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Stoneweg European REIT (CWBU) investor relations material
Stoneweg European REIT Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Portfolio value reached €2.25 billion across 103 assets, with 93% freehold and a strategic pivot toward logistics, light industrial, and data centers, targeting 70% sector exposure by 2027, mainly in Western Europe and the Nordics.
Tenant base is highly diversified: 800 tenants, 1,000+ leases, no single industry over 16% of rent, top 10 tenants only 20%, and over 90% are large MNCs or government entities.
Investment-grade credit ratings maintained/upgraded, with strong ESG credentials, top governance rankings, and recent awards.
Active asset recycling and divestments, with €400 million sales program nearly complete, achieving 11% premium to valuations and €41 million in gains.
Investment in AiOnX data centre fund progressing, with 1,446MW secured and first Dublin project fully pre-leased.
Financial highlights
9M 2025 gross revenue was €163.5 million, up 2.0% year-over-year; net property income (NPI) up 3.0% to €102.9 million, with like-for-like NPI growth of 5.3% for 9M 2025 and 5.9% for 3Q 2025.
Distributable income for 9M 2025 was €57.6 million, down 4.6% year-over-year due to higher interest costs and asset sales, but 3Q 2025 distributable income rose 17.2% quarter-on-quarter, including €2 million one-off income.
Portfolio occupancy increased to 93.5% (+110 bps), with logistics/light industrial occupancy at 95.2%.
Share buyback of 3,756,500 securities conducted YTD, expected to positively impact full-year DPS.
Interest coverage ratio at 3.1x, above covenants and regulatory limits.
Outlook and guidance
Portfolio reconstitution to 70% logistics, light industrial, and data centers by 2027, with further divestments and reinvestments planned.
No debt maturities until 2030; €200 million undrawn revolving credit facilities provide flexibility.
Net gearing expected to drop to 39.1% after imminent asset sales, with management comfortable maintaining gearing at 40% given strong ICR and asset quality.
Ongoing asset enhancement initiatives and development pipeline to drive future growth.
Market fundamentals for logistics and prime office remain supportive, with rental growth expected in both sectors.
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