FY 2025 Full-Year Results Presentation

Good morning and welcome to the Stoneveg Europe Stakeholder Trusts Full Year 2025 Results Briefing. We will begin with remarks from the CEO of the Manager, Simon Gering, followed by a presentation from the Management Team. We will then open the floor for Q&A. During Q&A, please click the Raise 10 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 Stoneveg Europe Stakeholder Trust, Simon Gering. Simon, over to you. Thank you, Kiara, and good morning to everyone. Thank you very much for joining us today for the Stoneveg Europe Stakeholder Trust Full Year Results Briefing and Outlook.

To recap, the portfolio is predominantly Western Europe, freehold logistics and light industrial assets, underpinned by nearly 800 tenants, the very long whale of five years, and is currently valued at 2.2 billion euros. And we've also, in the last 12 months, added a new growth engine in our investment in our sponsors' data center development fund. If I can turn to slide 4, 2025 was an exceptionally active year and set CERT up well to continue to deliver outperformance into this next year. Firstly, the portfolio delivered a pleasing like-for-like NPI growth of 5%. This was driven by strong leasing success across 300,000 square meters or 20% of the portfolio, producing a positive rent reversion of 10%.

This underscores the quality of CERT's assets and the improving European fundamentals, which overall supported the NAV of €2.03 per security. Through the year, we completed €140 million of non-core asset sales at an 11% premium to the valuations and recycled €50 million into Stoneveg's 2 GW data center development fund called Aonix. We also issued two long-term bonds for €800 million, with no debt now maturing till 2030. These value-added actions were also recognized by Fitch's credit rating upgrade to triple B. And finally, we delivered a full year dividend per security of 13.39 cents. While this was slightly down on last year, 2024, it was, however, above market expectations, while at the same time, we also reduced net gearing to 38%.

And this position's CERT very well to grow through new investments in the coming period. So turning to slide 5, our purpose is to deliver you, the investor, stable income yield and long-term value, as outlined in this investment case on page 5. We continue to see healthy rental growth supported by long-term tenant demand and sustainable operating fundamentals across the gateway European cities. And this underpins the current distribution levels. As European investment activity continues to recover and cap rates stabilize and begin to compress, the operating environment is becoming more supportive of capital values and is attracting increasing levels of foreign investment. Complementary to our logistics strategic focus, CERT's investment in the data center development platform provides long-term growth opportunity.

And this is already evident in the approximately 40% uplifting value in our initial investment from June to the end of this year. In an exciting overnight development, SWI Group, our sponsor, has announced the acquisition of a majority stake in Polarize, a German company, which is one of Europeans' Nvidia's preferred partners at a valuation of around 500 million euros. Together, SWI Group, Aonix and Polarize are beginning to grow this very integrated European AI infrastructure platform, which spans across the power, the compute and the delivery. SWI Group also successfully listed on the Euronext stock market under the code of SWI-CH and is up 32% in just the three days since listing.

We see further strategic opportunities for CERT within our broader sponsors ecosystem. At current security price levels, we believe CERT offers compelling value. And this is reflected in the board's decision to repurchase 10 million euros of securities recently, taking advantage of the approximately 20% discount to NAV and the 8% yield. Overall, this buyback added 1.1% to dividends. So going through each of the pillars in a little bit more detail on slide 6, we continue to increase CERT's weighting to Western Europe and the Nordics. Now 90% with low concentration risk by country, city or tenant. The Netherlands is our largest exposure at 28%, reflecting its role as a strategic European logistics hub and its strong high-tech led economy.

Our focus remains on the gateway cities, including Amsterdam, Paris, Milan, Frankfurt, Hamburg, Munich. We're also pursuing opportunities now in Madrid, Barcelona and the key Swiss cities, where Stoneveg has a deep presence and a strong track record. We continue to reposition CERT towards a 70% weighting in logistics and data centers by next year, while the office portfolio remains an important source of capital for disciplined recycling. Slide 7 shows that CERT's portfolio has grown by almost 70% from the 1.3 billion at 2017 to now over 2.2 billion. We achieve this growth in a disciplined way, protecting the balance sheet throughout. Since 2022, we have completed 400 million euros of asset sales to keep that net gearing below 40%,

without issuing dilutive equity or cutting distribution payouts. At the same time, we have continued to shift the portfolio toward higher conviction new economy sectors, mainly logistics and data centers. The chart on slide 8 shows the impact of the remarkable financing actions that we and our Treasury team undertook last year. CERT now has no debt maturities until 2030, with 94% of the debt protected against rising interest rates over the next year or two, and 42% of the debt able to benefit from rate cuts via caps and collars. We didn't show that on this chart, so it's not to overcomplicate matters, but you can at least see that we have that protection there in line with our Treasury policy.

These actions have partly mitigated the transition from the original zero rate environment that is now behind us. Our weighted average cost of debt has risen from 3% at the end of 2024 to now 3.9% at the end of 2025. And we expect now for this to remain broadly stable this year, and hence no longer being a material headwind to earnings or valuations. In the second half, Fitch ratings upgraded CERT's investment grade rating to triple B with the stable outlook, and S&P more recently reaffirmed the triple B minus stable outlook, reflecting the improved credit quality. As you can see on this chart on slide nine, following these rating actions and our capital discipline,