H1 2026 key figures 

Commenting on the results, Aubrey Adams, Chairman of Tritax Big Box REIT, said:

“The past six months further evidence Tritax Big Box’s ability to capitalise on the opportunities within its control in a market environment that continues to reward quality, discipline and execution. We delivered attractive growth in recurring earnings, underpinned by higher rental income, the successful integration of the Blackstone portfolio and continued progress in capturing the substantial rental reversion embedded within our investment portfolio. Critically, our proactive approach and high-quality portfolio have helped offset market-wide declines in property values in the period. Our logistics development platform continues to create value through new lettings, development delivery and a strong occupier pipeline.

“Importantly, the securing of planning permission at Manor Farm represents a major demonstration of our power-first data centre approach, creating valuation gains, and future earnings growth to drive value creation for shareholders. The near doubling of our secured power to 507MW deepens our pipeline of data centre opportunities in a market that is starved of incremental supply. Combined with the proposed Equity Issue announced today, the enhanced data centre opportunity gives us the ambition to grow adjusted EPS by 65% by 2030/2031.”

Attractive earnings growth delivered by higher rental income and cost-efficient structure

• 16.2% increase in net rental income to £173.3 million, driven by the Blackstone acquisition and continued operational execution with strong like-for-like rental growth capture.

• 7.0% increase in Adjusted EPS (excluding all Development Management Agreement (DMA) income) to 4.41 pence (H1 2026: 4.12p), recurring earnings momentum maintained.

• No DMA income recognised in the period (H1 2025: £13.3 million), resulting in reported Adjusted EPS falling to 4.41 pence from 4.63 pence in the prior year.

o DMA income can be variable by its nature, and the Board expects DMA income to be a proportionately smaller component of earnings moving forward. As such, and to simplify its presentation, we have reported an Adjusted EPS figure fully with and fully without DMA income.

• IFRS EPS reduced to 2.80 pence due primarily to portfolio valuation movements, including a £15.8 million revaluation deficit8 reflecting a modest softening of yields during the period, compared with a £92.2 million surplus in the prior period.

• EPRA cost ratio (excluding vacancy costs) improved to 12.2%, reflecting scale benefits and a reduced effective management fee.

• Contracted annual rent roll of £355.7 million, with asset disposals reducing rent roll by 1.4% with proceeds deployed into higher-return growth opportunities.

Growth driver 1: Capturing record rental reversion to drive earnings growth

• Record portfolio reversion of 29.2% supports a clear pathway to future earnings growth, with £103.9 million of potential additional rent embedded within portfolio.

• 5.1% EPRA like-for-like rental growth reflects successful execution of our active asset management strategy (H1 2025: 2.5%).

• £8.6 million of additional annual rent secured in the period, up 54% on the prior period (H1 2025: £5.6 million), demonstrating continued success in converting reversion into contracted income.

• Near-term earnings visibility remains strong, with £23.1 million of further rental reversion capture opportunities either in progress or scheduled for review in H2 2026.

• Approximately 72% of portfolio reversion is expected to be captured in the next 3 years.

Growth driver 2: Developing best-in-class logistics assets to drive earnings growth

• £4.9 million of annual rent secured through development lettings in the period, supporting future earnings growth.

• 7.4% yield on cost delivered on completed and leased developments in period achieving higher end of guidance.

• £13.0 million of potential future passing rent under construction, of which £9.8 million is already secured and expected to commence in H2 2026.

• Strong occupier engagement across the development portfolio, with £7.6 million of rent in solicitors' hands and a further £6.8 million in advanced negotiations with occupiers.

• Development capex temporarily moderated by planning determination delays, with full year deployment expected to be within the £150-250 million range.

• Continued focus on low-carbon development delivering completed assets with weighted average embodied carbon of 347.9 kg CO2e per m2 (FY 20259: 433.7 kg CO2e per m2) on a whole site basis.

Growth driver 3: Power-first data centres targeting exceptional risk-adjusted returns

• Planning consent secured for Manor Farm, marking a major demonstration of our power-first data centre development strategy and contributing to development gains in the period.

o 107MW Phase 1 Manor Farm pre-let in solicitors’ hands, targeting £34 million of annual rent at a 9.3% yield on cost.

• Secured an additional 235MW of power, further deepening our data centre pipeline with targeted 9-11% yield on with delivery expected from 2030.

• Planning milestones and prospective pre-letting activity driving development valuation gains supporting EPRA NTA and Total Accounting Returns.

• Further opportunities progressing across our data centre pipeline exceeding 1GW, targeting 9-11% development yields and significant profits creating a significant long-term growth opportunity.

Rental growth supporting capital values

• 1.9% like-for-like ERV growth across the logistics portfolio during the period, reflecting continued occupier demand.

• £7.68 billion portfolio value at 30 June 2026 (31 December 2025: £7.89 billion), with portfolio equivalent yield remaining broadly stable at 5.8% (31 December 2025: 5.7%).

• Portfolio capital values declined by 0.2% (net of capex), with rental growth, development gains (including from Manor Farm) and asset management activity mostly offsetting valuation movement from market induced yield expansion.

• Total Accounting Return of 1.3%, with earnings growth offset by modest market induced property revaluation declines and land option impairment.

£344.0 million of disposals year-to-date supporting development-led growth opportunities

• £259.1 million of disposals completed in the period ahead of book value or acquisition price (in respect of UKCM assets), comprising:

o £33.4 million of UKCM non-strategic disposals;

o £225.7 million of disposals from logistics portfolio.

• £84.9 million of UKCM non-strategic disposals exchanged or completed post period end.

• The disposals of all UKCM non-strategic assets have now been either completed or exchanged, save for one final building which is under offer, at levels ahead of the implied acquisition price.

• c.£1.0 billion of disposals achieved since 2022, ahead of book valuations overall.

Balance sheet strength supporting our strategy

• Loan-to-value reduced to 32.9% (31 December 2025: 33.2%), reflecting continued progress with our disposal programme and disciplined capital allocation.

o Pro forma LTV of 32.1% including £84.9 million of disposals exchanged or completed post period end.

• Net Debt / EBITDA improved to 7.9x6 (31 December 2025: 8.6x), supported by earnings growth and disposal proceeds.

• Weighted average cost of debt remained unchanged at 3.6%, with 76% of drawn debt fixed or hedged, providing significant protection against interest rate volatility.

• Strong liquidity position with over £530 million of available cash and undrawn facilities available to support future growth opportunities.

• Investment grade A3 credit rating maintained by Moody's, reflecting the resilience of the portfolio, conservative leverage and strong financing platform.

Proposed Equity Issue to unlock next wave of data centre growth and returns

The Group today announces its intention to conduct a non-pre-emptive placing of new ordinary shares (the “Equity Issue”) to raise approximately £350 million of gross proceeds (approximately 8% of current issued share capital). Full details of the proposed Equity Issue are contained in a separate announcement released by the Company.

The Equity Issue is intended to unlock the next wave of data centre growth and returns. The Company intends to use the net proceeds to advance its enlarged pipeline of data centre development opportunities including the early-stage and longer-term capex requirements of two additional data centre schemes totalling 235MW in the Greater London Availability Zones deliverable between 2030-2031. In addition, the proposed Equity Issue enhances the Group’s financial flexibility complementing its disciplined approach to capital allocation. Completion of the proposed Equity Issue is subject to shareholder approval at a General Meeting to be held on 24 August 2026.

Results presentation and Q&A

A Company presentation for investors and analysts will take place via a webcast at 8.30am (UK time) on Thursday 06 August 2026, which can be accessed via: https://brrmedia.news/BBOX_HY26

If you would like to ask a question verbally rather than through the webcast viewer, please join the presentation conference call:

UK: +44 (0) 33 0551 0200 UK Toll Free: 0808 109 0700

USA Local: +1 786 697 3501 USA Toll Free: 866 580 3963

Password: Tritax Big Box HY26

A replay of the presentation will also be made available on the Company website.

Notes

1.65% 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% 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.

2.Operating profit before FV movements and other adjustments.

3.See Note 8 to the financial statements for reconciliation.

4.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.

5.The Portfolio Value includes the Group's investment assets and development assets, land assets held at cost, the Group's share of joint venture assets and other property assets.

6.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.

7.An alternative performance measure. The Group uses a number of financial measures to assess and explain its performance, some of which are considered to be alternative performance measures as they are not defined under IFRS. For further details, see the Financial Review and Notes to the EPRA and other key performance indicators section, as well as definitions in the Glossary.

8.Includes the fair value adjustment on assets held for sale (see note 12).

9.Figure restated from previously reported 445kgCO2e/m2 due to updated information post year end.

For further information, please contact:

Tritax Group

Colin Godfrey, CEO Tel: +44 (0) 20 8051 5060 Frankie Whitehead, CFO Email: [email protected] Ian Brown, Head of Strategy & Investor Relations

Kekst CNC

Guy Bates / Lucy Besser Tel: +44 (0) 75 810 56 415 / +44 (0) 77 798 73 440

Email: [email protected]

The Company's LEI is: 213800L6X88MIYPVR714