Tritax Big Box REIT (BBOX) H2 2025 earnings summary

Executive summary

• Delivered strong full-year results with significant strategic progress, including successful integration of major acquisitions and launch of a new data center strategy.

• Achieved elevation to the FTSE 100, reflecting business momentum and platform strength.

• Entered 2026 with strong momentum, leveraging supportive market trends and successful integration of acquisitions.

• Focused on three growth drivers: rental reversion, logistics development, and data center expansion.

• Ambition to grow adjusted earnings by 50% by 2030, based on FY24 baseline.

Financial highlights

• Net rental income grew by 10.6% year-over-year to £305.3 million, supported by acquisitions and like-for-like rental growth of 4.2%.

• Adjusted EPS increased by 4.1% to 8.38p; dividend up 4.4% to 8p per share, with a payout ratio of 95%.

• Portfolio value rose 20.5% to £7.89bn, driven by capital deployment and valuation uplifts.

• EPRA NTA increased to 187.8p per share, up 1.2%; underlying total accounting return was 8.5%.

• Reported total accounting return, after non-recurring items, was 5.5%.

Outlook and guidance

• Targeting 50% adjusted earnings growth by 2030, with strong embedded growth from rental reversion, development, and data centers.

• Development CapEx guidance for 2026: £200m–£250m for logistics at 6–8% yield, £100m–£200m for data centers at 9–11% yield.

• Expecting to capture 73% of rental reversion opportunity within three years.

• Disposals to remain elevated (£400m–£500m) to finance development and maintain LTV at the lower end of 30%–35%.