Slides
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TRITAX BIG BOX DELIVERING PROGRESS ACROSS GROWTH DRIVERS Half - year results for the six 6 August 2026 months ended 30 June 2026 Tritax Big Box REIT plc | H1 FY26 results
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AGENDA Tritax Big Box REIT plc | H1 FY26 results 2 Key messages Colin Godfrey 1 Strategic update Colin Godfrey 3 Financial and operational review Frankie Whitehead 2 Q&A
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Tritax Big Box REIT plc | H1 FY26 results We are exceptionally well positioned to take advantage of the significant opportunities inherent within our business and the broader market. We continue to deliver against our key growth milestones and with a near doubling of secured power for our data centre pipeline, we are increasing our Adjusted EPS growth ambition to 65% by 2031 from 50% by 2030 or sooner. Colin Godfrey CEO 3
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MATERIAL PROGRESS ACROSS OUR GROWTH DRIVERS CONSISTENT STRATEGIC EXECUTION Tritax Big Box REIT plc | H1 FY26 results 4 Strong performance Potential to deliver Adjusted EPS growth of 65% by the end of 2030/312 and superior risk-adjusted returns to shareholders Multi-year growth drivers 1. Capture record rental reversion and active management 2. Attractive, capital efficient and flexible logistics development pipeline 3. Exceptional returns through pre-let data centre development £12.6m increase in contracted rent through asset management and development lettings £344m of disposals; final UKCM asset under offer Logistics development at c.7.5% yield on cost Major DC value creation milestone with planning secured at Manor Farm Secured extra 235MW of data centre power Increase in net rental income 16.2% Attractive Adjusted EPS1 growth – alongside enhanced disposal programme 7.0% Increase in dividend per share 4.4% Strategic execution (1) Adjusted EPS excluding all DMA income resulting in Adjusted earnings per share of 4.41 pence in H1 2026 and 4.12 pence H1 2025. (2) 65% Adjusted EPS growth potential by the end of 2030/31, with the baseline reference being the FY24 Adjusted earnings per share of 7.9p. This should not be considered a profit forecast but an ambition. It assumes no material deterioration in macroeconomic conditions, including inflation, interest rates and GDP growth; sustained structural demand in key markets; investment markets remain open and ability to dispose of assets at or near book values. Excludes all DMA income or portfolio value movements.
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PLACING TO UNLOCK OUR ENHANCED DATA CENTRE PIPELINE Advance data centre development pipeline 235MW of additional grid connection agreements secured Advancing the data centre pipeline, including enabling two new data schemes in the Greater London Availability Zones deliverable between 2030-2031 £50-60 million of incremental annual rent(3) and £300-400 million of capital profits Delivering exceptional risk-adjusted shareholder returns Compelling financial benefits Materially accretive to EPRA earnings and NTA per share over the medium term Development profit on cost of >50% and yield on cost of 9-11% Enhance financial flexibility • Retain agility and financial flexibility to pursue opportunities as they arise • Enable a highly targeted approach to medium term capital recycling to maximise portfolio value NEAR DOUBLING OF SECURED POWER TO 507MW Proposed placing Proposed equity raise of approximately £350m of gross proceeds via a non-pre-emptive placing, a retail offer and a subscription by certain Directors Equity raise subject to shareholder approval at general meeting later this month Capital deployed capable of delivering ~2.8x equity return (2) Supporting ongoing, progressive dividend policy Upgraded ambition to deliver Adjusted EPS growth of ~65% by 2030/31 (1) 507MW targeting £107-119 million of rent and £585-£750 million of capital profits 65% Adjusted EPS growth potential by 2030 / 31, with the baseline reference being the FY24 Adjusted earnings of 7.9p. This shoul d not be considered a profit forecast but an ambition. It assumes no material deterioration in macroeconomic conditions, including inflation, interest rates and GDP growth; sustained structural demand in key markets; investment markets remain open and ability to dispose of assets at or near book values. Excludes additional DMA income or portfolio value movements. Illustrative example only, not a profit forecast. (2) Illustrative example only, not a profit forecast. See other key assumptions on page 56. (3). Data centre rent only. Excludes an additional 10- 15% of power infrastructure-related rental income. Tritax Big Box REIT plc | H1 FY26 results 5
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CONSISTENT EXECUTION FINANCIAL AND OPERATIONAL REVIEW Frankie Whitehead CFO Tritax Big Box REIT plc | H1 FY26 results 6
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7 ATTRACTIVE RECURRING EARNINGS AND DIVIDEND GROWTH Tritax Big Box REIT plc | H1 FY26 results (1) In the period we have amended the definition of the Adjusted Earnings (excluding additional DMA Income) key performance indicator. Previously this was defined as ‘Adjusted Earnings (excluding additional DMA Income)’ and this would have been inclusive of up to £4 million of DMA Income. This has been revised to ‘Adjusted Earnings (excluding DMA Income)’, which now removes all DMA Income recognised in the period. The prior period has been revised as a consequence. The Adjusted Earnings per share key performance indicator continues to include all DMA Income recognised in the period and remains unchanged. UNDERPINNED BY STRONG OPERATIONAL PERFORMANCE Adjusted EPS1 (excluding all DMA income) 4.41p H1 FY25: 4.12p +7.0% Dividend per share 4.00p H1 FY25: 3.83p +4.4% EPRA NTA per share 185.9p Dec-25: 187.8p (1.0)% Portfolio value £7.68bn Dec-25: 7.89bn (2.7)% EPRA LFL Rental Growth 5.1% H1 FY25: 2.5% +2.6pts
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(1) Operating profit before changes in fair value and other adjustments. (2) The Company has previously reported two key performance indicators in the form of Adjusted Earnings per share and Adjusted earnings per share (excluding additional DMA Income). In the period we have replaced the second of these key performance indicators. Previously this was defined as ‘Adjusted Earnings (excluding additional DMA Income)’ and this would have been inclusive of up to £4 million of DMA Income per annum. This has been revised to ‘Adjusted Earnings (excluding DMA Income)’, which now removes all DMA Income recognised in the period. The first key performance indicator, being Adjusted Earnings per share, continues to include all DMA Income recognised in the period and remains unchanged. (3) Excluding vacancy costs. Tritax Big Box REIT plc | H1 FY26 results 8 £ million H1 26 H1 25 change Net rental income 173.3 149.2 +16.2% Other operating income (DMA) - 13.3 - EPRA cost ratio (excluding vacancy) 12.2% 12.9% (0.7)pts Operating profit1 152.9 144.1 +6.1% Adjusted earnings per share2 (excluding DMA income) 4.41p 4.12p +7.0% Adjusted earnings per share 4.41p 4.63p (4.8)% Dividend per share 4.00p 3.83p +4.4% Dividend pay-out ratio (excluding DMA income) 90.7% 93.0% (2.3)pts Income statement Significant further rental income growth through active management and development lettings ATTRACTIVE RECURRING EARNINGS AND DIVIDEND GROWTH One of the lowest EPRA Cost Ratios3 in European real estate… CONTINUED NET RENTAL INCOME GROWTH AND EFFICIENT DELIVERY 360.9 355.7 459.6 6.5 4.9 2.1 (16.8) (1.9) 31-Dec-25 Rent reviews & asset mgmt. Development lettings New leases Disposals Lease expiries & rent g'tee conversion 30-Jun-26 ERV £ million Contracted rent progression +29% 12.2% 0% 10% 20% 30% 40% 50% Tritax Big Box 19.8% industry average
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MANAGING OUR BALANCE SHEET EFFECTIVELY (1) Total portfolio value includes both the investment and development portfolios, plus land and land options. (2) Includes development capex, capitalised interest, asset refurbishment and tenant incentives. Tritax Big Box REIT plc | H1 FY26 results 9 As at: change30-Jun-26 31-Dec-25 Portfolio value1 (£m) 7,680.6 7,894.6 (2.7)% Net Debt (£m) 2,518.5 2,616.7 (3.8)% Loan to Value (reported) 32.9% 33.2% (0.3)pts Loan to Value (pro forma) 32.1% EPRA NTA(£m) 5,045.6 5,073.4 (0.5)% EPRA NTA per share 185.9p 187.8p (1.0)% 30-Jun-26 30-Jun-25 Total Accounting Return 1.3% 3.6% (2.3)pts Balance sheet DISCIPLINED CAPITAL ALLOCATION £259million of disposals in H1 FY26 (over £1 billion since January 2023) £79m H1 FY25: £167 million Logistics (capex)2 £2m H1 FY25: £201 million Data centres (capex) £81 million of capex activity in period 225.7 259.1 344.0 33.4 84.9 Logistics assets UKCM non-strategic Disposals completed in H1 26 UKCM exchanged or completed post period end YTD disposals £ million 32.1% Pro forma LTV
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RENTAL GROWTH OFFSETTING YIELD MOVEMENTS Tritax Big Box REIT plc | H1 FY26 results 10 DRIVEN BY ENHANCED OPERATIONAL PERFORMANCE Total Accounting Return (TAR) Equivalent yield 5.8% H1 FY25: 5.7% Like-for-like ERV growth 1.9% H1 FY25: 2.3% Future progression in Total Accounting Return supported by: scale and acceleration of reversion capture, including the portfolio acquired from Blackstone contributions from data centre developments at key milestones (e.g. signing of an agreement for lease) (1) Relate to the impact of the shares issued in relation to the acquisition of the portfolio from Blackstone in October 2025. 2.3% 1.6% 1.3% (0.8)% (0.1)% 0.5% (0.3)% (0.2)% (0.1)% Earnings yield Investment portfolio Logistics development portfolio Data centre development Other Underlying TAR Impairment of land options Corporate acquisition -related Reported TAR (0.2)%Capital value improvement (1)
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£8.6 MILLION RENTAL UPLIFT FROM ASSET MANAGEMENT Tritax Big Box REIT plc | H1 FY26 results 11 Review type % of contracted rent Absolute rent uplift Annualised rent uplift Absolute rent uplift Index-linked 8.4% 11.7% 3.1% £3.5m Open market 0.3% 39.0% 7.0% £0.5m Hybrid - - - - Fixed 3.9% 8.4% 4.6% £1.2m Lease events 4.5% 7.9% £1.3m Active management 17.1% 10.5% 3.7%2 £6.5m New lettings £2.1m Total initiatives1 £8.6m Further income growth opportunity through leasing up vacancy H1 FY26 lease events increased passing rent by 10.5%... 10.5% GROWTH IN PASSING RENTS ACROSS LEASE EVENTS EPRA LfL rental growth 5.1% H1 FY25: 2.5% (1) Net increase in rental income of £6.7 million, comprised £8.6 million of asset management initiatives (shown above) net of £1.9 million comprising lease expirations and conversion of rental guarantees. (2) Annualised rent uplift of 3.7% represents the figure for rent reviews only. 1 GROWTH DRIVER Disposals, £0.2m Moved to vacancy, £0.5m Settled/ captured, £6.5m In progress, £4.5m Remaining events in H2, £15.2m £26.9m, set out at FY25 100% of ERV captured Accrues at 75%: £3.2 million Reversion capture progression in H1 3.1% 3.1% 2.5% (0.1)% 0.1% 1.6% (0.7)% 3.4% 5.6% 6.5% Dec-25 Blackstone portfolio Net effect of redevelopment H1 FY26 development completions Development lettings Jun-26 VacancyUnderlying Recent development Newly developed Underlying portfolio
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AGILE DEVELOPMENT PLATFORM Tritax Big Box REIT plc | H1 FY26 results Creating additional opportunities through logistics development STRONG YIELD ON COST FOR DEVELOPMENT LETTINGS Development starts 0.0 million sq ft H1 FY25: 1.1m sq ft 12 Space under construction 1.2 million sq ft 78% pre-let £13.0 million of potential rent 2 GROWTH DRIVER Development completions (Non-DMA ) 0.6 million sq ft H1 FY25: 0.4 million sq ft £6.9 million of potential rent at an expected yield on cost of >10% Development lettings 0.5 million sq ft £4.9 million of rent secured at a yield on cost of c.7.5% Total land with planning consent 4.3 million sq ft
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FOLLOWED BY SIGNIFICANT RENTAL INCOME UPLIFTS Illustrative data centre capital profit recognised as milestones delivered Uplift precedes rental income commencement Creating exceptional risk-adjusted returns for shareholders 9-11% targeted yield on cost Significant development profits Development profits recognised at key milestones Full income recognition at practical completion Driving shareholder returns from H1 2026 Manor Farm c.£34 million of annual rental income1 Expected profit at completion £140-180 million Chelmsford £23-25 million of annual rental income Expected profit at completion £145-170 million Potential £57-59 million of annual rental income and £285-350 million of capital profits Scheme stage Manor Farm Chelmsford 21-Jul-26 31-Dec-26 30-Jun-26 31-Dec-26 15% 15% 15% 15% 15% 15% 15% 15% 15% 30% 30% 30% 30% 30% 10% ~15% ~30% ~60% ~90% 100% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Powered land + planning + AFL signed + construction At practical completion Milestones of profit recognition for data centres of profit recognised before construction60% 3 GROWTH DRIVERCAPITAL PROFITS AT MILESTONES DRIVE SHAREHOLDER RETURNS 30-Jun-26 Tritax Big Box REIT plc | H1 FY26 results (1) Rent presented does not include the potential incremental rent associated with the additional 40MW of Phase 2 power announced in conjunction with the 107MW at Manor Farm in January 2025. 13
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Tritax Big Box REIT plc | H1 FY26 results 14 SUSTAINABILITY SUPPORTING PERFORMANCE 1. Sustainable buildings 2. Climate and carbon 3. Natural capital 4. People and communities EPC B or above (whole portfolio) H1 26 FY25: 79.8%5 78.7%1 Continued delivery across our four sustainability pillars, supporting performance enhancement Asset-level nature action plans H1 26 FY25: Ongoing 5 action plans completed3 Portfolio rooftop solar PV capacity H1 26 FY25: 29.1 MWp2 29.8 MWp No. of young people positively impacted 5-year target4: 250,000 H1 26 FY25: 62,094 44,876 Continuing strong industry performance 85/100 (standing) 99/100 (developments) A- Rated MEETING OCCUPIER DEMAND FOR SUSTAINABLE BUILDINGS (1) Circa 900,000 sq. ft of assets under instruction for new EPCs and expecting to be EPC B or above. (2) Two additional solar s chemes included in revised FY25 solar PV capacity. (3) Five assets assessed, biodiversity baseline created, and benchmarked against portfolio. (4) Cumulative target set in FY24. (5) Updated follo wing additional information received post FY25 year end. 7.0 Negligible Risk AAA Rated Formation of data centre sustainability approach in progress Purpose-built data centres enhancing efficiency Closed-loop water system minimising operational water demand Energy-efficient, all-electric approach to minimise energy demand Working to high biodiversity standards
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Staggered, diversified and long-term committed debt portfolio… BALANCE SHEET STRENGTH SUPPORTING GROWTH DRIVERS Tritax Big Box REIT plc | H1 FY26 results 15 32.9% Dec-25: 33.2% c.£530 million LTV 2 Available liquidity 3.6% Dec-25: 3.6% 76% either fixed or hedged3 Weighted average cost of debt Position on drawn debt 4.0 years Dec-25: 4.3 years A3 (stable) Average debt maturity Moody’s rating 7.9x Dec-25: 8.6x 3.7x Dec-25: 4.1x Net Debt / EBITDA 5 Interest cover ratio (ICR) (1) Illustration. Assumes existing fixed rate debt is refinanced on a like-for-like basis, 12 months prior to maturity, based on current indicative market pricing, and no further ERV growth. Assumes 14% of vacancy captured in H2 FY26 and remainder captured in FY27. (2) Pro-forma LTV of 32.1% when including £84.9 million of assets exchanged during the year but completing post the year end. (3) 76% at 30 June 2026 (31 December 2025: 73%) when including the bridging facility and 87.7% when excluding the bridging facility. (4) Our joint venture agreement with EDF results in the Company charging a finance rate to the JV in line with the current cost of borrowing under our corporate RCF. (5) Calculated based on 12-month pro-rated EBITDA inclusive of full twelve months reversion guarantee contribution from Blackstone acquisition and adjusted for fair value of UKCM debt at acquisition. £500+ MILLION OF LIQUIDITY; INSULATED FROM DEBT COST INCREASES Interest capitalised across development pipeline £8.9 million H1 FY25: £6.7 million Capitalised interest £15-20 million, subject to data centre construction timingFY26: Logistics Capital light land option model, shorter construction period Data centres4 Earlier land and infrastructure cost, longer construction period …well insulated from rising interest costs1 66 190 451 367 150 538 300 250 0 205 212350 2026 2027 2028 2029 2030 2031 2032 2033 2034 £ million Acquisition facility Undrawn Drawn 1 2 £500 million extension option to 2030 £400 million extension option to 2032 £150 million extension option to 2030 5.8 15.0 19.5 24.7 27.4 65.6 73.0 82.7 FY26 FY27e FY28e FY29e £ million Reversion capture Additional interest on drawn debt (vs H1 26 level) Delta between additional income and additional interest cost from refinancing
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LOOKING FORWARD: GUIDANCE FLEXIBLE FUNDING LEVERS TO ENABLE GROWTH INVESTMENT Tritax Big Box REIT plc | H1 FY26 results 16 z Asset disposals Over £1 billion asset sales since January 2023 Typically at or above book value Debt FY25 refinancing: - £400 million 5-yr RCF - £300 million 7-yr bond, 4.75% - £650 million acquisition facility Maintain LTV while borrowing against development profits Equity FY21: £300 million equity raise FY24: equity consideration to acquire UKCM for £1.2 billion FY25: equity consideration to part-fund £1.0 billion portfolio To accelerate or amplify opportunity capture JV / capital partner Potentially accessing third-party capital: derisk larger / more complex projects reduce exposure to longer-term stabilised assets FY26 guidance Longer-term guidance (per annum) Indicative returns Logistics development (capex) £150-250 million £200-250 million 6-8% yield on cost Data centre development (capex) £50-100 million £200-400 million 9-11% yield on cost Investments Opportunistic Opportunistic Must exceed hurdle rate Disposals Up to £400 million Up to £350 million 5-6% NIY Disciplined approach to capital allocation to maximise risk-adjusted returns to shareholders
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STRONG PERFORMANCE FINANCIAL STRENGTH SUPPORTING STRATEGIC DELIVERY Tritax Big Box REIT plc | H1 FY26 results 17 Our financial strength… Attractive returns from high- quality investment portfolio Capital efficient and agile logistics development programme Pre-let data centre opportunities Superior risk- adjusted returns Strong balance sheet Proven funding levers (1) Excluding vacancy. (2) Excluding all DMA income. (3) 65% Adjusted EPS growth potential by 2030/31, with the baseline referen ce being the FY24 Adjusted earnings of 7.9p. This should not be considered a profit forecast but an ambition. It assumes no material deterioration in macroeconomic conditions, including inflation, interest rates and GDP gr owth; sustained structural demand in key markets; investment markets remain open and ability to dispose of assets at or near book values. Excludes all DMA income or portfolio value movements. …supports strong performance… … underpinning delivery of superior returns Increase in net rental income +16.2% Increase in Adjusted EPS 2 +7.0% EPRA cost ratio1 12.2% Increase in DPS +4.4% Ambition to deliver Adjusted EPS growth of 65% by the end of 2030/313 and superior risk-adjusted returns to shareholders
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Tritax Big Box REIT plc | H1 FY26 results 18 WELL POSITIONED TO DELIVER STRATEGIC UPDATE Colin Godfrey CEO
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LOGISTICS MARKET ENVIRONMENT HEALTHY FUNDAMENTALS SUPPORTING RENTAL GROWTH 19 Source: CBRE, DTRE, MSCI. MSCI rental value growth 2.1% H1 FY25: 2.4% H1 2026 Under construction speculatively 6.8m sq ft At Dec-25: 6.8m sq ft At Jun-26 Take-up driven by diverse range of occupiers Vacancy stable; strong rental growth Occupational market Modest H1 impact From recent geopolitical events Capital market Tritax Big Box REIT plc | H1 FY26 results 0 1 2 3 4 5 6 7 0 2 4 6 8 10 12 14 16 18 20 %£bn Transaction volumes & pricing H1 H2 Prime yield (rhs) 0 10 20 30 40 50 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 M sq ft Take up H2 H1 0 2 4 6 8 10 2Q19 1Q20 4Q20 3Q21 2Q22 1Q23 4Q23 3Q24 2Q25 1Q26 % Vacancy; new vs secondhand New stock 2nd hand stock
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EXECUTING OUR STRATEGY DELIVERING OUR THREE GROWTH DRIVERS Tritax Big Box REIT plc | H1 FY26 results 20 Client focused & sustainability -led High-quality assets attracting world- renowned clients Insight driven development and innovation Direct and active management PORTFOLIO OPTIMISATION AND RECYCLING CAPITAL AT YIELD ON COST OF LOGISTICS 6-8% AND DATA CENTRES AT 9-11% 1 GROWTH DRIVER 2 GROWTH DRIVER 3 GROWTH DRIVER Attractive, capital efficient and flexible logistics development pipeline Exceptional returns through pre-let data centre development Capture record rental reversion and active management INVESTMENT PORTFOLIO REVERSIONARY YIELD c.6%
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OFFERING RESILIENCE AND SUBSTANTIAL INCOME GROWTH POTENTIAL Tritax Big Box REIT plc | H1 FY26 results 21 1 GROWTH DRIVERHIGH-QUALITY LOGISTICS PORTFOLIO Modern assets in a range of sizes… % of portfolio built within the past 10 years 46% Average asset size (000 sq ft) Big Box 432.0 Urban 11.7 EPC B or above 79% Market-leading “triple net” portfolio providing compelling combination of high-quality income and growth In mission-critical locations to world-leading clients …on attractive “triple-net” lease terms… Share of rent subject to open- market or hybrid reviews 50% …with strong sustainability credentials… …across diverse sectors… Online, 17% Food, 16% Retail, 11% Home, 11% Industrial, 10% B2B, 9% IT, 8% Other, 6% Distribution, 12% Conversion of gross to net rental income 98%
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EXPERTISE DRIVES RENTAL REVERSION CAPTURE OVER £100 MILLION OF POTENTIAL ADDITIONAL RENTAL INCOME Tritax Big Box REIT plc | H1 FY26 results 22 Reversion reflects timing between market rent growth and rent reviews UK rents continuing to grow Leases are reviewed on an “upward-only” basis Requires no/very limited capital to capture ERVs Strong track record of meeting or exceeding ERVs Capturing market rental growth 29% logistics reversion and vacancy to capture... …with the potential to realise 72% of this within three years2 £103.9 million of rental reversion and vacancy to capture1 1 GROWTH DRIVER (1) Includes the rental reversion in UKCM non-strategic asset income. (2i) Assumes all existing vacant assets are let at ERV. ii) All lease expiries are re-let to June 2026 ERV in the year of expiry. iii) All open market rent reviews reviewed to June 2026 ERV in year of review. iv) Inflation-linked and fixed reviews are reviewed in line with contractual position considering any floor/caps. 5% 7% 5% 7% 6% 11% 19% 23% 28% 28% 29% 0 50 100 150 200 250 300 350 400 450 500 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 H1 FY26 £ million Contracted Rent ERV Proportion of available uplift captured through initiatives in H1 FY26 100% …for which we have a strong track record 355.7 459.6 30.5 23.1 12.0 7.3 2.2 29.4 H1 FY26 Contracted rent Vacancy H2 2026 2027 2028 H1 2029 2029 & beyond Total ERV 72% of potential rental reversion and vacancy capturable within three years
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Tritax Big Box REIT plc | H1 FY26 results DELIVERING VALUE FROM URBAN LOGISTICS BLACKSTONE PORTFOLIO ENHANCING PERFORMANCE 23 Strong growth in contracted rent of 4.4% since acquisition (1) Calculated based on 180 working days between 13 October 2025 and 30 June 2026. (2) £2.0 million of income from new lettings versus lease expiries and rent guarantee conversion totaling £1.6 million led to net new income of £0.4 million. 1 GROWTH DRIVER Case studies of progress since acquisition Uplift in contracted rent 56% Gatwick Distribution Point, Crawley 6 AM initiatives …driven by diverse asset management activity across 49 reviews and changes. Rent reviews 35%Lease changes 65% c.90 events since acquisition 1 event every 2 days1 14 New lettings £2.0 million of new income2 Average uplift from rent reviews 42% with average open-market rent reviews of +43% Benefiting from overlap in clients between big box and urban multi-let schemes A proactive, hands-on approach is continuing to have a material impact Uplift in contracted rent 33% Stirchley Trading Estate, Birmingham 8 AM initiatives 27.8 29.1 At acquisition 30-Jun-26 Contracted Rent£ million 4.4%
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AGILE LOGISTICS DEVELOPMENT PLATFORM Tritax Big Box REIT plc | H1 FY26 results (1) Comprises development capex (£48 million), capitalised interest (£9 million) and tenant incentives (£4 million). PRIMED TO CAPTURE OCCUPATIONAL MARKET 2 GROWTH DRIVER 24 Substantial rental income potential from capital-efficient and agile development portfolio… Replenishing the pipeline 6.9 million sq ft land with planning application submitted Pre-lets in solicitors’ hands £7.6 million potential rental income 0.8 million sq ft Space in advanced negotiations with occupiers 0.6 million sq ft £6.8 million potential rental income Development letting activity expected to be second-half weighted …with flexibility to optimise activity levels to market conditions Pre-let pipeline 7-8% expected yield on cost1.0 million sq ft Land options provide flexible land draw down Capital efficiency reduces risk and enhances returns Development activity can be readily increased or decreased in line with occupier demand 3 72 279 354 Current Medium term Longer term Total opportunity 375 208 222 231 61 FY22 FY23 FY24 FY25 H1 FY26 £ million H2 H1 Development capex £250 million (upper annual guidance) £200 million (lower annual guidance) (1)
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DATA CENTRE MARKET DYNAMICS 25 Source: UK Government, Savills, Tritax. Demand strong and expected to accelerate The UK will need at least 6GW of AI- capable data centre capacity by 2030. – an increase of c.4x. Growth constrained Primarily by power DEMAND EXPANDING GEOGRAPHICALLY, CONSTRAINED SUPPLY Tritax Big Box REIT plc | H1 FY26 results Concentrated demand In new and existing availability zones UK Compute Roadmap, July 2025 UK market size 1,803MW Under construction 242MW
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MANOR FARM: PLANNING DERISKED SIGNIFICANT VALUE CREATION MILESTONE ENHANCING RETURNS Case study in constrained supply 2022 • TML investment in power capabilities • Exploration of DC strategy H1 24 • Planning preparation, surveys and due diligence Jan-25 • DC program announced • MF planning submission Oct-25 • Bidding round 2 • Planning appeal hearing Q3 25 • 15 NDAs signed with potential occupiers • Secretary of State change • Bidding round 1 May-25 • Planning recovery to Secretary of State Nov-25 • Progression to preferred bidder Mar-26 • Planning deadline extension Jun-26 • 9th June: 1-month planning delay • 10th June: planning approval • 21st July: End of Judicial Review periodJul-26 3 GROWTH DRIVER Planning consent represents a material value creation milestone Validates our power-first approach De-risks the development of the project Value uplift will be reflected in Net Tangible Assets (NTA) Supports the delivery of exceptional risk-adjusted returns to shareholders Tritax Big Box REIT plc | H1 FY26 results 26
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NEAR DOUBLING OF SECURED POWER PIPELINE DELIVERING AN ADDITIONAL 235MW AND £50-60 MILLION OF RENT Targeting £107-119 million of rental income and £585-750 million of capital profits Previously Announced today Combined Scheme 1. Manor Farm 2. Chelmsford 3. (Greater London AZ) 4. (Greater London AZ) Total Megawatts 107MW (plus 40MW Phase 2) 125MW 235MW 507MW Rent £34 million(1) £23-25 million £50-60 million(2) £107-119 million Yield on Cost 9.3% 10-11% 9-11% 9-11% Expected profit £140-180 million £145-170 million £300-400 million £585-750 million Target delivery date Q2 2028 2029 2030/31 2028 onwards Planning status Planning approved Final stages of planning Early stage Phased by project % 3 GROWTH DRIVER 27 (1) Rent presented does not include the potential incremental rent associated with the additional 40MW of Phase 2 power announced in conjunction with the 107MW at Manor Farm in January 2025. (2) Data centre rent only. Excludes 10- 15% of additional power infrastructure- related rental income. Tritax Big Box REIT plc | H1 FY26 results
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Tritax Big Box REIT plc | H1 FY26 results 28 Progression1 of annual passing rent towards a total opportunity of over c.£925 million – an uplift of c.£600 million… ENABLED BY OUR THREE CORE GROWTH DRIVERS SIGNIFICANT RENTAL INCOME GROWTH OPPORTUNITY …with further opportunities beyond Further market rental growth Structurally supported rental growth Asset management Unlocks additional opportunities for value creation Investment acquisitions Capitalise on financial strength and market relationships Data centres Total current opportunity of over 1GW GROWTH DRIVER Reversion capture and asset management 01 Logistics development pipeline 02 Data centre development 03 (1) Potential rent figures presented based on current estimated rental values. Figures do not account for any embedded future rental growth. (2) Illustrative data centre income of £113 million represents the mid- point of our anticipated range of income of £107- 119 million as set out on slide 27. Rent-free burn-off Current development and AFL secured Vacancy Portfolio reversion (H2 2026) Current development (speculative) Portfolio reversion (2027 & 2028) Medium term (<36 month starts) Data centres (Schemes 1-4) Longer -term opportunity 329 356 413 617 928 16 32 11 31 23 3 19 72 113 279 Current annual passing rent Contracted rent Total near-term opportunity Total medium-term opportunity Potential total passing rent £ million +£57 million +£204 million +£311 million +£27 million (2)
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29 A COMPELLING COMBINATION RESILIENT INCOME AND STRONG GROWTH Resilient income stream Attractive dividend return Attractive dividend return today and the ambition to deliver Adjusted EPS growth of 65% by 2030/311 Accelerating capital progression Powerful growth drivers Strong balance sheet (1) 65% Adjusted EPS growth potential by the end of 2030/31, with the baseline reference being the FY24 Adjusted earnings per share of 7.9p. Previous ambition of 50% Adjusted earnings growth potential by the end of 2030, with the baseline reference being the FY24 Adjusted earnings of £182.4 million. This should not be considered a profit forecast but an ambition. It assumes no material deterioration in macroeconomic conditions, including inflation, interest rates and GDP growth; sustained structural demand in key markets; investment markets remain open and ability to dispose of assets at or near book values. Excludes all DMA income or portfolio value movements. Tritax Big Box REIT plc | H1 FY26 results
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Tritax Big Box REIT plc | H1 FY26 results 30 APPENDIX Supporting materials for the H1 FY26 results
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ATTRACTIVE COMBINATION OF RESILIENCE AND GROWTH CREATING SUPERIOR RISK-ADJUSTED RETURNS TO SHAREHOLDERS Tritax Big Box REIT plc | H1 FY26 results 31 Growth Quality Efficiency Supportive long-term markets Modern and sustainable assets World-renowned clients Active management and reversion capture Attractive logistics developments Compelling data centre opportunities Efficient and agile structure Triple net leases Multiple funding sources Adjusted EPS growth +7.0% Dividend progression +4.4% Strong increase in net rental income +16.2% Strong balance sheet 32.1% Leading EPRA cost ratio 12.2%2 (1) 65% growth potential by the end of 2030/31, with the baseline reference being the FY24 Adjusted earnings per share of 7.9p. This should not be considered a profit forecast but an ambition. It assumes no material deterioration in macroeconomic conditions, including inflation, interest rates and GDP growth; sustained structural demand in key markets; investment markets remain open and ability to dispose of assets at or near book values. Excludes all DMA income or portfolio value movements. (2) Excluding vacancy cost. Including vacancy cost, the H1 FY26 cost ratio was 13.5%. Potential to deliver EPS growth of 65%1 by the end of 2030/31 and superior risk-adjusted returns to shareholders
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MODERN ASSETS IN A RANGE Tritax Big Box REIT plc | H1 FY26 results 32 • Modern assets with an average building age of 17.8 years • Well-configured, flexible space with significant eaves’ heights • 93% of portfolio rated EPC A-C • Diversified by location One of Europe’s most modern portfolios, exclusively focused on high-quality logistics assets (1) Based on sq ft. (2) Based on market value. (3) Based on contracted rent. OF SIZES AND LOCATIONS… 23% 23% 6% 28% 20% <5 5-10 10-15 15-25 >25 years old 44% 35% 14% 7% A+ or A B C D or other 37% 23% 13% 13% 9% 3% 2% South East West Midlands East Midlands North East North West South West Scotland 44% 28% 9% 19% >500k sq ft 250 – 500k sq ft 100 – 250k sq ft <100k sq ft Modern buildings1… … with strong EPC ratings1… … in a range of locations 2… …and sizes3
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Tritax Big Box REIT plc | H1 FY26 results 33 Long-dated leases1… …with a range of upward- only review types… …. and frequencies. Note: Based on contracted rent. (1) Represented by Weighted Average Unexpired Lease Term (WAULT). ON ATTRACTIVE LEASE TERMS …with the portfolio well- diversified across world-renowned companies Amazon 12.4% Tesco 3.5% The Co-Operative Group 3.7% B&Q 3.2% Morrisons 3.7% Currys Group 2.7% Iron Mountain 3.5% Sainsburys 2.3% Argos 3.5% Marks & Spencer 2.1% Top-10 clients (by H1 FY26 contracted rent) …LET TO A DIVERSIFIED RANGE OF LARGE CUSTOMERS 28% 23% 28% 19% 2% 5 10 15 20 >20 years 42% 33% 10% 8% 7% RPI/CPI Open market Hybrid Fixed None 13% 79% 8% Annually Five-yearly None or other frequency
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GUIDANCE Tritax Big Box REIT plc | H1 FY26 results 34 Portfolio Portfolio rental reversion capture Potential opportunity to capture 72% within three years Development Development capex – logistics Target yield on cost: 6-8% £150-250 million per annum in FY26. Longer term: £200-250 million at 6-8% yield on cost Development capex – data centres Target yield on cost: 9-11% £50-100 million for FY26, revised down from £100-200 million per annum at 9- 11% yield on cost due to planning related delays at Manor Farm. Development Management Agreement (DMA) income Expected run rate of £3.0-5.0 million per annum in the medium term, with in-year guidance to be given where applicable Balance sheet Assets disposals FY26: Up to £400 million of disposals, subject to market conditions Longer term: Up to £350 million per annum at 5-6% NIY LTV Below 35% Interest Capitalised interest FY26: Approximately £15–20 million, subject to data centre construction timing. Guidance BUILDING ON OUR PERFORMANCE
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CONTINUED EARNINGS PROGRESSION Tritax Big Box REIT plc | H1 FY26 results 35 1. Adjusted Earnings per share excluding additional DMA income.(1) The Company has previously reported two key performance indicators in the form of Adjusted Earnings per share and Adjusted earnings per share (excluding additional DMA Income). In the period we have replaced the second of these key performance indicators. Previously this was defined as ‘Adjusted Earnings (excluding additional DMA Incom e)’ and this would have been inclusive of up to £4 million of DMA Income per annum. This has been revised to ‘Adjusted Earnings (excluding DMA Income)’, which now removes all DMA Income recognised in the period. Delivering attractive earnings growth of 7.0%1, despite enhanced disposal programme DELIVERED THROUGH SUCCESSFUL STRATEGIC EXECUTION 4.63p 4.12p 4.41p (0.51)p 0.27p 0.06p (0.02)p 0.87p (0.27)p (0.51)p (0.11)p H1 FY25 Adjusted EPS (incl. DMA income) Subtract DMA income H1 FY25 Adjusted EPS (excl. DMA income) Investment assets Development completions Acquisitions moved to development Corporate acquisition impact Disposals Net finance costs Admin costs & Other H1 FY26 Adjusted EPS
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EPRA NTA DECLINE OF 1.0% Tritax Big Box REIT plc | H1 FY26 results 36 1. Adjusted Earnings per share excluding additional DMA income. Movement in EPRA net tangible asset (NTA) value per share (31 December 2025 to 30 June 2026) FIRST PHASE OF DATA CENTRE VALUE RECOGNITION 187.76p 185.88p 4.23p (1.37)p (0.19)p 0.87p (0.45)p (0.16)p (4.24)p (0.57)p EPRA NTA H1 FY25 Operating profit Investment assets Development assets Data centres Land option portfolio Blackstone portfolio acquisition Dividends paid Other EPRA NTA H1 FY26 (1.0)% Movement in Net Tangible Assets per share
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RENTAL REVIEWS AND EXPIRIES Tritax Big Box REIT plc | H1 FY26 results 37 H2 2026 2027 2028 Review type Frequency Rent (£m) % of passing ERV (£m) Rent (£m) % of passing ERV (£m) Rent (£m) % of passing ERV (£m) Indexation Annual 20.8 5.8% 23.7 34.2 9.6% 42.6 34.2 9.6% 42.6 5-yearly 9.4 2.6% 11.3 17.7 5.0% 24.3 13.0 3.7% 13.6 OMR / Hybrid Annual 1.8 0.5% 1.7 1.8 0.5% 1.7 1.8 0.5% 1.7 5-yearly 13.4 3.8% 19.2 24.7 7.0% 29.3 19.4 5.5% 22.5 Fixed Annual 1.8 0.5% 1.9 11.0 3.1% 11.1 5.3 1.5% 5.7 5-yearly 4.3 1.2% 5.2 6.7 1.9% 9.1 0.0 0.0% 0.0 Total rent reviews 51.5 14.4% 63.0 96.1 27.1% 118.1 73.7 20.8% 86.1 Lease expiries 4.6 1.3% 7.3 13.0 3.6% 16.7 13.6 3.8% 17.1 Total lease events1 in period 56.1 15.7% 70.3 109.1 30.7% 134.8 87.3 24.6% 103.2 (1) Includes Includes both non- strategic and logistics assets.
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UK’S LARGEST LOGISTICS FOCUSED LAND PLATFORM Tritax Big Box REIT plc | H1 FY26 results 38 24 SITES Across the UK Potential developable space <15% <5% of GAV development as proportion of overall portfolio of GAV exposure to speculative development c.37.7 MILLION SQ FT TBBR land assets Note: Map is illustrative. Some locations include multiple site phases.
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ATTRACTIVE OPPORTUNITIES TO ENHANCE RETURNS ACCRETIVE CAPITAL ALLOCATION Tritax Big Box REIT plc | H1 FY26 results 39 Delivering superior risk-adjusted returns …risks known and mitigated where possible at point of significant capital deployment Attractive range of opportunities to deploy capital to enhance returns 3 4 5 6 7 8 9 10 11 12 Logistics investments Logistics developments Data centre developments Yield on cost (%) Development profit Current prime yields at 5.25% FY26 starts at: c.7% Manor Farm and site 2: 9-11%1 1 2 3 Growth Driver Capital intensity Risk at point of significant capital deployment Return profile Capture rental reversion No/limited capital n/a Enhanced Logistics development Medium Low (pre-let) Medium (speculative) Superior (6-8% YOC) Data centre development High Low (pre-let / powered shell) Exceptional (9-11% YOC) Take steps to minimise risk at each key stage of opportunity development …. (1) Net of all costs, considerations and profit shares.
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DYNAMIC PIPELINE OF Current development pipelineNear-term development pipelineFuture development TRITAX BIG BOX PIPELINE Longer-term land held under option 29.8 million sq ft £279.1 million Potential development starts in the next 12 months 2.0 million sq ft £17.0 million Potential development starts in the following 12-24 months 5.6 million sq ft £56.2 million Development under construction including Let 1.2 million sq ft £13.0 million TIMING SIZE RENTAL POTENTIAL Tritax Big Box REIT plc | H1 FY26 results 40 PLANNING PROCESS STAGE Detailed consent Outline consent Unallocated/allocated DEVELOPMENT OPPORTUNITIES
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CURRENT Tritax Big Box REIT plc | H1 FY26 results 41 Estimated cost to complete (by period) H2 2026 (£m) H1 2027 (£m) Total (£m) Total (million sq ft) Contractual Rent / ERV (£m) Current Speculative 13.3 6.7 20.0 0.3 3.2 Current Let / Pre-Let 3.0 - 3.0 0.9 9.8 Total 16.3 6.7 23.0 1.2 13.0 DEVELOPMENT PIPELINE
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LONGER TERM Tritax Big Box REIT plc | H1 FY26 results 42 Near-term development pipeline Total (million sq ft) Current book value (£ million) Estimated cost to completion (£ million) ERV (£ million) Potential near term starts within 12 months 2.0 21.3 220.0 17.0 Potential near term starts within the following 12- 24 months 5.6 75.1 695.8 56.2 Total 7.6 96.4 915.8 73.2 Future development pipeline Total (million sq ft) Longer-term land held under option 29.8 DEVELOPMENT PIPELINE
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PORTFOLIO Tritax Big Box REIT plc | H1 FY26 results 43 £ million 30 June 2026 30 June 2025 Investment property 7,417.7 7,391.1 Other property assets 0.8 0.8 Land options (at cost) 122.2 124.2 Share of Joint Ventures 20.0 25.2 Financial Asset 2.4 2.4 Held For Sale 117.5 350.9 Portfolio value 7,680.6 7,894.6 VALUE
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PORTFOLIO DEBT Tritax Big Box REIT plc | H1 FY26 results 44 Lender Asset security Maturity Loan commitment (£ million) Amount drawn (as at 30 June 2026, £ million) Carrying value per balance 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 2030 None Feb-30 150.0 150.0 150.0 3.125% Bonds 2031 None Dec-31 250.0 250.0 248.6 4.75% Bonds 2032 None Nov-32 300.0 300.0 297.3 1.5% Green Bonds None Nov-33 250.0 250.0 247.8 Bank Borrowings RCF (syndicate of nine banks) None Oct-29 500.0 295.0 295.0 RCF (syndicate of eleven banks) None Jun-31 400.0 188.0 188.0 Helaba Ocado, Erith Jul-28 50.9 50.9 50.9 PGIM Real Estate Finance Portfolio of four assets Mar-27 90.0 90.0 90.0 Canada Life Portfolio of three assets Apr-29 72.0 72.0 72.0 Barclays None Oct-28 150.0 150.0 150.0 Barings Real Estate Advisers Portfolio of five assets Apr-27 100.0 100.0 100.0 Barings Real Estate Advisers Portfolio of four assets Feb-31 100.0 100.0 100.0 Santander None Apr-28 350.0 350.0 350.0 Total 3,078.5 2,661.5 2,655.2 SUMMARY
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Tritax Big Box REIT plc | H1 FY26 results 45 A RANGE OF COMPLEMENTARY FUNDING LEVERS TO SUPPORT STRATEGY AND OPTIMISE SHAREHOLDER RETURN Asset disposals Debt Over £1 billion sold since 01 January 2023 Typically at or above book value for logistics assets FY25 refinancing: - £400 million 5-yr RCF - £300 million 7-yr bond, 4.75% - £650 million acquisition facility Maintain LTV while borrowing against development profits Equity JV / capital partner FY21: £300 million equity raise FY24: equity consideration to acquire UKCM for £1.2 billion FY25: equity consideration to part-fund £1.0 billion portfolio To accelerate or amplify opportunity capture Potentially accessing third-party capital: • derisk larger / more complex projects • reduce exposure to longer-term stabilised assets Access to multiple funding levers A balanced use of these funding sources underpins our ability to execute our strategy, maintain financial resilience, and deliver sustainable shareholder value.
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POWER-FIRST APPROACH AND DEVELOPMENT CAPABILITIES ACCELERATE VALUE CREATION FOR SHAREHOLDERS Exceptional risk- adjusted returns Development execution Planning, pre-leasing and construction expertise to manage complex schemes from concept to delivery Power intelligence Deep in house knowledge of the UK power network, grid constraints and occupier power requirements Power access Strategic relationships and partnerships provide access to scarce capacity at meaningful scale, including a 1GW opportunity set Power integration Ability to connect power, land and demand into a deliverable data-centre solution Development track-record A proven development history delivering some of the UK’s largest and most complex buildings gives occupiers & partners confidence Development origination Sourcing and controlling strategic sites in supply- constrained locations with connectivity and occupier relevance 10.0m sq ft development lettings added since 2019 Secure power earlier Accelerate delivery timelines Unlock higher-value opportunities Access superior sites Improve delivery certainty Accelerate client commitments Our unique power capabilities and “power first” approach… ...combined with development expertise and strong track record 15 NDAs signed by occupiers on Manor Farm £80.7m Income added by development since 2019 507MW of power secured Tritax Big Box REIT plc | Proposed Placing | August 2026Tritax Big Box REIT plc | H1 FY26 results 46
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APPENDIX 2 Tritax Big Box REIT plc | H1 FY26 results 47 Our market, strategy, structure and investment case
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Increased e-commerce/omni- channel retail Greater digitalisation LONG-TERM DEMAND DRIVERS AND CONSTRAINED SUPPLY SUPPORT POTENTIAL FOR ENDURING RENTAL GROWTH Tritax Big Box REIT plc | H1 FY26 results 48 … however, UK has significant barriers to new supply Limited availability and high cost of land Bespoke local planning approach Local political objection Significant capital requirements & challenging financing environment Stringent environmental considerations Long-term drivers remain supportive of logistics real estate demand… Consolidation / automation Network realignment High-quality, modern buildings Last-mile delivery Data centre demand Increased power requirements Shifting consumer behaviour Structural trend Logistics real estate impact Increased resilience Greater efficiency Higher stock volumes Supply chain visibility/technology Increased automation Larger buildings Evolving supply chain Decarbonisation Employee attraction & wellbeing Building performance Clean energy Transportation evolution Improved amenities Skilled labour Healthy and engaged workforce Drive for sustainability Tritax Big Box focuses on: Tritax Big Box’s expertise and large strategically located land portfolio is a differentiator versus competitors People, power, place Opportunities in high-quality, mission-critical, modern logistics facilities
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Tritax Big Box REIT plc | H1 FY26 results PLATFORM FOR PERFORMANCE ENABLED BY ONGOING INVESTMENT IN CAPABILITIES 49 Sector expertise Extensive in-house expertise in: Investment Asset management Property management Logistics development Data centres ESG Analytics Power Research Finance IR & Comms. People Tritax Management has deep sector experience and an entrepreneurial culture… …supported by ongoing investment in an engaged team… …all delivered to Tritax Big Box cost effectively Investment in Tritax Big Box focused headcount Employee surveys demonstrating high levels of engagement A competitive EPRA cost ratio… …and declining effective management fee 3, of which 25% reinvested in shares 1. Annual employee engagement survey began in 2021. 2. EPRA cost ratio of 12.4% excludes vacancy costs, primarily related to UKCM assets acquired during the year. When including these costs, the EPRA cost ratio is 13.7%. 3. Tritax Big Box REIT’s management fee is structured as a tiered percentage of its EPRA Net Tangible Assets (NTA). 28 years Average senior leader experience 12.6% 12.4% 2024 2025 80% 84% 2024 2025 0.58% 0.57% 2024 2025 77 91 2024 2025
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COMPELLING SHAREHOLDER PERFORMANCE EFFICIENTLY DELIVERED One of the lowest EPRA Cost Ratios in European real estate… …and delivering leading UK listed real estate TSR 103% -80% -40% 0% 40% 80% 120% 160% 200% Tritax Big Box 37% industry average UK Real Estate Total Shareholder Returns (10-year) 12.2% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Tritax Big Box 19.8% industry average EPRA Cost Ratios for European real estate (excluding vacancy costs, last reported as at 30-Jun-26) 50
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OUR PATH TO ACQUISITION – UNDERSTANDING CARBON RISK Our targets: • Scope 1 & 2 – 2025 • Scope 3 (construction) – 2030 • Scope 3 (remainder) – 2040 • Implemented our new ESG due diligence framework • Early-stage carbon & climate risk analysis 1 Tritax Big Box REIT plc | H1 FY26 results 51 DEVELOPMENT – REDUCING EMBODIED CARBON • Application of low-carbon baseline spec for new developments including EPC A and BREEAM Excellent minimum Upfront embodied carbon target – 400 kgCO 2e/sqm • Building-only* 2025: 292.4kgCO2e/m2 (2024: 286.8 kgCO2e/m2) • Whole site* 2025: 445.0 kgCO 2e/m2 (2024: 412.0 kgCO2e/m2 ) • Trialling the use of low carbon materials & construction methods 2 ASSET MANAGEMENT – REDUCING OPERATIONAL CARBON • Detailed customer engagement • Building asset management initiatives and client objectives into our NZC pathways • 29.0MW solar now installed, including 4.5MW installed in 2025 • Investigating ‘Smart Grid’ solutions to support EV charging • EPC improvement plan in place for each asset where necessary 3 DATA – UNDERSTANDING OUR EMISSIONS • 90% coverage of portfolio customer energy data in FY25 • Scope 3 client emissions** 2024: 77,955 tCO 2e (2023: 71,749 tCO2e) • Average portfolio energy intensity** 2024: 12.4 kWh/sq ft (2023: 11.6 kWh/sq ft) • Average portfolio carbon intensity** 2024: 2.1 kgCO 2e/sq ft (2023: 2.4 kgCO2e/sq ft) 4 TECHNOLOGY – IMPROVING DATA QUALITY & ACCESS • Integration of ESG data with Tritax Data Management System (DMS) • Considering digital collection of customer energy data • Development and implementation of a bespoke sustainability platform to create asset level decarbonisation plans that will be integrated with asset management business plans 5 *We have included both the whole site and building only upfront embodied carbon calculation to show our progress against our embodied carbon target and the alignment with the UK Net Zero Carbon Building Standard Pilot. ** Data is collected annually in arrears and is principally client emissions. 2025 data will be disclosed in 2026. ASSET MANAGEMENT NET ZERO
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DEPLOYING CAPITAL WITH PRECISION Tritax Big Box REIT plc | H1 FY26 results 52 Can increase or decrease spec activity level to match market conditions Each new building evaluated / approved by investment committee Capital committed on a building-by-building basis Securing larger buildings Letting risk removed Certainty on returns Can be slow to negotiate Speculative Build to suit Freehold/ Turnkey DMA Sell land Puts scheme on the map for agents and occupiers Optimised for market requirements – appropriate specifications Clear tangible occupational interest Letting risk but ability to create competitive tension No capital / limited working capital requirements only Captures freehold demand Supports broader scheme development Elevated returns profile Forgoes rental income No capital / limited working capital requirements only No construction or letting risk Elevated returns profile Forgoes rental income Land options Sites typically composed of several options to avoid full early drawdown, maximising capital efficiency Infrastructure construction Infrastructure construction Completed building c.12-18 month build on Guaranteed Maximum Price (GMP) contract Short build times reduces market risk exposure for spec buildings Net zero in construction BREEAM: >Very good DEVELOPMENT EXPERIENCE AND FLEXIBILITY REDUCES RISK AND ENHANCES RETURNS
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PREFERENCE FOR “POWERED-SHELL” LEASES ATTRACTIVE RISK-RETURN BALANCE Tritax Big Box REIT plc | H1 FY26 results 53 Tritax powered-shell leases offer attractive risk adjusted returns… … are aligned with Tritax Big Box’s logistics experience… Leverages extensive experience in delivering large scale logistics buildings Entrusted with critical supply chain infrastructure with sophisticated clients DCs similar to large multi-decked logistics buildings (e.g. Amazon, Littlebrook) … and builds on EDF’s capabilities Providing the necessary power infrastructure to deliver DC capacity Extensive track record in delivering renewables and infrastructure projects Significant experience working with large-scale energy customers Powered land Powered shell Tritax Powered Shell Fully fitted Operational Land, power & planning Build shell Power infrastructure Complete fit-out Operate & maintain Leasing risk None Pre-let Pre-let Speculative Speculative Technology risk None None None Medium High Capital intensity Low Medium Medium High High DATA CENTRES
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Tritax Big Box REIT plc | H1 FY26 results 54 Data centre opportunity UNLOCKING SIGNIFICANT VALUE BY HARNESSING THE MARRIAGE VALUE OF LAND AND POWER Best-in-class leaders in their respective fields to unlock data centre opportunities European leader in renewable and low-carbon power generation Investment grade rating from Moody’s, S&P, Fitch Provides access to crucial grid connection agreements accelerating power delivery Responsible for delivery of the power infrastructure Benefits from securing large consumers of power as clients (e.g. data centres) to generate revenue Entrepreneurial Experts in logistics Securing land Navigating complex UK planning regime Managing sophisticated large- scale real estate developments Securing pre-lets with demanding blue-chip clients Unlocking the marriage value of land and power DATA CENTRES
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Simple and symbiotic relationship with BBOX securing a large tenant paying rent and EDF a significant potential customer for its power DEAL SPECIFIC JV STRUCTURE ALIGNMENT OF INTEREST IN A SIMPLE JV STRUCTURE Tritax Big Box REIT plc | H1 FY26 results 55 EDF Renewables Joint Venture entity Private wire & battery storage owned 50/50 by BBOX & EDF 50% of power infrastructure revenue 50% of power infrastructure revenue Recurring payments for power infrastructure DC operator Land & Data Centre 100% owned by BBOX BBOX Income ratio Rent for data centre to BBOX Revenue to EDF if DC operator buys renewable power from EDF Renewables 100% of data centre rent Tritax:EDF structure Power infrastructure Data centre rent 80 : 20 DATA CENTRES
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EXCEPTIONAL RISK ADJUSTED RETURNS Implied equity return(4,5)Key assumptions & illustrative returns(1) 2.8x equity return Equity value more than doubled Cap Rate 4.75% 5.00% 5.25% 5.50% 5.75% 9% 2.8x 2.6x 2.4x 2.3x 2.1x Yield On Cost(3) 10% 3.2x 3.0x 2.8x 2.6x 2.5x 11% 3.6x 3.4x 3.2x 3.0x 2.8x Equity invested £100m LTC(2) 50% Stabilised LTV 30% Debt £100m Total investment £200m Yield on cost(3) 10% DC rent on completion £20m Exit DC cap rate(4) 5.25% Gross asset value £381m Less: Debt (£100m) Equity value £281m Equity profit £181m Target data centre yield on cost(3) of ~9-11% Manor Farm achieving 9.3% and Chelmsford expected to achieve 10-11%50%+ equity profit ILLUSTRATIVE DATA CENTRE RETURNS Tritax Big Box REIT plc | Proposed Placing | August 202656 DATA CENTRES (1) Illustrative example only, not a profit forecast. Assumes a 5-year holding period. (2) Based on LTV at completion of ~30%. (3) Includes all cost associated with the completion of assets and is net to shareholders (e.g., profit share). (4) Power related income capitalized at higher rate. (5) Comprises data centre income only.
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BENEFITS OF OUR STRUCTURE Tritax Big Box REIT plc | H1 FY26 results 57 STRUCTURE BENEFITS • Dedicated team focused on TBBR, with significant “skin in the game” • Facilitates cross sharing of ideas and best practice • TBBR shareholders benefit from lower costs - administrative • resources spread across larger TML asset base • Enables hiring of industry experts, e.g. power, data, ESG • Clear and simple fee structure • Extensive oversight from TBBR Independent Non-Exec Board with clear terms of reference through Investment Management INVESTMENT MANAGEMENT AGREEMENT (IMA) • 3 + 2-year contract from July 2022 • Key person protections • Performance standards • 25% of fees reinvested into shares TRANSPARENT MANAGEMENT FEE STRUCTURE Current EPRA NTA Value Relevant Percentage <£2 billion 0.7% £2-3 billion 0.6% £3-3.5 billion 0.5% >£3.5 billion 0.4% TRITAX MANAGEMENT LLP(TML) • Dedicated TBBR team • Shared broader administrativeand sector specialisms (e.g. Power, ESG) • Supported by abrdn, global asset manager with significant financial strength • Responsible for investment decisions • Dedicated team focused on TBBR development portfolio • TML control and oversight TRITAX BIG BOX DEVELOPMENT INDEPENDENT NON-EXECUTIVE BOARD TRITAX BIG BOX REIT (TBBR) INVESTMENT PORTFOLIO DEVELOPMENT PORTFOLIO 1% (Top-30) shareholding built up by the Manager
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PORTFOLIO Tritax Big Box REIT plc | H1 FY26 results 58 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 ratio 90% 91% 93% 94% 95% 95% Number of assets2 59 62 79 78 116 150 Portfolio valuation £4.41bn £5.48bn £5.06bn £5.03bn £6.55bn £7.89bn EPRA Topped Up NIY 4.38% 3.75% 4.39% 4.60% 4.61% 4.64% Portfolio WAULT 13.8 yrs 13.0 yrs 12.6 yrs 11.4 yrs 10.3 yrs 9.6 yrs LTV 30.0% 23.5% 31.2% 31.6% 28.8% 33.2% EPRA NTA (diluted) £3.02bn £4.16bn £3.37bn £3.33bn £4.60bn £5.07bn EPRA NTA per share (diluted) 175.61p 222.52p 180.37p 177.15p 185.56p 187.76p Annual Total Accounting Return 19.9% 30.5% -15.9% 2.2% 9.0% 5.5%4 (1) At period end. (2) Excludes development land. (3) EPRA cost ratio of 13.7% in FY25 and 13.6% in FY24 includes vacancy costs. When excluding these costs, the EPRA cost ratio is 12.4% and 12.6% respectively. (4). FY25 Reported Total Accounting Return of 5.5% includes non-recurring items comprising the non-strategic portfolio performance (1.0%), the impairment of land options (0.6%) and the impact of the share shares issued in relation to the acquisition of the portfolio from Blackstone (1.4%); underlying FY25 Total Accounting Return therefore was 8.5%. TRACK RECORD
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DISCLAIMER Tritax Big Box REIT plc | H1 FY26 results 59 THIS PRESENTATION IS PROVIDED BY TRITAX MANAGEMENT LLP (“TRITAX”) FOR INFORMATION PURPOSES ONLY IN RELATION TO TRITAX BIG BOX REIT PLC (THE “COMPANY”). IT IS INTENDED SOLELY FOR THOSE PERSONS TO WHOM IT IS DISTRIBUTED AND MUST NOT BE REPRODUCED, DISTRIBUTED, OR USED FOR ANY OTHER PURPOSE. BY ATTENDING OR RECEIVING THIS PRESENTATION, YOU AGREE TO TREAT IT AS STRICTLY CONFIDENTIAL. This presentation is an advertisement and does not constitute a prospectus, offering memorandum, or any form of investment advice. It is being provided in connection with the Company’s annual results and is not an offer or invitation to subscribe for or acquire securities, nor should it form the basis of, or be relied upon in connection with, any investment decision. No reliance should be placed for any purpose on the completeness or accuracy of the information or opinions set out in this presentation. The information contained herein (including any data from third-party sources) is for discussion purposes only, may be based on unverified and unaudited information, and is subject to updating, revision, or amendment without notice. No representation or warranty, express or implied, is given by the Company, Tritax or any of their officers, agents, or advisers as to the accuracy or completeness of the information or opinions contained herein, and no liability is accepted for any errors, omissions, or misstatements or for any loss, whether direct or indirect, arising from use of this presentation (except as may arise by law in the case of fraud or fraudulent misrepresentation). This presentation contains forward-looking statements regarding the Company’s strategy, plans, objectives, goals, future events, or intentions. Such statements involve known and unknown risks, uncertainties and other factors which may cause actual results and outcomes to differ materially from those expressed or implied. Capital is at risk, past performance and targets are not reliable indicators of future results. Neither Tritax nor the Company undertakes any obligation to update or revise any forward-looking statement. Recipients are not being provided with investment, legal, accounting, or tax advice and should seek their own independent advice as appropriate. This presentation is not for release, publication, or distribution, directly or indirectly, in whole or in part, in any jurisdiction where such action would be unlawful. Persons into whose possession this presentation comes must inform themselves about, and observe, any such restrictions. The securities of the Company have not been, and will not be, registered in the United States under the U.S. Securities Act of 1933 or the U.S. Investment Company Act of 1940, or under the applicable securities laws of Australia, Canada, New Zealand, the Republic of South Africa, or Japan. They may not be offered or sold in any of these jurisdictions except pursuant to an exemption from applicable registration requirements. This presentation has been approved as a financial promotion by Tritax, which is authorised and regulated by the Financial Conduct Authority. By receiving this presentation, you confirm you have read and agree to comply with the terms of this disclaimer and that you will conduct your own analysis or verification of the data as you consider appropriate.
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