Half Year 2026 Stoneweg Europe Stapled Trust Earnings Call Transcript

Aug 12, 2026 / 04:00 AM GMT

Release Date Price: €1.56 (+0.65%)

Transcript

Key Points

Positve

First half 2026 DPS increased 1.4% year-on-year to 6.642 euro cents, with FY26 guidance reaffirmed as broadly in line with FY25.
Portfolio valuation grew for the fifth consecutive period, up 1.1% (EUR23 million), driven by strong logistics performance and rent growth.
Occupancy improved to 93.7% (up 110 bps), with rent reversion at a high single-digit 9.6%, indicating strong leasing momentum.
Balance sheet remains resilient with no material refinancing needs until 2030, 90% of debt fixed or hedged, and investment-grade ratings from Fitch and S&P.
Strategic pivot to logistics and data centers is progressing, with accretive acquisitions (e.g., Wandixveen at 8% discount) and a growing data center pipeline (Aeonix) targeting high returns.
Potential internalisation of the REIT manager and asset management platform is under discussion, which could improve margins and alignment with security holders.

Negative

Net property income declined 2.3% year-on-year due to asset divestments, though underlying performance was resilient.
Gearing increased to 41.9%, above the board's 35-40% target range, though management expects it to moderate with capital recycling.
Interest costs rose 5.2% due to higher borrowings, and the cost of debt remains elevated at 3.9%.
The business trust is not yet generating positive cash flow, so no distribution is made from it, limiting overall income growth.
The distribution reinvestment plan remains suspended due to the stapled security trading at a discount to NAV, which persists despite narrowing.
Tax expenses nearly doubled year-on-year, driven by deferred tax provisions on capital gains, though this has no impact on DPS.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

STON.SI - Stoneweg Europe Stapled Trust
Half Year 2026 Stoneweg Europe Stapled Trust Earnings Call
Aug 13, 2026 / 04:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon and welcome to the Stoneveg Europe Staple Trust's first half 2026 results briefing. We will begin with remarks from the CEO of the manager, Simon Gehring, followed by a presentation from the management team. We'll then open the floor for Q&A. During Q&A, please click the raise hand button to be placed in the virtual queue. Alternatively, you can submit text questions via the Q&A feature. Now I will hand across to the CEO of the Manager of the Stoneback Europe Staple Trust, Simon Gehring. Simon, over to you.

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Unidentified_2 [2]
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