Montea Nv · EURONEXT:MONT
Montea Nv — Montea Comm. VA — FY 2025 Earnings Presentation
61 slides from Montea Nv's earnings presentation, Feb 12, 2026
Slide 1: FY 2025 results presentation
11 February 2026 FY 2025 results presentation
Slide 2: Highlights
Highlights Exceptional leasing 2nd year of Track27 2025 earnings momentum: successfully executed: guidance delivered: 285,000 m² (re)let at €300m+ invested at €4.90 EPRA EPS +9% average rents 6.5% average net yield (+8% YoY) 2
Slide 3: Agenda
FY 2025 results Outlook Growth update ESG Portfolio update Appendix Market update 3
Slide 4: FY 2025 results
FY 2025 results MONTEA
Slide 5: 2025 – Targets delivered
5 2025 – Targets delivered Results fully on track Advancing on growth Sound financial profile €4.90 ▪€3.2bn 38.1% EPRA EPS recurring (+8% YoY) portfolio (+13% YoY) Loan-to-value +3.2% ▪285,000 m² ▪7.3x LfL rental growth of (re)lets with +9% average rent uplift secured adj. Net debt/EBITDA €81.63 ▪99
Slide 6: Recurring EPRA EPS up 8% YoY
Recurring EPRA EPS up 8% YoY FY2025 EPRA result at €113m, an increase of 18% YoY EPRA EPS Net result €4.90 €163m includes €53m of +4% YoY, or +8% on a recurring basis* positive property revaluation +10% weighted avg. # of shares €7.09 per share net result * Q4 2024 EPRA EPS includes a €3.7m (€0.18 p
Slide 7: Driven by strong rental growth and portfolio expansion
Driven by strong rental growth and portfolio expansion LfL rental growth (in €000’s) FY 2025 FY 2024 YoY Net rental income 139,768 115,110 +21% +3.2% of which +2.9% is rent indexation and +0.3% reversion Other real estate income & expenses 8,954 7,847 +14% Total property result 148,722 122,956 +21%
Slide 8: Growth-enabling balance sheet
Growth-enabling balance sheet Adj. net debt/ Interest Investment grade Loan-to-value EBITDA coverage ratio Credit Rating 38.1% (end 2024: 33.7%) 7.3x (end 2024: 6.4x) 4.5x (end 2024: 4.5x) BBB+ (Stable Outlook) Indexation clause included in 100% of rental contracts 8
Slide 9: Controlled financing cost evolution
Controlled financing cost evolution enabled by disciplined financial management 2.1% cost of debt Long-term funding No debt maturing not exceeding 2.5% under Track27 average remaining debt maturity before 2027 at 5.7 years (€75m in total to refinance in 2027) Hedge ratio Robust hedging framework 99.
Slide 10: Growth update
Sel Growth update MONTEA
Slide 11: Update Track27
Update Track27 Increased focus on Remaining €400m 81% of the €1.15bn total yielding acquisitions investments fully Track27 investment volume through local presence covered by available already secured investment capacity within reconfirming € 5.60 EPRA the c.8x adj. Net → €3.5bn+ portfolio within EP
Slide 12: Track27 – From strategy to execution
Track27 – From strategy to execution Track27 progress report 2024 2025 81% 2025 investments completed at 6.5% average net yield of €1.15bn targeted growth is Invested €747m already invested, in execution or In execution €66m is under exclusive negotiation Under exclusive negotiation €117m To go €217
Slide 13: Track27 – A value-enhancing growth plan
Track27 – A value-enhancing growth plan With proven value creation throughout different stages of the cycle 2025 - Over €300 million deployed through all growth pillars €500 €450 5% €400 DIVERSE GROWTH AVENUES €350 32% WITH ONE GOAL IN COMMON €300 Ensuring long-term €250 sustainable value €200 32% c
Slide 14: C. 130,000 m² of fully pre-let projects delivered in 2025
C. 130,000 m² of fully pre-let projects delivered in 2025 NEW Oss (NL) Tiel (NL) • Sustainable multimodal distribution • Development of Montea’s largest centre, accessible by road, water and rail multimodal distribution centre to date • 17,000 m² GLA extension • 95,000 m² GLA • Let to Vos Logistics
Slide 15: Accretive growth through strategic acquisitions
Accretive growth through strategic acquisitions NEW Beringen (BE) Zeewolde (NL) • 20,000 m² GLA warehouse & 2,500 m² office • 36,000 m² GLA warehouse on a 55,600 m² space on a 53,475 m² land plot land plot • Strategic location along 2 motorways (E313 & • Strategic location close to 3 motorways E314)
Slide 16: Earnings growth to continue
Earnings growth to continue Thanks to pipeline in execution Projects under Solar panels & development battery energy hubs €62m CAPEX €4m CAPEX Invested €747m In execution €66m Under exclusive negotiation €117m ~ 6.5% Expected NIY ~ 8% IRR To go €217m €1,147m 16
Slide 17: Fully pre-let developments in execution
Fully pre-let developments in execution NEW Halle JV with Weerts • Located near E19 and E429 motorways • Located right next to Liège Airport • 31,000 m² GLA • 86,000 m² GLA (215,000 m² at 100%) • Pre-let to Skechers for 20 years (BE) • Pre-let under an 18-year lease agreement (Liège, BE) • Construct
Slide 18: Earnings growth to continue
Earnings growth to continue And investments under exclusive negotiation Yielding Solar panels Non-yielding investments & BESS landbank €47m CAPEX €28m CAPEX €42m LAND ACQUISITION CAPEX Invested €747m In execution €66m Under exclusive negotiation €117m > 6.5% Expected NIY ~ 8% Expected IRR > 6.5% Exp
Slide 19: Track27 – Two years of compounding growth momentum
Track27 – Two years of compounding growth momentum Over €150m in value realised through external & internal growth Resulting in a +9% TAR* p.a. over the last 2 years €80m+ €10m+ €60m development positive revaluation LfL revaluation gains booked of acquisitions of standing portfolio 6.7% 16% 3%+ aver
Slide 20: Development opportunities
Development opportunities Completion Landbank GLA Total capex To invest Target YoC date (m²) (m²) (€m) (€m) 100% 20Y Current development pipeline Average 203,000 117,000 174 62 ~ 6.5% Committed developments under construction Pre-let lease term Halle Q4 2026 55,000 31,000 34 19 Liège (Skechers)* Q4
Slide 21: Landbank with a focus on grey and brownfields
Landbank with a focus on grey and brownfields Movements in landbank -0.2m m² ▪ 100% situated in logistics & industrial zonings +0.9m m² ▪ Future development potential of over 1.5m m² GLA 2.7m m² 3.4m m² ▪ Extension potential by over 70% vs. current portfolio In during 2025 Total landbank Dec-2025 To
Slide 22: Existing landbank offers potential for…
Existing landbank offers potential for… +73% €87m +13% €7m +73% €12m €252m €165m rent roll growth €146m Additional growth levers • Rental growth • Acquisitions/disposals • Landbank expansion Annualised cash Pipeline Indexation & Secured Rent potential Total landbank passing rent Completion of revers
Slide 23: Existing landbank offers potential for… ∼ €330m
Existing landbank offers potential for… 4.5 4.0 3.5 3.0 €330m 2.5 2.0 €4.7bn ∼ €330m value creation 1.5 €3.2bn 1.0 Additional growth levers 0.5 • Acquisitions/disposals • Landbank expansion 0.0 • Green investments Portfolio value Portfolio value with full (31/12/2025) landbank potential unlocked * D
Slide 24: Portfolio update
a Portfolio update MONTEA
Slide 25: Consistently high occupancy across the portfolio
Consistently high occupancy across the portfolio Proactive tenant management Lease maturity profile Occupancy rate (%) (% of current rent) 100.0% 99.9% 99.7% 99.8% 99.3% 99.4% 99.4% 64% 97.8% 97.9% 97.4% 97.4% 97.4% 75% of the 11.6% maturing in 2026 WALB: 6.5 years* 96.0% already extended or relet W
Slide 26: Dynamic lettings momentum continues
Dynamic lettings momentum continues FY 2025 FY 2025 Q4 2025 35,000 m² pre-let 251,000 m² (re)let representing close to €18m in headline rent 26,000 m² (re)let Average rent uplift of +5%, providing further rent reversion capturing evidence 53% of leases signed with new clients +9% Average rent uplift
Slide 27: (Re)lettings with a diverse set of clients
(Re)lettings with a diverse set of clients Leases signed in 2025 Number of leases signed per segment (% split by GLA by industry) 10% 2 7% 38% 8% 9 16 17% 20% Logistics Construction Food & Beverage Pharma Retail Automotive <10,000 m² 10-25,000 m² >25,000 m² 27
Slide 28: Portfolio growth highlights continuous value creation
Portfolio growth highlights continuous value creation Portfolio value increases €360m YoY (+13%), adding €103m in Q4 (+3.4%) €57m YoY (+2.1%) portfolio value uplift driven primarily by: • +0.7% LfL revaluation on standing portfolio • +12% value uplift realised on the 2025 acquisitions • In-house dev
Slide 29: Portfolio value up by €360 million in 2025
Portfolio value up by €360 million in 2025 Portfolio roll forward (in €m) 3,200 57 3,152 307 -5 3,100 3,000 2,900 2,800 2,793 2,700 2,600 2,500 31/12/2024 Capex Revaluation Disposals 31/12/2025 29
Slide 30: c.8% reversionary potential to still be captured
c.8% reversionary potential to still be captured ERV growth provides valuation support Portfolio reversionary potential 4% 110% 3% 2% 105% 1% 100% 0% 0 2 4 6 8 10 12 14 16 -1% 95% -2% -3% 90% -4% 85% -5% Q4 2025: 8% Yield effect on standing portfolio ERV effect on standing portfolio 80% 4Q14 4Q15 4Q
Slide 31: Market update
Market update
Slide 32: Prime yields stabilise, further supported by gradual ERV growth
Prime yields stabilise, further supported by gradual ERV growth Prime yields show stabilisation, with Belgium Ongoing gradual growth in prime rents, posting a 10bps yield compression underpinned by inflation, continues to support asset valuations Prime yields YoY change Prime rent trends YoY change
Slide 33: Measured recovery in tenant demand, divergent regional vacancy trends
Measured recovery in tenant demand, alongside divergent regional vacancy trends 2025 take-up figures indicate measured Market vacancy evolution continues to be recovery in tenant demand, with accelerating driven by the diverging performance between activity in Q4 A- and B-grade locations 2025 take-u
Slide 34: E-commerce penetration is set to continue growing…
E-commerce penetration is set to continue growing… in €bn 35% 32% 30% 27% 25% 25% E-commerce penetration 22% to continue growing 22% 20% 18% 17% while still remaining below more 17% mature markets such as the UK 15% 14% 10% 10% 5% 0% 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e 2028e 20
Slide 35: … while retail sales projections are broadly flat
… while retail sales projections are broadly flat in €bn 700 600 500 Showing switch of 400 consumer preferences towards e-commerce 300 as total retail sales are 200 projected to remain broadly flat 100 0 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e 2028e 2029e Belgium Netherlands France
Slide 36: E-commerce – a 4 million m² growth opportunity
E-commerce – a 4 million m² growth opportunity E-commerce revenues to increase by c. €40bn by 2029 in Montea’s markets in €bn 140 +20 2025e 2029e 120 100 +12 Creating a 4 million m² extra 80 logistics space growth 60 129 opportunity in Montea’s markets 109 alone over the next four years 40 +4 67 79
Slide 37: Outlook
Outlook
Slide 38: Earnings and dividend guidance
Earnings and dividend guidance +7% p.a. EPRA EPS & DPS growth 2026 guidance Track27 - EPRA EPS growth guidance €5.23 EPRA EPS (+7% YoY) incl. potential €0.08 FBI recognition for FY 2024 6 €4.19 dividend (+7% YoY) incl. potential FBI recognition (80% payout) Min. 2.5% LfL rental growth € 0.08 5 €250m
Slide 39: Track27 strong financial and operational framework affirmed
Track27 strong financial and operational framework affirmed Reflecting disciplined financial allocation and operational excellence c. 8x adj. Net debt/EBITDA towards 90% operating margin by end 2027 max. 2.5% average cost of debt 98%+ consistently high occupancy The remaining €400m of investments un
Slide 40: Track27 Four growth pillars powering earnings-focused capital allocation
Track27 Four growth pillars powering dynamic, earnings-focused capital allocation Green Acquisitions Developments Partnerships investments Laying the groundwork for growth beyond Track27, with permits for 500,000 m² of GLA expected in 2026–27 in France, of which 150,000 m² already secured 40
Slide 41: Track27 framework extends robust balance sheet record
Track27 framework extends robust balance sheet record Net debt/EBITDA and ICR Loan-to-value 9 9 8 8 7 7 6 6.7 5 6 6.2 7.9 6.4 6.4 4 5.5 7.3 38.9% 38.1% 6.7 35.7% 35.0% 36.2% 5 6.1 3 32.4% 33.7% 5.7 4.9 4.5 4.5 4.5 2 4 1 3 0 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 (adjus
Slide 42: Supported by diversified, long-term funding
Supported by diversified, long-term funding Financing sources Maturity (y) Well-spread maturities for CLs & bonds 6 300 5 250 200 4 150 3 5.7 5.4 100 2 50 1 53% 46% <1% 0 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 CREDIT LINES BONDS LEASING 0 MATURITY FINANCING MATURITY HEDGING Creditlines Bonds 42
Slide 43: Proven return track record: +16% 10-year TAR
Proven return track record: +16% 10-year TAR* +7% p.a. 2026-27 EPRA EPS guidance underpins future TAR growth 10-year Total Accounting Return (YoY % change) 40% 35% 30% 25% 20% 35% 28% 15% 24% 24% 18% 10% 14% 15% 5% 8% 9% 9% 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YoY % change 2016 2017
Slide 44: ESG
aT naa. MONTEA
Slide 45: An all-rounded approach to energy independence and efficiency
An all-rounded approach to energy independence and efficiency 2023 2025 2030 Track27 green investments Photovoltaic capacity 68 MWp 88 MWp Battery storage 0 MWh 45 MWh systems €32m €60m €28m Heat pump target installations in portfolio 32% 45% 50% LED lighting in target warehouses in portfolio 83% 91
Slide 46: Montea. Unmatched.
Montea. Unmatched. 215,000 m² 99.8% 100% A JV partner in the largest Highest occupancy rate The only listed European single-tenant development in the gateway to logistics player with fully in Belgium Europe markets pre-let development pipeline * Montea owns a 40% stake in the JV with Weerts
Slide 47: Q&A
Q&A
Slide 48: Appendix
Appendix Track27 Portfolio About Montea
Slide 49: Track27 – Financial targets
Track27 Our most ambitious growth plan to date Financial targets €1.15bn investment target, with portfolio to grow by more than 50% to above €3.5bn by 2027 end (vs 2023) +7% p.a. 2026-27 EPRA EPS guidance, with EPRA EPS to reach €5.60 in 2027. +6% p.a. EPRA EPS growth on average for the period 2024-
Slide 50: Track27 – ESG-linked targets
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 €60m investment in sustainable projects by 2027 50
Slide 51: 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 52: Top tenants
Top 10 tenants 5.5% 2.7% 4.3% 2.5% 3.8% 2.3% 2.8% 2.2% 2.7% 2.1% * Split calculated by rent 52
Slide 53: A high-quality portfolio
A high-quality portfolio Sector diversification Multimodality Age of buildings 3% 6% 16% 7% 32% 7% 44% 49% 56% 22% 14% 14% 30% Logistics Food & Beverage Yes No < 5 years 6-10 years Construction Retail 11-20 years 20+ years Pharma & Medical Automotive Other 53
Slide 54: 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 6.4% Ghent 4.9% 4.2% 0.0% Brussels 5.5% Liège 8.0% Charleroi Largest cities Regional vacancy rate Montea assets Logistics hotspot
Slide 55: Our Dutch portfolio (40% of the total)
Our Dutch portfolio (40% of the total) Focuses on highly sought-after locations with highly constrained supply of warehouse space 3.4% 8.3% Amsterdam Tiel 8.9% Rotterdam 6.5% 3.5% 1.8% Venray Tilburg Venlo 2.9% Eindhoven 0.6% Largest cities 4.0% Montea assets Regional vacancy rate Logistics hotspots
Slide 56: Our French portfolio (14% of the total)
Our French portfolio (14% of the total) Focuses on two main logistics corridors of the country – the French Backbone and the Atlantic Arc Rouen Lille 8.3% 5.4% Paris 6.2% 7.1% Rennes 10.5% Nantes 2.6% French Backbone 4.5% 9.9% Atlantic Arc Lyon 1.4% 5.2% 4.5% Toulouse 6.1% Marseille Largest cities M
Slide 57: While 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 4.1% Bremerhaven Berlin Hannover/Brunswick Rhine-Ruhr 4.4% Leverkusen 2.1% Frankfurt Nuremberg Mannheim 3.6% Largest cities Stuttgart Munich Regional
Slide 58: Earnings track record and guidance
Earnings track record and guidance 2015-2025 EPRA EPS EPRA EPS (€) DPS (€) +8% p.a. on average 5.60 0.08 5.15 0.45 0.18 4.90 4.55 4.45 4.19** 4.10 3.93 3.74* 3.74* 3.75 3.50 3.30 3.28 3.03 2.95 2.83 2.54 2.58 Track27 2.47 2.26 2.29 +6% p.a. EPRA EPS 2.00 2.05 1.97 2.17 on average 1.79 1.82 2.11 2.03
Slide 59: Portfolio growth x35 since IPO
Portfolio growth in bn €3.5bn € 3.5 €3.2bn € 3.0 Portfolio size target x35 since IPO € 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 2025 2027 Belgium Netherlands France Germany Portfolio Fair Value evolution incl.
Slide 60: 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 9 February 2026 60
Slide 61: 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