Slide 1: Q1 2026 results presentation
7 May 2026 Q1 2026 results presentation
Slide 2: Highlights
Highlights EPRA EPS on track: Solid leasing momentum Value-enhancing growth: +6% YoY increase to continues: 88% of the Track27 €1.13, with 2.7% LfL rental 30,000 m² (re)let with investment volume secured, growth a +20% average rent uplift with Q1 investments and above ERVs, driven by completed at 6.
Slide 3: Agenda
Q1 2026 results Outlook Growth update ESG Portfolio update Appendix Market update 3
Slide 4: Q1 2026 results
Q1 2026 results MONTEA
Slide 5: Q1 2026 – Execution on track
5 Q1 2026 – Execution on track Results fully on track Advancing on growth Sound financial profile €1.13 ▪€3.2bn 37.4% EPRA EPS (+6% YoY) portfolio Loan-to-value +2.7% ▪99.6% ▪7.3x LfL rental growth high occupancy adj. Net debt/EBITDA €82.97 ▪4.9% ▪99.7% EPRA NTA (+4.6% YoY) EPRA NIY hedge ratio 5
Slide 6: EPRA EPS up 6% YoY
EPRA EPS UP 6% strong LfL rental growth and portfolio expansion (in €000’s) Q1 2026 Q1 2025 YoY Net rental income 37,314 33,443 +12% Other real estate income & expenses 82 784 -90% EPRA EPS +6% YoY Total property result 37,396 34,227 +9% of which income from solar panels & BESS 1,319 1,095 +20% Prop
Slide 7: Growth-enabling balance sheet
Growth-enabling balance sheet Adj. Net debt/ Interest Investment grade Loan-to-value EBITDA coverage ratio Credit Rating 37.4% (end 2025: 38.1%) 7.3x (end 2025: 7.3x) 4.1x (end 2025: 4.5x) BBB+ (Stable Outlook) Indexation clause included in 100% of rental contracts 7
Slide 8: Controlled financing cost evolution
Controlled financing cost evolution enabled by disciplined financial management 2.2% cost of debt Long-term funding No debt maturing not exceeding 2.5% under Track27 average remaining debt maturity in 2026 at 5.4 years (€75m in total to refinance in 2027) Hedge ratio Robust hedging framework 99.7% a
Slide 9: Growth update
Sel Growth update MONTEA
Slide 10: Update Track27
Update Track27 +€70 million vs Q4 2025 of €90 million of direct yielding Remaining €380m investments added acquisitions in exclusive investments fully covered negotiation expected to by available investment 88% of the total investment close in the next few months capacity within the c.8x adj. target
Slide 11: Track27 – From strategy to execution
Track27 – From strategy to execution Track27 progress report 2024 2025 2026 +€70m 88% 2026 investments at 6.6% vs Q4 25 average net yield of €1.15bn targeted growth is already invested, in execution or Invested €770m is under exclusive negotiation In execution €59m Under exclusive negotiation €179m
Slide 12: Track27 – A value-enhancing growth plan
Track27 – A value-enhancing growth plan With proven value creation throughout different stages of the cycle €500 €450 2% 7% €400 DIVERSE GROWTH AVENUES 11% €350 WITH ONE GOAL IN COMMON €300 Ensuring long-term €250 sustainable value €200 creation while focusing €150 80% on strategic locations €100 €5
Slide 13: Earnings growth to continue
Earnings growth to continue Thanks to pipeline in execution Projects under Solar panels & energy development storage systems €54m CAPEX €5m CAPEX Invested €770m In execution €59m Under exclusive negotiation €179m ~ 6.5% Expected NIY ~ 8% IRR To go €139m €1,147m 13
Slide 14: Fully pre-let developments in execution
Fully pre-let developments in execution Halle JV with Weerts • Located near E19 and E429 motorways • Located right next to Liège Airport • 31,000 m² GLA • 86,000 m² GLA (215,000 m² at 100%) • Pre-let to Skechers for 20 years (BE) • Pre-let under an 18-year lease agreement (Liège, BE) • Construction
Slide 15: Earnings growth to continue
Earnings growth to continue And investments under exclusive negotiation Yielding Solar panels Non-yielding investments & BESS landbank €111m CAPEX €26m CAPEX €42m LAND ACQUISITION CAPEX > 6.5% Expected NIY ~ 8% Expected IRR > 6.5% Expected NIY (after completion) Invested €770m In execution €59m Unde
Slide 16: Development opportunities
Development opportunities Completion Landbank GLA Total capex To invest Target YoC date (m²) (m²) (€m) (€m) 100% 20Y Current development pipeline Average 203,000 117,000 174 54 ~ 6.5% Committed developments under construction Pre-let lease term Halle Q4 2026 55,000 31,000 34 19 Liège (Skechers)* Q4
Slide 17: Landbank with a focus on grey and brownfields
Landbank with a focus on grey and brownfields Landbank 100% situated in logistics & industrial zonings 0.8m m² Future development potential of 1.5m+ m² GLA 1.4m m² Yielding 3.4m m² Non-yielding In option Extension potential by over 70% vs. current portfolio NK BA 1.2m m² D 65% grey- & brownfields N
Slide 18: Existing landbank offers potential for…
Existing landbank offers potential for… +73% €88m +13% €6m +73% €12m €1m €253m €165m rent roll growth €146m €147m €165m Additional growth levers • Rental growth • Acquisitions/disposals • Landbank expansion Annualised cash Indexation & Annualised cash Pipeline Indexation & Secured Rent potential Tot
Slide 19: Existing landbank offers potential for…
Existing landbank offers potential for… 5.0 4.5 4.0 3.5 €330m ∼ €330m 3.0 2.5 €4.7bn 2.0 value creation 1.5 €3.2bn 1.0 Additional growth levers 0.5 • Acquisitions/disposals • Landbank expansion 0.0 • Green investments Portfolio value Portfolio value with full (31/03/2026) landbank potential unlocked
Slide 20: Portfolio update
a Portfolio update MONTEA
Slide 21: Lettings momentum continues to support high portfolio occupancy
Lettings momentum continues to support high portfolio occupancy Q1 2026 Proactive tenant management 30,000 m² (re)let 35/65 split between re-lettings & renegotiations Up from 64% +20% in Q4 25 average rent uplift 79% of the 12% maturing in 2026 Leases signed above ERVs on average already (re)let or
Slide 22: Consistently high occupancy across the portfolio
Consistently high occupancy across the portfolio Lease maturity profile Occupancy rate (%) (% of current rent) 100.0% 99.9% 99.7% 99.8% 99.6% 99.3% 99.4% 99.4% 97.8% 97.9% 97.4% 97.4% 97.4% Already 57% (re)let or WALB: 6.3 years* extended WALT: 7.1 years** Market occupancy rate 96.0% 94.9% 94.9% 9.5
Slide 23: Portfolio update
Portfolio update Portfolio value increases €27m QoQ (+1%) to €3.2bn Standing portfolio valuation reconfirmed, with EPRA NIY at 4.9% 23
Slide 24: 7% reversionary potential to still be captured
7% reversionary potential to still be captured ERV growth underpins portfolio valuation Portfolio reversionary potential 4% 110% 3% 2% 105% 1% 100% 0% 0 2 4 6 8 10 12 14 16 -1% 95% -2% -3% 90% -4% 85% -5% Q1 2026: 7% Yield effect on standing portfolio ERV effect on standing portfolio 80% 4Q15 1Q26 4
Slide 25: Market update
Market update
Slide 26: Western Europe – A supply constrained market
Western Europe – A supply constrained market Severe land Lengthy and Power grid and Environmental scarcity in core complex permitting energy capacity and ESG logistics corridors and zoning process constraints regulation hurdles Particularly near major ports, Limits speculative supply Secured grid ac
Slide 27: Enduring structural demand drivers
Enduring structural demand drivers Normalisation of take-up expected Growth in e-commerce penetration to continue, with structural growth drivers remaining intact Supply chain optimisation Modernisation of existing stock Distribution linked to defence 27
Slide 28: E-commerce penetration is set to continue growing
E-commerce penetration is set to continue growing in €bn 35% 31% 30% 27% 25% 25% E-commerce penetration 22% to continue growing 22% 20% 18% 17% while still remaining below more 17% mature markets such as the UK 15% 14% 10% 10% 5% 0% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e 2028e 2029
Slide 29: 7 million m² of new demand powered by e-commerce
7 million m² of new demand powered by e-commerce E-commerce revenues to increase by c. €70bn by 2030 in Montea’s markets in €bn 180 +42 2026e 2030e 160 140 120 +20 Creating a 7 million m² new 100 logistics demand growth 80 161 opportunity in Montea’s markets 60 119 alone over the next four years +5
Slide 30: Structural change driving new logistics opportunities
Structural change driving new logistics opportunities Real estate as • Real estate cost share is expected to continue Scale & cost means for cost shrinking further (≈5–10% today) management reduction and • Location & design critical for efficiency are top priority for supply chain • Scale and consol
Slide 31: Outlook
Outlook
Slide 32: Strengthening governance & ensuring continuity of long-term strategic vision
Strengthening governance & ensuring continuity of long-term strategic vision EGM proposal to transition to a one-tier The Pierre De Pauw family remains a fully committed Board of Directors, long-term reference shareholder and proposes aligning with the highest Mr William Snoeck as next-generation re
Slide 33: Earnings and dividend guidance
Earnings and dividend guidance +7% p.a. EPRA EPS & DPS growth 2026 guidance Track27 - EPRA EPS growth guidance €5.23 EPRA EPS (+7% YoY) incl. potential €0.08 FBI recognition for FY 2024 6 €4.19 dividend (+7% YoY) incl. potential FBI recognition (80% payout) Min. 2.5% LfL rental growth € 0.08 5 €250m
Slide 34: Track27 strong financial and operational framework affirmed
Track27 strong financial and operational framework affirmed Reflecting disciplined financial allocation and operational excellence c. 8x adj. Net debt/EBITDA towards 90% operating margin by end 2027 max. 2.5% average cost of debt 98%+ consistently high occupancy The remaining €380m of investments un
Slide 35: Track27 Four growth pillars powering earnings-focused capital allocation
Track27 Four growth pillars powering dynamic, earnings-focused capital allocation Green Acquisitions Developments Partnerships investments Laying the groundwork for growth beyond Track27, with permits for 500,000 m² of GLA expected in 2026–27 in France, of which 150,000 m² already secured 35
Slide 36: Track27 framework extends robust balance sheet record
Track27 framework extends robust balance sheet record Adj. Net debt/EBITDA and ICR Loan-to-value 9 9 8 8 7 7 6 6.7 5 6 6.2 7.9 6.4 6.4 4 5.5 7.3 7.3 38.9% 38.1% 6.7 35.7% 36.2% 37.4% 5 6.1 3 35.0% 33.7% 5.7 32.4% 4.9 4.5 4.5 4.5 2 4 4.1 1 3 0 2019 2020 2021 2022 2023 2024 2025 Q1 2026 2019 2020 2021
Slide 37: Supported by diversified, long-term funding
Supported by diversified, long-term funding Financing sources Maturity (y) Well-spread maturities for CLs & bonds 6 300 5 250 200 4 150 3 5.4 5.1 100 2 50 1 53% 46% <1% 0 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 CREDIT LINES BONDS LEASING 0 MATURITY FINANCING MATURITY HEDGING Creditlines Bonds 37
Slide 38: Proven return track record: +16% 10-year TAR
Proven return track record: +16% 10-year TAR* +7% p.a. 2026-27 EPRA EPS guidance underpins future TAR growth 10-year Total Accounting Return (YoY % change) 40% 35% 30% 25% 20% 35% 28% 15% 24% 24% 18% 10% 14% 15% 5% 8% 9% 9% 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YoY % change 2016 2017
Slide 39: ESG
aT naa. MONTEA
Slide 40: An all-rounded approach to energy independence and efficiency
An all-rounded approach to energy independence and efficiency 2023 Q1 2026 2030 Track27 green investments Photovoltaic capacity 68 MWp 92 MWp Battery storage systems 0 MWh 45 MWh €30m €60m €30m Heat pump target installations in portfolio 32% 46% 50% LED lighting in target warehouses in portfolio 83%
Slide 41: Montea. Unmatched.
Montea. Unmatched. 215,000 m² 99.6% 100% A JV partner in the largest Highest occupancy rate The only listed European single-tenant development in the gateway to logistics player with fully in Belgium* Europe markets pre-let development pipeline * Montea owns a 40% stake in the JV with Weerts
Slide 42: Q&A
Q&A
Slide 43: Appendix: Track27, Portfolio, About Montea
Appendix Track27 Portfolio About Montea
Slide 44: Access to Europe’s core distribution corridors
Access to Europe’s core distribution corridors € 3.2bn portfolio spread across 4 countries HAMBURG Netherlands BERLIN AMSTERDAM 2.4m m² portfolio GLA ROTTERDAM TIEL EINDHOVEN BRUSSELS ANTWERP Germany 70%+ portfolio growth potential LILLE on existing landbank ROUEN Belgium FRANKFURT PARIS RENNES STUT
Slide 45: Track27 – Financial targets
Track27 Our most ambitious growth plan to date Financial targets €1.15bn investment target, with portfolio to grow by more than 50% to above €3.5bn by 2027 end (vs 2023) +7% p.a. 2026-27 EPRA EPS guidance, with EPRA EPS to reach €5.60 in 2027. +6% p.a. EPRA EPS growth on average for the period 2024-
Slide 46: Track27 – ESG-linked targets
Track27 Our most ambitious growth plan to date ESG-linked targets GHG emissions reduction by 45% in our standing portfolio by end 2027 end (vs 2019) All new developments are zero emission buildings €60m investment in sustainable projects by 2027 46
Slide 47: Track27 – Two years of compounding growth momentum
Track27 – Two years of compounding growth momentum Over €150m in value realised through external & internal growth Resulting in a +9% TAR* p.a. over the last 2 years €80m+ €10m+ €60m development positive revaluation LfL revaluation gains booked of acquisitions of standing portfolio 6.7% 16% 3%+ aver
Slide 48: Locations
Locations Belgium The Netherlands France Germany Rouen Lille Antwerp Hamburg Ghent Paris Rennes Bremerhaven Nantes Brussels Berlin Hannover/Brunswick Rhine-Ruhr Liège Amsterdam Tiel Charleroi Rotterdam Leverkusen Lyon Venray Frankfurt Nuremberg Tilburg Venlo Mannheim Eindhoven Main logistics hotspot
Slide 49: Top 10 tenants
Top 10 tenants 5.5% 2.7% 4.3% 2.5% 3.8% 2.3% 2.9% 2.3% 2.8% 2.1% * Split calculated by rent 49
Slide 50: A high-quality portfolio
A high-quality portfolio Sector diversification Multimodality Age of buildings 3% 6% 16% 7% 32% 7% 45% 49% 55% 22% 14% 14% 30% Logistics Food & Beverage Yes No < 5 years 6-10 years Construction Retail 11-20 years 20+ years Pharma & Medical Automotive Other 50
Slide 51: Earnings track record and guidance
Earnings track record and guidance 2015-2025 EPRA EPS EPRA EPS (€) DPS (€) +8% p.a. on average 5.60 0.08 5.15 0.45 0.18 4.90 4.55 4.45 4.19** 4.10 3.93 3.74* 3.74* 3.75 3.50 3.30 3.28 3.03 2.95 2.83 2.54 2.58 Track27 2.47 2.26 2.29 +6% p.a. EPRA EPS 2.00 2.05 1.97 2.17 on average 1.79 1.82 2.11 2.03
Slide 52: Portfolio growth x35 since IPO
Portfolio growth in bn €3.5bn € 3.5 €3.2bn € 3.0 Portfolio size target x35 since IPO € 2.5 € 2.0 € 1.5 € 1.0 € 0.5 €101m €- 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 2027 Belgium Netherlands France Germany Portfolio Fair Value evoluti
Slide 53: Share price & NAV evolution
Share price & NAV evolution Share price & NAV P/D to NAV € 140 150% 130% € 120 110% € 100 90% € 80 70% € 60 50% 30% € 40 10% € 20 -10% €0 -30% Premium/Discount to NAV Share price NAV Data as of 4 May 2026 53
Slide 54: Contact
CONTACT Inna Maslova, Investor Relations Manager inna.maslova@montea.com MORE INFORMATION www.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 conditi