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Montea : Half-year financial report 30/06/2025
Montea : Half-year financial report
About this update from Montea Nv
Press Release Half-year financial report Regulated information of the sole director relating to the period from 01/01/2025 to 30/06/2025 Thursday 21/08/2025 - 6 p.m. Highlights - H1 2025 Montea on track for targeted performance and value growth EPRA earnings up by 20%, with a 6% increase in EPRA earnings per share The portfolio value increased to €3.0 billion, driven by over €185 million of investments at a net initial yield of 6.7% From plan to execution - projects underway: successful delivery of 111,000 m² of new projects 103,000 m² under construction; 100% pre-let lease signed for a 31,000 m² project in Halle LOI signed for permitted project comprising ca. 30,000 m² Montea signs leases for 150,000 m², securing an average rental uplift of 6% Sustained high occupancy rate of 99.7% and robust like-for-like rental growth of 3.7% Montea was included in the BEL 20 index and Fitch has reaffirmed Montea's solid BBB+ investment grade rating with a stable outlook Boasting an occupancy rate of at least 99.5%, Montea confirms its EPRA earnings to reach €4.90 per share in 2025 (+8% y-o-y) + a potential one-off gain of €0.08 per share related to FBI status Investment volume secured under Track27 stands at €907 million (over 75% of the target volume). Montea confirms its EPRA earnings guidance at €5.60 per share for 2027. "Our portfolio - serving as a gateway to the European markets - continues to deliver outstanding results, driven by limited supply of new, sustainable logistics space and solid leasing activity in the first half of the year. Our development pipeline is gaining momentum, with increasing client requests and tangible progress in negotiations. With 3.1 million m² of strategically located landbank and guided by our four growth pillars, we are ideally positioned to meet future demand and create lasting value for all our stakeholders." Els Vervaecke, CFO Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Summary EPRA earnings rose 20% year on year to €54.0 million in H1 2025, driven by organic rental growth (+3.7%), income from new acquisitions and pre-let developments, combined with disciplined cost control. Earnings per share increased 6% to €2.35, factoring in a 14% increase in the number of shares outstanding. Montea delivered the largest property development in its history, the distribution center in Tiel leased to Intergamma. This multimodal distribution center comprises ca. 95,000 m² and ranks among the top 10% most sustainable logistics centers in the Netherlands. The average lease term to first break across the total portfolio has now increased to 6.2 years following the addition of this 15-year lease to the standing portfolio. During H1, Montea invested more than €185 million via its four growth pillars, accounting for over 60% of its targeted investment volume for 2025, at an average net initial yield of 6.7%. Investments in strategic partnerships with developers and in-house project developments, acquisitions in Antwerp (BE) and Zaltbommel (NL), as well as investments in green and smart energy solutions, such as battery energy hubs, have increased the total value of the portfolio to €3.0 billion1. Three projects were completed; an additional 103,000 m² of fully pre-let developments remain under construction2 , with an average lease term of 19 years to first break date. Resilient market activity in the logistics real estate sector enables Montea to continue posting strong operational results. In addition to its recent acquisitions, Montea successfully pre-let a 31,000 m 2 project in Halle during H1. Montea also managed to sign ca. 120,000 m² of new leases in its existing portfolio in H1, with ca. 60,000 m² signed in Q2. These leases were signed at an average rental uplift of 6%, exceeding ERVs by an average of 7% - reinforcing portfolio valuation and signaling continued potential for rental growth. As a result, 92% of leases expiring in 2025 have already been renewed or extended. These agreements contributed to a consistently high occupancy rate of 99.7%, as well as strong like-for-like rental growth of 3.7%. The occupancy rate is expected to remain above 99.5% for the rest of the year. Fitch has reaffirmed Montea's solid BBB+ long-term investment grade credit rating with a Stable outlook, recognizing Montea's resilient financial profile, in addition to the high quality of its portfolio, stable rental income and continuously high occupancy levels. Strong fundamentals in volatile macro environment: Loan-to-value of 38.3% and Adjusted net debt/EBITDA of 7.5x at the end of Q2, leaving ca. €500 million of investment capacity available within the 8x threshold. The slight increase aligns with expectations, reflecting investments made as well as the recent dividend payment. Its impact is expected to gradually ease in the second half of the year, supported by strong cash flow generation. Long-term debt and hedging maturities based on an unencumbered balance sheet Solid liquidity position, with €260 million of immediately available funding 1 This refers to the portfolio value including the pro rata share of joint ventures. 2 The area of the Liège project is set at 40%, reflecting Montea's stake in the joint venture. Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Portfolio value increased slightly, with a stable EPRA Net Initial Yield of 5.1% thanks to: Consistently high occupancy rate of 99.7% Average remaining term to first break date of 6.2 years and 7.3 years to lease end date (including solar panels, these increase to 6.6 years and 7.5 years respectively) Average lease term of 19 years to first break date for projects under construction Existing leases are ca. 8% below market rental value, highlighting strong portfolio reversionary potential Inflation-proof cash flow (inflation-linked rental income) demonstrated by like-for-like rental growth of 3.7%, indexation accounting for 3.3% of this and lease renewals 0.4% Reaffirming our 2025 outlook: EPRA earnings set to reach €4.90 per share (+8% y-o-y from recurring activities), excluding a potential €0.08 one-off in EPRA earnings per share3 if Montea is recognized as having FBI status in the Netherlands for the 2024 financial year Montea confirms Track27 targets. Some of the key pillars of the four-year growth plan include: a combined investment volume of €1.2 billion, increasing the portfolio value by more than 50% compared to 2023, to €3.5 billion by the end of 2027. To date, more than 75% of the targeted investment volume has been secured. A total of €907 million in investment volume has already been invested, is in execution and or under exclusive negotiation in pursuit of a clear strategy of sustainable value creation. raising EPRA earnings to €5.60 per share in 2027, achieving an average annual growth rate of 6% compared to 2023 reducing the portfolio's CO 2 emissions by 45% by the end of 2027 (versus 2019) via a number of initiatives such as a commitment to build new carbon-neutral developments investing more than €75 million in renewable energy, doubling solar panel capacity to 135 MWp and expanding battery energy storage systems by 100 MWh 3 Based on the weighted average number of shares of 23,007,659 at June 30, 2025. Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Table of Contents Management report 6 Key figures 6 Montea's portfolio 9 Key events and transactions during H1 2025 18 Financial results for the first half-year ended June 30, 2025 21 Montea share performance 32 Significant events after the reporting period 32 Related party transactions 32 Main risks and uncertainties 33 Declaration in accordance with Article 13 of the Royal Decree of November 14, 2007 33 Outlook 34 Forward-looking statement 38 Financial calendar 39 Annexes 40 ANNEX 1: EPRA performance measures 40 ANNEX 2: Explanation of the APM calculation applied by Montea 46 ANNEX 3: Consolidated income statement as at 30/06/2025 51 ANNEX 4: Consolidated balance sheet as at 30/06/2025 52 ANNEX 5: Consolidated statement of changes in equity as at 30/06/2025 53 ANNEX 6: Summary of consolidated comprehensive income as at 30/06/2025 54 ANNEX 7: Summary of the consolidated cash flow statement 55 ANNEX 8: Segment reporting: Consolidated income statement per geographic region as at 30/06/2025 56 ANNEX 9: Segment reporting: Consolidated balance sheet per geographic region as at 30/06/2025 57 ANNEX 10: Independent property expert report as at 30/06/2025 59 ANNEX 11: Auditor's report 63 Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. 5 / 63 Management report Key figures Consolidated key figures BE FR NL DE 30/06/2025 6 months 31/12/2024 12 months 30/06/2024 6 months Property portfolio Property portfolio - Buildings (1) Number of sites 44 35 40 3 122 118 97 Occupancy rate (2) % 99.6% 98.8% 100.0% 100.0% 99.7% 99.9% 100.0% Total surface area - property portfolio (3) m 2 1,009,658 292,508 929,329 99,495 2,330,990 2,132,243 1,926,268 Investment value (4) €K 1,106,548 421,824 1,179,853 96,600 2,804,826 2,555,642 2,183,310 Fair value of the property portfolio (5) €K 1,305,069 410,645 1,187,123 90,297 2,993,134 2,792,794 2,477,663 Real estate €K 1,080,026 394,052 1,064,040 90,297 2,628,416 2,405,178 2,052,483 Projects under construction €K 181,455 13,571 101,892 0 296,918 316,666 338,592 Solar panels €K 43,587 3,022 21,191 0 67,800 70,950 86,588 Total surface area - Land bank m 2 3,136,619 2,720,452 2,224,245 Acquired, valued in property portfolio m 2 2,240,482 2,161,315 1,594,139 of which income generating % 64% 55% 43% Under control, not valued in property portfolio m 2 896,137 559,137 630,106 Consolidated results Results Net rental income €K 67,819 115,110 54,955 Property result €K 71,903 122,956 59,311 Operating result before portfolio result €K 62,981 108,866 51,822 Operating margin (6)* % 87.6% 88.5% 87.4% Financial result (excl. changes in fair value of the financial instruments) (7)* €K -7,879 -12,721 -6,143 EPRA earnings (8)* €K 53,960 99,260 44,928 Weighted average number of shares 23,007,659 21,005,929 20,203,993 EPRA earnings per share (9)* € 2.35 4.73 2.22 Result on disposal of investment properties €K 1 0 0 Changes in fair value of investment properties €K 13,479 85,400 43,700 Deferred taxes on portfolio result €K 7,005 -10,401 -1,362 Share in the result of associates and joint ventures 4,754 0 0 Portfolio result (10)* €K 25,238 74,998 42,338 Changes in fair value of the financial instruments (11) €K -1,715 -2,733 8,367 Net result (IFRS) €K 77,484 171,525 95,632 Net result per share € 3.37 8.17 4.73 Consolidated balance sheet Balance sheet total €K 3,125,700 2,885,045 2,571,246 Debts and liabilities for calculation of debt ratio €K 1,273,090 1,017,163 945,829 Loan-to-value (12)* % 38.3% 33.7% 35.3% Debt ratio (13) % 41.1% 35.7% 37.3% Net debt/EBITDA (adjusted) (14)* x 7.5 6.4 7.4 Hedge ratio* % 96.4% 97.8% 93.9% Average cost of debt* % 2.1% 2.3% 2.3% Weighted average maturity of financial debt Y 6.0 5.7 6.1 Weighted average maturity hedging contracts Y 5.9 6.1 6.5 IFRS NAV per share (15)* € 77.77 78.42 76.87 EPRA NRV per share (16)* € 87.30 85.36 82.72 EPRA NTA per share (17)* € 77.46 77.63 75.20 EPRA NDV per share (18)* € 80.02 79.99 80.19 Share price (19) € 65.10 63.30 79.10 Premium/Discount % -16.3% -19.3% 2.9% Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Includes real estate intended for sale. The occupancy rate is calculated based on square meters. In calculating this occupancy rate, the unlettable square meters intended for redevelopment and the land bank were disregarded in terms of both numerator and denominator. The figure for the surface area of leased land (the part of the land bank yielding a return) is 20% of the total surface area; given that the average rental value of a plot equates to ca. 20% of the rental value of a logistics property. The portfolio value includes transaction costs. The value for accounting purposes is in line with IAS/IFRS rules, including stakes in joint ventures and excluding property intended for own use. The operating result (before portfolio result)* is divided by the property result to arrive at the operating margin. See annex 2. Financial result (excluding changes in the fair value of the financial instruments)*: this is the financial result pursuant to the Royal Decree of 13 July 2014 on regulated real estate companies, excluding the change in the fair value of the financial instruments, and reflects the company's actual financing cost. See annex 2. EPRA earnings*: these are the net earnings (after recognition of the operating result before portfolio result, minus the financial results and corporate income tax, excluding deferred taxes), minus the changes in the fair value of investment properties and properties intended for sale, minus the result from the sale of investment properties, plus the changes in the fair value of financial assets and liabilities. Also see annex 1. The EPRA earnings per share* are the EPRA earnings based on the weighted average number of shares. Also see annex 1. Portfolio result*: this concerns the positive and/or negative changes in the fair value of the property portfolio, plus any capital gains or losses from property construction. See annex 2. Changes in the fair value of financial hedging instruments: this concerns the positive and/or negative changes in the fair value of the interest hedging instruments under IFRS 9. Loan-to-value is calculated by dividing net financial debt by the sum of the total property value (including solar panels) and financing for and holdings in joint ventures. Debt ratio pursuant to the Royal Decree of 13 July 2014 on regulated real estate companies. The Adjusted net debt/EBITDA* differs from the net debt/EBITDA in that the net financial liabilities in the numerator are adjusted for projects currently under construction multiplied by the debt ratio, while the denominator is adjusted for the annualized impact of external growth. Adjusted net debt/EBITDA on 31/12/2024 and 30/06/2024 were adjusted to accurately reflect financial liabilities i.e. excluding future concession obligations. IFRS NAV*: Net Asset Value, or intrinsic value, before profit distribution of the current financial year in accordance with the IFRS balance sheet (excluding minority interests). The IFRS NAV per share is calculated by dividing the equity according to IFRS by the number of shares entitled to dividends on the balance sheet date. EPRA Net Reinstatement Value*: The NRV is based on the assumption that entities never sell assets and aims to represent the value needed to rebuild the entity. The purpose of this indicator is to reflect what would be needed to recreate the company through the investment markets based on the current capital and financing structure, including real estate transfer taxes. The EPRA NRV per share is the EPRA NRV based on the number of shares entitled to dividend on the balance sheet date. Also see annex 1. EPRA Net Tangible Assets* assumes that entities buy and sell assets, thereby realizing certain levels of deferred taxation. The NTA is the NAV adjusted to include properties and other investments at fair value and to exclude certain items not expected to crystallize in a long-term investment property business model. The EPRA NTA per share is the EPRA NTA based on the number of shares entitled to dividend on the balance sheet date. Also see annex 1. EPRA Net Disposal Value* provides the reader with a scenario of the sale of the company's assets that leads to the realization of deferred taxes and the liquidation of debt and financial instruments. The EPRA NDV per share is the EPRA NDV based on the number of shares entitled to dividend on the balance sheet date. The EPRA NDV on 31/12/2024 and 30/06/2025 was adjusted with the fair value of fixed-rate financing contributing positively instead of negatively. Also see annex 1. Share price at the end of the period . In accordance with the guidelines issued by ESMA (European Securities and Markets Authority), the APMs (Alternative Performance Measures) used by Montea, which include the EPRA performance indicators, are marked in the first instance with an asterisk (*) in this press release, in order to inform the reader that the definition concerns an APM. Performance indicators defined by IFRS rules or the law and the indicators not based on the balance sheet or income statement headings are not regarded as APMs. The detailed calculation of the EPRA performance indicators and of other APMs used by Montea is provided in an annex to this press release. Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. EPRA performance measures 30/06/2025 30/06/2024 EPRA earnings €/share 2.35 2.22 EPRA Net Tangible Assets €/share 77.46 75.20 EPRA Net Reinstatement Value €/share 87.30 82.72 EPRA Net Disposal Value €/share 80.02 80.19 EPRA cost ratio* (incl. vacancy charges) % 13.4 13.3 EPRA cost ratio* (excl. vacancy charges) % 13.0 13.1 30/06/2025 31/12/2024 EPRA LTV5 % 40.8 34.8 EPRA Vacancy Rate* % 0.4 0.2 EPRA Net Initial Yield* % 5.1 5.1 EPRA "Topped-up" Net Initial Yield* % 5.1 5.1 5 The calculation of the EPRA LTV was revised in Q2 2025 compared to Q1 2025 following the correction of a double-counting of our share in joint ventures. As a result, the Q1 2025 EPRA LTV had been overstated by 0.5%. Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Montea's portfolio In H1 2025, Montea was able to invest €187 million - amounting to over 60% of its targeted investment volume for 2025 - with an average initial yield of 6.7%. Total portfolio value has risen to €2,993 million, thanks to: investment in strategic partnerships with developers in-house project developments acquisitions in Antwerp (BE) and Zaltbommel (NL) investments in green and smart energy solutions, such as battery energy hubs. Acquisitions - H1 2025 In Belgium, Montea expanded its presence at Blue Gate Antwerp by acquiring the site leased to BMB Bouwmaterialen. Montea also acquired a strategically located, partly developed site in Zaltbommel, the Netherlands. These purchases represent an investment value of ca. €36 million and produce an average initial yield of ca. 6.3%. Expanded cluster presence in Blue Gate Antwerp (BE) During Q2 2025, Montea consolidated its position in the innovative and forward-looking industrial estate Blue Gate Antwerp, with the acquisition of a property comprising 6,000 m² and offering extensive outdoor storage. This is now the fourth property that Montea owns in the industrial estate. Built in 2020, this new-build property offers direct quayside access to the Scheldt river, is located within cycling distance of Antwerp city center and is also close to the Singel and the ring road, making it an optimal multimodal logistics site. As well as a striking architectural design, the property's exacting sustainability standards have earned it BREEAM 'Very Good' certification. Sustainable features include solar panels, gas-free operations, heat pumps, rainwater recovery system and daylight responsive controls. The strategically-located property is leased to BMB Bouwmaterialen, who is even able serve the city by bicycle couriers and make a valuable contribution to sustainable urban logistics. Strategically located factory with considerable development potential in Zaltbommel (NL) During Q2 2025, Montea acquired a highly strategic, partially developed 115,400 m² site in Zaltbommel. This latest acquisition is in a prime location for logistics companies: located in the center of the Gelderland waterway region and adjacent to the A2 highway. The sale and leaseback agreement secured means that the site in the De Wildeman business park generates immediate revenue for Montea. On the undeveloped part of the site, Montea plans to build a 25,000-30,000 m² facility in the near future. The site's excellent accessibility also means that part of the site can be leased as outdoor storage. The option to acquire the site arose after a Dutch investment company took over the factory there. The occupier of that factory has signed a longterm ground lease agreement with Montea with a 20-year term. Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Projects under construction During 2025, Montea continued to focus on further developing and expanding its extensive land bank. By the end of Q2 2025, Montea delivered the sustainable distribution center in Tiel leased to Intergamma, the largest project development in its history. Together with the projects in Aalst (BE) and Amsterdam (NL), the company successfully delivered a lettable area of 111,000 m² during H1 2025. In Tiel (NL), a permit was secured for a new development comprising 69,000 m² of lettable space. In Halle (BE), a long-term lease was signed for a 31,000 m² development, and an amended environmental permit was submitted to accommodate the tenant's specific requirements. A Letter of Intent was signed for one permitted project comprising ca. 30,000 m², with details to be provided later. In total, approximately 103,000 m² of fully pre-let projects are currently under construction with an average term to first maturity of 19 years. Montea and Weerts Group are jointly developing the new European distribution center for Skechers in Liège, the largest single-tenant development ever in Belgium. Montea has acquired a 40% stake in the project company, establishing itself as a long-term partner in this significant development totaling more than 215,000 m²6 . The expansion project for Vos in Oss (NL), totaling 17,000 m², also began during Q1. Country Grey/ Brown/ Green field Project name (Estimated) delivery Land bank GLA Invested 30/06/2025 To invest Total capex of the project Brown Vorst (Delhaize) 55,000 m² 21,000 m² €38 M €0 M €38 M Green Waddinxveen (Lekkerland) 60,000 m² 50,000 m² €45 M €0 M €45 M Brown Antwerp Blue Gate 2 (Herfurth & Dries Van Noten) 26,000 m² 16,000 m² €20 M €0 M €20 M Green Tongeren III - Unit 3 23,000 m² 14,000 m² €8 M €0 M €8 M Grey Aalst (Movianto) 14,000 m² 9,000 m² €8 M €0 M €8 M Green Amsterdam (Blond) 11,000 m² 7,000 m² €13 M €0 M €13 M Grey Tiel North (Intergamma) 183,000 m² 95,000 m² €83 M €0 M €83 M Delivered since 2024 372,000 m² 212,000 m² €215 M €0 M €215 M Grey Oss - extension (Vos Logistics) Q4 2025 20,000 m² 17,000 m² €6 M €7 M €13 M Green Liège (Skechers)7 Q4 2027 148,000 m² (370,000 m² @ 100%) 86,000 m² (215,000 m² @ 100%) €82 M €58 M €140 M Under construction 100% pre-let 168,000 m² 103,000 m² €88 M €65 M €153 M Green Tongeren III - remainder 1 year after pre-let 66,000 m² 40,000 m² €9 M €27 M €37 M Green Tongeren IIB 95,000 m² 59,000 m² €12 M €32 M €44 M Green Lummen 55,000 m² 32,000 m² €9 M €20 M €29 M Brown Grimbergen8 57,000 m² 30,000 m² €7 M €21 M €28 M Grey Born 89,000 m² 67,000 m² €24 M €41 M €66 M Grey Tiel Silica (formerly South) 45,000 m² 25,000 m² €7 M €15 M €22 M Grey Tiel Quartz (formerly Middle) 118,000 m² 69,000 m² €17 M €43 M €60 M Permit obtained, not yet pre-let 525,000 m² 322,000 m² €87 M €199 M €286 M Grey Zellik 1 year after permit 36,000 m² 14,000 m² €10 M €10 M €20 M Green Halle9 55,000 m² 31,000 m² €13 M €21 M €34 M Pre-let, permit expected in due course 100% pre-let 91,000 m² 45,000 m² €23 M €31 M €54 M Property developments in the pipeline 784,000 m² 470,000 m² €198 M €295 M €493 M Average net initial yield on these property developments Average lease term for projects under construction 6.8% 19 years Remaining future development potential 2,353,000 m² 6 Pipeline includes Montea's pro rata share (40% = 86,000 m² GLA) 7 The pipeline includes 40% of the Liège project area, reflecting Montea's stake in the joint venture. The total project capex represents Montea's maximum exposure. 8 The pipeline includes 50% of the Grimbergen project, reflecting Montea's stake. 9 In Halle, a new environmental permit was submitted to accommodate the tenant's specific requirements. Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Property developments in the pipeline Once completed, the project developments in the pipeline at the end of H1 2025 will comprise 470,000 m 2 of lettable area, accounting for an investment allocation of €493 million. The projects will be developed at an average net initial yield of 6.8%. Delivered in H1 2025 - 111,000 m² During H1 2025, three pre-let projects totaling 111,000 m² were delivered, equating to a total investment of approximately €103 million, with a net initial yield of 7.0%. Extension in Aalst (BE) In 2015, Montea acquired a plot of ca. 46,000 m² in Industriezone Zuid IV in Aalst (Erembodegem), where it developed a 13,000 m 2 state-of-the-art logistics distribution center featuring two cross-docking stations and ancillary offices for Movianto Belgium NV. During Q1 2024, Montea obtained building permits to build out the remaining floor area and extend the property by ca. 9,000 m². The extension was completed in March 2025. Plot acquisition: Q2 2015 Plot size: ca. 14,000 m² Distribution center floor area: ca. 9,000 m² Start of construction: Q1 2024 Delivery: 28/03/2025 Tenant: Movianto Belgium NV, for a new 9-year fixed term Investment budget for development: ca. €8 million Amsterdam (NL) During 2023, Montea broke ground on a ca. 7,000 m 2 logistics property set on a ca. 11,000 m² plot of land. With land very hard to come by in Amsterdam, this is a unique and strategically-positioned plot. This logistics building was completed in March 2025. Plot acquisition: Q4 2023 Plot size: ca. 11,000 m² Distribution center floor area: ca. 7,000 m² Start of construction: Q4 2023 Delivery: 12/03/2025 Tenant: Blond, on a 10-year fixed-term lease Investment budget for plot + development: ca. €13 million Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Development in Tiel (NL) - Tiel North (Intergamma) In September 2018, Montea acquired a leased site in Tiel, with a total area of approximately 48 hectares. In June 2025, Montea delivered the largest project development in its history on this site, the high-end distribution center for Intergamma. This multimodal distribution center comprises ca. 95,000 m² and will enable Intergamma to centralize its logistics operations, increase efficiency and reduce traffic congestion in the Benelux region. Boasting BREEAM 'Excellent' certification and a completely gas-free design, this building places a clear focus on sustainability. The building will feature solar panels on part of the roof, which will help to provide renewable energy. The project also placed a clear focus on waste reduction, low environmental impact and a healthy indoor environment with natural light, ventilation and green areas. Plot acquisition: Q3 2018 Plot size: ca. 183,000 m² Distribution center floor area: ca. 95,000 m² Start of construction: Q2 2024 Delivery: 30/06/2025 Tenant: Intergamma B.V. on a 15-year fixed-term lease Investment budget for plot + development: ca. €83 million " A 95,000 m² distribution center that ranks among the top 10% most sustainable logistics centers. To quote our client's own words: 'a building that aims to minimize its impact on the environment while keeping the wellbeing of our logistics staff in clear focus'. We couldn't agree more." Cedric Montanus, Country Director Netherlands Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Under construction - 103,000 m² Montea currently has two development projects under construction in Belgium and in the Netherlands, with a total pre-let area of 103,000 m². The total investment budget for these projects is ca. €153 million10 , with an average initial yield of 6.5%. The average lease term for these projects is 19 years and they are 100% pre-let. Montea's development projects are strongly focused on the long-term, which is why sustainability is a key priority: not only in terms of energy management, but also in terms of water usage, landscape compatibility and biodiversity. Oss extension (NL) Montea is building a new sustainable distribution center for Vos Distri Logistics BV in Oss, in the Brabant province. The ca. 17,000 m² building, which will soon benefit from 'Excellent' BREEAM certification, will be conveniently located next to Vos Logistics' existing distribution center, which opened in 2015. Oss is strategically located near the ports of both Rotterdam and Antwerp and features a multimodal container terminal. The new distribution center is easily accessible by road, water (via Maashaven) and rail. The property will feature 15 docks for loading and unloading trucks. Completion is scheduled for the end of 2025. Plot acquisition: Q1 2014 Plot size: ca. 20,000 m² Distribution center floor area: ca. 17,000 m² Start of construction: Q1 2025 Expected completion: Q4 2025 Tenant: Vos Distri Logistics BV, on a new 10-year fixed term lease Estimated investment budget for plot + development: ca. €13 million 10 The total project capex of the Liège project represents Montea's maximum financial exposure (€140 million). Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Largest single-tenant development in Liège (BE)11 In Q1 2025, Montea became a long-term partner with Weerts Group to jointly develop the new European distribution center for Skechers in Liège, the largest single-tenant development ever in Belgium. Montea has acquired a 40% stake in the project company, while Weerts Group will retain 60% and remain the lead on the development. The site spans approximately 370,000 m², located adjacent to Liège airport. The future high-bay warehouse will comprise 215,000 m². Skechers, the US footwear and apparel brand and top-tier retailer, will consolidate its European distribution operations at this facility, positioning itself for future growth. The project partnership has entered into a 50-year ground lease agreement with Liège Airport, with an option to extend for an additional 49 years. A 20-year triple-net lease has been signed with Skechers. Designed to meet BREEAM Excellent certification standards, this state-of-the-art logistics center will have a particular focus on renewable energy. This will include a rooftop renewable energy plant and the potential of a battery energy storage system is also being considered. The high-rise warehouse, multi-level car park and optimized loading platform are all designed to ensure maximum space efficiency. The thoughtfully designed and spacious layout will allow Skechers to maximize operational efficiency. Skechers' deep commitment to automation will allow it to make optimal use of the height. For Montea, this project represents a maximum exposure of approximately €140 million, and forms part of a joint venture model designed to meet Montea's minimum yield expectations of over 6%. The development has been phased, with over 70% of GLA expected to be leased from the end of 2027, and the remaining ca. 30% due to be leased from the end of 2028. The joint venture has been structured so that Montea will start receiving a return on investment during the development phase. Plot acquisition: Q1 2025 Plot size: ca. 370,000 m² (40% stake held by Montea = 148,000 m²) Distribution center floor area: ca. 215,000 m² (40% stake held by Montea = 86,000 m²) Start of construction: Q1 2025 Expected completion: 70% by end of 2027 (30% by end of 2028) Tenant: Skechers EDC SRL, on a 20-year fixed term lease Montea's maximum exposure within the partnership model: approx. €140 million Liège, Belgium 11 See the 26/03/2025 press release or visit https://www.montea.com for more information. Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Other projects in the pipeline - 367,000 m² Montea expects 367,000 m² of prime lettable area across Belgium and the Netherlands to enter development in the near future - Tongeren (BE), Tiel (NL), Born (NL) and Halle (BE) will be the largest sites. To date, building permits have been obtained for seven projects (or 88% of the total area). Construction is due to begin as soon as tenants have been secured for these projects. With Montea now at an advanced stage of negotiation with various prospective tenants, the company expects several of these projects to begin in the near future. A Letter of Intent has been signed for one project comprising ca. 30,000 m², more information to be provided in due course. To date, Montea has pre-let two of these projects (12% of the total area), which are now awaiting final permit receipt. It expects the land to enter development in the near future once the necessary permits have been issued. Future development potential With a remaining 2.4 million m² in its land bank, Montea retains significant future development potential, giving it the necessary flexibility both now and in the future to schedule and carry out investments, and in turn offer value uplift to all stakeholders. Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Sustainability investments Montea continues to focus on sustainability, and is convinced that it can play a crucial role in reducing its clients' carbon footprint and energy costs. Sustainable value creation is essential to ensure long-term growth. Under Track27, Montea aims to double its solar panel capacity from 68 MWp at the end of 2023 to 135 MWp by the end of 2027, with an investment of €27 million. Montea is also rolling out battery energy hubs across existing sites, aimed at storing energy and helping stabilize the power grid. Energy-saving improvements are also being made to the existing portfolio, such as energy-efficient LED lighting, charging stations and additional roof insulation and heat pumps. Battery energy hub developments12 Part of the sustainability investments scheduled for 2025 are also related to battery storage systems across the portfolio. The battery energy storage systems will not only enable customers to further optimize their energy consumption and reduce dependency on the power grid, but will also reduce operational costs and promote automation of production processes. The aim of these investments is to help clients address energy challenges, particularly when available capacity is limited or peak demand does not align with solar energy production. This creates an energy surplus when demand is low and a shortage when it is high. Montea plans to invest €50 million over the next few years, resulting in 100 MWh of battery energy storage systems. A total of €14 million had already been invested in H1 2025. Specifically, 13 Belgian sites are currently under consideration for the installation of battery energy hubs, corresponding to about a third of the portfolio in Belgium, amounting to a total storage capacity of 32 MWh. A key milestone during H1 was the completion of battery energy hubs at two of these 13 sites, namely in Ghent and Willebroek (BE). These battery energy hubs offer a total storage capacity of 6.6 MWh. In addition to the sites identified in Belgium, Montea is also analyzing the possibility of rolling out battery systems in six locations across the Netherlands, representing around 13 MWh of storage capacity. In the medium term, additional sites will be identified for the rollout of additional battery energy hubs. The battery energy hubs align with Montea's strategic sustainability plan, Track27, which aims to reduce the portfolio's carbon emissions by 45% by the end of 2027. By investing in battery storage and smart energy solutions, Montea not only supports its clients in their energy transition, but also contributes to a greener, more efficient logistics sector. Developments in the PV portfolio Logistics properties generally have flat roofs, which makes them ideal for installing solar panels. Montea is therefore in no doubt that it will continue to play a crucial role in enabling its clients to access renewable energy supply and reducing their energy costs, for example via the installation of solar panels. 86 MWp total capacity (installed) Energy for 24,495 households Equivalent to 1,412 hectares of forest in terms of CO 2 12 See the 17/03/2025 press release or visit https://www.montea.com for more information. Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. The total capacity of PV installations in Belgium, the Netherlands and France at quarter end amounts to 86 MWp. Meanwhile, about 96% of roofs, where technically feasible, were fitted with PV systems without involving major retrofitting works. Montea aims to install and activate solar panels at the remaining 4% of its properties before the end of 2025. In 2025, by fitting all new properties with solar panels and adding capacity at existing sites, the company expects to push its PV installation capacity up by ca. 13 MWp to a total of ca. 99 MWp. Montea has set an investment budget of ca. €8.6 million for this additional roll-out in 2025. Energy-saving measures at existing portfolio properties In addition to the development of sustainable real estate projects, Montea also continues to optimize existing sites wherever it can, as in the long run this will not only provide financial and environmental benefits, but also an improved working environment for its tenants. In terms of heating, Montea is opting to use heat pumps, as buildings can be heated and/or cooled more sustainably (without using fossil fuels). Montea aims to have fully disconnected half of the sites in its portfolio from the gas grid and switched them to heat pumps by 2030. This will be achieved by replacing the existing gas heating systems or older heat pumps at the existing sites with heat pumps running on green electricity and by always opting for energy-efficient heat pumps at its new construction projects. At the end of Q2 2025, around 45% of the properties in our portfolio were not using any fossil fuels and were running solely on modern, energy-efficient heat pumps. All of Montea's warehouses are equipped as standard with advanced sprinkler systems that require large water tanks. Montea is implementing an innovative plan to heat the water in the tanks and store energy as heat. This heat will then be used for the application of underfloor heating systems in its warehouses, a more efficient alternative to the current air-to-air heat pumps. The first warehouses with underfloor heating have already been successfully fitted at three sites in the Netherlands, including the Waddinxveen project leased to HBM and the Lekkerland project. This application is expected to be expanded further wherever possible. It is also studying how electric sprinkler pumps and rainwater can be used for the sprinkler systems, which will further reduce the ecological footprint. These steps are part of ongoing efforts to integrate sustainability and environmental excellence into Montea's operations. Meanwhile, Montea continues to implement its relighting program at its warehouses, with the aim of switching the entire portfolio to energy-efficient LED lighting by 2030. At the end of Q2 2025, energy-efficient lighting had been installed at around 78% of properties in the portfolio. At June 30, 2025, properties in the portfolio were fitted with a combined total of around 772 EV charging facilities. Montea installs charging points at all of its new developments but is also investing in EV charging at existing properties in order to assist with the energy transition of its clients. Montea is also exploring the option of installing electric truck charging facilities. Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Key events and transactions during H1 2025 Rental activity 99.7% occupancy rate and rental activity On June 30, 2025 the occupancy rate stood at 99.7% - a slight decrease from 99.9% on March 31, 2025. A very limited amount of vacant space (totaling ca. 6,500 m²) can be found in Antwerp (Luithagen), previously leased to Rubix; and Mesnil-Amelot (France), previously leased to Espace Phone and Fecocivil. A new long-term lease was secured for the development project in Halle, comprising 31,000 m². Montea also managed to reach agreements on approximately 120,000 m² of its existing portfolio in H1 2025, of which ca. 60,000 m² was signed in Q2. As a result, 92% of the equivalent of 10% of rental income expiring in 2025 has already been renewed or extended to date. Like-for-like rental income growth reached 3.7%, of which 3.3% related to indexation and 0.4% to lease renewals or the renegotiation of existing leases. Divestment activity No divestments were made in the first six months of 2025. Strengthening the financing structure New loan agreements Montea improved its liquidity position in H1 by signing €290 million of new credit lines. These new credit lines relate to unsecured assets, and were contracted with several major banks, including Belfius, BNP Paribas, ABN Amro, KBC, Argenta and ING. The new credit lines were arranged with an average maturity of six years, with a well-balanced distribution of maturities. Montea also refinanced €71 million of existing loans ahead of time. A €25 million bond came due in June 2025 and was refinanced using the new credit lines. Thanks to recent refinancing activity, the next maturity date does not occur until 2027, amounting to a total of €75 million in credit lines and bonds. At the end of H1, the company's liquidity position stood at €260 million. Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Developments regarding Dutch FBI status For the realization of its property investments in the Netherlands, Montea submitted a request for application of the "fiscal investment institution" ( fiscale beleggingsinstelling , hereinafter "FBI") tax regime (as referred to in article 28 of the Dutch Corporate Income Tax Act 1969) to Montea Nederland B.V. and its subsidiaries as from 2013. During 2023, the Dutch tax authorities confirmed that Montea met the FBI requirements for the 2015-2022 financial years and therefore did not owe corporate income tax for that period. In 2024, Montea Nederland N.V. also received recognition as an FBI for 2023. In the 2024 results, as a safeguard, Montea continued to consider the possibility that FBI status for 2024 may be refused. An additional tax provision has thus been included in the (estimated) EPRA earnings for 2024, i.e. for the difference between FBI tax status and regular taxation. If FBI status is granted at a later date, this additional provision will have a positive impact on future EPRA earnings. The fact that Montea has been granted FBI status for the period from 2015 to 2023 strengthens Montea's belief that it will also meet all the requirements to claim FBI status for 2024. As well as a positive effect on future EPRA earnings, the awarding of FBI status would also have a positive impact of €15.6 million on the portfolio result, due to the reversal of the provision for deferred tax on real estate. Denial of FBI status would have no impact on estimated EPRA earnings for 2025. Montea's current approach regarding FBI status The announced real estate measure was passed into law via the 2024 Tax Plan. As a result, with effect from 2025, FBIs will be prevented from directly investing in Dutch real estate. This implies that Montea Nederland B.V. and its subsidiaries will no longer be able to claim FBI status from 2025 onwards. The Dutch Tax Authorities took accompanying measures to facilitate the restructuring of property FBIs, such as an exemption from real estate transfer tax. FBI overview 2024 2025 FBI status accounted for in financial accounts of Montea not applicable Withholding tax rate in financial accounts 5% not applicable Corporate income tax rate 25.8% 25.8% Total tax charges NL in EPRA earnings (accounted/provisioned) €M 2.3 1.9 EPRA earnings Potential EPRA earnings impact if FBI status is GRANTED €M + 1.9 NOT GRANTED €M 0.0 Portfolio result Potential net result impact (deferred taxes) if FBI status is GRANTED €M +15.6 NOT GRANTED €M 0.0 Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Other events during H1 2025 Montea joins BEL 20 index13 In March 2025, Montea joined the BEL 20 index, which represents Belgium's 20 largest publicly traded companies based on market capitalization and trading volume. This achievement underscores Montea's growing influence in the logistics real estate sector and reaffirms its unwavering commitment to a sustainable long-term vision. In addition, Montea was inducted into the Euronext BEL® ESG Index, placing it among the twenty Belgian listed companies with the lowest environmental, social and governance (ESG) risk scores. This index uses the Sustainalytics ESG Risk Rating as a benchmark, which is 11.2 for Montea. This positions the company within the top 20% of REITs globally. Montea France Wins Logistics Deal of the Year At the 9th edition of the Grands Prix CFNEWS IMMO, Montea France was honored with the Logistics Deal of the Year Award for its acquisition of the Reverso portfolio. This acquisition represents a significant milestone in our Track27 growth plan. What sets this deal apart? Acquisition of 17 logistics sites, strategically positioned along France's most dynamic corridors: the Atlantic Arc and La Dorsale Fully let assets in high-potential economic areas Sites include substantial land banks, offering opportunities for phased development and long-term value creation Reverso is much more than just an acquisition. It is a reflection of Montea's long-term generational strategy, aimed at creating value not only for today, but for decades to come. 13 See the 03/12/2025 press release or visit https://www.montea.com for more information. Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Financial results for the first half-year ended June 30, 2025 Condensed consolidated (analytical) income statement as at June 30, 2025 CONDENSED CONSOLIDATED INCOME STATEMENT (EUR X 1,000) ANALYTICAL 30/06/2025 6 MONTHS 30/06/2024 6 MONTHS CONSOLIDATED RESULTS NET RENTAL INCOME 67,819 54,955 PROPERTY RESULT 71,903 59,311 Property charges and general corporate expenses -8,922 -7,489 OPERATING RESULT BEFORE PORTFOLIO RESULT 62,981 51,822 % compared to net rental income 92.9% 94.3% FINANCIAL RESULT excl. changes in fair value of hedging instruments -7,879 -6,143 EPRA EARNINGS BEFORE TAXES 55,103 45,679 Tax -1,128 -751 Share in the result of associates and joint ventures -14 0 EPRA EARNINGS 53,960 44,928 per share 2.35 2.22 Result on disposal of investment properties 1 0 Result on disposal of other non-financial assets 0 0 Changes in fair value of investment properties 13,479 43,700 Deferred taxes on portfolio result 7,005 -1,362 Share in the result of associates and joint ventures 4,754 0 Other portfolio result 0 0 PORTFOLIO RESULT 25,238 42,338 Changes in fair value of financial assets and liabilities -1,715 8,367 NET RESULT 77,484 95,632 per share 3.37 4.73 Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Notes to the condensed consolidated (analytical) income statement Net rental income Net rental income in H1 2025 amounted to €67.8 million, up 23% (or €12.9 million) compared to the same period in 2024 (€55.0 million). This increase is attributable to strong organic rental growth, combined with rental income from the acquisition of new properties and leased land, as well as completed projects. In an unchanged portfolio scenario (i.e. excluding new acquisitions, sales and property developments between the two comparative periods in 2025 and 2024), rental income increased by 3.7%, driven primarily by the indexation of rental agreements (3.3%) and the reletting of vacant units and renegotiations with existing tenants (0.4%). Thanks to the automatic indexation of rental agreements, the logistics property sector is one of the few sectors in which inflation can be largely passed on to clients. Property result The property result for H1 2025 amounted to €71.9 million, an increase of €12.6 million (21%) compared to the same period in the previous year (€59.3 million). The property result includes non-recoverable costs, which rose by €0.5 million due to an increase in property tax. This was partially offset by a €0.2 million increase in solar panel revenue in 2025, compared with the same period in 2024. Operating result before portfolio result The company's property and general expenses, which are part of the operating result before the portfolio result, increased by €1.4 million in the first six months of 2025 compared to the same period in 2024. This was mainly due to portfolio growth, wage indexation and the expansion of the team in order to achieve the pre-defined goals. As a result, the increase in the property operating result before the portfolio result continues to stand at 22% compared to last year (from €51.8 million in 2024 to €63.0 million in 2025). The operating margin14 for H1 2025 is 87.6%, compared to 87.4% in H1 2024. The EPRA cost ratio, normally higher in H1 because of IFRIC 21 in Q1, has risen from 13.1% to 13.4% compared to the same period in 2024. Montea expects that this ratio will reach ± 11% by year-end 2025, which is stable compared to 31/12/2024. In order to ensure future growth, Montea is investing heavily in business development in France and Germany and in corporate services. In a market in which Montea particularly focuses on in-house developments, these investments in the team will help drive rental income in the coming years. Montea aims to gradually increase its operating margin to 90% in the medium term. Financial result The financial result excluding changes in the fair value of hedging instruments amounted to -€7.9 million, compared to -€6.1 million in the previous year, an increase of 28% (€1.7 million), which was mainly due to higher debt being drawn down in 2025 to finance recent investments. This result includes capitalized interest expenses on developments, calculated on the basis of an estimated finance cost. Capitalized interest expense on project developments in H1 2025 remained stable compared to the same period last year. Of the total financial liability (including bond and lease liabilities, and including the recurring cost of land under concession), 96.4% was hedged as at June 30, 2025. The average cost of financing15 , calculated on the basis of average financial debt, remained stable at 2.1% at the end of H1 2025. Montea expects to maintain this lower average cost of financing until the end of 2026. Tax As a precautionary measure, the 2024 income statement includes a tax provision, which takes into account a possible refusal of FBI status and is based on taxation under the general tax regime. Due to amended legislation, Montea can no longer benefit from FBI status in the Netherlands in 2025, and a tax provision was made applying the tax rules for non-FBI companies. 14 In order to obtain the operating margin, the operating result (before the portfolio result) is divided by the property result 15 This ratio is calculated based on average financial debt and the total financial result, excluding the valuation of hedging instruments and interest charges of lease commitments recorded in line with IFRS 16. Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. EPRA earnings EPRA earnings amounted to €54.0 million in H1 2025, up 20% (€9.0 million) compared to the same period in 2024 (€45.0 million). This increase in EPRA earnings is primarily due to organic rental growth in the property portfolio (+3.7%), income from new acquisitions and pre-let project developments, with operating and financial expenses being closely monitored and managed accordingly. EPRA earnings per share for H1 2025 amounts to €2.35 per share, equating to a 6% increase compared to the EPRA earnings per share for H1 2024 (€2.22 per share), after taking into account a 14% increase in the weighted average number of shares following the share capital increase carried out in 2024. Portfolio result16 The portfolio result for H1 2025 amounted to €25.2 million (€1.10 per share17 ), a decrease of €17.1 million compared to the same period in 2024 (€42.3 million). In 2025, the increase in fair value of investment properties (€13.5 million) was driven by latent capital gains on project developments, combined with a slight upward revaluation of the existing portfolio, partially offset by a write-down of solar panels. The portfolio is valued at an EPRA Net Initial Yield of 5.1%, which is stable compared to year-end 2024. The deferred tax asset in the €7.0 million portfolio result primarily reflects a carry forward investment deduction (in the Netherlands) in accordance with the tax returns. The share in the result of joint ventures derives from the collaboration with Weerts Group, in which Montea has acquired a 40% stake in the project company for the Skechers development in Liège. The portfolio result is not a cash item and has no impact on EPRA earnings. Changes in the fair value of financial instruments The negative change in fair value of financial instruments at the end of H1 2025 amounted to -€1.7 million, or -€0.07 per share, compared to a positive change of €8.4 million at the end of H1 2024. The changes in the fair value of financial instruments are not a cash item and have no impact on EPRA earnings. Net result (IFRS) The net result consists of the EPRA earnings, the portfolio result and the changes in the fair value of financial instruments. The difference between EPRA earnings and the net result in H1 2025 was primarily due to the increase in value of the property portfolio, deferred taxes and the slight decrease in the value of interest rate hedging instruments. The net result (IFRS) per share18 amounted to €3.37 per share, compared to €4.73 per share in 2024. 16 Portfolio result: this concerns the positive and/or negative changes in the fair value of the property portfolio plus any capital gains or losses from the disposal of properties, taking into account any deferred taxes. 17 Calculated as the portfolio result based on the weighted average number of shares. 18 Calculated on the basis of the weighted average number of shares. Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Condensed consolidated balance sheet as at June 30, 2025 CONDENSED CONSOLIDATED BALANCE SHEET (EUR X 1,000) 30/06/2025 CONSO 31/12/2024 CONSO I. NON-CURRENT ASSETS 3,052,645 2,825,732 II. CURRENT ASSETS 73,055 59,313 TOTAL ASSETS 3,125,700 2,885,045 SHAREHOLDERS' EQUITY 1,786,880 1,804,300 I. Shareholders' equity attributable to the parent company shareholders 1,786,776 1,804,300 II. Minority interests -104 0 LIABILITIES 1,338,820 1,080,745 I. Non-current liabilities 1,242,438 1,005,764 II. Current liabilities 96,381 74,981 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 3,125,700 2,885,045 Notes to the consolidated balance sheet as at June 30, 2025 As at June 30, 2025, total assets (€3,125.7 million) primarily consist of investment property (84% of the total), green investments (2% of the total) and solar panels, battery energy hubs and developments (7% of the total). The remaining amount of assets (7%) comprises the other tangible and financial fixed assets intended for own use and current assets, including cash investments, trade and tax receivables. Antwerp, Belgium Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Value and composition of the property portfolio as at June 30, 2025 NUMBER OF SITES AT 30 JUNE 2025 122 Surface (m'| 2,331,000 Fair value of the property portfolio € 2,993 M Occupancy rate 99.7% 'u NUMBER OF SITES AT 30 JUNE 2025 35 Surface (m*] 292,500 Fair value of the property portfolio 0 411 M Occupancy rate 98.8% Share of the property portfolio 14% NUMBER OF SITES AT 30 JUNE 2025 Surface (m*] 1,010,000 Fair value of the property portfolio € 1,305 M Occupancy rate 99.7% Share of the property portfolio 43% NUMBER OF SITES AT 30 JUNE 2025 40 Surface (m'] 929,000 Fair value of the property portfolio € 1,187 M Occupancy rate 100% Share of the property portfolio 40% NUMBER OF SITES AT 30 JUNE 2025 Surface (m'] 99,500 Fair value of the property portfolio € 90 M Occupancy rate 100% Share of the property portfolio 3% Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. The total lettable area of the buildings in the property portfolio is 2,330,990 m², distributed over 122 sites, more specifically 44 sites in Belgium, 35 sites in France, 40 sites in the Netherlands and 3 sites in Germany. The occupancy rate as at June 30, 2025 is 99.7%, compared to 99.9% as at December 31, 2024. A very limited amount of vacant space can be found in Antwerp (Luithagen), previously leased to Rubix; and Mesnil-Amelot (France), previously leased to Espace Phone and Fecocivil. Montea's total property portfolio value stands at €2,993.1 million, consisting of the valuation of the buildings in the property portfolio (€2,628.4 million), the fair value of the current property developments (€296.9 million) and the fair value of the solar panels and batteries (€67.8 million). Compared to year-end 2024, the fair value of the real estate portfolio has increased by 7.2%, primarily due to an investment volume of €186.8 million, complemented by €13.5 million of (i) latent capital gains on project developments, (ii) a slight value uplift to the existing portfolio, was primarily driven by a ca. 0.6% increase in estimated market rents, which was partially offset by the yield moving out by 10 bps, (iii) partially offset by a write-down on solar panels due to declining compensation for excess energy, with the solar panel revaluation largely accounted for through equity, in accordance with IAS 16. (M EUR) FAIR VALUE 01/01/2025 CAPEX H1 2025 REVALUATION AND DEVELOPMENT MARGIN H1 2025 FAIR VALUE 30/06/2025 BE 1,191 116 -3 1,304 FR 406 4 1 411 NL 1,106 67 14 1,187 DE 89 0 1 90 Total incl. joint venture 2,793 187 13 2,993 Including properties held for sale. Excludes the estimated rental value of projects under construction and/or renovation. The fair value of the investment in solar panels is shown under section "D" of the fixed assets on the balance sheet. In addition to solar panels, this category also includes battery investments. BELGIUM FRANCE THE NETHERLANDS GERMANY TOTAL 30/06/2025 TOTAL 31/12/2024 TOTAL 30/06/2024 Property portfolio - Buildings (1) Number of sites 44 35 40 3 122 118 97 Total surface area - property portfolio m 2 1,009,658 292,508 929,329 99,495 2,330,990 2,132,243 1,926,268 Annual contractual rents €K 57,355 21,409 56,913 5,633 141,310 128,564 111,279 Gross yield % 5.31 5.43 5.35 6.24 5.38 5.35 5.42 Current yield on 100% occupancy % 5.41 5.66 5.35 6.24 5.45 5.38 5.42 Un-let property area m 2 3,569 3,495 0 0 7,064 2,496 0 Rental value of un-let property parts (2) €K 263 361 0 0 624 258 0 Occupancy rate % 99.7 98.8 100.0 100.0 99.7 99.9 100.0 Investment value €K 1,106,548 421,824 1,179,853 96,600 2,804,826 2,555,642 2,183,310 Fair value €K 1,080,026 394,052 1,064,040 90,297 2,628,416 2,405,178 2,052,483 Property portfolio - Solar panels & batteries (3) Fair value €K 43,587 3,022 21,191 0 67,800 70,950 86,588 Property portfolio - Developments Fair value - in-house developments €K 93,429 13,571 101,892 0 208,892 316,666 338,592 Fair value - share of joint ventures €K 88,026 0 0 0 88,026 0 0 Property portfolio - TOTAL Fair value €K 1,305,069 410,645 1,187,123 90,297 2,993,134 2,792,794 2,477,663 The yield on the total investment properties calculated based on contracted annual rental income amounted to 5.38%, which is stable compared to December 31, 2024. Contractual annual rental income (excluding rental guarantees) amounted to €141.3 million, a 10% increase compared to December 31, 2024, which, in addition to rent indexation, is due to the completions of developments in Aalst, Amsterdam and Tiel - leased to Movianto, Blond and Intergamma respectively - and the acquisitions in Zaltbommel and Antwerp, partially offset by the development of the Oss sites. Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. The fair value of ongoing developments, including shares in joint ventures, is €296.9 million and consists of: Own developments (€208.9 million) Property developments in the pipeline - see 1.2.1.1 the plots acquired in Tongeren (BE) the plots acquired in Tiel (NL) the ongoing extension of the development in Oss (NL) the plot in Lummen (BE) the plot in Grimbergen (BE) the plot in Halle (BE) the plots in Born (NL) the plot in Zellik (BE) Future development potential - see 1.2.1.2 the plot in Senlis (FR) the plot in Saint-Priest (FR) Solar panels - see 1.2.2 solar panels under construction (BE + NL) Battery systems - see 1.2.2 battery systems under construction (BE) Share of joint ventures (€88.0 million) Property developments in the pipeline - see 1.2.1.1 ongoing project development in Liège (BE)19 The fair value of solar panels and batteries amounts to €67.8 million, consisting of €64.7 million of solar panels across 58 sites with solar panel facilities in Belgium, France and the Netherlands, and €3.1 million of operational battery energy hubs in two sites in Willebroek and Ghent. Montea's total remaining land bank as at 30/06/2025 is 3,137,000 m², of which ca. 784,000 m² will be developed in the short-term. With the remaining land bank standing at around 2,353,000 m², Montea retains significant development potential. This gives it the necessary flexibility both now and in the future to schedule and carry out investments. TOTAL 30/06/2025 TOTAL % TOTAL 31/12/2024 TOTAL % Landbank Total surface area m 2 3,136,619 100% 2,720,452 100% Acquired, valued in property portfolio m 2 2,240,48220 71% 2,161,315 79% of which income generating % 64% 55% Under control, not valued in property portfolio m 2 896,137 29% 559,137 21% Fair value €K 548,918 100% 540,650 100% Acquired, valued in property portfolio €K 548,91821 100% 540,650 100% Under control, not valued in property portfolio €K 0 0 0 0 Around 2.3 million m² of this land reserve (71% of the total land bank) has been acquired and is valued in the property portfolio for a total value of €549.0 million, equivalent to a market value of €245/m 2. Moreover, 64%22 of this land reserve generates an immediate average yield of 5.8%. In addition, Montea controls around 0.9 million m² (29% of the total land bank) via partnership agreements it has in place. 19 The fair value of the Liège project is set at 40%, reflecting Montea's stake in the joint venture. 20 40% of the Liège project area will be included in the land bank, reflecting Montea's share in the joint venture. 21 40% of the fair value of the Liège project will be included in the total fair value of the land bank, reflecting Montea's share in the joint venture. Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Breakdown of equity and liabilities Total liabilities consist of shareholders' equity of €1,786.9 million and total liabilities of €1,338.8 million. Equity amounted to €1,786.9 million as at June 30, 2025, compared to €1,804.3 million at year-end 2024. Total liabilities of €1,338.8 million consist of: Financial liabilities: €493.2 million in credit lines taken out with six financial institutions. Montea has €739.2 million in contracted credit lines as at June 30, 2025, on which €246.0 million is undrawn. €640.0 million in contracted bond loans that were fully drawn down, of which €235.0 million in green bonds which Montea contracted in 2021 (US private placement) and €380.0 million in green unsecured notes contracted in 2022 (US private placement). 46% of the outstanding financing (€615.0 million) has now been issued under the Green Finance Framework. Other liabilities: a current lease liability of €68.5 million, consisting primarily of the recognition of a lease commitment relating to land under concession (application of IFRS 16) and financing of the solar panels at the Aalst site; €15.6 million in deferred tax; and other liabilities and accruals23 amounting to €121.5 million. The table below shows in which year the credit lines and bonds will mature. Montea always ensures that liabilities do not all mature in the same year. 23 Accruals primarily relate to rent billed in advance for the next quarter. Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. Financial keg figures 38.3% 7»5x 30/06/2025 31/12/2024 30/06/2025 31/12/2024 96.4% 6@0 gears 30/06/2025 31/11/2024 2.1% 30/06/2025 51/12/2024 30/06/2025 31/12/2024 30/06/2025 ZO/06/2024 50/06/2025 30/06/2024 Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. The weighted average maturity of financial liabilities (credit lines, bond loans and lease commitments) increased from 5.7 years at the end of 2024 to 6.0 years at June 30, 2025. This was mainly due to the completion of €290 million of new financing and the successful refinancing of €71 million of existing credit lines. The weighted average maturity of the interest rate hedging instruments was 5.9 years at the end of June 2025. The hedge ratio, which reflects the percentage of fixed-rate financial liabilities and floating-rate financial liabilities hedged by a hedging instrument, is 96.4% at the end of June 2025. The Interest Coverage Ratio* equals 4.5x in H1 2025, and remains unchanged from the same period last year. This means that Montea more than meets the covenants in terms of the interest coverage ratio entered into with its financial institutions. The average cost of financing debt fell from 2.3% in 2024 to 2.1% in H1 2025. Based on the current outlook, the average cost of debt is expected to remain at 2.1% until the end of 2026. With a loan-to-value of 38.3% at 30/06/2025 (compared to 35.3% in the same period last year) and an Adjusted net debt/EBITDA24 of 7.5x, Montea's consolidated balance sheet demonstrates that the company has a high level of solvency. Each investment is assessed against Montea's financing strategy. This strategy consists of financing new investment properties with at least 50% equity and a maximum of 50% debt, which results in a maximum debt ratio of 50% and an Adjusted net debt/EBITDA of around 8x. At the end of H1 2025, the ratios remain well within the limits of Montea's financing strategy. Adjusted net debt/EBITDA has risen to 7.5x following the dividend payment. This is expected to fall organically towards the end of the year. The EPRA Net Initial Yield was 5.1% (4.9% excluding solar panels), which is stable compared to year-end 2024, with indexation and portfolio changes offsetting each other. Montea maintains strong fundamentals in a volatile macro environment. This is demonstrated by the slight upward valuation of the existing property portfolio at an EPRA Net Initial Yield of 5.1%, the 99.7% occupancy rate, the unexpired term of leases to first break date of more than 6.2 years (excluding solar panels) and existing leases currently being ca. 8% below market rents. Montea will continue to focus on prime strategic multimodal locations as it expands further. In terms of debt ratio25 , Montea meets all the covenants it entered into with financial institutions, under which Montea may not have a debt ratio of more than 60%. 24 To calculate Adjusted net debt/EBITDA, the net financial liabilities in the numerator are adjusted for current projects under construction multiplied by the debt ratio, as these projects do not yet generate an operating result but are already included under financial liabilities. In addition, the denominator is adjusted for the annualized impact of external growth. Half-year financial press release - Regulated information August 21, 2025 - 6 p.m. 25 The debt ratio, calculated in accordance with the Royal Decree of July 13, 2014 on regulated real estate companies, is 38.4% at the end of June 2025.