Earnings release
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Press Release Regulated information Tuesday 04/11/2025 - 6 p.m.
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Interim Financial Press Release November 4, 2025 – 6 p.m. 2 / 50 Highlights – 9M 2025 Montea confirms its short and long-term growth ambitions 22% y/y increase in EPRA earnings from recurring activities 8% y/y increase in EPRA earnings per share from recurring activities Investment volume stands at over €235 million, with investments completed at an average NIY of 6.6% Portfolio value uplift of €20 million (+0.7%) over 9M 2025 primarily driven by: +0.4% like-for-like uplift in the existing portfolio 2025 acquisitions up 17% compared to initial investment value Over 115,000 m² of space leased in Q3, bringing the year-to-date total to 265,000 m² and securing an average rental uplift of 10% Sustained high occupancy rate of 99.8% and robust like-for-like rental growth of 3.3% With a projected occupancy rate of at least 99.5%, Montea confirms its expected EPRA earnings to reach €4.90 per share in 2025 (+8% y/y), in addition to a potential one-off gain of €0.08 per share related to FBI status Investment volume secured under Track27 stands at €942 million (over 78% of the target volume). Montea confirms its EPRA earnings guidance at €5.60 per share for 2027. “We remain optimistic, encouraged by the positive feedback from tenant discussions – signalling rising demand and, as a result, stronger prospects for delivering our development pipeline. At the same time, we are actively seizing every value-creation opportunity that further strengthens our four growth pillars. Our strong leasing momentum underscores the sustained demand for high- quality logistics space in strategic locations, allowing us to achieve higher rents. We remain extremely selective, focusing only on sites that best enable us to support our clients.” Jo De Wolf, CEO vraag en blijvend waarde te
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Interim Financial Press Release November 4, 2025 – 6 p.m. 3 / 50 Summary EPRA earnings reached €83.0 million for the first nine months of 2025, a 22% year-on-year increase in EPRA earnings from recurring activities1. This growth was driven by organic rent increases (+3.3%), income from new acquisitions and pre-let developments, combined with disciplined cost policy and supported by a low average cost of debt (2.1%). Excluding the one-off effect in 2024 – and accounting for a 13% increase in shares – EPRA earnings per share rose by 8% to €3.61 per share. During 9M, Montea invested more than €235 million via its four growth pillars, accounting for almost 80% of its targeted investment volume for 2025, at an average net initial yield of 6.6%. This growth includes investments in (i) in-house development projects, (ii) strategic partnerships with developers, (iii) green and smart energy solutions, and (iv) acquisitions in Belgium (Antwerp) and the Netherlands (Zaltbommel and Zeewolde). Three in-house development projects have been completed this year , while an additional 103,000 m² of fully pre-let developments remain under construction2, with an average lease term to first break of 19 years. Furthermore, €21 million was allocated to battery storage systems. In Belgium, thirteen sites have now been equipped with a battery energy system with a total storage capacity of 32 MWh. In the Netherlands as well, the first battery projects are being installed with a total storage capacity of 10 MWh.. The real estate portfolio recorded a value uplift of €20 million (+0.7%) during 9M, primarily driven by two underlying factors. The existing portfolio achieved a like-for-like value increase of +0.4%, highlighting the stable value growth of the current assets. The acquisitions completed in 2025 also contributed significantly, with a 17% value increase compared to their initial investment value. Resilient market activity in the logistics real estate sector enables Montea to continue posting strong operational results. In addition to its recent acquisitions, Montea has successfully pre-let ca. 35,000 m2 this year3. Montea also signed ca. 230,000 m² of new leases in its existing portfolio, with ca. 110,000 m² signed in Q3. These leases were secured with an average rental uplift of 10%, exceeding average ERVs. These increases boost the overall portfolio value and signal continued potential for further rental growth. These agreements contributed to a consistently high occupancy rate of 99.8%, as well as strong like-for-like rental growth of 3.3%. The occupancy rate is expected to remain above 99.5% for the rest of the year . Strong fundamentals for future growth: Loan-to-value of 38.8% and Adjusted net debt/EBITDA of 7.4x at the end of Q3, with approximately €455 million of investment capacity available within the 8x threshold Long-term unsecured credit facilities Long-term hedging contracts Solid liquidity position, with €231 million of immediately available funding Long-term investment grade credit rating of BBB+ with a Stable outlook (Fitch) 1 The September 2024 result included the recognition of Montea's FBI status in the Netherlands for 2023, resulting in a one -off gain of €3.7 million at September 30, 2024. Taking account of this one-off effect, EPRA earnings are up 15%, with EPRA earnings per share rising 2%. 2 The area of the Liège project is set at 40%, reflecting Montea’s stake in the joint venture. 3 These properties include the 31,000 m² development in Halle and a new ca. 4,000 m² development in Tiel.
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Interim Financial Press Release November 4, 2025 – 6 p.m. 4 / 50 A strong portfolio performance driven by: Stable EPRA Net Initial Yield of 5.0%4 Consistently high occupancy rate of 99.8% Average remaining lease term to first break of 6.6 years and 7.4 years to lease end date Average lease term to first break of 19 years for projects under construction Existing leases are ca. 7% below market rents, highlighting strong portfolio reversionary potential Inflation-proof cash flow (inflation-linked rental income) demonstrated by like-for-like rental growth of 3.3%, indexation accounting for 3.0% of this and lease renewals 0.3% Montea achieved Gold at the EPRA BPR and EPRA sBPR awards: these recognitions reinforce our long- standing commitment to transparent financial reporting and sustainability disclosures Reconfirming our 2025 outlook: EPRA earnings set to reach €4.90 per share (+8% y/y from recurring activities), excluding a potential €0.08 one-off in EPRA earnings per share5 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 78% of the targeted investment volume has been secured. A total of €942 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 4 As of Q3 2025, only the EPRA Net Initial Yield will be reported, excluding solar panels and batteries, given the expected fut ure growth in the contribution of energy-related income. This new calculation results in an adjustment of 13 basis points compared to the previous methodology for Q3 2025. 5 Based on the weighted average number of shares of 23,013,978 at September 30, 2025.
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Interim Financial Press Release November 4, 2025 – 6 p.m. 5 / 50 Table of Contents 1 Management report ..................................................................................................................................................... 6 1.1 Key figures .......................................................................................................................................................... 6 1.2 Montea’s portfolio ............................................................................................................................................ 9 1.3 Key events and transactions during 9M 2025 .........................................................................................19 1.4 Financial results for the first nine months ended September 30, 2025 ......................................... 22 1.5 Significant events after the reporting period ........................................................................................ 32 1.6 Related party transactions .......................................................................................................................... 32 2 Outlook .......................................................................................................................................................................... 33 3 Forward-looking statement .................................................................................................................................... 37 4 Financial calendar ...................................................................................................................................................... 38 Annexes ................................................................................................................................................................................ 39 ANNEX 1: EPRA Performance measures ..................................................................................................................... 39 ANNEX 2: Explanation of the APM calculation applied by Montea ................................................................... 45 ANNEX 3: Summary of the consolidated cash flow statement ......................................................................... 50
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Interim Financial Press Release November 4, 2025 – 6 p.m. 6 / 50 1 Management report 1.1 Key figures Consolidated key figures BE FR NL DE 30/09/2025 9 months 31/12/2024 12 months 30/09/2024 9 months Property portfolio Property portfolio – Buildings (1) Number of sites 44 35 41 3 123 118 99 Occupancy rate (2) % 99.7% 99.1% 100.0% 100.0% 99.8% 99.9% 99.9% Total surface area – property portfolio (3) m2 1,001,779 292,508 947,804 99,495 2,341,586 2,132,243 2,026,463 Investment value (4) €K 1,098,001 422,403 1,226,661 95,400 2,842,464 2,555,642 2,319,050 Fair value of the property portfolio (5) €K 1,315,225 411,477 1,233,715 89,177 3,049,595 2,792,794 2,554,477 Real estate €K 1,071,686 394,809 1,106,096 89,177 2,661,769 2,405,178 2,177,383 Projects under construction €K 200,107 13,701 106,561 0 320,369 316,666 289,876 Solar panels & BESS €K 43,432 2,967 21,058 0 67,457 70,950 87,218 Total surface area – Land bank m2 3,136,619 2,720,452 2,692,570 Acquired, valued in property portfolio m2 2,240,482 2,161,315 1,636,099 of which income generating % 62% 55% 45% Under control, not valued in property portfolio m2 896,137 559,137 1,056,471 Consolidated results Results Net rental income €K 103,661 115,110 83,169 Property result €K 110,651 122,956 89,713 Operating result before portfolio result €K 98,101 108,866 78,999 Operating margin (6)* % 88.7% 88.5% 88.1% Financial result (excl. changes in fair value of the financial instruments) (7)* €K -13,233 -12,721 -9,062 EPRA earnings (8)* €K 83,023 99,260 71,886 Weighted average number of shares 23,013,978 21,005,929 20,364,419 EPRA earnings per share (9)* € 3.61 4.73 3.53 Result on disposal of investment properties €K 1 0 0 Changes in fair value of investment properties €K 21,193 85,400 55,729 Deferred taxes on portfolio result €K 7,005 -10,401 -3,015 Share in the result of associates and joint ventures 5,003 0 0 Portfolio result (10)* €K 33,202 74,998 52,714 Changes in fair value of the financial instruments (11) €K -1,306 -2,733 -2,884 Net result (IFRS) €K 114,919 171,525 121,716 Net result per share € 4.99 8.17 5.98 Consolidated balance sheet Balance sheet total €K 3,174,782 2,885,045 2,638,896 Debts and liabilities for calculation of debt ratio €K 1,287,311 1,017,163 986,669 Loan-to-value (12)* % 38.8% 33.7% 36.7% Debt ratio (13) % 40.9% 35.7% 37.8% Net debt/EBITDA (adjusted) (14)* x 7.4 6.4 7.7 Hedge ratio* % 98.4% 97.8% 98.3% Average cost of debt* % 2.1% 2.3% 2.3% Weighted average maturity of financial debt Y 5.9 5.7 5.7 Weighted average maturity hedging contracts Y 5.6 6.1 6.0 IFRS NAV per share (15)* € 79.23 78.42 78.12 EPRA NRV per share (16)* € 88.92 85.36 85.01 EPRA NTA per share (17)* € 78.91 77.63 77.08 EPRA NDV per share (18)* € 81.72 79.99 80.20 Share price (19) € 68.60 63.30 74.70 Premium/Discount % -13.4% -19.3% -4.4%
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Interim Financial Press Release November 4, 2025 – 6 p.m. 7 / 50 1) Includes real estate intended for sale. 6 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 t o 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 c rystallize 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 numb er 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.
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Interim Financial Press Release November 4, 2025 – 6 p.m. 8 / 50 EPRA performance measures 7 As of Q3 2025, only the EPRA Net Initial Yield will be reported, excluding solar panels and batteries, given the expected future growth in the contribution of energy-related income. As a result, the EPRA NIY for Q4 2024 has fallen from 5.1% to 5.0%. 30/09/2025 30/09/2024 EPRA earnings €/share 3.61 3.53 EPRA Net Tangible Assets €/share 78.91 77.08 EPRA Net Reinstatement Value €/share 88.92 85.01 EPRA Net Disposal Value €/share 81.72 80.20 EPRA cost ratio* (incl. vacancy charges) % 11.9 12.4 EPRA cost ratio* (excl. vacancy charges) % 11.8 12.3 30/09/2025 31/12/2024 EPRA LTV* % 40.8 34.8 EPRA Vacancy Rate* % 0.3 0.2 EPRA Net Initial Yield* % 5.0 5.07 EPRA “Topped -up” Net Initial Yield* % 5.0 5.0 Oss, the Netherlands
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Interim Financial Press Release November 4, 2025 – 6 p.m. 9 / 50 1.2 Montea’s portfolio In the first nine months of 2025, Montea invested over €235 million – amounting to nearly 80% of its targeted investment volume for 2025 – with an average net initial yield of 6.6%. The total portfolio value has risen to €3,050 million, thanks to: - in-house project developments - investment in strategic partnerships with developers - acquisitions in Antwerp (BE), Zaltbommel and Zeewolde (NL) - investments in green and smart energy solutions, such as battery energy hubs. 1.2.1 Acquisitions In Belgium, Montea expanded its presence at Blue Gate Antwerp by acquiring the site leased to BMB Bouwmaterialen. In the Netherlands, Montea also acquired a strategically located, partly developed site in Zaltbommel, as well as a sustainable distribution center in Zeewolde. These purchases represent an investment value of ca. €67 million and produce an average initial yield of ca. 6.0%. Expanded presence at 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 optim al 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, rainwate r 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 long - term lease with Montea with a 20-year term.
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Interim Financial Press Release November 4, 2025 – 6 p.m. 10 / 50 Leased distribution center in Zeewolde (NL) During Q3, Montea acquired a building comprising ca. 36,000 m² in Zeewolde, located on a plot of approximately 55,600 m². The site is strategically located in the Netherlands near the A6, A27 and A28 motorways, providing easy access to the Randstad and the east and north of the country. Completed in 2019, the distribution center benefits from BREAAM 'Very Good' certification and an A energy rating. The building will be leased on a long -term basis to piping systems specialist Aalberts Integrated Piping Systems N.V. Once the current lease expires, the building offers significant potential rental uplift. Close to €31 million was invested to purchase the property. Amsterdam, the Netherlands
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Interim Financial Press Release November 4, 2025 – 6 p.m. 11 / 50 1.2.2 Projects under construction During 2025, Montea continued to focus on further developing and expanding its extensive land bank. In this regard, Montea successfully delivered a lettable area of 111,000 m² during the first nine months of 2025. In Tiel (NL), Montea delivered the sustainable distribution center leased to Intergamma, which represents the largest property development in its history. It also completed a logistics building for Blond in Amsterdam (NL) and a property extension for Movianto in Aalst (BE). In Tiel (NL), a long-term lease was secured with Arjo AB, a Swedish multinational, for a 4,000 m² development on a remaining plot. 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 provided later in the report. 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 m² 8. The expansion project for Vos in Oss (NL), totaling 17,000 m², also began during Q1. Country Gray/brow n/greenfiel d Project name (Estimated) delivery Land bank (m²) GLA (m²) Invested 30/09/2025 (€M) To invest (€M) Total capex of the project (€M) Brown Vorst (Delhaize) 55,000 21,000 38 0 38 Green Waddinxveen (Lekkerland) 60,000 50,000 45 0 45 Brown Antwerp Blue Gate 2 (Herfurth & Dries Van Noten) 26,000 16,000 20 0 20 Green Tongeren III – Unit 3 23,000 14,000 8 0 8 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 Delivered since 2024 372,000 212,000 215 0 215 Grey Oss – extension (Vos Logistics) Q4 2025 20,000 17,000 8 5 13 Green Liège (Skechers) 9 Q4 2027 148,000 (370,000 @ 100%) 86,000 (215,000 @ 100%) 89 51 140 Under construction 100% pre -let 168,000 103,000 96 57 153 Green Tongeren III – remainder 1 year after pre- let 66,000 40,000 9 27 37 Green Tongeren IIB 95,000 59,000 12 32 44 Green Lummen 55,000 32,000 10 20 29 Brown Grimbergen10 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 Grey Zellik 1 year after permit 36,000 14,000 11 9 20 Green Halle11 55,000 31,000 13 20 34 Grey Tiel (remaining plot) 5,000 4,000 1 5 6 Pre-let, permit expected in due course 100% pre -let 96,000 49,000 25 34 60 Property developments in the pipeline 789,000 474,000 209 290 499 Average net initial yield on these property developments 6.8% Average lease term for projects under construction 19 years Remaining future development potential 2,348,000 m² 8 Pipeline includes Montea’s pro rata share (40% = 86,000 m² GLA) 9 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. 10 The pipeline includes 50% of the Grimbergen project, reflecting Montea’s stake. 11 In Halle, a new environmental permit was submitted to accommodate the tenant's specific requirements.
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Interim Financial Press Release November 4, 2025 – 6 p.m. 12 / 50 1.2.2.1 Property developments in the pipeline Once completed, the development projects in the pipeline at the end of Q3 2025 will comprise 474,000 m 2 of lettable area, accounting for an investment allocation of €499 million. The projects will be developed at an average net initial yield of 6.8%. Delivered in 2025 – 111,000 m² During the first nine months of 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) In 2023, Montea broke ground on a ca. 7,000 m 2 logistics property set on a ca. 11,000 m² plot of land. With land very hard to come by in Amsterdam, this is a unique and strategically-positioned plot. This logistics building was completed in March 2025. Plot acquisition: Q4 2023 Plot size: ca. 11,000 m² Distribution center floor area: ca. 7,000 m² Start of construction: Q4 2023 Delivery: 12/03/2025 Tenant: Blond, on a 10-year fixed term lease Investment budget for plot + development: ca. €13 million
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Interim Financial Press Release November 4, 2025 – 6 p.m. 13 / 50 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
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Interim Financial Press Release November 4, 2025 – 6 p.m. 14 / 50 Under construction – 103,000 m² Montea currently has two development projects under construction in Belgium and the Netherlands, with a total pre- let area of 103,000 m². The total investment budget for these projects is ca. €153 million 12, 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 plans to build 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 12 The total project capex of the Liège project represents Montea’s maximum financial exposure (€140 million).
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Interim Financial Press Release November 4, 2025 – 6 p.m. 15 / 50 Largest single-tenant development in Liège (BE) 13 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 also 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 13 See the 26/03/2025 press release or visit www.montea.com for more information. Liège, Belgium
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Interim Financial Press Release November 4, 2025 – 6 p.m. 16 / 50 Other projects in the pipeline – 371,000 m² Montea expects 371,000 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 87% 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, with more information provided on this later. To date, Montea has pre-let three of these projects (13% of the total area), although final permits have not yet been received. It expects the land to enter development in the near future once the necessary permits have been issued. 1.2.2.2 Future development potential With a remaining 2.3 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.
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Interim Financial Press Release November 4, 2025 – 6 p.m. 17 / 50 1.2.3 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 doub le 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 developments14 Part of the sustainability investments scheduled for 2025 are also related to battery energy 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 pea k 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 €21 million had already been allocated in the first nine months of 2025. Specifically, battery energy storage systems have been installed at 13 Belgian sites so far, corresponding to about a third of the portfolio in Belgium, amounting to a total storag e capacity of 32 MWh. The first battery projects are currently being installed in the Netherlands, with a total storage capacity of 10 MWh. In addition to these sites in Belgium and the Netherlands, Montea is also analyzing the possibility of rolling out battery en ergy storage systems at several other locations in the short term, representing around 17 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. 14 See the 17/03/2025 press release or visit www.montea.com for more information.
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Interim Financial Press Release November 4, 2025 – 6 p.m. 18 / 50 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. The total capacity of PV installations in Belgium, the Netherlands and France at quarter end amounts to 86 MWp. By fitting new properties with solar panels and adding capacity at existing sites, the company expects to push its PV installation capacity up to a total of 135 MWp by the end of 2027. 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 Q3 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. 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 Q3 2025, energy -efficient lighting had been installed at around 78% of properties in the portfolio. In certain locations, we are going even further than this. For instance, the property in Avignon has been completely dismantled and fitted with new insulation, heat pumps and LED lighting. In Puurs, additional façade insulation was carried out, replicating the successful approach previously applied in Bornem. At September 30, 2025, properties in the portfolio were fitted with a combined total of around 823 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. 86 MWp total capacity (installed) Energy for 24,495 households Equivalent to 1,412 hectares of forest in terms of CO2
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Interim Financial Press Release November 4, 2025 – 6 p.m. 19 / 50 1.3 Key events and transactions during 9M 2025 1.3.1 Rental activity 99.8% occupancy rate and rental activity On September 30, 2025 the occupancy rate stood at 99.8% – compared to 99.7% at the end of June. A very limited amount of vacant space (totaling ca. 5,500 m²) can be found in Antwerp (Belgium), previously leased to Rubix; and Mesnil-Amelot (France), previously leased to Espace Phone. Montea has signed new leases for 35,000 m² of space: - the development project in Halle, comprising 31,000 m², with an 18-year term - the development project in Tiel, comprising ca. 4,000 m², with a 10-year term Montea also signed ca. 230,000 m² of new leases in its existing portfolio, with ca. 110,000 m² signed in Q3. These leases were secured with an average rental uplift of 10%, exceeding ERVs. Like-for-like rental growth reached 3.3%, of which 3.0% related to indexation and 0.3% to lease renewals or the renegotiation of existing leases. 1.3.2 Divestment activity No divestments were made in the first nine months of 2025. 1.3.3 Strengthening the financing structure New loan agreements Montea improved its liquidity position in the first nine months of 2025 by signing €290 million of new credit lines. These ne w credit lines relate to unsecured assets, and were contracted with several major banks, including Belfius, BNP Paribas, ABN Amro, KBC, Argenta and ING. The new credit lines were arranged with an average maturity of six years, with a well -balanced distribution of maturities. Montea also refinanced €71 million of existing loans ahead of time. A €25 million bond came due i n June 2025 and was refinanced using the new credit lines. Thanks to recent refinancing activity, the next maturity date does not occur until 2027, amounting to a total of €75 million in credit lines and bonds. At the end of Q3, the company's liquidity position stood at €231 million.
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Interim Financial Press Release November 4, 2025 – 6 p.m. 20 / 50 1.3.4 Developments regarding Dutch FBI status For the realization of its property investments in the Netherlands, Montea submitted a request for application of the “fiscal investment institution” ( fiscale beleggingsinstelling, hereinafter “FBI”) tax regime (as referred to in article 28 of the Dutch Corporate Income Tax Act 1969) to Montea Nederland B.V. and its subsidiaries as from 2013. During 2023, the Dutch tax authorities confirmed that Montea met the FBI requirements for the 2015- 2022 financial years and therefore did not owe corporate income tax for that period. In 2024, Montea Nederland N.V. also received recognition as an FBI for 2023. In the 2024 results, as a safeguard, Montea continued to consider the possibility that FBI status for 2024 may be refused. An additional tax provision has thus been included in the (estimated) EPRA earnings for 2024, i.e. for the difference between FB I tax status and regular taxation. If FBI status is granted at a later date, this additional provision will have a positive impact on future EPRA earnings. The fact that Montea has been granted FBI status for the period from 2015 to 2023 strengthens Montea’s belief that it will also meet all the requirements to claim FBI status for 2024. As well as a positive effect on future EPRA earnings, the awarding of FBI status would also have a positive impact of €15.6 million on the portfolio result, due to the reversal of the provision for deferred tax on real estate. Denial of FBI status would have no impact on estimated EPRA earnings for 2025. Montea’s current approach regarding FBI status The announced real estate measure was passed into law via the 2024 Tax Plan. As a result, with effect from 2025, FBIs will be prevented from directly investing in Dutch real estate. This implies that Montea Nederland B.V. and its subsidiaries will no longer be able to claim FBI status from 2025 onwards. The Dutch Tax Authorities took accompanying measures to facilitate the restructuring of property FBIs, such as an exemption from real estate transfer tax. FBI overview 2024 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 earnings (accounted/provisioned) €M 2.3 EPRA earnings Potential EPRA earnings impact if FBI status is GRANTED €M + 1.9 NOT GRANTED €M 0.0 Portfolio result Potential net result impact (deferred taxes) if FBI status is GRANTED €M +15.6 NOT GRANTED €M 0.0
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Interim Financial Press Release November 4, 2025 – 6 p.m. 21 / 50 1.3.5 Other events during Q3 2025 Double Gold at the EPRA Awards 2025 For eighth years in a row, Montea achieved the gold award for the EPRA Best Practices Recommendations (BPR). This was also our fourth time winning gold for the EPRA Sustainability Best Practices Recommendations (sBPR). These awards recognize our long -standing commitment to transparent financial reporting and sustainability disclosures. As is customary each year, Montea also took part in the GRESB assessment in 2025. GRESB, an internationally recognized platform that assesses real estate companies on their ESG performance, helps investors better understand the sustainability and responsible business practices of companies in the sector. In the Existing Buildings category, the company achieved a score of 77/100, (compared to 79/100 last year). This slight decrease is primarily attributable to the inclusion of older assets into the portfolio (Luithagen, Hamburg). Although sustainability labels would increase our GRESB score by 8.5 points, Montea consciously chooses to phase out gas in existing assets. This strategic decision contributes more significantly to our decarbonisation pathway and reflects our focus on real impact rather than mere certification In the Developments category, the score improved from 88/100 to 89/100. Montea remains true to its vision on sustainability labels. Montea is committed to ensuring that a ll new developments ar e at least 'BREEAM Excellent ’ aligned, with deliberate investments in effective sustainability measures rather than the label itself. Energy efficiency and low embodied carbon are central to our Montea Blue Label, which is also positively recognized by GRESB.
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Interim Financial Press Release November 4, 2025 – 6 p.m. 22 / 50 1.4 Financial results for the first nine months ended September 30, 2025 1.4.1 Condensed consolidated (analytical) income statement as at September 30, 2025 CONDENSED CONSOLIDATED INCOME STATEMENT (EUR X 1,000) ANALYTICAL 30/09/2025 9 MONTHS 30/09/2024 9 MONTHS CONSOLIDATED RESULTS NET RENTAL INCOME 103,661 83,169 PROPERTY RESULT 110,651 89,713 Property charges and general corporate expenses -12,550 -10,714 OPERATING RESULT BEFORE PORTFOLIO RESULT 98,101 78,999 % compared to net rental income 94.6% 95.0% FINANCIAL RESULT excl. changes in fair value of hedging instruments -13,233 -9,062 EPRA EARNINGS BEFORE TAXES 84,868 69,938 Tax -1,812 1,949 Share in the result of associates and joint ventures -33 0 Non-recurring EPRA EARNINGS 83,023 71,886 per share 3.61 3.53 Recurring EPRA EARNINGS 83,023 68,221 per share 3.61 3.35 Result on disposal of investment properties 1 0 Result on disposal of other non-financial assets 0 0 Changes in fair value of investment properties 21,193 55,729 Deferred taxes on portfolio result 7,005 -3,015 Share in the result of associates and joint ventures 5,003 0 Other portfolio result 0 0 PORTFOLIO RESULT 33,202 52,714 Changes in fair value of financial assets and liabilities -1,306 -2,884 NET RESULT 114,919 121,716 per share 4.99 5.98
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Interim Financial Press Release November 4, 2025 – 6 p.m. 23 / 50 1.4.2 Notes to the condensed consolidated (analytical) income statement Net rental income Net rental income for the first nine months of 2025 amounted to €103.7 million, up 25% (or €20.5 million) compared to the same period in 2024 (€83.2 million). This increase is attributable to strong organic rental growth, combined with rental income from the acquisition of new properties and leased land, as well as completed projects. In an unchanged portfolio scenario (i.e. excluding new acquisitions, sales and property developments between the two comparative periods in 2025 and 2024), rental income increased by 3.3%, driven primarily by the indexation of rental agreements (3.0%) and the reletting of properties in the portfolio (0.3%). Thanks to the automatic indexation of rental agreements, the logistics property sector is one of the few sectors in which inflation can be largely passed on to clients. Property result The property result for the first nine months of 2025 amounted to €110.7 million, an increase of €20.9 million (23%) compared to the same period in the previous year (€89.7 million). The property result mainly includes other income (apart from rental income from PV installations) from solar panels and battery energy storage systems, which increased by €1 million compared to the same period in 2024. This was partially offset by higher non-recoverable costs (mainly property taxes in Belgium and the Netherlands), which rose by €0.6 million. Operating result before portfolio result The company’s property and general expenses, which are part of the operating result before the portfolio result, increased by €1.8 million in the first nine months of 2025 compared to the same period in 2024. This was mainly due to portfolio growth, wage indexation and the expansion of the team in order to achieve the pre -defined goals. Nevertheless, the increase in the property operating result before the portfolio result remains at 24% compared to last year ( from €79.0 million in 2024 to €98.1 million in 2025). The operating margin 15 for the first nine months of 2025 is 88.7%, compared to 88.1% in 2024. The EPRA cost ratio stands at 11.9% at the end of Q3 2025, compared to 12.4% at the end of the same period in 2024. Montea expects that this ratio will reach ± 11% by year-end 2025, which is stable compared to 31/12/2024. In order to ensure future growth, Montea is investing heavily in business development in France and Germany and in corporate services. In a market in which Montea particularly focuses on in-house developments, these investments in the team will help drive rental income in the coming years. Montea aims to gradually increase its operating margin to 90% in the medium term. Financial result The financial result excluding changes in the fair value of hedging instruments amounted to -€13.2 million, compared to -€9.1 million in the previous year, an increase of 46% (€4.2 million), which was mainly due to higher debt being drawn down in 2025 to finance recent investments. This result includes capitalized interest expenses on developments, calculated on the basis of an estimated finance cost. Capitalized interest expense on project developments in the first nine months of 2025 remained stable compared to the same period last year. Of the total financial liability (including bond and lease liabilities), 98.4% was hedged as at September 30, 2025. The average cost of financing 16, calculated on the basis of average financial debt, remained stable at 2.1% at the end of 9M 2025. Montea expects to maintain this lower average cost of financing until the end of 2026. Tax In Q3 2024, Montea received recognition as an FBI for the 2023 financial year, which enabled the €3.7 million provision to be reversed. As a precautionary measure, the 2024 income statement includes a tax provision, which takes into account a possible refusal of FBI status and is based on taxation under the general tax regime. Due to amended legislation, Montea can no longer benefit from FBI status in the Netherlands in 2025, and a tax provision was made applying the tax rules for non-FBI companies. 15 In order to obtain the operating margin, the operating result (before the portfolio result) is divided by the property result 16 This ratio is calculated based on average financial debt and the total financial result, excluding the valuation of hedging i nstruments and interest charges of lease commitments recorded in line with IFRS 16.
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Interim Financial Press Release November 4, 2025 – 6 p.m. 24 / 50 EPRA earnings EPRA earnings amounted to €83.0 million during the first nine months of 2025, up 15% (€11.1 million) compared to the same period in 2024 (€71.9 million). However, the first nine months of 2024 were impacted by the reversal of provisions following the recognition of FBI status, which led to a positive result of €3.7 million. Not taking into account this exceptional effect, EPRA earnings increased by 22% compared to the first nine months of 2024. This increase in EPRA earnings is primarily due to organic rental growth in the property portfolio (+3.3%), income from new acquisitions and pre-let project developments, with operating and financial expenses being closely monitored and managed accordingly. EPRA earnings per share for the first nine months of 2025 was €3.61 per share compared to EPRA earnings per share for the same period in 2024 of €3.53 per share. Excluding this one-off effect in 2024, EPRA earnings per share grew by 8%, after taking into account a 13% increase in the weighted average number of shares following the share capital increases carried out in 2024. Portfolio result 17 The portfolio result for the first nine months of 2025 amounted to €33.2 million (€1.44 per share18), an increase of €19.5 million compared to the same period in 2024 (€52.7 million). In 2025, the increase in fair value of investment properties (€21.2 million) was driven by latent capital gains on project developments, combined with an upward revaluation of the existing portfolio, partially offset by a write- down of solar panels. The portfolio is valued at an EPRA Net Initial Yield of 5.0%, which is stable compared to year-end 2024. The deferred tax asset in the €7.0 million portfolio result primarily reflects a carry forward investment deduction ( in the Netherlands) in accordance with the tax returns. The €5 million share in the result of joint ventures derives from the collaboration with Weerts Group, in which Montea has acquired a 40% stake in the project company for the Skechers development in Liège. This amount consists solely of the latent capital gain on the project development. The portfolio result is not a cash item and has no impact on EPRA earnings. Changes in the fair value of financial instruments The negative change in fair value of financial instruments at the end of Q3 2025 amounted to -€1.3 million, or -€0.06 per share, compared to a negative change of -€2.9 million at the end of Q3 2024. The changes in the fair value of financial instruments are not a cash item and have no impact on EPRA earnings. Net result (IFRS) The net result consists of the EPRA earnings, the portfolio result and the changes in the fair value of financial instruments. The difference between EPRA earnings and the net result for the first nine months of 2025 was primarily due to the increase in value of the property portfolio, the positive effect of the share in the results of associated companies and joint ventures, deferred taxes and a slight decrease in the value of interest rate hedging instruments. The net result (IFRS) per share19 amounted to €4.99 per share, compared to €5.98 per share in 2024. 17 Portfolio result: this concerns the positive and/or negative changes in the fair value of the property portfolio plus any cap ital gains or losses from the disposal of properties, taking into account any deferred taxes. 18 Calculated as the portfolio result based on the weighted average number of shares. 19 Calculated on the basis of the weighted average number of shares.
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Interim Financial Press Release November 4, 2025 – 6 p.m. 25 / 50 1.4.3 Condensed consolidated balance sheet as at September 30, 2025 1.4.4 Notes to the consolidated balance sheet as at September 30, 2025 As at September 30, 2025, total assets (€3,174.8 million) primarily consist of investment property (84% of the total), green investments (2% of the total) and solar panels, battery energy hubs and developments (7% of the total). The remaining amount of assets (7%) comprises the other tangible and financial fixed assets intended for own use and current assets, including cash investments, trade and tax receivables. CONDENSED CONSOLIDATED BALANCE SHEET (EUR X 1,000) 30/09/2025 CONSO 31/12/2024 CONSO I. NON-CURRENT ASSETS 3,105,282 2,825,732 II. CURRENT ASSETS 69,500 59,313 TOTAL ASSETS 3,174,782 2,885,045 SHAREHOLDERS’ EQUITY 1,824,196 1,804,300 I. Shareholders' equity attributable to the parent company shareholders 1,824,080 1,804,300 II. Minority interests 117 0 LIABILITIES 1,350,585 1,080,745 I. Non-current liabilities 1,269,033 1,005,764 II. Current liabilities 81,553 74,981 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 3,174,782 2,885,045 Ghent, Belgium Waddinxveen, The Netherlands
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Interim Financial Press Release November 4, 2025 – 6 p.m. 26 / 50 1.4.4.1 Value and composition of the property portfolio as at September 30, 2025
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Interim Financial Press Release November 4, 2025 – 6 p.m. 27 / 50 The total lettable area of the buildings in the property portfolio is 2,341,586 m², distributed over 123 sites, more specifically 44 sites in Belgium, 35 sites in France, 41 sites in the Netherlands and 3 sites in Germany. The occupancy rate as at September 30, 2025 is 99.8%, compared to 99.9% as at December 31, 2024. A very limited amount of vacant space can be found in Antwerp (Belgium), previously leased to Rubix; and Mesnil -Amelot (France), previously leased to Espace Phone. Montea’s total property portfolio value stands at €3,049.6 million, consisting of the valuation of the buildings in the prope rty portfolio (€2,661.8 million), the fair value of the current property developments (€320.4 million) and the fair value of the solar panels and battery energy storage systems (€67.5 million). Compared to year -end 2024, the fair value of the real estate portfolio has increased by 9.2%, primarily due to an investment volume of €236.4 million, complemented by €20.4 million of (i) latent capital gains on project developments, (ii) a value uplift to the existing portfolio, primarily driven by an increase in estimated market rents, (iii) partially offset by a write-down on solar panels due to declining compensation for excess energy, with the solar panel revaluation largely accounted for through equity, in accordance with IAS 16. (1) Including properties held for sale. (2) Excludes the estimated rental value of projects under construction and/or renovation. (3) The fair value of the investment in solar panels is shown under section “D” of the fixed assets on the balance sheet. In addition to solar panels, this category also includes battery investments. The yield on the total investment properties calculated based on contracted annual rental income amounted to 5.40%, which is stable compared to December 31, 2024. Contractual annual rental income (excluding rental guarantees) amounted to €143.9 million, a 12% increase compared to December 31, 2024, which, in addition to rent indexation, is due to the completions of developments in Aalst, Amsterdam and Tiel – leased to Movianto, Blond and Intergamma respectively – and the acquisitions in Zaltbommel Antwerp and Zeewolde, partially offset by the development of the Oss sites. 20 The real estate portfolio in France includes sites with outdoor storage (IOS). This outdoor storage is leased to Jacky Perrenot and is not reflected in the total area of 292,508 m². Excluding this outside storage, the average fair value of the French por tfolio amounts to €1,202/m² with an average rent of €61/m². 21 The fair value of the Liège project is set at 40%, reflecting Montea’s stake in the joint venture. (M EUR) FAIR VALUE 01/01/2025 CAPEX 9M 2025 REVALUATION AND DEVELOPMENT MARGIN 9M 2025 FAIR VALUE 30/09/2025 BE 1,191 128 -4 1,315 FR 406 5 0 411 NL 1,106 103 25 1,234 DE 89 1 -1 89 Total incl. joint venture 2,793 236 20 3,050 BELGIUM FRANCE 20 THE NETHERLAN DS GERMANY TOTAL 30/09/2025 TOTAL 31/12/2024 TOTAL 30/09/2024 Property portfolio – Buildings (1) Number of sites 44 35 41 3 123 118 99 Total surface area – property portfolio m2 1,001,779 292,508 947,804 99,495 2,341,586 2,132,243 2,026,463 Annual contractual rents €K 57,612 21,205 59,376 5,658 143,851 128,564 118,035 Gross yield % 5.38 5.37 5.37 6.35 5.40 5.35 5.42 Current yield on 100% occupancy % 5.46 5.69 5.37 6.35 5.49 5.38 5.47 Un-let property area m2 3,288 2,496 0 0 5,784 2,496 2,496 Rental value of un-let property parts (2) €K 242 258 0 0 500 258 258 Occupancy rate % 99.7 99.1 100.0 100.0 99.8 99.9 99.9 Investment value €K 1,098,001 422,403 1,226,661 95,400 2,842,464 2,555,642 2,319,050 Fair value €K 1,071,686 394,809 1,106,096 89,177 2,661,769 2,405,178 2,177,383 Property portfolio – Solar panels & battery energy storage systems (3) Fair value €K 43,432 2,967 21,058 0 67,457 70,950 87,218 Property portfolio – Developments Fair value – in-house developments €K 105,615 13,701 106,561 0 225,878 316,666 289,876 Fair value – share of joint ventures €K 94,491 21 0 0 0 94,491 0 Property portfolio – TOTAL Fair value €K 1,315,225 411,477 1,233,715 89,177 3,049,595 2,792,794 2,554,477
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Interim Financial Press Release November 4, 2025 – 6 p.m. 28 / 50 The fair value of ongoing developments, including shares in joint ventures, is €320.4 million and consists of: Own developments (€225.9 million) o Property developments in the pipeline – see 1.2.2.1 → the plots acquired in Tongeren (BE) → the plots acquired in Tiel (NL) → the ongoing extension of the development in Oss (NL) → the plot in Lummen (BE) → the plot in Grimbergen (BE) → the plot in Halle (BE) → the plots in Born (NL) → the plot in Zellik (BE) o Future development potential – see 1.2.2.2 → the plot in Puurs (BE) → the plot in Senlis (FR) → the plot in Saint-Priest (FR) o Solar panels – see 1.2.3 → solar panels under construction (BE + NL) o Battery energy storage systems – see 1.2.3 → battery energy storage systems under construction (BE) Share of joint ventures (€94.5 million) o Property developments in the pipeline – see 1.2.1.1 → ongoing project development in Liège (BE)22 The fair value of solar panels and battery energy storage systems amounts to €67.5 million, consisting of €63.2 million of solar panels across 58 sites with solar panel facilities in Belgium, France and the Netherlands, and €4.3 million of operational battery energy hubs in three sites in Willebroek and Ghent. Montea’s total remaining land bank as at 30/09/2025 is 3,137,000 m², of which ca. 789,000 m² will be developed in the short-term. With the remaining land bank standing at around 2,348,000 m², Montea retains significant development potential. This gives it the necessary flexibility both now and in the future to schedule and carry out investments. Approximately 2.2 million m² of this land reserve (71% of the total land bank) has been acquired and is recognized within the property portfolio for a total value of €466.8 million, equivalent to a market value of €208/m2 (compared to €245/m² as of June 30, 2025). In Q3 2025, the land bank methodology was revised to include only land bank-related items – namely, the value of the land itself (excluding land attributed to buildings) and leased parking spaces. In addition, for development projects under construction and in the pipeline, the value associated with obtained permits or signed lease agreements (pre- lettings) is also included. This change in methodology mainly concerns the classification of the Reverso portfolio, which comprises both fixed assets and income-generating parking spaces. 62 % of the total acquired land generates an immediate average yield of 5.7%. In addition, Montea controls around 0.9 million m² (29% of the total land bank) via partnership agreements it has in place. 22 The fair value of the Liège project is set at 40%, reflecting Montea’s stake in the joint venture. 23 40% of the Liège project area will be included in the land bank, reflecting Montea's share in the joint venture. 24 40% of the fair value of the Liège project will be included in the total fair value of the land bank, reflecting Montea's sha re in the joint venture. TOTAL 30/09/2025 TOTAL % TOTAL 31/12/2024 TOTAL % Landbank Total surface area m2 3,136,619 100% 2,720,452 100% Acquired, valued in property portfolio m2 2,240,482 23 71% 2,161,315 79% of which income generating % 62% 55% Under control, not valued in property portfolio m2 896,137 29% 559,137 21% Fair value €K 466,802 100% 540,650 100% Acquired, valued in property portfolio €K 466,802 24 100% 540,650 100% Under control, not valued in property portfolio €K 0 0 0 0
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Interim Financial Press Release November 4, 2025 – 6 p.m. 29 / 50 1.4.4.2 Breakdown of equity and liabilities Total liabilities consist of shareholders’ equity of €1,824.2 million and total liabilities of €1,350.6 million. Equity amounted to €1,824.2 million as at September 30, 2025, compared to €1,804.3 million at year-end 2024. Total liabilities of €1,350.6 million consist of: Financial liabilities: • €521.2 million in credit lines taken out with six financial institutions. Montea has €739.2 million in contracted credit lines as at September 30, 2025, on which €218.0 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). • 45% of the outstanding financing (€615.0 million) has now been issued under the Green Finance Framework. Other liabilities: • a current lease liability of €67.4 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 accruals25 amounting to €106.4 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. 25 Accruals primarily relate to rent billed in advance for the next quarter.
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Interim Financial Press Release November 4, 2025 – 6 p.m. 30 / 50
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Interim Financial Press Release November 4, 2025 – 6 p.m. 31 / 50 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 5.9 years at September 30, 2025. This was mainly due to the completion of €290 million of new financing a nd the successful refinancing of €71 million of existing credit lines. The weighted average maturity of the interest rate hedging instruments was 5.6 years at the end of September 2025. The hedge ratio, which reflects the percentage of fixed-rate financial liabilities and floating - rate financial liabilities hedged by a hedgin g instrument, is 98.4% at the end of September 2025. The Interest Coverage Ratio* equals 4.5x in the first nine months of 2025, and remains unchanged compared to 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 the first nine months of 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 38.8% at September 30, 2025 and a Net debt/EBITDA (adjusted) 26 of 7.4x, 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 Q3 2025, the ratios remain well within the limits of Montea's financing strategy. The EPRA Net Initial Yield was 5.0%, which is stable compared to year-end 2024, with indexation and portfolio changes offsetting each other. From now on, the net initial yield will be calculated excluding solar panels and batteries, given the expected fu ture growth in the contribution of energy-related income. This change aims to enable a more accurate comparison between different investments by including only the income generated by the buildings themselves. Montea maintains strong fundamentals in a volatile macro environment. This is demonstrated by the upward valuation of the existing property portfolio at an EPRA Net Initial Yield of 5.0%, the 99.8% occupancy rate, the unexpired term of leases to f irst break date of more than 6.6 years (excluding solar panels) and existing leases currently being ca. 7% below market rents. Montea will continue to focus on prime strategic multimodal locations as it expands further. In terms of debt ratio 27, Montea meets all the covenants it entered into with financial institutions, under which Montea may not have a debt ratio of more than 60%. 26 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. 27 The debt ratio, calculated in accordance with the Royal Decree of July 13, 2014 on regulated real estate companies, is 40.9% at the end of September 2025.
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Interim Financial Press Release November 4, 2025 – 6 p.m. 32 / 50 1.5 Significant events after the reporting period Property divestment in Saintes (BE) As part of the active management of its real estate portfolio, Montea completed the sale of an 8,900 m² building in Saintes i n October 2025. The property was previously leased to Noukies NV. The transaction was completed for approximately €5.9 million, representing a 16% premium over the site’s fair value as determined by the independent real estate expert on September 30, 2025. 1.6 Related party transactions There were no related party transactions in Q3 2025, except those conducted on market terms, as is customary in the course of Montea’s business. Avignon, France
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Interim Financial Press Release November 4, 2025 – 6 p.m. 33 / 50 2 Outlook In 2024, we launched our four-year strategic growth plan, Track27, our most ambitious growth plan to date. Result-based targets Reaffirming our 2025 outlook: EPRA earnings set to reach €4.90 per share (+8% y /y from recurring activities) , without accounting for a potential €0.08 one-off in EPRA earnings per share 28 following Montea's potential recognition of FBI status in the Netherlands for the 2024 financial year. Dividends to reach €3.90 per share (+8% y /y from recurring activities) , again without accounting for the potential additional one-off FBI effect. If Montea obtains FBI status for FY 2024 during 2025, Montea intends to pay 80% of the resulting effect as an extraordinary dividend. Targeted increase in EPRA earnings reaffirmed at €5.60 per share by 2027 , an average annual growth rate of 6% compared to 2023. 28 Based on the weighted average number of shares of 23,013,978 at September 30, 2025. Recurring/non recurring EPS/DPS 2025e 2024 EPRA EPS (recurring) 4.90 4.55 +8% Released provision 0.08 0.18 EPRA EPS 4.98 4.73 +5% Weighted average number of shares 21,005,929
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Interim Financial Press Release November 4, 2025 – 6 p.m. 34 / 50 Cumulative investment volume of €1.2 billion , growing the portfolio’s value by more than 50% compared to 31/12/2023, to €3.5 billion. o 2024: the forecast was €400 million, with an actual result of €441 million o 2025: €300 million forecast, with €236 million deployed during the first nine months of 2025 o 2026-2027: €250 million per year Track27 is building for the future through four main growth drivers; (i) in- house project developments on our extensive land bank, including renovations and improvements to the existing portfolio, (ii) targeted acquisitions of both existing buildings and p lots of land, (iii) strategic partnerships with developers and landowners, and (iv) smart green energy solutions and other sustainability solutions in the markets in which Montea operates. To date, over 78% of the targeted investment volume of €1.2 billion has been deployed, is in progress or is in an exclusive negotiation phase. * See the 31/12/2022 annual financial press release or visit www.montea.com for more information Montea plans to achieve growth through disciplined capital allocation, placing a clear focus on operational excellence. Track27 is built on our solid financial position, namely: o Average cost of debt not exceeding 2.5% o Net debt/EBITDA (adj.) of circa 8x o Minimum occupancy rate of 98% o Operating margin of 90% by 2027 Loan-to-value of 38.8% and Adjusted net debt/EBITDA of 7.4x at the end of Q3, leaving approximately €455 million of investment capacity available within the 8x threshold. Investment type CAPEX TIMING CAPEX EXPECTED NIY NOTE Projects under development 2025 €57m > 6.5% -> Projects under development: Liège & Oss - Average term: 19 years - 100% pre-let Solar panels & battery energy hubs 2025-2026 €9m ~ 8% (IRR) Under construction €66m Acquisitions of standing investments, yielding land bank and property developments 2025-2026 €104m > 6.5% -> Pre-let development projects: Halle, Zellik & Tiel (remaining plot) - Permit expected in due course - Average term: 14 years - 100% pre-let -> Permitted development projects: LOI signed for pre-letting Solar panels & battery energy hubs 2026-2027 €52m ~ 8% (IRR) Acquisitions of non-yielding land bank 2025-2026 €45m > 6.5% (after delivery) -> Acquisitions of non-yielding land bank, including Toury* - Construction not included within investment volume Investments in negotiation phase €200m
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Interim Financial Press Release November 4, 2025 – 6 p.m. 35 / 50 Qualitative targets Montea aims to take a defining role in sustainability. More than 70% of our extensive land bank of over 3 million m 2 currently comprises grey- and brownfield sites. We transform contaminated industrial sites into energy-positive logistics sites ready for the future. In the last few years, we have spent €15 million on land remediation. It goes without saying that we ensure that all of our developments are fit for the future. We aim to reduce CO 2 emissions from our existing portfolio by 45% by the end of 2027 (compared to 2019) via a series of measures, including: our commitment to all our new buildings being carbon neutral, producing net zero greenhouse gas emissions doubling the capacity of solar panels on our roofs to 135 MWp over the next four years, by investing almost €27 million an investment of ca. €50 million, accounting for 100 MWh of battery energy storage systems, of which around € 21 million was allocated in the first nine months of 2025, a vital solution to the challenge of energy congestion of our land bank comprises greyfield and brownfield sites that we remediate >70% Antwerp, Belgium
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Interim Financial Press Release November 4, 2025 – 6 p.m. 36 / 50 Maintaining strong fundamentals in a volatile macro environment After a period of reorientation following the COVID-19 crisis, combined with macroeconomic and geopolitical uncertainty, take- up in the European logistics market has now stabilized. An improvement is expected in the second half of the year, supported by the recent trade agreement between the US and the EU, which is anticipated to provide greater clarity for European logistics users. Tenants are currently focusing more on optimizing space rather than expanding. This led to an increase in market vacancy to an average of over 5% in Europe. Vacancy rates are expected to stabilize by the end of 2025, supported by declining completion volumes and a limited pipeline of new developments – averaging around 4% of total stock. Structural supply constraints, such as land scarcity and tighter regulation, are expected to support a gradual market recovery. On the demand side, surveys among European logistics occupiers indicate that the need for warehouse space will increase in the short term. A growing number of occupiers are planning annual expansions of their space requirements. However, expansion plans for the coming three years have become somewhat more cautious: 46% of respondents say that expansion is back on the agenda, compared to 58% in 2024 Structural demand drivers for logistics remain firmly in place, including supply chain optimization, the growth of e- commerce and rising demand for urban distribution in Western Europe. Sustainable, well -located solutions that deliver broader operational value remain a key focus for most tenants.
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Interim Financial Press Release November 4, 2025 – 6 p.m. 37 / 50 3 Forward-looking statement Among other things, this press release contains Montea’s forecasts, opinions and estimates with regard to its projected future performance and the market in which it operates (“outlook”). Although they have been prepared with the utmost care, these forecasts are based on Montea’s estimates and projections and are, by their nature, subject to unknown risks, uncertain elements and other factors. This means that the results, financial position, performance and eventual outcomes may differ from those expressed or implied in this outlook. Some events are difficult to predict and may depend on factors beyond Montea’s control. Given these uncertainties, Montea cannot give any guarantees about these forecasts. Statements in this press release relating to past activities, achievements, performance or trends should not be taken as an indication or guarantee of their continuation in the future. Moreover, the outlook only applies as at the date of this press release. Montea does not commit itself in any way – unless it were obliged to do so by law – to update or amend this outlook, even if the expectations, events, conditions, assumptions or circumstances on which the outlook is based were to change. Neither Montea nor its sole director, the directors of its sole director, the members of its management board or its advisors, guarantee that the assumptions on which the outlook is based are free from error, and none of them can declare, guarantee or predict that the results set out in this outlook will actually be achieved. Toury, France Amsterdam, The Netherlands
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Interim Financial Press Release November 4, 2025 – 6 p.m. 38 / 50 4 Financial calendar 05/11/2025 9M results conference call (11 a.m.) 11/02/2026 Annual financial report – results at 31/12/2025 (after-market hours) 12/02/2026 Annual results conference call (11 a.m.) 07/05/2026 Interim statement – results at 31/03/2026 (after-market hours) 08/05/2026 Q1 results conference call (11 a.m.) 19/05/2026 General shareholders’ meeting FY 2025 This information is also available on Montea’s website: www.montea.com. ABOUT MONTEA “SPACE FOR GROWTH” Montea NV is a listed real estate company under Belgian law (GVV/SIR) that specializes in logistics property in Belgium, the Netherlands, France, and Germany. The company is a leading player in this market. Montea offers its clients the space they need to grow, providing versatile and innovative property solutions, allowing Montea to create value for its shareholders. At September 30, 2025 the property portfolio comprised a total lettable area of 2,341,586 m², spread across 123 locations. Montea NV has been listed on Euronext Brussels (MONT) and Euronext Paris (MONTP) since the end of 2006. PRESS CONTACT MORE INFO Inna Maslova | +32 53 82 62 62 | ir@montea.com www.montea.com
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Interim Financial Press Release November 4, 2025 – 6 p.m. 39 / 50 Annexes ANNEX 1: EPRA Performance measures EPRA earnings – EPRA earnings per share Definition: The EPRA earnings are the net earnings (after recognition of the operating result before the portfolio result, minus the financial results and the 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. The EPRA earnings per share are the EPRA earnings divided by the weighted average number of shares for the financial year. Purpose: The EPRA earnings measure the company's operating profitability after the financial result and after taxation of the operating result. It is an important measure of the underlying operating results generated by a company from letting real estate. It indicates to what extent the current dividend payments are supported by earnings. The EPRA earnings per share measures the net result from the core activities per share. Calculation: EPRA EARNINGS (IN EUR X 1,000) 30/09/2025 30/09/2024 Net result 114,919 121,716 Changes for calculation of the EPRA earnings To exclude: Changes in fair value of the investment properties and properties for sale -21,193 -55,729 Result on sale of investment properties -1 - Changes in fair value of financial assets and liabilities 1,306 2,884 Deferred taxes related to EPRA changes -7,005 3,015 Adjustments to the above regarding joint ventures -5,003 - Minority interests with regard to changes above - - EPRA earnings 83,023 71,886 Weighted average number of shares 23,013,978 20,364,419 EPRA earnings per share (€/share) 3.61 3.53
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Interim Financial Press Release November 4, 2025 – 6 p.m. 40 / 50 EPRA NAV – EPRA NAV per share The EPRA NAV indicators are obtained by adjusting the IFRS NAV in such a way as to provide stakeholders with the most relevant information on the fair value of the assets and liabilities. The three different EPRA NAV indicators are calculated on the basis of the following scenarios: Net Reinstatement Value : is based on the assumption that entities never sell assets and aims to reflect 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. Net Tangible Assets : assumes that entities buy and sell assets, thereby realizing certain levels of deferred taxation. This is the NAV adjusted to include properties and other long -term 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. Net Disposal Value : provides the reader with a scenario of the sale of the company’s assets leading to the realization of deferred taxes, financial instruments, and certain other adjustments for the full extent of their liability. This scenario assumes tha t the company sells the assets, leading to the realization of deferred taxes and the liquidation of debt and financial instruments. This NAV should not be viewed as a liquidation NAV, since the fair value is often not equal to the liquidation value. The EPRA NDV per share is the EPRA NDV based on the number of shares entitled to dividend on the balance sheet date. 29 The 2024 NDV was adjusted with the fair value of fixed -rate financing contributing positively instead of negatively. (EUR x 1,000) 30/09/2025 30/09/2024 EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV IFRS Equity attributable to the parent company shareholders 1,824,080 1,824,080 1,824,080 1,610,248 1,610,248 1,610,248 IFRS NAV per share (€/share) 79.23 79.23 79.23 78.12 78.12 78.12 i) Hybrid instruments - - - - - - Diluted NAV at fair value 1,824,080 1,824,080 1,824,080 1,610,248 1,610,248 1,610,248 To exclude: v) Deferred tax in relation to fair value gains of investment property 15,576 15,576 - 8,190 8,190 vi) Fair value of financial instruments -22,291 -22,291 - -23,446 -23,446 viii.b) Intangible fixed assets as per the IFRS balance sheet - -779 - -576 To include: ix) Fair value of fixed-rate financing - - 57,288 48,740 xi) Real estate transfer tax 229,889 - - 163,470 NAV 2,047,254 1,816,586 1,881,368 1,758,462 1,594,416 1,658,988 Number of shares entitled to dividend 23,022,294 23,022,294 23,022,294 20,685,271 20,685,271 20,685,271 NAV per share (€/share) 88.92 78.91 81.72 85.01 77.08 80.20 29
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Interim Financial Press Release November 4, 2025 – 6 p.m. 41 / 50 EPRA vacancy rate Definition: The EPRA vacancy rate corresponds to the complement of the occupancy rate, except that the occupancy rate used by Montea is calculated on the basis of square meters, whereas the EPRA vacancy rate is calculated on the basis of the estimated rental value. Purpose: The EPRA vacancy rate measures the vacancy rate in function of the estimated rental value, without taking account of unlettable square meters intended for redevelopment, or the land bank. Calculation: 30/09/2025 31/12/2024 (A) (B) (A/B) (A) (B) (A/B) EPRA VACANCY RATE (EUR x 1,000) Estimated Rental Value (ERV) of vacant space Estimated Rental Value (ERV) of the portfolio EPRA Vacancy Estimated Rental Value (ERV) of vacant space Estimated Rental Value (ERV) of the portfolio EPRA Vacancy (in %) (in %) Belgium 242 59,782 0.4 - 58,281 0.0 France 258 22,101 1.2 258 22,767 1.1 The Netherlands - 67,229 0.0 - 54,312 0.0 Germany - 6,673 0.0 - 4,558 0.0 TOTAL 500 155,784 0.3 258 139,919 0.2 Vorst, Belgium Etten-Leur, The Netherlands
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Interim Financial Press Release November 4, 2025 – 6 p.m. 42 / 50 EPRA NIY & EPRA ‘topped -up’ NIY Definition: The EPRA NIY is the annualized rental income based on the cash rents passing on the balance sheet date, minus non-recoverable property operating expenses, divided by the market value of the property, plus the (estimated) acquisition costs. The EPRA ‘topped- up’ NIY integrates an adjustment to the EPRA NIY for the expiry of rent-free periods (or other unexpired rent incentives such as discounted rent or stepped rents). Purpose: To introduce a comparable benchmark for portfolio valuations within Europe. Calculation: 30 As of Q3 2025, only the EPRA Net Initial Yield will be reported, excluding solar panels and batteries, given the expected future growth in the contribution of energy-related income. As a result, the EPRA NIY for Q4 2024 has fallen from 5.1% to 5.0%. EPRA NIY (EUR X 1,000) 30/09/2025 TOTAL 31/12/2024 TOTAL Investment properties – 100% ownership 2,786,335 2,623,105 Investment property – share of joint ventures and funds 94,491 0 Assets held for sale 0 0 Minus development projects -320,369 -316,666 Completed property portfolio 2,560,458 2,306,439 Allowance for estimated purchase costs 177,666 151,347 Gross up completed property portfolio valuation A 2,738,123 2,457,786 Annualized cash passing rental income 143,851 128,564 Property outgoings (incl. concessions) -7,489 -6,602 Annualized net rents B 136,362 121,962 Rent-free periods or other lease incentives 0 0 "topped-up" net annualized rent C 136,362 121,962 EPRA NIY B/A 4.98% 4.96 30% EPRA “topped -up” NIY C/A 4.98% 4.96%
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Interim Financial Press Release November 4, 2025 – 6 p.m. 43 / 50 EPRA cost ratio Definition: The EPRA cost ratio is calculated by dividing administrative and operating expenses (including or excluding direct vacancy costs), by gross rental income. Purpose: The EPRA cost ratios are intended to provide a consistent basis pursuant to which companies can provide more information about the costs where necessary. It is a key measure to enable meaningful measurement of the changes in a company’s operating expenses. Calculation: This ratio is expected to reach ± 12% by year -end 2025, which is similar to the figure for 31/12/2024 (11%). In order to ensure future growth, Montea is investing heavily in business development in France and Germany and corporate services. In a market in which Montea particularly focuses on carrying out developments in- house, these investments in the team will help drive rental income in the coming years, albeit at a slower pace. The EPRA cost ratio is therefore expected to gradually decline again in the coming years. EPRA COST RATIO (EUR X 1,000) 30/09/2025 30/09/2024 (i) Administrative/operating expense line per IFRS income statement 13,792 11,398 (iii) Management fees less actual/estimated profit element -601 -484 (v) Operating expenses of joint ventures 33 0 EPRA Costs (including direct vacancy costs) A 13,224 10,915 IX. Direct vacancy costs -193 -69 EPRA Costs (excluding direct vacancy costs) B 13,031 10,846 (x) Gross Rental Income less ground rents – per IFRS 110,721 88,174 Gross Rental Income C 110,721 88,174 EPRA Cost Ratio (including direct vacancy costs) A/C 11.9% 12.4% EPRA Cost Ratio (excluding direct vacancy costs) B/C 11.8% 12.3%
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EPRA LTV (EUR x 1,000) 30/09/2025 31/12/2024 PROPORTIONATE CONSOLIDATION PROPORTIONATE CONSOLIDATION Group (reported) Share of Joint Ventures Share of Material Associates Minority interests Combined Group (reported) Share of Joint Ventures Share of Material Associates Minority interests Combined Include Borrowings from Financial Institutions 541,305 32,528 -120 573,713 259,764 259,764 Commercial paper 0 0 0 0 Hybrids (including Convertibles, preference shares, debt, options, perpetuals) 0 0 0 0 Bond Loans 638,243 638,243 663,030 663,030 Foreign Currency Derivatives (futures, swaps, options and forwards) 0 0 0 0 Net (trade) payables 26,207 10,321 -162 36,366 30,845 30,845 Owner-occupied property (debt) 2,559 2,559 1,167 1,167 Current accounts (equity characteristic) 0 692 692 0 0 Exclude Cash and cash equivalents -12,814 -17,178 251 -29,741 -13,139 -13,139 Net Debt (a) 1,195,500 26,363 0 -31 1,221,832 941,666 0 0 0 941,666 Include Owner-occupied property 5,691 5,691 3,008 3,008 Investment properties at fair value 2,623,577 -885 2,622,692 2,376,800 2,376,800 Properties held for sale 5,543 5,543 5,541 5,541 Properties under development 225,878 93,458 319,335 316,666 316,666 Intangibles 779 779 666 666 Net (trade) receivables 0 0 0 0 Financial assets 39,440 39,440 0 0 Total Property Value (b) 2,900,908 93,458 0 -885 2,993,481 2,702,681 0 0 0 2,702,681 EPRA LTV (a/b) 41.2% - - - 40.8% 34.8% - - - 34.8% EPRA LTV Definition: The EPRA LTV is calculated by dividing net debt by the total property value (including solar panels). Purpose: EPRA LTV is a key measure to determine the percentage of debt relative to the assessed value of the properties. Calculation:
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Interim Financial Press Release November 4, 2025 – 6 p.m. 45 / 50 ANNEX 2: Explanation of the APM calculation applied by Montea31 Portfolio result Definition: This concerns the positive and/or negative changes in the fair value of the property portfolio plus any capital gains or losses from the construction of properties. Purpose: This APM reflects the positive and/or negative changes in the fair value of the property portfolio, plus any capital gains or losses from the construction of properties. Calculation: Financial result excluding changes in the fair value of financial instruments Definition: 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. Purpose: This APM reflects the company’s actual financing cost. Calculation: 31 Excluding EPRA indicators, some of which are viewed as an APM and are calculated in Annex 1, ‘EPRA performance measures’. The alternative performance measures were subject to a limited review by the auditor. PORTFOLIO RESULT (EUR X 1,000) 30/09/2025 30/09/2024 Result on sale of investment properties 1 - Changes in fair value of investment properties 21,193 55,729 Deferred taxes on portfolio result 7,005 -3,015 Share in the portfolio result of associates and joint ventures 5,003 - PORTFOLIO RESULT 33,202 52,714 FINANCIAL RESULT excl. changes in fair value of financial instruments (EUR X 1,000) 30/09/2025 30/09/2024 Financial result -14,539 -11,946 To exclude: Changes in fair value of financial assets & liabilities 1,306 2,884 Share in the portfolio result of associates and joint ventures - - FINANCIAL RESULT excl. changes in fair value of financial instruments -13,233 -9,062
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Interim Financial Press Release November 4, 2025 – 6 p.m. 46 / 50 Operating margin Definition: This is the operating result (before the property portfolio result), divided by the property result. Purpose: This APM measures the company’s operating profitability as a percentage of the property result. Calculation: Average cost of debt Definition: Average financial cost over the current year calculated on the basis of the total financial result relative to the average of the opening and closing balances of the financial liabilities, without taking into account the valuation of the hedging instruments and interest charges of lease commitments recorded in conformity with IFRS 16. Purpose: The company is partly funded through debt financing. This APM measures the cost of this financing source and the possible impact on the results. Calculation: OPERATING MARGIN (EUR X 1,000) 30/09/2025 30/09/2024 Property result 110,651 89,713 Operating result (before portfolio result) 98,101 78,999 OPERATING MARGIN 88.7% 88.1% AVERAGE COST OF DEBT (EUR X 1,000) 30/09/2025 30/09/2024 Financial result -14,539 -11,946 To exclude: Other financial income and expenses -1,693 -887 Changes in fair value of financial assets and liabilities 1,306 2,884 Interest cost related to lease obligations (IFRS 16) 2,493 1,959 Capitalized interests -7,290 -7,758 TOTAL FINANCIAL CHARGES (A) -19,724 -15,747 AVERAGE OUTSTANDING FINANCIAL DEBTS (B) 1,229,716 925,286 AVERAGE COST OF DEBT (A/B) 2.1% 2.3%
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Interim Financial Press Release November 4, 2025 – 6 p.m. 47 / 50 (Adjusted) Net debt/EBITDA Definition: The Net debt/EBITDA is calculated by dividing the net financial liabilities, i.e., long -term and short -term financial liabilities minus cash and cash equivalents (numerator), by the EBITDA of the past twelve months (TTM) (denominator). EBITDA is considered the operating result before the portfolio result, plus depreciation. To calculate the Adjusted net debt/EBITDA, the net financial liabilities in the numerator are adjusted for current projects under construction multiplied by the debt ratio, since these projects do not yet generate an operating result but are already inclu ded under financial liabilities. In addition, the denominator is adjusted for the annualized impact of external growth. Purpose: This APM gives an indication of the length of time a company would have to operate at its current level in order to pay off all its liabilities. Calculation: (1) TTM stands for trailing 12 months and means that the calculation is based on financial figures for the past 12 months. 32 Net debt/EBITDA and Adjusted net debt/EBITDA were adjusted to accurately reflect financial liabilities i.e. excluding obligations under IFRS 16 (ADJUSTED) NET DEBT / EBITDA (EUR X 1,000) 30/09/2025 31/12/2024 Non-current and current financial debt (IFRS) 1,162,984 923,960 - Cash and cash equivalents (IFRS) -12,814 -13,139 Net debt (IFRS) 1,150,170 910,821 - Projects under development x debt ratio -95,139 -114,243 - Joint venture financing x debt ratio -36,305 - Net debt (adjusted) A 1,018,727 796,578 Operating result (before portfolio result) (IFRS) (TTM) B 127,968 108,866 + Depreciations (TTM) 392 367 + Operating result (before portfolio result), joint ventures (TTM) -33 - Adjustment to normalized EBITDA 9,726 14,576 EBITDA (adjusted) C 138,053 123,809 Net debt / EBITDA (adjusted) A/C 7.4 6.4 NET DEBT / EBITDA (EUR X 1,000) 30/09/2025 31/12/2024 Non-current and current financial debt (IFRS) 1,162,984 923,960 - Cash and cash equivalents (IFRS) -12,814 -13,139 Net debt (IFRS) A 1,150,170 910,821 Operating result (before portfolio result) (IFRS) (TTM) B 127,968 108,866 + Depreciations (TTM) 392 367 + Share of EPRA profit, joint ventures -33 - + Dividends received from associates - - EBITDA (IFRS) C 128,327 109,233 Net debt / EBITDA A/C 9.0 8.332
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Interim Financial Press Release November 4, 2025 – 6 p.m. 48 / 50 Loan-to-value Definition: 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. Purpose: This APM provides the percentage of financial liabilities relative to the fair value of investment property, taking into account financing for and holdings in joint ventures. Calculation: Interest Coverage Ratio Definition: The interest coverage ratio is calculated by dividing the sum of the operating result before the portfolio result and the financial income by the net interest costs. Purpose: This APM indicates how many times the company earns its interest charges. Calculation: LOAN-TO-VALUE (EUR X 1,000) 30/09/2025 31/12/2024 Non-current and current financial debt (IFRS) 1,162,984 923,960 - Cash and cash equivalents (IFRS) -12,814 -13,139 Net debt (IFRS) A 1,150,170 910,821 Investment properties at fair value (excluding right-of-use concessions) 2,629,268 2,379,808 Properties held for sale 5,543 5,541 Properties under development 225,878 316,666 Financing for and holdings in joint ventures 106,672 - Total portfolio value B 2,967,361 2,702,015 Loan-to-value A/B 38.8% 33.7% INTEREST COVERAGE RATIO (EUR X 1,000) 30/09/2025 30/09/2024 Operating result, before portfolio result 98,101 78,999 Financial income (+) 2,277 964 TOTAL (A) 100,377 79,963 Net financial charges (-) 22,240 17,706 TOTAL (B) 22,240 17,706 INTEREST COVERAGE RATIO (A/B) 4.5 4.5
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Interim Financial Press Release November 4, 2025 – 6 p.m. 49 / 50 Hedge ratio Definition: The hedge ratio is calculated by dividing the sum of financial liabilities at fixed interest rates and the notional amount of hedging instruments by the total outstanding financial liabilities at fixed and floating interest rates. Purpose: This APM indicates the percentage of outstanding debt hedged against fluctuations in interest rates through fixed rate or hedging instruments. Calculation: HEDGE RATIO (EUR X 1,000) 30/09/2025 31/12/2024 Financial debt at fixed interest rates 615,356 640,452 Notional amount of hedging instruments 527,500 262,500 TOTAL FINANCIAL DEBTS ON FIXED INTEREST AND HEDGING INSTRUMENTS (A) 1,142,856 902,952 Non-current and current financial debt (IFRS) 1,161,556 923,085 TOTAL FINANCIAL DEBT AT BALANCE SHEET DATE (B) 1,161,556 923,085 HEDGE RATIO (A/B) 98.4% 97.8% Born, The Netherlands
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Interim Financial Press Release November 4, 2025 – 6 p.m. 50 / 50 ANNEX 3: Summary of the consolidated cash flow statement CONSOLIDATED CASH FLOW STATEMENT (EUR X 1,000) 30/09/2025 9 months 30/09/2024 9 months CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR 13,139 87,604 NET CASH FLOW FROM OPERATING ACTIVITIES (A)+(B)+(C) = (A1) 96,160 91,590 Net result 114,919 121,716 Net interest charges 14,950 9,949 Financial income -2,277 -964 Tax -5,194 1,066 Gain (-)/loss (+) on disposal of investment properties 0 0 Cash flow from operating activities before adjustments of non -cash items and working capital (A) 122,399 131,767 Changes in fair value of hedging instruments 1,306 2,884 Changes in fair value of investment properties -21,193 -55,729 Equity-settled share-based payment expense -6,856 272 Share in the result of associates and joint ventures 5,003 0 Depreciation and amortization (addition (+)/reversal (-)) on fixed assets 292 266 Impairment losses on receivables, inventories and other assets 0 34 Adjustments for non -cash items (B) -21,448 -52,273 Decrease (+)/increase (-) in trade and other receivables -10,663 -4,899 Increase (+)/decrease (-) in trade and other payables 5,872 16,996 Increase (+)/decrease ( -) in working capital requirement (C) -4,791 12,096 NET CASH FLOW FROM INVESTMENT ACTIVITIES (B1) -225,944 -192,343 Acquisitions -225,944 -192,343 Payments regarding acquisitions of real estate investments -148,670 -189,184 Payments regarding acquisitions of shares in real estate companies -74,221 -2,152 Purchase of other tangible and intangible fixed assets -3,053 -1,008 Disposals 1 0 Proceeds from sale of investment properties 1 0 Proceeds from sale of buildings held for sale 0 0 Proceeds from sale of shares in real estate companies 0 0 NET FINANCIAL CASH FLOW (C1) 129,459 26,094 Net effect of withdrawal and repayment of loans 238,567 88,700 Capital increase -190 31,375 Dividends paid -86,059 -75,533 Interests paid -22,859 -18,448 CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR (A1+B1+C1) 12,814 12,944