Slide 1: Corporate presentation H1 2022
Corporate presentation H1 2022 August 19, 2922 SPACE FOR GROWTH
Slide 2: Highlights, Track'24, ESG, Appendix
Track‘24 ESG Appendix
Slide 3: Identified investment volume of € 491 million since start of 2021
Since the beginning of 2021, Montea has identified an investment volume of € 491 million Invested ➢ € 399 million invested In execution Identified ➢ € 93 million projects in execution This identified investment volume of € 491 million consists of a mix of: ➢ 60% of standing investments ➢ 25% of deve
Slide 4: Highlights H1 2022
Highlights Q3 2021 ❑ In H1 2022, the fair value of the property portfolio increased by € 348 million (+21%) to € 2.0 billion ➢ € 225 million investment volume realised ➢ € 123 million revaluations driven of yield compression (12bps) and increased market rents (+8%) ❑ Succesful growth story in the Ne
Slide 5: Main Logistic hotspots
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 6: Overview of FV Portfolio
Overview of FV Portfolio (€ M) Belgium France The Netherlands Germany 2,046 41 € 1,897 M Standing investments From 1 B€ to 2 B€ in 3 years 42 865 € 107 MDevelopments 646 1,159 € 36 M 521 231 From 100 M€ to 423 210 1 B€ in 13 years Solar panels 326 201 174 213 14 73 121 134 135 176 98 109 139 642 801
Slide 7: Portfolio by country and logistic hotspots
Lille Antwerp Hamburg Berlin Ghent Paris Berlin Brussels Liège Cologne Amsterdam Düsseldorf Charleroi Rotterdam Lyon Frankfurt Tilburg Marseille Main Logistic hotspots Munich Montea sites Current yield % of total Country # sites SQM (‘000) Fair Value Yearly Rent Occupancy @ 100% occupation portfolio
Slide 8: Strong portfolio KPI's
Strong portfolio KPI’s Continuous arbitration of portfolio Portfolio roll forward (in billion €) (e.g. € 100 M disposals in the last 7 years) Leading to exceptional portfolio KPI’s 7.3y 99.9% Residual lease Occupancy rate term 4.7% Current yield (at 100% occupation) 8
Slide 9: Occupancy rate & rental activity
Occupancy rate & rental activity Maturity profile Occupancy rate (%) Portfolio Management (in % of current rent) 2022 99,9% 9% of the current rent has a break or contract end in 64,1% 99,7% 2022, representing 99,3% € 6.7 M 99,4% 85% has already been extended or rented to 10,2% 9,7% 11,0% 99,1% 1,3%
Slide 10: High qualitative client portfolio
High qualitative client portfolio Logistics type Type of Sector Low risk profile 8% 6% 8% 39% 41% 20% 57% 2% 8% 11% Food & Beverage Retail Construction/Industry Brand Logistics (end user) Network Logistics (distribution) Contract Logistics (single client) Automotive Pharma & Medical Other Third Part
Slide 11: High qualitative building portfolio
High qualitative building portfolio Portfolio age Multimodality 26% 52% 21% 48% 42% 11% < 5 years 6 - 10 years 11 - 20 years > 20 years Yes No 68% of the buildings is less than ten Multi-modal sites years old 11
Slide 12: High qualitative client portfolio: top clients
High qualitative client portfolio ◆ Top 10 of clients represent 29% of the rental income of 2022 ◆ Top 20 of clients represent 46% of the rental income of 2022 ◆ 75% of sites are single tenant 3.9% 3.3% 3.3% 3.0% 3.0% 2.6% 2.5% 2.4% 2.3% 2.2% 12
Slide 13: Risk profile of Rental income
Risk profile of Rental income 99% of lease contracts capture indexation Current Rent Floored @ 0%, No Cap 39 M€ 44 % No Floor, No Cap 7 M€ 8% of lease contracts are floored at 0% 91% no negative indexation possible Floored @ 0% + Cap 43 M€ 47 % Not Indexed 1 M€ 1% TOTAL RENT 90 M€ of lease contracts
Slide 14: Almere & Zeewolde - Acquisition (NL)
1 1 Almere & Zeewolde - Acquisition (NL) Back in 2013, Montea already purchased its first distribution centre of ca. 24,700 m² in Almere. In Q2 2022, Montea has signed 2 sale & lease back transactions in Almere & Zeewolde. The sites are ideally located with direct access to the A6 (Amsterdam – North
Slide 15: 's Hertogenbosch & Zwolle (NL)
1 2 Amsterdam (Port + Airport) 2 Rotterdam ‘s Hertogenbosch & Zwolle (NL) (Port + Airport) Rotterdam 1 Montea has concluded an agreement with Urban Industrial for the acquisition of two buildings in ‘s Hertogenbosch and Zwolle, both currently leased to Tilburg Port of Zeeland PostNL. In ‘s Hertogenb
Slide 16: Tilburg (NL) and GVT portfolio (NL)
1 2 2a 2b Tilburg (NL) GVT portfolio (NL) At the start of 2022, Montea and a private investor have reached 1 Montea has bought three new-build projects in the an agreement on the purchase of the logistics building in Tilburg Netherlands, which GVT Transport & Logistics will lease for leased by the B
Slide 17: Lembeek (BE) and Ghent (BE) acquisitions
1 2 Antwerp Port of Zeebrugge (Port + Airport) Antwerp Port of Ghent Ghent 2 Brussels Liège 1 Ghent (BE) – Acquisition Q1 2022 Lembeek (BE) – Acquisition Q1 2022 Charleroi Montea reached in Q1 2022 an agreement with In Lembeek, located near the access road to the Brussels TransUniverse Forwarding N.
Slide 18: Tiel (NL) and Waddinxveen phase 1 (NL)
1 2 Tiel (NL) 2 1 Waddinxveen – phase 1 (NL) In September 2018, Montea acquired a site with a total area of 47.9 ha in Tiel, where in Q3 2021 Montea has started Acquisition of plot of land (120,000 m²) in Q3 2020 on a building a 9,700 m² recycle and distribution centre for Re- strategic location bet
Slide 19: Strong balance sheet
Strong balance sheet Shooting Debt ratio (%) capacity: 56,4% 51,3% 52,8% 52,1% 55,8% 51,6% 51,9% 51,3% 300 M€ 50,1% 47,6% 49,9% towards 50% 39,4% 38,0% 38,6% 43,1% 43.1% 30/06/2022 (without taking into account further portfolio revaluation) 19
Slide 20: Financial KPI's
Financial KPI’s EPRA Cost Ratio & EPRA NIY NET DEBT / EBITDA & ICR 12,0 8,0 14,00% 13,3% 6,7 7,0 12,3% 10,0 11,7% 6,2 5,5 6,1 6,0 8,0 4,5 5,0 9,3% 9,5% 8,8% 6,0 3,5 4,0 9,00% 8,3% 3,0 10,9 9,9 9,6 3,0 6,6% 4,0 8,7 8,2 6,5% 6,4% 7,2 7,4 6,0% 2,0 5,5% 4,9% 2,0 4,6%2 1,0 4,00% 0,0 0,0 2016 2017 2018 20
Slide 21: Green Bonds Issuance - € 380 M
Green Bonds Issuance - € 380 M ✓ Montea raises € 380 M through the issuance of Green Bonds via the US Private Placement market with seven internationally renowned investors ✓ 4 tranches: ▪ € 175 million – 8-year term (withdrawal on 17/08/2022 - maturing on 17/08/2030) - coupon: 3,18% ▪ € 20 million
Slide 22: Well diversified long term financing
Well diversified long term financing (impact of € 380 M Green Bonds included) Financing sources Maturity (y) Maturity creditlines & bonds 250 52% 200 8,0 150 6,5 100 48% < 1% 50 0 MATURITY MATURITY '22 '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 BANKS BONDS LEASING FINANCING HEDGING Cred
Slide 23: Evolution of EPRA result per share & Dividend per share
Evolution of EPRA result per share & Dividend per share (€) + 9% (*) As of 2016: EPRA result per share instead of Net Current Result (**) DPS subject to General Shareholders’ Meeting in May 2022 EPS DPS H1 EPS H1 EPS excl. One-off In 2021 Montea received a one-off payment whereupon Montea waived its
Slide 24: 55% of shareholders opt for shares
RECAP CONDITIONS RESULTS • FY 2021 gross dividend: EUR 3.030 • Net dividend FY 2021: 2.121 EUR • Success ratio: 55% of coupons no. 24 exchanged for new shares • Exchange ratio: 43 coupons no. 24 (= dividend entitlement for FY 2021) for one new share • Equity strengthened by 18,915,502.20 EUR (4,226,
Slide 25: Highlights H1 2022, ESG, Appendix
Highlights H1 2922 ESG Appendix
Slide 26: Track'24 EPS, DPS and investment volume targets
❑ 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 2021, an i
Slide 27: Developments & Capex Track'24
CAPEX TRACK'24 * Land acquisition Country Location Landbank Land (sqm) GLA (sqm) Delivery Tenant Lease duration occured before 2021 2021-2024 BE Antwerp 13.000 m² 4.300 m² Q1 '21 DHL Express 15 y 11 M€ NL Schiphol 4.400 m² 4.400 m² Q1 '21 Amazon Logistics 10 y 1 M€ Average BE Willebroek 7.500 m² 2.0
Slide 28: Acquired landbank
Acquired landbank TOTAL LANDBANK 1.9 mio m² Market value Market value/m² ACQUIRED LANDBANK 1.4 mio m² of of € 279 mio 191€/m² UNDER CONTROL 0.5 mio m² 67% yielding ✓ 100% situated in logistic & industrial zonings @ 4% ✓ Future development potential ± 1.0 mio m² ✓ Extension potential of current portf
Slide 29: Zwijndrecht - Acquisition (NL)
1 Zwijndrecht- Acquisition (NL) Montea purchased in the beginning of Q3 2022 a strategically located site in Zwijndrecht. It is a plot of land of ca. 64,000 m² with a warehouse 1 production facility of ca. 25,700 m² with outdoor storage. The building is currently leased to Jiffy Products Nederland f
Slide 30: Avignon - Acquisition (FR)
Lille 1 Paris Lyon Avignon- Acquisition (FR) Montea purchased at the beginning of Q3 2022 a warehouse at 1 the entrance of Avignon. Marseille It is a 26,500 m² plot of land with a ca. 12,700 m² building. The building is currently leased to DPL France Rozenbal. 30
Slide 31: Etten-Leur (NL)
Etten-Leur (NL) Raben Netherlands B.V. has signed a lease for a fixed period of 8 years for the develoment of a new distribution centre of ca. 26,500 m² on the Vosdonk industrial estate in Etten-Leur. Montea started the development in Q3 2021 and has delivered the distrubution centre at the beginnin
Slide 32: Blue Gate Antwerp and Tongeren (BE)
1 2 Antwerp Port of Zeebrugge (Port + Airport) Port of Ghent 1 Antwerp Ghent Blue Gate, Antwerp (BE) 2 Brussels Liège Montea is developing an 8,438 m² sustainable delivery station Tongeren (BE) at Blue Gate Antwerp. This development is fully pre-let to Charleroi Amazon Logistics for a fixed period o
Slide 33: Solar PV plants: delivered and to be delivered
BELGIUM Delivered During the first half of 2022, a new PV plant was started up in Belgium. With this new plant, the PV plants in Belgium produce about 29,500 MWh, which is the equivalent of the energy consumption of about 8,400 households. The Netherlands France To be delivered 61% of the portfolio
Slide 34: Evolution of EPRA result per share & Dividend per share
Evolution of EPRA result per share & Dividend per share (€) + 7% (*) As of 2016: EPRA result per share instead of Net Current Result (**) DPS subject to General Shareholders’ Meeting in May 2022 EPS DPS 34
Slide 35: Highlights H1 2022
+ Fs = Highlights H1 2022 Track’24 ESG Appendix
Slide 36: Sustainability initiatives and Blue Label
Sustainability team among employees looking for initiatives Publication of our Green Finance to reduce impact at the Allocation and Impact report workplace The Montea Blue Label Improvement programs ongoing specifications help to achieve the (e.g. PV instalments, replacing old heating 2030 target of
Slide 37: Montea DNA converted into sustainability strategy 2030 and 2050
Converting the Montea DNA into a clear vision and sustainability strategy for medium (2030) and long (2050) term: 37
Slide 38: Energy efficient and low CO2, well-being, sustainable and flexible development
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 39: Employee well-being scan
High Great motivation leadership High engage- ment High indepen- dence High Together with a renowned external partner committed to wellbeing social Great in the workplace area, Montea launched a HC scan amongst its energy support between employees in 2022, with a high participation rate (ca. 95%) co
Slide 40: Environmental, Social & Governance (ESG)
Environmental, Social & Governance (ESG) De Pauw family 100% ( 1 share ( Montea Management NV = sole director Montea NV/SA* (Naamloze vennootschap/ Société anonyme)
Slide 41: Read the full 2021 Sustainability Report
Read the ful = 2921 Sustainability | Report AY ante
Slide 42: Appendix
Highlights H1 2022 Track’24 ESG ch Appendix
Slide 43: Montea NV public regulated real estate company
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 market. Montea li
Slide 44: Long-term focus on quality and sustainability
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 develop logist
Slide 45: Space to grow for clients
✓ 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 estate invest
Slide 46: Montea's key concepts
Montea acts in accordance with the following key concepts: ✓ WAREHOUSING ✓ PURE PLAYER ▪ Land value has a higher share in the total value ▪ Ambition to be best in class through than in other asset classes specialisation (Logistics, Real estate & Finance) ▪ Life cycle of warehousing ▪ Ambition to be
Slide 47: Shareholder base
Shareholder base (based on transparency notifications) ✓ Montea is the result of Pierre De Pauw’s 63% lifework, who has been one of the Belgian pioneers in logistic real estate since the late 1960s 4% ✓ The IPO of Montea in 2006 was the start 6% 5% 12% of a strong growth path 4% 6% Family De Pauw Be
Slide 48: Shareholder IRR of 13.0% since IPO
A shareholder, who ▪ invested at the IPO (2006) and ▪ always participated in the optional dividend realizes an IRR of 13.0% per 15/08/2022 (over 16 years). 48
Slide 49: Group structure
Montea Management NV Montea NV Europand Eindhoven B.V. Montea Nederland N.V. SCI MM1 Montea Tiel N.V. Montea SA (Branch Office) SCI APJ SFG B.V. SCI Socrate Montea ‘s Heerenberg N.V. Blue Gate Antwerp Invest NV Montea Beuningen N.V. SCI Sévigné Montea Services BV Montea Oss N.V. SCI Saxo Gula NV Mon
Slide 50: Forward-looking statements disclaimer
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 materially different from any future results, perfo