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Starwood European Real Estate Finance (SWEF) investor relations material

Starwood European Real Estate Finance H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary8 Sep, 2025

Executive summary

  • Continued orderly realisation of assets and return of capital to shareholders, with £46.0m returned in H1 2025, totaling £256.0m since January 2023, or 61.9% of NAV as of 31 Jan 2023.

  • One loan asset repaid in full during H1 2025; two more repaid after 30 June 2025, leaving four remaining loan assets as of report issuance.

  • Significant further impairment on Office Portfolio, Ireland, with carrying value written down to £5.8m as of 30 June 2025 and further to £4.1m by 31 August 2025.

  • NAV remained stable except for the impact of the impairment; annualised dividend of 5.5p per share maintained.

Financial highlights

  • Net income for H1 2025 was £42,908, down from £10.8m in H1 2024, reflecting lower portfolio size and higher impairments.

  • Total income for H1 2025 was £7.5m (H1 2024: £12.7m); impairment loss on loans advanced was £6.2m.

  • NAV at 30 June 2025 was £144.2m (97.41p/share), down from £283.5m (104.92p/share) at 30 June 2024.

  • Cash and cash equivalents at 30 June 2025 were £48.6m; no unfunded loan commitments remain.

  • Dividend yield at 30 June 2025 was 6.3% on share price.

Outlook and guidance

  • Focus remains on robust asset management, orderly realisation of the remaining portfolio, and timely capital return.

  • Target dividend of 5.5p per share expected to be maintained through 2025.

  • Realisation of assets remains on track to complete within the original 3-4 year timeframe set in January 2023.

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Frequently asked questions

Starwood European Real Estate Finance Limited (SWEF) is a London-listed investment company primarily focused on the origination, execution, and management of commercial real estate debt investments across the UK and Continental Europe. Its portfolio is diversified across various sectors, including office, retail, logistics, light industrial, hospitality, and residential. This diversification strategy aims to provide shareholders with regular dividends and an attractive total return while minimizing downside risk. The company is headquartered in Saint Peter Port, Guernsey, and its shares are listed on the London Stock Exchange.

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