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An Xlagent agent emails a portfolio manager a drafted quarterly report with the supporting files attached.
Q3 quarterly reporting — status update
X
Xlagent <agent@xlagent.ai>
To: John Doe
Q3 quarterly report.pptx
2.4 MB
Q3 portfolio data.xlsx
128 KB
Hi John,
Here's the status update on the Q3 reporting preparation.
I received updates from all but one of the investment teams.
Attached the first draft of the report and supporting materials. I will send you a final version once I have received all the information.
Regards,
Xlagent
Complex work, handled end to end
Your agents take on the recurring, document-heavy work your team does manually today. They extract, validate, and cross-check, and deliver results your team can act on directly.
Xlagent turns portfolio documents into an investment memo, a financial model, and charts.
Geographic Footprint
Colors follow revenue mix legend
Revenue
€42M
Netherlands
52%Belgium
28%Germany
14%Other
6%Investment Highlights
Northwind Logistics — platform acquisition in Benelux industrial logistics, €185M equity cheque at 11.2x LTM EBITDA.
Market
- ▪€4.2B addressable regional freight market, growing 6% p.a.
- ▪Top-5 player in NL/BE with 9% share; route density advantage in core lanes
- ▪Fragmented competitive set — 200+ sub-scale operators support bolt-on pipeline
Business
- ▪Contracted revenue 78%; top-10 customers represent 41% of sales
- ▪Proprietary TMS rollout 68% complete; full network by Q3 2026
- ▪38 owned depots with 94% average utilization; greenfield optionality in DACH
Financial
- ▪EBITDA margin +610bps since 2019; capex normalized at 4% of sales
- ▪Working capital seasonality funded through existing RCF facility
- ▪Net leverage 2.1x at close; path to 1.5x by year three on FCF sweep
Risks & mitigants
- ▪Customer concentration mitigated by 3-year average contract tenor
- ▪Fuel exposure hedged 12 months forward; pass-through clauses in 71% of contracts
- ▪Driver shortage offset by in-house academy and 18% below-industry turnover
Revenue & EBITDA
Revenue
EBITDA
14% CAGR|Margin 17% → 21%
17.1%
17.8%
18.1%
18.8%
20.5%
21.4%
€M201920202021202220232024E
Revenue242731343842
EBITDA4.14.85.66.47.89
Source: VDD, management accounts · LTM through Sep 2025
Geographic Footprint
Colors follow revenue mix legend
Revenue
€42M
Netherlands
52%Belgium
28%Germany
14%Other
6%Investment Highlights
Northwind Logistics — platform acquisition in Benelux industrial logistics, €185M equity cheque at 11.2x LTM EBITDA.
Market
- ▪€4.2B addressable regional freight market, growing 6% p.a.
- ▪Top-5 player in NL/BE with 9% share; route density advantage in core lanes
- ▪Fragmented competitive set — 200+ sub-scale operators support bolt-on pipeline
Business
- ▪Contracted revenue 78%; top-10 customers represent 41% of sales
- ▪Proprietary TMS rollout 68% complete; full network by Q3 2026
- ▪38 owned depots with 94% average utilization; greenfield optionality in DACH
Financial
- ▪EBITDA margin +610bps since 2019; capex normalized at 4% of sales
- ▪Working capital seasonality funded through existing RCF facility
- ▪Net leverage 2.1x at close; path to 1.5x by year three on FCF sweep
Risks & mitigants
- ▪Customer concentration mitigated by 3-year average contract tenor
- ▪Fuel exposure hedged 12 months forward; pass-through clauses in 71% of contracts
- ▪Driver shortage offset by in-house academy and 18% below-industry turnover
Revenue & EBITDA
Revenue
EBITDA
14% CAGR|Margin 17% → 21%
17.1%
17.8%
18.1%
18.8%
20.5%
21.4%
€M201920202021202220232024E
Revenue242731343842
EBITDA4.14.85.66.47.89
Source: VDD, management accounts · LTM through Sep 2025
Geographic Footprint
Colors follow revenue mix legend
Revenue
€42M
Netherlands
52%Belgium
28%Germany
14%Other
6%Investment Highlights
Northwind Logistics — platform acquisition in Benelux industrial logistics, €185M equity cheque at 11.2x LTM EBITDA.
Market
- ▪€4.2B addressable regional freight market, growing 6% p.a.
- ▪Top-5 player in NL/BE with 9% share; route density advantage in core lanes
- ▪Fragmented competitive set — 200+ sub-scale operators support bolt-on pipeline
Business
- ▪Contracted revenue 78%; top-10 customers represent 41% of sales
- ▪Proprietary TMS rollout 68% complete; full network by Q3 2026
- ▪38 owned depots with 94% average utilization; greenfield optionality in DACH
Financial
- ▪EBITDA margin +610bps since 2019; capex normalized at 4% of sales
- ▪Working capital seasonality funded through existing RCF facility
- ▪Net leverage 2.1x at close; path to 1.5x by year three on FCF sweep
Risks & mitigants
- ▪Customer concentration mitigated by 3-year average contract tenor
- ▪Fuel exposure hedged 12 months forward; pass-through clauses in 71% of contracts
- ▪Driver shortage offset by in-house academy and 18% below-industry turnover
Revenue & EBITDA
Revenue
EBITDA
14% CAGR|Margin 17% → 21%
17.1%
17.8%
18.1%
18.8%
20.5%
21.4%
€M201920202021202220232024E
Revenue242731343842
EBITDA4.14.85.66.47.89
Source: VDD, management accounts · LTM through Sep 2025
fx=SUM(C18:H18)+I20
| A | B | C | D | E | F | G | H | I | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Unlevered DCF — Northwind Logistics | ||||||||
| 2 | 2025E | 2026E | 2027E | 2028E | 2029E | 2030E | Terminal | Notes | |
| 3 | Valuation assumptions | ||||||||
| 4 | WACC | 9.5% | 9.5% | 9.5% | 9.5% | 9.5% | 9.5% | 9.5% | BETA 1.15 |
| 5 | Terminal growth | — | — | — | — | — | — | 2.5% | Gordon |
| 6 | Tax rate | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | |
| 7 | Exit EBITDA multiple | — | — | — | — | — | 12.0x | 12.0x | FY30E |
| 8 | Operating forecast (€M) | ||||||||
| 9 | Revenue | 45.2 | 49.8 | 54.1 | 58.6 | 63.0 | 67.4 | 69.1 | |
| 10 | Growth % | — | 10.2% | 8.6% | 8.3% | 7.5% | 7.0% | 2.5% | |
| 11 | EBITDA | 10.1 | 11.4 | 12.6 | 13.8 | 14.9 | 16.1 | 16.5 | |
| 12 | Margin | 22.3% | 22.9% | 23.3% | 23.5% | 23.7% | 23.9% | 23.9% | |
| 13 | D&A | (1.6) | (1.7) | (1.8) | (1.9) | (2.0) | (2.1) | (2.1) | |
| 14 | EBIT | 8.5 | 9.7 | 10.8 | 11.9 | 12.9 | 14.0 | 14.4 | |
| 15 | Taxes | (2.1) | (2.4) | (2.7) | (3.0) | (3.2) | (3.5) | (3.6) | |
| 16 | NOPAT | 6.4 | 7.3 | 8.1 | 8.9 | 9.7 | 10.5 | 10.8 | |
| 17 | Free cash flow bridge | ||||||||
| 18 | (+) D&A | 1.6 | 1.7 | 1.8 | 1.9 | 2.0 | 2.1 | 2.1 | |
| 19 | (-) Capex | (1.8) | (2.0) | (2.1) | (2.2) | (2.3) | (2.4) | (2.4) | |
| 20 | (-) Δ NWC | (0.6) | (0.7) | (0.5) | (0.6) | (0.5) | (0.4) | (0.2) | |
| 21 | Unlevered FCF | 5.6 | 6.3 | 7.3 | 8.0 | 8.9 | 9.8 | 10.3 | |
| 22 | Discounting | ||||||||
| 23 | Discount period | 0.5 | 1.5 | 2.5 | 3.5 | 4.5 | 5.5 | 5.5 | Mid-year |
| 24 | Discount factor | 0.957 | 0.874 | 0.798 | 0.729 | 0.666 | 0.609 | 0.609 | |
| 25 | PV of FCF | 5.4 | 5.5 | 5.8 | 5.8 | 5.9 | 6.0 | 6.3 | |
| 26 | Terminal value | ||||||||
| 27 | Terminal EBITDA | — | — | — | — | — | 16.1 | 16.5 | |
| 28 | Exit multiple | — | — | — | — | — | 12.0x | 12.0x | |
| 29 | Terminal value | — | — | — | — | — | 193.2 | 198.0 | |
| 30 | PV of terminal value | — | — | — | — | — | — | 120.5 | |
| 31 | Valuation output | ||||||||
| 32 | Enterprise value | 155.4 | €M | ||||||
| 33 | Less: net debt | (57.5) | |||||||
| 34 | Plus: cash | 4.2 | |||||||
| 35 | Equity value | 102.1 | €M | ||||||
| 36 | vs. offer price | €101M | +1% | ||||||
DCFTenancy
fx=SUMIF(N:N,"Occupied",E:E)/SUM(D:D)*1000
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tenancy schedule — Northwind Logistics portfolio (38 depots) | |||||||||||||
| 2 | Unit | Tenant | Type | GLA | Rent p.a. | €/sqm | Start | Break | Expiry | Term | Review | ERV | Rev % | Status |
| 3 | NL-01-A | FreshMart BV | Cold store | 4,820 | 482 | 100 | Jan-19 | Mar-26 | Mar-28 | 2.4 | CPI+1% | 108 | +8% | Occupied |
| 4 | NL-01-B | AgriCo International | Dry warehouse | 6,150 | 492 | 80 | Jun-20 | — | Jun-30 | 4.7 | Fixed 2.5% | 88 | +10% | Occupied |
| 5 | NL-02-A | Benelux Pharma | Cross-dock | 3,400 | 374 | 110 | Sep-18 | Sep-25 | Sep-25 | 0.0 | Open market | 118 | +14% | Break due |
| 6 | NL-03-A | Vacant | Dry warehouse | 2,900 | — | — | — | — | — | — | — | 82 | — | Vacant |
| 7 | NL subtotal | 17,270 | 1,348 | 78 | 3.8 WALT | +9% | ||||||||
| 8 | BE-01-A | EuroFoods SA | Cold store | 5,600 | 616 | 110 | Apr-21 | — | Apr-31 | 5.5 | CPI+1.5% | 121 | +10% | Occupied |
| 9 | BE-01-B | LogiParts NV | Mezzanine | 1,850 | 148 | 80 | Feb-22 | Aug-26 | Feb-27 | 1.4 | Fixed 2% | 86 | +5% | Occupied |
| 10 | BE-02-A | ChemTrans GmbH | Hazmat bay | 2,200 | 286 | 130 | Nov-19 | Nov-25 | Nov-25 | 0.2 | Open market | 142 | +11% | Renewal |
| 11 | BE-03-A | Metro Retail DC | Cross-dock | 4,100 | 451 | 110 | Jul-17 | — | Jul-27 | 1.8 | CPI+1% | 115 | +6% | Occupied |
| 12 | BE subtotal | 13,750 | 1,501 | 109 | 4.2 WALT | +8% | ||||||||
| 13 | DE-01-A | Rhein Spedition | Dry warehouse | 8,400 | 756 | 90 | Mar-20 | — | Mar-30 | 4.5 | Fixed 2.5% | 96 | +7% | Occupied |
| 14 | DE-02-A | AutoParts AG | Cross-dock | 3,750 | 338 | 90 | Jan-21 | Jan-26 | Jan-31 | 5.3 | CPI+1% | 94 | +4% | Occupied |
| 15 | DE-03-A | Vacant (spec) | Cold store | 4,200 | — | — | — | — | — | — | — | 112 | — | Vacant |
| 16 | DE-04-A | FreshChain GmbH | Cold store | 6,100 | 671 | 110 | May-19 | May-25 | May-25 | 0.1 | Open market | 118 | +12% | Break due |
| 17 | DE subtotal | 22,450 | 1,765 | 99 | 4.6 WALT | +7% | ||||||||
| 18 | Portfolio total | 34 tenants | 312,480 | 28,640 | 92 | 4.1 WALT | €29.1M ERV | +9% | 94% occ. | |||||
| 19 | Reversion upside | 2,470 | +8.6% | Under-rented | ||||||||||
| 20 | Break / expiry ≤12m | 18,450 | 1,892 | 6.6% GLA | Monitor | |||||||||
DCFTenancy
fx=SUM(C18:H18)+I20
| A | B | C | D | E | F | G | H | I | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Unlevered DCF — Northwind Logistics | ||||||||
| 2 | 2025E | 2026E | 2027E | 2028E | 2029E | 2030E | Terminal | Notes | |
| 3 | Valuation assumptions | ||||||||
| 4 | WACC | 9.5% | 9.5% | 9.5% | 9.5% | 9.5% | 9.5% | 9.5% | BETA 1.15 |
| 5 | Terminal growth | — | — | — | — | — | — | 2.5% | Gordon |
| 6 | Tax rate | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | |
| 7 | Exit EBITDA multiple | — | — | — | — | — | 12.0x | 12.0x | FY30E |
| 8 | Operating forecast (€M) | ||||||||
| 9 | Revenue | 45.2 | 49.8 | 54.1 | 58.6 | 63.0 | 67.4 | 69.1 | |
| 10 | Growth % | — | 10.2% | 8.6% | 8.3% | 7.5% | 7.0% | 2.5% | |
| 11 | EBITDA | 10.1 | 11.4 | 12.6 | 13.8 | 14.9 | 16.1 | 16.5 | |
| 12 | Margin | 22.3% | 22.9% | 23.3% | 23.5% | 23.7% | 23.9% | 23.9% | |
| 13 | D&A | (1.6) | (1.7) | (1.8) | (1.9) | (2.0) | (2.1) | (2.1) | |
| 14 | EBIT | 8.5 | 9.7 | 10.8 | 11.9 | 12.9 | 14.0 | 14.4 | |
| 15 | Taxes | (2.1) | (2.4) | (2.7) | (3.0) | (3.2) | (3.5) | (3.6) | |
| 16 | NOPAT | 6.4 | 7.3 | 8.1 | 8.9 | 9.7 | 10.5 | 10.8 | |
| 17 | Free cash flow bridge | ||||||||
| 18 | (+) D&A | 1.6 | 1.7 | 1.8 | 1.9 | 2.0 | 2.1 | 2.1 | |
| 19 | (-) Capex | (1.8) | (2.0) | (2.1) | (2.2) | (2.3) | (2.4) | (2.4) | |
| 20 | (-) Δ NWC | (0.6) | (0.7) | (0.5) | (0.6) | (0.5) | (0.4) | (0.2) | |
| 21 | Unlevered FCF | 5.6 | 6.3 | 7.3 | 8.0 | 8.9 | 9.8 | 10.3 | |
| 22 | Discounting | ||||||||
| 23 | Discount period | 0.5 | 1.5 | 2.5 | 3.5 | 4.5 | 5.5 | 5.5 | Mid-year |
| 24 | Discount factor | 0.957 | 0.874 | 0.798 | 0.729 | 0.666 | 0.609 | 0.609 | |
| 25 | PV of FCF | 5.4 | 5.5 | 5.8 | 5.8 | 5.9 | 6.0 | 6.3 | |
| 26 | Terminal value | ||||||||
| 27 | Terminal EBITDA | — | — | — | — | — | 16.1 | 16.5 | |
| 28 | Exit multiple | — | — | — | — | — | 12.0x | 12.0x | |
| 29 | Terminal value | — | — | — | — | — | 193.2 | 198.0 | |
| 30 | PV of terminal value | — | — | — | — | — | — | 120.5 | |
| 31 | Valuation output | ||||||||
| 32 | Enterprise value | 155.4 | €M | ||||||
| 33 | Less: net debt | (57.5) | |||||||
| 34 | Plus: cash | 4.2 | |||||||
| 35 | Equity value | 102.1 | €M | ||||||
| 36 | vs. offer price | €101M | +1% | ||||||
DCFTenancy
fx=SUMIF(N:N,"Occupied",E:E)/SUM(D:D)*1000
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tenancy schedule — Northwind Logistics portfolio (38 depots) | |||||||||||||
| 2 | Unit | Tenant | Type | GLA | Rent p.a. | €/sqm | Start | Break | Expiry | Term | Review | ERV | Rev % | Status |
| 3 | NL-01-A | FreshMart BV | Cold store | 4,820 | 482 | 100 | Jan-19 | Mar-26 | Mar-28 | 2.4 | CPI+1% | 108 | +8% | Occupied |
| 4 | NL-01-B | AgriCo International | Dry warehouse | 6,150 | 492 | 80 | Jun-20 | — | Jun-30 | 4.7 | Fixed 2.5% | 88 | +10% | Occupied |
| 5 | NL-02-A | Benelux Pharma | Cross-dock | 3,400 | 374 | 110 | Sep-18 | Sep-25 | Sep-25 | 0.0 | Open market | 118 | +14% | Break due |
| 6 | NL-03-A | Vacant | Dry warehouse | 2,900 | — | — | — | — | — | — | — | 82 | — | Vacant |
| 7 | NL subtotal | 17,270 | 1,348 | 78 | 3.8 WALT | +9% | ||||||||
| 8 | BE-01-A | EuroFoods SA | Cold store | 5,600 | 616 | 110 | Apr-21 | — | Apr-31 | 5.5 | CPI+1.5% | 121 | +10% | Occupied |
| 9 | BE-01-B | LogiParts NV | Mezzanine | 1,850 | 148 | 80 | Feb-22 | Aug-26 | Feb-27 | 1.4 | Fixed 2% | 86 | +5% | Occupied |
| 10 | BE-02-A | ChemTrans GmbH | Hazmat bay | 2,200 | 286 | 130 | Nov-19 | Nov-25 | Nov-25 | 0.2 | Open market | 142 | +11% | Renewal |
| 11 | BE-03-A | Metro Retail DC | Cross-dock | 4,100 | 451 | 110 | Jul-17 | — | Jul-27 | 1.8 | CPI+1% | 115 | +6% | Occupied |
| 12 | BE subtotal | 13,750 | 1,501 | 109 | 4.2 WALT | +8% | ||||||||
| 13 | DE-01-A | Rhein Spedition | Dry warehouse | 8,400 | 756 | 90 | Mar-20 | — | Mar-30 | 4.5 | Fixed 2.5% | 96 | +7% | Occupied |
| 14 | DE-02-A | AutoParts AG | Cross-dock | 3,750 | 338 | 90 | Jan-21 | Jan-26 | Jan-31 | 5.3 | CPI+1% | 94 | +4% | Occupied |
| 15 | DE-03-A | Vacant (spec) | Cold store | 4,200 | — | — | — | — | — | — | — | 112 | — | Vacant |
| 16 | DE-04-A | FreshChain GmbH | Cold store | 6,100 | 671 | 110 | May-19 | May-25 | May-25 | 0.1 | Open market | 118 | +12% | Break due |
| 17 | DE subtotal | 22,450 | 1,765 | 99 | 4.6 WALT | +7% | ||||||||
| 18 | Portfolio total | 34 tenants | 312,480 | 28,640 | 92 | 4.1 WALT | €29.1M ERV | +9% | 94% occ. | |||||
| 19 | Reversion upside | 2,470 | +8.6% | Under-rented | ||||||||||
| 20 | Break / expiry ≤12m | 18,450 | 1,892 | 6.6% GLA | Monitor | |||||||||
DCFTenancy
fx=SUM(C18:H18)+I20
| A | B | C | D | E | F | G | H | I | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Unlevered DCF — Northwind Logistics | ||||||||
| 2 | 2025E | 2026E | 2027E | 2028E | 2029E | 2030E | Terminal | Notes | |
| 3 | Valuation assumptions | ||||||||
| 4 | WACC | 9.5% | 9.5% | 9.5% | 9.5% | 9.5% | 9.5% | 9.5% | BETA 1.15 |
| 5 | Terminal growth | — | — | — | — | — | — | 2.5% | Gordon |
| 6 | Tax rate | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | |
| 7 | Exit EBITDA multiple | — | — | — | — | — | 12.0x | 12.0x | FY30E |
| 8 | Operating forecast (€M) | ||||||||
| 9 | Revenue | 45.2 | 49.8 | 54.1 | 58.6 | 63.0 | 67.4 | 69.1 | |
| 10 | Growth % | — | 10.2% | 8.6% | 8.3% | 7.5% | 7.0% | 2.5% | |
| 11 | EBITDA | 10.1 | 11.4 | 12.6 | 13.8 | 14.9 | 16.1 | 16.5 | |
| 12 | Margin | 22.3% | 22.9% | 23.3% | 23.5% | 23.7% | 23.9% | 23.9% | |
| 13 | D&A | (1.6) | (1.7) | (1.8) | (1.9) | (2.0) | (2.1) | (2.1) | |
| 14 | EBIT | 8.5 | 9.7 | 10.8 | 11.9 | 12.9 | 14.0 | 14.4 | |
| 15 | Taxes | (2.1) | (2.4) | (2.7) | (3.0) | (3.2) | (3.5) | (3.6) | |
| 16 | NOPAT | 6.4 | 7.3 | 8.1 | 8.9 | 9.7 | 10.5 | 10.8 | |
| 17 | Free cash flow bridge | ||||||||
| 18 | (+) D&A | 1.6 | 1.7 | 1.8 | 1.9 | 2.0 | 2.1 | 2.1 | |
| 19 | (-) Capex | (1.8) | (2.0) | (2.1) | (2.2) | (2.3) | (2.4) | (2.4) | |
| 20 | (-) Δ NWC | (0.6) | (0.7) | (0.5) | (0.6) | (0.5) | (0.4) | (0.2) | |
| 21 | Unlevered FCF | 5.6 | 6.3 | 7.3 | 8.0 | 8.9 | 9.8 | 10.3 | |
| 22 | Discounting | ||||||||
| 23 | Discount period | 0.5 | 1.5 | 2.5 | 3.5 | 4.5 | 5.5 | 5.5 | Mid-year |
| 24 | Discount factor | 0.957 | 0.874 | 0.798 | 0.729 | 0.666 | 0.609 | 0.609 | |
| 25 | PV of FCF | 5.4 | 5.5 | 5.8 | 5.8 | 5.9 | 6.0 | 6.3 | |
| 26 | Terminal value | ||||||||
| 27 | Terminal EBITDA | — | — | — | — | — | 16.1 | 16.5 | |
| 28 | Exit multiple | — | — | — | — | — | 12.0x | 12.0x | |
| 29 | Terminal value | — | — | — | — | — | 193.2 | 198.0 | |
| 30 | PV of terminal value | — | — | — | — | — | — | 120.5 | |
| 31 | Valuation output | ||||||||
| 32 | Enterprise value | 155.4 | €M | ||||||
| 33 | Less: net debt | (57.5) | |||||||
| 34 | Plus: cash | 4.2 | |||||||
| 35 | Equity value | 102.1 | €M | ||||||
| 36 | vs. offer price | €101M | +1% | ||||||
DCFTenancy
fx=SUMIF(N:N,"Occupied",E:E)/SUM(D:D)*1000
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tenancy schedule — Northwind Logistics portfolio (38 depots) | |||||||||||||
| 2 | Unit | Tenant | Type | GLA | Rent p.a. | €/sqm | Start | Break | Expiry | Term | Review | ERV | Rev % | Status |
| 3 | NL-01-A | FreshMart BV | Cold store | 4,820 | 482 | 100 | Jan-19 | Mar-26 | Mar-28 | 2.4 | CPI+1% | 108 | +8% | Occupied |
| 4 | NL-01-B | AgriCo International | Dry warehouse | 6,150 | 492 | 80 | Jun-20 | — | Jun-30 | 4.7 | Fixed 2.5% | 88 | +10% | Occupied |
| 5 | NL-02-A | Benelux Pharma | Cross-dock | 3,400 | 374 | 110 | Sep-18 | Sep-25 | Sep-25 | 0.0 | Open market | 118 | +14% | Break due |
| 6 | NL-03-A | Vacant | Dry warehouse | 2,900 | — | — | — | — | — | — | — | 82 | — | Vacant |
| 7 | NL subtotal | 17,270 | 1,348 | 78 | 3.8 WALT | +9% | ||||||||
| 8 | BE-01-A | EuroFoods SA | Cold store | 5,600 | 616 | 110 | Apr-21 | — | Apr-31 | 5.5 | CPI+1.5% | 121 | +10% | Occupied |
| 9 | BE-01-B | LogiParts NV | Mezzanine | 1,850 | 148 | 80 | Feb-22 | Aug-26 | Feb-27 | 1.4 | Fixed 2% | 86 | +5% | Occupied |
| 10 | BE-02-A | ChemTrans GmbH | Hazmat bay | 2,200 | 286 | 130 | Nov-19 | Nov-25 | Nov-25 | 0.2 | Open market | 142 | +11% | Renewal |
| 11 | BE-03-A | Metro Retail DC | Cross-dock | 4,100 | 451 | 110 | Jul-17 | — | Jul-27 | 1.8 | CPI+1% | 115 | +6% | Occupied |
| 12 | BE subtotal | 13,750 | 1,501 | 109 | 4.2 WALT | +8% | ||||||||
| 13 | DE-01-A | Rhein Spedition | Dry warehouse | 8,400 | 756 | 90 | Mar-20 | — | Mar-30 | 4.5 | Fixed 2.5% | 96 | +7% | Occupied |
| 14 | DE-02-A | AutoParts AG | Cross-dock | 3,750 | 338 | 90 | Jan-21 | Jan-26 | Jan-31 | 5.3 | CPI+1% | 94 | +4% | Occupied |
| 15 | DE-03-A | Vacant (spec) | Cold store | 4,200 | — | — | — | — | — | — | — | 112 | — | Vacant |
| 16 | DE-04-A | FreshChain GmbH | Cold store | 6,100 | 671 | 110 | May-19 | May-25 | May-25 | 0.1 | Open market | 118 | +12% | Break due |
| 17 | DE subtotal | 22,450 | 1,765 | 99 | 4.6 WALT | +7% | ||||||||
| 18 | Portfolio total | 34 tenants | 312,480 | 28,640 | 92 | 4.1 WALT | €29.1M ERV | +9% | 94% occ. | |||||
| 19 | Reversion upside | 2,470 | +8.6% | Under-rented | ||||||||||
| 20 | Break / expiry ≤12m | 18,450 | 1,892 | 6.6% GLA | Monitor | |||||||||
DCFTenancy
Embedded in your processes
Agents integrated into your core processes, working with your validation rules, your reporting formats, and your company data. Built to fit how your firm operates from day one.
Xlagent connected to a firm's existing data sources and tools.
Teams
Delegate and interact in Microsoft Teams with your agents and company data.
You stay in control
Every output is traceable to its source. Your team reviews, corrects, and approves with full visibility into what the agent did and why.
Every figure in Xlagent's output is traced back to its source document for review and approval.
Investment committee memo
The sponsor equity cheque is €185M with management rolling 15% (€12M co-invest). Gross margin expanded to 41.2% while capex normalized at 4.1% of sales.
Contracted revenue represents 78% of sales with average customer tenure of 3.2 years. The platform operates 38 owned depots across Benelux and DACH, with proprietary TMS rollout 68% complete across the network.
Management expects bolt-on acquisitions to add €8–12M of run-rate EBITDA by year three at an average entry multiple of 8.5x. Working capital seasonality is funded through the existing RCF facility, with fuel exposure hedged 12 months forward.
Investment committee memo
The sponsor equity cheque is €185M with management rolling 15% (€12M co-invest). Gross margin expanded to 41.2% while capex normalized at 4.1% of sales.
Contracted revenue represents 78% of sales with average customer tenure of 3.2 years. The platform operates 38 owned depots across Benelux and DACH, with proprietary TMS rollout 68% complete across the network.
Management expects bolt-on acquisitions to add €8–12M of run-rate EBITDA by year three at an average entry multiple of 8.5x. Working capital seasonality is funded through the existing RCF facility, with fuel exposure hedged 12 months forward.
Investment committee memo
The sponsor equity cheque is €185M with management rolling 15% (€12M co-invest). Gross margin expanded to 41.2% while capex normalized at 4.1% of sales.
Contracted revenue represents 78% of sales with average customer tenure of 3.2 years. The platform operates 38 owned depots across Benelux and DACH, with proprietary TMS rollout 68% complete across the network.
Management expects bolt-on acquisitions to add €8–12M of run-rate EBITDA by year three at an average entry multiple of 8.5x. Working capital seasonality is funded through the existing RCF facility, with fuel exposure hedged 12 months forward.
Inconsistency detected
Current value€185M
Suggested value€172M
Illustrative use cases
Due diligence & data room analysis
Turn folders of documents into structured findings, flagged risks, and open questions, so your team spends time on judgment, not extraction.
Investment memo & IC preparation
Synthesise data room materials, financials, and management presentations into a structured IC memo or investment proposal, with every claim traceable to its source document.
ESG assessment & monitoring
Work through questionnaires, ratings, incident registers, and improvement plans at acquisition and throughout the hold period, with full audit trails for lenders and regulators.
Lease & contract analysis
Abstract key terms, critical dates, obligations, and risks across large document populations, lease packs, supply contracts, concession agreements, and flag what needs attention before it becomes a problem.
Debt facility & covenant monitoring
Extract structure and terms from financing documents at closing, then continuously track maintenance tests, headroom, and reporting obligations, surfacing issues before they become breaches.
Portfolio monitoring
Maintain a structured view of obligations, risks, and open actions across assets, so nothing slips between reporting cycles and your team always works from a single, current picture.
Quarterly investor & fund reporting
Pull KPIs, financials, and portfolio updates from source documents and draft LP reports, board packs, and regulatory submissions on your reporting cycle, without the manual assembly.
Regulatory & compliance workflows
Run KYC onboarding checks, AIFMD disclosures, SFDR reporting, and other document-driven obligations consistently and completely, with traceable outputs ready for audit.
Your Core Workflows Automated
Explore use casesDeal screening
More signal, less noise. Key metrics, risks, and red flags surfaced from every incoming deal before the process begins.
Due diligence
Deeper diligence, in less time. Every risk flagged, every finding structured. Your team focuses on judgment, not extraction.
Portfolio monitoring
Nothing slips. Every obligation, risk, and open action tracked across your portfolio, so your team always works from a single, current picture.
Reporting
Reporting that assembles itself. KPIs, financials, and updates pulled from source. LP reports, board packs, and submissions ready on cycle.
Why finance teams choose Xlagent
Unparalleled accuracy
Investment-grade precision powered by a platform built for the complexity of high-finance workflows. Where generic AI chatbots break down, Xlagent delivers.
Designed for scale
A context layer that constantly improves over time. Unlimited context across thousands of documents without hitting the walls that constrain other tools.
Agents you can trust
Full transparency and traceability in everything. Every action and decision completely explained, with lightning-fast verification.
White-glove partnership
A dedicated partnership led by ex-finance professionals who understand your workflows firsthand and work alongside you to provide impact from day one.
Move faster, with higher conviction
90% faster insights
Work that took days takes hours. Document-heavy workflows, automated end to end.
Tailored AI
Xlagent is built around how your team actually works.
Trust
Trust through verification and control. Every output traced to its source. Exceptions flagged before they reach your desk.
See Xlagent in action
Book a demo to discover how Xlagent helps your team move faster, with higher conviction.
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