Slide 1: Q1 2024 results: Montea well on track, guidance up
Q1 2024 results: Montea well on track, guidance up MORE INFORMATION: www.montea.com May 2024
Slide 2: Highlights Q1 2024
Highlights It’s all about … profitable Outlook ESG Appendix Q1 2024 growth… growth
Slide 3: Highlights Q1 2024
aa eee aCe a a ct occ ee | om ee a ights ighl Q1 2024 H TT MONTEA
Slide 4: EPRA EPS up 3%
EPRA EPS up 3% 4 Q1 EPRA result of € 19.8 million, an increase of 16% YoY EPRA EPS of € 0.98 Net results at € 34.6 million + 3% YoY Includes € 11.5 million of positive property revaluations Weighted avg. # of shares: + 12% Net results: € 1.72 per share
Slide 5: Earnings guidance upgraded
Earnings guidance upgraded 5 EPS growth 2024 EPRA EPS guidance confirmed at € 4.55 excl. possible positive FBI impact (fiscal year 2023) Total capex of c. € 260 million € 0.45* 4.75 4.55 €4.45 Dividend guidance: € 3.60 per share excl. a potential exceptional dividend (80% of FBI one-off) € 4.1
Slide 6: Strong fundamentals
Strong fundamentals 6 Strong balance sheet… EPRA LTV at 34.8% Long term funding: c. 6.5 70% of the in November ‘23 years avg. remaining (end 2023: 33.5%) raised capital invested in maturity of debt & hedging Adj. Net Debt/EBITDA at contracts, both one quarter (€ 87 mio) 6.8x (stable vs. end
Slide 7: Strong fundamentals
Strong fundamentals 7 … supported by solid portfolio valuation Positive L-f-L portfolio valuation in Q1: + 0.5% EPRA NIY stable at 5.09% (+3 bps vs. end 2023) Mainly driven by development margins Positive L-f-L portfolio valuation FY 2023: + 1.4% Higher ERV (+ 8%) more than compensates modest
Slide 8: Q1 portfolio growth – 87 M€ capex
Q1 portfolio growth – 87 M€ capex 8 Construction started in Q1 Acquired in Q1 Erembodegem (BE) Tongeren III (BE) Hamburg (DE) 9,000 sqm GLA extension Phase 2, third building Logistics park: 63,500 sqm GLA Pre-let to Movianto 14,000 sqm GLA, pre-let Investment budget: € 50 mio Investmen
Slide 9: 100% Occupancy
100% Occupancy 9 100% occupancy L-f-L rental growth + 4% for 5th quarter in a row Indexation: + 3% > 99% since 2018 Renegotiations: + 1%
Slide 10: Sustainability highlights - Montea operations
Sustainability highlights - Montea operations ON THE WAY TO NET-ZERO TARGETS Greenhouse gas emissions: CO2 Neutral CO2 NET-ZERO since 2021 IN 2030 ACTIONS Green electricity: Carbon footprint: Electric fleet: 100% 3.5 61% in 2023 tCO2/FTE 100% 2027 in 2023 (reduction of 19% compared to 2022)
Slide 11: Sustainability highlights - Montea developments
Sustainability highlights - Montea developments ENERGY INTENSITY MAX 25 KWH/M²/YEAR, TARGET FOR 2030 ALREADY ACHIEVED IN 2023 TARGETS Greenhouse gas emissions: CO2 -55% CO2 NET-ZERO CO2 in 2030 IN 2050 ACTIONS Energy efficiency GHG reduction • Airtight building and loading docks • Solar plants • Nat
Slide 12: Sustainability highlights - Montea existing portfolio
Sustainability highlights - Montea existing portfolio USE OF LOCAL RENEWABLE ENERGY: 95% IN 2023 TARGETS Greenhouse gas emissions: CO2 -55% CO2 NET-ZERO CO2 in 2030 IN 2050 ACTIONS Energy efficiency GHG reduction Relighting Additional Green Use of local 83% in 2023 façade energy contracts renewable
Slide 13: Highlights Q1 2024
Highlights It’s all about … profitable Outlook ESG Appendix Q1 2024 growth… growth
Slide 14: It's all about growth…
14 02 = It’s all about growth... TT MONTEA
Slide 15: Market & trends
15 Market 02 - A & trends
Slide 16: Market & Trends - Belgium
16 Market & Trends - BELGIUM Vacancy as of end 2023, rent evolutions during 2023 Antwerp Market vacancy Ghent Market rents remains Brussels kept rising at frictional levels Liège Charleroi Antwerp – Ghent (E17): 0.4% Antwerp – Brussels (A12 & E19): + 17% Antwerp – Brussels (A12 & E19): 1.6% Antwerp
Slide 17: Market & Trends - The Netherlands
17 Market & Trends - THE NETHERLANDS Vacancy as of end 2023, rent evolutions during 2023 Market vacancy Market rents remains kept rising at frictional levels Amsterdam Rotterdam 4.2% Tilburg: + 14% Tilburg: 1.2% Rotterdam Breda/Moerdijk: +11% Venlo-Venray: 1.1% Breda Tilburg Schiphol: + 7% Venlo 2.3
Slide 18: Market & Trends - France
18 Market & Trends - FRANCE Vacancy as of end 2023, rent evolutions during 2023 Lille Market vacancy Market rents remains Paris kept rising, at frictional levels even in Île de France Île-de-France: 3.7% Île-de-France: +12% Lyon Aura-Lyon area: 0.9% AURA-Lyon: + 19% Marseille: 1.1% PACA-Marseille: +
Slide 19: Market & Trends - Germany
19 Market & Trends - GERMANY Vacancy as of end 2023, rent evolutions during 2023 Vacancy slightly up but Hamburg Market rents remains kept rising at frictional levels Berlin Düsseldorf Leipzig Hamburg: + 16% Cologne Vacancy for modern XXL big boxes: 2.5% Cologne: + 10% Frankfurt Frankfurt: + 7% 3.1%
Slide 20: Market & Trends: Demand higher thanks to e-commerce
Market & Trends DEMAND HIGHER THANKS TO E-COMMERCE… 20 E-commerce penetration 2023 + estimated growth 2028 30% 8% E-commerce in Europe on the rise, still well below US levels 25% 20% E-commerce share of retail sales expected to grow 15% further… 10% … but at different pace among countries 5% 0
Slide 21: Market & Trends: … and inventories
Market & Trends … AND INVENTORIES 21 Inventory expectation of EU logistics firms, Change in inventories, Eurozone, € billion % of respondents Firms have shifted to holding more inventory, closer to their clients Further growth in inventories expected 67% of European logistics occupiers plan to e
Slide 22: Market & Trends: Undersupply in Montea countries
Market & Trends 22 UNDERSUPPLY IN MONTEA COUNTRIES Speculative space under construction, expressed in years of take-up OVERSUPPLY 1,4 Montea active in countries with low speculative supply, 1,2 1.3 typically < 0.5 year of take-up 1,0 As a result, vacancy expected 0,8 to remain low in these 0.8 U
Slide 23: Montea portfolio
Montea O02 - B portfolio TT MONTEA
Slide 24: Portfolio growth
Portfolio growth 24 2,035 M€ 261 M€ 83 M€ Standing investments Developments Solar panels Evolution of portfolio Fair Value incl. solar panels & developments (in M€) 2,379 Portfolio size x24 since IPO 101 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1 202
Slide 25: Portfolio growth
Portfolio growth 25 87 M€ 12 M€ Capex Revaluations & dev. margins Reval & Country Fair value Capex Fair value dev. margin YoY (mio €) 01/01/2024 2024 31/03/2024 2024 Belgium 1,063 10 -2 1,071 + 0.7% France 256 1 1 258 + 0.9% The Netherlands 930 17 16 963 + 3.6% Germany 31 59* -3 86 X3 2,280 87 12 2,
Slide 26: Acquired in Q1 2024
Acquired in Q1 2024 26 Hamburg Acquisition standing asset Logistics park: 63,500 sqm GLA on concession land Investment budget: € 50 mio Fully let Substantially under rented, positive reversion expected Redevelopment potential on 50% of built area
Slide 27: Putting the land bank at work…
Putting the land bank at work… 27 new land added in Q1 Zellik Plot added to the controlled landbank New option on a plot in the Brussels Periphery Land area: 36,000 sqm C. 15,000 sqm (re)development potential
Slide 28: Putting the land bank at work…
Putting the land bank at work… 28 construction started in Q1 Erembodegem Extension of 9,000 sqm 9,000 sqm GLA extension Pre-let to Movianto for 9 years (fixed) Investment budget: € 8 mio Completion Q4 2024 Tongeren III Phase 2, third building 14,000 sqm GLA Pre-let for a fixed period I
Slide 29: Putting the land bank at work…
Putting the land bank at work… 29 permits received in Q1 Lembeek Plot of 55,000 sqm in the Brussels Periphery 55,000 sqm land area (greenfield), acquired in 2022 Development of 31,000 sqm GLA Completion one year after pre-letting Tiel South Greyfield Southern part of site in Tiel Develop
Slide 30: Extensive land bank ...focus on grey/brownfields
Extensive land bank ...focus on grey/brownfields 30 Total landbank 31/12/2023 2.2 mio sqm → 100% situated in logistic & industrial zonings In throughout 1Q24 + 0.04 mio sqm Out throughout 1Q24 - 0.04 mio sqm → Future development potential ± 1.1 mio m² GLA Total landbank 31/03/2024 = 2.2 mio sqm → Ex
Slide 31: Creating value via our land bank
31 Creating value via our land bank Tongeren: 184,000 sqm Senlis: 170,000 sqm Toury: 545,000 sqm Mannheim: 83,000 sqm Tiel: 449,000 sqm
Slide 32: 1 million sqm land bank projects in pipeline
32 1 million sqm land bank projects in pipeline 20% of pipeline now in execution > 60% of our projects are Close to 70% of pipeline grey- or brownfields permitted No speculative development, Two projects started, leading to works only start after pre- additional GLA of 23,000 sqm letting b
Slide 33: Pipeline
33 Pipeline c. 585,000 sqm additional GLA Grey/Brown Invested Country Project name Estimated delivery Landbank GLA To invest Total capex /Green field 31/03/2024 Brown Vorst (Delhaize) Q3 2024 55,000 m² 21,000 m² 18 M€ 20 M€ 38 M€ 1.4 mio sqm Brown Blue Gate 2 Q3 2024 26,000 m² 16,000 m² 6 M€ 14 M€ 2
Slide 34: Pipeline c. 250,000 sqm new GLA in Belgium
Pipeline c. 250,000 sqm new GLA in Belgium Blue Gate 16,000 sqm Grimbergen 30,000 sqm Erembodegem 9,000 sqm Blue Gate 16,000 sqm ANTWERPEN EREMBODEGEM GRIMBERGEN LUMMEN Lummen 32,000 sqm FOREST/VORST LEMBEEK TONGEREN Vorst 21,000 sqm Tongeren* 147,000 sqm Lembeek 31,000 sqm * incl. recently delivere
Slide 35: Pipeline c. 325,000 sqm new GLA in The Netherlands
Pipeline 35 c. 325,000 sqm new GLA in The Netherlands* Amsterdam 7,000 sqm Tiel 116,000 m 2 AMSTERDAM WADDINXVEEN TIEL Waddinxveen 50,000 sqm Born 67,000 m 2 BORN * Pipeline also includes 2 still undisclosed projects 35
Slide 36: Highlights Q1 2024
Highlights It’s all about … profitable Outlook ESG Appendix Q1 2024 growth… growth
Slide 37: … profitable growth
03 37 … profitable growth Financials Q1 2024
Slide 38: EPRA EPS up 3%
38 EPRA EPS up 3% (K€) Q1 2024 Q1 2023 YoY + 4% like-for-like rental growth Net rental income 27,169 25,694 +6% + 2% rent from newly completed projects of which rent from solar panels (Netherlands) 976 329 x3 Total income from solar panels: € 2.1m ( Other real estate income & expenses 1,126 1,601 -3
Slide 39: Occupancy consistently above 99%
39 100% Occupancy consistently above 99% Occupancy for 5th quarter in a row 60.1% Portfolio Management Lease maturity profile Occupancy (%) (% of current rent) 60% 9% 100.0% 100.0% 99.7% 99.4% of the rent roll had a 99.3% 99.4% break or lease term in 99.1% 2024 (9.8 mio €)… WALB: 5.8 years* 13.4% 8.
Slide 40: Inflation-proof cash-flow profile
40 Inflation-proof cash-flow profile Current rent 100% of lease contracts capture indexation Floored @0% No Cap 48 mio € 44% No floor, No Cap 17 mio € 15% Floored @0%+ Cap 45 mio € 41% 85% of lease contracts are floored at 0% -> no negative indexation TOTAL RENT 110 mio € 100% of leases (partially)
Slide 41: Strong portfolio KPIs
Strong portfolio KPIs 41 Continuous monitoring of the portfolio for possible disposals 5.8y 100% 5.09% Residual Occupancy EPRA NIY lead to exceptional portfolio KPIs lease term rate + 0.6 2.4 + 1.5 - 0.1 Portfolio roll forward 0.4 (in bn €) 31-12-2014 CAPEX Portfolio Portfolio 31-03-2024 Arbitration
Slide 42: Conservative portfolio valuation
Conservative portfolio valuation 42 EPRA NIY per country (latest) 5.09% EPRA NIY total portfolio +3 bps QoQ yield expansion +26 bps Yield expansion since end 2022 Montea Peer 1 Peer 2 Peer 3 Peer 4 Listed peers: ARG, INTO, SGRO, EBOX, WDP (excl. RO), not all peers are present in all countries, not a
Slide 43: Resilient portfolio valuation
Resilient portfolio valuation 43 L-f-L portfolio fair value evolution: creating value with own developments PEAK-TO-TROUGH: - 0.9% 5% 4.0% + 3 bps 4% Q1 yield expansion close to 2.8% zero 3% 2% 1.4% + 0.1% 1% 0.5% 0.5% ERV effect on valuation Q1 0.4% -1.1% -0.6% 0.2% 0% -1% 1Q22 2Q22 3Q22 4Q22 1Q23
Slide 44: Strong ERV provides reversion potential
44 Strong ERV provides reversion potential Current rent + ERV on vacancy / Total ERV 110% Inflation & indexation levels have fallen short of ERV increases 105% Additional reversion from 100% Hamburg acquisition (under rented) 95% Reversion potential of 10%, provides upside potential in the com
Slide 45: Strong balance sheet
Strong balance sheet 45 NET DEBT / EBITDA (adjusted) & ICR Stable EPRA LTV 9 9 51.3% 8 8 (%) EPRA LTV 7 7 39.7% 6.7 37.1% 36.3% 36.9% 34.8% 33.5% 6 6.2 6 8.4 8.4 5.5 39,5% 5 7.3 5 6.5 6.7 6.8 6.8 4.9 31/03/2023 4.5 4.5 4 4.2 4 3 3 2018 2019 2020 2021 2022 2023 Q1 2024 2018 2019 2020 2021 2022 2023 Q
Slide 46: EPRA Cost Ratio & EPRA NIY
EPRA Cost Ratio & EPRA NIY 46 19% Montea expects the EPRA cost ratio to be c. 12% at the end of 2024 To ensure future growth, Montea 14% invests heavily in business 12.3% 11.7% 11.8% ca. 12.0%1 development in all countries and corporate services 9.3% 8.8% 8.8% 8.3% In a market in which Montea
Slide 47: Well diversified, long-term funding
Well diversified, long-term funding 47 Financing sources Maturity (y) Maturity credit lines & bonds 8,0 250 7,0 67% 6,0 6.8 200 BONDS 6.3 5,0 150 4,0 32% 3,0 100 CREDITLINES 50 2,0 1,0 <1% 0 0,0 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 LEASING MATURITY FINANCING MATURITY HEDGING Creditlin
Slide 48: Extensive hedging
Extensive hedging 48 Q1 2024 Cost of debt: 2.3% Hedge ratio of 97% Mainly fixed rate debt 84% FIXED RATE DEBT 97% Hedge ratio Avg hedging maturity of 7 years 13% HEDGED FLOATING RATE DEBT 3% UNHEDGED FLOATING RATE DEBT
Slide 49: Well diversified, long-term funding
Well diversified, long-term funding 49 Hedge ratio outlook Forecasted hedge ratio at 80% up to end 120% 2028 110% Takes into account future capex commitments (200 M€/year) 100% Average hedging maturity of 7 years 90% 80% 80% 70% Q1 2024: 97.3% 60% 50% Q1-2024 Q4-2024 Q2-2025 Q4-2025 Q2-2026 Q4
Slide 50: Highlights Q1 2024
Highlights It’s all about … profitable Outlook ESG Appendix Q1 2024 growth… growth
Slide 51: Outlook
04 51 Outlook Profitable growth
Slide 52: Earnings guidance 2024-2025
Earnings guidance 2024-2025 52 2024 guidance 2025 guidance EPS growth EPRA EPS at € 4.55 excl. potential EPRA EPS increased to € 4.75 excl. positive one-off (FBI recognition for potential positive one-off (FBI FY 2023) recognition for FY 2024), previously € 4.65 € 0.45* DPS at € 3.60 per share
Slide 53: Earnings guidance 2024-2025
Earnings guidance 2024-2025 53 Sustainable growth of earnings & dividend per share € 4.90 incl. one- offs EPS (€) DPS (€) 4.75 4.55 4.45 2013-2023: +8% p.a. on average 4.10 3.75 3.50 3.74 3.60 3.28 * 3.30 ** 2.95 3.03 2.83 2.58 2.54 2.47 2.29 2.26 2.00 2.05 1.97 2.17 1.79 1.82 2.11 2.03 1.93 1.97 1.
Slide 54: Total return EPRA NTA evolution + dividend paid
Total return EPRA NTA evolution + dividend paid 54 Yield compression helped total returns in 2016-2022 2015-2023: +21% p.a. on average Portfolio valuation resilient in 2022-23 +8% Outlook 2024-25 includes +15% substantial development margins +29% Outlook 2024- 25e** +11% p.a. on +24% average +
Slide 55: Highlights Q1 2024
Highlights It’s all about … profitable Outlook ESG Appendix Q1 2024 growth… growth
Slide 56: ESG
56 ib) ES TT MONTEA
Slide 57: 5 ways Montea focuses on sustainability
57 5 ways Montea focuses on sustainability 1/ Fossil free heating (no gas) 2/ Airtight and energy- efficient loading docks 3/ Green power and green roofs 4/ Circular construction 5/ Long-lasting roofing
Slide 58: Our portfolio ...well below CRREM targets
Our portfolio ...well below CRREM targets 58
Slide 59: On our way to 100% renewable energy
On our way to 100% renewable energy 68 MWp solar panels 2023 → 95% of our warehouses End of 2024 87 MWp solar panels → 100% of our warehouses
Slide 60: Environmental, Social & Governance
Environmental, Social & Governance Recognition for our ESG strategy 77 100 1. 2.
Slide 61: TEAM: FEET implementation
TEAM: FEET implementation How to step up your game as a Monteaneer 1. Co-creation of attitudes by FEET ambassadors 2. Launch of attitudes through company wide event 3. Anchoring attitudes in: Recognition Talent management • Recruitment • Performance management • Development Employer branding
Slide 62: Highlights Q1 2024
Highlights It’s all about Profitable Outlook ESG Appendix Q1 2024 growth… growth
Slide 63: Appendix
06 63 Appendix → Locations → ESG → Portfolio → Dutch FBI → Tenants → About Montea
Slide 64: Locations
Locations 64 Main Logistic hotspots Montea sites Lille Hamburg Antwerp Ghent Paris Berlin Brussels Düsseldorf Liège Amsterdam Leipzig Cologne Charleroi Rotterdam Frankfurt Lyon Breda Tilburg Venlo Stuttgart Marseille Munich Country # sites SQM (‘000) Fair Value Yearly Rent EPRA NIY Occupancy % of to
Slide 65: High-quality portfolio
High-quality 65 Multimodality portfolio YES 47% NO 53% → Close to half of our sites are multimodal Age of buildings → 66% of our buildings are less than 10 33% 33% years old < 5 YEARS 6-10 YEARS 22% 12% → 61% of out tenants operate within the 11-20 YEARS > 20 YEARS logistics and construction industr
Slide 66: Property portfolio
Property portfolio 66 Total The Total Belgium France Germany 31/03/2024 Netherlands 31/12/2023 Property portfolio – Buildings1 Number of sites 96 41 18 34 3 95 Total area – property portfolio m2 1,909,834 892,970 214,293 703,076 99,495 1,959,242 Annual contractual rents K€ 110,185 49,693 12,948 42,0
Slide 67: Tenants
Tenants 67 High quality & diversified client portfolio → Top 10 of clients represent 28% of the rental income of 2024 → Top 20 of clients represent 43% of the rental income of 2024 → 79% of sites are single tenant 4.8% 3.3% 2.9% 2.8% 2.8% 2.6% 2.3% 2.1% 2.2% 1.9% AVERAGE DURATION OF 5.8 YEARS
Slide 68: A sustainable construction guide for new developments
68 A sustainable Montea construction Blue Label guide for new developments
Slide 69: Sustainable and flexible development
SUSTAINABLE AND FLEXIBLE DEVELOPMENT SMART USE OF SPACE 1. Multifunctional spaces with 4. Optimal use of floor space promotes efficient standard dimensions and logistics. large spans allow for flexible use of the building. 5. Multy-storey design saves square meters of land. 2. A building with suffic
Slide 70: Biodiversity, environment, well-being, circular construction
BIODIVERSITY ENVIRONMENT 26. Flower meadows, beehives, water 34. Separating waste contributes buffer basins improve biodiversity. to a better environment and circular economy. 27. Green car parks promote natural infiltration of rainwater, thermal 35. Parking zones and loading docks for trucks regula
Slide 71: Greenhouse gas emissions
Greenhouse 71 Proportions as a % of built area 60% 78%: gas emissions LOW GHG INTENSITY Low & moderate intensity 18% (2022: 60%) MODERATE GHG INTENSITY GHG emissions from standing 3% 31.12.2023 portfolio < 10 kg CO2 HIGH GHG INTENSITY e/sqm/year 1% VERY HIGH GHG INTENSITY The Montea portfolio co
Slide 72: Energy intensity
Energy 72 23% 41%: Low Proportions as a % of built area intensity VERY LOW ENERGY & very low intensity 18% (2022: 26%) LOW ENERGY 18% AVERAGE ENERGY Energy intensity from standing 31.12.2023 15% portfolio < 70 kWh/sqm/year ABOVE AVERAGE ENERGY Our energy intensity is 24% 8% lower vs. the CRREM t
Slide 73: Renewable energy in new developments
Renewable energy in new developments
Slide 74: FBI status
FBI status 74 Out of prudence, Montea does not assume it will be granted the FBI status in 2023 & 2024 FBI overview 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% N/A Corporate Income tax rate in financial acc
Slide 75: About Montea
About Montea 75 Montea NV is a public regulated real The company is a leading player in As at December 31, 2023 Montea’s estate company (“RREC”) under this market. Montea literally provides property portfolio represented a total Belgian law (SIR – SIIC), specializing in its clients with the space to
Slide 76: About Montea
About Montea 76 Montea’s portfolio focused on the main logistics hotspots in Focus area in The Netherlands is the southern part Focus areas in Germany are logistic hotspots, Belgium, the Netherlands, France & Germany. of the country, with the ‘Randstad’ area (Amsterdam, known as important logistic c
Slide 77: About Montea
About AboutMontea Montea 77 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 wa
Slide 78: Environmental, Social & Governance
78 Environmental, Social & Governance Green governance De Pauw family → Sustainability is part of the policy and decision-making structure: the Sustainable Executive Committee examines whether the funds 100% available within Montea's Green Finance Framework can be allocated to investment projects Mo
Slide 79: About Montea
79 About Montea In the last 10 years, a shareholder gets an IRR of 16%* * Share evolution + gross dividend - Period Jan. 1, 2014 > January 25, 2024 (10 years).
Slide 80: More information 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 conditions, performance or Herman van der Loos achievements of the company to be materially different Investor R