Stoneweg European REIT (CWBU) Q2 2026 earnings summary

Executive summary

• The portfolio, valued at €2.2 billion as of 30 June 2026, is focused on logistics, light industrial, and emerging data centre assets across Western Europe, with the Netherlands as the largest exposure at 30%.

• Strategic transformation is on track, targeting 80%+ exposure to logistics, light industrial, and data centres by 2028, with sponsor alignment and access to a €30b data centre pipeline via AiOnX.

• Board and sponsor are evaluating strategic, governance, and organisational initiatives, including potential internalisation of the REIT manager and asset management platform.

• In 1H 2026, a logistics asset in the Netherlands was acquired for €34.9 million and an office asset in Poland was divested for €22.5 million, 5.1% above its last valuation.

• Delivered 1.4% year-over-year DPS growth in 1H 2026, supported by resilient distributable income and portfolio repositioning.

Financial highlights

• 1H 2026 distributable income was €36.9 million, up 0.3% year-over-year; DPS increased 1.4% to 6.642 Euro cents.

• Net property income (NPI) was €65.4 million, down 2.3% year-over-year due to asset divestments, but like-for-like NPI rose 1.3%.

• Portfolio valuation increased by €23 million (1.1%) in the half, marking the fifth consecutive period of growth.

• NAV per security was €2.02, stable year-over-year.

• Gross revenue for 1H 2026 was €105.1 million, down 2.2% year-over-year.

Outlook and guidance

• FY 2026 DPS is expected to be broadly in line with FY 2025, with a distribution yield of approximately 8.4% at current prices.

• Portfolio exposure to logistics, light industrial, and data centres targeted to reach 80%+ by 2028, with data centre allocation targeted at 15–25%.

• Net gearing expected to trend towards the upper end of the 35–40% target range by end-2026.

• Approximately €205 million of value-add and redevelopment opportunities in the pipeline, subject to permitting and yield/IRR hurdles.

• Board remains mindful of macroeconomic and geopolitical risks, but expects continued resilience in logistics and data centre sectors.