Business
Montea : Interim statement 31-03-2025
Montea : Interim statement
About this update from Montea Nv
8 May 2025 Q1 2025 results presentation Q1 2025 highlights Growth update Portfolio update Market update Outlook ESG Appendix Q1 2025 highlights Q1 2025 - Full focus on growth execution Results on track € 1.07 EPRA EPS (+9% YoY) +3.6% LfL rental growth € 78.G1 EPRA NTA (+3.9% YoY) 5.1% stable EPRA NIY Advancing on growth € 2.Gbn portfolio (+ € 118m vs end 2024) c. G0,000 m² of leases signed incl. new pre-let development project GG.G% stable occupancy Sound financial profile 34.G% Loan-to-value 6.Gx adj. Net debt/EBITDA 2.1% cost of debt G7% hedge ratio 4 EPRA EPS up G% YoY Q1 EPRA result of € 24.6n, an increase of 25% YoY EPRA EPS € 1.07 +G% YoY +14% weighted avg. # of shares Net result € 37.2m Includes € G.2m of positive property revaluation € 1.62 per share net result * The difference between € 9.2m property revaluation reported and € 7m explained in property portfolio section relates to the accounting treatment of solar panels Driven by a +3.6% increase in LfL rents (K€) 3M 2025 3M 2024 YoY Net rental income 33,443 27,169 +23% Other real estate income C expenses 784 1,126 -30% Total property result 34,227 28,2G5 +21% of which income from solar panels 1,095 2,067 -47% Property C overhead expenses -5,049 -4,486 +13% Operating results before portfolio results 2G,178 23,80G +23% Operating margin 85.2% 84.1% Financial results excl. fair value changes -3,920 -2,952 +33% Taxes -635 -1,097 -42% EPRA result 24,624 1G,760 +25% Weighted average shares' outstanding 23,007,385 20,121,491 +14% Recurrent EPRA EPS (€) 1.07 0.G8 +G% LfL rental growth LfL rental growth +3.6% of which +3.3% linked to rent indexation and +0.3% linked to rent renegotiations Total income from solar panels Reflects lower energy prices Financial result Reflects increased interest expenses due to new debt taken out Taxes Relate to the fiscal restructuring as a result of exiting the Dutch FBI regime Growth-enabling fundamentals Loan-to-value 34.G% (end 2024: 33.7%) Adj. net Debt/ EBITDA 6.Gx (end 2024: 6.4x) Interest coverage ratio 4.5x (end 2024: 4.5x) EPRA NTA € 78.G1 (end 2024: € 77.63) Prudent balance sheet Net debt/EBITDA and ICR Loan-to-value 9 9 8 7 6 8.4 5 4.5 4 5.5 5.7 6.2 6.1 6.7 6.7 7.9 4.9 6.4 4.5 6.4 4.5 8 7 6 6.9 5 4.5 4 50.0% 35.7% 35.0% 36.2% 38.9% 32.4% 33.7% 34.9% 3 3 2018 2019 2020 2021 2022 2023 2024 Q1 2025 2018 2019 2020 2021 2022 2023 2024 Q1 2025 (adjusted) net debt/EBITDA ICR The Net debt/EBITDA (adjusted) has been restated to accurately reflect the financial debts (i.e. excluding IFRS16 liabilities) Strengthened financial profile Over € 360n (re)financed in Q1 € 71n € 2G0n new debt refinancing >6y Long-term funding extending average remaining debt maturity from 5.7 years to 6.2 years Cost of debt declines to 2.1% (-20bps vs end 2024) throughout end 2026 Hedge ratio G7% Strong liquidity position € 417n immediately available funding (cash + untapped credit lines) With no bank debt maturing before 2027 Diversified, long-term funding Financing sources Maturity (y) Well-spread maturities for CLs s bonds 7.0 250 6.0 5.0 4.0 3.0 2.0 200 150 6.2 5.8 100 50 47% BONDS 52% CREDITLINES <1% LEASING 1.0 0.0 MATURITY FINANCING MATURITY HEDGING 0 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 Creditlines Bonds Growth update Track27 - Solid foundations for future growth Achieving € 1.2bn of investnent volune through four pillars 1 Own developments 2 Partnerships 3 Acquisitions 4 Green investments An agile business model With value creation throughout different stages of the cycle Investment volume realised DIVERSE GROWTH AVENUES WITH ONE GOAL IN COMMON Ensuring long-term sustainable value creation while focusing on strategic locations In mln € 500 € 450 € 400 € 350 € 300 € 250 € 200 € 150 € 100 € 50 € - 2019 2020 2021 2022 2023 2024 Q1 2025 Own developments Partnerships Acquisitions Green investments On track towards a € 3.5bn portfolio Track27 progress report c. 70% (€ 820m) of the € 1.2bn targeted growth is already invested , in execution or is under exclusive negotiation Invested 552 M€ In execution 94 M€ Exclusive negotiation 174 M€ To go 380 M€ 1.200 M€ 450 M€ 400 M€ 350 M€ 300 M€ 250 M€ 200 M€ 150 M€ 100 M€ 50 M€ 0 M€ Targeted investment volume 41 M€ 400 M€ 300 M€ 250 M€ 250 M€ € 111n INVESTED IN Q1 2024 2025 2026 2027 Earnings growth to continue Thanks to the pipeline in execution… In execution Invested Exclusive negotiation To go 552 M€ 94 M€ 174 M€ 380 M€ 1.200 M€ Projects under development € 7GM CAPEX > 6,5% Expected NIY Solar panels s battery energy hubs € 15M CAPEX ~ 8% IRR Earnings growth to continue … and investnents under exclusive negotiation Exclusive negotiation Invested In execution To go 552 M€ 94 M€ 174 M€ 380 M€ 1.200 M€ Yielding investments € G1M CAPEX > 6,5% Expected NIY Solar panels s BESS € 53M CAPEX ~ 8% Expected IRR Non-yielding landbank € 30M CAPEX > 6,5% completion) (after Expected NIY 20,000 m² of fully pre-let projects delivered in Q1 2025 Aalst (BE) Development of an extension of a state-of-the-art distribution centre 9,000 m² GLA Total investment: € 8m Amsterdam (NL) Development of a sustainable distribution centre on a strategic location in Amsterdam 7,000 m² GLA Total investment: € 13m c. 200,000 m² of developments currently in execution Oss (NL) 17,000 m² GLA extension Pre-let to Vos Logistics for 10 years Construction started in Q1 2025 Completion in Q4 2025 Total investment: € 13m Q1 JV with Weerts Liège (BE) 86,000 m² GLA (215,000 m² at 100%) Pre-let to Skechers for 20 years Construction started in Q1 2025 Phased completion by Q4 2027 Montea's maximum exposure: € 140m Tiel North (NL) 91,000 m² GLA Pre-let to Intergamma for 15 years Construction started in Q2 2024 Completion in Q3 2025 Total investment: € 83m Skechers project - development timeline Permit secured Maximum exposure Expected entry of first leases Expected completion of the project Q1 2025 Development for Montea ca. € 140m Montea receives a return 2027 2028 Montea receives a return of over 6% from start on invested capital from Day 1 of the JV set up, contributing positively to earnings the lease start date , fully in line with the minimum return requirements 45,000 m² of pre-let projects in permitting phase Halle (BE) Located near E19 and E429 motorways 31,000 m² GLA Pre-let under a long-term agreement Total investment: € 34m Q1 Zellik (BE) Located in close proximity to Brussels, near E19 and E40 motorways 14,000 m² GLA Pre-let for 6 years (incl. a 9-year extension option) Total investment: € 20m Development pipeline in execution Country Grey/Brown/ Green field Project name Estimated Landbank GLA Invested To invest Total capex of the Completed and ongoing delivery 31/03/2025 project Grey Aalst (Movianto) 14.000 m² 9.000 m² 8 M€ 0 M€ 8 M€ Green Amsterdam 11.000 m² 7.000 m² 13 M€ 0 M€ 13 M€ Delivered in Q1 2025 25.000 m² 16.000 m² 21 M€ 0 M€ 21 M€ Grey Tiel North (Intergamma) Q3 2025 183.000 m² 91.000 m² 75 M€ 8 M€ 83 M€ Grey Oss - extension (Vos Logistics) Q4 2025 20.000 m² 17.000 m² 4 M€ 9 M€ 13 M€ developments € 40n Total development gains on delivered and ongoing projects (booked/expected) Green Liège (Skechers)* Q4 2027 148.000 m² (370.000 m² @ 100%) 86.000 m² (215.000 m² @ 100%) 77 M€ 63 M€ 140 M€ 100% In execution 351.000 m² 1G4.000 m² 157 M€ 7G M€ 236 M€ Pre-let projects in execution 100% Average lease term for projects in execution 17.5 years *40% share included in the pipeline. €140m represents maximum exposure for Montea. Pre-let pipeline in execution 17.5 years Average lease term for projects in execution Development pipeline Country Grey/Brown/ Green field Project name Estimated delivery Landbank GLA Invested 31/03/2025 To invest Total capex of the project Pipeline developments Delivered in Q1 2025 25.000 m² 16.000 m² 21 M€ 0 M€ 21 M€ In execution Green Tongeren III - rest 351.000 m² 66.000 m² 1G4.000 m² 40.000 m² 157 M€ 9 M€ 7G M€ 27 M€ 236 M€ 37 M€ € 40n Potential rent Green Tongeren IIB 95.000 m² 59.000 m² 12 M€ 32 M€ 44 M€ Green Brown Lummen Grimbergen 1 year after pre-letting 55.000 m² 57.000 m² 32.000 m² 30.000 m² 9 M€ 6 M€ 20 M€ 21 M€ 29 M€ 28 M€ € 311n Grey Born 89.000 m² 67.000 m² 24 M€ 42 M€ 66 M€ Remaining capex Grey Tiel Silica (former South) 45.000 m² 25.000 m² 7 M€ 15 M€ 22 M€ Grey Tiel Quartz (former Middle) P ermit obtained, not yet pre-let Green Halle 1 year after 118.000 m² 525.000 m² 55.000 m² 69.000 m² 322.000 m² 31.000 m² 17 M€ 85 M€ 13 M€ 43 M€ 201 M€ 21 M€ 60 M€ 286M€ 34 M€ 6.8% Average Yield on Cost Grey Zellik Pre-let, permit expected in due course Landbank developments in pipeline permit 36.000 m² G1.000 m² G67.000 m² 14.000 m² 45.000 m² 561.000 m² 10 M€ 23 M€ 265 M€ 10 M€ 31 M€ 311 M€ 20 M€ 54 M€ 576 M€ 1.Gm sqm Remaining land bank Future development potential 1.G02.000 m² Pipeline c. 2G2,000 m² GLA in Belgium Liège 86,000 m² Zellik 14,000 m² Zellik Forest/Vorst Halle Grimbergen Lummen Tongeren Liège Halle 31,000 m² Grimbergen 30,000 m² Tongeren 99,000 m² Lummen 32,000 m² Pipeline c. 26G,000 m² GLA in The Netherlands Tiel 185,000 m² Tiel Oss Born Oss 17,000 m² Born 67,000 m² Extensive landbank with a focus on grey and brownfields Movements in landbank Total landbank Dec-2024 + 0.15m m² 0m m² In during 2025 Out during 2025 Total landbank March- 2025 100% situated in logistics C industrial zonings Future development potential of over 1m m² GLA Extension potential by over 50% vs. current portfolio Ca. 80% grey- C brownfields 0.55m m² 2.31m m² Market value of € 567m Market value of € 245/m² 46% yielding @ 5.8% Yield on Cost Acquired landbank Landbank under control 2.72m m² 2.87m m² Creating value via our land bank Tongeren: 161,000 m² Senlis: 170,000 m² Toury: 545,000 m² Mannheim: 83,000 m² Tiel: 449,000 m² Existing landbank offers potential for… 250 200 In mln +35% +70% € 8 € 40 € 187 € 47 150 € 234 € 13G 100 Additional growth levers Rental growth Acquisitions/disposals Landbank expansion Green investments 50 0 Annualised cash passing rent (31/03/2025) Pipeline (2025-2027) Indexation Potential under Track27 Total landbank potential (>2027) * Development opportunities under Track27 include ongoing developments, pre-let agreements awaiting permit and projects that are expected to commence in the next 12 months. Forecast made based on the expected completion date of projects to be developed which include a number of assumptions. Indexation assumption is based on the IMF forecast at c.2%. Includes only owned and landbank in option. +70% rent roll growth Existing landbank offers potential for… In bln 4.5 4.5 4.0 4.0 3.5 3.5 3.0 3.0 2.5 2.5 2.0 2.0 1.5 1.5 1.0 1.0 0.5 0.5 0.0 0.0 € 2.Gbn Portfolio value (31/03/2025) € 250n € 4.1bn Additional growth levers Acquisitions/disposals Landbank expansion Green investments Portfolio value with full landbank potential unlocked * Development opportunities under Track27 include ongoing developments, pre-let agreements awaiting permit and projects that are expected to commence in the next 12 months. Forecast made based on the expected completion date of projects to be developed which include a number of assumptions. Indexation assumption is based on the IMF forecast at c.2%. Includes only owned and landbank in option. € 250 m value creation Portfolio update Portfolio resilience and continuous value creation Portfolio value increases by € 118n or 4.2% vs. end 2024, to € 2.Gbn , with Dutch portfolio reaching the € 1bn milestone Increases driven by investments in Liège (Skechers) C other developments as well as development margins Standing portfolio valuation reconfirmed, with EPRA NIY at 5.1% (stable vs. end 2024)