Montea Nv · EURONEXT:MONT
Montea Nv — Montea Comm. VA — Q3 2025 Earnings Presentation
63 slides from Montea Nv's earnings presentation, Nov 5, 2025
Slide 1: 9M 2025 results presentation
4 November 2025 9M 2025 results presentation
Slide 2: Highlights
Highlights Exceptional leasing High 99.8% Over 78% of Track27 momentum in the occupancy & strong growth target secured, portfolio, with 265,000 m² 3.3% LfL confirming 2025 & 2027 (re)let, of which 115,000 m² rental growth earnings guidance in Q3 2
Slide 3: Agenda
9M 2025 results Outlook Growth update ESG Portfolio update Appendix Market update 3
Slide 4: 9M 2025 results
9M 2025 results MONTEA
Slide 5: 9M 2025 – Growth ambitions on track
5 9M 2025 – Growth ambitions on track Results on track Advancing on growth Sound financial profile €3.61 ▪€3.05bn 38.8% EPRA EPS recurring (+8% YoY) portfolio (+€256m YTD) Loan-to-value +3.3% ▪265,000 m² ▪7.4x LfL rental growth of (re)lets with +10% rent uplift achieved on average adj. Net debt/EBIT
Slide 6: Recurring EPRA EPS up 8% YoY
Recurring EPRA EPS up 8% YoY 9M EPRA result at €83m, an increase of 15% YoY EPRA EPS Net result €3.61 €114.9m Includes €21.2m of +2% YoY, or +8% on a recurring basis* positive property revaluation +13% weighted avg. # of shares €4.99 per share net result * Q3 2024 EPRA EPS includes a €3.7m (€0.18 pe
Slide 7: Driven by strong rental growth and portfolio expansion
Driven by strong rental growth and portfolio expansion (in €000’s) 9M 2025 9M 2024 YoY Net rental income 103,661 83,169 +25% Other real estate income & expenses 6,989 6,545 +7% LfL rental growth Total property result 110,651 89,713 +23% +3.3% of which +3.0% linked to rent of which income from solar
Slide 8: Growth-enabling fundamentals
Growth-enabling fundamentals Adj. net Debt/ Interest Investment grade Loan-to-value EBITDA coverage ratio Credit Rating 38.8% (end 2024: 33.7%) 7.4x (end 2024: 6.4x) 4.5x (end 2024: 4.5x) BBB+ (Stable Outlook) Indexation clause included in 100% of rental contracts 8
Slide 9: Solid financial profile
Solid financial profile c.6y Stable cost of debt at Long-term funding Strong liquidity position average remaining debt maturity at 5.9 years €231m immediately available funding 2.1% (cash + untapped credit lines) throughout end 2026 Hedge ratio 98% No debt maturing before 2027 (€75m in total to refi
Slide 10: Prudent balance sheet
Prudent balance sheet Net debt/EBITDA and ICR Loan-to-value 9 9 8 8 7 7 6 6.7 5 6 6.2 8.4 6.4 6.4 4 5.5 7.9 7.4 50.0% 6.7 5 5.7 6.1 3 4.9 36.2% 38.9% 38.8% 35.7% 35.0% 33.7% 4.5 4.5 4.5 4.5 2 32.4% 4 1 3 0 2018 2019 2020 2021 2022 2023 2024 Q3 2025 2018 2019 2020 2021 2022 2023 2024 Q3 2025 (adjuste
Slide 11: Diversified, long-term funding
Diversified, long-term funding Financing sources Maturity (y) Well-spread maturities for CLs & bonds 7 300 6 250 5 200 4 150 3 5.9 5.6 100 2 50 1 53% 46% <1% 0 0 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 CREDIT LINES BONDS LEASING MATURITY FINANCING MATURITY HEDGING Creditlines Bonds 11
Slide 12: Growth update
Sel Growth update MONTEA
Slide 13: Track27 – Solid foundations for future growth
Track27 – Solid foundations for future growth Achieving €1.2 billion of investment volume through four pillars 1 2 3 4 Own Green Partnerships Acquisitions developments investments 13
Slide 14: An agile business model
An agile business model With value creation throughout different stages of the cycle Over €235 million investment volume realised through all growth €500 pillars €450 5% €400 DIVERSE GROWTH AVENUES 28% €350 WITH ONE GOAL IN COMMON €300 Ensuring long-term €250 sustainable value €200 38% creation whil
Slide 15: On track towards a €3.5 billion portfolio
On track towards a €3.5 billion portfolio Track27 progress report Targeted investment volume over 78% €450m €41m €942m of the €1.2bn targeted €400m growth is already invested, €400m €350m in execution or is under exclusive negotiation €300m €300m €250m €250m €250m €200m >€235m Invested €676m €150m 9
Slide 16: Continuous focus on accretive investments
Continuous focus on accretive investments 9M 2025 total investment over €235m €156m Developments partnerships & €67m Acquisitions Solar panels €12m & batteries At an average net yield of 6.6% 16
Slide 17: Earnings growth to continue
Earnings growth to continue Thanks to pipeline in execution… Projects under Solar panels & development battery energy hubs €57m CAPEX €9m CAPEX Invested €676m In execution €66m Under exclusive negotiation €200m > 6.5% Expected NIY ~ 8% IRR To go €258m €1,200m 17
Slide 18: Earnings growth to continue
Earnings growth to continue … and investments under exclusive negotiation Yielding Solar panels Non-yielding investments & BESS landbank €104m CAPEX €52m CAPEX €45m LAND ACQUISITION CAPEX Invested €676m In execution €66m Under exclusive negotiation €200m > 6.5% Expected NIY ~ 8% Expected IRR > 6.5%
Slide 19: c. 155,000 m² of fully pre-let developments in the pipeline
c. 155,000 m² of fully pre-let developments in the pipeline JV with Weerts Oss (Liège, BE) (NL) • 86,000 m² GLA (215,000 m² at • 17,000 m² GLA extension c. 155,000 m² 100%) • Pre-let to Vos Logistics for 10 years • Pre-let to Skechers for 20 years • Construction started in Q1 2025 of 100% pre-let •
Slide 20: Accretive growth through strategic acquisitions
Accretive growth through strategic acquisitions 9M 2025 investments acquired at a 6% average net yield, with +17% value uplift on initial investment to date Blue Gate Antwerp (BE) Zaltbommel (NL) Zeewolde (NL) • 6,000 m² GLA warehouse + outdoor storage • 115,400 m² land acquisition • 36,000 m² GLA w
Slide 21: 111,000 m² of fully pre-let projects delivered in 2025
111,000 m² of fully pre-let projects delivered in 2025 Developed at a 7% average net yield Tiel (NL) Aalst (BE) Amsterdam (NL) • Development of Montea’s largest • Extension of a state-of-the-art distribution • Sustainable distribution centre on a multimodal distribution centre to date centre strateg
Slide 22: Development pipeline in execution
Development pipeline in execution Invested Total capex of the Grey/Brown/ Estimated Landbank GLA To invest Country Project name 30/09/2025 project Green field delivery in m² in m² in €m in €m in €m Completed and ongoing Grey Aalst (Movianto) 14,000 9,000 8 0 8 developments €35m Green Amsterdam (Blon
Slide 23: Development pipeline
Development pipeline Invested Total capex of the Grey/Brown/ Estimated Landbank GLA To invest Country Project name 30/09/2025 project Green field delivery in m² in m² in €m in €m in €m Pipeline developments 9M 2025 - Delivered 208,000 111,000 104 0 104 In execution Green Tongeren III - rest 168,000
Slide 24: 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 *40% JV share included 24
Slide 25: Pipeline c. 178,000 m²
Pipeline c. 178,000 m² GLA in The Netherlands Tiel 94,000 m² Tiel Oss Born Oss 17,000 m² Born 67,000 m² 25
Slide 26: Landbank with a focus on grey and brownfields
Landbank with a focus on grey and brownfields Movements in landbank -0.18m m² ▪ 100% situated in logistics & industrial zonings +0.60m m² ▪ Future development potential of over 1.5m m² GLA 2.72m m² 3.14m m² ▪ Extension potential by over 60% vs. current portfolio In during 2025 Total landbank Sept- T
Slide 27: Existing landbank offers potential for…
Existing landbank offers potential for… +74% 250 €63m 200 +30% €8m €35m +74% 150 €250m 100 €187m rent roll growth €144m 50 Additional growth levers • Rental growth • Acquisitions/disposals 0 • Landbank expansion Annualised cash Pipeline Indexation & Potential Total landbank passing rent (2025-2027)
Slide 28: Existing landbank offers potential for…
Existing landbank offers potential for… 4.5 4.0 3.5 3.0 €330m 2.5 2.0 €4.5bn ∼ €330m value creation 1.5 €3.1bn 1.0 Additional growth levers 0.5 • Acquisitions/disposals • Landbank expansion 0.0 • Green investments Portfolio value Portfolio value with full (30/09/2025) landbank potential unlocked * D
Slide 29: 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: 266,000 m² 29
Slide 30: Portfolio update
a Portfolio update MONTEA
Slide 31: Portfolio growth highlights continuous value creation
Portfolio growth highlights continuous value creation Portfolio value increases €256m YTD (+9.2%), adding €57m in Q3 (+2%) €20m YTD (+0.7%) portfolio value uplift driven primarily by: • +0.4% LfL YTD revaluation on standing portfolio • +17% value uplift realised on the 2025 acquisitions (Zaltbommel,
Slide 32: Portfolio value up by over €255 million year-to-date
Portfolio value up by over €255 million year-to-date Portfolio roll forward (in €m) € 3,000 €20 €236 € 2,800 €3,050 € 2,600 €2,793 € 2,400 31/12/2024 Capex Revaluation 30/09/2025 32
Slide 33: Value creation complemented by value resilience
Value creation complemented by value resilience €110m of development gains booked since 2022 Standing portfolio remains resilient 4% €m 55 50 3% 45 2% 40 1% 35 30 0% 25 0 2 4 6 8 10 12 14 16 -1% 20 15 -2% 10 -3% 5 -4% 0 2022 2023 2024 9M 2025 -5% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q2
Slide 34: 7% reversionary potential remains
7% reversionary potential remains Current rent + ERV on vacancy / Total ERV 7.2% 110% 105% Reversionary potential provides support for valuation and further 100% upside potential for rental growth 95% 90% 85% Q3 2025: 7.2% 5.49% Net reversionary yield 80% 1Q25 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21
Slide 35: High portfolio occupancy retained
High portfolio occupancy retained 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% 13.4% 72% 97.4% 97.4% 97.4% WALB: 6.6 years* 97.8% 97.9% WALT: 7.4 years** 92% Market occupancy rate 96.0% of the 9.5% of leases matu
Slide 36: Dynamic lettings momentum continues
Dynamic lettings momentum continues 9M 2025 9M 2025 Q3 2025 35,000 m² pre-let 230,000 m² (re)let representing over €15m in headline rent 110,000 m² (re)let Average rent uplift of +14%, showing an accelerating dynamic vs Q2, providing 50% of leases signed with new clients +10% Average rent uplift (+6
Slide 37: (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) 5% 2 8% 9% 38% 8 12 19% 21% Logistics Construction Food & Beverage Pharma Retail Automotive <10,000 m² 10-25,000 m² >25,000 m² 37
Slide 38: Market update
Market update
Slide 39: 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 40: … 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 41: 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 42: Outlook
Outlook
Slide 43: 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 €5.
Slide 44: 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% average cost of debt 98%+ consistently high occupancy (max 2.1% by end 2026) €
Slide 45: Earnings track record and guidance
Earnings track record and guidance 5.60 2014-2024 EPRA EPS EPRA EPS (€) DPS (€) +9% p.a. on average 0.08 0.45 0.18 4.90 4.45 4.55 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 Track27: 1.79 1.82 2.00 2.05 1.97 2.17 +6% p.a. EPRA EPS 2.11 on average 2.03 1.93
Slide 46: 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 47: ESG
aT naa. MONTEA
Slide 48: Rollout of Battery Energy Storage Systems (BESS)
Rollout of Battery Energy Storage Systems (BESS) Track27 targets BESS 100 capacity MWh 32 MWh 10 MWh installed capacity across capacity currently being 13 BESS sites in Belgium installed in The Netherlands Solar Panels Additional studies covering 17 MWh for further BESS rollout €25 m total investmen
Slide 49: 2025 GRESB Score – Standing Investments
2025 GRESB Score – Standing Investments 2025 GRESB Score 2025 GRESB Standing Investments Benchmark Report for existing buildings 77/100 -2 points vs 2024 Slight decline due to the addition of older buildings to the portfolio which Montea plans to upgrade Scoring in line or above the benchmark averag
Slide 50: 2025 GRESB Score improvement - Developments
2025 GRESB Score improvement - Developments 2025 GRESB Score 2025 GRESB Development Benchmark Report improvement for developments 89/100 +1 point vs 2024 Scoring above 90 points on 8 out of 12 criteria ‘Building certification’ criteria showing YoY improvement (+20pts) thanks to our 62.8 commitment f
Slide 51: An all-rounded approach to energy independence and efficiency
An all-rounded approach to energy independence and efficiency 2023 9M 2025 2027 2030 Photovoltaic capacity 68 MWp 86 MWp 135 MWp Battery storage systems 32 MWh 100 MWh target 45% 50% Heat pump installations in portfolio target 78% 100% LED lighting in warehouses in portfolio Locally produced energy
Slide 52: 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 53: Q&A
Q&A
Slide 54: Appendix
Appendix Track27 Portfolio Dutch FBI About Montea
Slide 55: 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 alloc
Slide 56: 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 > €5m investments in sustainable projects by 2027 • Doubling our solar panel capacity to 135 MWp (c. €
Slide 57: 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 58: Top 10 tenants in Montea's portfolio
Top 10 tenants in Montea's portfolio 5.5% 2.6% 4.3% 2.4% 3.7% 2.3% 2.9% 2.2% 2.8% 2.1% * Split calculated by rent 58
Slide 59: High quality portfolio
High quality portfolio Sector diversification Multimodality Age of buildings 3% 6% 16% 7% 32% 8% 45% 48% 55% 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 59
Slide 60: Portfolio growth x35 since IPO
Portfolio growth in bn €3.5bn € 3.5 € 3.0 Portfolio size target x35 since IPO €3.05bn € 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 Q3 2025 2027 Belgium Netherlands France Germany Portfolio Fair Value evolution i
Slide 61: FBI status for FY 2024
FBI status for FY 2024 FBI overview 2024 FBI status accounted for in financial accounts of Montea Withholding tax rate in financial accounts 5% Corporate Income tax rate 25.8% Total Tax charges NL* in EPRA result (accounted/provisioned) €m 2.3 GRANTED €m +1.9 EPRA result Potential EPRA result impact
Slide 62: 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 31 October 2025 62
Slide 63: 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