusted profit after tax 1 42 38 Adjusted operating profit 305 283 7.8 % Net finance costs (37) (31) Adjusted profit before tax 268 252 6.3 % Tax (7) (7) Adjusted profit after tax 261 245 6.5 % Adjusted income statement (JVs proportionally consolidated) Half year to 30 June 2026 Half year to 30 June 2025 Group £m JVs £m Total £m Group £m JVs £m Total £m Gross rental income 326 75 401 306 68 374 Property operating expenses (46) (4) (50) (42) (4) (46) Net rental income 280 71 351 264 64 328 JV management fee income 1 15 (6) 9 12 (6) 6 Other income 2 1 3 2 1 3 Administration expenses (34) (1) (35) (33) (1) (34) Adjusted operating profit 263 65 328 245 58 303 Net finance costs (37) (17) (54) (31) (12) (43) Adjusted profit before tax 226 48 274 214 46 260 Tax (7) (6) (13) (7) (8) (15) Adjusted profit after tax 219 42 261 207 38 245 Pro forma H1 2026 accounting net rental income Group £m H1 2026 JVs £m Total £m Pro forma H1 2026 net rental income assuming disposals, acquisitions and let developments completed as at 1 January 2026 June 2026 net rental income 280 71 351 Incremental impact of: Disposals since 1 Jan 2026 (4) - (4) Acquisitions since 1 Jan 2026 - - - Developments completed and let since 1 Jan 2026 2 - 2 One-off items (2) - (2) Pro-forma June 2026 Net rental income 276 71 347 Share of JV fee costs removed from JV net rental income (see slide 23) Net rental income would have been £4 million lower on this basis Portfolio metrics by region Capital growth (%) 2 (1.2) (2.0) 0.1 1.5 0.1 1.3 1.6 1.6 0.0 0.0 0.4 0.4 (1.3) 1.3 2.1 0.1 (0.1) ERV growth (%) 3 1.8 2.3 1.1 Property yield (%) 1 5.6 Group 5.6 UK urban: 1.7% UK big box: 5.2% UK CE urban: 1.4% CE big box: 0.9% 5.7 Continental Europe 5.6 5.5 5.3 Germany Netherlands France 6.1 6.9 5.2 5.8 Italy Spain Poland Czech Republic Net true equivalent yield. Yield on standing assets at 30 June 2026. Whole portfolio including acquisitions, land & developments, at SEGRO share. ERV growth based on assets held throughout at 30 June 2026. 25 Total cost ratio (proportionally consolidated) Incl. joint ventures at share H1 2026 £m H1 2025 £m Gross rental income (less reimbursed costs) 399 372 Property operating expenses 46 42 Administration expenses 34 33 JV operating and administrative expenses 11 11 JV management fees and other costs recovered 2 (19) (16) Total costs 1 72 70 Of which share based payments (3) (2) Total costs excluding share based payments 69 68 Total cost ratio 18.1 % 19.0 % Total cost ratio excluding share based payments 17.4 % 18.4 % Total cost includes wholly-owned vacancy property costs of £10 million (1H25: £8 million) and share of JV vacant property costs of £1 million (1H25: £1 million). Includes JV Property management fee income of £15 million, management fees and other costs recovered £4 million (1H25: £12 million and £4 million respectively). 26 Balance sheet (JVs proportionally consolidated) 30 June 2026 31 December 2025 Group £m JVs £m Total £m Group £m JVs £m Total £m Investment properties 15,734 3,044 18,778 15,998 3,042 19,040 Trading properties 1 - 1 1 - 1 Total properties 15,735 3,044 18,779 15,999 3,042 19,041 Investment in joint ventures 1,733 (1,733) - 1,715 (1,715) - Other net liabilities (654) (239) (893) (601) (248) (849) Net debt (4,847) (1,072) (5,919) (4,840) (1,079) (5,919) Net asset value 11,967 - 11,967 12,273 - 12,273 EPRA adjustments 253 264 EPRA NTA 12,220 12,537 EPRA NTA, pence per share 902 925 EPRA NTA Components of EPRA NTA change (pence), 31 December 2025 to 30 June 2026 +19 (19) (21) 925 (1) (1) Standing assets: (20p) Land & Development: +1p 902 31 December 2025 H1 2026 EPS Realised and unrealised property loss Dividends Exchange rate Other (incl tax) 30 June 2026 EPRA performance measures Half year to 30 June 2026 Half year to 30 June 2025 Year to 31 December 2025 £m Pence per share £m Pence per share £m Pence per share EPRA earnings 261 19.3 245 18.1 495 36.6 EPRA NTA 12,220 902 12,330 910 12,537 925 EPRA NRV 13,486 995 13,585 1,003 13,827 1,020 EPRA NDV 12,293 907 12,379 914 12,590 929 EPRA LTV 34.4 % 33.1 % 33.6 % EPRA net initial yield 4.3 % 4.1 % 4.2 % EPRA topped-up net initial yield 4.7 % 4.6 % 4.6 % EPRA vacancy rate 5.5 % 5.7 % 5.1 % EPRA cost ratio (including vacant property costs) 18.1 % 19.0 % 20.4 % EPRA cost ratio (excluding vacant property costs) 15.4 % 16.6 % 17.5 % EPRA capital expenditure analysis Six months to 30 June 2026 Six months to 30 June 2025 More than 64% of Completed Group £m JVs £m Total £m Group £m JVs £m Total £m properties capex was for major refurbishment, infrastructure and fit-out costs prior to Acquisitions 30 7 37 15 228 243 Development 144 32 176 175 5 180 Capitalised interest 35 1 36 31 1 32 Completed properties 1 19 6 25 19 4 23 Other 2 30 5 35 28 7 35 Total 258 51 309 268 245 513 re-letting which is expected to be value-enhancing rather than solely maintenance capex Completed properties are those not deemed under development during the period. Tenant incentives, letting fees and rental guarantees. 30 Diverse, long duration debt profile Debt maturity profile (as at 30 June 2026) 1,000 800 Debt profile, £m 600 400 200 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 SEGRO bonds & US private placement notes SEGRO bank debt JV debt at share Euro currency exposure and hedging - €1.16:£1 as at 30 June 2026 € assets 75% hedged by € liabilities €1.8bn (£1.6bn) of residual exposure - 13% of Group NAV Illustrative NAV sensitivity vs €1.16: - +5% (€1.22) = -£74m (-5 pence per share) - -5% (€1.10) = +£82m (+6 pence per share) Loan to Value (on look-through basis) at €1.16:£1 is 32% Sensitivity vs €1.16: - +5% (€1.22) LTV -0.8% - -5% (€1.10) LTV +0.8% Average rate for 6 months to 30 June 2026 €1.15:£1 € income 44% hedged by € expenditure (including interest) Adjusted € profit after tax for the period €81m (£71m) - 27% of Group Illustrative annualised adjusted profit after tax sensitivity versus €1.15: - +5% (€1.21) = -£3.4m (-c.0.2 pence per share) - -5% (€1.09) = +£3.7m (+c.0.3 pence per share) Balance sheet, £m (30 June 2026) 6,000 Assets 75% hedged 5,000 4,000 3,000 2,000 1,000 0 Euro gross assets Euro debt Euro currency swaps Other euro liabilities Adjusted profit after tax, £m (6 months to 30 June 2026) 250 Income 44% hedged 200 150 100 50 0 Euro income Euro costs Look-through loan-to-value ratio and cost of debt 30 June 2026 £m Weighted average interest rate, % Hedging cover, % excluding commitment fees and non-cash interest including commitment fees and non-cash interest Fixed Cover including active caps Group gross borrowings 1 5,057 2.8 3.0 81 % Group cash & equivalents (176) 1.3 1.3 Group net borrowings 4,881 2.8 3.1 84 % Joint venture gross borrowings 1 1,236 3.0 3.2 100 % Joint venture cash & equivalents (156) 1.3 1.3 Joint venture net borrowings 1,080 3.2 3.5 114 % 'Look-through' gross borrowings 1 6,293 2.8 3.1 84 % 'Look-through' net borrowings 5,961 2.9 3.2 90 % Total properties (including SEGRO share of joint ventures) 18,699 'Look-through' loan to value ratio 32 % Net debt: EBITDA (SEGRO Group) 12 months ending 30 June 2026 12 months ending 30 June 2025 12 months ending 31 December 2025 £m £m £m Gross rental income 657 615 637 Property operating expenses (98) (91) (94) Administrative expenses (74) (74) (73) Other fee income 4 2 4 JV management fee income 28 24 25 Add back depreciation 15 14 17 Dividends received (incl from JVs) 54 32 63 EBITDA 586 522 579 Net debt 4,847 4,608 4,840 Net debt: EBITDA 8.3x 8.8x 8.4x Customers 1,358 Top 20 customers 32% of total group headline rent Transport and logistics 25% Retail 17% Manufacturing 15% Post and parcel delivery 10% Wholesale and retail distribution 9% Data centre providers 7% Services and utilities 6% Largest customer 5% of total group headline rent Other 7% TMT 4% High quality, diverse and growing customer base 1 Development pipeline Area (sq m) Estimated cost to complete (£m) Potential gross rent (£m) Development yield 4 Proportion pre-let Expected delivery £441m of potential rental income from logistics and industrial development Midlands Amsterdam Warsaw Berlin Poznań Łódź London & Western Corridor Dortmund Düsseldorf Stryków Wroclaw Cologne Frankfurt Leipzig Prague Gliwice Paris Munich Lyon Milan Bologna Marseille Rome Barcelona Madrid SEGRO land bank (30 June 2026) Current 1 764,866 322 3 65 7.5% 65% 1-12 months Near-term 174,400 pre-lets 2 193 25 7.2 % 100 % 12-18 months Future 2 2.0m 2,076 223 8.1 % - 1-7 years Total 3.0m 2,591 313 - 1-10 years Optioned c.1.3m land 5 128 - 1-10 years Potential annualised gross rent from current, near-term and future pipeline 6 , by asset type (£313m at 30 June 2026) Potential annualised gross rent from current, near-term and future pipeline 6 , by region (£313m at 30 June 2026) Urban (42%) Big box (58%) Continental Europe (39%) UK (61%) 1. Includes one powered shell data centre project under construction. 2. Future development pipeline in the 2026 Half Year Property Analysis Report. 3. Capex already incurred is £221m. 4. Estimated average yield on total development cost. 5. Land secured by way of options or conditional on contract. 6. Excludes optioned land. 36 Data centre power bank phasing 1 Available to lease now 3 Available to lease by 2033 Location # sites MVA FLAP-D Power on Model Planning status Location # sites MVA FLAP-D Power on Model Planning status London (STE) 1 1 50 ☑ Now PS Under Construction London 2 200 ☑ - - In progress London 1 70 ☑ 2028 FF Approved London (STE) 1 1 100 ☑ - - Approved Paris 1 70 ☑ 2028 PS Approved Total 3 300 Paris 1 75 ☑ 2029 FF Ongoing Total 4 265 2 Available to lease by 2028 4 Additional power London Slough Trading Estate Berlin Dusseldorf Frankfurt Milan Power on date: 2030-2038 1.1 GVA 2 Location # sites MVA FLAP-D Power on Model Planning status Milan 2 265 - 2029/31 FF/Sale Ongoing London (STE) 1 5 350 ☑ 2030 FF Approved Marseille 1 40 - 2030 FF Ongoing Warsaw 2 50 - 2030 Sale Ongoing Turin 1 110 - 2029 Sale Ongoing Total 11 815 Slough Trading Estate , planning approved under Simplified Planning Zone. Power confirmed with ROFO or provisionally allocated (firm costs, dates and conditions to be confirmed). Expected connection dates 2030-2038. 37 Data centre value accretion occurs throughout the development process Indicative value creation journey of fully fitted data centre from non-data centre land: Land, planning and power value-add Construction & fit-out (2-4 years) Stabilisation / potential for exit Average value creation Pre-let with hyperscaler Practical completion 100% 85% 20% Non-data centre land Power + Planning Lease Shell construction Fit-out Rent starts Operations Actions Targets Context Positioning SEGRO to deliver on its purpose 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°C, in tandem with growth in our business and the wider economy. Become a net-zero carbon business by 2050. 2034 interim target 80% reduction in corporate and customer emissions intensity vs 2023 baseline 2034 interim target 58% reduction in embodied carbon in developments intensity vs 2023 baseline We will aim to reduce carbon emissions from our development activity and the operation of our existing buildings and eliminate them where possible. We will research and implement innovative approaches to absorb or offset residual carbon. Investing in our local communities and environments SEGRO is an integral part of the communities in which it operates, and we are committed to contributing to their long-term vitality. By 2025, we have created and implemented Community Investment Plans for every key market in our portfolio. We are now focused on expanding participation, alongside data collection and analysis. We have annual targets to expand employee and other stakeholder participation in our volunteering programmes. We will work with our customers and suppliers to support our local economies. We will help improve the skills of local people to enhance their career and employment opportunities, by investing in local training programmes. Equally, we will enhance the spaces around our buildings, working with local partners to ensure we meet the needs of our communities. Nurturing talent SEGRO's people are vital to and inseparable from its success, and we are committed to attracting and retaining a diverse range of talented individuals in our business. Increase the overall diversity of our own workforce throughout the organisation: We reached our target of 40% female representation in senior leadership roles 2027 target of 15% for senior leadership representation from an ethnic minority background We will provide a healthy and supportive working environment, develop fulfilling and rewarding careers, foster an inclusive culture and build diverse workforce. SEGRO European Logistics Partnership (SELP) headline figures +5.7% Net true equivalent yield €6.8bn Land and assets Assets under Management (as at 30 June 2026) €2.5 +0.9% ERV growth -0.1% Capital value change €2.0bn €2 Assets under management, €bn €1.6bn €414m ERV €367m Headline rent €1.5 €1 €0.5 €0 €0.8bn €1.1bn 37% LTV ratio 97.2% Occupancy rate €0.6bn €0.7bn Germany Poland/ Czech Italy France Spain Netherlands AUM at inception AUM Growth

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