Slide 1: H1 2026 results presentation
20 August 2026 H1 2026 results presentation
Slide 2: Momentum translated into growth
Momentum translated into growth EPRA EPS Exceptional leasing Track27 nearing its growth on track momentum fuelled by large- investment target and scale demand is now fully funded +5% YoY increase 255,000 m² (re)let 95% of the €1.15bn supported by +2.8% LfL +16% rent uplift across the investment targ
Slide 3: Agenda
H1 2026 results Balance sheet & outlook Leasing update ESG Track27 update Appendix Market update 3
Slide 4: H1 2026 results
H1 2026 results MONTEA
Slide 5: H1 2026 – From strategy to value creation
5 H1 2026 – From strategy to value creation Results fully on track Advancing on growth Sound financial profile €2.47 ▪€3.2bn 39.8% EPRA EPS (+5% YoY) portfolio Loan-to-value +2.8% ▪99.4% ▪7.7x LfL rental growth high occupancy adj. Net debt/EBITDA €80.4 ▪5.0% ▪98% EPRA NTA (+4% YoY) EPRA NIY hedge ra
Slide 6: +5% EPRA EPS growth through rental growth and expansion
+5% EPRA EPS growth through rental growth and expansion (in €000’s) H1 2026 H1 2025 YoY Net rental income 74,559 67,819 +10% Other real estate income & expenses 3,423 4,084 -16% EPRA EPS +5% YoY Total property result 77,982 71,903 +8% of which income from solar panels & BESS 4,186 3,786 +11% Propert
Slide 7: Leasing update
Leasing update
Slide 8: Strong occupier demand driving leasing and rental growth
Strong occupier demand driving leasing and rental growth 2026 activity 145,000 m² (re)let across the existing 110,000 m² portfolio pre-let 72% +16% Average rent uplift Leases signed at ERVs on average of leases signed 145,000 m² with new clients (re)let 8
Slide 9: Capturing growth from large-scale logistics and e-commerce
Capturing growth from large-scale logistics and e-commerce Leases signed in 2026 Segment m² leased (% split by GLA) 2% <10,000 m² 9,000 18% 33% 10,000-25,000 m² 61,000 E-commerce Construction >25,000 m² 75,000 Retail 20% Logistics Total 145,000 Pharma 27% Most leasing volume Renewal rate concentrate
Slide 10: Willebroek leasing validates portfolio quality
Willebroek leasing validates portfolio quality Willebroek (BE) • 47,600 m² long-term lease signed with JD.com • Top 10 Montea asset, developed for Decathlon in 2017 • Strategic hub serving Belgium and Luxembourg • Highly automated e-commerce fulfilment hub • 2027 lease expiry significantly de-risked
Slide 11: Beringen acquisition thesis delivered
Beringen acquisition thesis delivered Beringen (BE) • Vacant Beringen site let within 6 months of acquisition • Long-term lease secured with Claes Retail Group (JBC, CKS, Mayerline) • 20,000+ m² warehouse space in a prime Albert Canal location • Disciplined capital allocation and controlled risk app
Slide 12: Sustained near-full occupancy across the portfolio
Sustained near-full occupancy across the portfolio Proactive tenant Lease maturity profile Occupancy rate (%) management (% of current rent) 100.0% 99.9% WALB: 6.2 years* 99.7% 99.8% WALT: 7.2 years** 99.3% 99.4% 99.4% 99.4% 97.8% 97.9% 97.4% 97.4% 97.4% 57% ALREADY Up from (RE)LET OR Market occupan
Slide 13: Turning reversionary potential into rental growth through active asset management
Turning reversionary potential into rental growth through active asset management Like-for-like rental growth since 2022 +4% average rental growth since 2022 6.8% 6.8% 6.1% 5.9% Supported by consistently 3.3% 3.3% 4.3% 4.0% 3.4% 3.4% 3.6% 3.7% 3.3% Average: 4% high occupancy 3.2% 2.7% 2.8% 2.8% 2.4%
Slide 14: Track27 growth plan update
Track27 growth plan update MONTEA
Slide 15: Multiple growth pillars driving future earnings visibility
Multiple growth pillars driving future earnings visibility Driving earnings growth by dynamic capital allocation Green Developments Acquisitions Partnerships investments PROGRESS 2026 130,000 m² 33,000 m² Ongoing committed investments new, large-scale strategic last-mile under Track27 developments s
Slide 16: Capturing market momentum: Port of Antwerp
Capturing market momentum DEVELOPMENTS Port of Antwerp (BE) 55,000+ m² GLA • Prime location in the Port of Antwerp • Pre-let to DP World under a 15-year triple net lease • Minimum BREEAM Excellent targeted • In permitting phase • Expected construction start in Q2 2027 • Expected completion in Q2 202
Slide 17: Capturing market momentum: Tiel DC Quartz
Capturing market momentum DEVELOPMENTS Tiel DC Quartz (NL) 67,400 m² GLA • Next phase of Logistic Park Glassworks development • 70% pre-let to BSH Home Appliances under a minimum 10-year triple net lease; advanced discussions ongoing for the remaining 30% • Minimum BREEAM Excellent targeted • Constr
Slide 18: Tiel - From 48ha brownfield to value creation
Tiel - From 48ha brownfield to value creation De-risked execution approach Significant grid capacity Sustainable brownfield redevelopment Logistic Park Glassworks Tiel (NL) • Brownfield acquired in 2018 • 88% of currently available 200,000 m² GLA already developed or under development • € 178m inves
Slide 19: Executing on growth opportunities
Executing on growth opportunities ACQUISITIONS Anderlecht, Brussels (BE) 33,000 m² GLA • Strategic last-mile location, just 1km away from the Brussels South train station • Let to bpost under a long-term lease • Investment: € 18m 19
Slide 20: Track27 – From strategy to execution
Track27 – From strategy to execution vs 95% 81% Q4 25 Track27 targeted investments Invested €815m In execution €92m Under exclusive negotiation €186m To go €54m of the €1.15bn investment €1,147m target secured €180m 2024 2026 investments at 2025 H1 2026 6.6% average NIY of investments completed & se
Slide 21: Track27 – A value-enhancing growth plan
Track27 – A value-enhancing growth plan With proven value creation throughout different stages of the cycle €500 €450 1% €400 12% DIVERSE GROWTH AVENUES €350 16% WITH ONE GOAL IN COMMON €300 Ensuring long-term €250 sustainable value €200 51% creation while focusing €150 on strategic locations €100 €
Slide 22: Earnings growth set to continue
Earnings growth set to continue Thanks to pipeline in execution Projects under Solar panels & energy development storage systems €87m CAPEX €5m CAPEX Invested €815m In execution €92m Under exclusive negotiation €186m To go €54m ~ 6.5% Expected NIY ~ 8% IRR €1,147m 22
Slide 23: Developments in execution
Developments in execution NEW NEW Tiel DC Quartz Tiel JV with Weerts Halle (NL) (NL) (Liège, BE) (BE) • 67,400 m² GLA • 4,000 m² GLA • 86,000 m² GLA (215,000 m² at 100%) • Located near E19 and E429 motorways • 70% pre-let to BSH for a minimum • Pre-let to Arjo for minimum 10 years • Pre-let to Skech
Slide 24: Earnings growth to continue
Earnings growth to continue And investments under exclusive negotiation Yielding Solar panels Non-yielding investments & BESS landbank €117m CAPEX €26m CAPEX €43m LAND ACQUISITION CAPEX Invested €815m > 6.5% Expected NIY ~ 8% Expected IRR > 6.5% Expected NIY (after completion) In execution €92m Unde
Slide 25: Development pipeline
Development pipeline Completion Landbank GLA Total capex To invest Target YoC date (m²) (m²) (€m) (€m) Current development pipeline 92% 17Y AVERAGE 326,000 188,400 249 87 ~ 6.5% Committed developments under construction PRE-LET LEASE TERM Halle (Colruyt Group) Q4 2026 55,000 31,000 34 13 Tiel (Arjo
Slide 26: Skechers project execution update
Skechers project execution update Watch video Watch video → 26
Slide 27: Skechers project delivery progressing as planned
Skechers project delivery progressing as planned 40% joint venture with Weerts Logistics Parks STATUS UPDATE Construction 215,000+ m² GLA fully on track across five units First three units 100% pre-let to Skechers delivered on a 20-year lease Tenant automation works Over 70% of GLA generating rental
Slide 28: Skechers project - Immediate earnings contribution with attractive YoC
Skechers project - Immediate earnings contribution with attractive YoC TODAY Development Expected entry Expected completion start of first leases of the project Maximum exposure Q1 2025 2027 2028 for Montea ~ €140m (€26m to go) Return on invested capital from Project YoC at delivery above 6%, fully
Slide 29: Landbank with a focus on grey and brownfields
Landbank with a focus on grey and brownfields Landbank + 500k m² vs Q1 2026 100% situated in logistics & industrial zonings 1.4m m² Future development potential of 1.8m m² GLA 1.3m m² Yielding 3.9m m² Non-yielding In option Extension potential by over 75% vs. current portfolio NK 1.2m m² BA D 56% gr
Slide 30: Landbank underpinning significant embedded rental growth potential
Landbank underpinning significant embedded rental growth potential +75% €92m +14% €5m €5m €16m €165m €264m +75% rent roll growth €146m €151m €172m Additional growth levers • Rental growth • Acquisitions/disposals • Landbank expansion Annualised cash Indexation & Annualised cash Pipeline Indexation &
Slide 31: Existing landbank underpinning future value creation
Existing landbank underpinning future value creation 5.0 4.5 4.0 3.5 ~ €350m ∼ €350m 3.0 2.5 €4.9bn 2.0 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 (30/06/2026) landbank pot
Slide 32: Market update
oy "a Teas MONTEA
Slide 33: Western Europe – A supply constrained market
Western Europe – A supply constrained market Severe land Lengthy and Power grid and Environmental scarcity in core complex permitting energy capacity and ESG logistics corridors and zoning process constraints regulation hurdles Particularly near major ports, Limits speculative supply Secured grid ac
Slide 34: Occupier expansion appetite is recovering
Occupier expansion appetite is recovering Expansion plans in the next 3 years Expanding respondents per occupier sector 51% are planning to expand in the 3PLs, post & parcel and next 3 years vs 46% in 2025 online retailers lead demand Occupier expansion appetite rebounds 90% for the first time since
Slide 35: E-commerce penetration is set to continue growing
E-commerce penetration is set to continue growing in €bn 35% 31% 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 2025 2026e 2027e 2028e 2029
Slide 36: 7 million m² of new demand powered by e-commerce
7 million m² of new demand powered by e-commerce E-commerce revenues to increase by c. €70bn by 2030 in Montea’s markets in €bn 180 +42 2026e 2030e 160 140 120 +20 Creating a 7 million m² new 100 logistics demand growth 80 161 opportunity in Montea’s markets 60 119 alone over the next four years +5
Slide 37: Enduring structural demand drivers
Enduring structural demand drivers Normalisation of take-up expected Growth in e-commerce penetration to continue, with structural growth drivers remaining intact Supply chain optimisation Modernisation of existing stock Distribution linked to defence 37
Slide 38: Balance sheet update & outlook
Balance sheet update & outlook
Slide 39: Track27 fully funded, balance sheet strength confirmed
Track27 fully funded, balance sheet strength confirmed € 207m (RE)FINANCED IN H1 2028 € 130m € 77m Long-term funding NEW DEBT REFINANCING NO DEBT MATURING BEFORE 2028 5.5 YEARS AVERAGE DEBT MATURITY Long-term interest rate protection Hedge ratio 4.9 YEARS AVERAGE HEDGE MATURITY 98% 2.2% average cost
Slide 40: Funding position further strengthened through successful refinancing
Funding position further strengthened through successful refinancing in m A well-spread maturity profile €300 • No debt maturities before 2028; 2027 refinancing completed €250 • Average debt maturity extended to 5.5 years €200 • Enhanced funding diversification through three new lending relationship
Slide 41: Growth ambitions backed by financial strength
Growth ambitions backed by financial strength Investment grade credit rating BBB+ (Stable Outlook) reaffirmed by Fitch, recognising Montea's strong financial discipline and resilient portfolio First-time F1 rating assigned for short-term financing Loan-to-value Adj. Net Debt/EBITDA Interest coverage
Slide 42: Track27 fully funded within a resilient framework
Track27 fully funded within a resilient framework 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 Track27 is now fully funded, with all remaining
Slide 43: Earnings and dividend guidance
Earnings and dividend guidance +7% p.a. EPRA EPS & DPS growth 2026 guidance €5.23 EPRA EPS (+7% YoY) Track27 - EPRA EPS growth guidance 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 44: 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 45: ESG
TT a MONTEA
Slide 46: An all-rounded approach to energy independence and efficiency
An all-rounded approach to energy independence and efficiency 2023 Q2 2026 2030 Track27 green investments Photovoltaic capacity 68 MWp 92 MWp Battery storage systems 0 MWh 45 MWh €29m €60m €31m Heat pump target installations in portfolio 32% 46% 50% LED lighting in target warehouses in portfolio 83%
Slide 47: Executing today. Building tomorrow.
Executing today. Building tomorrow. 255,000 m² 95% +7% Strong leasing momentum Future EPRA EPS growth Track27 across standing portfolio and underpinned by a fully funded execution advancing developments investment pipeline 95% of the €1.15bn investment target under Track27 secured +7% EPRA EPS growt
Slide 48: MONTEA
MONTEA
Slide 49: 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
Slide 50: Appendix
Appendix Track27 Portfolio About Montea
Slide 51: Access to Europe’s core distribution corridors
Access to Europe’s core distribution corridors € 3.2bn portfolio spread across 4 countries HAMBURG Netherlands BERLIN AMSTERDAM 2.4m m² portfolio GLA ROTTERDAM TIEL EINDHOVEN BRUSSELS ANTWERP Germany 75%+ portfolio growth potential LILLE on existing landbank ROUEN Belgium FRANKFURT PARIS RENNES STUT
Slide 52: Track27
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 53: 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 €60m investment in sustainable projects by 2027 53
Slide 54: 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 55: Locations
Locations Belgium The Netherlands France Germany Rouen Lille Antwer p Hamburg Ghent Paris Rennes Bremerhaven Nantes Brussels Berlin Hannover/Brunswick Rhine-Ruhr Liège Amsterdam Tiel Charler oi Rotterdam Leverkusen Lyon Venray Frankfurt Nuremberg Tilburg Venlo Mannheim Eindhoven Main logistics hotsp
Slide 56: Top 10 tenants
Top 10 tenants 5.7% 2.6% 4.5% 2.4% 3.7% 2.3% 2.9% 2.2% 2.7% 2.2% * Split calculated by rent 56
Slide 57: A high-quality portfolio
A high-quality portfolio Sector diversification Multimodality Age of buildings 3% 6% 17% 7% 32% 7% 44% 50% 56% 22% 13% 14% 29% Logistics Food & Beverage Yes No < 5 years 6-10 years Construction Retail 11-20 years 20+ years Pharma & Medical Automotive Other 57
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 Q2 2026 2027 Belgium Netherlands France Germany Portfolio Fair Value evoluti
Slide 60: Track27 framework extends robust balance sheet record
Track27 framework extends robust balance sheet record Adj. 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 7.7 4 5.5 7.3 38.9% 38.1% 39.6% 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 4.4 2 4 1 3 0 2019 2020 2021 2022 2023 2024 2025 Q2 2026 2019 2020 2021
Slide 61: 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 5.5 4.9 100 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 61
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% € 60 50% 30% € 40 10% € 20 -10% €0 -30% Premium/Discount to NAV Share price NAV Data as of 14 August 2026 62