Interim report
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RNS Number : 4361Wabrdn European Logistics Income plc28 September 2026 25 September 2026 LEI: 213800I9IYIKKNRT3G50 abrdn European Logistics Income plc (LSE: ASLI) (the "Company" or "ASLI") INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2026 Realising assets in the Company's portfolio in an orderly manner abrdn European Logistics Income plc, the Continental European investor in modern warehouses, which is managed by Aberdeen,announces its interim results for the half year ended 30 June 2026.-Ends- For further information please contact: Aberdeen +44 (0) 20 7463 6000Ben HeatleyGary Jones Investec Bank plc +44 (0) 20 7597 4000David YovichicDenis Flanagan FTI Consulting +44 (0) 20 3727 1000Dido LaurimoreRichard GotlaJames McEwan Overview Company Overview The Company, whose shares are admitted to the Official List of the Financial Conduct Authority and trading on the mainmarket of London Stock Exchange plc, is a UK investment trust with the investment objective of realising all existing assetsin the Company's portfolio in an orderly manner. Investment Objective At a General Meeting of the Company held on 23 July 2024 shareholders approved a revised investment objective and investment policy. The revised investment objective is to realise all existing assets in the Company's portfolio in an orderlymanner. There has been no change in the investment policy during the period. Full details of the revised investment policy arecontained in the Circular to Shareholders dated 5 July 2024, which is available for download on the Company's website: eurologisticsincome.co.uk Investment Manager The Company has appointed abrdn Fund Managers Limited (the "AIFM" or "aFML") as the Company's alternative investmentfund manager for the purposes of the AIFM Rules. The AIFM has delegated portfolio management to the Danish branch ofabrdn Investments Ireland Limited as Investment Manager (the "Investment Manager"). Pursuant to the terms of theManagement Agreement, the AIFM is responsible for portfolio and risk management on behalf of the Company and carries out the on-going oversight functions and supervision to ensure compliance with the applicable requirements of the AIFMRules. The AIFM and the Investment Manager are both legally and operationally independent of the Company and are whollyowned subsidiaries of Aberdeen Group plc. Highlights as at 30 June 2026: 30 Jun 2026 31 Dec 2025 IFRS net asset value (€'000) 107,468 138,260 Net asset value per share (¢)1 26.1 33.5 Ordinary dividend paid per share (¢) 2.32 4.03 Net asset value total return (EUR) (%)1 (1.6%) (11.2%)
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Share price total return (GBP)(%)1 (8.8%) 24.2% Discount to net asset value per share (%)1 (18.6%) (9.2%) Gearing1 17.4% 27.6% 1 Alternative performance measures - see glossary below. Chairman's Statement Overview I present the Company's half yearly report for the six months ended 30 June 2026. The first half of 2026 saw the completion of four further asset disposals in France and the Netherlands for aggregate proceedsof approximately €113 million. This marked a further significant step in the delivery of the shareholder-approved managed wind-down, leaving only one of the Company's original 27 assets to be sold at the period end. The Board has been pleased with the progress achieved during the first half of 2026. The sales completed over the periodmaintained the momentum of the wind-down, with pricing overall providing further support for the strategy approved byShareholders. Sales have been managed with the intention of realising all of the assets held in the portfolio with a view to repaying borrowings and making timely returns of capital to shareholders whilst always seeking to obtain the best achievablevalue for the Company's assets at the time of their realisation through a structured marketing process. To date 26 of the original 27 assets in the portfolio have been sold, generating aggregate gross sales proceeds of more than€530 million before the repayment of associated debt. As recently indicated, the Company's final remaining asset located at Den Hoorn in the Netherlands has been subject to duediligence by a potential purchaser. While this process is taking longer than hoped, the Board and Manager continue to work towards completion of a sale, subject to the satisfactory completion of all necessary due diligence and the agreement of finalterms. Following completion of the sale of Den Hoorn, the Company intends to publish a circular convening a general meeting toseek Shareholder approval to place the Company into members' voluntary solvent liquidation and to appoint a liquidator. Subject to the receipt of the necessary Shareholder approvals, the Board would expect an initial capital distributionrepresenting a significant proportion of the remaining funds available for distribution to be made shortly thereafter, subject tothe liquidator retaining appropriate amounts for the Company's remaining liabilities, costs and contingencies. Portfolio Sales Review During the first half of 2026, the Company completed the disposal of its two remaining French assets. The Gevrey- Chambertin warehouse, near Dijon, was sold in January for approximately €7.9 million, in line with the Q3 2025 valuation.This was followed in March by the €47.5 million sale of the logistics asset at Noves, near Avignon, at a price again in linewith its independent Q3 2025 valuation. Further progress was made in the Netherlands with the Waddinxveen asset being sold in March for approximately €35.0 million following a structured marketing process, at a price 4.5% above its €33.5 million valuation as at 31 December 2025. The subsequent disposal of the building in Ede in May for €23.5 million, a 2.9% discount to the Q4 2025 valuation, reducedthe Company's original portfolio of 27 assets to a single remaining property as at 30 June 2026. Cancellation of Capital Redemption Reserve Following the passing of special resolution 11 at the Company's Annual General Meeting held on 1 June 2026, the Companyundertook the process of cancelling the amount standing to the credit of the Capital Redemption Reserve at 1 June 2026 and to transfer funds to a designated special reserve which may be treated as distributable profits for the B Share Scheme.Confirmation of the cancellation was duly received from the Court on 30 June 2026 and following registration of the CourtOrder at Companies House on 23 July 2026 the cancellation became effective. B Share Scheme (the 'Scheme') On 24 April 2026, the Board resolved to return approximately £16.5 million in aggregate to Shareholders via a fifth issue of B Shares on the basis of 4 B Shares for every 1 Ordinary Share held at the record date of 14 May 2026. The proceeds from theredemption of the B Shares, equivalent to 4.0 pence per Ordinary Share and totalling £16,486,974, were paid to Shareholderson 29 May 2026. Following further asset sales, the Board resolved on 20 August 2026 to return approximately £27.2 million in aggregate to Shareholders via a sixth issue of B Shares on the basis of 6.6 B Shares for every 1 Ordinary Share held at the record date of 4September 2026. The proceeds from the redemption of the B Shares, which were equivalent to 6.6 pence per Ordinary Shareand total £27,203,507, were sent to uncertificated Shareholders through CREST or via cheque to certificated Shareholders on 17 September. Following this sixth B Share distribution, the Company's special distributable reserve established for thepurposes of the B Share scheme has been substantially depleted. The Board therefore does not currently expect to undertakeany further B Share issues prior to the Company's liquidation. Results The unaudited Net Asset Value ("NAV") per share as at 30 June 2026 was 26.1 euro cents (GBp - 22.5p), compared with 33.5 euro cents (GBp - 29.3p) at 31 December 2025.
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The NAV per Ordinary Share including provision for estimated portfolio disposal and company structure liquidation costs was25.5 euro cents (GBp - 22.0p). Further latent capital gains tax of up to 1.2p may still also be incurred depending on the structure and pricing of the sale of the one remaining asset. As at 30 June 2026, the Company's closing Ordinary share price was 18.3p, reflecting the further returns of capital made toShareholders. Dividend A fourth interim distribution of 2.32 euro cents (equivalent to 2.0 pence) was declared in respect of the year ended 31December 2025 with payment made on 11 June 2026. The record date was 15 May 2026. A first interim distribution of 2.34 euro cents (equivalent to 2.0 pence) was declared in respect of the year ending 31 December 2026 with payment to Shareholders on 29 September 2026. The record date was 28 August 2026. The Company's ability to maintain the previous levels and frequency of distributions significantly decreased as all but oneasset has been sold and lease income is now greatly diminished. As noted previously, distributions have been made generallyto ensure that the Company's investment trust status is maintained through the process, taking the form of either dividend income or "qualifying interest income" which may be designated as an interest distribution for UK tax purposes and thereforesubject to the interest streaming regime applicable to investments trusts. Revolving facility/ financing The Berlin Hyp loan of €34.3 million, which had originally been due to expire in June 2025, was extended for a further year to6 June 2026, with no early repayment charges applicable in the event assets were sold before that date. The loan moved to a three-month floating rate basis and the all-in interest rate, including the bank margin, increased from 1.35% to 3.30%.Following the sale of Waddinxveen in March 2026, this loan was repaid in full. At the end of the period, the Company's fixed rate debt in the form of the one remaining Berlin Hyp-provided facility totalled€23.9 million (31 December 2025 - €58.2 million) at an average all-in interest rate of 1.38%. The loan-to-value (LTV) was17.4%. There are no covenant issues in respect of this remaining loan with bank covenants reviewed on a regular basis. The Manager expects to repay this loan from cash available from recent sales on or around 30 September 2026 leaving the Company debt free. Outlook The outlook for European real estate transactions has become more challenging in recent months. Subdued economic growth,renewed inflationary pressures and higher financing costs, including following the European Central Bank's 25 basis pointinterest rate increase in September, have increased lender and purchaser selectivity and contributed to lower liquidity and longer transaction timetables. The Board is pleased with the substantial progress made in implementing the managed wind-down, with 26 of the Company'soriginal 27 assets realised by 30 June 2026. The sales process for the remaining asset is continuing, with a potential purchasercurrently undertaking due diligence. Following sale completion, the Board intends to move promptly to place the Company into liquidation to allow the liquidator to return the remaining net proceeds to Shareholders. Tony Roper,Chairman 25 September 2026 Investment Manager's Review Managed wind-down and asset management update In July 2024, Shareholders voted in favour of the revised investment policy, formally approving the implementation of amanaged wind-down. Our main objective in 2026 has been to remain focused on realising all existing assets in the Company's portfolio in an orderly manner. However, the sales strategy has remained tightly integrated with leasing and asset management initiatives, ensuringincome streams were secured, liquidity enhanced and individual asset values optimised for disposal. Total property expenses were lower than in prior periods; however, when adjusted for the reduction in the number ofproperties held, expenses were higher on a comparable per-property basis. This was driven by targeted property initiatives implemented to prepare assets for disposal and improve their marketability, as well as the conclusion of certain propertyrelated matters as part of the wind-down process. The Investment Manager believes these costs are appropriate in the contextof maximising realised disposal values. Our local teams on the ground are crucial in managing our diverse portfolio and supporting the execution of the managed wind-down. With highly experienced asset management and transactions teams around Europe, we are well-equipped andhave engaged directly with occupiers, market participants and local brokers alike to ensure that best value can be achievedthrough the managed wind-down. As at 30 June 2026, one of the original 27 assets remained. Following four sales completed during the period, two in France and two in the Netherlands, the Company no longer has exposure to France. The only asset left is located in the Netherlands. Since the start of the managed wind-down the Company has disposed of 26 assets out of 27. The transactions undertakenduring the first half of the year significantly progressed the shareholder-approved managed wind-down, generating cumulativegross sales proceeds since inception of over €530 million before the repayment of associated debt. During the period, intensive leasing activities in the Netherlands materially enhanced the liquidity of the assets sold, underpinning buyer demand, supporting pricing and facilitating orderly disposals.
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In Gevrey, Dijon, in France the 12-year lease regear with Dachser was completed with effect from 1 January 2026. It allowedthe Company to complete the sale of the asset in January 2026 for a consideration of approximately €7.9 million to an institutional investor, in line with the value reflected in the Company's Q3 2025 estimated net asset value. In March, the sale of the cross-dock warehouse located in Waddinxveen, in the Netherlands was completed for a considerationof approximately €35 million to an institutional investor, 4.5% ahead of the Company's independent Q4 2025 valuation. The Company completed the sale of its final asset in France located in Noves, Avignon for a consideration of €47.5 million toan international investor, in line with the Company's independent Q3 2025 valuation. In May, the Company completed the sale of the warehouse located in Ede, in the Netherlands for a consideration of €23.5 million to an international institutional investor, at a discount of 2.9% to the Company's independent Q4 2025 valuation. The sale was facilitated by the execution of a lease amendment consolidating and clarifying the terms of previous leaseamendments. Continued sales progress and leasing activity The sales process of the last asset is progressing. The Investment Manager continues to proactively engage with its tenant to identify opportunities where the Company canenhance value. As at 30 June 2026, portfolio voids remain at 0%, following the successful letting of all vacant units in 2025. The substantial reduction in the Company's property portfolio through the managed wind-down has resulted in a corresponding reduction in income. The remaining asset continues to contribute rental income; however, upon its disposal, theCompany will cease generating rental income and ongoing costs will be borne from capital resources until the Company isplaced in the hands of a liquidator. Fundamentally, the foregoing sales and leasing activity demonstrates the Investment Manager's commitment to implementing both the sales strategy required for the wind-down, together with deliveringsuccessful asset management and leasing initiatives, which has fed into improved asset liquidity and underpinned valuationsthrough the sales process. Property Portfolio At 30 June 2026, the Company's sole investment was the Den Hoorn logistics asset in the Netherlands. The property wasdeveloped in 2020 and is held under a long leasehold structure with an option to purchase the freehold from the local authority. The asset is let to Van der Helm, a well-established Dutch logistics operator with nearly 90 years of trading historyacross Europe. The lease profile remains stable, with a WAULT of 3.8 years on both an inclusive and exclusive basis of tenantbreak options. Troels Andersen Fund Manager, Aberdeen 25 September 2026 Interim Board Report Principal risks and uncertainties The principal risks and uncertainties considered as affecting the Company were set out on pages 10 to 13 of the Annual Report and Financial Statements for the year ended 31 December 2025 (the "2025 Annual Report") together with details of themanagement of the risks and the Company's internal controls. High level risks can be summarised as follows: · Strategic Risks;· Compliance Risks;· Shareholder Risks; · Investment and Asset Management Risks;· Financial Risks;· Operational Risks. During the process of the managed wind-down the Board has paid particular attention to the risks concerning the timing of asset sales, repayment of bank debt and the covenants associated with such debt and its expiry dates, renewal of leases, assetmanagement initiatives and management of vacancy together with tenant relationships and the shareholder base. The Board also has a process in place to identify emerging risks. Such risks may include, but are not limited to, futurepandemics, the increasing developments in AI, cybercrime, and longer-term climate change. In the event that an emerging risk has gained significant weight or importance, that risk is categorised and added to the Company's risk register and is monitoredaccordingly. The risks and uncertainties did not materially change during the six months ended 30 June 2026. Whilst there has been no significant change in the risk profile between 30 June 2026 and the date of this report, the Board notes the continued geopolitical and macroeconomic uncertainty, including conflict in Iran, the wider Middle East region and Ukraine, and the associated risk of further disruption to energy markets, global supply chains and inflationary pressures which could result in interest rates remaining higher for longer. Related party transactions aFML acts as Alternative Investment Fund Manager, abrdn Investments Ireland Limited acts as Investment Manager andAberdeen Corporate Secretary Limited (previously abrdn Holdings Limited) acts as Company Secretary to the Company;
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details of the management fee arrangements can be found in the related party note 16. Details of the transactions with theManager including the fees payable to Aberdeen Group plc companies are also disclosed in note 16 of this Half Yearly Report. Going concern Following a comprehensive strategic review of the options available to the Company and after consulting with advisers, as well as considering feedback from a number of larger shareholders, the Directors announced in May 2024 that a managedwind-down of the Company would be in the best interests of Shareholders as a whole. On 23 July 2024, Shareholders voted infavour of the new investment policy, formally approving a managed wind-down. As a result, the Company's investment objective is focused on realising all existing assets in the Company's portfolio in an orderly manner. At the Requisitioned General Meeting held on 20 February 2026 shareholders overwhelmingly supported the Board'srecommendation to vote against proposals from the Company's largest shareholder DL Invest Group ISR SARL for (i) thereplacement of the Company's investment policy on terms substantially similar to the investment policy of the Company which was in effect prior to the adoption of the existing investment policy and (ii) the replacement of Company's InvestmentManager with DL Invest Group ISR SARL. Consequently, the Board is continuing to proceed with the managed wind-down ofthe remaining assets in the portfolio in accordance with the wishes of the majority of the Company's shareholders and will endeavour to return the net proceeds to Shareholders in a timely manner before proposing the appointment of a liquidator. Whilst the Directors are satisfied that the Company has adequate resources to continue in operation throughout the remainingwind-down period and to meet all liabilities as they fall due, given that the Company is now in managed wind-down, theDirectors consider it appropriate to continue to adopt a basis other than going concern in preparing the financial statements. No material adjustments to accounting policies or the valuation basis have arisen as a result of ceasing to apply the going concern basis. Additional details about going concern are disclosed in note 1 to the financial statements. Directors' Responsibility Statement The Directors are responsible for preparing this half-yearly financial report in accordance with applicable law and regulations. The Directors confirm that to the best of their knowledge: · the condensed set of financial statements contained within the half-yearly financial report has been prepared inaccordance with UK adopted International Accounting Standard 34 'Interim Financial Reporting', and the DisclosureGuidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and gives a true and fair view of the assets, liabilities, financial position and net return of the Company as at 30 June 2026; and · the Interim Board Report (constituting the interim management report) includes a fair review of the information requiredby rule 4.2.7R of the UK Listing Authority Disclosure Guidance and Transparency Rules (being an indication ofimportant events that have occurred during the first six months of the financial year and their impact on the condensed consolidated financial statements and a description of the principal risks and uncertainties for the remaining six monthsof the financial year) and rule 4.2.8R (being related party transactions that have taken place during the first six months ofthe financial year and that have materially affected the financial position of the Company during that period). Tony Roper Chairman 25 September 2026 Financial Statements (Unaudited) Condensed Consolidated Statement of Comprehensive Income Half year ended 30 June 2026 Half year ended 30 June 2025 Year ended 31 December 2025Unaudited Unaudited Audited Revenue Capital Total Revenue Capital Total Revenue Capital Total Notes €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 REVENUE Rental income 3,254 - 3,254 15,740 - 15,740 20,932 - 20,932Property service charge income 362 - 362 5,025 - 5,025 6,975 - 6,975Other operating income 467 - 467 80 - 80 78 - 78 Total Revenue 2 4,083 - 4,083 20,845 - 20,845 27,985 - 27,985 GAINS ON INVESTMENTS (Losses)/Gains on disposal of investmentproperties 9 - 120 120 - (505) (505) - (26,997) (26,997) Change in fair value of investmentproperties 9 - (2,884) (2,884) - (20,160) (20,160) - (10,939) (10,939) Total Income and gains/(losses) oninvestments 4,083 (2,764) 1,319 20,845 (20,665) 180 27,985 (37,936) (9,951) EXPENDITURE Investment management fee (185) (771) (956) (871) - (871) (1,345) (2,835) (4,180)Direct property expenses (826) - (826) (1,679) - (1,679) (4,422) - (4,422)Property service charge exposure (362) - (362) (5,025) - (5,025) (6,975) - (6,975)SPV property management fee (3) - (3) (122) - (122) (252) - (252)Impairment (loss)/gain on tradereceivables (1) - (1) 184 - 184 156 - 156Other expenses 3 (1,232) (55) (1,287) (1,009) - (1,009) (3,362) (205) (3,567) Total expenditure (2,609) (826) (3,435) (8,522) - (8,522) (16,200) (3,040) (19,240)
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Net operating (loss)/return before financecosts 1,474 (3,590) (2,116) 12,323 (20,665) (8,342) 11,785 (40,976) (29,191) FINANCE INCOME Finance income 4 51 - 51 - - - 199 - 199 FINANCE COSTS Finance costs 4 (575) (7) (582) (2,439) 797 (1,642) (4,107) 792 (3,315) Gains arising from the derecognition ofderivative financial instruments - - - - 12 12 - 164 164 Effect of fair value adjustments onderivative financial instruments - - - - (300) (300) - (201) (201)Effect of foreign exchange differences (23) 330 307 148 (345) (197) (211) (337) (548)Net return before taxation 927 (3,267) (2,340) 10,032 (20,501) (10,469) 7,666 (40,558) (32,892) Taxation 5 684 (540) 144 (777) (183) (960) (176) (195) (371)Net return for the period 1,611 (3,807) (2,196) 9,255 (20,684) (11,429) 7,490 (40,753) (33,263) Total comprehensive return/(loss) for theyear 1,611 (3,807) (2,196) 9,255 (20,684) (11,429) 7,490 (40,753) (33,263) Basic and diluted earnings per share 6 0.4¢ (0.9¢) (0.5¢) 2.2¢ (5.0¢) (2.8¢) 1.8¢ (9.9¢) (8.1¢)The accompanying notes are an integral part of the Financial Statements. The total column of the Condensed Statement of Comprehensive Income is the profit and loss account of the Company. Condensed Consolidated Balance Sheet 30 June 2026 30 June 2025 31 December 2025 Unaudited Unaudited AuditedNotes €'000 €'000 €'000 NON-CURRENT ASSETSInvestment properties 9 - 154,219 33,500Deferred tax asset 5 - 1,684 -Total non-current assets - 155,903 33,500 CURRENT ASSETSInvestment property held for sale 9 65,895 410,910 145,420Deferred tax asset 5 - 720 1,495Trade and other receivables 10 4,856 14,252 6,916Cash and cash equivalents 90,577 6,673 47,834 Other assets 233 1,514 268Derivative financial assets 15 - 12 -Total current assets 161,561 434,081 201,933 Total assets 161,561 589,984 235,433 CURRENT LIABILITIESBank loans 13 23,928 163,840 58,228 Lease liability - arising on held for sale 11 24,130 682 24,347Deferred tax liability - arising on held for sale 5 - 7,002 2,539Trade and other payables 12 6,035 14,311 12,059Total current liabilities 54,093 185,835 97,173 NON-CURRENT LIABILITIESBank loans 13 - 43,200 -Lease liability 11 - 23,512 -Deferred tax liability 5 - 2,802 - Total non-current liabilities - 69,514 - Total liabilities 54,093 255,349 97,173 Net assets 107,468 334,635 138,260 SHARE CAPITAL AND RESERVESShare capital 14 4,717 4,717 4,717 Special distributable reserve 132,664 145,016 132,664Special distributable reserve II 14 2,635 230,192 21,669Capital redemption reserve 14 61,902 19,677 61,902Capital reserve (118,757) (94,881) (114,950)Revenue reserve 24,307 29,914 32,258 Equity shareholders' funds 107,468 334,635 138,260 Net asset value per share (cents) 8 26.1¢ 81.2¢ 33.5¢Company number: 11032222 The accompanying notes are an integral part of the Financial Statements Condensed Consolidated Statement of Changes in Equity Half year ended 30 June 2026 Notes Sharecapital B sharecapital Specialdistributablereserve Specialdistributablereserve II Capitalredemptionreserve Capitalreserve Revenuereserve Total Unaudited €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 Balance at 31 December 2025 4,717 - 132,664 21,669 61,902 (114,950) 32,258 138,260 Total comprehensive return for the period - - - - - (3,807) 1,611 (2,196) B shares issued during the year 14 - - - - (19,034) - - (19,034)
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B shares redeemed during the year 14 - - - 19,034 - - 19,034 Return of capital to B shareholders 14 - - - (19,034) - - - (19,034) Interim distributions paid 7 - - - - - - (9,562) (9,562) Balance at 30 June 2026 4,717 - 132,664 2,635 61,902 (118,757) 24,307 107,468 Half year ended 30 June 2025 Sharecapital B sharecapital Specialdistributablereserve Specialdistributablereserve II Capitalredemptionreserve Capitalreserve Revenuereserve Total Unaudited €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 Balance at 31 December 2024 4,717 - 145,016 269,546 - (74,197) 29,026 374,108 Total comprehensive return for the period - - - - - (20,684) 9,255 (11,429) B shares issued during the year 14 - 19,677 - - - - - 19,677 B shares redeemed during the year 14 - (19,677) - (19,677) 16,977 - - (19,677) Return of capital to B shareholders 14 - - - (19,677) - - - (19,677) Interim distributions paid 7 - - - - - - (8,367) (8,367) Balance at 30 June 2025 4,717 - 145,016 230,192 19,677 (94,881) 29,914 334,635 Year ended 31 December 2025 Sharecapital B sharecapital Specialdistributablereserve Specialdistributablereserve II Capitalredemptionreserve Capitalreserve Revenuereserve Total Audited €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 Balance at 31 December 2024 4,717 - 145,016 269,546 - (74,197) 29,026 374,108 Total comprehensive return for the year - - - - - (40,753) 7,490 (33,263) B shares issued during the year 14 - - - (61,902) (124,073) - - (185,975) B shares redeemed during the year 14 - - - - 185,975 - - 185,975 Return of capital to B shareholders 14 - - - (185,975) - - - (185,975) Dividends paid 7 - - (12,352) - - - (4,258) (16,610) Balance at 31 December 2025 4,717 - 132,664 21,669 61,902 (114,950) 32,258 138,260 The accompanying notes are an integral part of the Financial Statements. Condensed Consolidated Statement of Cash Flows Half year ended30 June 2026 Half year ended30 June 2025 Year ended31 December 2025 Unaudited Unaudited Audited Notes €'000 €'000 €'000 CASH FLOWS FROM OPERATING ACTIVITIES Net return for the period before taxation (2,340) (10,469) (32,892)Adjustments for: Change in fair value of investment properties 9 2,884 20,160 10,939 Losses/(Gains) on disposal of investment properties (120) 505 26,997 Decrease in land liability 217 205 410 Decrease/(Increase) in trade and other receivables 2,062 2,141 9,083 (Decrease)/Increase in trade and other payables (9,146) (1,927) (2,328) Change in fair value of derivative financial instruments - 300 201 Result arising from the derecognition of derivativefinancial instruments - (12) (164) Finance income (51) - (199) Finance costs 4 582 1,642 3,315 Tax paid 589 (1,552) (5,391)Cash generated by operations (5,323) 10,993 9,971Net cash (outflow)/inflow from operating activities (5,323) 10,993 9,971 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditure and costs of disposal (1,543) - (3,498)Disposal of investment properties 9 113,003 29,700 191,482 Proceeds from disposal of subsidiary, net of cash disposed - - 178,565Net cash inflow from investing activities 111,460 29,700 366,549 CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid 7 (9,562) (8,367) (16,610)B share scheme distribution paid 14 (19,034) (19,677) (185,975)Bank loans interest paid (363) (2,339) (3,732)Bank loans repaid (34,300) (28,660) (147,272)Payment of lease liability (135) - (272)Proceeds from derivative financial instruments - 12 164Net cash outflow from financing activities (63,394) (59,031) (353,697) Net (decrease)/increase in cash and cash equivalents 42,743 (18,338) 22,823
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Opening balance 47,834 25,011 25,011 Closing cash and cash equivalents 90,577 6,673 47,834 REPRESENTED BYCash at bank 90,577 6,673 47,834The accompanying notes are an integral part of the Financial Statements. Notes to the Financial Statements 1. Accounting policies The Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with UK adopted International Financial Reporting Standard ("IFRS") IAS 34 'Interim Financial Reporting', and with the Disclosure Guidanceand Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and are consistent with theaccounting policies set out in the statutory accounts of the Group for the year ended 31 December 2025 unless stated otherwise in this Half Yearly Report. The Unaudited Condensed Consolidated Financial Statements for the half year ended 30 June 2026 do not include all of theinformation required for a complete set of IFRS financial statements and should be read in conjunction with the ConsolidatedFinancial Statements of the Group for the year ended 31 December 2025. These were prepared in accordance with IFRS, which comprises standards and interpretations approved by the International Accounting Standards Board ('IASB'), andInternational Accounting Standards and Standing Interpretations Committee interpretations approved by the InternationalAccounting Standards Committee ('IASC') that remain in effect, and to the extent that they have been adopted by the United Kingdom, and the Listing Rules of the UK Listing Authority. The comparative financial information for the year ended 31December 2025 has been extracted from the Group's latest published audited financial statements. The financial informationcontained in this Report does not constitute statutory accounts within the meaning of Sections 434 to 436 of the Companies Act 2006.Those financial statements have been delivered to the Registrar of Companies and included the report of the auditorwhich was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006. Thefinancial information for the half years ended 30 June 2026 and 30 June 2025 has not been audited or reviewed by the Company's auditor. Going concern Following Shareholder-approval of the revised investment objective and policy in 2024, the Company has made significantprogress in the orderly realisation of its assets and its return of capital to Shareholders. The Board will endeavour to realise theCompany's remaining investment in a manner that achieves a balance between maximising the value received from the sale of investment and timely returns of net proceeds to Shareholders. Whilst the Directors are satisfied that the Company hasadequate resources to continue in operation throughout the wind-down period and to meet all liabilities as they fall due, giventhat the Company is now in managed wind-down, the Directors consider it appropriate to continue to adopt a basis other thangoing concern in preparing the financial statements. No material adjustments to accounting policies or the valuation basis have arisen as a result of ceasing to apply the going concern basis. 2. Revenue Half year ended 30 June 2026 Half year ended 30 June 2025 Year ended 31 December 2025 Unaudited Unaudited Audited €'000 €'000 €'000 Rental income 3,254 15,740 20,932 Property service charge income 362 5,025 6,975 Other income 467 80 78 Total revenue 4,083 20,845 27,985 Rental income includes amortisation of operating lease incentives granted. 3. Other expenses Included within other expenses for the half year to 30 June 2026 are costs mainly related to accounting, tax advisory andvarious consultancy fees of€1,287,000 (Year ended 31 December 2025:€3,567,000). Future operating costs in relation to the managed wind-down will be expensed as incurred. 4. Finance income and costs Half yearended 30 June 2026 Halfyearended 30 June 2025 Year ended31 December 2025 Unaudited Unaudited Audited €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 Interest on bank loans 388 - 388 2,322 - 2,322 3,732 - 3,732 Amortisationofloancosts - - - - - - - 123 123 Remeasurementof loan liability - 7 7 - (797) (797) - (915) (915) Bank interest 187 - 187 117 - 117 375 - 375 Totalfinancecosts 575 7 582 2,439 (797) 1,642 4,107 (792) 3,315 Following the announcement of the managed wind-down the Group intends to repay the remaining loans prior to maturity.The amortised cost of bank loans was therefore remeasured and any unamortised balance of loan issue cost was fully amortised as at 31 December 2024.
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Remeasurement of loan liability includes the reversal of provision related to early repayment of bank loans which was notpayable on sale of the SPV and arrangement fees related to the extension of existing agreements. These costs are treated as capital within the Consolidated Statement of Comprehensive Income. Finance income of €51,000 (2025: €199,000) consists of interest income earned from bank accounts. 5. Taxation The Company is resident in the United Kingdom for tax purposes. The Company is approved by HMRC as an investment trustunder sections 1158 and 1159 of the Corporation Tax Act 2010. In respect of each accounting year for which the Companycontinues to be approved by HMRC as an investment trust the Company will be exempt from UK taxation on its capital gains. The Company is, however, liable to UK Corporation tax on its income. The Company is able to elect to take advantage ofmodified UK tax treatment in respect of its ''qualifying interest income'' for an accounting year referred to as the ''streaming''regime. Under regulations made pursuant to the Finance Act 2009, the Company may, if it so chooses, designate as an ''interest distribution'' all or part of the amount it distributes to Shareholders as dividends, to the extent that it has ''qualifyinginterest income'' for the accounting year. Were the Company to designate any dividend it pays in this manner, it would be ableto deduct such interest distributions from its income in calculating its taxable profit for the relevant accounting year. The Company should in practice be exempt from UK corporation tax on dividend income received, provided that such dividends(whether from UK or non-UK companies) fall within one of the ''exempt classes'' in Part 9A of the CTA 2010. There was nochange in the corporate tax rate in the period ended 30 June 2026 (2025: no change). (a) Tax charge in the Group Statement of Comprehensive Income Half year ended30 June 2026 Unaudited Halfyearended30 June 2025 Unaudited Year ended31 December 2025 Audited Revenue €'000 Capital €'000 Total €'000 Revenue €'000 Capital €'000 Total €'000 Revenue €'000 Capital €'000 Total €'000 Currenttaxation: Overseas taxation (684) 1,584 900 777 392 1,169 176 5,789 5,965 Deferred taxation: Overseas taxation - (1,044) (1,044) - (209) (209) - (5,594) (5,594) Total taxation (684) 540 (144) 777 183 960 176 195 371 Current taxation charged to capital of €1,584,000 relates to capital gains tax paid on the disposal of investment properties. (b) Tax in the Group Balance Sheet 30 June 2026 Unaudited 30 June 2025 Unaudited 31 December 2025 AuditedTotal €'000 Total €'000 Total €'000 Deferred tax assets: On overseas tax losses Onothertemporary differences - - 2,202 202 1,462 33 Total taxation on return - 2,404 1,495 Due to the asset disposal programme, there are no temporary differences to form the basis for calculating deferred tax liabilities. Additionally, deferred tax assets are considered non-recoverable. Therefore, the Group presents nil balances as at 30June 2026. 30 June 2026 Unaudited 30 June 2025 Unaudited 31 December 2025 AuditedTotal €'000 Total €'000 Total €'000 Deferred tax liabilities: Differences betweentaxandderivative valuation Differences between tax and property valuation - - 2 9,802 - 2,539 Total taxation on return - 9,804 2,539 6. Earnings per share (Basic and Diluted) 30 June 2026 30 June 2025 31 December 2025 Unaudited Unaudited Audited Revenue net return attributable to Ordinary shareholders (€'000) 1,611 9,255 7,490 Weighted average number of shares in issue during the period 412,174,356 412,174,356 412,174,356 Total revenue return per ordinary share 0.4¢ 2.2¢ 1.8¢ Capital return attributable to Ordinary shareholders (€'000) (3,807) (20,684) (40,753) Weighted average number of shares in issue during the period 412,174,356 412,174,356 412,174,356 Total capital return per ordinary share (0.9¢) (5.0¢) (9.9¢) Basic and diluted earnings per ordinary share (0.5¢) (2.8¢) (8.1¢) Earnings per share is calculated on the revenue and capital loss for the period (before other comprehensive income) and iscalculated using the weighted average number of shares in the period of 412,174,356 Ordinary shares (2025: 412,174,356 Ordinary shares). 7. Dividend distributions
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Half year endedHalf year ended Year ended 30 June 2026 30 June 202531 December 2025 Unaudited Unaudited Audited €'000 €'000 €'000 2025 Fourth Interim dividend of 2.32c/2.00p per Share paid 11 June 2026 (2024 Fourth Interim dividend of 0.97c/0.81p per Share paid 31 March 2025) 9,562 3,998 3,998 2025 First Interim dividend of 1.06c/0.89p per Share paid 30 June 2025) - 4,369 4,368 2025 Second Interim dividend of 1.00c/0.86p per Share paid 29 September 2025 - - 4,122 2025 Third Interim dividend of 1.00c/0.88p per Share paid 30 December 2025 - - 4,122 Total dividend paid 9,562 8,367 16,610 The fourth quarterly interim dividend for 2025 was split 2.16¢ (1.86p) dividend income and 0.16¢ (0.14p) qualifying interestincome. Although the payment relates to the year ended 31 December 2025, under International Financial Reporting Standardsthe distribution is recognised when paid and therefore reflected in the half year ended 30 June 2026. 8. Net asset value per share 30 June 2026 Unaudited 30 June 2025 Unaudited 31 December 2025 Audited Netassetsattributabletoshareholders(€'000) Numberofsharesinissue 107,468 412,174,356 334,635 412,174,356 138,260 412,174,356 Net asset value per share (cents) 26.1¢ 81.2¢ 33.5¢ 9. Investment properties 30 June 2026 Unaudited€'000 30 June 2025 Unaudited€'000 31 December 2025 Audited €'000 Openingcarryingvalue 33,500 497,319 497,319 Acquisition costs, disposal costs and capital expenditure 149 - 2,787 Proceeds from disposal of investment property (34,920) - (288,794) Realised gain/(loss) on disposal 1,271 - (21,453) Rightofuse assetreassessment - - 358 Valuationlosses - (19,089) (11,045) Movements in lease incentives and leasing - (802) 92 Decrease in leasehold liability - (205) (410) Transfer to Investment property held for sale - (323,004) (145,354) Totalcarryingvalue - 154,219 33,500 Movements in investment properties held for sale can be analysed as follows: 30 June 2026 Unaudited€'000 30 June 2025 Unaudited€'000 31 December 2025 Audited €'000 Openingcarryingvalue 145,420 117,609 117,609 Acquisition costs, disposal costs and capital expenditure 2,593 502 1,935 Proceeds from investment property held for sale (78,083) (29,700) (114,000) Realised loss on disposal (1,151) (505) (5,544) Valuationlosses (2,700) - - Movements in lease incentives and leasing 33 - 66 Decrease in leasehold liability (217) - - Transfer to investment property held for sale - 323,004 145,354 Totalcarryingvalue 65,895 410,910 145,420 The fair value of investment properties amounted to €42,000,000 (31 December 2025: €155,080,000). The difference betweenthe fair value and the value per the Condensed Consolidated Balance Sheet as at 30 June 2026 consists of accrued income relating to the pre-payment for rent-free periods recognised over the life of the lease of €235,000 (31 December 2025:€507,000) and lease asset relating to future use of the leasehold at Den Hoorn of €24,130,000 (31 December 2025:€24,347,000). The rent incentive balance is recorded separately in the financial statements as a current asset and the lease asset is offset by an equal and opposite lease liability. During 2026, the Group completed the sale of two warehouses in France for €54,583,000, realising a loss of €55,000, and twowarehouses in the Netherlands for €58,420,000, realising a loss of €27,000. With the exception of the Waddinxveen asset,these properties were classified as investment properties held for sale in the financial statements for the year ended 31 December 2025. The remaining €202,000 gain on disposal relates to the realised result on investment properties disposed ofduring prior financial years.
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10. Trade and other receivables 30 June 2026 Unaudited €'000 30 June 2025 Unaudited €'000 31 December 2025 Audited €'000 Trade debtors 1,734 8,331 4,408 Bad debt provisions - (352) - Lease incentives 235 4,264 507 Deposit on sale of Investment propertiesheldwithnotary - - 395 Heldinescrow 1,836 - - VAT receivable 736 1,173 736 Tax receivables 315 830 870 Other receivables - 6 - Total receivables 4,856 14,252 6,916 Lease incentives include accrued income resulting from the spreading of lease incentives and/or minimum lease paymentsover the term of the lease. A proportion of this balance relates to periods over 12 months. 11. Leasehold liability 30 June 2026 30 June 202531 December 2025 Unaudited Unaudited Audited €'000 €'000 €'000 Maturity analysis - contractual undiscounted cash flows Less than one year 703 682 703 One to five years 2,813 2,728 2,812 More than five years 25,126 25,559 25,479 Total undiscounted lease liabilities 28,642 28,969 28,994 Lease liability included in the Condensed Consolidated Balance Sheet Current 24,130 682 24,347 Non - Current - 23,512 - Total lease liability 24,130 24,194 24,347 12. Trade and other payables 30 June 2026Unaudited €'000 30 June 2025Unaudited €'000 31 December 2025 Audited €'000 Rentalincomereceivedinadvance 327 4,020 1,542 Tenant deposits - 3,565 813 Trade payables 3,084 4,652 2,678 Deposit on sale of Investment properties - - 395 Accruals 1,897 765 2,209 Management fee payable 586 530 3,420 VAT payable 141 779 1,002 Total payables 6,035 14,311 12,059 13. Bank loans 30 June 2026 Unaudited€'000 30 June 2025 Unaudited€'000 31 December 2025 Audited €'000 Openingbalance 58,228 236,615 58,228 Loan issue costs paid - - (6,507) Bank loans repaid (34,300) (28,660) - Accumulatedamortisationof capitalisedborrowingcosts - - 5,347 Remeasurement of loan liability - (915) 1,160 Closing balance 23,928 207,040 58,228 Following the announcement of the managed wind-down the Group intends to repay a number of loans prior to maturity. Theamortised cost of bank loans was therefore remeasured and any unamortised balance of loan issue cost was fully amortised as
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at 31 December 2024. Remeasurement of loan liability for 30 June 2025 includes reversal of a provision for break cost not payable on the sale ofproperty companies completed after 30 June 2025. 30 June 2026 Unaudited€'000 30 June 2025 Unaudited€'000 31 December 2025 Audited €'000 Externalbankloanspayableinlessthan 12months Externalbankloanspayablein greater than 12 months - 23,928 163,840 43,200 34,300 23,928 Total payables 23,928 207,040 58,228 14. Share capital 30 June 2026Unaudited €'000 30 June 2025Unaudited€'000 31 December 2025Audited€'000 Opening balance 4,717 4,717 4,717 Closing balance 4,717 4,717 4,717 Ordinary Shareholders participate in all general meetings of the Company on the basis of one vote for each Share held. Each Ordinary share has equal rights to dividends and equal rights to participate in a distribution arising from a winding up of theCompany. The Ordinary Shares are not redeemable. The total number of Shares authorised, issued and fully paid is 412,174,356. The nominal value of each Share is £0.01 andamount paid for each Share was £1.00. On 22 November 2024 shareholders approved the implementation of a B Share mechanism to facilitate the return of capital as part of the managed wind-down. The Board believes that one of the fairest and most efficient ways of returning substantialamounts of cash to shareholders is by means of bonus issues of redeemable B Shares (with a nominal value of one pennyeach) which are then immediately redeemed by the Company in consideration for a cash payment equal to the amount treated as paid up on the issue of the B Shares. The use of B Shares enables the Company to return capital on a strictly pro rata basis,ensuring that no individual shareholder or group of shareholders is disadvantaged. When issued, B Shares are issued toshareholders (at no cost to Shareholders) pro rata to their holdings of Ordinary Shares at the time of issue of the B Shares and, shortly thereafter, redeemed and cancelled in accordance with their terms for an amount not exceeding the amount treated aspaid up on the issue of the B Shares. The Company will not allot any fractions of B Shares, and the entitlement of eachshareholder will be rounded down to the nearest whole B Share. As at 30 June 2026 the B share distribution mechanism and its impact on reserves is as follows: Special distributable reserve II Capital redemption reserve Total €'000 €'000 €'000 Balance at 31 December 2024 269,546 - 269,546 First B share distribution - 4 B Shares for every 1 Ordinary share B shares issued 7 March 2025 (19,677) - (19,677) B shares redeemed 7 March 2025 - 19,677 19,677 Return of capital to B shareholders 20 March 2025 (19,677) - (19,677) Balance at 30 June 2025 (Unaudited) 230,192 19,677 249,869 Second B share distribution - 12 B Shares for every 1 Ordinary share B shares issued 31 July 2025 (37,689) (19,677) (57,366) B shares redeemed 31 July 2025 - 57,366 57,366 Return of capital to B shareholders 13 August 2025 (57,366) - (57,366) Third B share distribution - 13 B Shares for every 1 Ordinary share B shares issued 17 September 2025 (4,536) (57,366) (61,902) B shares redeemed 17 September 2025 - 61,902 61,902 Return of capital to B shareholders 30 September 2025(61,902) - (61,902) Fourth B share distribution - 10 B Shares for every 1 Ordinary share B shares issued 17 December 2025 - (47,030) (47,030) B shares redeemed 17 December 2025 - 47,030 47,030 Return of capital to B shareholders 30 December 2025(47,030) - (47,030) Balance at 31 December 2025 (Audited) 21,669 61,902 83,571 Fifth B share distribution - 4 B Shares for every 1 Ordinary share B shares issued 15 May 2026 - (19,034) (19,034)
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B shares redeemed 15 May 2026 - 19,034 19,034 Return of capital to B shareholders 29 May 2026 (19,034) - (19,034) Balance at 30 June 2026 (Unaudited) 2,635 61,902 64,537 15. Financial instruments and investment properties Fair value hierarchy IFRS 13 requires the Group to classify its financial instruments held at fair value using a hierarchy that reflects thesignificance of the inputs used in the valuation methodologies. These are as follows: Level 1 - quoted prices in active markets for identical investments; Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments, credit risk, etc.); and Level 3 - significant unobservable inputs. The following table shows an analysis of the fair values of investment properties recognised in the balance sheet by level ofthe fair value hierarchy: Level 1 €'000 Level 2 €'000 Level 3 €'000 Totalfairvalue €'000 30June2026(unaudited) Investmentproperties - - - - Investmentproperties held for sale - - 65,895 65,895 30June2025(unaudited) Investmentproperties - - 154,219 154,219 Investmentproperties held for sale - - 410,910 410,910 31December2025(audited) Investmentproperties - - 33,500 33,500 Investmentproperties held for sale - - 145,420 145,420 The lowest level of input is the underlying yields on each property which is an input not based on observable market data. The following table shows an analysis of the fair values of derivative financial instruments recognised in the balance sheet bylevel of the fair value hierarchy: Level 1 €'000 Level 2 €'000 Level 3 €'000 Totalfair value €'000 30 June 2026 (unaudited) Interestrate swaps and caps 30 June 2025(unaudited) Interest rate swapsand caps 31 December 2025(audited)Interest rate swaps and caps - - - - 12 - - - - - 12 - The Group's derivative contracts terminated during the year ended 31 December 2025. Level 1 €'000 Level 2 €'000 Level 3 €'000 Totalfair value €'000 30June2026(unaudited) Bankloans - 23,928 - 23,928 30June2025(unaudited) Bankloans - 207,040 - 207,040 31December2025(audited) Bankloans - 57,713 - 57,713 Bank loans are measured at amortised cost. The fair value is estimated using discounted cash flows with the current interestrates and yield curve applicable to each loan. Due to the wind-down of the Group, the fair value of the bank loans is considered to be the same as their amortised cost as at 30 June 2026. 16. Related party transactions The Company's Alternative Investment Fund Manager ('AIFM') throughout the period was abrdn Fund Managers Limited("aFML"). Under the terms of a Management Agreement dated 17 November 2017 the AIFM is appointed to provideinvestment management, risk management and general administrative services including acting as the Company Secretary. The agreement is terminable by either the Company or aFML on not less than 12 months' written notice. Under the terms of the agreement portfolio management services are delegated by aFML to abrdn Investments Ireland Limited("aIIL"). Effective 1 August 2024 the Company has paid lower management fees at the rate of 0.5% (reduced from 0.75%)and additional disposal fees between 0.65% and 0.75% depending on the net disposal proceeds realised on the sale of investment properties. Disposal fees can only be paid once 80% of the portfolio has been sold with the remaining 20%payable once the entire portfolio has been sold. In addition, with effect from 23 July 2024, the Management Agreementbecame terminable by the Company or aFML on not less than three months' notice with such notice not to be served before 31 March 2025. The total management fees charged to the Consolidated Statement of Comprehensive Income during the periodwere €956,000 and €586,000 was payable at the period end. Under the terms of a Global Secretarial Agreement between
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aFML and Aberdeen Corporate Secretary Limited (previously abrdn Holdings Limited) ('ACSL), company secretarial servicesare provided to the Company by ACSL. For the half year to 30 June 2026, the Directors of the Company received fees for their services totalling £79,000 equivalent to €91,000. 17. Post balance sheet events Following the passing of special resolution 11 at the Annual General Meeting held on 1 June 2026, on 30 June 2026 theCompany received confirmation from the High Court of Justice in England and Wales for the cancellation of the amountstanding to the credit of the Capital Redemption Reserve of the Company at 1 June 2026 which has been credited to a designated special reserve which may be treated as distributable profits. This reserve may be used by the Company to fund,amongst other things, further distributions under the Company's B Shares scheme. The Court Order confirming cancellationhas been filed at Companies House and became effective from 23 July 2026. Further details on the cancellation process are included in the Chairman's Statement. As a result of the above on 20 August 2026 the Board resolved to make a sixth capital distribution to Shareholders under theshareholder-approved B Share Scheme which totalled approximately £27.2 million. The B Shares were issued on 4 September2026 and immediately redeemed at one penny per B Share. On the same date the Board declared a first interim dividend of 2.34¢ (equivalent to 2.00p) per Ordinary share in respect of the year ending 31 December 2026, payable in sterling on 29 September 2026. 18. Ultimate parent company In the opinion of the Directors on the basis of shareholdings reviewed by them, the Company has no immediate or ultimatecontrolling party. 19. Half yearly report This Half Yearly Report was approved by the Board and authorised for issue on 25 September 2026. * Neither the Company's website nor the content of any website accessible from hyperlinks on it (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement. By order of the Board ABERDEEN CORPORATE SECRETARY LIMITED 25 September 2026 General Information Glossary of Terms and Definitions and Alternative Performance Measures Aberdeen Aberdeen Group plc (previously known as abrdn plc). Aberdeen Group the Aberdeen Group plc group of companies. AIC Association of Investment Companies. AIFMD The Alternative Investment Fund Managers Directive. AIFM the alternative investment fund manager, being aFML. AlternativePerformance Measures Alternative performance measures are numerical measures of the Company's current, historical or future performance, financial position or cash flows, other than financial measures defined or specified in the applicable financial framework. The alternative performance measures that have been adopted by the Company are in line with general comparable measures used widely across the investment trust industry such as the level of discount/premium, NAV/Share price total return and ongoing charges which are each explained more fully below. The Company's applicable financial framework includes IFRS and UK GAAP. Annual Rental Income Rental income passing at the Balance Sheet date aFML or AIFM or the Manager abrdn Fund Managers Limited aIIL or the Investment Manager abrdnInvestmentsIrelandLimitedisawhollyownedsubsidiaryofAberdeenGroupplcand acts as the Company's investment manager. Asset Cover The value of a company's net assets available to repay a certain security. Asset cover is usually expressed as a multiple and calculated by dividing the net assets available by the amount required to repay the specific security. B Shares and Capital Gains Tax For the purposes of United Kingdom taxation of capital gains and corporation tax on chargeable gains ("Capital Gains Tax"), the issue of B Shares constitutes a reorganisation of the share capital of the Company. Accordingly, the B Shares are treated as the same asset as a shareholder's holding of existing Ordinary shares, and as having been acquired at the same time as a shareholder's holding of existing Ordinary shares. A shareholder's combined holding of Ordinary shares and B shares has the same aggregate base cost as the
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shareholder's holding of Ordinary shares immediately before the issue of B shares. The aggregate base cost should be apportioned between B shares and the Ordinary shares held by a Shareholder by reference to the market values of the Ordinary shares and the B shares on the first day of trading after the issue of B shares. The information above does not constitute tax advice and is intended only as a guide to United Kingdom law and HMRC published practice (which are both subject to change at any time, possibly with retrospective effect). It relates only to certain limited aspects of the United Kingdom taxation treatment of shareholders and is intended to apply only to shareholders who are resident in the United Kingdom for United Kingdom tax purposes and who are, and were the absolute beneficial owners of their Ordinary shares and B Shares and who hold, or held, them as investments (and not as securities to be realised in the course of a trade) other than under an ISA. The information above may not apply to certain shareholders, such as, but not limited to, dealers in securities, insurance companies, collective investment schemes and shareholders who are exempt from taxation. The position may be different for future transactions. Shareholders who are in any doubt as to their tax position or who are subject to tax in a jurisdiction other than the United Kingdom should consult an appropriate professional adviser. A breakdown of the assessment of the market values of the B Shares on their issue dates is available for download in the 'Literature' section of the Company's website www.eurologisticsincome.co.uk. ContractedRent The contracted gross rent receivable which becomes payable after all the occupier incentives in the letting have expired. CovenantStrength This refers to the quality of a tenant's financial status and its ability to perform the covenants in a lease. Discount to Net asset value per share1 The amount by which the market price per share of an investment trust is lower than the net asset value per share. The discount is normally expressed as a percentage of the NAV per share: As at As at 30 June 2026 31 December 2025 Share price (A) 18.3p 26.6p NAV (B) 22.5p 29.3p Discount (A-B)/B (18.6%) (9.2%) Earnings Per Share Profit for the year attributable to shareholders divided by the weighted average number of shares in issue during the year. EPRA European Public Real Estate Association. Europe The member states of the European Union, the European Economic Area ("EEA") and the members of the European Free Trade Association ("EFTA") (and including always the United Kingdom, whether or not it is a member state of the European Union, the EEA or a member of EFTA). ERV The estimated rental value of a property, provided by the property valuers. Gearing / Loan to Value (LTV)1 Calculated as gross external bank borrowings divided by total assets: As at As at 30 June 2026 31 December 2025 Bank loans ('€000) 23,928 58,228 Gross assets ('€000) 137,431 211,086 Gearing 17.4% 27.6% Group The Company and its subsidiaries. Adjusted gross assets and gross asset value (GAV) TheaggregatevalueofthetotalassetsoftheCompanyasdeterminedinaccordancewith the accounting principles adopted by the Company from time to time: As at As at 30 June 2026 31 December 2025 Gross asset value per Balance Sheet 161,561 235,433 Exclude IFRS 16 right of use asset (24,130) (24,347) Gross assets 137,431 211,086
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FRC Financial Reporting Council. IFRS International Financial Reporting Standards. InvestmentManager abrdn Investments Ireland Limited. Key Information Document or KID The Packaged Retail and Insurance-based Investment Products (PRIIPS) Regulation requires the Investment Manager, as the Company's PRIIP "manufacturer," to prepare a key information document ("KID") in respect of the Company. This KID must be made available by the AIFM to retail investors prior to them making any investment decision and is available via the Company's website. The Company is not responsible for the information contained in the KID and investors should note that the procedures for calculating the risks, costs and potential returns are prescribed by law. The figures in the KID may not reflect the expected returns for the Company and anticipated performance returns cannot be guaranteed. Leverage For the purposes of the Alternative Investment Fund Managers Directive, leverage is any method which increases the Company's exposure, including the borrowing of cash and the use of derivatives. It is expressed as a ratio between the Company's exposure and its net asset value and can be calculated on a gross and a commitment method. Under the gross method, exposure represents the sum of the Company's positions after the deduction of sterling cash balances, without taking into account any hedging and netting arrangements. Under the commitment method, exposure is calculated without the deduction of sterling cash balances and after certain hedging and netting positions are offset against each other. At period end actual level of leverage was 39.1% (31 December 2025: 112.2%). Liquidation net asset value1 Following the announcement of the managed wind-down, the Company also prepares a Net asset value on a liquidation basis that includes deduction of costs associated with liquidation of the properties and companies: Period ended Year ended 30 June 2026 31 December 2025 €'000 €'000 Net asset value 107,468 138,260 Provision for liquidation costs (2,284) (4,308) Deferred tax impact - 372 Liquidation NAV 105,184 134,324 Provision for liquidation costs for 2026 includes approximately €0.9m of costs associated with disposal of properties, €1m for end-of-life insurance and €0.4m for costs of liquidation of the companies. Liquidation net asset value per share1 Period ended Year ended 30 June 2026 31 December 2025 Liquidation NAV (€'000) 105,184 134,324 Number of Ordinary shares 412,174,356 412,174,356 Liquidation NAV per Ordinary share 25.5¢ 32.6¢ Net asset value total return (EUR) 1 The return to shareholders, expressed as a percentage of opening NAV, calculated on a per share basis by adding dividends paid in the year to the increase or decrease in NAV. Dividends are assumed to have been reinvested in the quarter they are paid, excluding transaction costs: Period ended Year ended 30 June 2026 31 December 2025 Opening NAV 33.5¢ 90.8¢ B Share distribution (4.6¢) (45.1¢) Movement in NAV (2.8¢) (12.2¢) Closing NAV 26.1¢ 33.5¢ % decrease in NAV (8.4%) (13.4%) Impact of reinvested dividend distributions 6.8% 6.0% NAV total return (1.6%) (11.2%) Net asset value total return is not equal to the sum of percentage decrease in NAV and impact of reinvested dividends due to the B Share distribution during the period.
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Net Asset Value or NAV The value of total assets less liabilities. Liabilities for this purpose include current and long-term liabilities. The net asset value divided by the number of shares in issue produces the net asset value per share. Ongoing Charges Ratio1 Ratio of expenses as a percentage of average daily shareholders' funds calculated as per the industry standard. Passing Rent The rent payable at a particular point in time. PIDD The pre-investment disclosure document made available by the AIFM in relation to the Company. Premium to Net asset value per share1 The amount by which the market price per share of an investment trust exceeds the net asset value per share. The premium is normally expressed as a percentage of the net asset value per share. Prior charges The name given to all borrowings including long and short-term loans and overdrafts that are to be used for investment purposes, reciprocal foreign currency loans, currency facilities to the extent that they are drawn down, index-linked securities, and all types of preference or preferred capital, irrespective of the time until repayment. Portfolio valuation The market value of the company's property portfolio, which is based on the external valuations provided by Savills. The Royal Institution of Chartered Surveyors (RICS) The global professional body promoting and enforcing the highest international standards in the valuation, management and development of land, real estate, construction and infrastructure. Share price total return (GBP) 1 The return to shareholders, expressed as a percentage of opening share price, calculated on a per share basis by adding dividends paid in the year to the increase or decrease in share price. Dividends are assumed to have been reinvested in the quarter they are paid, excluding transaction costs. Period ended Year ended 30 June 2026 31 December 2025 Opening Share Price 26.6p 58.8p B Share distribution (4.0p) (39.0p) Movement in share price (4.3p) 6.8p Closing share price 18.3p 26.6p % (decrease)/increase in share price (16.2%) 11.6% Impact of reinvested dividend distributions 7.4% 7.4% Share price total return (8.8%) 24.2% Share price total return is not equal to the sum of percentage increase in share price and impact of reinvested dividends due B Share distribution during the year. SPA Sale and purchase agreement. SPV Special purpose vehicle. Total Assets Total assets less current liabilities (before deducting prior charges as defined above). WAULT Weighted Average Unexpired Lease Term. The average time remaining until the next lease expiry or break date. 1Defined as an Alternative Performance Measure. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information
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