Montea : Annual financial press release 31 12 2024

About this update from Montea Nv

11 February 2025 FY 2024 results presentation 2 2024 - A year of successful execution EPS guidance achieved Resilient portfolio growth Sound financial profile € 4.55 ▪ 34.8% € 498m EPRA EPS (+2% YoY recurring) invested or in execution EPRA LTV +€ 0.18 ▪ ▪ 6.9x 99.9% one-off EPRA EPS FBI top-up occupancy rate adj. Net debt/EBITDA +3.4% ▪ 5.1% ▪ 2.3% LfL rental growth stable EPRA NIY cost of debt € 3.74 ▪ € 77.63 ▪ 98% proposed DPS (+7% YoY recurring) EPRA NTA (+4.4% YoY) hedge ratio 2 FY 2024 highlights Outlook Growth update ESG Portfolio update Appendix Market update 3 FY 2024 highlights EPRA EPS up 2% FY EPRA result of € 99.3m, an increase of 10% YoY Recurring EPRA EPS Net result € 4.55 € 171.5m +2% YoY* Includes € 85.4m of positive property revaluation +14% w eighted avg. # of shares € 8.17 per share net result * excl. impact of FBI one-offs booked in 2023 (c. € 8.2m or € 0.45/share) and 2024 c. € 3.7m * The difference between € 85.4m property revaluation reported and € 72m explained in or € 0.18/share) property portfolio section relates to the accounting treatment of solar panels 5 FY 2023 FBI provision reversal impact EPRA EPS (recurring) Dividend (recurring) € 4.55 (+2% YoY) € 3.60 (+7% YoY) FBI-related one-off + + FBI-related dividend top-up € 0.18 € 0.14 = EPRA EPS = Proposed dividend € 4.73 € 3.74 6 Driven by a +3.4% increase in LfL rents (K€) 12M 2024 12M 2023 YoY Net rental income 115,110 106,625 +8% Other real estate income & expenses 7,847 9,513 -18% Total property result 122,956 116,139 +6% of which total income from solar panels 6,031 8,868 -32% Property & overhead expenses -14,090 -13,370 -5% Operating results before portfolio results 108,866 102,769 +6% Operating margin 88.5% 88.5% Financial results excl. fair value changes -12,721 -17,995 -29% Taxes 3,114 5,236 -41% EPRA result 99,260 90,010 +10% Weighted average shares' outstanding 21,005,929 18,387,740 +14% Recurrent EPRA EPS (€) 4.55 4.45 +2% One-off EPRA EPS (€) 0.18 0.45 LfL rental growth LfL rental growth +3.4% of which +3.1% linked to rent indexation and +0.3% linked to rent renegotiations Total income from solar panels -€ 2.8m (-32%) reflecting primarily the decline due to a one-off green certificate provision reversed in Q3 2023 (€ 1.3m) and lower energy prices in 2024 Financial result Reflecting capitalised interest increase due to the transfer of Tiel, Waddinxveen and Born into the development pipeline Taxes Including FBI-related provision reversals for 2023 (€ 0.45/share) and 2024 (€ 0.18/share) 7 Growth-enabling fundamentals EPRA LTV 34.8% (31/12/2023: 33.5%) Adj. Net Debt/ EBITDA 6.9x (31/12/2023: 6.8x) Interest coverage ratio 4.5x (31/12/2023: 4.5x) EPRA NTA € 77.63 (31/12/2023: € 74.38) 8 Solid debt profile >6y Long-term funding average remaining debt maturity & hedging, both >6 years Hedge ratio of 98% Strong liquidity position 204m immediately available funding (cash + untapped credit lines) Cost of debt stable at 2.3% € 154m capital increase completed in October 2024, reinforcing capital structure 9 Strong balance sheet Net debt/EBITDA and ICR EPRA LTV 9 9 8 8 7 6.7 7 6 6.2 6 8.4 5.5 8.4 51.3% 7.3 5 6.7 6.8 6.9 5 39.7% 6.5 4.9 37.1% 36.3% 36.9% 4.5 33.5% 34.8% 4.5 4.5 4 4 3 3 2018 2019 2020 2021 2022 2023 2024 (adjusted) net debt/EBITDA ICR 2018 2019 2020 2021 2022 2023 2024 Investment grade credit rating BBB+ (Stable Outlook) by Fitch 10

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