Half-year financial report 30/06/2025

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.

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.

• 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 m2 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 CO2 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.

1. Management report 6

   1. Key figures 6

   2. Montea's portfolio 9

   3. Key events and transactions during H1 2025 18

   4. Financial results for the first half-year ended June 30, 2025 21

   5. Montea share performance 32

   6. Significant events after the reporting period 32

   7. Related party transactions 32

   8. Main risks and uncertainties 33

2. Declaration in accordance with Article 13 of the Royal Decree of November 14, 2007 33

3. Outlook 34

4. Forward-looking statement 38

5. 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

1. ‌Management report

   1. ‌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)	m2	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	m2					3,136,619	2,720,452	2,224,245
      Acquired, valued in property portfolio	m2					2,240,482	2,161,315	1,594,139
      of which income generating	%					64%	55%	43%
      Under control, not valued in property portfolio	m2					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.

      
      
      

      1. Includes real estate intended for sale.

      2. 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.

      3. 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.

      4. The portfolio value includes transaction costs.

      5. The value for accounting purposes is in line with IAS/IFRS rules, including stakes in joint ventures and excluding property intended for own use.

      6. The operating result (before portfolio result)* is divided by the property result to arrive at the operating margin. See annex 2.

      7. 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.

      8. 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.

      9. The EPRA earnings per share* are the EPRA earnings based on the weighted average number of shares. Also see annex 1.

      10. 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.

      11. 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.

      12. 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.

      13. Debt ratio pursuant to the Royal Decree of 13 July 2014 on regulated real estate companies.

      14. 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.

      15. 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.

      16. 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.

      17. 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.

      18. 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.

      19. 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.

      
      
      

   2. ‌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.

      1. 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.

         
         
         

      2. 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.

         
         
         

         1. Property developments in the pipeline

            Once completed, the project developments in the pipeline at the end of H1 2025 will comprise 470,000 m2 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 m2 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 m2 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.

         2. 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.

            
            
            

      3. 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 CO2

‌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.

Half-year financial press release - Regulated information

August 21, 2025 - 6 p.m.

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.