Slides
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11 February 2026 FY 2025 results presentation
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Highlights 2 Exceptional leasing momentum: 285,000 m² (re)let at +9% average rents 2nd year of Track27 successfully executed: €300m+ invested at 6.5% average net yield 2025 earnings guidance delivered: €4.90 EPRA EPS (+8% YoY)
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FY 2025 results Growth update Market update Outlook ESG Appendix 3 Portfolio update
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FY 2025 results
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5 €4.90 EPRA EPS recurring (+8% YoY) +3.2% LfL rental growth €81.63 EPRA NTA (+4.6% YoY) 4.8% EPRA NIY ▪€3.2bn portfolio (+13% YoY) ▪285,000 m² of (re)lets with +9% average rent uplift secured ▪99.8% high occupancy 38.1% Loan-to-value ▪7.3x adj. Net debt/EBITDA ▪99.7% hedge ratio Results fully on track Advancing on growth Sound financial profile 2025 – Targets delivered 5
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FY2025 EPRA result at €113m, an increase of 18% YoY EPRA EPS €4.90 €163m Net result +4% YoY , or +8% on a recurring basis* +10% weighted avg. # of shares includes €53m of positive property revaluation €7.09 per share net result Recurring EPRA EPS up 8% YoY 6 * The difference between €53m property revaluation reported and €57m explained in property portfolio section predominantly relates to the IFRS accounting treatment of solar panels * Q4 2024 EPRA EPS includes a €3.7m (€0.18 per share) positive impact linked to the recognition of the Dutch FBI status for FY2023
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Driven by strong rental growth and portfolio expansion (in €000’s) FY 2025 FY 2024 YoY Net rental income 139,768 115,110 +21% Other real estate income & expenses 8,954 7,847 +14% Total property result 148,722 122,956 +21% of which income from solar panels 7,151 6,031 +19% Property & overhead expenses -16,509 -14,090 +17% Operating results before portfolio results 132,214 108,866 +21% Operating margin 88.9% 88.5% Financial results excl. fair value changes -17,589 -12,721 +38% Taxes -1,946 -577* +237% Share in the result of associates and joint ventures 97 0 EPRA result 112,777 95,568 +18% Weighted average shares’ outstanding 23,038,381 21,005,929 +10% EPRA EPS 4.90 4.55 +8% LfL rental growth +3.2% of which +2.9% is rent indexation and +0.3% reversion Financial result Reflects expected increased interest expenses due to new debt taken out as part of Track27 financing 7 EPRA result +18% YoY increase driven by organic rental growth, income from new acquisitions and pre-let development deliveries as well as disciplined cost control* FY2024 tax result has been adjusted by excluding the €3.7m (€0.18 per share) positive impact linked to the recognition of the Dutch FBI status for FY2023. Taxes Reflects expected rise in tax expenses in 2025 following the abolition of the Dutch REIT regime
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Growth-enabling balance sheet 38.1% 7.3x 4.5x Loan-to-value Adj. net debt/ EBITDA Interest coverage ratio 8 Investment grade Credit Rating BBB+ Indexation clause included in 100% of rental contracts (end 2024: 33.7%) (end 2024: 6.4x) (end 2024: 4.5x) (Stable Outlook)
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9 Controlled financing cost evolution enabled by disciplined financial management 2.1% cost of debt not exceeding 2.5% under Track27 Long-term funding average remaining debt maturity at 5.7 years Robust hedging framework average remaining hedge maturity at 5.4 years No debt maturing before 2027 (€75m in total to refinance in 2027) Hedge ratio 99.7%
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Growth update
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Update Track27 11 Increased focus on yielding acquisitions through local presence reconfirming € 5.60 EPRA EPS for 2027 Remaining €400m investments fully covered by available investment capacity within the c.8x adj. Net debt/EBITDA limit 81% of the €1.15bn total Track27 investment volume already secured → €3.5bn+ portfolio within reach
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Track27 – From strategy to execution 12 of €1.15bn targeted growth is already invested, in execution or is under exclusive negotiation 81% Invested €747m In execution €66m Under exclusive negotiation €117m To go €217m €1,147m Track27 progress report 2025 investments completed at average net yield 2024 2025 6.5%
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€0 €50 €100 €150 €200 €250 €300 €350 €400 €450 €500 2019 2020 2021 2022 2023 2024 2025 Developments Partnerships Acquisitions Green investments Track27 – A value-enhancing growth plan With proven value creation throughout different stages of the cycle Ensuring long-term sustainable value creation while focusing on strategic locations 13 WITH ONE GOAL IN COMMON DIVERSE GROWTH AVENUES 2025 - Over €300 million deployed through all growth pillars in mln 5% 32% 32% 31%
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NEW C. 130,000 m² of fully pre-let projects delivered in 2025 Tiel (NL) • Development of Montea’s largest multimodal distribution centre to date • 95,000 m² GLA • Let to Intergamma for 15 years • Total investment: €83m Amsterdam (BE) • Sustainable distribution centre on a strategic location in Amsterdam • 7,000 m² GLA • Let to Blond for 10 years • Total investment: €13m Aalst (BE) • Extension of a state-of-the-art distribution centre • 9,000 m² GLA • Let to Movianto for 9 years • Total investment: €8m Oss (NL) • Sustainable multimodal distribution centre, accessible by road, water and rail • 17,000 m² GLA extension • Let to Vos Logistics for 10 years • Total investment: €13m €117m total capex 7% average YoC 30%+ development margin realised 14 14Y average lease length
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Zeewolde (NL) • 36,000 m² GLA warehouse on a 55,600 m² land plot • Strategic location close to 3 motorways (A6, A27 & A28) • Significant reversionary potential • Long-term lease with Aalberts Piping Systems • Investment: €31m Accretive growth through strategic acquisitions Blue Gate Antwerp (BE) • 6,000 m² GLA warehouse + outdoor storage • Direct access to the quay on the Scheldt river, cycling distance from Antwerp city centre • Cluster strengthening in Blue Gate Antwerp – 4th property added • Lease with BMB Bouwmaterialen • Investment: €12m Zaltbommel (NL) • 115,400 m² land acquisition (66,400 m² yielding & 49,000 m² greenfield) • Prime logistics hotspot offering both near- and long-term development potential • Long-term ground lease (20 years) • Investment: €24m 15 NEW Beringen (BE) • 20,000 m² GLA warehouse & 2,500 m² office space on a 53,475 m² land plot • Strategic location along 2 motorways (E313 & E314) with direct access to the Albert Canal, enhancing multimodal connectivity • Refurbishment works currently ongoing • Investment: €19m 6% average net yield €100m investments 12% value uplift vs initial investment amount 150,000 m² in GLA of permitted development potential in France NEW
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Earnings growth to continue Thanks to pipeline in execution Invested €747m In execution €66m Under exclusive negotiation €117m To go €217m €1,147m 16 Solar panels & battery energy hubs €4m CAPEX ~ 8% IRR Projects under development €62m CAPEX ~ 6.5% Expected NIY
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Fully pre-let developments in execution 17 • Located right next to Liège Airport • 86,000 m² GLA (215,000 m² at 100%) • Pre-let to Skechers for 20 years • Construction started in Q1 2025 • Phased completion by Q4 2027 • Maximum exposure: €140m JV with Weerts (Liège, BE) Halle (BE) • Located near E19 and E429 motorways • 31,000 m² GLA • Pre-let under an 18-year lease agreement • Permit secured in December 2025 • Expected completion by Q4 2026 • Total investment: €34m NEW 100% Pre-let 20Y average lease term 117,000 m² GLA in execution ~ 6.5% YoC
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Invested €747m In execution €66m Under exclusive negotiation €117m To go €217m €1,147m Earnings growth to continue And investments under exclusive negotiation 18 Yielding investments €47m CAPEX > 6.5% Expected NIY Solar panels & BESS €28m CAPEX ~ 8% Expected IRR Non-yielding landbank €42m LAND ACQUISITION CAPEX > 6.5% Expected NIY (after completion)
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Resulting in a +9% TAR* p.a. over the last 2 years EPRA NTA growth effect Dividend growth effect Track27 – Two years of compounding growth momentum *TAR = Total Accounting Return = EPRA NTA growth + total gross dividend distributed since 31 December 2023. Over €150m in value realised through 6.7% average YoC for development completions €80m+ development gains booked 16% rent reversion potential still to be captured on recent acquisitions €10m+ positive revaluation of acquisitions 3%+ annual LfL rental growth over the last 2 years €60m LfL revaluation of standing portfolio 19 external & internal growth
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Development opportunities 20 Completion date Landbank (m²) GLA (m²) Total capex (€m) To invest (€m) Target YoC Current development pipeline Committed developments under construction 203,000 117,000 174 62 ~ 6.5% Halle Q4 2026 55,000 31,000 34 19 Liège (Skechers)* Q4 2027 148,000 86,000 140 43 Near-term development pipeline Expected starts in the next 24 months including pre-let projects awaiting permit 387,300 236,400 232 161 > 6.5% Future development potential Longer term development potential including yielding landbank & land under option 2,819,300 1,244,500 1,233 961 > 6.5% Total 3,409,600 1,597,900 1,639 1,184 *40% share included in the pipeline. €140m represents maximum exposure for Montea. 20Y Average lease term 100% Pre-let 20
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Landbank with a focus on grey and brownfields Movements in landbank Market value of €493m Market value of €191/m² 54% yielding @ 5.8% Yield on Cost 21 2.6m m² 0.8m m² Acquired landbank Land in option Total landbank Dec-2024 In during 2025 Out during 2025 Total landbank Dec-2025 2.7m m² 3.4m m² +0.9m m² -0.2m m² ▪ 100% situated in logistics & industrial zonings ▪ Future development potential of over 1.5m m² GLA ▪ Extension potential by over 70% vs. current portfolio ▪ 65% grey- & brownfields *Refer to the results press release dated 4 November 2025 for updated landbank methodology.
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Existing landbank offers potential for… * Development pipeline forecast based on the expected completion date of projects in execution. 2026 LfL rental growth assumed at 2.5%, 2027 indexation assumption is based on the IMF forecast at c.2%. Near-term opportunities include pre-let agreements awaiting permit, development starts expected to commence in the next 24 months. Future development opportunities include yielding landbank and landbank in option. Annualised cash passing rent (31/12/2025) Pipeline Completion of developments in execution Indexation & reversion (2026 & 2027) Secured annualised rent under Track27 Total landbank potential +13% €165m +73% €252m €146m €12m €7m €87m Additional growth levers • Rental growth • Acquisitions/disposals • Landbank expansion • Green investments 22 +73% rent roll growth Rent potential Near-term and future developments
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0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 €3.2bn €4.7bn Portfolio value (31/12/2025) Portfolio value with full landbank potential unlocked ∼ €330m value creation Additional growth levers • Acquisitions/disposals • Landbank expansion • Green investments Existing landbank offers potential for… €330m 23 * Development pipeline forecast based on the expected completion date of projects in execution. 2026 LfL rental growth assumed at 2.5%, 2027 indexation assumption is based on the IMF forecast at c.2%. Near-term opportunities include pre-let agreements awaiting permit, development starts expected to commence in the next 24 months. Future development opportunities include yielding landbank and landbank in option.
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Portfolio update
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Consistently high occupancy across the portfolio 4.2% 11% 10% 75% 7.4% 2026 2027 2028 > 2028 WALB: 6.5 years* WALT: 7.3 years** * 7.7 years incl. solar panels ** 8.5 years incl. solar panels 25 Proactive tenant management 99.3% 99.4% 99.7% 99.4% 100.0% 99.9% 99.8% 2019 2020 2021 2022 2023 2024 2025 Occupancy rate (%) Market data source: Broker reports Q3 & Q4 2025 97.4% 97.4% 97.8% 97.9% 97.4% 96.0% 94.7%Market occupancy rate of the 11.6% maturing in 2026 already extended or relet 64% 95% of the 9.5% of leases maturing in 2025 extended or relet Lease maturity profile (% of current rent)
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Dynamic lettings momentum continues 26 Leases signed above latest ERVs +0.9 years added to WALB at the time of signing Renewal rate high at above 90% Average rent uplift of +5%, providing further rent reversion capturing evidence Q4 2025 26,000 m²(re)let 251,000 m² (re)let 35,000 m² pre-let 251,000 m²(re)let FY 2025 representing close to €18m in headline rent 53% of leases signed with new clients +9% Average rent uplift (+10% in Q3) FY 2025
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(Re)lettings with a diverse set of clients 27 38% 20% 17% 8% 7% 10% Logistics Construction Food & Beverage Pharma Retail Automotive Leases signed in 2025 (% split by GLA by industry) 159 3 <10,000 m² 10-25,000 m² >25,000 m² Number of leases signed per segment
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Portfolio growth highlights continuous value creation • +0.7% LfL revaluation on standing portfolio • +12% value uplift realised on the 2025 acquisitions • In-house development gains Portfolio value increases €360m YoY (+13%), adding €103m in Q4 (+3.4%) Portfolio EPRA NIY at 4.8% 28 €57m YoY (+2.1%) portfolio value uplift driven primarily by:
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Portfolio value up by €360 million in 2025 Portfolio roll forward (in €m) 29 2,793 307 57 -5 3,152 31/12/2024 Capex Revaluation Disposals 31/12/2025 2,500 2,600 2,700 2,800 2,900 3,000 3,100 3,200
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c.8% reversionary potential to still be captured * Based on net equivalent yield. ** Net Reversionary Yield = ERV / Current property value. 30 Yield effect on standing portfolio ERV effect on standing portfolio -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 0 2 4 6 8 10 12 14 16 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 80% 85% 90% 95% 100% 105% 110% 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 Q4 2025: 8% c.8% reversionary potential provides support for valuation and further rental growth upside potential 5.6% Net Reversionary Yield** +1.1% ERV growth in Q4 (+1.6% YTD) Flat yield effect* in Q4 (+6bps YTD) Portfolio reversionary potentialERV growth provides valuation support
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Market update
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Prime rent trends Gradual increase Gradual increase Gradual increase Gradual increase Belgium GermanyThe Netherlands France Prime yields stabilise, further supported by gradual ERV growth 32 Prime yields show stabilisation, with Belgium posting a 10bps yield compression Ongoing gradual growth in prime rents, underpinned by inflation, continues to support asset valuations Prime yields 4.90% 4.80% 4.40% 4.90% 0% 1% 2% 3% 4% 5% 6% Belgium The Netherlands Germany France Source: JLL, CBRE, Cushman & Wakefield YoY change = YoY change ==
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2025 take-up figures indicate measured recovery in tenant demand, with accelerating activity in Q4 Measured recovery in tenant demand, alongside divergent regional vacancy trends 33 Source: JLL, CBRE, Cushman & Wakefield. Vacancy rate for Belgium and Germany is as of Q3 2025. 2025 take-up evolution +31% +8% -3% -20% -10% 0% 10% 20% 30% The Netherlands Belgium Germany France -16% Vacancy rate (%) 5.1% 5.2% 3.5% 6.3% 0% 1% 2% 3% 4% 5% 6% 7% Belgium The Netherlands Germany France +0.6% +1.0% +0.3% +1.0% Market vacancy evolution continues to be driven by the diverging performance between A- and B-grade locations YoY changeYoY change
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0% 5% 10% 15% 20% 25% 30% 35% 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e 2028e 2029e Belgium Netherlands France Germany UK E-commerce penetration is set to continue growing… 34 10% 14% 22% 22% 25% 32% 18% 27% 17% 17% E-commerce penetration to continue growing while still remaining below more mature markets such as the UK Source: ECDB in €bn
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… while retail sales projections are broadly flat 35 Source: ECDB in €bn Showing switch of consumer preferences towards e-commerce as total retail sales are projected to remain broadly flat 0 100 200 300 400 500 600 700 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e 2028e 2029e Belgium Netherlands France Germany
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E-commerce – a 4 million m² growth opportunity E-commerce revenues to increase by c. €40bn by 2029 in Montea’s markets *Source: ECDB. CBRE estimates the need for 100,000 m² extra space per each €1bn of e-commerce sales. 2024 take-up figures taken into account in €bn 36 Creating a 4 million m² extra logistics space growth opportunity in Montea’s markets alone over the next four years Which would add up to 10% of incremental demand to annual take-up Belgium +4% Netherlands +2% France +10% Germany +10% 9 21 67 109 12 25 79 129 0 20 40 60 80 100 120 140 Belgium Netherlands France Germany 2025e 2029e +3 +4 +12 +20 6.6% 4.0% 4.3% 4.3% 2025-2029 growth p.a.
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Outlook
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*Top-ups relate to the FBI-related provision reversal in The Netherlands € 4.45 € 4.55 € 4.90 € 5.15 € 5.60 € 0.45 € 0.18 € 0.08 3 4 5 6 2023 2024 2025 2026e 2027e Earnings and dividend guidance * +6% CAGR is calculated by using EPRA EPS as of 31 December 2023 as a base. +7% CAGR uses EPRA EPS as of 31 December 2025 as a base. The outcome of the FBI recognition for FY 2024 is expected at the end of 2026. +7% p.a. EPRA EPS & DPS growth 38 2026 guidance 2027 guidance reiterated Track27 - EPRA EPS growth guidance €5.23 EPRA EPS (+7% YoY) incl. potential €0.08 FBI recognition for FY 2024 €4.19 dividend (+7% YoY) incl. potential FBI recognition (80% payout) Min. 2.5% LfL rental growth €250m investment volume target €5.60 EPRA EPS (+7% vs 2026) €150m investment volume target To be executed in line with the Track27 operational and financial framework +6% CAGR
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c. 8x adj. Net debt/EBITDA max.2.5% average cost of debt towards 90% operating margin by end 2027 98%+ consistently high occupancy Track27 strong financial and operational framework affirmed 39 Reflecting disciplined financial allocation and operational excellence The remaining €400m of investments under Track27 are fully covered by the available investment capacity within the c.8x adj. Net debt/EBITDA limit
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Track27 40 Four growth pillars powering dynamic, earnings-focused capital allocation Developments Partnerships Acquisitions Green investments Laying the groundwork for growth beyond Track27, with permits for 500,000 m² of GLA expected in 2026–27 in France, of which 150,000 m² already secured
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Track27 framework extends robust balance sheet record 5.7 6.1 6.7 7.9 6.4 6.4 7.35.5 6.2 6.7 4.9 4.5 4.5 4.5 0 1 2 3 4 5 6 7 8 9 3 4 5 6 7 8 9 2019 2020 2021 2022 2023 2024 2025 (adjusted) net debt/EBITDA ICR 35.7% 35.0% 36.2% 38.9% 32.4% 33.7% 38.1% 2019 2020 2021 2022 2023 2024 2025 41 Loan-to-valueNet debt/EBITDA and ICR The Net debt/EBITDA (adjusted) has been restated to accurately reflect the financial debts (i.e. excluding IFRS16 liabilities)
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Financing sources Maturity (y) Well-spread maturities for CLs & bonds Supported by diversified, long-term funding 5.7 5.4 0 1 2 3 4 5 6 MATURITY FINANCING MATURITY HEDGING 0 50 100 150 200 250 300 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 Creditlines Bonds 46% BONDS 53% CREDIT LINES <1% LEASING 42
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Proven return track record: +16% 10-year TAR* * TAR = Total Accounting Return = annual EPRA NTA growth + gross dividend distributed. 10-year TAR CAGR stands at +16%. YoY % change 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10Y CAGR EPRA EPS 8% 4% 14% 11% 7% 7% 9% 9% 2% 8% 8% DPS 4% 3% 4% 12% 11% 7% 9% 2% 7% 9% 7% EPRA NTA 10% 7% 17% 29% 19% 23% 11% 4% 5% 5% 12% +7% p.a. 2026-27 EPRA EPS guidance underpins future TAR growth 43 18% 14% 24% 35% 24% 28% 15% 8% 9% 9% 0% 5% 10% 15% 20% 25% 30% 35% 40% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10-year Total Accounting Return (YoY % change) Historical valued were adjusted to reflect a new number of shares in issue used for the EPRA NTA calculation.
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ESG
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An all-rounded approach to energy independence and efficiency 45 Locally produced energy complements further energy-efficient initiatives Heat pumps replacing gas installations LED lighting in warehouses EV charging 972 charging points installed Battery storage systems EV truck charging currently being investigated *Battery storage system rollout commenced in 2025. €28m €32m €60m InvestedPlanned Track27 green investments 68 MWp 88 MWp Photovoltaic capacity 2023 2025 Heat pump installations in portfolio 45% 50% target LED lighting in warehouses in portfolio 91% 100% 2030 Battery storage systems 45 MWh0 MWh 32% 83% target
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Montea. Unmatched. A JV partner in the largest single-tenant development in Belgium Highest occupancy rate in the gateway to Europe markets The only listed European logistics player with fully pre-let development pipeline 100% 99.8% 215,000 m² * Montea owns a 40% stake in the JV with Weerts
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Q&A
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Appendix Portfolio About Montea Track27
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Financial targets Track27 Disciplined financial allocation and operational excellence remain at the core +7% p.a. 2026-27 EPRA EPS guidance, with EPRA EPS to reach €5.60 in 2027. +6% p.a. EPRA EPS growth on average for the period 2024-2027 €1.15bn investment target, with portfolio to grow by more than 50% to above €3.5bn by 2027 end (vs 2023) 49 Our most ambitious growth plan to date
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Our most ambitious growth plan to date ESG-linked targets Track27 GHG emissions reduction by 45% in our standing portfolio by end 2027 end (vs 2019) All new developments are zero emission buildings €60m investment in sustainable projects by 2027 50
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Antwerp Liège Ghent Charleroi Brussels Venlo Venray Tiel Eindhoven Tilburg Amsterdam Rotterdam Rennes Nantes Rouen Paris Lille Toulouse Lyon Marseille Hamburg Berlin Hannover/Brunswick Bremerhaven Rhine-Ruhr Leverkusen Frankfurt Mannheim Stuttgart Munich Nuremberg Locations Country # sites sqm (‘000) Fair Value Annual Rent EPRA NIY Occupancy % of portfolio BE 44 1,019 m² €1,365m € 59m 5.1% 99.8% 43% NL 42 965 m² €1,258m € 60m 4.5% 100% 40% FR* 35 293 m² €438m € 21m 5.1% 99.1% 14% DE 3 99 m² €90m € 6m 5.5% 100% 3% TOTAL 124 2,376 m² €3,152m €146m 4.8% 99.8% 100% Belgium The Netherlands France Germany Main logistics hotspots Montea sites 51 *Portfolio in France includes an industrial outdoor storage (IOS) component of the Reverso portfolio which is not reflected inthe 292,508m² portfolio area. Excluding the fair value and rent of this IOS, the average fair falue for France stands at €1,202/m² and average rent at €61/m².
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2.7% 2.5% 2.3% 2.2% 2.1% Top 10 tenants * Split calculated by rent 52 5.5% 4.3% 3.8% 2.8% 2.7%
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A high-quality portfolio 49% 14% 14% 7% 7% 6% 3% Sector diversification Logistics Food & Beverage Construction Retail Pharma & Medical Automotive Other 56% 44% Multimodality Yes No 32% 30% 22% 16% Age of buildings < 5 years 6-10 years 11-20 years 20+ years 53
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Antwerp Liège Ghent Charleroi Brussels Our Belgian portfolio (43% of the total) Source: CBRE – H1 2025 data Largest cities Montea assets Logistics hotspots Regional vacancy rate is concentrated along core logistics network of Antwerp, Brussels, Ghent & Liège, where vacancy remains very limited 54 8.0% 4.9% 5.5% 0.0% 6.4% 0.0% 4.2%
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6.5% 3.5% 4.0% 0.6% 2.9% 8.9% 1.8% Our Dutch portfolio (40% of the total) Source: CBRE – Q4 2025 data 8.3% Regional vacancy rate Focuses on highly sought-after locations with highly constrained supply of warehouse space 55 Venlo Venray Tiel Eindhoven Tilburg Amsterdam Rotterdam Largest cities Montea assets Logistics hotspots 3.4%
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Our French portfolio (14% of the total) Rennes Nantes Rouen Paris Lille Toulouse Lyon Atlantic Arc French Backbone Marseille Source: Cushman & Wakefield – Q3 2025 data Largest cities Montea assets Logistics hotspots 10.5% 5.4% 4.5% 1.4% 9.9% Regional vacancy rate 8.3% 7.1% 2.6% 4.5% 5.2% 6.1% Focuses on two main logistics corridors of the country – the French Backbone and the Atlantic Arc 56 6.2%
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While our growing German portfolio (3% of the total) Hamburg Berlin Hannover/Brunswick Bremerhaven Rhine-Ruhr Leverkusen Frankfurt Mannheim Stuttgart Munich Nuremberg Source: Logivest 2024/2025 vacancy data report Largest cities Montea assets Logistics hotspots 2.1% 3.6% 4.4% Regional vacancy rate Has presence in strategic locations such as Port of Hamburg and Rhine-Ruhr logistics hub 57 4.1%
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Earnings track record and guidance *DPS 2023: € 3.38 + € 0.36 (FBI-related provision reversal), DPS 2024: €3.60 + € 0.14 ** DPS 2026: € 4.11 + € 0.08 FBI-related provision reversal 58 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e 2.05 1.97 2.47 2.58 2.95 3.28 3.50 4.10 3.75 4.45 4.55 2.29 5.60 4.90 3.93 5.15 4.19** 1.79 1.82 2.00 1.84 1.84 1.93 1.97 1.97 2.03 2.11 2.17 2.26 2.54 2.83 3.03 3.30 3.74* 3.74* EPRA EPS (€) DPS (€) 0.45 0.18 0.08 Track27 +6% p.a. EPRA EPS on average 2015-2025 EPRA EPS +8% p.a. on average
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Portfolio growth 59 € - € 0.5 € 1.0 € 1.5 € 2.0 € 2.5 € 3.0 € 3.5 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2027 Portfolio Fair Value evolution incl. solar panels & developments Belgium FranceNetherlands Germany €3.5bn Portfolio size target x35 since IPO in bn €3.2bn €101m
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Share price & NAV evolution 60 Data as of 9 February 2026 Share price & NAV P/D to NAV -30% -10% 10% 30% 50% 70% 90% 110% 130% 150% € 0 € 20 € 40 € 60 € 80 € 100 € 120 € 140 Premium/Discount to NAV Share price NAV
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This presentation contains forward-looking statements. Such forward-looking statements involve unknown risks, uncertainties and other factors which may cause the actual results, financial conditions, performance or achievements of the company to be materially different from any future results, performance or ach ievements expressed or implied by such forward-looking statements. Given these uncertainties you are cautioned not to place any undue reliance on such forward -looking statements, which cannot be guaranteed. These forward-looking statements speak only as of the date of this presentation. The company expressly disclaims any obligation to update such forward-looking statements, except to the extent and in the manner required by Belgian law. CONTACT Inna Maslova, Investor Relations Manager inna.maslova@montea.com MORE INFORMATION www.montea.com