Corporate presentation 2025 Q2

21 August 2025

H1 2025

results presentation

H1 2025 highlights Growth update Portfolio update Market update

Outlook ESG

Appendix

H1 2025 - Growth ambitions on track

Results on track

€ 2.35

EPRA EPS (+6% YoY)

+3.7%

LfL rental growth

€ 77.46

EPRA NTA (+3% YoY)

5.1%

stable EPRA NIY

Advancing on growth

€ 3bn

portfolio (+€ 200m vs end 2024)

150,000 m²

of new leases signed with a +6% rental uplift on average

GG.7%

high occupancy

Sound financial profile

38.3%

Loan-to-value

7.5x

adj. Net debt/EBITDA

G6.4%

hedge ratio

Investment grade (BBB+) issuer rating affirmed by Fitch

4

EPRA EPS up 6% YoY

H1 EPRA result of € 54.0m, an increase of 20% YoY

EPRA EPS

+6% YoY

+14% weighted avg. # of shares

Net result

Includes € 13.5m of

positive property revaluation and € 7n of deferred tax assets

€ 3.37 per share net result

* The difference between € 13.5m property revaluation reported and € 13m explained in

property portfolio section relates to the accounting treatment of solar panels

Driven by strong rental growth and portfolio expansion

(K€) H1 2025 H1 2024 YoY

Net rental income 67,819 54,955 +23%

Other real estate income C expenses 4,084 4,357 -6%

Total property result 71,G03 5G,331 +21%

of which income from solar panels 3,786 4,154 -9%

Property C overhead expenses -8,922 -7,489 +19% Operating results before portfolio results 62,G81 51,822 +22% Operating margin 87.6% 87.4%

Financial results excl. fair value changes -7,879 -6,143 +28%

Taxes -1,128 -751 +50%

Share in the result of associates and joint ventures -14 0

EPRA result 53,G60 44,G28 +20%

Weighted average shares' outstanding 23,007,385 20,203,993 +14%

EPRA EPS (€) 2.35 2.22 +6%

LfL rental growth

LfL rental growth +3.7% of which +3.3% linked to rent indexation and +0.4% linked to rent renegotiations

Financial result

Reflects expected increased interest expenses due to new debt taken out as part of Track27 financing

EPRA result

+20% YoY increase driven by organic rental growth, income from new acquisitions and pre-let development deliveries as well as disciplined cost control

Growth-enabling fundamentals

Investment grade credit rating BBB+ (Stable Outlook)

affirmed by Fitch, recognising Montea's disciplined balance sheet approach as

well as its resilient and qualitative portfolio

Loan-to-value

38.3%

(end 2024: 33.7%)

Adj. Net Debt/EBITDA

7.5x

(end 2024: 6.4x)

Interest coverage ratio

4.5x

(end 2024: 4.5x)

EPRA NTA

€ 77.46

(+3% YoY, end 2024 at € 77.63)

Rating confirmation by Fitch as of 12 August 2025 7

Over € 360n

(re)financed in H1

€ 2G0n

new debt refinancing

Solid financial profile

>6y

Long-term funding

average remaining debt maturity at

6 years (vs 5.7 years at end 2024)

Cost of debt at

2.1% (-20bps vs end 2024)

throughout end 2026

Hedge ratio

G6%

Strong liquidity position

€ 260m immediately available funding

(cash + untapped credit lines)

No debt maturing before 2027

(€ 75n in total to refinance in 2027)

Prudent balance sheet

Net debt/EBITDA and ICR Loan-to-value

9

8

7

6 8.4

5

4.5

4

3

5.5 5.7

6.2 6.1

6.7

6.7

7.9

4.9

6.4

4.5

6.4

4.5

9

8

7

6

5

7.5 4

3

4.5 2

1

0

50.0%

35.7% 35.0% 36.2% 38.9%

32.4% 33.7%

38.3%

2018 2019 2020 2021 2022 2023 2024 H1

2025

2018 2019 2020 2021 2022 2023 2024 H1 2025

(adjusted) net debt/EBITDA ICR

The Net debt/EBITDA (adjusted) has been restated to accurately reflect the financial debts (i.e. excluding IFRS16 liabilities)

Diversified, long-term funding

Financing sources

Maturity (y)

Well-spread maturities for CLs s bonds

7.0 275

6.0

5.0

4.0

3.0

2.0

225

175

125

75

53%

CREDITLINES

46%

BONDS

<1%

LEASING

1.0

0.0

MATURITY FINANCING MATURITY HEDGING

25

-25

'25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36

Creditlines Bonds

Track27 - Solid foundations for future growth

Achieving

€ 1.2bn of investnent volune

through four pillars

1

Own developments

2

Partnerships

3

Acquisitions

4

Green investments

An agile business model

With value creation throughout different stages of the cycle

€ 187n investment volume realised through all growth pillars

DIVERSE GROWTH AVENUES

WITH ONE GOAL IN COMMON

Ensuring long-term sustainable value creation while focusing on strategic locations

€ 500

€ 450

€ 400

€ 350

€ 300

€ 250

€ 200

€ 150

€ 100

€ 50

€ -

In mln

2019 2020 2021 2022 2023 2024 H1 2025

Own developments Partnerships Acquisitions Green investments

Continuous focus on accretive investments

€ 187n

Total invested in H1:

€ 36n

€ 142n

€ Gn

Acquisitions

Developments C

partnerships

Solar panels C batteries

At an average net yield of

Accretive growth through strategic acquisitions

Acquired in H1 at a 6.3% average net yield Acquired in August

Blue Gate Antwerp (BE)

NEW

Zaltbommel (NL)

Zeewolde (NL)

NEW

• 6,000 m² GLA warehouse + outdoor storage

• Direct access to the quay on the Scheldt river,

  cycling distance from Antwerp city centre

• Cluster strengthening in Blue Gate Antwerp -

  4th property added

• Lease with BMB Bouwmaterialen

• Investment: € 12n

• 115,400 m² land acquisition

  (66,400 m² yielding C 49,000 m² greenfield)

• Prime logistics hotspot offering both near- and long-term development potential

• Long-term ground lease (20 years)

• Investment: € 24n

• 36,000 m² GLA warehouse on a 55,600 m² land plot

• Strategic location close to 3 motorways (A6, A27 C A28)

• Significant reversionary potential

• Long-term lease with Aalberts Piping Systems

• Investment: € 31n

  
  
  

  111,000 m² of fully pre-let projects delivered in H1 2025

  Developed at a 7% average net yield

  Q2

  Tiel (NL)

• Development of Montea's largest

  multimodal distribution centre to date

• 95,000 m² GLA

• Let to Intergamma for 20 years

• Total investment: € 83n

  Aalst (BE)

• Extension of a state-of-the-art distribution

  centre

• 9,000 m² GLA

• Let to Movianto for 9 years

• Total investment: € 8n

  Amsterdam (NL)

• Sustainable distribution centre on a

  strategic location in Amsterdam

• 7,000 m² GLA

• Let to Blond for 10 years

• Total investment: € 13n

c. 150,000 m² of fully pre-let developments in the pipeline

c. 150,000 m²

of 100% pre-let developments in the pipeline

JV with Weerts

(Liège, BE)

• 86,000 m² GLA (215,000 m² at 100%)

• Pre-let to Skechers for 20 years

• Construction started in Q1 2025

• Phased completion by Q4 2027

• Maximum exposure: € 140n

  Oss

  (NL)

• 17,000 m² GLA extension

• Pre-let to Vos Logistics for

  10 years

• Construction started in Q1 2025

• Completion in Q4 2025

• Total investment: € 13n

  NEW

  LOI signed

  for permitted

  project comprising

  c. 30,000 m²

  Halle

  (BE)

  • Located near E19 and E429 motorways

  • 31,000 m² GLA

  • Pre-let under a long-term agreement

  • In permitting phase

  • Total investment: € 34n

    Zellik

    (BE)

  • Located in close proximity to Brussels, near E19 and E40 motorways

  • 14,000 m² GLA

  • Pre-let for 6 years (incl. 9-year extension option)

  • In permitting phase

  • Total investment: € 20n

On track towards a € 3.5bn portfolio

Track27 progress report

over 75%

€ 907m of the € 1.2bn targeted growth is already invested,

in execution or is under exclusive negotiation

Invested 627 M€

In execution 107 M€ Under exclusive negotiation 173 M€ To go 293 M€

1.200 M€

450 M€

400 M€

350 M€

300 M€

250 M€

200 M€

150 M€

100 M€

50 M€

0 M€

Targeted investment volume

2024 2025 2026 2027

Earnings growth to continue

Thanks to pipeline in execution…

Invested

627 M€

107 M€

Under exclusive negotiation 173 M€

To go 293 M€

1.200 M€

Acquisitions closed

post 30 June

€ 31M

CAPEX

Projects under

development

€ 65M

CAPEX

> 6,5%

Expected NIY

Solar panels s

battery energy hubs

€ 11M

CAPEX

~ 8%

IRR

Earnings growth to continue

… and investnents under exclusive negotiation

Expected NIY

(after

> 6,5% completion)

LAND ACQUISITION CAPEX

€ 45M

Non-yielding

landbank

Expected IRR

~ 8%

CAPEX

€ 52M

Solar panels

s BESS

Expected NIY

> 6,5%

CAPEX

€ 76M

Yielding

investments

627 M€

107 M€

173 M€

293 M€

1.200 M€

Invested

In execution

To go

Development pipeline in execution

Green field

Delivered in H1 2025 208.000 m² 111.000 m² 104 M€ 0 M€ 104 M€

Grey Oss - extension (Vos Logistics) Q4 2025 20.000 m² 17.000 m² 6 M€ 7 M€ 13 M€

Completed and ongoing developments

€ 35n

Total development gains on delivered and ongoing projects (booked/expected)

Green Liège (Skechers)* Q4 2027

148.000 m²

(370.000 m² @

100%)

86.000 m²

(215.000 m² @

100%)

82 M€ 58 M€ 140 M€

100%

In execution 168.000 m² 103.000 m² 88 M€ 65 M€ 153 M€

Pre-let projects in execution 100%

Average lease term for projects in execution 1G years

*40% share included in the pipeline. €140m represents maximum exposure for Montea.

Pre-let pipeline in execution

1G years

Average lease term for projects

in execution

Green field

Development pipeline

Pipeline developments

€ 34n

Potential rent

€ 2G5n

Future development potential 2.353.000 m²

Remaining capex

Green Lummen 55.000 m² 32.000 m² 9 M€ 20 M€ 29 M€

1 year after pre-

6.8%

Average Yield on Cost

2.3m sqm

Remaining land bank

Pipeline

c. 2G2,000 m²

GLA in Belgium

Zellik

Forest/Vorst

Halle

Grimbergen

Lummen

Tongeren

Liège

*40% JV share included 23

Pipeline

c. 178,000 m²

GLA in The Netherlands

Tiel

Oss

Born

Extensive landbank with a focus on grey and brownfields

Movements in landbank

Total landbank Dec-2024

+ 0.60m m²

In during 2025

- 0.18m m²

Out during 2025

Total landbank June-

2025

• 100% situated in logistics C industrial zonings

• Future development potential of over 1.5m m² GLA

• Extension potential by over 60% vs. current portfolio

• Over 70% grey- C brownfields

0.G0m m²

2.24m m²

Market value of

€ 54Gm

Market value of

€ 245/m²

64% yielding

@ 5.8%

Yield on Cost

Acquired landbank Landbank under control

Creating value via our land bank

Tongeren: 161,000 m²

Senlis: 170,000 m²

Toury: 545,000 m²

Mannheim: 83,000 m² Tiel: 266,000 m²

250

In mln

Existing landbank offers potential for…

+74%

200

+30%

150

€ 246

100

50

0

Annualised cash passing rent (30/06/2025)

Pipeline

(2025-2027)

Indexation s reversion

Potential under Track27

Total landbank potential (>2027)

* Development opportunities under Track27 include ongoing developments, pre-let agreements awaiting permit and projects that are expected to commence in the next 12 months. Forecast made based on the expected completion date of projects to be developed which include a number of assumptions. Indexation assumption is based on the IMF forecast at c.2%. Includes only owned and landbank in option.

rent roll growth

Existing landbank offers potential for…

In bln

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

Portfolio value

(30/06/2025)

∼ € 330n

value creation

Portfolio value with full landbank potential unlocked

* Development opportunities under Track27 include ongoing developments, pre-let agreements awaiting permit and projects that are expected to commence in the next 12 months. Forecast made based on the expected completion date of projects to be developed which include a number of assumptions. Indexation assumption is based on the IMF forecast at c.2%. Includes only owned and landbank in option zoned for industrial use.

Portfolio growth highlights continuous value creation

Portfolio value increases by € 200n or 7.2%

vs. end 2024, reaching € 3bn

Increases driven by investments in development projects (a.o. Skechers), acquisitions and positive portfolio revaluation

Standing portfolio valuation reconfirmed,

with EPRA NIY at 5.1% (stable vs. end 2024)