Slide 1: Full year results 2023
Full year results 2023 SPACE FOR GROWTH MORE INFORMATION: www.montea.com February 7, 2024
Slide 2: Highlights FY 2023 agenda
TT MONTEA p Highlights FY 2023 mm > i & aille ol v= It's all about .. profitable Outlook growth... growth ESG th Appendix
Slide 3: Highlights FY 2023
Highlights FY 2023 nH Pe MONTEA
Slide 4: FY EPRA EPS, one-offs and dividend
4 FY EPRA EPS recurring € 4.45 per share One-offs € 0.45 per share Dividend at € 3.74 per share ▪ + 9% y-o-y, excl. one-offs ▪ FBI access for FY ’21 & ’22 ▪ € 3.38 per share (+2%) ▪ In line with latest, higher, guidance ▪ Release of 2022 provision related ▪ + exceptional € 0.36 per share to the gree
Slide 5: 100% occupancy and like-for-like rental growth
5 100% occupancy L-f-L rental growth + 7% ▪ for 4th quarter in a row ▪ Indexation linked: + 6% ▪ > 99% since 2018 ▪ Renegotiations linked: + 1%
Slide 6: EPRA LTV, equity issues and financing
6 EPRA LTV at 33.5% Successful equity issues Long term financing Strong liquidity (2022: 39.7%) ▪ ABB: € 126 mio ▪ Long avg. remaining maturity ▪ € 280 mio immediately of debt & hedging contracts, available funding Adj. Net Debt/Ebitda at 6.8x ▪ Optional dividend: € 21 mio both c. 7 years (2022: 8.4
Slide 7: Positive like-for-like portfolio valuation
7 Positive L-f-L portfolio valuation in Q4: + 1.4% ▪ ERV increases by 3% ▪ Appraised yield remains stable Positive L-f-L portfolio valuation YTD 2023: + 1.4% ▪ Higher ERV (+ 8%) more than compensates the modest yield expansion ▪ 5.06% EPRA NIY: + 23 bps Y-o-Y ▪ Peak-to-Trough June ‘22 -> June ’23: -
Slide 8: Main projects delivered and acquired in 2023
8 + 4% vs. end 2022 Main projects delivered in 2023 Acquired in 2023 Tongeren – phase 2 (BE) Tongeren – phase 2 (BE) Vilvoorde (BE) Machelen (BE) (1st building) (2nd building - BayWa) ▪ Distribution centre: 20,500 sqm ▪ Distribution centre: 34,000 sqm ▪ Distribution centre: 10,500 sqm ▪ Distribution
Slide 9: 2024 and 2025 EPRA EPS guidance
9 2024 EPRA EPS guidance: € 4.55 € 0.45* ▪ Excl. possible positive FBI impact (fiscal year 2023) € 4.55 € 4.65 € 4.45 ▪ Total capex of c. € 260 million € 4.10 ▪ Dividend guidance: € 3.60 per share excl. a potential exceptional dividend (80% of positive FBI one-off) 2025 EPRA EPS guidance: € 4.65 ▪ E
Slide 10: Outlook agenda
TT MONTEA Pon of) ital $= Outlook It's all about .. profitable Highlights growth FY 2023 growth... ESG th Appendix
Slide 11: It's all about growth: GLA up 30% by end 2025
It’s all about growth: Montea targets total GLA up by 30% by end 2025 11 TT MONTEA
Slide 12: Market & trends
Market 02-A & trends MONTEA
Slide 13: Vacancy at frictional levels, prime rents
13 Vacancy at frictional levels despite tepid take-up Current prime rent on A12/E19: € 68/sqm/y
Slide 14: Market & Trends: The Netherlands
Market & Trends — tHE NETHERLANDS se Market vacancy remains at frictional levels Rotterdam 3.9% Schiphol: 1.0% Venlo-Venray;: 9.9% 2.0% average vacancy in the Netherlands Vacancy per logistics hub as of Sept, 2023 Source; ILL. OBRE, Cushman & Wakefield, Colliers, Savills o Main logistic hotspots Mar
Slide 15: Top rents stable, average rents up
15 * Top rents stable YoY, avg. rents c.+5% YoY
Slide 16: Market & Trends: Germany
Market & Trends — cermany Market vacancy | © Hamburg Market rents remains ue keep at frictional levels rising Ce PED Hamburg; + 4% Germany Top-8* average: c. 3% cores Dusseldorf: + 4% Frankfurt ° Cologne: + 6% + 5% average prime rent increase in Germany Stuttgart ° 3°%o average vacancy in Germany Va
Slide 17: E-commerce in Europe on the rise
17 E-commerce sales and industrial stock E-commerce share of retail sales, Europe*, per capita, 2023 % of total ▪ E-commerce in Europe on the rise but still well below US levels ▪ E-commerce share of retail sales expected to grow further These trends will lead to more demand for industrial property
Slide 18: Firms holding more inventory closer to clients
18 Inventory expectation of European logistics firms, Change in inventories, Eurozone, € billion % of respondents ▪ Firms have shifted to holding more inventory, closer to their clients ▪ Further growth in inventories expected ▪ 67% of European logistics occupiers plan to expand*
Slide 19: Speculative developments in years of take-up
19 Speculative developments expressed in years of take-up (Q3’22 - Q2’23) ▪ Montea active in countries with low new (speculative) 1,8 supply, typically below 1 year of take-up 1,6 1,4 ▪ As a result, vacancy is expected to remain low in 1,2 these countries 1 0,8 1,6 1,3 1,3 0,6 1,2 0,9 0,4 0,8 0,8 0,
Slide 20: Green regulation scores and landbank
20 Green83regulation scores (out of 100) 90 ▪ Montea landbank consists 80 for 75% of grey/brownfields, 70 which leads to less permitting risk 60 50 ▪ Less supply & competition risk in ‘stringent’ countries 40 30 20 10 0
Slide 21: Montea portfolio
Montea 02-B portfolio MONTEA
Slide 22: Portfolio size x23 since IPO
22 2,280 Portfolio size x23 since IPO 101 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 23: Portfolio by country
23 Belgium 995 56 12 1,063 +6.8% France 251 4 2 256 +2.0% The Netherlands 890 20 20 930 +4.5% Germany 36 -5 31 NM 2,171 79 30 2,280 +5.0%
Slide 24: Tongeren phase 2 and Machelen acquisition
24 Phase 2/second building – 34,000 sqm The development was delivered in November. It is fully let for a fixed period of 6 years to BayWa, a producer of solar panels. Total capex amounts to c. 26 M€ (incl. land acquisition). Acquisition standing asset – 5,000 sqm At the end of Q4, Montea acquired an
Slide 25: Extensive landbank, focused on grey/brownfields
Extensive landbank, focused on grey/brownfields Total landbank 31/12/2022 2.4 mio m In/out throughout 2022 - 0.2 mio m Total landbank 31/12/2023 Acquired landbank 1.5 mio m? Landbank under control 9.7 mio m Acquired landbank Market value of 1.5 mio sqm | 302 ME mtial for futu 199% situated in logist
Slide 26: Landbank sites
26 Tongeren: 18.4 ha Senlis: 17.0 ha Toury: 54.5 ha Mannheim: 8.3 ha Tiel: 44.9 ha
Slide 27: Additional 600,000 sqm GLA by end 2025
27 ▪ Additional 600,000 sqm GLA* ▪ > 65% is grey- or brownfields in Belgium & the Netherlands, a 30% increase* by end 2025 * vs. portfolio at end Sept. 2023 ▪ Net Initial Yield on Cost of 7.0% ▪ No speculative development, leading to a (net) additional rental works only start after pre-letting 6% in
Slide 28: Development pipeline overview
28 Tongeren III (BayWa) Born Q4 2023 Q4 2023 56,000 m2 0 m2 34,000 m2 3,000 m2 26 M€ 2 M€ 26 M€ 2 M€ ² Delivered in Q4 56,000 m2 37,000 m2 28 M€ 28 M€ Brown Vorst (Delhaize) Q3 2024 55,000 m2 21,000 m2 14 M€ 25 M€ 38 M€ Brown Blue Gate 2 Q3 2024 26,000 m2 16,000 m2 6 M€ 14 M€ 20 M€ Green Waddinxveen
Slide 29: Development projects
29 Amsterdam 11,000 m2 Tiel 183,000 m2 Waddinxveen 60,000 m2 Born 89,000 m2 29
Slide 30: Development projects
Grimbergen 57,000 m² Blue Gate 26,000 m2 Lummen 55,000 m2 Vorst 55,000 m2 Tongeren* 240,000 m2 ² 30
Slide 31: Highlights FY 2023 agenda
TT MONTEA fp Highlights FY 2023 mm —an yo alle v= It's all about .. profitable Outlook growth... growth ESG th Appendix
Slide 32: Profitable growth: Financials FY 2023
32 .. profitable growth Financials FY 2023 nH Pe MONTEA
Slide 33: FY 2023 income statement and EPRA EPS
33 + 7% like-for-like rental growth Net rental income 106,625 90,889 +17% + 10% rental income from new projects Other real estate income & expenses 9,514 9,024 +5% Total property result 116,139 99,913 +16% Property expenses -3,135 -2,003 +57% Overhead expenses -10,234 -6,890 +49% Operating results b
Slide 34: Lease expiry and occupancy
34 60.1% 60% 100.0% 99.7% 99.4% 99.3% 99.4% 99.1% 13.4% 8.9% 9.5% 8.2% 13% 9% 10% 8% 2024 2025 2026 2027 > 2027 2018 2019 2020 2021 2022 2023
Slide 35: Indexation and like-for-like rental growth
35 of lease contracts capture indexation of lease contracts are floored at 0% -> no negative indexation of leases (partially) with catch up mechanism in Belgium in subsequent years YTD Like-for-Like rental growth -> L-f-L linked to indexation: +5.5% YTD indexation; higher than IMF 2023 forecast of +
Slide 36: Strong portfolio KPIs
Strong portfolio KPI's Continuous monitoring of the portfolio for possible disposals lead to exceptional portfolio KPI's Portfolio roll forward (in bn €) +0.6 || 2.3 i 6.5y Residual lease term 100% Occupancy rate 0.4 31-12-2014 CAPEX Portfolio Portfolio 31-12-2823 Arbitration Revaluation (disposals)
Slide 37: EPRA NIY and yield expansion
37 5.4% 4.8% 4.8% EPRA NIY total portfolio Q-o-Q yield expansion YTD yield expansion Belgium The Netherlands France
Slide 38: Yield expansion, ERV effect, portfolio valuation
38 YTD yield expansion 2023 YTD ERV effect on valuation 2023 L-f-L portfolio valuation FY 2023
Slide 39: Inflation and indexation below ERV increases
39 ▪ Inflation & indexation levels fall short of ERV increases (ERV +2,9% in Q4 2023) ▪ Leads to an under-rented situation of 6.2%, providing reversion upside potential in the years to come (end Sept. 2023: 5,8%) Q4 2023 L-f-L ERV increase of 3% was fully captured
Slide 40: Interest coverage, net debt/EBITDA and LTV
40 9 9 51.3% 8 8 7 7 39.7% 6.7 37.1% 36.9% 36.3% 6 6.2 6 33.5% 8.4 5.5 8.4 5 7.3 5 6.5 6.7 6.8 4.9 4.5 4.5 4 4 3 3 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 Interest Coverage Ratio (ICR): the sum of operating result before result on the portfolio, Adjusted net debt/EBITDA: non-curr
Slide 41: EPRA cost ratio
41 13.3% ▪ To ensure future growth, Montea 12.3% 11.7% 11.8% invests heavily in business development in all countries and corporate services. 9.3% 8.3% 8.8% 8.8% ▪ In a market in which Montea strongly focusses on in-house 6.6% 6.5% developments, these investments 6.4% 6.0% 5.5% in the teams will pay
Slide 42: Financing and maturity profile
42 8,0 250 7,0 67% 6,0 200 BONDS 7.3 5,0 7.0 150 4,0 33% 3,0 100 CREDITLINES 50 2,0 1,0 0 0% 0,0 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 LEASING MATURITY FINANCING MATURITY HEDGING Creditlines Bonds
Slide 43: Cost of debt and hedging
43 31.12.2023 ▪ Current cost of debt: 2.3% ▪ Hedge ratio of 97% at year end ▪ Mainly fixed rate debt 84% FIXED RATE DEBT ▪ Avg hedging maturity of 7 years 13% HEDGED FLOATING RATE DEBT 3% UNHEDGED FLOATING RATE DEBT
Slide 44: Outlook agenda
TT MONTEA fp Highlights FY 2023 iit It's all about growth... ital .. profitable growth Outlook ESG th Appendix
Slide 45: Outlook: Profitable growth
45 O4 Outlook Profitable growth TT MONTEA
Slide 46: 2024 and 2025 guidance, 2026-2027 outlook
46 2024 guidance 2025 guidance ▪ EPRA EPS at € 4.55 excl. potential ▪ EPRA EPS at € 4.65 excl. potential positive one-off (FBI recognition for positive one-off (FBI recognition for € 0.45* FY 2023) FY 2024) € 4.65 € 4.45 € 4.55 ▪ DPS at € 3.60 per share excl. ▪ 2023-25 projects gradually potential o
Slide 47: EPS and DPS evolution
47 4.65 4.55 EPS (€) DPS (€) 4.45 4.10 3.75 3.50 3.60** 3.74* 3.28 3.30 2.95 3.03 2.83 2.58 2.54 2.47 2.29 2.26 2.00 2.05 1.97 1.79 1.82 2.17 2.11 2.03 1.93 1.97 1.97 1.84 1.84 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024e 2025e
Slide 48: ESG agenda
TT MONTEA fp Highlights FY 2023 mm > i & aille ol v= It's all about .. profitable Outlook growth... growth th Appendix
Slide 49: ESG
49 ESG nH Pe MONTEA
Slide 50: Environmental, Social & Governance targets
50 Environmental, Social &@ Governance Converting the Montea DNA into a clear vision and sustainability strategy for medium (2030) and long (2050) term @ Montea operations @ Montea developments @) Existing portfolio ® Targets greenhouse gas emission @ Targets greenhouse gas emission ® Targets greenh
Slide 51: ESG ratings and scores
51 → EPRA sBPR score 2022: GOLD award → GRESB score of 77% → Improved Sustainalytics score of 11.0 ESG Low Risk 77 100 (previous score: 17.5) 124 out of 1,053 483 out of 15,942 RATED COMPANIES RATED COMPANIES As per 31/12/2023
Slide 52: A sustainable construction guide for new developments
52 A sustainable construction guide for new developments
Slide 53: Sustainable construction guide features
1. Multifunctional spaces with 4. Optimal use of floor space promotes efficient standard dimensions and logistics. large spans allow for flexible use of the building. 5. Multy-storey design saves square meters of land. 2. A building with sufficient free 6. Efficient parking through the use of parkin
Slide 54: Sustainable construction guide features
26. Flower meadows, beehives, water 34. Separating waste contributes buffer basins improve biodiversity. to a better environment and circular economy. 27. Green car parks promote natural 35. Parking zones and loading docks for trucks are infiltration of rainwater, thermal provided with an oil and pe
Slide 55: Expansion of business development and corporate teams
Environmental, Social & Governance SIGNIFICANT EXPANSION EXPANSION OF THE BUSINESS DEVELOPMENT TEAM OF THE CORPORATE TEAM - . = e e 0 / / s ; | Sa | hh | my Ye i a he | Patrick van Raalte Patrick Abel Simon Vogelgesang Herman van der Loos Nico De Meyer Liora Kern Chief Marketing & Business Developer
Slide 56: Sustainability in governance and remuneration
56 → Sustainability is part of the policy and decision-making structure: the Sustainable Executive Committee examines whether the funds available within Montea's Green Finance Framework can be allocated to investment projects → The remuneration policy is aligned with the objective of integrating Mon
Slide 57: Appendix agenda
TT MONTEA fp Highlights FY 2023 Os > i & aille ol v= It's all about Profitable Outlook growth... growth ESG th Appendix
Slide 58: Locations, portfolio, tenants, Dutch FBI
58 → Locations → Dutch FBI → Portfolio → About Montea → Tenants
Slide 59: Locations by country
59 Locations © Mai Logste hot Country # sites SQM (‘990) Fair Value Yearly Rent EPRA NIY Occupancy % of total portfolio 41 896 m € 943M €49M 5.4% 199% 45.2% 3y 814 me € 870M €46M 4.8% 199% 41.7% 18 213 m? € 241M €13M 4.8% 199% 11.6% 2 36 m? €31M €2M 6.0% 199% 1.5% MTU a 95 1,959 m € 2,085 M € 110M 5
Slide 60: Multimodal sites, building age, tenant sectors
60 47% 53% YES NO → Close to half of our sites are multimodal → 66% of our buildings are less than 10 years old 32% 33% → 61% of out tenants operate within the < 5 YEARS 6-10 YEARS logistics and construction industry 23% 12% 11-20 YEARS > 20 YEARS 41.7% 19.2% 9.3% Logistics Construction Food & Bever
Slide 61: Property portfolio buildings
61 Total The Total Belgium France Germany 31/12/2023 Netherlands 31/12/2022 Property portfolio – Buildings1 Number of sites 95 41 18 34 2 92 Total area – property portfolio m2 1,959,242 896,423 213,293 813,561 35,965 1,890,029 Annual contractual rents K€ 109,650 49,136 12,514 46,002 1,998 100,136 Gr
Slide 62: Top clients share of rental income
62 → Top 10 of clients represent 29% of the rental income of 2023 → Top 20 of clients represent 45% of the rental income of 2023 → 79% of sites are single tenant 4.8% 3.3% 2.9% 2.9% 2.9% 2.8% 2.6% 2.2% 2.3% 2.1%
Slide 63: FBI overview
63 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 in financial accounts/budget 25.0% 25.8% 25.8% 25.8% Wtihholding tax M€ 2.0 € 0.4 € 0.4 € - Delta to Corporate Incom
Slide 64: About Montea
64 Montea NV is a public regulated real estate The company is a leading player in this As at December 31, 2023 Montea’s company (“RREC”) under Belgian law (SIR – market. Montea literally provides its property portfolio represented a total SIIC), specializing in the development clients with the space
Slide 65: Portfolio focused on main logistics hotspots
65 Montea’s portfolio focused on the main logistics hotspots in Focus area in The Netherlands is the southern part Focus areas in Germany are logistic hotspots, Belgium, the Netherlands, of the country, with the ‘Randstad’ area (Amsterdam, known as important logistic clusters with a Rotterdam, Den H
Slide 66: Quality, sustainable logistics real estate
66 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 develop log
Slide 67: Space to grow through flexible real estate solutions
67 ✓ 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. ✓ Montea converts its market knowledge into high-quality real estate inv
Slide 68: Why logistics real estate
68 ✓ ✓ ▪ Land value has a higher share in the total value ▪ Ambition to be best in class through than in other asset classes specialisation (Logistics, Real estate & Finance) ▪ Life cycle of warehousing > than other asset classes ▪ Ambition to be top of mind towards other market ▪ Renovation cost <
Slide 69: Shareholder structure
69 11% FAMILY DE PAUW Montea is the result of Pierre De Pauw’s 6% lifework, who has been one of the Belgian PATRONALE pioneers in logistic real estate since the 6% late 1960s. ETHIAS The IPO of Montea in 2006 was the start of 4% BLACKROCK GROUP a strong growth path. 3% Montea has a market cap of € 1
Slide 70: Share price and IFRS NAV evolution
70 In the last 19 years, a shareholder gets an About Montea 77 the last | Share price & IFRS NAV evolution (per 31/12/2023) 130€ 110€ 70€ 50€ 30€ 10€ -10€.¢ “+ Sol S 7 v J i S & A & SJ S y v y OP PO OPP EPP PEO POP POO SK FS m@mPremium = =MONTEAShare price ==IFRS NAV (incl. 1AS 39) * Share evolution
Slide 71: Capital Markets Day 4-5 June 2024
SO ad MONTEA Fa Capital Markets Day Brussels Mark your agenda Tuesday 4 June 2024 as from 12h0O0 until Wednesday 5 June at 17hOO Formal invitation will follow soon
Slide 72: Forward-looking statements
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 materially different from any future results, perfo