Interim statement 31-03-2025

8 May 2025

Q1 2025

results presentation

Q1 2025 highlights Growth update Portfolio update Market update

Outlook ESG

Appendix

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

+G% YoY

+14% weighted avg. # of shares

Net result

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

(end 2024: 33.7%)

Adj. net Debt/ EBITDA

(end 2024: 6.4x)

Interest coverage ratio

(end 2024: 4.5x)

EPRA NTA

(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

€ 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

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

(€ 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

2024 2025 2026 2027

Earnings growth to continue

Thanks to the pipeline 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

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

Pipeline

c. 2G2,000 m²

GLA in Belgium

Zellik

Forest/Vorst

Halle

Grimbergen

Lummen

Tongeren

Liège

Pipeline

c. 26G,000 m²

GLA in The Netherlands

Tiel

Oss

Born

Extensive landbank with a focus on grey and brownfields

Movements in landbank

Total landbank Dec-2024

+ 0.15m 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

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%

150

€ 234

100

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

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.

€ 250m

value creation

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)