abrdn European Logistics Income (ASLI) H2 2025 earnings summary

Executive summary

• Shareholders approved a managed wind-down in July 2024, focusing on orderly asset realisation and capital return.

• By year-end 2025, 25 of 27 assets were sold, generating over €507 million in gross proceeds before debt repayment.

• Four capital distributions totaling 39p per share (£160.75m) were made via a B Share Scheme.

• The Board expects the wind-down to complete broadly in line with original value expectations.

• A requisitioned general meeting in February 2026 saw shareholder support for the current wind-down strategy.

Financial highlights

• Net asset value (NAV) per share fell to 33.5c (GBP 29.3p) from 90.8c (GBP 75.3p) year-over-year.

• NAV total return was -11.2% in EUR (2024: +0.9%).

• Share price total return was +24.2% in GBP (2024: +0.1%).

• Ongoing charge ratio increased to 1.8% (2024: 1.5%).

• Gearing reduced to 27.6% from 37.0% year-over-year.

• Net loss for the year was €33.3m (2024: profit €3.0m).

Outlook and guidance

• Final asset sales may be delayed by global market and geopolitical uncertainty, including the Iran conflict.

• The Board aims to complete the final sale and liquidate the company in H2 2026, but heightened risks persist.

• Ongoing costs are increasingly met from capital as income declines.