Tritax Big Box REIT (BBOX) H1 2026 earnings summary

Executive summary

• Achieved strong financial and operational performance in H1 2026, with 16.2% net rental income growth and significant progress in rental reversion, logistics development, and data centre expansion.

• Upgraded ambition for adjusted EPS growth to 65% by 2030/31, up from the previous 50% target, driven by expanded data centre opportunities.

• Secured an additional 235 MW of data centre power, nearly doubling the secured pipeline to 507 MW.

• Active asset management and capital recycling generated superior risk-adjusted returns, with over £1 billion redeployed since January 2023.

Financial highlights

• Net rental income rose 16.2% to £173.3 million, driven by portfolio acquisitions and strong like-for-like rental growth.

• Adjusted EPS (excluding DMA income) increased by 7% to 4.41p; dividend per share grew 4.4% to 4.00p.

• Portfolio value at £7.68 billion, with EPRA NTA per share down 1% to 185.9p.

• EPRA like-for-like rental growth was 5.1%, more than double the prior period.

• EPRA cost ratio (excl. vacancy) improved to 12.2%, among the lowest in European real estate.

Outlook and guidance

• Targeting 65% adjusted EPS growth by 2030/31, assuming stable macroeconomic conditions.

• FY26 guidance: logistics development capex £150–250 million, data centre capex £50–100 million, up to £400 million in disposals.

• Longer-term annual logistics development capex of £200–250 million at 6–8% yield; data centre capex £100–400 million at 9–11% yield.

• LTV expected to remain below 35%.

• EPS growth to be logistics-led in the near term, shifting to data centre-driven from 2028 onwards.