Slide 1: Corporate presentation Q1 2023
Corporate presentation Q1 2023 May 11, 2023
Slide 2: Highlights Q1 2023 Track'24 ESG Appendix
Highlights Q1 2023 Track‘24 ESG Appendix
Slide 3: Highlights Q1 2023
Highlights Q1 2023 Highlights Q1 2023 EPRA result of € 17,1 million, growth of 14% compared to Q1 2022 EPRA result of € 0.95 per share, growth of 2% compared to Q1 2022 (taking into account 11% additional outstanding shares due to strengthening of the capital in 2022) Occupancy rate of 100%, con
Slide 4: Highlights Q1 2023
Highlights Q1 2023 Highlights Q1 2023 He a lt h y m a r k e t d y n a m ic s Stable valuation of existing portfolio Long remaining term of the leases of 7.1 years until first expiry date – excl. solar panels Property portfolio located on strategic multimodal prime locations Rising market r
Slide 5: Highlights Q1 2023: Status Track'24
Highlights Q1 2023 Highlights Q1 2023 S t a t u s Tr a c k ’2 4 : Since the beginning of 2021, Montea has id e n t if ie d a n in v e s t m e n t v o lu m e o f € 6 0 9 m illio n € 5 4 3 m illio n invested € 6 6 m illio n projects in execution This identified investment volume of € 609 million c
Slide 6: Highlights Track'24
Highlights Track’24 EP S g r o w t h t o € 4 .3 0 in 2 0 2 4 – reconfirmed Investment volume growth of over € 800 million in 4 years - reconfirmed 76% of planned CAPEX has been identified Focus on in-house developments: Yielding > 6%, due to significant land bank at historical cost CAPEX
Slide 7: Main logistic hotspots
Highlights Q1 2023 Focus areas in Germany are logistic hotspots, known as important logistic clusters with a stable demand for logistic real estate. Focus area in The Netherlands is the southern part of the country, with the ‘Randstad’ area (Amsterdam, Rotterdam, Den Haag, Utrecht) and Tilburg-Breda
Slide 8: Overview of FV Portfolio
Highlights Q1 2023 Overview of FV Portfolio (€ M) 2,168 Belgium France The Netherlands Germany 36 33 € 2,011 M Standing investments From 1 B€ to 2 B€ in 3 years 42 890 897 € 103 M Developments 646 1,159 € 53 M 521 251 244 From 100 M€ to 423 210 1 B€ in 13 years Solar panels 326 201 174 213 14 73 134
Slide 9: Montea sites by country
Highlights Q1 2023 Lille Antwerp Hamburg Berlin Ghent Paris Berlin Brussels Liège Cologne Amsterdam Düsseldorf Charleroi Rotterdam Lyon Frankfurt Tilburg Marseille Main Logistic hotspots Munich Montea sites % of total Country # sites SQM (‘000) Fair Value Yearly Rent EPRA NIY Occupancy portfolio BE
Slide 10: Strong portfolio KPI's
Highlights Q1 2023 Strong portfolio KPI’s Continuous arbitration Continuous arbitration of of portfolio portfolio Portfolio roll forward (in billion €) (e.g. € € 100 100 M M disposals disposals in in the the last last 8 8 years) years) (e.g. Leading to Leading to exceptional exceptional portfolio po
Slide 11: Strong ERV increases drive value creation
Highlights Q1 2023 Strong ERV increases drive value creation The inflation and indexation levels exceed the like-for-like ERV increase of 0.6% in Q1 2023. This leads to an underrented situation of 5%, providing reversion upside potential in the years to come. 11
Slide 12: Occupancy rate & rental activity
Highlights Q1 2023 Occupancy rate & rental activity Maturity profile Occupancy rate (%) Portfolio Management (in % of current rent) 2023 9% of the current rent had a break or 99,4% 59,1% 99,7% contract end in 99,3% 100,0% 2023, representing 99,4% € 9.6 M 99,1% 61% has already 4,6% 10,2% 11,5% 7,7% 6
Slide 13: High qualitative client portfolio
Highlights Q1 2023 High qualitative client portfolio Logistics type Industry diversification Low risk profile 18% Third Party Logistics Construction/Industry Brand Logistics 42% Food & Beverage (end user) 10% Automotive 53% 43% Network Logistics Pharma & Medical (distribution) 7% Retail Contract Log
Slide 14: High qualitative building portfolio
Highlights Q1 2023 High qualitative building portfolio Age of buildings Multimodality 12% 49% 51% 39% 22% Yes < 5 years No 6 - 10 years 11 - 20 years 27% > 20 years 66% of the buildings is less Multi-modal sites than ten years old 14
Slide 15: High qualitative client portfolio
Highlights Q1 2023 High qualitative client portfolio Top 10 of clients represent 29% of the rental income of 2023 Top 20 of clients represent 46% of the rental income of 2023 77% of sites are single tenant 4.7% 3.5% 3.0% 2.9% 2.9% 2.7% 2.7% 2.3% 2.2% 2.2% 15
Slide 16: Risk profile of rental income
Highlights Q1 2023 Risk profile of Rental income 100% of lease contracts capture indexation Current Rent Floored @ 0%, No Cap 49 M€ 47 % No Floor, No Cap 10 M€ 10 % of lease contracts are floored at 0% Floored @ 0% + Cap 44 M€ 43 % 90% no negative indexation possible TOTAL RENT 103 M€ of lease contr
Slide 17: Financial KPI's
Financial KPI’s Strong balance sheet NET DEBT / EBITDA (adjusted) & ICR EPRA LTV 9 9 (%) 8 8 51,3% 7 7 6,7 39,5% 6,2 39,7% 39,5% 6 6 37,1% 36,9% 31/03/2023 8,4 8,4 36,3% 5,5 8,0 5 7,3 5,1 5 6,5 6,7 4,8 4,5 4 4 3 3 2018 2019 2020 2021 2022 Q1 2023 (adjusted) NET DEBT / EBITDA Interest Coverage Ratio
Slide 18: Financial KPI's: EPRA Cost Ratio & EPRA NIY
Financial KPI’s EPRA Cost Ratio & EPRA NIY 14,00% 13,3% Montea expects the EPRA cost ratio to be 12,3% 11,7% around 11% at the end of 2023. 11,3%1 To ensure future growth, we invest heavily in 9,3% 8,8% 8,8% business development in France & Germany 9,00% 8,3% and corporate services. In a market in w
Slide 19: Financing in Q1 2023
Financing in Q1 2023 W e ll d iv e r s if ie d lo n g t e r m f in a n c in g Financing sources Maturity (y) Maturity creditlines & bonds < 1% 250 200 63% 6,9 7,4 150 37% 100 50 0 MATURITY MATURITY '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 FINANCING HEDGING CREDITLINES BONDS LEASING Cr
Slide 20: EPS & DPS
EPS & DPS Evolution of EPRA result per share & Dividend per share (€) Taking into account 11% additional outstanding shares due to strenghtening of the capital in 2022 + 2% 0.93 0.95 EPS DPS Q1 EPS (*) As of 2016: EPRA result per share instead of Net Current Result 20
Slide 21: Highlights Q1 2023 Track'24 ESG Appendix
Highlights Q1 2023 Track’24 ESG Appendix 21
Slide 22: TRACK'24
TRACK’24 EPS growth to € 4.30 in 2024– reconfirmed Investment volume growth of over € 800 million in 4 years 76% of planned CAPEX has been identified 75% 22
Slide 23: Track'24 and Outlook 2023
Track’24 EPS growth to € 4.30 in 2024 2020 2024 ( > 20% increase compared to 2020) € 3.50 EPRA earnings/share € 4.30 DPS growth to € 3.45 in 2024 ( > 20% increase compared to 2020) € 2.83 Dividend/share € 3.45 Investment volume growth of over € 800 million in 4 years Since the beginning of 2
Slide 24: Projects in execution
Projects in execution 1 2 Tongeren (BE) Vilvoorde (BE) In a second phase within the structural cooperation with Cordeel At the end of Q4 2022, Montea has acquired a landplot of Group, Montea acquired a landplot of ca. 187,000 m² in Tongeren ca. 22,000 m² in Vilvoorde, on which the development of a d
Slide 25: Project to be started
Project to be started Tiel (NL)* From yielding landbank to development At the end of 2023, Montea will start with the development of a new distribution centre of approx. 95,000 sqm on the former site of the old Glass Factory located in Tiel. In this development, sustainability is key. The building w
Slide 26: Projects Track'24
Projects Projects * Land acquisition occured before 2021 Projects Track’24 * * * 26
Slide 27: Projects
e c t Projects Projects s Average lease duration (excl. landbank) 10 y Average net initial yield (excl. landbank) 5.5% 543 M€ invested 66 M€ in execution 609 M€ identified 27
Slide 28: Landbank
Landbank Tongeren: 18.4 ha Senlis: 17.0 ha Mannheim: 8.3 ha Tiel: 44.9 ha 28
Slide 29: Landbank
Landbank (Mio sqm) TOTAL BE FR NL DE TOTAL LANDBANK 31/12/2022 2,4 0,6 0,8 0,9 0,1 -0,1 -0,1 TOTAL LANDBANK 31/03/2023 2,3 0,5 0,8 0,9 0,1 Acquired Landbank 31/03/2023 1,6 0,4 0,2 0,9 0,1 Under Control 31/03/2023 0,7 0,1 0,6 Market Market value value/m² 100% situated in logistic & industrial zonin
Slide 30: Significant expansion of the business development team
Significant expansion of the business development team
Slide 31: Sustainability investments
Sustainability investments Projects New PV-installations in 2023 € 17 MIO Delivered To be delivered 50 PV-installations in Belgium, The Netherlands & France 16 PV-installations in Belgium & The Netherlands of which 4 PV plants were delivered during Q1 2023 18 MWp to be installed 60 MWp ins
Slide 32: Sustainability investments
Sustainability investments Projects Energy saving measures in 2023 € 13 MIO MONTEA’s AMBITION: Greenhouse gas emission: -55% by 2030 TENANT ENGAGEMENT PROGRAMME HEAT PUMPS: disconnect 50% of sites from gas grid by 2030 RELIGHTING PROGRAMME: 100% of sites have energy-efficient lighting by 203
Slide 33: Outlook Track'24
OUTLOOK Track‘24 Outlook Projects Evolution of EPRA result per share & Dividend per share (€) (*) As of 2016: EPRA result per share instead of Net Current Result EPS DPS 33
Slide 34: Highlights Q1 2023 Track'24 ESG Appendix
Highlights Q1 2023 Track’24 ESG Appendix 34
Slide 35: Environmental, Social & Governance (ESG)
Environmental, Social & Governance (ESG) Converting the Montea DNA into a clear vision and sustainability strategy for medium (2030) and long (2050) term: 35
Slide 36: Recognition for our ESG strategy
Environmental, Social & Governance (ESG) Recognition for our ESG strategy Increased EPRA sBPR score: GOLD award (compared to silver in previous year) Increased GRESB score of 77% (+8% compared to score attained in previous year) 36
Slide 37: Montea Blue Label
Montea Blue Label A sustainable construction guide for new developments WELL-BEING 18. Bicycle parking with electric charging stations promote movement and health of employees. 19. Sports facilities promote health, performance and recovery of employees. 20. Atmospheric coffee corners are a social pl
Slide 38: Human capital scan
Environmental, Social & Governance (ESG) Human capital scan High Great Together with a renowned external partner motivation leadership High committed to wellbeing in the workplace area, engage- Montea launched a HC scan with great results ment High indepen- dence High social Great energy support bet
Slide 39: Green governance
Environmental, Social & Governance (ESG) Green governance Sustainability is also part of the policy and decision-making structure: the Sustainable Executive Committee examines whether the funds available within Montea's Green Finance Framework can be allocated to investment projects The remunera
Slide 40: Annual Report 2022
Malia, Pace) Annual Report 2022 ray “oy Read it here
Slide 41: Highlights Q1 2023 Track'24 ESG Appendix
Highlights Q1 2023 Track’24 ESG Appendix 41
Slide 42: Dutch REIT regime: FBI
Dutch REIT regime: FBI General • FBI = Fiscale Beleggingsinstelling • To be applied for “per legal entity” on a yearly basis • Main rules to respect 60% maximum LTV level (calculated on the Dutch fiscal value of the investment assets) 100% dividend distribution obligation (based on the Dutch fis
Slide 43: Dutch REIT regime: FBI structure
Dutch REIT regime: FBI Montea structure (simplified) SPV = Special Purpose Vehicle -> activity of this legal entity is limited to holding real estate 43 These slides are merely for clarification purposes. In case of doubt, the official communication in the official press releases is always leading.
Slide 44: Dutch REIT regime: FBI summary
Dutch REIT regime: FBI Summary (full text: see Interim financial press release of May 11, 2023) • History: • 2013: Montea NL (& its subsidiaries) applied for application of ‘Fiscale Beleggingsinstelling’ (FBI – Dutch REIT). • 2016: Dutch Supreme Court developed a new view in their policy concerning
Slide 45: Dutch REIT regime: FBI financial impact
Dutch REIT regime: FBI Financial impact / accounting treatment 2015 - 2019 2020 2021 2022 2023 2024 2025 FBI regime (for direct real estate) in place in the Netherlands? FBI status officially granted to Montea? n.a. FBI status accounted for in financial accounts of Montea?
Slide 46: Dutch REIT regime: FBI financial impact
Dutch REIT regime: FBI Financial impact / accounting treatment 2015 - 2019 2020 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% 5% 5% n.a. Corporate Income tax rate in financial accounts/budget 25,0
Slide 47: Dutch REIT regime: FBI financial impact
Dutch REIT regime: FBI Financial impact / accounting treatment 2015 - 2019 2020 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% 5% 5% n.a. Corporate Income tax rate in financial accounts/budget 25,0
Slide 48: About Montea
About Montea Montea NV is a public regulated real estate company (“RREC”) under Belgian law (SIR – SIIC), specializing in the development and the management of logistics property in Belgium, France, The Netherlands and Germany (“Montea” or the “Company”). The company is a leading player in this mark
Slide 49: About Montea
About Montea When Montea invests in logistics real estate, we are fully intent on keeping it in our portfolio for a long time. That is why we are strongly committed to high quality, sustainable finish and materials. This applies to investment in existing buildings as well as to the way in which we d
Slide 50: About Montea
About Montea Montea literally offers its clients space to grow, through flexible and innovative real estate solutions. That is why Montea maintains an extensive network of estate agents, landowners, property developers and contractors. Montea converts its market knowledge into high-quality real
Slide 51: About Montea: key concepts
About Montea Montea acts in accordance with the following key concepts: WAREHOUSING PURE PLAYER ▪ Land value has a higher share in the total ▪ Ambition to be best in class through value than in other asset classes specialisation (Logistics, Real estate & ▪ Life cycle of warehousing Finance) > th
Slide 52: About Montea: shareholder base
About Montea Shareholder base (based on transparency notifications) Montea is the result of Pierre De Pauw’s lifework, who has been 70% one of the Belgian pioneers in logistic real estate since the late 1960s 4% The IPO of Montea in 2006 was 5% 11% the start of a strong growth path 4% 3% 3% Fami
Slide 53: About Montea: shareholder IRR
About Montea A shareholder, who invested at the IPO (2006) and always participated in the optional dividend realizes an IRR of 10.9% per 04/05/2023 (over 16 years). 53
Slide 54: About Montea – Organizational Structure
About Montea – Organizational Structure Montea Management NV Montea NV Europand Eindhoven B.V. Montea Nederland N.V. Montea Tiel N.V. Montea Amsterdam Holding B.V. Montea 's Heerenberg N.V. Montea SA (Branch Office) SCI MM1 Montea Beuningen N.V. SFG B.V. SCI APJ Montea Oss N.V. Montea Services BV SC
Slide 55: Podcast series and disclaimer
Listen to our podcast series “Voorbij de vergadertafel” 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 t