Slide 1: Q1 2025 results presentation
8 May 2025 Q1 2025 results presentation
Slide 2: Agenda
Q1 2025 highlights Outlook Growth update ESG Portfolio update Appendix Market update 2
Slide 3: Q1 2025 highlights
Q1 2025 highlights MONTEA
Slide 4: Q1 2025 – Full focus on growth execution
4 Q1 2025 – Full focus on growth execution Results on track Advancing on growth Sound financial profile € 1.07 ▪€ 2.9bn 34.9% EPRA EPS (+9% YoY) portfolio (+ € 118m vs end 2024) Loan-to-value +3.6% ▪c. 90,000 m² ▪6.9x LfL rental growth of leases signed incl. new pre-let adj. Net debt/EBITDA developm
Slide 5: EPRA EPS up 9% YoY
EPRA EPS up 9% YoY Q1 EPRA result of € 24.6m, an increase of 25% YoY EPRA EPS Net result € 1.07 € 37.2m Includes € 9.2m of +9% YoY positive property revaluation +14% weighted avg. # of shares € 1.62 per share net result * The difference between € 9.2m property revaluation reported and € 7m explained
Slide 6: Driven by a +3.6% increase in LfL rents
Driven by a +3.6% increase in LfL rents (K€) 3M 2025 3M 2024 YoY LfL rental growth Net rental income 33,443 27,169 +23% LfL rental growth +3.6% of which +3.3% linked to rent indexation and +0.3% Other real estate income & expenses 784 1,126 -30% linked to rent renegotiations Total property result 34
Slide 7: Growth-enabling fundamentals
Growth-enabling fundamentals Adj. net Debt/ Interest Loan-to-value EPRA NTA EBITDA coverage ratio 34.9% 6.9x 4.5x € 78.91 (end 2024: 33.7%) (end 2024: 6.4x) (end 2024: 4.5x) (end 2024: € 77.63) 7
Slide 8: Prudent balance sheet
Prudent balance sheet Net debt/EBITDA and ICR Loan-to-value 9 9 8 8 7 7 6.7 6 6.2 6 8.4 5.5 7.9 50.0% 5 6.4 6.9 5 6.7 6.4 38.9% 6.1 4.9 35.7% 35.0% 36.2% 34.9% 4.5 5.7 4.5 32.4% 33.7% 4.5 4.5 4 4 3 3 2018 2019 2020 2021 2022 2023 2024 Q1 2025 2018 2019 2020 2021 2022 2023 2024 Q1 2025 (adjusted) net
Slide 9: Strengthened financial profile
Strengthened financial profile Over € 360m >6y (re)financed in Q1 Long-term funding Cost of debt declines to € 290m € 71m new debt refinancing extending average remaining debt maturity from 5.7 years to 6.2 years 2.1% (-20bps vs end 2024) throughout end 2026 Hedge ratio Strong liquidity position 97%
Slide 10: 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 6.2 100 5.8 2.0 50 1.0 52% 47% <1% 0.0 0 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 CREDITLINES BONDS LEASING MATURITY FINANCING MATURITY HEDGING Creditlines Bond
Slide 11: Growth update
Growth update
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 Investment volume realised € 500 In mln € 450 DIVERSE GROWTH AVENUES € 400 WITH ONE GOAL IN COMMON € 350 € 300 Ensuring long-term € 250 sustainable value € 200 creation while focusing € 150 on strategic locations €
Slide 14: On track towards a € 3.5bn portfolio
On track towards a € 3.5bn portfolio Track27 progress report Targeted investment volume c. 70% 450 M€ 41 M€ (€ 820m) 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 552 M€ 150 M
Slide 15: Earnings growth to continue
Earnings growth to continue Thanks to the pipeline in execution… Projects under Solar panels & development battery energy hubs Invested 552 M€ € 79M > 6,5% CAPEX Expected NIY € 15M ~ 8% CAPEX IRR In execution 94 M€ Exclusive negotiation 174 M€ To go 380 M€ 1.200 M€ 15
Slide 16: Earnings growth to continue
Earnings growth to continue … and investments under exclusive negotiation Yielding Solar panels Non-yielding investments & BESS landbank € 91M CAPEX € 53M CAPEX € 30M CAPEX Invested 552 M€ In execution Exclusive negotiation 94 M€ 174 M€ > 6,5% Expected NIY ~ 8% Expected IRR > 6,5% Expected NIY (afte
Slide 17: 20,000 m² of fully pre-let projects delivered in Q1 2025
20,000 m² of fully pre-let projects delivered in Q1 2025 Aalst (BE) Amsterdam (NL) • Development of an extension of a state-of-the- • Development of a sustainable distribution centre art distribution centre on a strategic location in Amsterdam • 9,000 m² GLA • 7,000 m² GLA • Total investment: € 8m •
Slide 18: c. 200,000 m² of developments currently in execution
c. 200,000 m² of developments currently in execution Oss (NL) • 17,000 m² GLA extension • Pre-let to Vos Logistics for 10 years • Construction started in Q1 2025 • Completion in Q4 2025 • Total investment: € 13m Q1 JV with Weerts Liège (BE) Tiel North (NL) • 86,000 m² GLA (215,000 m² at 100%) • 91,0
Slide 19: Skechers project - development timeline
Skechers project - development timeline Permit Expected entry Expected completion secured of first leases of the project Maximum exposure Q1 2025 2027 2028 for Montea ca. € 140m Development Montea receives a return Montea receives a return of over 6% from start on invested capital from Day 1 of the
Slide 20: 45,000 m² of pre-let projects in permitting phase
45,000 m² of pre-let projects in permitting phase Q1 Halle (BE) Zellik (BE) • Located near E19 and E429 motorways • Located in close proximity to Brussels, near E19 • 31,000 m² GLA and E40 motorways • Pre-let under a long-term agreement • 14,000 m² GLA • Total investment: € 34m • Pre-let for 6 years
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 31/03/2025 project Completed and ongoing Grey Aalst (Movianto) 14.000 m² 9.000 m² 8 M€ 0 M€ 8 M€ developments € 40m Green Amsterdam 11.000 m² 7.000 m²
Slide 22: Development pipeline
Development pipeline Grey/Brown/ Estimated Invested Total capex of the Country Green field Project name delivery Landbank GLA 31/03/2025 To invest project Pipeline developments Delivered in Q1 2025 25.000 m² 16.000 m² 21 M€ 0 M€ 21 M€ In execution Green Tongeren III - rest 351.000 m² 66.000 m² 194.0
Slide 23: Pipeline c. 292,000 m²
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 23
Slide 24: Pipeline c. 269,000 m²
Pipeline c. 269,000 m² GLA in The Netherlands Tiel 185,000 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 + 0.15m m² 0m m² ▪ 100% situated in logistics & industrial zonings ▪ Future development potential of over 1m m² GLA 2.72m m² 2.87m m² ▪ Extension potential by over 50% vs. current portfolio In during 2025 Total landbank Ma
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: 449,000 m² 26
Slide 27: Existing landbank offers potential for…
Existing landbank offers potential for… In mln 250 +70% € 47 200 +35% €8 € 40 +70% 150 € 234 100 € 187 rent roll growth € 139 50 Additional growth levers • Rental growth • Acquisitions/disposals 0 • Landbank expansion Annualised cash Pipeline Indexation Potential Total landbank passing rent (2025-20
Slide 28: Existing landbank offers potential for…
Existing landbank offers potential for… In bln 4.5 4.0 3.5 3.0 € 250m 2.5 2.0 € 4.1bn € 250 value creation m 1.5 € 2.9bn 1.0 Additional growth levers 0.5 • Acquisitions/disposals • Landbank expansion 0.0 • Green investments Portfolio value Portfolio value with full (31/03/2025) landbank potential un
Slide 29: Portfolio update
a Portfolio update MONTEA
Slide 30: Portfolio resilience and continuous value creation
Portfolio resilience and continuous value creation Portfolio value increases by € 118m or 4.2% vs. end 2024, to € 2.9bn Increases driven by investments in Liège (Skechers) & other developments as well as development margins Standing portfolio valuation reconfirmed, with EPRA NIY at 5.1% (stable vs.
Slide 31: Portfolio value increased by € 118m in Q1 2025
Portfolio value increased by € 118m in Q1 2025 Portfolio roll forward (in €m) € 3,000 €7 € 111 € 2,800 € 2,911 € 2,600 € 2,793 € 2,400 31/12/2024 CAPEX Portfolio 31/03/2025 Revaluation 31
Slide 32: Value creation complemented by value resilience
Value creation complemented by value resilience Over € 100m 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 -1% 20 15 -2% 10 -3% 5 -4% 0 2022 2023 2024 Q1 2025 -5% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24
Slide 33: 8% reversionary potential
8% reversionary potential Current rent + ERV on vacancy / Total ERV 8% 110% Reversionary potential provides valuation support and upside potential 105% in the coming years (12% in Q4) 100% 95% 90% Portfolio reversionary potential 85% moderates following a strong catch- Q1 2025: 8% up in LfL rental g
Slide 34: Well-spread lease maturities and occupancy outperforming the market
Well-spread lease maturities and occupancy consistently outperforming the market Proactive tenant management Lease maturity profile Occupancy rate (%) (% of current rent) 68% of 9.5% of leases maturing in 2025 already extended or relet 100.0% 99.9% 99.9% 99.7% 99.3% 99.4% 99.4% 50/50 13.4% WALB: 5.9
Slide 35: Market update
Market update
Slide 36: Incremental recovery in tenant demand ongoing
Incremental recovery in tenant demand ongoing, supported by stabilising vacancy rates Latest take-up figures indicate ongoing Market vacancy rates are expected recovery tenant demand, though volume still to stabilize, supported by the lack of remains below the long-term average new (speculative) sup
Slide 37: Prime yields stabilise, supported by gradual ERV growth
Prime yields stabilise, further supported by gradual ERV growth Prime yields have broadly stabilised, Gradual prime rent with some markets (i.e. NL) forecasting evolution continues yield compression to support asset valuation = Prime yields Prime rents trend QoQ trend 6% = = = 5% 4% Belgium The Neth
Slide 38: 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 France 1.1% 140 Benelux Eur
Slide 39: Outlook
Outlook
Slide 40: 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 41: 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% 98%+ Investment capacity average cost of debt (max 2.1% by end 2026) consisten
Slide 42: Earnings guidance 2025-2027
Earnings guidance 2025-2027 5.60 EPS (€) DPS (€) 0.08 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 1.84 1.84 2010 2011 2012
Slide 43: 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 44: ESG
aT naa. MONTEA
Slide 45: 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 100 MWh Belgium capacity 14 sites in scope, 35 MWh total capacity The Netherlands 7 sites in scope, 21MWh total capacity Solar
Slide 46: An all-rounded approach to energy independence and efficiency
An all-rounded approach to energy independence and efficiency 2023 2024 2027 2030 Photovoltaic capacity 68 MWp 84 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 complement
Slide 47: Montea. Unmatched.
Montea. Unmatched. 2x 99.9% 100% Developer & owner of two of Highest occupancy The only listed European Top 5 largest single-tenant rate in the gateway to logistics player with fully developments in the Benelux Europe markets pre-let development pipeline (Skechers & Intergamma)
Slide 48: Q&A
Q&A
Slide 49: Appendix
Appendix Track27 Portfolio Dutch FBI About Montea
Slide 50: 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 51: 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 52: Property portfolio
Property portfolio Total The Total Belgium France Germany 31/03/2025 Netherlands 31/12/2024 Property portfolio – Buildings1 Number of sites 119 43 35 38 3 118 Total area – property portfolio m2 2,164,921 975,832 292,508 797,086 99,495 2,132,243 Annual contractual rents K€ 131,902 56,403 21,355 48,54
Slide 53: 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 54: Our Belgian portfolio (44% of the total)
Our Belgian portfolio (44% 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 55: Our Dutch portfolio (39% of the total)
Our Dutch portfolio (39% 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 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 8.0% 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 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 Bremerhaven Berlin Hannover/Brunswick 4.0% Rhine-Ruhr 4.6% Leverkusen 1.0% Frankfurt 1.2% Nuremberg Mannheim Largest cities Stuttgart Munich Regional
Slide 58: 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 58
Slide 59: High quality portfolio
High quality portfolio Sector diversification Multimodality Age of buildings 3% 15% 17% 31% 46% 45% 14% 55% 23% 7% 6% 9% 29% Logistics Retail Yes No < 5 year 6-10 year Automotive Pharma & Medical 11-20 year 20+ year Construction Food & Beverage Other 59
Slide 60: Portfolio growth
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 61: 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 62: Share price & EPRA NTA evolution
Share price & EPRA NTA evolution (per 07/05/2025) € 130 € 110 € 90 € 70 € 50 € 30 € 10 -€ 10 -€ 30 Premium/Discount to NAV Share price NAV 62
Slide 63: 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