Slide 1: Corporate presentation Q4 2022
Corporate presentation QY 2022 February 9, 2023 wee on Hw ee MONTEA.COM MONTEA SPACE FOR GROWTH ft. =
Slide 2: Highlights, Track'24, ESG, Appendix
Track‘24 ESG Appendix
Slide 3: Montea exceeds targets for 2022
❑ Montea exceeds targets for 2022: ➢ EPRA result of € 4.10 per share – growth of 9% compared with 2021 ➢ Dividend of € 3.30 per share – growth of 9% compared with 2021 ❑ LARGEST PORTFOLIO GROWTH in one year in Montea’s history: growth of € 473 million (+28%) ➢ € 362 million invested Tilburg ➢ € 79 m
Slide 4: Healthy market dynamics and strong fundamentals
❑ Healthy market dynamics ➢ High occupancy rate consistently above 99% since 2018 ➢ Long remaining term of the leases up to first expiry date of 7.4 years – exclusive of solar panels ➢ Property portfolio in strategic multimodal prime locations ➢ Inflation-proof cash flow profile (rental income index
Slide 5: Status Track'24
Status Track’24: Since the beginning of 2021, Montea has identified an investment volume of € 589 million ➢ € 534 million invested Invested ➢ € 55 million projects in execution In execution Identified This identified investment volume of € 589 million consists of a mix of: ➢ 55% of standing investme
Slide 6: EPS growth to €4.30 in 2024 reconfirmed
❑ EPS growth to € 4.30 in 2024 – reconfirmed ❑ Investment volume growth of over € 800 million in 4 years - reconfirmed ➢ 75% of promised EPS growth realised ➢ 74% of planned CAPEX has been identified ❑ Focus on in-house developments: ➢ Yielding > 6%, due to significant land bank at historical cost C
Slide 7: 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 8: Overview of FV Portfolio
Overview of FV Portfolio (€ M) 2,171 Belgium France The Netherlands Germany 36 € 2,020 M Standing investments From 1 B€ to 2 B€ in 3 years 42 890 € 99 M Developments 646 1,159 251 € 49 M 521 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 9: Main Logistic hotspots and Montea sites
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 10: 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 8 years) Leading to exceptional portfolio KPI’s 7.4y 99.4% Residual lease Occupancy rate term 5.0% Current yield (at 100% occupation) 10
Slide 11: Strong ERV increases drive value creation
Strong ERV increases drive value creation The like-for-like ERV increase of 15.3% in 2022 exceeds the inflation and indexation levels. This leads to an underrented situation of 6%, providing reversion upside potential in the years to come. 11
Slide 12: Occupancy rate & rental activity
Occupancy rate & rental activity Maturity profile Occupancy rate (%) Portfolio Management (in % of current rent) 2023 9% 99,4% 99,7% of the current rent had 99,3% a break or contract end 99,4% 60,7% in 2023, representing 99,1% € 9.5 M 51% has already been extended or rented to 10,0% 11,5% 11,2% 9,4%
Slide 13: High qualitative client portfolio
High qualitative client portfolio Low risk profile Diversified operational activity risk Diversified in sectors Only 2% of the client portfolio is exposed to back-to-back contracts (Contract logistics – single clients) 13
Slide 14: High qualitative building portfolio
High qualitative building portfolio 69% of the buildings is less than ten Multi-modal sites years old 14
Slide 15: High qualitative client portfolio
High qualitative client portfolio ◆ Top 10 of clients represent 30% of the rental income of 2022 ◆ Top 20 of clients represent 46% of the rental income of 2022 ◆ 76% of sites are single tenant 4.8% 3.5% 3.1% 3.0% 2.9% 2.8% 2.8% 2.3% 2.2% 2.1% 15
Slide 16: Risk profile of rental income
Risk profile of Rental income 100% of lease contracts capture indexation Current Rent Floored @ 0%, No Cap 47 M€ 47 % No Floor, No Cap 9 M€ 9% of lease contracts are floored at 0% 91% no negative indexation possible Floored @ 0% + Cap 44 M€ 44 % TOTAL RENT 100 M€ of lease contracts are (partially) c
Slide 17: Blue Gate, Antwerp and Tongeren
1 2 Blue Gate, Antwerp (BE) Tongeren (BE) At the end of Q3 2022, Montea has delivered an 8,438 m² sustainable delivery station at Blue Gate Antwerp. This Montea acquired in Q4 2021 two sites of ca. 180,000 m² in development is fully rented out to Amazon Logistics for a fixed Tongeren. On the first s
Slide 18: 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 19: Tiel and Waddinxveen
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 20: Tongeren and Vilvoorde
1 2 Tongeren (BE) Vilvoorde (BE) In a second phase within the structural cooperation with At the end of Q4 2022, Montea has acquired a landplot of ca. Cordeel Group, Montea acquired a landplot of ca. 187,000 22,000 m² in Vilvoorde, on which the development of a m² in Tongeren during the fourth quart
Slide 21: Almere & Zeewolde
1 1 Almere & Zeewolde 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 Netherlands) and A
Slide 22: '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 23: Tilburg 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 24: Lembeek and Ghent (BE)
1 2 Antwerp Port of Zeebrugge (Port + Airport) Antwerp Port of Ghent Ghent 2 Brussels Liège 1 Ghent (BE) Lembeek (BE) Charleroi Montea reached in Q1 2022 an agreement with In Lembeek, located near the access road to the Brussels TransUniverse Forwarding N.V. on the takeover of a ring road, Montea ac
Slide 25: Saint-Priest and Avignon (FR)
1 2 Saint-Priest (FR) Avignon- Acquisition (FR) During the fourth quarter of 2022, Montea has acquired a Montea purchased at the beginning of Q3 2022 a warehouse at landplot of ca. 70,000 m² in Saint- Priest. The investment the entrance of Avignon. budget for this site is ca. € 7 M. It is a 26,500 m
Slide 26: Zwijndrecht Acquisition (NL)
1 Zwijndrecht- Acquisition (NL) 1 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 production facility of ca. 25,700 m² with outdoor storage. The building is currently leased to Jiffy Products Internation
Slide 27: Strong balance sheet
Strong balance sheet Debt ratio (%) 56,4% 55,8% 52,8% 52,1% 51,9% 51,3% 51,6% 51,3% 50,1% 49,9% 47,6% 39,4% 38,0% 38,6% 42,1% 42.1% 31/12/2022 27
Slide 28: EPRA Cost Ratio & EPRA NIY; Net debt/EBITDA & ICR
EPRA Cost Ratio & EPRA NIY NET DEBT / EBITDA (adjusted) & ICR 8 9 14,00% 13,3% 7 8 6,7 12,3% 6 6,2 7 11,7% 5,5 5,1 6 5 4,5 5 9,3% 4 8,8% 8,8% 8,4 8,4 4 9,00% 8,3% 7,3 3 6,5 6,7 3 6,6% 6,5% 6,4% 6,0% 2 2 5,5% 4,9% 4,8% 1 1 4,00% 0 0 2016 2017 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 EPRA Cos
Slide 29: Financial KPI's
Financial KPI’s EPRA NTA Roll forward YTD Q4 +5.65 + 4.10 29
Slide 30: 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 31: Successful offering of new shares via ABB in November 2022
Successful offering of new shares via ABB in November 2022 ✓ Successful exempt private placement of 1,602,364 new Montea shares ✓ Full year 2022 dividend right ✓ New investors are international and mostly UK based, large majority are long-term investors → leading to stable long-term shareholder base
Slide 32: Well diversified long term financing
Well diversified long term financing Financing sources Maturity (y) Maturity creditlines & bonds 58% 250 200 6,9 7,6 150 100 < 1% 50 42% 0 MATURITY MATURITY '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 BANKS BONDS LEASING FINANCING HEDGING Creditlines Bond Financing sources & maturities 9
Slide 33: Evolution of EPRA result per share & Dividend per share
Evolution of EPRA result per share & Dividend per share (€) + 9% EPS DPS (*) As of 2016: EPRA result per share instead of Net Current Result 33
Slide 34: Highlights 2022, Track'24, ESG, Appendix
Highlights 2022 ESG Appendix
Slide 35: EPS growth to €4.30 in 2024
EPS growth to € 4.30 in 2024 Investment volume growth of over € 800 million in 4 years ➢ 75% of promised EPS growth realised ➢ 74% of planned CAPEX has been identified Invested In execution Identified 75% 35
Slide 36: EPS growth to €4.30 in 2024 and outlook 2023
❑ 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 37: * Land acquisition occured before 2021
* Land acquisition occured before 2021 * * * 37
Slide 38: Average lease duration 10.1 y
Average lease duration (excl. landbank) 10.1 y Average net initial yield (excl. landbank) 5.4% 534 M€ invested 55 M€ in execution 589 M€ identified 38
Slide 39: Acquired landbank
Acquired landbank TOTAL LANDBANK 31/12/2021 2.0 mio m² + 0.4 mio m² Market value Market value/m² TOTAL LANDBANK 31/12/2022 2.4 mio m² of of € 309 mio 183 €/m² ACQUIRED LANDBANK 1.7 mio m² UNDER CONTROL 0.7 mio m² 73% yielding ✓ 100% situated in logistic & industrial zonings @ 4% ✓ Future development
Slide 40: Significant expansion of the business development team
track’2 ull Significant expansion of the business development team Patrick Abel Patrick van Raalte % Cab Nicolas Tamarelle Laura Espenon Pierre Lecomte Luc Merigneux Country Oi
Slide 41: PV installations delivered and to be delivered
Delivered To be delivered ✓ 46 PV-installations in Belgium, The Netherlands & France ✓ 18 PV-installations in Belgium, The Netherlands & France of which 8 PV plants were delivered during 2022 ✓ 49,000 MWh total production ✓ 21,600 MWh total production 41
Slide 42: Evolution of EPRA result per share & Dividend per share
Evolution of EPRA result per share & Dividend per share (€) (*) As of 2016: EPRA result per share instead of Net Current Result EPS DPS 42
Slide 43: Highlights 2022, Track'24, ESG, Appendix
Highlights 2022 Track’24 ESG Appendix
Slide 44: Montea vision and sustainability strategy 2030 and 2050
Converting the Montea DNA into a clear vision and sustainability strategy for medium (2030) and long (2050) term: * * * * 44
Slide 45: EPRA sBPR Gold award and GRESB score
➢ 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) 45
Slide 46: Sustainability team and improvement programs
Sustainability team among employees looking for initiatives to reduce impact at the workplace Start-up feasibility study for a CO2-neutral Park de Hulst - aim to make this business park a forerunner on the road to CO2-neutrality, exploring how this objective can be achieved through cooperation in th
Slide 47: Energy efficient and low CO2 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 48: Workplace wellbeing HC scan
High Great Together with a renowned external partner committed motivation High leadership to wellbeing in the workplace area, Montea launched a engage- ment HC scan with great results High indepen- dence High social Great energy support between colleagues High level Efficient variation teamwork Foll
Slide 49: Sustainability in policy and decision-making
➢ 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 remuneration policy is also aligned with the objective of integrat
Slide 50: Read the full Sustainability Report
Read the ful = 2921 Sustainability | Report AY ante
Slide 51: Highlights 2022, Track'24, ESG, Appendix
Highlights 2022 Track’24 ESG ch Appendix
Slide 52: Balance sheet 2022 vs 2021
Balance sheet 2022 vs 2021 31/12/2022 31/12/2021 CONDENSED CONSOLIDATED BALANCE SHEET (M EUR) Conso Conso Variance (abs.) Variance (%) I. NON-CURRENT ASSETS 2,216 1,704 512 30.1% II. CURRENT ASSETS 112 49 62 126.9% TOTAL ASSETS 2,328 1,753 575 32.8% SHAREHOLDERS' EQUITY 1,301 1,016 285 28.0% I. Shar
Slide 53: Consolidated results
CONDENSED CONSOLIDATED 31/12/2022 31/12/2021 INCOME STATEMENT (K EUR) Analytical 12 months 12 months Variance (abs.) Variance (%) CONSOLIDATED RESULTS NET RENTAL RESULT 90,889 75,145 15,744 21.0% PROPERTY RESULT 99,913 84,743 15,170 17.9% % compared to net rental result 109.9% 112.8% -2.8% -2.5% TOT
Slide 54: FBI regime rules and tax leakage
• 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 55: SPV structure
SPV = Special Purpose Vehicle -> activity of this legal entity is limited to holding real estate 55 These slides are merely for clarification purposes. In case of doubt, the official communication in the official press releases is always leading.
Slide 56: FBI history and future
(full text: see Annual financial press release of February 9, 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 the shareholder test ▪ Monte
Slide 57: FBI regime status overview
2015 - 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? n.a. Withholding tax rate in financial accounts 5% 5% 5% n.a. Corporat
Slide 58: Clarification notice
58 These slides are merely for clarification purposes. In case of doubt, the official communication in the official press releases is always leading.
Slide 59: Belgian REITs with existing agreements
Belgian REITs Withdrawal of tax ruling handed down Abolish with existing as of 1 January 2021 for sufficiently -ment agreements comparable Belgian REITs of FBI concerning the => regime FBI status Out of prudence, extra provision for => Corporate Income tax. Level playing field ('equal cases will be
Slide 60: 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 61: Long-term investment approach
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 62: 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 63: Montea 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 64: 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 65: Shareholder IRR since IPO
A shareholder, who ▪ invested at the IPO (2006) and ▪ always participated in the optional dividend realizes an IRR of 10.9% per 6/02/2022 (over 16 years). 65
Slide 66: Group legal 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 SCI Socrate Montea Rotterdam N.V. Hoecor N
Slide 67: Forward-looking statements
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