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Stoneweg European REIT (CWBU) investor relations material
Stoneweg European REIT Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Portfolio focused on Western Europe logistics and light industrial assets, valued at EUR 2.2 billion, with nearly 800 tenants, 92.6% occupancy, and a 4.9–5-year WALE.
Achieved 5% like-for-like net property income (NPI) growth, with logistics/light industrial NPI up 9.2% and strong rent reversion.
Strategic focus on logistics, light industrial, and data centres, with significant investment in the AiOnix/AiOnX data centre platform.
Completed EUR 140 million of non-core asset sales at an 11%+ premium, recycling EUR 50 million into data centres.
Issued EUR 800 million in long-term/green bonds, with no debt maturing until 2030, and received a Fitch credit rating upgrade to BBB.
Financial highlights
Net property income increased 2.5% year-on-year for FY 2025, with logistics and light industrial sectors leading growth.
Like-for-like NPI up 5%, led by 9.2% growth in logistics and light industrial.
Distribution per security (DPS) was EUR 0.1339, 5.1% lower year-on-year, mainly due to higher financing costs and divestments.
NAV per security stable at EUR 2.03; EPRA NAV improved to EUR 2.18.
Net gearing reduced to 38%, with strong cash and undrawn facilities of up to EUR 325 million.
Outlook and guidance
FY 2026 distributions per security expected to be broadly in line with FY 2025, implying an 8–8.1% yield at current prices.
Strategic focus remains on Western Europe logistics and data centers, with EUR 70 million of near-term acquisitions and similar-sized divestments planned.
Targeting 95% occupancy by Q3 2026 and continued capital recycling from non-core assets.
Net gearing to remain at the upper end of 35–40% policy range, with value-add and redevelopment initiatives and EUR 200 million of developments expected to receive permitting in 12–18 months.
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