Slide 1: Q3 2024 results presentation
25/10/2024 Q3 2024 results presentation
Slide 2: Q3 2024 results summary
2 Q3 2024 results summary Growing earnings Track27 and portfolio Solid financial profile € 3.35 (+4% YoY) ▪€ 439m ▪€ 154m Capital increase completed in recurring EPRA EPS invested or in execution October € 0.18 ps ▪99.9% ▪34.4% one-off due to the FBI regime on top occupancy EPRA LTV* +3.4% ▪5.1% ▪7.
Slide 3: Q3 2024 highlights, Outlook, Growth update
Q3 2024 highlights Outlook Growth update ESG Portfolio KPIs update Appendix Market update 3
Slide 4: Q3 2024 highlights
Q3 2024 highlights MONTEA
Slide 5: EPRA EPS up 4%
EPRA EPS up 4% Q3 EPRA result of € 71.9m, an increase of 16% YoY Recurring Q3 EPRA EPS Net result € 3.35 € 121.7m Includes € 55.7m of +4% YoY* positive property revaluation +12% weighted avg. # of shares € 5.98 per share net result * excl. impact of FBI one-offs booked in 2023 (c. € 8.2m or € 0.45/s
Slide 6: Dutch FBI status for FY 2023 granted
Dutch FBI status for FY 2023 granted Q3 EPRA EPS incl. one-off € 3.53 Resulting in a positive one-off of € 3.7m FY 2024 target dividend increases to € 3.74 Adding € 0.18 to EPRA EPS from € 3.60 6
Slide 7: Driven by a +3.4% increase in LfL rents
Driven by a +3.4% increase in LfL rents (K€) 9M 2024 9M 2023 YoY LfL rental growth Net rental income 83,169 79,381 +5% H1 LfL rental growth +3.4% of which Other real estate income & expenses 6,545 6,993 -6% +3.0% linked to rent indexation and +0.4% linked to rent renegotiations Total property result
Slide 8: Solid financial metrics
Solid financial metrics Adj. Net Debt/ Interest EPRA LTV EPRA NTA EBITDA coverage ratio 36.7% 7.7x 4.5x € 77.1 (+7% YoY, € 76.0*) (34.4%*) (7.1x*) (30/09/2023: 4.6x) * Post-rights issue and Reverso acquisition completed in October 2024 8
Slide 9: Strong and well-diversified debt profile
Strong and well-diversified debt profile >6y Long-term funding Cost of debt stable at average remaining debt maturity & hedging, both >6 years 2.3% Strong liquidity € 246m* immediately available funding € 154m (cash + untapped credit lines) Hedge ratio of 98% capital increase successfully completed
Slide 10: Growth update
Growth update
Slide 11: Growing and building for the future
Growing and building for the future Track27 progress report Following the reveal of Track27, Montea’s new Targeted investment volume € 1.2bn growth plan, in September 2024, over 35% (€ 439m) of the targeted growth is already 450 M€ invested or in execution 400 M€ 400 M€ 350 M€ 300 M€ 300 M€ 250 M€ 2
Slide 12: Accretive growth through developments and acquisitions
Accretive growth through developments and acquisitions Completed in Q3 Acquired in Q3 Vorst (BE) Waddinxveen (NL) Maastricht Beatrixhaven (NL) ▪ Redevelopment of a former Lipton ▪ Development of a sustainable ▪ In the multimodal Beatrixhaven site in close proximity to the centre cooling and freezing
Slide 13: Reverso portfolio acquisition
Reverso portfolio acquisition Over 90% of the assets* are strategically located on the French Backbone and Atlantic Arc, core logistics axes in France Key facts: • 17 standing assets** • c. 80,000 sqm built area, c. 650,000 sqm land plot area, with an average site coverage ratio of 12% • 100% occupa
Slide 14: Pipeline c. 280,000 sqm GLA in Belgium
Pipeline c. 280,000 sqm GLA in Belgium* Zellik 14,000 sqm Antwerpen Blue Gate 16,000 sqm Aalst Zellik Lummen Grimbergen Grimbergen 30,000 sqm Forest/Vorst Tongeren Halle Aalst 9,000 sqm Lummen 32,000 sqm Halle 31,000 sqm * incl. recently delivered Tongeren-Baywa (34,000 sqm) Tongeren* 147,000 sqm 14
Slide 15: Pipeline c. 205,000 sqm GLA in The Netherlands
Pipeline c. 205,000 sqm GLA in The Netherlands* Amsterdam Tiel 116,000 sqm Waddinxveen Tiel Amsterdam 7,000 sqm Born * Pipeline also includes 1 undisclosed project Born 67,000 sqm 15
Slide 16: Development pipeline in execution
Development pipeline in execution Total Country Grey/Brown Project name Estimated Landbank GLA Invested To invest capex of Completed and ongoing /Green field delivery 30/09/2024 the project developments Brown Vorst (Delhaize) 55,000 m² 21,000 m² 38 M€ 0 M€ 38 M€ € 51m Green Waddinxveen (Lekkerland)
Slide 17: Development pipeline
Development pipeline Grey/Brown Estimated Invested Total capex of the Pipeline developments Country Project name Landbank GLA To invest /Green field delivery 30/09/2024 project € 40m D e liv e re d Q3 2024 115 , 0 0 0 m² 7 1, 0 0 0 m² 8 3 M€ 0 M€ 8 3 M€ In e xe c ution 10 0 % pre - le t 2 5 7 , 0 0
Slide 18: Extensive land bank
Extensive land bank ... with a focus on grey and brownfields Total landbank 31/12/2023 2.2m sqm In during YTD 2024* ▪ 100% situated in logistics & industrial zonings + 0.54m sqm Out during YTD 2024 - 0.02m sqm ▪ Future development potential ± 1m sqm GLA Total landbank 30/09/2024 = 2.7m sqm ▪ Extensi
Slide 19: Creating value via our land bank
Creating value via our land bank Tongeren: 184,000 sqm Senlis: 170,000 sqm Toury: 545,000 sqm Mannheim: 83,000 sqm Tiel: 449,000 sqm 19
Slide 20: Portfolio KPIs update
Portfolio KPIs update MONTEA
Slide 21: Solid portfolio valuation with +0.3% value uplift in Q3
Solid portfolio valuation with +0.3% value uplift in Q3 Positive portfolio revaluation of € 59m (+2.6% vs. end 2023) primarily driven by development gains Standing portfolio continues to show resilience with +0.3% value gain vs. end June (+0.3% vs. end 2023) Portfolio value at € 2.55bn, +12% vs. end
Slide 22: Value creation driven by developments
Value creation driven by developments Over € 100m of development gains booked since 2022 Standing portfolio value continues to show resilience 4% 30 €m 3% 25 2% 20 1% 0% 15 0 1Q22 2Q22 2 3Q22 4Q22 4 1Q23 2Q23 6 3Q23 4Q23 8 1Q24 2Q24 10 3Q24 12 -1% 10 -2% 5 -3% -4% 0 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q2
Slide 23: 10% reversionary potential remains
10% reversionary potential remains Current rent + ERV on vacancy / Total ERV Inflation & indexation levels have fallen short of ERV increases observed in the market Q3 2024: 9.9% 10% Reversionary potential of 10% provides valuation support and upside potential in the coming years 23
Slide 24: Well spread lease maturity profile
Well spread lease maturity profile Proactive portfolio management Lease maturity profile Occupancy (%) (% of current rent) 9% 66% 100.0% 99.9% of the rent roll had a break or 99.7% lease term in 2024 (€ 9.8m)… 99.3% 99.4% 99.4% 99.1% … with 92% 13.4% already extended or relet WALB: 5.9 years* 15% 9%
Slide 25: Market update
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Slide 26: Occupiers turn more optimistic about business conditions
Occupiers turn more optimistic about business conditions How occupiers view current business conditions 53% 40% of occupiers view business conditions as more favourable (vs 34% in 2023) 35% 37% 30% 33% 25% 20% 15% 16% 10% 13% Occupiers remain more cautious than investors and developers, though senti
Slide 27: As near-future space demand expected to tick up
As near-future space demand expected to tick up How will your warehouse space needs Post-pandemic right-sizing in the sector appears change over the next three years? to be complete, with just 1% (vs 11% in 2023) expecting to require less space in the next 12 More space The same Less space months. 1
Slide 28: Montea's markets are in core occupier focus
Montea’s markets are in core occupier focus In which markets are occupiers For new warehouse space, are you considering expecting to take more space? buildings with the following floorprints? Norway Greece Sweden Switzerland Ireland Finland 6% Urban Logistics 6% Mega box Portugal Hungary + 40.000 sq
Slide 29: Outlook
Outlook
Slide 30: Earnings and dividend uplift for 2024
Earnings and dividend uplift for 2024 Reiterating +6%* p.a. on average EPRA EPS growth guidance Track27 - EPRA EPS growth Uplift 2024 EPRA EPS guidance to € 4.73 (from € 4.55) following the FBI status granting for FY 2023 2024 dividend guidance to € 3.74 (from € 3.60) Recurrent dividend increases +6
Slide 31: Earnings guidance 2024-2027
31 Earnings guidance 2024-2027 € 4.90 incl. 5.60 EPS (€) DPS (€) one-offs 0.15 0.45 0.18 4.90 2013-2023 4.45 4.55 +8% p.a. on average 4.10 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 20
Slide 32: ESG
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Slide 33: 2024 GRESB Score improvement – Standing Investments
2024 GRESB Score improvement – Standing Investments 2024 GRESB Standing Investments Benchmark Report 2024 GRESB Score improvement achieved for existing buildings • 79/100 +2 points vs 2023 • Scoring in line or above the benchmark average on the majority of criteria • With the exception of ‘Building
Slide 34: 2024 GRESB Score improvement – Standing Investments
2024 GRESB Score improvement – Standing Investments 2024 GRESB Standing Investments Benchmark Report 2024 GRESB Score improvement achieved for existing buildings • 79/100 +2 points vs 2023 • Scoring in line or above the benchmark average on the majority of criteria • With the exception of ‘Building
Slide 35: 2024 GRESB Score improvement – Standing Investments
2024 GRESB Score improvement – Standing Investments 2024 GRESB Standing Investments Benchmark Report 2024 GRESB Score improvement achieved for existing buildings • 79/100 +2 points vs 2023 • Scoring in line or above the benchmark average on the majority of criteria • With the exception of ‘Building
Slide 36: 2024 GRESB Score improvement - Developments
2024 GRESB Score improvement - Developments 2024 GRESB Development Benchmark Report 2024 GRESB Score improvement achieved for developments • 88/100 +9 points vs 2023 • Scoring above 90 points on 9 out of 12 criteria • ‘Building certification’ criteria showing the lowest score • ‘Best in class’ desig
Slide 37: On track to reach 88 MWp capacity by end 2024
On track to reach 88 MWp capacity by end 2024 78 MWp photovoltaic capacity reached by Q3, with c. 88 MWp Total: targeted by 2024 end FR 11 2 MWp • An additional capacity of c. 10 MWp to be added by 2024 end by equipping 100% of Total: NL 16 3 8 7 34 standing portfolio* as well MWp as new development
Slide 38: 100 MWh investment in Battery Energy Storage System (BESS)
100 MWh investment in Battery Energy Storage System (BESS) BESS investment of c. € 50m targeted by end 2027 Resulting in battery storage capacity of 100 MWh Currently under study • 14 sites in Belgium for a total storage capacity of 35 MWh • 7 sites in The Netherlands for a total storage capacity of
Slide 39: Q&A
Q&A
Slide 40: Appendix
Track27 growth plan Appendix Balance sheet Portfolio Dutch FBI About Montea
Slide 41: Track27: financial targets
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 42: 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 > € 75m investments in sustainable projects by 2027 • Doubling our solar panel capacity to 135 MWp (c.
Slide 43: Track27: disciplined financial allocation
Track27 Growth through disciplined financial allocation and focus on operational excellence Leverage to remain under control, consistent with Montea’s track record circa 8x adj. net debt/EBITDA max 2.5% cost of debt under towards 90% Operating margins by end 2027 + 98% Consistent occupancy 43
Slide 44: Portfolio growth
Portfolio growth € 3.5 bn 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 201
Slide 45: Strong balance sheet
Strong balance sheet 9 9 8 8 7 7 6.7 6 6.2 6 51.3% 8.4 5.5 8.4 7.7 39.7% 5 7.3 5 37.1% 36.3% 36.9% 36.7% 6.5 6.7 6.8 33.5% 4.9 4.5 4.5 4.5 4 4 3 3 2018 2019 2020 2021 2022 2023 Q3 2024 2018 2019 2020 2021 2022 2023 Q3 2024 (adjusted) NET DEBT / EBITDA Interest Coverage Ratio (ICR): the sum of operat
Slide 46: Diversified, long-term funding
Diversified, long-term funding Financing sources Maturity (y) Maturity credit lines & bonds 7.0 250 6.0 200 5.0 150 4.0 3.0 6.0 100 5.7 2.0 50 1.0 59% 40% <1% 0.0 0 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 BONDS CREDITLINES LEASING MATURITY FINANCING MATURITY HEDGING Creditlines Bonds 46
Slide 47: Property portfolio
Property portfolio Total The Total Belgium France Germany 30/09/2024 Netherlands 31/12/2023 Property portfolio – Buildings1 Number of sites 99 42 18 36 3 95 Total area – property portfolio m2 2,026,463 932,361 214,858 779,749 99,495 1,959,242 Annual contractual rents K€ 118,035 53,248 12,769 46,446
Slide 48: Locations
Locations Belgium The Netherlands France Germany Lille Hamburg Antwerp Ghent Paris Berlin Brussels Amsterdam Düsseldorf Liège Leipzig Rotterdam Cologne Charleroi Frankfurt Breda Tilburg Lyon Venlo Marseille Stuttgart Main logistics hotspots Munich Montea sites Country # sites SQM (‘000) Fair Value A
Slide 49: Top 10 tenants in Montea's portfolio (incl. Reverso)
Top 10 tenants in Montea's portfolio (incl. Reverso) 7.0% 2.6% 4.4% 2.6% 3.4% 2.4% 3.0% 2.1% 2.7% 1.7% * Split calculated by rent 49
Slide 50: High quality portfolio
High quality portfolio Sector diversification Multimodality Age of buildings 4% 7% 16% 29% 42% 24% 46% 16% 54% 7% 6% 9% 33% 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 in financial accounts/budg
Slide 52: About Montea
About Montea Share price & IFRS NAV evolution (per 18/10/2024) 10€ -10 Ego <a ‘ ay oe OO SK OM KK KO PKK KM KM SK SK Premium —MONTEA Share price =—=IFRS NAV (incl. IAS 39) wt ee MONTEA 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