Slide 1: H1 2025 results presentation
21 August 2025 H1 2025 results presentation
Slide 2: H1 2025 highlights, Outlook, Growth update
H1 2025 highlights Outlook Growth update ESG Portfolio update Appendix Market update 2
Slide 3: H1 2025 highlights
H1 2025 highlights MONTEA
Slide 4: H1 2025 – Growth ambitions on track
4 H1 2025 – Growth ambitions on track Results on track Advancing on growth Sound financial profile € 2.35 ▪€ 3bn 38.3% EPRA EPS (+6% YoY) portfolio (+€ 200m vs end 2024) Loan-to-value +3.7% ▪150,000 m² ▪7.5x LfL rental growth of new leases signed with a +6% rental uplift on average adj. Net debt/EBI
Slide 5: EPRA EPS up 6% YoY
EPRA EPS up 6% YoY H1 EPRA result of € 54.0m, an increase of 20% YoY EPRA EPS Net result € 2.35 € 77.5m Includes € 13.5m of +6% YoY positive property revaluation and € 7m of deferred tax assets +14% weighted avg. # of shares € 3.37 per share net result * The difference between € 13.5m property reval
Slide 6: Driven by strong rental growth and portfolio expansion
Driven by strong rental growth and portfolio expansion (K€) H1 2025 H1 2024 YoY Net rental income 67,819 54,955 +23% LfL rental growth Other real estate income & expenses 4,084 4,357 -6% LfL rental growth +3.7% of which +3.3% Total property result 71,903 59,331 +21% linked to rent indexation and +0.
Slide 7: Growth-enabling fundamentals
Growth-enabling fundamentals Investment grade credit rating BBB+ (Stable Outlook) affirmed by Fitch, recognising Montea’s disciplined balance sheet approach as well as its resilient and qualitative portfolio Long-term senior unsecured A- rating confirmed Loan-to-value Adj. Net Debt/EBITDA Interest c
Slide 8: Solid financial profile
Solid financial profile Over € 360m >6y (re)financed in H1 Long-term funding Cost of debt at € 290m € 71m new debt refinancing average remaining debt maturity at 6 years (vs 5.7 years at end 2024) 2.1% (-20bps vs end 2024) throughout end 2026 Hedge ratio Strong liquidity position 96% € 260m immediat
Slide 9: Prudent balance sheet
Prudent balance sheet Net debt/EBITDA and ICR Loan-to-value 9 9 8 8 7 7 6 6.7 5 6 6.2 8.4 6.4 6.4 4 5.5 7.9 7.5 6.7 50.0% 5 5.7 6.1 3 4.9 36.2% 38.9% 38.3% 35.7% 35.0% 33.7% 4.5 4.5 4.5 4.5 2 32.4% 4 1 3 0 2018 2019 2020 2021 2022 2023 2024 H1 2025 2018 2019 2020 2021 2022 2023 2024 H1 2025 (adjuste
Slide 10: Diversified, long-term funding
Diversified, long-term funding Financing sources Maturity (y) Well-spread maturities for CLs & bonds 7.0 275 6.0 225 5.0 175 4.0 125 3.0 6.0 5.9 75 2.0 1.0 25 53% 46% <1% 0.0 -25 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 CREDITLINES BONDS LEASING MATURITY FINANCING MATURITY HEDGING Creditlines
Slide 11: Growth update
Sel Growth update MONTEA
Slide 12: Track27 – Solid foundations for future growth
Track27 – Solid foundations for future growth Achieving € 1.2bn of investment volume through four pillars 1 2 3 4 Own Green Partnerships Acquisitions developments investments 12
Slide 13: An agile business model
An agile business model With value creation throughout different stages of the cycle € 187m investment volume realised through all growth pillars € 500 4% € 450 19% DIVERSE GROWTH AVENUES € 400 WITH ONE GOAL IN COMMON € 350 € 300 Ensuring long-term € 250 44% sustainable value € 200 creation while fo
Slide 14: Continuous focus on accretive investments
Continuous focus on accretive investments Total invested in H1: € 187m € 36m Acquisitions Developments & € 142m partnerships Solar panels € 9m & batteries At an average net yield of 6.7% 14
Slide 15: Accretive growth through strategic acquisitions
Accretive growth through strategic acquisitions Acquired in H1 at a 6.3% average net yield Acquired in August NEW NEW Blue Gate Antwerp (BE) Zaltbommel (NL) Zeewolde (NL) • 6,000 m² GLA warehouse + outdoor storage • 115,400 m² land acquisition • 36,000 m² GLA warehouse on a 55,600 m² land (66,400 m²
Slide 16: 111,000 m² of fully pre-let projects delivered in H1 2025
111,000 m² of fully pre-let projects delivered in H1 2025 Developed at a 7% average net yield Q2 Tiel (NL) Aalst (BE) Amsterdam (NL) • Development of Montea’s largest • Extension of a state-of-the-art distribution • Sustainable distribution centre on a multimodal distribution centre to date centre s
Slide 17: c. 150,000 m² of fully pre-let developments in the pipeline
c. 150,000 m² of fully pre-let developments in the pipeline JV with Weerts Oss (Liège, BE) (NL) c. 150,000 m² • 86,000 m² GLA (215,000 m² at • 17,000 m² GLA extension 100%) • Pre-let to Vos Logistics for of 100% pre-let • Pre-let to Skechers for 20 years 10 years developments • Construction started
Slide 18: On track towards a € 3.5bn portfolio
On track towards a € 3.5bn portfolio Track27 progress report Targeted investment volume over 75% 450 M€ 41 M€ € 907m of the € 1.2bn targeted 400 M€ growth is already invested, 400 M€ 350 M€ in execution or is under exclusive negotiation 300 M€ 300 M€ 250 M€ 250 M€ 250 M€ 200 M€ Invested 627 M€ 150 M
Slide 19: Earnings growth to continue
Earnings growth to continue Thanks to pipeline in execution… Acquisitions closed post 30 June € 31M CAPEX Projects under Solar panels & development battery energy hubs Invested 627 M€ In execution 107 M€ Under exclusive negotiation 173 M€ To go 293 M€ € 65M > 6,5% CAPEX Expected NIY € 11M ~ 8% CAPEX
Slide 20: Earnings growth to continue
Earnings growth to continue … and investments under exclusive negotiation Yielding Solar panels Non-yielding investments & BESS landbank € 76M CAPEX € 52M CAPEX € 45M LAND ACQUISITION CAPEX Invested 627 M€ In execution 107 M€ Under exclusive negotiation 173 M€ > 6,5% Expected NIY ~ 8% Expected IRR >
Slide 21: Development pipeline in execution
Development pipeline in execution Grey/Brown/ Estimated Invested Total capex of the Country Project name Landbank GLA To invest Green field delivery 30/06/2025 project Completed and ongoing Grey Aalst (Movianto) 14.000 m² 9.000 m² 8 M€ 0 M€ 8 M€ developments € 35m Green Amsterdam (Blond) 11.000 m² 7
Slide 22: Development pipeline
Development pipeline Grey/Brown/ Estimated Invested Total capex of the Country Green field Project name delivery Landbank GLA 30/06/2025 To invest project Pipeline developments Delivered in H1 2025 208.000 m² 111.000 m² 104 M€ 0 M€ 104 M€ In execution Green Tongeren III - rest 168.000 m² 66.000 m² 1
Slide 23: Pipeline c. 292,000 m² GLA in Belgium
Pipeline c. 292,000 m² GLA in Belgium Liège* 86,000 m² Zellik 14,000 m² Zellik Lummen Grimbergen Forest/Vorst Tongeren Halle Liège Halle 31,000 m² Grimbergen 30,000 m² Tongeren 99,000 m² Lummen 32,000 m² *40% JV share included 23
Slide 24: Pipeline c. 178,000 m² GLA in The Netherlands
Pipeline c. 178,000 m² GLA in The Netherlands Tiel 94,000 m² Tiel Oss Born Oss 17,000 m² Born 67,000 m² 24
Slide 25: Extensive landbank with a focus on grey and brownfields
Extensive landbank with a focus on grey and brownfields Movements in landbank - 0.18m m² ▪ 100% situated in logistics & industrial zonings + 0.60m m² ▪ Future development potential of over 1.5m m² GLA 2.72m m² 3.14m m² ▪ Extension potential by over 60% vs. current portfolio In during 2025 Total land
Slide 26: Creating value via our land bank
Creating value via our land bank Tongeren: 161,000 m² Senlis: 170,000 m² Toury: 545,000 m² Mannheim: 83,000 m² Tiel: 266,000 m² 26
Slide 27: Existing landbank offers potential for…
Existing landbank offers potential for… In mln +74% 250 € 62 200 +30% €9 € 34 +74% 150 € 246 100 € 184 rent roll growth € 141 50 Additional growth levers • Rental growth • Acquisitions/disposals 0 • Landbank expansion Annualised cash Pipeline Indexation & Potential Total landbank passing rent (2025-
Slide 28: Existing landbank offers potential for…
Existing landbank offers potential for… In bln 4.5 4.0 3.5 3.0 € 330m 2.5 2.0 € 4.4bn ∼ € 330m value creation 1.5 € 3.0bn 1.0 Additional growth levers 0.5 • Acquisitions/disposals • Landbank expansion 0.0 • Green investments Portfolio value Portfolio value with full (30/06/2025) landbank potential u
Slide 29: Portfolio update
a Portfolio update MONTEA
Slide 30: Portfolio growth highlights continuous value creation
Portfolio growth highlights continuous value creation Portfolio value increases by € 200m or 7.2% vs. end 2024, reaching € 3bn Increases driven by investments in development projects (a.o. Skechers), acquisitions and positive portfolio revaluation Standing portfolio valuation reconfirmed, with EPRA
Slide 31: Portfolio value increased by € 200m in H1 2025
Portfolio value increased by € 200m in H1 2025 Portfolio roll forward (in €bn) € 3.0 € 0.01 € 0.19 € 2.9 € 3.0 € 2.6 € 2.8 € 2.4 31/12/2024 Capex Portfolio 30/06/2025 Revaluation 31
Slide 32: Value creation complemented by value resilience
Value creation complemented by value resilience Over € 110m of development gains booked since 2022 Standing portfolio remains resilient 4% 55 €m 3% 50 45 2% 40 1% 35 30 0% 25 0 2 4 6 8 10 12 14 16 -1% 20 15 -2% 10 -3% 5 -4% 0 2022 2023 2024 H1 2025 -5% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q
Slide 33: 8% reversionary potential remains
8% reversionary potential remains Current rent + ERV on vacancy / Total ERV 110% 8% Reversionary potential provides 105% support for valuation and further upside potential for rental growth 100% (8% in Q1) 95% 5.45% 90% 85% Q2 2025: 8% Net reversionary yield 80% 4Q24 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q
Slide 34: High portfolio occupancy retained
High portfolio occupancy retained Proactive tenant management Lease maturity profile Occupancy rate (%) (% of current rent) 100.0% 99.9% 99.7% 99.7% 99.3% 99.4% 99.4% 97.9% 13.4% 97.8% 60% 97.4% 97.4% 97.4% WALB: 6.2 years* WALT: 7.3 years** Market occupancy rate 92% 96.0% 8.8% 14% 11% 11% 95.2% 0.7
Slide 35: Solid lettings momentum in H1 achieved
Solid lettings momentum in H1 achieved Q2 2025 150,000 m² 60,000 m² (re)let in Q2 Leasing activity recovers to 2023 levels (re)let in H1 2025 At an average uplift of +10%, showing an accelerating dynamic H1 2023 2/3 147,620 vs Q1, providing further evidence of of leases signed rent reversion capturi
Slide 36: New leases signed with a diverse set of clients
New leases signed with a diverse set of clients Leases signed in 2025 (% split by GLA by industry) 1% 9% 14% 33% 15% 28% Construction Food & Beverage Logistics Pharma Retail Automotive 36
Slide 37: Market update
Market update
Slide 38: Prime yields stabilise, further supported by gradual ERV growth
Prime yields stabilise, further supported by gradual ERV growth Prime yields have broadly stabilised, Gradual prime rent evolution with some markets (i.e. Belgium) showing continues to support asset valuation yield compression Prime yields QoQ change Prime rent trends 6% = = 5% 4% Belgium The Nether
Slide 39: Muted recovery in tenant demand, supported by stabilising vacancy rates
Muted recovery in tenant demand, supported by stabilising vacancy rates Latest take-up figures indicate muted recovery Market vacancy shows stabilizing to mildly in tenant demand, with brokers pointing to increasing trends, driven by the diverging improving demand pipeline in H2 performance of A- an
Slide 40: Near-term occupier demand shows signs of recovery
Near-term occupier demand shows signs of recovery Near-term warehousing requirements Expansion plans in the next 12 months in the next 3 years A greater share of 95% plan to expand/retain same space 46% are planning to expand in the next 3 in the next 12 months years vs 58% in 2024 occupiers plans t
Slide 41: 3PLs and Post & parcel delivery lead expansion plans
3PLs and Post & parcel delivery lead expansion plans Expanding respondents per occupier sector European e-commerce growth story remains intact 3PLs and Post & parcel most bullish, leading demand With revenues projected to grow at 5.8% p.a. (2025-2028) In $bn 71% 3PL 2028e 901 70% 70% 2027e 854 Post
Slide 42: Location remains a pivotal factor in occupiers' decisions
Location remains a pivotal factor in occupiers' decisions, woven into the broader cost consideration Main factors in occupiers’ general location decisions (2025 vs 2023) Becoming less important Becoming more important Proximity to access routes Grid power availability Connectivity and grid power ava
Slide 43: Sustainable buildings to remain in occupier focus
Sustainable buildings to remain in occupier focus % of occupiers’ footprint that will become obsolete by 2030 35% Occupiers have taken advantage of higher 25%-100% market supply and upgraded obsolete 44% space, reducing the average bigger share of space at risk of obsolescence 65% 0-25% 56% However,
Slide 44: Outlook
Outlook
Slide 45: 2025 earnings and dividend guidance
2025 earnings and dividend guidance +8% YoY recurring EPS and DPS growth Track27 - EPRA EPS growth 2025 guidance € 4.90 EPRA EPS (+8% YoY) excl. potential € 0.08 one- off from FBI recognition for FY 2024 € 3.90 dividend (+8% YoY) excl. potential one-off from FBI (80% payout) 2027 guidance reiterated
Slide 46: Disciplined financial allocation and operational excellence at the core
Disciplined financial allocation and operational excellence at the core Leverage to remain under control, consistent with Montea’s track record c. 8x adj. net debt/EBITDA Towards 90% operating margin by end 2027 max. 2.5% average cost of debt 98%+ consistently high occupancy (max 2.1% by end 2026) €
Slide 47: Earnings track record and guidance
Earnings track record and guidance 5.60 2014-2024 EPRA EPS EPRA EPS (€) DPS (€) +9% p.a. on average 0.08 0.45 0.18 4.90 4.45 4.55 4.10 3.97 3.74 3.74 ** 3.75 * 3.50 * 3.28 3.30 3.03 2.95 2.83 2.58 2.54 2.47 2.29 2.26 Track27: 1.79 1.82 2.00 2.05 1.97 2.17 +6% p.a. EPRA EPS 2.11 on average 2.03 1.93
Slide 48: Strong return track record, with +19% 10-year TAR
Strong return track record, with +19% 10-year TAR* And +8% EPRA EPS growth target for 2025 10-year Total Accounting Return (YoY % change) 35% 30% 25% 20% 15% 32% 25% 10% 20% 22% 15% 15% 5% 11% 12% 10% 8% 0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YoY % change 2015 2016 2017 2018 2019 2020
Slide 49: ESG
aT naa. MONTEA
Slide 50: Rollout of Battery Energy Storage Systems (BESS)
Rollout of Battery Energy Storage Systems (BESS) The first two BESS in Belgium Track27 targets (Willebroek and Ghent) are fully operational Additional studies ongoing: BESS Belgium 13 sites in scope, 32 MWh total capacity 100 MWh capacity The Netherlands 6 sites in scope, 13 MWh total capacity Solar
Slide 51: An all-rounded approach to energy independence and efficiency
An all-rounded approach to energy independence and efficiency 2023 H1 2025 2027 2030 Photovoltaic capacity 68 MWp 86 MWp 135 MWp Battery storage systems 100 MWh target 45% 50% Heat pump installations in portfolio target 78% 100% LED lighting in warehouses in portfolio Locally produced energy complem
Slide 52: Montea. Unmatched.
Montea. Unmatched. 2x 99.7% 100% Developer/owner of two of Top 5 Highest occupancy rate The only listed European largest single-tenant in the gateway to logistics player with fully developments in the Benelux Europe markets pre-let development pipeline (Skechers & Intergamma)
Slide 53: Q&A
Q&A
Slide 54: Appendix
Appendix Track27 Portfolio Dutch FBI About Montea
Slide 55: Track27
Track27 Our most ambitious growth plan to date Financial targets Investment target raised to € 1.2bn, with portfolio to grow by more than 50% to reach € 3.5bn by 2027 year-end +6% p.a. EPRA EPS growth on average for the period 2024-2027, with EPRA EPS to reach € 5.60 in 2027 Disciplined financial al
Slide 56: Track27
Track27 Our most ambitious growth plan to date ESG-linked targets GHG emissions reduction by 45% in our standing portfolio by end 2027 end (vs 2019) All new developments are zero emission buildings > € 75m investments in sustainable projects by 2027 • Doubling our solar panel capacity to 135 MWp (c.
Slide 57: Property portfolio
Property portfolio Total The Total Belgium France Germany 30/06/2025 Netherlands 31/12/2024 Property portfolio – Buildings1 Number of sites 122 44 35 40 3 118 Total area – property portfolio m2 2,330,990 1,009,658 292,508 929,329 99,495 2,132,243 Annual contractual rents K€ 141,310 57,355 21,409 56,
Slide 58: Locations
Locations Belgium The Netherlands France Germany Rouen Lille Antwerp Hamburg Ghent Paris Rennes Bremerhaven Nantes Brussels Berlin Hannover/Brunswick Rhine-Ruhr Liège Amsterdam Tiel Charleroi Rotterdam Leverkusen Lyon Venray Frankfurt Nuremberg Tilburg Venlo Mannheim Eindhoven Main logistics hotspot
Slide 59: Top 10 tenants in Montea's portfolio
Top 10 tenants in Montea's portfolio 5.6% 2.5% 4.8% 2.3% 3.0% 2.3% 3.0% 2.3% 2.6% 2.1% * Split calculated by rent 59
Slide 60: High quality portfolio
High quality portfolio Sector diversification Multimodality Age of buildings 4% 6% 17% 7% 32% 9% 45% 43% 57% 22% 14% 15% 29% Logistics Food & Beverage Yes No < 5 years 6-10 years Construction Retail 11-20 years 20+ years Pharma & Medical Automotive Other 60
Slide 61: Portfolio growth
Portfolio growth in bn € 3.5bn € 3.5 € 3.0 Portfolio size target x35 since IPO € 3bn € 2.5 € 2.0 € 1.5 € 1.0 € 0.5 € 101m €- 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1 2025 2027 Belgium Netherlands France Germany Portfolio Fair Value evolution i
Slide 62: FBI status
FBI status Out of prudence, Montea does not assume it will be granted the FBI status in 2024 FBI overview 2021-2022 2023 2024 2025 FBI status accounted for in financial accounts of Montea N/A Withholding tax rate in financial accounts 5% 5% 5% N/A Corporate Income tax rate 25.0% 25.8% 25.8% 25.8% Wi
Slide 63: Share price & NAV evolution
Share price & NAV evolution Share price & NAV P/D to NAV € 140 150% 130% € 120 110% € 100 90% € 80 70% 50% € 60 30% € 40 10% € 20 -10% €0 -30% Premium/Discount to NAV Share price NAV Data as of 19 August 2025 63
Slide 64: Contact
CONTACT Inna Maslova, Investor Relations Manager inna.maslova@montea.com MORE INFORMATION www.montea.com This presentation contains forward-looking statements. Such forward-looking statements involve unknown risks, uncertainties and other factors which may cause the actual results, financial conditi