Tritax Big Box REIT plc

Good morning everyone and thank you for joining us today for our results webcast. We're delighted to have you with us. Before we begin, a quick note to say that today's session is being recorded and a replay will be available on our website shortly after the event. Turning to the agenda, we'll start with a brief introduction from our chairman, Aubrey Adams. He'll then hand over to Colin Godfrey, our CEO, who will provide an overview of the period, before passing to Frankie Whitehead, our CFO, for the financial and operational review. We'll conclude with a live Q&A, and you can submit questions via the chat function in the webcast, or if you prefer to ask a question verbally, please use the dial-in details included in the announcement and press star 1. And with that, I'll hand over to Aubrey.

Good morning and welcome to our full year results presentation. I'm pleased to be opening today with a strong set of results reflecting a year of significant strategic progress and excellent delivery across the business. We have continued to execute our strategy with discipline, strengthen the platform for future growth, and the business enters the year ahead with a real sense of momentum. Before handing over to Colin and the management team to take you through the detail, I would like to take a moment on a more personal note. This presentation marks my final results as chairman, as I will be retiring from the board after nine very rewarding years. It has been a privilege to serve alongside such a high-quality board, and I would like to thank my fellow directors, past and present, for their insight, challenge and support. I would also like to extend my sincere thanks to the manager and the wider team for their professionalism. commitment and consistent delivery throughout my tenure. Finally, I would like to thank our shareholders for their continued support and engagement. I leave the business in the strongest position it has ever been with a clear strategy of high-quality portfolio and a management team well-placed to continue creating long-term value for shareholders. And it's very pleasing that the company's success has been reflected in its elevation to the FTSE 100, which becomes effective on Monday. With that, I will hand over to Colin to take you through the results in more detail.

Thanks, Aubrey. Hello, everyone, and thank you for joining us. We entered 2026 with real momentum, improving occupied demand, the successful integration of recent acquisitions, and powerful structural trends across logistics and data centres, all of which plays to the strengths of our portfolio and our strategy. And it means that we start this year exceptionally well placed to deliver against our three growth drivers and our ambitions to grow adjusted earnings by 50% by 2030. This is a business set up for multi-year compounding growth, built on capability, discipline and consistent delivery. Throughout 2025, we delivered strong strategic momentum across our growth drivers. We continued to capture record-ranked reversion, expanded our logistics development platform and advanced our data centre pipeline, including launching our PowerFirst model and progressing as planned with the delivery of our first data centre project at Manor Farm Heathrow. We also fully integrated UKCM, generating very attractive returns and further enhanced our urban exposure with the addition of the Blackstone portfolio. At the same time, we executed a significant disposal programme to recycle capital and increase returns. This is embedding highly visible multi-year growth and translating into financial performance. Despite significant capital recycling, we grew net rental income by 10.6%, increased adjusted EPS by 4.1%, and delivered 4.4% dividend growth. The financial results demonstrate that the strategy is working and as a result we enter 2026 with momentum, visibility and confidence. As shown at the top here, our strategy builds on over a decade of consistent value creation. and the evolution of the business has been deliberate and cumulative. Since our IPO in 2013, we've sought to create the most compelling supply chain-focused real estate business in Europe. In 2019, we added the UK's largest logistics development platform with the acquisition of DB Symmetry, enabling us to create high quality buildings and compelling returns. And in 2023, we made our first urban logistics acquisition with Junction 6 Birmingham. and subsequently further strengthened our offering through the acquisition of UKCM in 2024 and the portfolio of assets from Blackstone last year. And following five years of work in 2025, we launched our Power First data centre strategy. The combination of the largest logistics investment portfolio And the largest logistics development platform means that we are the largest logistics real estate business operating in the UK. This gives us many advantages, including deep market knowledge, strong relationships, a lower cost of capital and increased share liquidity. Each phase has broadened our capability and helped to enhance our performance, as the data below shows. Over the past 10 years, we've grown contracted rent from £100 million to £361 million, and at the same time reduced our extra cost ratio by 220 basis points, as detailed bottom left. That combination, continued income growth underpinned by an efficient cost base, has delivered strong and sustained total shareholder returns, as seen bottom right. Looking forward, we're primed to deliver and we're entering 2026 with growing momentum in each of our three growth drivers. Now I'll come back to this later, but first I'll hand over to Frankie to cover our financial and operational review. Frankie.