Stoneweg European REIT (CWBU) AGM 2025 summary

Opening remarks and agenda

• Emphasis on navigating change and unlocking opportunities for the year ahead.

Financial performance review

• FY 2024 revenue was €212.9 million, down 1.6% year-on-year, with net property income at €131.1 million, down 2.3%.

• Distributable income fell 10.1% to €79.3 million, and DPU dropped 10.1% to 14.106 euro cents, mainly due to higher finance costs and asset divestments.

• Like-for-like NPI grew 2.8%, with logistics/light industrial up 1.5% and office up 5.0%.

• Portfolio valuation increased 0.8% year-on-year, with logistics/light industrial valuations up 4.5%.

• 1Q 2025 saw NPI up 2.4% and like-for-like NPI up 7.4%, but DPU was 3.7% lower due to higher interest costs.

Board and executive committee updates

• Board policy maintains net gearing within 35-40% medium-term range and aims to preserve investment-grade credit ratings.