Stoneweg European REIT (CWBU) Q4 2025 earnings summary

Executive summary

• Portfolio focused on Western Europe logistics and light industrial assets, valued at EUR 2.2 billion, with nearly 800 tenants, 92.6% occupancy, and a 4.9-5 year WALE.

• Added a EUR 50 million investment in the AiOnix/AiOnX data center platform, delivering a 41% uplift in value and securing 1,696MW across five projects.

• Completed EUR 140 million of non-core asset sales at an 11-11.3% premium, reducing net gearing and supporting share buybacks.

• Strategic focus remains on logistics, light industrial, and data centers, with ongoing capital recycling and value-add initiatives.

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

Financial highlights

• Like-for-like net property income (NPI) grew 5% year-over-year, led by logistics and light industrial sectors; full-year NPI was EUR 134.4 million, up 2.5%.

• Distribution per security (DPS) was EUR 0.1339, 5.1% lower due to higher financing costs and divestments.

• Net gearing reduced to 38%, with total assets at EUR 2.37 billion and cash/undrawn facilities of EUR 325 million.

• NAV per security stable at EUR 2.03; EPRA NAV improved to EUR 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 EUR 70 million in near-term acquisitions and similar divestments, focusing on logistics and data centers.

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

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

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