Slides
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4 November 2025 9M 2025 results presentation
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Highlights 2 Exceptional leasing momentum in the portfolio, with 265,000 m² (re)let, of which 115,000 m² in Q3 High 99.8% occupancy & strong 3.3% LfL rental growth Over 78% of Track27 growth target secured, confirming 2025 & 2027 earnings guidance
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9M 2025 results Growth update Market update Outlook ESG Appendix 3 Portfolio update
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9M 2025 results
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5 €3.61 EPRA EPS recurring (+8% YoY) +3.3% LfL rental growth €78.91 EPRA NTA (+2.4% YoY) 5.0% EPRA NIY ▪€3.05bn portfolio (+€256m YTD) ▪265,000 m² of (re)lets with +10% rent uplift achieved on average ▪99.8% high occupancy 38.8% Loan-to-value ▪7.4x adj. Net debt/EBITDA ▪98.4% hedge ratio Results on track Advancing on growth Sound financial profile 9M 2025 – Growth ambitions on track 5
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9M EPRA result at €83m, an increase of 15% YoY EPRA EPS €3.61 €114.9m Net result +2% YoY , or +8% on a recurring basis* +13% weighted avg. # of shares Includes €21.2m of positive property revaluation €4.99 per share net result Recurring EPRA EPS up 8% YoY 6 * The difference between €21.2m property revaluation reported and €20m explained in property portfolio section predominantly relates to the accounting treatment of solar panels * Q3 2024 EPRA EPS includes a €3.7m (€0.18 per share) provision reversal linked to the recognition of the Dutch FBI status for FY2023
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Driven by strong rental growth and portfolio expansion (in €000’s) 9M 2025 9M 2024 YoY Net rental income 103,661 83,169 +25% Other real estate income & expenses 6,989 6,545 +7% Total property result 110,651 89,713 +23% of which income from solar panels 5,864 5,845 0% Property & overhead expenses -12,550 -10,714 +17% Operating results before portfolio results 98,101 78,999 +24% Operating margin 88.7% 88.1% Financial results excl. fair value changes -13,233 -9,062 +46% Taxes -1,812 1,949 -193% Share in the result of associates and joint ventures -33 0 EPRA result 83,023 71,886 +15% EPRA result recurring 83,023 68,221 +22% Weighted average shares’ outstanding 23,013,978 20,364,419 +13% EPRA EPS 3.61 3.53 +2% EPRA EPS recurring 3.61 3.35 +8% LfL rental growth +3.3% of which +3.0% linked to rent indexation and +0.3% linked to rent renegotiations Financial result Reflects expected increased interest expenses due to new debt taken out as part of Track27 financing 7 EPRA result +15% YoY increase driven by organic rental growth, income from new acquisitions and pre-let development deliveries as well as disciplined cost control
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Growth-enabling fundamentals 38.8% 7.4x 4.5x Loan-to-value Adj. net Debt/ EBITDA Interest coverage ratio 8 Investment grade Credit Rating BBB+ Indexation clause included in 100% of rental contracts (end 2024: 33.7%) (end 2024: 6.4x) (end 2024: 4.5x) (Stable Outlook)
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Solid financial profile Stable cost of debt at 2.1% throughout end 2026 Strong liquidity position €231m immediately available funding (cash + untapped credit lines) Long-term funding average remaining debt maturity at 5.9 years c.6y Hedge ratio 98% 9 No debt maturing before 2027 (€75m in total to refinance in 2027)
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Prudent balance sheet 8.4 5.7 6.1 6.7 7.9 6.4 6.4 7.4 4.5 5.5 6.2 6.7 4.9 4.5 4.5 4.5 0 1 2 3 4 5 6 7 8 9 3 4 5 6 7 8 9 2018 2019 2020 2021 2022 2023 2024 Q3 2025 (adjusted) net debt/EBITDA ICR 50.0% 35.7% 35.0% 36.2% 38.9% 32.4% 33.7% 38.8% 2018 2019 2020 2021 2022 2023 2024 Q3 2025 10 Loan-to-valueNet debt/EBITDA and ICR The Net debt/EBITDA (adjusted) has been restated to accurately reflect the financial debts (i.e. excluding IFRS16 liabilities)
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Financing sources Maturity (y) Well-spread maturities for CLs & bonds Diversified, long-term funding 5.9 5.6 0 1 2 3 4 5 6 7 MATURITY FINANCING MATURITY HEDGING 0 50 100 150 200 250 300 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 Creditlines Bonds 46% BONDS 53% CREDIT LINES <1% LEASING 11
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Growth update
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Track27 – Solid foundations for future growth 13 Achieving €1.2 billion of investment volume through four pillars Own developments 1 Partnerships 2 Acquisitions 3 Green investments 4
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€0 €50 €100 €150 €200 €250 €300 €350 €400 €450 €500 2019 2020 2021 2022 2023 2024 Q3 2025 Own developments Partnerships Acquisitions Green investments An agile business model With value creation throughout different stages of the cycle Ensuring long-term sustainable value creation while focusing on strategic locations 14 WITH ONE GOAL IN COMMON DIVERSE GROWTH AVENUES Over €235 million investment volume realised through all growth pillars In mln 5% 28% 38% 29%
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Track27 progress report On track towards a €3.5 billion portfolio 15 €942m of the €1.2bn targeted growth is already invested, in execution or is under exclusive negotiation Targeted investment volume €400m €300m €250m €250m €41m €0m €50m €100m €150m €200m €250m €300m €350m €400m €450m 2024 2025 2026 2027 >€235m 9M 2025 INVESTED over 78% Invested €676m In execution €66m Under exclusive negotiation €200m To go €258m €1,200m
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At an average net yield of 6.6% Continuous focus on accretive investments 9M 2025 total investment over €235m Acquisitions €156m €67m €12m Developments & partnerships Solar panels & batteries 16
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Earnings growth to continue Thanks to pipeline in execution… Invested €676m In execution €66m Under exclusive negotiation €200m To go €258m €1,200m 17 Solar panels & battery energy hubs €9m CAPEX ~ 8% IRR Projects under development €57m CAPEX > 6.5% Expected NIY
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Earnings growth to continue Invested €676m In execution €66m Under exclusive negotiation €200m To go €258m €1,200m … and investments under exclusive negotiation 18 Yielding investments €104m CAPEX > 6.5% Expected NIY Solar panels & BESS €52m CAPEX ~ 8% Expected IRR Non-yielding landbank €45m LAND ACQUISITION CAPEX > 6.5% Expected NIY (after completion)
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NEW c. 155,000 m² of fully pre-let developments in the pipeline 19 Oss (NL) • 86,000 m² GLA (215,000 m² at 100%) • Pre-let to Skechers for 20 years • Construction started in Q1 2025 • Phased completion by Q4 2027 • Maximum exposure: €140m JV with Weerts (Liège, BE) • 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 Halle (BE) • Located near E19 and E429 motorways • 31,000 m² GLA • Pre-let under a long-term agreement • In permitting phase • Total investment: €34m Zellik (BE) • Located in close proximity to Brussels, near E19 & E40 motorways • 14,000 m² GLA • Pre-let for 6 years (incl. 9-year extension option) • In permitting phase • Total investment: €20m c. 155,000 m² of 100% pre-let developments in the pipeline + LOI for permitted project comprising c. 30,000 m² Tiel (NL) • 4,000 m² GLA • Pre-let under a long-term agreement to a Arjo, a Swedish multinational company • In permitting phase • Total investment: €6m
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Zeewolde (NL) • 36,000 m² GLA warehouse on a 55,600 m² land plot • Strategic location close to 3 motorways (A6, A27 & A28) • Significant reversionary potential • Long-term lease with Aalberts Piping Systems • Investment: €31m Accretive growth through strategic acquisitions 9M 2025 investments acquired at a 6% average net yield, with +17% value uplift on initial investment to date Blue Gate Antwerp (BE) • 6,000 m² GLA warehouse + outdoor storage • Direct access to the quay on the Scheldt river, cycling distance from Antwerp city centre • Cluster strengthening in Blue Gate Antwerp – 4th property added • Lease with BMB Bouwmaterialen • Investment: €12m Zaltbommel (NL) • 115,400 m² land acquisition (66,400 m² yielding & 49,000 m² greenfield) • Prime logistics hotspot offering both near- and long-term development potential • Long-term ground lease (20 years) • Investment: €24m 20
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Developed at a 7% average net yield Amsterdam (NL) • Sustainable distribution centre on a strategic location in Amsterdam • 7,000 m² GLA • Let to Blond for 10 years • Total investment: €13m Tiel (NL) • Development of Montea’s largest multimodal distribution centre to date • 95,000 m² GLA • Let to Intergamma for 20 years • Total investment: €83m Aalst (BE) • Extension of a state-of-the-art distribution centre • 9,000 m² GLA • Let to Movianto for 9 years • Total investment: €8m 111,000 m² of fully pre-let projects delivered in 2025 21
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Development pipeline in execution €35m Total development gains on delivered and ongoing projects (booked/expected) 19 years Average lease term for projects in execution 100% Pre-let pipeline in execution Completed and ongoing developments 22 Country Grey/Brown/ Green field Project name Estimated delivery Landbank in m² GLA in m² Invested 30/09/2025 in €m To invest in €m Total capex of the project in €m Grey Aalst (Movianto) 14,000 9,000 8 0 8 Green Amsterdam (Blond) 11,000 7,000 13 0 13 Grey Tiel North (Intergamma) 183,000 95,000 83 0 83 9M 2025 - Delivered 208,000 111,000 104 0 104 Grey Oss – extension (Vos Logistics) Q4 2025 20,000 17,000 8 5 13 Green Liège (Skechers)* Q4 2027 148,000 (370,000 @ 100%) 86,000 (215,000 @ 100%) 89 51 140 In execution 168,000 103,000 96 57 153 Pre-let projects in execution 100% Average lease term for projects in execution 19 years *40% share included in the pipeline. €140m represents maximum exposure for Montea.
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Development pipeline €34m Potential rent 6.8% Average Yield on Cost 2.35m m² Remaining land bank €290m Remaining capex Pipeline developments 23 Country Grey/Brown/ Green field Project name Estimated delivery Landbank in m² GLA in m² Invested 30/09/2025 in €m To invest in €m Total capex of the project in €m 9M 2025 - Delivered 208,000 111,000 104 0 104 In execution 168,000 103,000 96 57 153 Green Tongeren III - rest 1 year after pre- letting 66,000 40,000 9 27 37 Green Tongeren IIB 95,000 59,000 12 32 44 Green Lummen 55,000 32,000 9 20 29 Brown Grimbergen 57,000 30,000 7 21 28 Grey Born 89,000 67,000 25 41 66 Grey Tiel Silica (formerly South) 45,000 25,000 7 15 22 Grey Tiel Quartz (formerly Middle) 118,000 69,000 18 42 60 Permit obtained, not yet pre-let 525,000 322,000 88 199 286 Green Halle 1 year after permit 55,000 31,000 13 21 34 Grey Zellik 36,000 14,000 11 9 20 Grey Tiel (remaining) 5,000 4,000 1 5 6 Pre-let, permit expected in due course 96,000 49,000 25 34 60 Landbank developments in pipeline 789,000 474,000 209 290 499 Future development potential 2,348,000
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Pipeline Liège* 86,000 m² Halle 31,000 m² Zellik 14,000 m² Grimbergen 30,000 m² Lummen 32,000 m²Tongeren 99,000 m² 24 Forest/Vorst Lummen Grimbergen c. 292,000 m² GLA in Belgium Halle Zellik Tongeren Liège *40% JV share included
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Oss 17,000 m² Pipeline 25 c. 178,000 m² GLA in The Netherlands Oss Tiel Born Tiel 94,000 m² Born 67,000 m² 25
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Landbank with a focus on grey and brownfields Movements in landbank Market value of €466m Market value of €208/m² 62% yielding @ 5.7% Yield on Cost 26 2.24m m² 0.90m m² Acquired landbank Landbank under control Total landbank Dec-2024 In during 2025 Out during 2025 Total landbank Sept- 2025 2.72m m² 3.14m m² +0.60m m² -0.18m m² ▪ 100% situated in logistics & industrial zonings ▪ Future development potential of over 1.5m m² GLA ▪ Extension potential by over 60% vs. current portfolio ▪ Over 70% grey- & brownfields *Refer to the results press release dated 4 November 2025 for updated landbank methodology.
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Existing landbank offers potential for… * 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. 0 50 100 150 200 250 Annualised cash passing rent (30/09/2025) Pipeline (2025-2027) Indexation & reversion Potential under Track27 Total landbank potential (>2027) +30% €187m +74% €250m €144m €35m €8m €63m Additional growth levers • Rental growth • Acquisitions/disposals • Landbank expansion • Green investments 27 +74% rent roll growth
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0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 €3.1bn €4.5bn Portfolio value (30/09/2025) Portfolio value with full landbank potential unlocked * Development opportunities under Track27 include ongoing developments, pre-let agreements awaiting permit and projects that are expected to commence in the next 12 months. Forecast made based on the expected completion date of projects to be developed which include a number of assumptions. Indexation assumption is based on the IMF forecast at c.2%. Includes only owned and landbank in option zoned for industrial use. ∼ €330m value creation Additional growth levers • Acquisitions/disposals • Landbank expansion • Green investments Existing landbank offers potential for… €330m 28
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Tongeren: 161,000 m² Senlis: 170,000 m² Toury: 545,000 m² Mannheim: 83,000 m² Tiel: 266,000 m² Creating value via our land bank 29
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Portfolio update
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Portfolio growth highlights continuous value creation • +0.4% LfL YTD revaluation on standing portfolio • +17% value uplift realised on the 2025 acquisitions (Zaltbommel, Zeewolde and Antwerp) Portfolio value increases €256m YTD (+9.2%), adding €57m in Q3 (+2%) Portfolio EPRA NIY at 5.0% (stable vs. end 2024) 31 €20m YTD (+0.7%) portfolio value uplift driven primarily by:
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Portfolio value up by over €255 million year-to-date Portfolio roll forward (in €m) 32 Revaluation €3,050 € 3,000 € 2,800 € 2,600 € 2,400 €2,793 31/12/2024 Capex 30/09/2025 €236 €20
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Value creation complemented by value resilience +0.1% ERV growth in Q3 (+0.8% YTD) Flat Yield effect* in Q3 (+3bps YTD) * based on net equivalent yield €110m of development gains booked since 2022 0 5 10 15 20 25 30 35 40 45 50 55 2022 2023 2024 9M 2025 €m 33 Yield effect on standing portfolio ERV effect on standing portfolio Standing portfolio remains resilient -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 0 2 4 6 8 10 12 14 16 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
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7% reversionary potential remains Current rent + ERV on vacancy / Total ERV Reversionary potential provides support for valuation and further upside potential for rental growth 7.2% 34 5.49% Net reversionary yield 80% 85% 90% 95% 100% 105% 110% 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 1Q25 2Q25 3Q25 Q3 2025: 7.2%
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High portfolio occupancy retained 0.7% 5.4% 9% 10% 72% 8.8% 6.4% 2025 2026 2027 2028 > 2028 13.4% WALB: 6.6 years* WALT: 7.4 years** * 6.9 years incl. solar panels ** 7.8 years incl. solar panels Lease maturity profile (% of current rent) 35 Proactive tenant management 92% of the 9.5% of leases maturing in 2025 already extended or relet 54% of the 11.8% maturing in 2026 already extended or relet 99.3% 99.4% 99.7% 99.4% 100.0% 99.9% 99.8% 2019 2020 2021 2022 2023 2024 Q3 2025 Occupancy rate (%) Market data source: Broker reports Q2 2025 97.4% 97.4% 97.8% 97.9% 97.4% 96.0% 95.2% Market occupancy rate
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Dynamic lettings momentum continues 36 Leases signed above latest ERVs +0.8 years added to WALB at the time of signing (+0.4 years in Q3) Retention rate high at above 90% (consistent with last 5 years) Occupancy rate to remain above 99.5% throughout 2025 Average rent uplift of +14%, showing an accelerating dynamic vs Q2, providing further rent reversion capturing evidence Q3 2025 110,000 m²(re)let 230,000 m² (re)let 35,000 m² pre-let 230,000 m²(re)let 9M 2025 representing over €15m in headline rent 50% of leases signed with new clients +10% Average rent uplift (+6% in Q2) 9M 2025
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(Re)lettings with a diverse set of clients 37 38% 21% 19% 9% 8% 5% Logistics Construction Food & Beverage Pharma Retail Automotive Leases signed in 2025 (% split by GLA by industry) 128 2 <10,000 m² 10-25,000 m² >25,000 m² Number of leases signed per segment
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Market update
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0% 5% 10% 15% 20% 25% 30% 35% 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e 2028e 2029e Belgium Netherlands France Germany UK E-commerce penetration is set to continue growing… 39 10% 14% 22% 22% 25% 32% 18% 27% 17% 17% E-commerce penetration to continue growing while still remaining below more mature markets such as the UK Source: ECBD in €bn
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… while retail sales projections are broadly flat 40 Source: ECBD in €bn Showing switch of consumer preferences towards e-commerce as total retail sales are projected to remain broadly flat 0 100 200 300 400 500 600 700 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e 2028e 2029e Belgium Netherlands France Germany
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E-commerce – a 4 million m² growth opportunity E-commerce revenues to increase by c. €40bn by 2029 in Montea’s markets *CBRE estimates the need for 100,000 m² extra space per each €1bn of e-commerce sales. 2024 take-up figures taken into account in €bn 41 Creating a 4 million m² extra logistics space growth opportunity in Montea’s markets alone over the next four years Which would add up to 10% of incremental demand to annual take-up Belgium +4% Netherlands +2% France +10% Germany +10% 9 21 67 109 12 25 79 129 0 20 40 60 80 100 120 140 Belgium Netherlands France Germany 2025e 2029e +3 +4 +12 +20 6.6% 4.0% 4.3% 4.3% 2025-2029 growth p.a.
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Outlook
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2025 earnings and dividend guidance *One-offs related to the FBI regime in The Netherlands * CAGR is calculated by using EPRA EPS as of 31 December 2023 as a base. Excludes one-offs linked to the FBI regime in The Netherlands. +8% YoY recurring EPS and DPS growth 43 €4.90 EPRA EPS (+8% YoY) excl. potential €0.08 one-off from FBI recognition for FY 2024 €3.90 dividend (+8% YoY) excl. potential one-off from FBI (80% payout) 2025 guidance €5.60 EPRA EPS (+6% p.a. CAGR) 2027 guidance reiterated Track27 - EPRA EPS growth
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€455m available investment capacity Disciplined financial allocation and operational excellence at the core 44 Own developments Acquisitions Partnerships Green investments Investment capacity calculated based on the adjusted net debt/EBITDA limit of ca. 8x Leverage to remain under control, consistent with Montea’s track record c. 8x adj. net debt/EBITDA Towards 90% operating margin by end 2027 max. 2.5% average cost of debt (max 2.1% by end 2026) 98%+ consistently high occupancy €300m of investment volume in 2025 to be achieved through
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Earnings track record and guidance *DPS 2023: € 3.38 + € 0.36 related to one-offs, DPS 2024: €3.60 + € 0.14 related to one-off of FBI 2023 ** DPS 2025: € 3.90 + € 0.07 related to one-offs 45 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2027e 2.05 1.97 2.47 2.58 2.95 3.28 3.50 4.10 3.75 4.45 4.55 2.29 5.60 4.90 3.97 ** 1.79 1.82 2.00 1.84 1.84 1.93 1.97 1.97 2.03 2.11 2.17 2.26 2.54 2.83 3.03 3.30 3.74 * 3.74 * EPRA EPS (€) DPS (€) 0.45 0.18 0.08 Track27: +6% p.a. EPRA EPS on average 2014-2024 EPRA EPS +9% p.a. on average
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Strong return track record, with +19% 10-year TAR* * TAR = Total Accounting Return = annual EPRA NTA growth + gross dividend yield. 10 -year TAR CAGR stands at +19%. YoY % change 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10Y CAGR EPRA EPS 16% 8% 4% 14% 11% 7% 7% 9% 9% 2% 9% DPS 3% 4% 3% 4% 12% 11% 7% 9% 2% 7% 7% EPRA NTA 6% 10% 7% 17% 29% 19% 23% 10% 4% 4% 13% And +8% EPRA EPS growth target for 2025 46 11% 15% 12% 20% 32% 22% 25% 15% 8% 10% 0% 5% 10% 15% 20% 25% 30% 35% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10-year Total Accounting Return (YoY % change)
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ESG
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Rollout of Battery Energy Storage Systems (BESS) Track27 targets Solar Panels €25m 135 MWp total investment capacity 48 BESS 100 MWh capacity 32 MWh installed capacity across 13 BESS sites in Belgium Additional studies covering 17 MWh for further BESS rollout in Belgium and The Netherlands in the short term are ongoing, with more to be identified in the medium term 10 MWh capacity currently being installed in The Netherlands
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2025 GRESB Score – Standing Investments 49 2025 GRESB Standing Investments Benchmark Report2025 GRESB Score for existing buildings 77/100 -2 points vs 2024 Slight decline due to the addition of older buildings to the portfolio which Montea plans to upgrade Scoring in line or above the benchmark average on the majority of criteria With the exception of ‘Building certification’ criteria where our focus falls on real impact measures instead
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2025 GRESB Score improvement - Developments 50 89/100 +1 point vs 2024 Scoring above 90 points on 8 out of 12 criteria ‘Building certification’ criteria showing YoY improvement (+20pts) thanks to our commitment for new developments to be at least ‘BREEAM Excellent’ aligned 2025 GRESB Development Benchmark Report 2025 GRESB Score improvement for developments 62.8
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68 MWp 86 MWp 135 MWp Photovoltaic capacity An all-rounded approach to energy independence and efficiency 51 Locally produced energy complements further energy-efficient initiatives Heat pumps replacing gas installations LED lighting in warehouses EV charging 823 charging points installed Battery storage systems 2023 9M 2025 2027 Heat pump installations in portfolio 45% 50% target LED lighting in warehouses in portfolio 78% 100% target 2030 Battery storage systems 100 MWh32 MWh Electric truck charging currently being investigated
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Montea. Unmatched. A JV partner in the largest single-tenant development in Belgium Highest occupancy rate in the gateway to Europe markets The only listed European logistics player with fully pre-let development pipeline 100% 99.8% 215,000 m² * Montea owns a 40% stake in the JV with Weerts
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Q&A
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Appendix Portfolio Dutch FBI About Montea Track27
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Financial targets Track27 Disciplined financial allocation and operational excellence remain at the core +6% p.a. EPRA EPS growth on average for the period 2024-2027, with EPRA EPS to reach €5.60 in 2027 Investment target raised to €1.2bn, with portfolio to grow by more than 50% to reach €3.5bn by 2027 year-end 55 Our most ambitious growth plan to date
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Our most ambitious growth plan to date ESG-linked targets Track27 GHG emissions reduction by 45% in our standing portfolio by end 2027 end (vs 2019) All new developments are zero emission buildings • Doubling our solar panel capacity to 135 MWp (c. €27m) • Increase in Battery Energy Storage (BESS) capacity to 100 MWh (c. €50m) > €5m investments in sustainable projects by 2027 56
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Antwerp Liège Ghent Charleroi Brussels Venlo Venray Tiel Eindhoven Tilburg Amsterdam Rotterdam Rennes Nantes Rouen Paris Lille Toulouse Lyon Marseille Hamburg Berlin Hannover/Brunswick Bremerhaven Rhine-Ruhr Leverkusen Frankfurt Mannheim Stuttgart Munich Nuremberg Locations Country # sites sqm (‘000) Fair Value Annual Rent EPRA NIY Occupancy % of portfolio BE 44 1,002 m² €1,315m € 58m 5.2% 99.7% 43% NL 41 948 m² €1,233m € 59m 4.7% 100% 40% FR* 35 293 m² €411m € 21m 5.1% 99.1% 14% DE 3 99 m² €89m € 6m 5.6% 100% 3% TOTAL 123 2,342 m² €3,050m €144m 5.0% 99.8% 100% Belgium The Netherlands France Germany Main logistics hotspots Montea sites 57 *Portfolio in France includes an industrial outdoor storage (IOS) component of the Reverso portfolio which is not reflected inthe 292,508m² portfolio area. Excluding the fair value and rent of this IOS, the average fair falue for France stands at €1,202/m² and average rent at €61/m².
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2.6% 2.4% 2.3% 2.2% 2.1% Top 10 tenants in Montea's portfolio * Split calculated by rent 58 5.5% 4.3% 3.7% 2.9% 2.8%
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High quality portfolio 48% 14% 14% 8% 7% 6% 3% Sector diversification Logistics Food & Beverage Construction Retail Pharma & Medical Automotive Other 55% 45% Multimodality Yes No 32% 30% 22% 16% Age of buildings < 5 years 6-10 years 11-20 years 20+ years 59
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Portfolio growth 60 € - € 0.5 € 1.0 € 1.5 € 2.0 € 2.5 € 3.0 € 3.5 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 2027 Portfolio Fair Value evolution incl. solar panels & developments Belgium FranceNetherlands Germany €3.5bn Portfolio size target x35 since IPO in bn €3.05bn €101m
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FBI status for FY 2024 Potential non-recurrent impact in 2025 EPRA results if Montea granted the FBI status totalling € 0.08/share One-off tax saving (FY 2021 & 2022) recognized in 2023 EPRA earnings (€ 0.38/share) One-off tax saving (FY 2023) recognized in Q3 2024 EPRA earnings (€ 0.18/share) FBI overview 2024 FBI status accounted for in financial accounts of Montea Withholding tax rate in financial accounts 5% Corporate Income tax rate 25.8% Total Tax charges NL* in EPRA result (accounted/provisioned) €m 2.3 EPRA result Potential EPRA result impact if FBI status is GRANTED €m +1.9 NOT GRANTED €m - * Paid in order to avoid late payment interest (8%) 61 Portfolio result Potential net result (deferred taxes) impact if FBI status is GRANTED €m +15.6 NOT GRANTED €m -
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Share price & NAV evolution 62 Data as of 31 October 2025 Share price & NAV P/D to NAV -30% -10% 10% 30% 50% 70% 90% 110% 130% 150% € 0 € 20 € 40 € 60 € 80 € 100 € 120 € 140 Premium/Discount to NAV Share price NAV
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This presentation contains forward-looking statements. Such forward-looking statements involve unknown risks, uncertainties and other factors which may cause the actual results, financial conditions, performance or achievements of the company to be materially different from any future results, performance or ach ievements expressed or implied by such forward-looking statements. Given these uncertainties you are cautioned not to place any undue reliance on such forward -looking statements, which cannot be guaranteed. These forward-looking statements speak only as of the date of this presentation. The company expressly disclaims any obligation to update such forward-looking statements, except to the extent and in the manner required by Belgian law. CONTACT Inna Maslova, Investor Relations Manager inna.maslova@montea.com MORE INFORMATION www.montea.com