Tritax Big Box REIT (BBOX) H2 2025 TU earnings summary

Executive summary

• Entering 2026 with strong momentum across logistics and data centre growth drivers, supported by robust rental income growth and a strengthening development pipeline.

• Successfully integrated recent acquisitions and rotated capital into higher-returning opportunities, with over £800 million of assets sold in the past three years.

• Ambition to grow adjusted earnings by 50% by the end of 2030, underpinned by structural tailwinds and strong occupational demand.

Financial highlights

• Contracted rent increased to £360.9 million (2024: £313.5 million), with £52.8 million from the October 2025 portfolio acquisition and £14.2 million from asset management, offset by £24.1 million from disposals.

• 4.0% like-for-like portfolio ERV growth during FY25, reflecting favorable supply/demand dynamics.

• 28% total portfolio rental reversion as at 31 December 2025, supporting future earnings growth.

• Total portfolio value of £7.9 billion as at 31 December 2025.

• 2.3% underlying vacancy, with a further 3.3% from recently completed developments, totaling 5.6% vacancy and potential to add £14.7 million per annum in rent.

Outlook and guidance

• Well positioned to deliver on the ambition to grow adjusted earnings by 50% by 2030, supported by strong occupational interest and a robust development pipeline.

• 28% embedded portfolio rental reversion provides a strong foundation for future earnings growth.