Stoneweg European REIT (CWBU) investor relations material

Portfolio overview and performance

• Large-scale European logistics portfolio with growing data centre exposure, valued at €2.2 billion across 97 assets and 92.8% occupancy as of April 2026.

• Logistics/light industrial assets now comprise 61% of the portfolio, with a focus on Western Europe and the Nordics.

• Portfolio delivers resilient income growth, with like-for-like NPI up 2.3% in 1Q 2026 and a 5-year WALE.

• High tenant diversification: no single industry exceeds 17% of rent, and top 10 tenants account for 21.2% of headline rent.

• Logistics segment maintains high occupancy and strong rental growth, with rent reversion averaging 8.5%.

Financial highlights and capital management

• SERT offers a dividend yield double that of Euro peers, trading at a ~25% discount to NAV (€1.99 NAV vs. €1.55–1.58 price).

• 1Q 2026 DPS grew 1.5% year-on-year; distributable income reached €18.9 million, up 0.4%.

• Net gearing remains below 43%, with 87% of debt hedged/fixed through late 2027 and no near-term maturities.

• Over €432 million in non-core asset divestments since 2022, with proceeds recycled into higher-yielding investments.

• Capital recycling and targeted buybacks at discounts support NAV and distribution growth.

Data centre strategy and growth

• Dual-track data centre strategy: conversion of existing assets and investment in AiOnX, targeting 15–25% portfolio allocation by FY2028.

• €50 million investment in AiOnX (7.25% coupon) and €35 million in a logistics asset at 6.7% yield in 1Q 2026.

• AiOnX investment revalued 41% higher in first year, with five early-stage projects and 1.7 GW secured.

• Data centre sector benefits from structural demand, constrained supply, and long-term leases with high yields.

• Parc Des Docks, Paris, is a flagship conversion project with positive planning feedback and major hyperscaler interest.