Segro: Framing the Prologis bid

Research evidence excerpt

Segro: Framing the Prologis bid

Marios Pastou +44 20 7676 6881 marios.pastou@bernsteinsg.com 25 June 2026

EXHIBIT 8: Segro’s current, near-term and future pipeline offers considerable upside potential, 1/3 from DCs

1. Including JVs at share.

2. Near-term development opportunities include pre-let agreements subject to final conditions such as planning permission, which are expected to commence

within the next 12 months.

3. Estimated based on the current expected completion date of projects to be developed on the Group’s landbank, which incorporates a number of assumptions

including planning, customer demand and procurement of construction

contracts. Excludes development projects identified for sale on completion and from projects identified as “near-term opportunities”.

4. Land secured by way of options or conditional on contract.

Source: Segro FY25 results presentation

Running some numbers across this development pipeline, we have based this on the expected rental value at completion (at share),

the market equivalent yield across Segro’s existing portfolio at 31 December 2025, and factored in the current book value and

cost to complete at that date. On our estimates, this pipeline can add 156p per share upside potential, or 17% on the

last reported NTA. This is before considering/excluding upside potential on the existing portfolio (i.e. the capture of embedded

reversion).

EXHIBIT 9: Upside to come across Segro’s current and future pipeline, including Data Centres

Source: Segro (data at FY25, assuming a powered shell approach), Bernstein estimates and analysis

ACCELERATING THE PIPELINE OFFERS OPPORTUNITY, BUT THERE ARE OTHER FACTORS TO CONSIDER

Following a few periods of more limited tenant demand, Segro’s capex plans for this year have increased from recent lows,