Slide 1: Montea 9M 2023 Corporate Presentation
October 27, 2023 more information: montea.com
Slide 2: Landbank put to work
Landbank put to work oo 2 Highlights 9M 2023 = Sal Financials 9M 2923 Outlook ESG Appendix
Slide 3: Landbank locations: Amsterdam, Tiel, Waddinxveen, Born
Amsterdam 11,000 m2 Tiel 183,000 m2 AMSTERDAM WADDINXVEEN TIEL Waddinxveen 60,000 m2 Born 89,000 m2 BORN
Slide 4: Landbank locations: Grimbergen, Antwerp, Lummen, Forest, Tongeren
Grimbergen 57,000 m² Antwerp 26,000 m2 ANTWERP Lummen 55,000 m2 LUMMEN GRIMBERGEN TONGEREN FOREST (Brussels) Forest 55,000 m2 Tongeren 240,000 m2
Slide 5: Tilburg
❑ ➢ ➢ ➢ ➢ Tilburg ➢ * GLA = Gross Leasable Area 5
Slide 6: Landbank put to work: development business case
Landbank put to work Montea brings 1 million sqm (> 49%) of its landbank into development Q The Development Business Case adds value > € 550 million total investment volume vy € 159 million already invested (land & assets under construction) y¥ € 499 million expected to complete these projects > Net
Slide 7: Landbank put to work: EPS growth
Landbank put to work Montea brings 1 million sqm (> 49%) of its landbank into development Q The Development Business Case contributes to EPS growth > Sustainable EPRA EPS growth to € 4.55/share in 2024 and € 4.65/share in 2025... y¥ € 39 million rental income upon completion vy Stable average cost o
Slide 8: Landbank put to work: development projects
Landbank put to work oun tom czar ae | =—65 DO ME uu Tongeren ill (BayWa) Q4 2623 56,000 m= —_34,998 m* 23 ME 3 ME 26 ME - - CAPEX ul Vorst (Delhaize) @3 2924 55,080 m* 21,080 m* 13 Me 25 ME 38 ME - - u Blue Gate 2 Q3 2624 26,080 m*_—16,000 m* IME 19 Me 20 ME - - = Born Qu 2023 Om 3,999 m* ome 2 Me
Slide 9: Highlights 9M 2023
Landbank put to work Highlights 9M 2023 Sal Financials 9M 2923 Outlook ESG Appendix
Slide 10: Highlights 9M 2023: EPRA result increase
Highlights 9M 2023 More than 39% EPRA result increase to € 66.6 million Q 9M EPRA result of € 66.6 million or € 3.67 per share, an increase of 18% > 9M EPRA EPS excluding one-offs amounting to € 3.22 per share, an increase of 3% vy Average shares outstanding up 11% > One-offs worth € 9.45 per share
Slide 11: Strong balance sheet
Highlights 9M 2023 Strong balance sheet supported by solid portfolio valuation Q Strong balance sheet... > EPRA LTV at 39.7% (unchanged vs. end. 2022) & Adj. Net Debt/Ebitda at 8.1x (end 2022: 8.4x) > Stable average prorated cost of debt of 2.2% > All assets are unencumbered > Long average remaining
Slide 12: Solid portfolio valuation
Highlights 9M 2023 Strong balance sheet supported by solid portfolio valuation Q .. supported by solid portfolio valuation > Stable Like-for-Like portfolio valuation in Q3 (+ 0.4%) v Limited yield expansion (EPRA NIY: +4 bps) compensated by higher ERV’s > Peak-to-Trough L-f-L portfolio valuation (Ju
Slide 13: 2023-2025 earnings guidance up
Highlights 9M 2023 2923-2925 earnings quidance up, again Q 2023 EPS quidance up from € 4.60 to € 4.90 per share > EPRA EPS quidance excl. one-offs up from € 4.40 to € 4.45 per share, + 9% vs. 2022a (€ 4.10) > One-offs up from € 9.20 to € 9.45 per share > Dividend quidance up from € 3.54 to at least
Slide 14: EPS growth guidance 2024-2025
Highlights 9M 2023 2923-2025 earnings quidance up, again EPS growth Q 2024 EPRA EPS quidance up from € 4.50 to € 4.55 > Excl. possible positive FBI impact (fiscal year 2023) Q NEW - 2025 EPRA EPS quidance of € 4.65 > 2023-25 developments gradually contributing to results > Excl. possible positive FB
Slide 15: Financials 9M 2023
Landbank put to work Highlights 9M 2023 Sal Financials 9M 2923 Outlook ESG Appendix
Slide 16: 9M EPRA results
9M EPPA results E900 9M 2023 9M 2022 Net rental income 79,381 66,169 Other income & expenses 6,994 6,838 Total property result 86,375 73,007 Property expenses -2,502 -1,699 Overhead expenses -7,134 -4,4O7 Operating results before portfolio results 76,739 66,919 15°%o one eting Operating margin 88.8%
Slide 17: Delivered developments
First building – 20,500 m²: At the end of Q4 2022, Montea acquired a landplot of This development is fully pre-let for a fixed period of 6 years. c. 22,000 m² in Vilvoorde, on which the development The development investment budget amounts to c. € 18 M of a building of c. 10,000 m² has already been
Slide 18: Lease expiry and portfolio timeline
2023 2024 2025 2026 2027 > 2027 2018 2019 2020 2021 2022 Q3 2023 100% 20% 18
Slide 19: Inflation-proof cash-flow profile
Inflation-proof cash-flow profile fp curentrant | _ of lease contracts capture indexation Floored [@ 6% No Cap 52 ME 48% No Floor, No Cap 11 Me 18% of lease contracts are floored at 0% Floored [@l ©%+ Cap uy ME Y2% 90% no negative indexation TOTAL RENT 107 Me 199° of leases (partially) capped catch
Slide 20: Strong portfolio KPIs
Strong portfolio KPI’s Portfolio roll forward (in bn €) +14 o re Bd ao * s we i) RS : s eS wy S e ef x é é 3 vs 3S Continuous arbitration of portfolio (e.g. 190 ME disposals in the last 8 years) Leading to exceptional portfolio KPI’s \ 6.7y 190% Residual lease Occupancy rate term 5.19%0 EPRA NIY 20
Slide 21: Portfolio growth 2006-Q3 2023
32 36 911 42 890 646 1,159 251 250 521 423 210 326 201 174 213 139 995 1,021 134 176 109 73 801 14 135 98 642 121 562 118 118 447 54 54 92 102 397 13 231 248 278 157 152 140 153 173 188 101 124 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q3 2023 21
Slide 22: Portfolio by country
© Frankfurt Fo of total portfolio @ BE 4o0 858 m’ | €907M|€47M| 5.5% 190% | 44.5% w NL 34 814m’ | € 864M|E46M| 4.7% 199% | 42.3% @) FR 18 213 m’ | €236M|€12M | 4.8% 199% 11.6% @ bE 2 36m | €32M | €2M | 5.8% | 198% | 1.6% 21m’ €2,039M €1097M 5.1% 199% 199% 22 Country # sites SQM ('999) Fair Value Yea
Slide 23: Landbank market value
2.4 mio m² - 0.2 mio m² Market Market value value/m² 2.2 mio m² of of 1.5 mio m² € 297 mio 193 €/m² 0.7 mio m² 76% yielding ✓ @ 6.1% ✓ ² Yield on cost ✓ ✓ 23
Slide 24: Market evolution: vacancy at frictional levels
Market evolution Market vacancy at frictional levels Antwerp/Liége (E313): 1.3% Rotterdam: 1.0% Antwerp/Brussels axis: 1.4% Breda: 9.9% Tilburg: 9.2% Venlo: 9.9% Vacancy on the Antwerp/Brussels axis Vacancy in most Belgian locations remain at frictional levels despite lower take-up 0.0% Practically
Slide 25: Market evolution: vacancy France and Germany
Market evolution Market vacancy at frictional levels ile-de-France: 3.9% Germany Top-8** average: 1.5% Lyon: 1.3% average vacancy in Germany Top-8* Munich © of European logistics occupiers plan to expand* © Main Logistic hotspots . isti * CBRE/Analytiqa European Logistics Occupier Survey 2023 Montea
Slide 26: Market evolution: rents keep rising
Market evolution Market rents keep rising (H1 evolution) — Antwerp/Brussels/Ghent: + 19% The Netherlands: + 3% on avg. Brussels Periphery: + 6% prime rent increase in the Antwerp/Brussels/Ghent area Current prime rent on A12/E19: € 65/sqm/y average prime rent increase in The Netherlands © Main Logis
Slide 27: Market evolution: rents France and Germany
Market evolution Market rents keep rising (H1 evolution) Hamburg: +7°% jle-de-France: + 4% Dusseldorf: +4% Lyon: + 8% Cologne: +7% average prime rent increase in France Munich © average prime rent increase in Germany* © Main Logistic hotspots ; i i * Top-8 locations: Hamburg, Frankfurt, Ruhr area, B
Slide 28: Speculative developments in years of take-up
• • Speculative developments expressed in years of take-up (Q3/22-Q2'23) Source: JLL, August 2023 28
Slide 29: Green regulation scores
• • Green regulation scores (out of 100) Source: Green Street, September 2023 - all regulations (city, state, national...) applicable to real estate, 100= strictest 29
Slide 30: Yes No < 5 years
Yes No • • < 5 years 6 - 10 years 11 - 20 years > 20 years 30
Slide 31: Conservative portfolio valuation
Conservative portfolio valuation EPRA NIY total portfolio 5% 4.8% 5.5% 4.7% Yo 3% Ss Q-o-Q@ yield expansion 2% 1% YTD Yield expansion 0% = Belgium The Netherlands France ™Montea peer 1 Mpeer 2 peer 3 Listed peers: ARG, INTO, SGRO, WDP, not all peers are present in all countries EPRA NIY per country
Slide 32: Resilient portfolio valuation
-5°% Resilient portfolio valuation Peak-to-trough: -0.8°%o* 4.9% e 2.8% @ 8.5% e Or | © | 11% Bo. ae — ty T T ry T || T || T ¢ 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 ¢ MLEL total @ERV effect ca * Yield effect * Peak-to-Through= Like-for-Like valuation change between end June 2022 and end June 2023 L-f-L
Slide 33: Like-for-like valuation evolution
100% 105% 110% 90% 95% ACT Q4 '14 ACT Q1 '15 ACT Q2 '15 ACT Q3 '15 ACT Q4 '15 ACT Q1 '16 ACT Q2 '16 ACT Q3 '16 ACT Q4 '16 ACT Q1 '17 ACT Q2 '17 ACT Q3 '17 ACT Q4 '17 ACT Q1 '18 ACT Q2 '18 ACT Q3 '18 ACT Q4 '18 TOTAL PTF ACT Q1 '19 ACT Q2 '19 ACT Q3 '19 100% ACT Q4 '19 ACT Q1 '20 ACT Q2 '20 ACT Q3 '2
Slide 34: High qualitative client portfolio
High qualitative client portfolio > Top 10 of clients represent 29% of the rental income of 2023 > Top 20 of clients represent 46% of the rental income of 2023 amazon —7 eval [7% 4.7°%o => DecMoriis | 3.3% 3.2% 4Pioastics | 3.9% Machines 2.9%o ios | 2.7% | PPL a5 2.6% [DEOITHION 2.3% >» 79°%o of sit
Slide 35: 6.7 6.2 8.4 8.4 8.1 5.5 7.3 6.5 6.7 4.9 4.5 4.6 4 4
9 9 8 8 7 7 6.7 6.2 6 6 8.4 8.4 8.1 5.5 5 7.3 5 6.5 6.7 4.9 4.5 4.6 4 4 3 3 2018 2019 2020 2021 2022 Q3 2023 35
Slide 36: EPRA definitions
• • • ² • EPRA Cost Ratio: administrative and operational charges (including vacancy charges), divided by rental income. EPRA Net Initial Yield (NIY): annualised rental income based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the
Slide 37: Debt maturity financing and hedging
250 200 150 6.7 6.9 100 50 0 MATURITY MATURITY '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 FINANCING HEDGING CREDITLINES BONDS LEASING Creditlines Bonds 37
Slide 38: Evolution of EPRA EPS and dividend per share
2016 2017 2018 2019 2020 2021 2022 Q3 2023 YTD EPS m > EPS non recurring Evolution of EPRA EPS & Dividend per share (€) 2023E 9M 2023: EPPA EPS at € 3.67 includes € 045 exceptional EPRA result following the recognition as FBI in the Netherlands for 2021 & 2922 and the reversal of provision linked to
Slide 39: Outlook
Landbank put to work Highlights 9M 2023 Sal Financials 9M 2923 Outlook ESG Appendix
Slide 40: Earnings guidance 2023-2025
Earnings quidance 2023-2025 QO 2023 quidance: EPS growth ° EPRA EPS at € 4.90 (prev. € 4.69) incl. € 9.45 one-offs ¢ DPS expected at minimum € 3.74 per share Yminimum € 3.38 per share v¥exceptionally increased by € 9.36 per share O 2024 quidance ° EPRA EPS at € 4.55 (prev. € 4.50) excl. any potentia
Slide 41: EPS and DPS evolution and guidance
4.65 4.55 4.45 4.10 3.75 At least 3.50 3,60 3,74* 3.28 3.30 3.03 2.95 2.83 1.79 1.82 2.00 2.05 1.97 2.58 2.54 2.47 2.29 2.26 2.11 2.17 1.97 1.97 2.03 1.93 1.84 1.84 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023e 2024e 2025e 41
Slide 42: ESG
Landbank put to work Highlights 9M 2023 Sal Financials 9M 2923 Outlook ESG Appendix
Slide 43: Environmental, Social & Governance (ESG)
Environmental, Social & Governance (ESG) Converting the Montea DNA into a clear vision and sustainability strateqy for medium (2039) and long (2959) term: @ Montea operations @ Montea developments (©) Existing portfolio iO) Targets greenhouse gas emission ® Targets greenhouse gas emission ® Targets
Slide 44: Recognition for our ESG strategy
Environmental, Social & Governance (ESG) Recognition for our ESG strateqy = x > EPRA sBPR score 2922: GOLD award ca 6 7. sBPR 100 GOLD ¢ > GRESB score of 77% GRESB > Improved Sustainalytics score of 11.0 ESG Low Risk (compared to previous score of 17.5) MORNINGSTAR SUSTAINALY TICS ESG Risk Rating [c
Slide 45: Energy efficient and low CO2 development
ENERGY EFFICIENT AND LOW CO2 10. Monitoring of all major energy consumers ensures more efficient use of energy and awareness. 11. High-yield solar panels combined with energy storage ensure optimal use of renewable energy. 12. High-tech heat pumps generate renewable energy. In this way, our sites ar
Slide 46: Environmental, Social & Governance (ESG)
Environmental, Social & Governance (ESG) Significant expansion of the business development team Expansion of the corporate team Patrick Abel Simon Vogelgesang Patrick van Raalte ___ . ‘ P Herman van der Samia Robbins Liora Kern* —— —_ Loos* Xavier Van Reeth c Luc Merigneux
Slide 47: Governance
100% ( 1 share ( De Pauw family Montea Management NV = sole director Montea NV/SA* (Naamloze vennootschap/ Société anonyme) mh Aa Dirk De Pauw Governance Green governance > Sustainability is also part of the policy and decision-making structure: the Sustainable Executive Committee examines whether t
Slide 48: Appendix
Landbank put to work Highlights 9M 2023 Sal Financials 9M 2923 Outlook ESG —)) Appendix
Slide 49: FBI regime in the Netherlands
• FBI = Fiscale Beleggingsinstelling • To be applied for “per legal entity” on a yearly basis • Main rules to respect ▪ 60% maximum LTV level (calculated on the Dutch fiscal value of the investment assets) ▪ 100% dividend distribution obligation (based on the Dutch fiscal result) ▪ Prohibited activi
Slide 50: These slides are merely for clarification purposes. In case of doubt, the official communication
• • • ▪ ▪ • • • • • • • 50 These slides are merely for clarification purposes. In case of doubt, the official communication in the official press releases is always leading.
Slide 51: FBI status and tax impact
FBI status accounted for in financial accounts of Montea? ✓ ✓ N/A Withholding tax rate in financial accounts 5% 5% 5% 5% N/A Corporate Income tax rate in financial accounts/budget 25.0% 25.0% 25.8% 25.8% 25.8% Withholding tax M€ 2.3 € 2.0 € 0.8 € 1.1 € - 'Delta' to Corporate Income tax M€ - 6.9
Slide 52: Property portfolio
Property portfolio Total The Total 30/09/2023 Belgium France Netherlands Germany 31/12/2022 Property portfolio — Buildings’ Number of sites 94 40 18 34 2 92 Total area - property portfolio m? 1,921,172 958,353 213,293 819,561 35,965 1,890,029 shpat Annual contractual rents KE 07,123 - - - - 00,136 o
Slide 53: About Montea
About Montea Montea NV is a public requlated real estate company (“AREC”) under Belgian law (SIR — SIIC), specializing in the development and the management of logistics property in Belgium, France, The Netherlands and Germany (‘Montea” or the “Company’). The company is a leading player in this mark
Slide 54: Focus areas by country
Focus areas in Germany are logistic hotspots, known as important logistic clusters with a stable demand for logistic real estate. Focus area in The Netherlands is the southern part of the country, with the ‘Randstad’ area (Amsterdam, Rotterdam, Den Haag, Utrecht) and Tilburg-Breda as most important
Slide 55: About Montea
About Montea When Montea invests in logistics real estate, we are fully intent on keeping it in our portfolio for a long time. That is why we are strongly committed to high quality, sustainable finish and materials. This applies to investment in existing buildings as well as to the way in which we d
Slide 56: About Montea
About Montea Y¥ Montea literally offers its clients space to grow, through flexible and innovative real estate solutions. That is why Montea maintains an extensive network of estate agents, landowners, property developers and contractors. v¥ Montea converts its market Knowledge into high-quality rea
Slide 57: About Montea: key concepts
About Montea Montea acts in accordance with the following key concepts: v Melts) Land value has a higher share in the total value than in other asset classes v Bore PLAYER Ambition to be best in class through ; specialisation (Logistics, Real estate & Life cycle of warehousing Finance) > than other
Slide 58: Shareholder structure
70% 4% 5% 11% 4% 3% 2% Family De Pauw Belfius Insurance Ethias Federale Verzekering Patronale life BlackRock group Free Float 58
Slide 59: Share price and IFRS NAV evolution
About Montea A shareholder, who Share price & IFRS NAV evolution invested at the IPO (2096) and always participated in the optional dividend realizes an IRR of 9.7% Premium —==MONTEAShare price —==IFRS NAV (incl. IAS 39)
Slide 60: Montea.com
MONTEA.COM Herman van der Loos Investor Relations Manager Contact: irfmontea.com TT MONTEA SPACE FOR GROWTH This presentation contains forward-looking statements. Such forward-looking statements involve unknown risks, uncertainties and other factors which may cause the actual results, financial cond