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.

• Achieved 5% like-for-like net property income (NPI) growth, with logistics/light industrial NPI up 9.2% and strong rent reversion.

• Strategic focus on logistics, light industrial, and data centres, with significant investment in the AiOnix/AiOnX data centre platform.

• Completed EUR 140 million of non-core asset sales at an 11%+ premium, recycling EUR 50 million into data centres.

• Issued EUR 800 million in long-term/green bonds, with no debt maturing until 2030, and received a Fitch credit rating upgrade to BBB.

Financial highlights

• Net property income increased 2.5% year-on-year for FY 2025, with logistics and light industrial sectors leading growth.

• Like-for-like NPI up 5%, led by 9.2% growth in logistics and light industrial.

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

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

• Net gearing reduced to 38%, with strong cash and undrawn facilities of up to EUR 325 million.

Outlook and guidance

• FY 2026 distributions per security expected to be broadly in line with FY 2025, implying an 8–8.1% yield at current prices.

• Strategic focus remains on Western Europe logistics and data centers, with EUR 70 million of near-term acquisitions and similar-sized divestments planned.

• Targeting 95% occupancy by Q3 2026 and continued capital recycling from non-core assets.

• Net gearing to remain at the upper end of 35–40% policy range, with value-add and redevelopment initiatives and EUR 200 million of developments expected to receive permitting in 12–18 months.