Slide 1: Half-year results
Half-year results: 290235 August 17, 2823 wee on Hw ee MONTEA.COM MONTEA SPACE FOR GROWTH
Slide 2: Highlights
Highlights H1 2023 GY Financials H1 2023 Track'24 & Outlook ESG ch Appendix
Slide 3: Highlights H1 2023 results
Highlights H1 2023 Highlights H1 2023 results Q Track’24 realised a year ahead of schedule > 2023 v EPRA EPS now expected at € 4.60 incl. FBI one-off for year 2021 (prev. € 4.20) vy EPRA EPS quidance at € 44 excl € 0.20 one-off related to the granting of the FBI status for 2021 y¥ Growth of the divi
Slide 4: Highlights H1 2023 results
Highlights H1 2023 Highlights H1 2023 results Q H1EPRA result of € 42.3 million or € 2.34 per share, +17°% YoY > This includes a € 9.20 per share on-off gain related to the granting of the FBI regime for year 2921 > Average shares’ outstanding up 11% YoY > Occupancy at 190% for a second quarter in a
Slide 5: Highlights H1 2023 results
Highlights H1 2023 Highlights H1 2023 results Q Strong balance sheet > Controlled EPRA LTV at 49.5%, Net Debt/EBITDA (adjusted) at 8.2x > Long avg. debt duration & hedging (both ca. 7 years) > Stable cost of debt at 2.1%, despite increasing interest rates > Strong liquidity position: € 225 million i
Slide 6: Highlights H1 2023 results
Highlights H1 2023 Highlights H1 2023 results Q Portfolio expansion: focus on in-house developments > 2 projects completed in H1 (Tongeren, Vilvoorde) > € 160 million to be invested in FY 2023 (€ 24 million in H1; € 136 million in H2) at yield on cost >6% Q Resilient portfolio valuation > Positive r
Slide 7: Financials H1 2023
Highlights H1 2023 Sal Financials H1 2023 Track'24 & Outlook ESG ch Appendix
Slide 8: H1 EPRA results
H1 EPRA results EPRA EPS up 7% excl. one-off gain E€ 900 1H23 1H22 YoY Net rental income 52,031 42,693 22% . . Other income & expenses 4,123, 3,767 9% Like-for-like rental growth Total property result 56,154 46,461 21% Property expenses -1,679 -1,313 28% General expenses -5,023 -3,257 5Y%, Operating
Slide 9: Completed developments in Vilvoorde and Tongeren
First building – 20,500 m²: At the end of Q4 2022, Montea acquired a landplot of ca. This development is fully pre-let for a fixed period of 6 years. The 22,000 m² in Vilvoorde, on which the development of a estimated development investment budget amounts to c. € 18 M building of about 10,000 m² has
Slide 10: Lease expiry profile
2023 2024 2025 2026 2027 > 2027 2018 2019 2020 2021 2022 2023 10
Slide 11: Inflation-proof cash-flow profile
Inflation-proof cash-flow profile Current Rent Floored @ 0%, No Cap 51 ME 48% No Floor, No Cap 10 ME 10% Floored @ 0% + Cap 45 ME TOTAL RENT 106 ME If Inflation amounts to: Montea is able - 2% 6% 19% to charge through the following indexation to its tenants, as a result of the floors & caps 100% 90%
Slide 12: Strong portfolio KPI's
Strong portfolio KPI’s Portfolio roll forward (in billion €) 413 Continuous ar (e.g. € 190 M dis bitration of portfolio posals in the last 8 years) Leading to exceptional portfolio KPI’s \Z 7.Qy Residual lease term 19090°% Occupancy rate 5 .O% EPRA NIY 12
Slide 13: Portfolio growth 2006-Q2 2023
36 33 42 890 905 646 1,159 521 251 248 423 210 326 201 174 213 139 995 1.004 134 176 109 73 801 14 135 98 642 121 562 118 118 447 54 54 92 102 397 13 231 248 278 157 152 140 153 173 188 101 124 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q2 2023 13
Slide 14: Portfolio by country
© Frankfurt %o of total Country # sites SQM (‘999) Fair Value Yearly Rent EPRA NIY Occupancy portfolio (BE; 4o | 858m? | €91I9M|E47M| 5.2% | 190% | 44.8% Sut} 3 sym | €866M/E€45M]| 4.8% | 199% | 42.2% QpFR| 18 213 m= | €233M|€12M | 4.9% | 190% | 11.4% @be 2 36m | €33M | €2M | 5.7% | 190% | 1.6% ? €2
Slide 15: Strong ERV increases drive value creation
Strong ERV increases drive value creation 106% 104% 102% 100% 98% 96% 94% 92% Evolution of Current Rent vs Estimated Rental Value ACT Q4'17 ACT Q1'18 ACT Q2'18 ACT Q3'18 ACT Q4'18 ACT Q1'19 ACT Q2'19 ACT Q3'19 2 eseeg x 8 R KR RK Zoaoaagg $56 6 G6 & B88 8 & —=TOTALPTF ——100% ACT Q1'21 ACT Q2'21 ACT
Slide 16: High qualitative client portfolio
High qualitative client portfolio Logistics type Industry diversification Low risk profile : Third Party Logistics SConstruction/Industry @Brand Logistics (end user) UFood & Beverage Automotive UNetwork Logistics UPh & Medical arma & Medical (distribution) Contract Logistics Retail (single client) O
Slide 17: Yes < 5 years No
Yes < 5 years No 6 - 10 years 11 - 20 years > 20 years 17
Slide 18: High qualitative client portfolio
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 amazon —7 eval > | 4.8% DocMorris 3.4% Meine neue Apotheke 3.0% 4Pioastics | 2.9% Machines 2.9%o ios | 2.7% | PPL a5 2.7% [DEOITHION 24M >»
Slide 19: 6,7 6,2 8,4 8,4 8,2 5,5 7,3 5,1 6,5 6,7 4,5 4,5 4 4
9 9 8 8 7 7 6,7 6,2 6 6 8,4 8,4 8,2 5,5 5 7,3 5,1 5 6,5 6,7 4,5 4,5 4 4 3 3 2018 2019 2020 2021 2022 Q2 2023 19
Slide 20: EPRA cost ratio and net initial yield definitions
² EPRA Cost Ratio: administrative and operational charges (including vacancy charges), divided by rental income. EPRA Net Initial Yield (NIY): annualised rental income based on the cash rents passing at the balance sheet date, less non- recoverable property operating expenses, divided by the market
Slide 21: Financing and hedging maturity
250 200 7,2 150 6,8 100 50 0 MATURITY MATURITY '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 FINANCING HEDGING CREDITLINES BONDS LEASING Creditlines Bonds 21
Slide 22: 1H EPS
5 4,5 4,10 3,75 4 3,50 3,28 3,5 2,95 3 2,58 2,47 2,5 0,20 2 + 7% 2.14 2.00 1,5 1 0,5 0 2016 2017 2018 2019 2020 2021 2022 1H 2023 1H EPS 22
Slide 23: Track'24 & Outlook
Highlights H1 2023 cl Financials H1 2023 Track'2y & Outlook ESG ch Appendix
Slide 24: CAPEX
❑ ❑ ➢ ❑ CAPEX ➢ ❑ Tilburg ❑ ₂ ❑ ₂ CAPEX 24
Slide 25: Status Track'24
Track'24 & Outlook Status Track’24 MMB track'24 809 ME Track'24¥ on 30/96/2023 500 ME Since the start of 2021, Montea has identified an investment volume of € 671 million | > € 559 million invested mm Invested 559 ME > €112 million projects in execution mm In execution 1l2 Me Identified 671 Mé sTaRT
Slide 26: Track'24 & Outlook
Track'24 & Outlook Tongeren (BE) Projects in execution, all prelet: € 110 million at an average net initial yield om cost of ca. 6.5°%o v Tongeren phase 2/building 2, total capex ca. € 26m v Redevelopment brownfield in Vorst/Forest (Brussels), total capex ca. € 38.5m Y Logistiek Park Al2 phase 2, Wa
Slide 27: € 319 mio 195 €/m²
Market Market value ✓ value/m² of of ✓ ² € 319 mio 195 €/m² ✓ 72% yielding ✓ @ 4% 27
Slide 28: Landbank track'24
Landbank track’24 ull a Mannheim: 8.3 ha a@scs | Obes Tiel: 44.9 ha
Slide 29: Track'24 & Outlook
Track'24 & Outlook 724 Q EPS growth to € 4.50 in 2024 Y¥ Ca. 39% increase compared to 2029, >6% 2929-24 CAGR v Previous guidance: € 4.30 € 3.50 » € 4.50 fh vy Cost of debt expected at 2.3% See enna fe > Q DPS growth to € 3.60 in 2024 € 2.83 sivident/share © 3.60 ¥ Ca. 39% increase compared to 2020 C
Slide 30: EPS and DPS evolution
• 5 4,50 4,10 0,20 4,5 • 4,40 3,75 4 3,50 3,28 3,5 • 2,95 At least 3,60 3,54 3,30 3 2,58 3,03 2,47 2,83 2,5 2,54 2,26 2 2,11 2,17 • 1,5 1 0,5 • 0 2016 2017 (*) 2018 2019 2020 2021 2022 2023 E 2024 E 30
Slide 31: Sustainability investments track'24: solar panels
Sustainability investments track’24 ull New solar panel installations in 2023 > € 17 MIO Montea’s ambition in 20923: v_ P\-installations in Belgium, The Netherlands & France v 79 MVWVp installed capacity SOLAR PANEL INCOME a 7 2020 2021 2022 E 2023 MPL Income Surplus - annualised 31
Slide 32: Sustainability investments track'24: energy saving
Sustainability investments track’24 ull Energy saving measures in 2023 > € 13 MIO ( TENANT ENGAGEMENT PROGRAMME ‘ HEAT PUMPS: disconnect 59% of sites from qas grid by 20390 ( RELIGHTING PROGRAMME: 199% of sites have enerqu-efficient lighting by 2030 ’ FUTURE PROOFING THE ROOFS: insulation + PV “ INC
Slide 33: ESG
Highlights H1 2023 cl Financials H1 2023 Track ‘24 & Outlook ESG ch Appendix
Slide 34: Environmental, Social & Governance (ESG)
Environmental, Social & Governance (ESG) Converting the Montea DNA into a clear vision and sustainability strateqy for medium (2039) and long (2959) term: @ Montea operations @ Montea developments (©) Existing portfolio iO) Targets greenhouse gas emission ® Targets greenhouse gas emission ® Targets
Slide 35: Recognition for our ESG strategy
Environmental, Social & Governance (ESG) Recognition for our ESG strateqy > EPRA sBPRscore 2022: GOLD award > GRESB score of 77% (+8% compared to score attained in 2921) > Improved Sustainalytics score of 11.0 ESG Low Risk (compared to previous score of 17.5) MOORINGS» SUSTAINALY TICS Belgian REITs
Slide 36: Energy efficient and low CO2
ENERGY EFFICIENT AND LOW CO2 10. Monitoring of all major energy consumers ensures more efficient use of energy and awareness. 11. High-yield solar panels combined with energy storage ensure optimal use of renewable energy. 12. High-tech heat pumps generate renewable energy. In this way, our sites ar
Slide 37: Environmental, Social & Governance (ESG)
Environmental, Social & Governance (ESG) Significant a of the business a team a ¢ i. an © . aH q Herman van der Samia Robbins Dylan eoudene Patrick van Raalte Jack-van Tareei Hatta Abel loos — Expansion of the corporate team — a Xavier Van Reeth Ruben Broekaert Stef Hillaert
Slide 38: Governance
100% ( 1 share ( De Pauw family Montea Management NV = sole director Montea NV/SA* (Naamloze vennootschap/ Société anonyme) mh Aa Dirk De Pauw Governance Green governance > Sustainability is also part of the policy and decision-making structure: the Sustainable Executive Committee examines whether t
Slide 39: Appendix
Highlights H1 2023 cl Financials Track'24 & Outlook ESG ch Appendix
Slide 40: FBI regime rules
• 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 fiscal result) ▪ Prohibited activi
Slide 41: SPV definition
SPV = Special Purpose Vehicle -> activity of this legal entity is limited to holding real estate 41 These slides are merely for clarification purposes. In case of doubt, the official communication in the official press releases is always leading.
Slide 42: These slides are merely for clarification purposes. In case of doubt, the official communication
• • • ▪ ▪ • • • • • • 42 These slides are merely for clarification purposes. In case of doubt, the official communication in the official press releases is always leading.
Slide 43: Montea does not assume it will be granted the FBI status in 2022-2024
Montea does not assume it will be granted the FBI status in 2022-2024 2015-20 2021 2022 2023 2024 2025 FBI regime in Montea accounts ? yes yes oo oo oo Withholding tax (5%) 2,3 ME 1,2 ME 0,9 ME 1,1 ME 1,1 ME 3,6 ME Additional tax burden if not FBI - new estimate (B) 3,6 ME 3,3 ME 3,4 ME 4,4 ME Total
Slide 44: Property portfolio
Property portfolio Total The Total Total 30/06/2023 Belgium France Netherlands Germany 31/12/2022 30/06/2022 Property portfolio — Buildings* sees Number of sites % 40 18 34 2 2 87 ou Total area - property portfolio m? 1,921,172 858,953 213,293 813,561 35,965 1,890,029 1,750,947 = Annual contractual
Slide 45: * Land acquisition occured before 2021
* Land acquisition occured before 2021 * * * 45
Slide 46: Projects track'24
Projects track’24 ull Standing CAPEX Land- Lease = TRACK '24 Country Location bank Land(sqm) GLA(sqm) Delivery Tenant duration 2021-2024 NL Ridderkerk 12.400m? = =6.800m? = 0221 VDH Forwarding & Warehousing 7 y 11ME BE Brussels 35.000 m? — 20.000 m? = Q2'21 Van Moer Logistics Oy 10 M€é BE Ghent 15.5
Slide 47: About Montea
About Montea Montea NV is a public requlated real estate company (“AREC”) 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 48: Focus areas by country
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 as most important
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 Y¥ 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. v¥ Montea converts its market Knowledge into high-quality rea
Slide 51: About Montea
About Montea Montea acts in accordance with the following key concepts: v Melts) Land value has a higher share in the total value than in other asset classes Life cycle of warehousing > than other asset classes Renovation cost < than other real estate asset classes v Bore PLAYER Ambition to be best
Slide 52: Shareholder structure
✓ 70% 4% ✓ 5% 11% 4% 3% 3% Family De Pauw Belfius Insurance Ethias Federale Verzekering ✓ Patronale life BlackRock group Free Float 52
Slide 53: Share price & IFRS NAV evolution
About Montea Share price & IFRS NAV evolution A shareholder, who invested at the IPO (2096) and always participated in the optional dividend realizes an IRR of 10.3% xr 1/8 /2823 (over 16 Premium —=IMONTEA Share price © —=IFRS NAV (incl. IAS 39)
Slide 54: Investor Relations contact
Herman van der Loos Investor Relations Manager Contact: irfmontea.com wore rane eee MONTEA.COM MONTEA SPACE FOR GROWTH