Stoneweg European REIT (CWBU) Q4 2025 earnings summary

Executive summary

• Portfolio focused on Western Europe logistics and light industrial assets, valued at €2.2 billion, with nearly 800 tenants, 92.6% occupancy, and a 5-year WALE.

• Strategic investments in data centres and AI infrastructure, including a €50 million investment in AiOnX/AiOnix, delivered a 41% (€20.5 million) uplift in value.

• Completed €140 million of non-core asset sales at an 11% premium, and €10 million security buyback was 1.1% accretive to dividends.

• Sponsor SWI Group acquired a majority stake in Polarix/Polarise, an NVIDIA partner, and listed on Euronext, with shares up 32% in three days.

• Distributable income was €74.8 million, with DPS of 13.39 Euro cents, 5.1% lower due to higher interest costs and divestments.

Financial highlights

• Like-for-like net property income (NPI) grew 5% year-over-year, with total NPI up 2.5% to €134.4 million, led by logistics and light industrial sectors.

• Gross revenue for FY 2025 was €214.6 million, up 0.8% year-over-year.

• Net gearing at 38%, with total assets at €2.37 billion and €325 million in cash and undrawn facilities.

• NAV per security stable at €2.03; EPRA NAV improved to €2.18.

• Fitch upgraded credit rating to BBB; S&P reaffirmed BBB- with stable outlook.

Outlook and guidance

• FY 2026 distributions per security expected to be broadly in line with FY 2025, implying an 8.1% yield at current prices.

• Targeting €70 million in near-term acquisitions and similar divestments, focusing on logistics and data centres.

• Net gearing expected to operate toward the upper end of 35%-40% range.

• Approximately €200 million of projects expected to receive permitting in the next 12-18 months.

• Continued exploration of increased exposure to AiOnX/AiOnix and further strategic opportunities within the sponsor ecosystem.