Slide 1: FY 2024 results presentation
11 February 2025 FY 2024 results presentation
Slide 2: 2024 – A year of successful execution
2 2024 – A year of successful execution EPS guidance achieved Resilient portfolio growth Sound financial profile € 4.55 ▪€ 498m 34.8% EPRA EPS (+2% YoY recurring) invested or in execution EPRA LTV +€ 0.18 ▪99.9% ▪6.9x one-off EPRA EPS FBI top-up occupancy rate adj. Net debt/EBITDA +3.4% ▪5.1% ▪2.3%
Slide 3: FY 2024 highlights, Outlook, Growth update, ESG
FY 2024 highlights Outlook Growth update ESG Portfolio update Appendix Market update 3
Slide 4: FY 2024 highlights
FY 2024 highlights MONTEA
Slide 5: EPRA EPS up 2%
EPRA EPS up 2% FY EPRA result of € 99.3m, an increase of 10% YoY Recurring EPRA EPS Net result € 4.55 € 171.5m Includes € 85.4m of +2% YoY* positive property revaluation +14% weighted avg. # of shares € 8.17 per share net result * excl. impact of FBI one-offs booked in 2023 (c. € 8.2m or € 0.45/shar
Slide 6: EPRA EPS and dividend recurring growth
FY 2023 FBI provision reversal impact EPRA EPS (recurring) Dividend (recurring) € 4.55 (+2% YoY) € 3.60 (+7% YoY) FBI-related one-off + FBI-related dividend top-up + € 0.18 € 0.14 = EPRA EPS = Proposed dividend € 4.73 € 3.74 6
Slide 7: Driven by a +3.4% increase in LfL rents
Driven by a +3.4% increase in LfL rents (K€) 12M 2024 12M 2023 YoY LfL rental growth Net rental income 115,110 106,625 +8% LfL rental growth +3.4% of which +3.1% linked to rent indexation and +0.3% Other real estate income & expenses 7,847 9,513 -18% linked to rent renegotiations Total property resu
Slide 8: Growth-enabling fundamentals
Growth-enabling fundamentals Adj. Net Debt/ Interest EPRA LTV EPRA NTA EBITDA coverage ratio 34.8% 6.9x 4.5x € 77.63 (31/12/2023: 33.5%) (31/12/2023: 6.8x) (31/12/2023: 4.5x) (31/12/2023: € 74.38) 8
Slide 9: Solid debt profile
Solid debt profile >6y Long-term funding Cost of debt stable at average remaining debt maturity & hedging, both >6 years 2.3% Strong liquidity position € 204m immediately available funding € 154m (cash + untapped credit lines) Hedge ratio of 98% capital increase completed in October 2024, reinforcin
Slide 10: Strong balance sheet
Strong balance sheet Net debt/EBITDA and ICR EPRA LTV 9 9 8 8 7 7 6.7 6 6.2 6 8.4 5.5 8.4 51.3% 5 7.3 5 6.7 6.8 6.9 6.5 4.9 37.1% 36.9% 39.7% 36.3% 33.5% 34.8% 4.5 4.5 4.5 4 4 3 3 2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021 2022 2023 2024 (adjusted) net debt/EBITDA ICR Investment grade cr
Slide 11: Diversified, long-term funding
Diversified, long-term funding Financing sources Maturity (y) Well-spread maturities for CLs & bonds 7.0 250 6.0 200 5.0 150 4.0 3.0 6.1 100 5.7 2.0 50 1.0 59% 40% <1% 0.0 0 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 BONDS CREDITLINES LEASING MATURITY FINANCING MATURITY HEDGING Creditlines Bond
Slide 12: Growth update
Growth update
Slide 13: On track towards a € 3.5bn portfolio
On track towards a € 3.5bn portfolio Track27 progress report Largest portfolio growth in one year achieved, with € 441m Targeted investment volume invested across all geographies at an average net yield of 6.2% 450 M€ 14% 22% Belgium 41 M€ Netherlands 400 M€ Over 40% (€ 498m) of the € 1.2bn targeted
Slide 14: An agile business model
An agile business model With a focus on value creation throughout different stages of the cycle % capex invested 100% 90% 80% 70% Strategic investments 60% that ensure long-term, 50% sustainable value 40% 30% creation 20% 10% 0% 2019 2020 2021 2022 2023 2024 Standing investments Sustainable developm
Slide 15: Value-enhancing acquisitions completed across all Montea's markets
Value-enhancing acquisitions completed across all Montea’s markets Reverso (FR) Q4 Hamburg (DE) ▪ 17-asset portfolio acquisition: ▪ Port of Hamburg located logistics park: 650,000 m² GLA land with 80,000 63,500 m² GLA m² GLA built ▪ Rent reversion & redevelopment ▪ Long-term densification & potentia
Slide 16: 100,000 m² of fully pre-let projects delivered in 2024
100,000 m² of fully pre-let projects delivered in 2024 Blue Gate, Antwerp (BE) Waddinxveen (NL) ▪ Development of an energy positive ▪ Development of a sustainable cooling logistics distribution centre in close and freezing distribution centre proximity of Antwerp City Centre ▪ 50,000 m² GLA ▪ 16,000
Slide 17: Over 120,000 m² of developments currently in execution
Over 120,000 m² of developments currently in execution Oss (NL) Aalst (BE) ▪ 17,000 m² GLA extension ▪ 9,000 m² GLA extension ▪ Pre-let to Vos Logistics for 10 years ▪ Pre-let to Movianto for 9 years ▪ Construction started in Q1 2025 ▪ Construction started in Q1 2024 ▪ Completion in Q4 2025 ▪ Comple
Slide 18: 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 31/12/2024 project Completed and ongoing Brown Vorst (Delhaize) 55.000 m² 21.000 m² 38 M€ 0 M€ 38 M€ developments € 48m Green Waddinxveen (Lekkerland)
Slide 19: Development pipeline
Development pipeline Grey/Brown/ Estimated Invested Total capex of the Country Green field Project name delivery Landbank GLA 31/12/2024 To invest project Pipeline developments Delivered in 2024 164.000 m² 101.000 m² 111 M€ 0 M€ 111 M€ In execution Green Tongeren III - rest 228.000 m² 66.000 m² 124.
Slide 20: Pipeline c. 215,000 m² in Belgium
Pipeline c. 215,000 m² GLA in Belgium Aalst 9,000 m² Zellik 14,000 m² Aalst Zellik Lummen Grimbergen Forest/Vorst Tongeren Halle Halle 31,000 m² Grimbergen 30,000 m² Tongeren 147,000 m² Lummen 32,000 m² 20
Slide 21: Pipeline c. 210,000 m² in The Netherlands
Pipeline c. 210,000 m² GLA in The Netherlands Amsterdam 7,000 m² Amsterdam Tiel 116,000 m² Tiel Oss Born Oss 20,000 m² Born 67,000 m² 21
Slide 22: Extensive landbank with a focus on grey and brownfields
Extensive landbank with a focus on grey and brownfields Movements in landbank + 0.54m m² - 0.04m m² ▪ 100% situated in logistics & industrial zonings ▪ Future development potential of over 1m m² GLA 2.2m m² 2.7m m² ▪ Extension potential by over 50% vs. current portfolio In during 2024 Total landbank
Slide 23: 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: 449,000 m² 23
Slide 24: Portfolio update
a Portfolio update MONTEA
Slide 25: Portfolio resilience and continuous value creation
Portfolio resilience and continuous value creation Positive valuation uplift of € 72m (+3.2% YoY), driven by both positive revaluation and development gains Standing portfolio valuation fully reconfirmed, with +1.1% YoY value gain (+0.7% in Q4) EPRA NIY at 5.1%, stable YoY Portfolio value increases
Slide 26: Portfolio value increased by over € 500m in 2024
Portfolio value increased by over € 500m in 2024 Portfolio roll forward (in €m) € 72 € 441 € 2,793 € 2,280 31/12/2023 CAPEX Portfolio Revaluation 31/12/2024
Slide 27: Value creation complemented by value resilience
Value creation complemented by value resilience € 100m of development gains booked since 2022 Standing portfolio resilience reconfirmed 4% 55 €m 3% 50 45 2% 40 1% 35 30 0% 25 0 2 4 6 8 10 12 14 -1% 20 15 -2% 10 -3% 5 -4% 0 2022 2023 2024 -5% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q2
Slide 28: 12% reversionary potential
12% reversionary potential Current rent + ERV on vacancy / Total ERV ERV increases beyond inflation & indexation levels observed (+4.3% ERV growth in 2024) 12% Q4 2024: 12.1% Reversionary potential provides valuation support and upside potential in the coming years (10% in Q3) 5.27% Net reversionary
Slide 29: Well-spread lease maturities and high occupancy
Well-spread lease maturities and high occupancy Proactive tenant management Lease maturity profile Occupancy rate (%) (% of current rent) 58% of 9.5% of leases maturing in 2025 100.0% 99.9% already extended or relet 99.7% 99.3% 99.4% 99.4% 99.1% 38% of the remaining leases will only come to break/ma
Slide 30: Market update
Market update
Slide 31: Our Belgian portfolio (43% of the total)
Our Belgian portfolio (43% of the total) is concentrated along core logistics network of Antwerp, Brussels, Ghent & Liège, where vacancy remains very limited 0.0% Antwerp 3.9% Ghent 5.6% 3.0% 0.0% Brussels 5.4% Liège 12.3% Charleroi Largest cities Regional vacancy rate Montea assets Logistics hotspo
Slide 32: Our Dutch portfolio (40% of the total)
Our Dutch portfolio (40% of the total) Focuses on highly sought-after locations around Amsterdam, Rotterdam, Tiel, North Brabant and Limburg, with highly constrained supply of warehouse space 7.9% 3.4% 2.6% Amsterdam 2.5% 4.9% 3,2% 3.7% Tiel 3.4% Rotterdam 1.9% 3,3% 3.2% 5.0% Venray 0.9% Tilburg Ven
Slide 33: Our French portfolio (15% of the total)
Our French portfolio (15% of the total) Focuses on two main logistics corridors of the country – the French Backbone and the Atlantic Arc Rouen Lille 8.0% 5.0% Paris 6.5% Rennes 4.7% Nantes 0.3% French Backbone 5.4% 7.2% Atlantic Arc Lyon 3.4% 2.1% 3.2% Toulouse 1.2% Marseille Largest cities Montea
Slide 34: Our growing German portfolio (3% of the total)
While our growing German portfolio (3% of the total) Has presence in strategic locations such as Port of Hamburg and Rhine-Ruhr logistics hub Hamburg Bremerhaven Berlin Hannover/Brunswick 4.0% Rhine-Ruhr 4.6% Leverkusen 1.0% Frankfurt 1.2% Nuremberg Mannheim Largest cities Stuttgart Munich Regional
Slide 35: Speculative supply remains limited in Montea's markets
Speculative supply remains limited in Montea’s markets And continues to represent only a proportion of total take-up Belgium 1,200,000 16% 1,000,000 13% 14% Since 2017, speculative developments have represented a 12% 800,000 10% small proportion of total take-up, and currently range 600,000 8% betwe
Slide 36: Rental growth in Benelux & France trailing the EU average
Rental growth in Benelux & France has been trailing the EU average Continuing at a gradual pace, with indexation-linked growth expected going forward Rental growth evolution since 2014 Rental growth in 2024 200 (YoY change) UK & Ireland 180 Benelux 4.1% 160 Germany France 1.1% France 140 Benelux Eur
Slide 37: Outlook
Outlook
Slide 38: 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 € 0.09 one- off from FBI recognition for FY 2024 € 3.90 dividend (+8% YoY) excl. potential € 0.07 one-off from FBI 2027 guidance reiterated € 5.6
Slide 39: Disciplined financial allocation and operational excellence at the core
Disciplined financial allocation and operational excellence at the core Leverage to remain under control, € 300m of investment volume to be consistent with Montea’s track record achieved in 2025 through c. 8x Own developments Partnerships adj. net debt/EBITDA Acquisitions Green investments max 2.5%
Slide 40: Earnings guidance 2025-2027
40 Earnings guidance 2025-2027 € 4.73 incl. one-offs 5.60 EPS (€) DPS (€) 0.09 0.45 0.18 4.90 2014-2024 EPS 4.45 4.55 +9% p.a. on average 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 2.00 2.05 1.97 2.17 1.79 1.82 +6% p.a. on average 2.11 2.03 1.93 1.97 1.97
Slide 41: 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 42: ESG
aT naa. MONTEA
Slide 43: An all-rounded approach to energy independence and efficiency
An all-rounded approach to energy independence and efficiency 2023 2024 2027 2030 Locally produced energy complements Photovoltaic capacity 68 MWp 84 MWp 135 MWp further energy- efficient initiatives: target 45% 50% Heat pump installations Heat pump in portfolio installation target 78% 100% LED ligh
Slide 44: Q&A
Q&A
Slide 45: Appendix
Appendix Portfolio Dutch FBI About Montea
Slide 46: Portfolio growth x35 since IPO
Portfolio growth € 3.5bn Evolution of portfolio Fair Value incl. solar panels & developments € 3.300 M € 3.000 M € 2.700 M Portfolio size target x35 since IPO € 2.400 M € 2.100 M € 1.800 M € 1.500 M € 1.200 M € 900 M € 600 M € 300 M € 101 m 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Slide 47: Property portfolio
Property portfolio Total The Total Belgium France Germany 31/12/2024 Netherlands 31/12/2023 Property portfolio – Buildings1 Number of sites 118 43 35 37 3 95 Total area – property portfolio m2 2,132,243 951,695 292,508 788,546 99,495 1,959,242 Annual contractual rents K€ 128,564 53,977 21,252 47,755
Slide 48: 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 49: Top 10 tenants in Montea's portfolio
Top 10 tenants in Montea's portfolio 6.5% 2.5% 4.3% 2.4% 3.2% 2.4% 2.9% 2.2% 2.6% 1.8% * Split calculated by rent 49
Slide 50: High quality portfolio
High quality portfolio Sector diversification Multimodality Age of buildings 4% 16% 15% 31% 46% 45% 14% 22% 55% 7% 6% 30% 8% Logistics Retail Yes No < 5 year 6-10 year Automotive Pharma & Medical 11-20 year +20 year Construction Food & Beverage Other 50
Slide 51: 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 52: About Montea
About Montea Share price & IFRS NAV evolution (per 31/01/2025) 140 € 120 € 100 € 80 € 60 € 40 € 20 € 0€ -20 € Premium/Discount to NAV Share price EPRA NTA 52
Slide 53: Contact
CONTACT IR@MONTEA.COM MORE INFORMATION 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 conditions, performance or achievements of the company to be m