Annual report
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ANNUAL REPORT 2025 SPACE FOR GROWTH
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2 3 2025 opened on a high note: Montea’s inclusion in the BEL 20. This recognition underscores the longstanding dedication of our colleagues, our customers’ trust and the continued support of our shareholders. They share our belief in our growth story and support our continued progress. This is both rare and genuinely heartwarming. Like many companies, we faced a year shaped by challenging geopolitical conditions. However , thanks to our solid foundations and the resilience and agility of the entire Montea team, we were able to continue to grow. We consistently pursued transgenerational value creation and sustainable partnerships. As part of this approach we created a long-term partnership with developer Weerts Group to develop Skechers’ new European distribution centre in Liège. This will be Belgium’s largest single occupier logistics development. A prime example of a large-scale, state-of-the-art automated facility. The Track27 growth plan also lived up to expectations. We met all our targets, including growth in earnings per share, portfolio expansion, occupancy levels and sustainability criteria. We head into 2026 with the same strong conviction. With more than 81% of our Track27 growth already secured, we are confident in achieving our 2027 earnings expectations. In the coming years, we will continue to focus on the development and expansion of our land bank, as well as further enhancing the sustainability of our portfolio. Under Track27, financial and sustainability targets go hand in hand. The launch of our first energy hub in Willebroek clearly demonstrates this type of sustainable value creation. The newly developed battery park temporarily stores generated solar energy and releases it when needed. This allows us to intelligently mitigate capacity shortages - an essential need in an era of grid congestion. The project demonstrates how logistics real estate can play a leading role in the energy transition while providing our customers with reliable access to energy. Another highlight of the past year was the completion of a high-quality, multimodal distribution centre for Intergamma in Tiel, the Netherlands. As our largest new-build project to date, it perfectly embodies our ambition to make large-scale logistics more sustainable. We completed developments in Aalst, Oss and Amsterdam, and began construction on two pre-let projects near Brussels and Halle. By pursuing targeted acquisitions across our core countries, we continued to build and expand our land bank. In Belgium, we further strengthened our position at Blue Gate Antwerp, and in the Netherlands we acquired strategic plots in Zaltbommel and Zeewolde. Finally, in Combronde, France, we added a permitted and development-ready plot to our portfolio. Having pre-permitted land allows us to respond quickly whenever promising opportunities come our way. We take great pride in consistently meeting our goals, even amid the challenging conditions facing our sector . The strong portfolio we have carefully built over recent years is now proving its worth more than ever . In the coming years, we will continue to lay the groundwork for the expansion and development of our land bank. As logistics continues to evolve into a more complex and technology-driven asset class, we are ready to seize every opportunity. As entrepreneurs – one of our FEET values – we consistently deliver creative solutions. This is how we continue to help drive our customers’ success. I am convinced that this resilience is what sets Montea apart. With great pride, Jo De Wolf CEO A word from the CEO “Resilience is our core strength.” Jo De Wolf — CEO
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1975 → MAASGLAS GLASSWORKS In the 1970s, this 50-hectare site in Tiel (Gelderland) was home to Maasglas, a bustling glass factory – and the inspiration behind the name of its successor: Glassworks Logistics Park. This is a reconstruction of what this site might have looked like in 1975. 4 5
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→ 2025 → GLASSWORKS LOGISTICS PARK TODAY AND TOMORROW In 2025, we completed distribution centers in Tiel North, Tiel Central and Tiel South. The multimodal facility at Tiel North, developed for Intergamma, is our largest project to date (approx. 95,000 m²). 6 7
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1 2 9 11 15 3 4 5 6 6 7 12 1314 8 → 2055 SPACE FOR GROWTH Montea distribution center with multifunctional spaces above Drone port Hyperloop freight tunnel network Integrated e-bike hub and micromobility charging station Spiral vertical-axis wind turbine Solar parks on rooftops and at ground level Modular riverside energy storage system Water biofiltration and purification basin Climate-controlled geodesic dome for urban farming Rooftop sports fields and recreational facilities for employees Integrated vertical greenery on the multi-level distribution center Prince Bernhardsluizen: autonomous inland waterway locks connecting the River Waal to the Amsterdam-Rhine Canal Autonomous inland port for freight transport and logistics hub Tiered, multi-level timber and green headquarters Smart electric vehicle charging stations 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 10 This is a visualization of what the site might look like in 2055. 8 9
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Founded in 1963, glass factory De Maas, later known as Maasglas, initially produced window glass before diversifying into tempered safety glass and glass façade cladding, employing around 1,000 people at its peak. It became a key economic driver in the region, but shifting market conditions and overcapacity ultimately led to its permanent closure in 2014. This is a reconstruction of what this site might have looked like in 1975. In 2018, Montea acquired the former Maasglas site with a clear ambition: to transform the outdated glass factory site into Logistics Park Glassworks, a sustainable logistics hub. What was once a contaminated brownfield was fully remediated and prepared for redevelopment, including archaeological assessments. From the outset, we deliberately chose a different approach: not a conventional business park, but an integrated logistics ecosystem built around a forward-looking vision. In 2021, we delivered a c. 9,500 m² cleantech recycling facility on the site. In 2025, three key milestones followed: the completion of Tiel North with Intergamma (95,000 m² – our largest development to date), Tiel Central with DC Quartz (68,000 m²) and Tiel South with DC Silica (24,000 m²). Sustainability is central throughout, with buildings meeting BREEAM ‘Excellent’ standards. At the same time, we place strong emphasis on the social (S) component of ESG. Bright, spacious offices, plenty of daylight and greenery create an inspiring workplace where people feel comfortable and can thrive. Today, the site stands as a benchmark for sustainable large-scale logistics, where efficient land use and societal value go hand in hand. 1975 → MAASGLAS GLASSWORKS → 2025 → GLASSWORKS TODAY AND TOMORROW From glass factory to sustainable logistics hub The future of Glassworks Logistics Park builds on a strong and scalable foundation. DC Quartz and DC Silica are available for lease, and the site still offers approximately 92,000 m² of development potential, spread across two new buildings. The former Maasglas site will therefore continue to evolve as a dynamic and forward-looking logistics hub. Glassworks Logistics Park positions itself as a leading benchmark in the sector: a place where large-scale logistics and sustainability go hand in hand. With features such as solar panels, a strong focus on biodiversity, innovative energy solutions and an e-truck charging station, Intergamma’s distribution center alone ranks among the top 10% most sustainable logistics centers in the Netherlands. The business park also benefits from an exceptionally strategic location: close to the A15 and A2 motorways, connected to the Amsterdam-Rhine Canal and the River Waal, and ideally positioned between the Randstad and Germany. A true logistics hotspot in the Netherlands, it creates significant employment and benefits from broad local support for its green ambitions. This is a visualisation of what the site is expected to look like in 2055. → 2055 SPACE FOR GROWTH 10 11 This transformation is a powerful example of how industry can reinvent itself. Intergamma now operates in an environment driven by innovation, well-being and forward-looking thinking. For us, this is far more than a conventional distribution center — it is a strategic hub, built for our growth and the logistics of tomorrow.” Joost de Beijer CEO Intergamma
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12 13 01 2025 highlights p. 14 02 We are Montea p. 24 03 Cross-generational value creation via 4 growth pillars p. 38 04 Looking to the future p. 100 05 Management report p. 108 06 Montea on the stock market p. 140 07 Corporate Governance declaration p. 146 08 Risk factors p. 192 09 Financial statements p. 202 10 Data pack p. 280 11 Additional information p. 366 TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF CONTENTS
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14 15 1 Even in a challenging market, Montea consistently delivered on its ambitions. The strong portfolio we have built over recent years proved its value more than ever and delivered solid returns. The delivery of our largest development ever in Tiel underscores the strength and sustainability of our long-term strategy. We also partnered in an ambitious joint venture with Weerts Group to deliver the largest single-tenant development ever in Belgium. In this chapter , we reflect on the 2025 projects and achievements that fill us with pride and showcase our resilience. CHAPTER ONE CHAPTER ONE CHAPTER ONE CHAPTER ONE CHAPTER ONE CHAPTER ONE 2025 HIGHLIGHTS
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€4.45 €4.10 €0.45 €0.18 €4.55 20232022 2024 Montea joined the BEL20 index Joining the BEL20 is a testament to our continued commitment to sustainable growth, forward-thinking real estate solutions, and strong, long-term partnerships with our clients and partners. Since our IPO in 2006, we have consistently grown our portfolio and strengthened our position in the European logistics real estate market. Growth is important, but so is creating value. Over the past decade, Montea has achieved an average annual increase of +16%, thanks to both dividend growth and increases in intrinsic value. We achieved our financial goals Montea ended 2025 on a strong note, maintaining a strong focus on revenue growth and value creation. Our EPRA earnings stood at €112.8 million, an 18% y/y increase from recurring activities. This equates to EPRA earnings of €4.90 per share, up 8% y/y, including a 10% increase in the number of shares. Our Track27 growth plan is progressing as planned In 2024, we launched Track27, our most ambitious growth plan to date, a four-year roadmap aligning financial and sustainability goals. By the end of 2025 – now halfway through – we had already secured an impressive 81% of our targeted investment volume (approximately €1.15 billion). In total, €930 million in investments have already been completed, launched, or are under exclusive negotiation. All of this is driven by a clear strategy focused on creating sustainable value. Track27 ambitions: • A combined investment volume of €1.15 billion, increasing the portfolio value by more than 50% compared to 2023, to €3.5 billion by the end of 2027. • An increase in EPRA earnings to €5.60 per share in 2027, an average annual growth rate of 6% compared to 2023. • A 45% reduction in CO2 emissions from the standing portfolio by year-end 2027 (vs. 2019). We are investing €60 million to support new climate-neutral developments, further deploy battery energy storage systems, grow our solar capacity, and enhance energy efficiency across our standing portfolio. Oss, the Netherlands EPRA earnings Portfolio growth €3.2 bn €2.8 bn 2025€112.8 m €99.3 m 20252024 2024 +13% +14% The dividend rose to €3.93 per share (+9% y/y from recurring activities). We also achieved our targeted investment volume of over €300 million, at an average net initial yield of 6.5%. 16 17 EPS growth (+8% y/y) €4.90 2025 DPS growth (+9% y/y) €3.38€3.30 €0.14 €0.36 €3.60 20232022 2024 €3.93 2025 total = €3.74 ↓↓ CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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18 19 We completed our largest development project to date In June 2025, we delivered a c. 95,000 m² high-spec, multimodal distribution center in Tiel, the Netherlands, for Intergamma, with a total investment of approximately €83 million. The new hub enables Intergamma to streamline and centralize its logistics operations, enhance efficiency, and reduce transport flows across the Benelux region. This is not only our largest project to date, but also closely aligns with Montea’s strategy to advance the sustainability of large-scale logistics real estate. We made several high-quality new acquisitions In Q2 2025, we expanded our footprint at the innovative Blue Gate Antwerp site (Belgium) by acquiring a c. 6,000 m² building with extensive outdoor storage. This marks the fourth property on the≈site that we are adding to the Montea portfolio. During the same quarter , we also acquired a strategically located, partially developed plot (115,400 m²) in Zaltbommel (the Netherlands), a key logistics hub along the A2 motorway. The southern section of the site, totaling approximately 49,000 m², is expected to be available for development in the near term. The remaining area (approximately 66,400 m²) is currently occupied by a factory. We entered into a long-term lease agreement with the tenant. As a result, this sale-and-leaseback transaction provides immediate returns from day one. In the third quarter , we continued to expand our portfolio in the Netherlands. We acquired a c. 36,000 m² distribution center located on a plot of approximately 55,600 m² in Zeewolde. Finally, by the end of 2025, Montea had acquired 150,000 m² of permitted development potential in France. This was achieved through the acquisition of approximately 337,000 m² of strategically located land. These acquisitions represent an investment value of ca. €100 million and produce an average initial yield of ca. 6.0%. We formed a joint venture with Weerts Group Weerts Group is a family-owned business based in Liège, with operations spanning real estate, logistics, renewable energy, and more. Through its subsidiary Weerts Logistics Parks (WLP), the group operates in several European countries and has more than 600,000 m² of logistics real estate under development. In 2025, Montea and Weerts Group formed a long-term partnership to develop Skechers’ new European distribution center in Liège – Belgium’s largest-ever single-tenant logistics development, spanning 215,000 m². As part of this partnership, Montea will take a 40% stake in the project company, while Weerts Group retains 60% and leads the development and construction. This project represents a maximum investment of around €140 million and is expected to achieve a yield of more than 6.0%. Zeewolde, the Netherlands Zaltbommel, the Netherlands Over the course of 2025, we successfully delivered several other projects. For our client Movianto, we delivered a c. 9,000 m² expansion of its distribution center in Aalst, Belgium, representing an investment of approximately €8 million. Blond moved into a newly developed c. 7,000 m² distribution center in Amsterdam, the Netherlands. The investment allocation for the plot and development totaled around €13 million. Finally, we delivered a new 17,000 m² distribution center in Oss, the Netherlands, for Vos Distri Logistics, with an investment of approximately €13 million. We opened our first energy hub in Willebroek This hub – the first of many – shows the leading role logistics real estate can play in the energy transition. Together with our customers and partners, we are step by step creating a powerful network of energy hubs, making the logistics sector more sustainable, more self-sufficient, and ready for the future. The battery park in Willebroek has a storage capacity of 15 MWh and helps address a growing issue in the logistics sector: limited grid capacity and a mismatch between peak demand and solar generation. Battery storage addresses this mismatch by storing excess locally generated solar energy and deploying it strategically at a later stage. Thirteen Belgian sites are currently equipped with battery storage systems, representing approximately one-third of the Belgian portfolio and a total storage capacity of 35 MWh. The first battery projects have also been installed in the Netherlands, with a total storage capacity of 10 MWh. Our efforts received multiple awards and recognitions For the eighth year in a row, we achieved the gold award for the EPRA Best Practices Recommendations (BPR). For the fourth consecutive time, we also achieved the highest level of recognition under the EPRA Sustainability Best Practices Recommendations (sBPR). These awards recognize our long-standing commitment to transparent financial reporting and sustainability disclosures. Together with our client Lekkerland, we were awarded the Logistics Award by the real estate trade publication PropertyNL for the new distribution center in Waddinxveen, the Netherlands. The jury praised the property for its sustainable and innovative design, as well as its employee-friendly approach. They also commended the close collaboration between Lekkerland, Montea and construction partner Remmers. Finally, in France, we were awarded Logistics Deal of the Year for the acquisition of the Reverso portfolio, a strategic move marking a key milestone in our Track27 growth plan. The deal included 17 sites in strategic locations, with a combined value of over €150 million. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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20 21 Want to read more? More detailed financial information can be found in chapters 5 and 9. Key figures — financials & team Consolidated resultsConsolidated balance sheet Land bankTeam Portfolio 2025 38.1% Debt ratio 2025 €3.2 bn (+13% y/y) 2025 285,000 m² (re)let with an average rent increase of 9% 2024 2025 2.3% 2.1% Average cost of debt 2025 99.8% Occupancy rate 2025 4.8% EPRA NIY 2024 2024 2024 2024 2025 2025 2025 78.05 97.8% 6.4x 33.7% 81.63 EPRA NTA per share (€) Management 2024: 12 11 people Employees 2024: 49 57 people Board of directors 2024: 7 7 people Total number of employees 68 61 20252024 7.3x Net debt/EBITDA (adj) 99.7% Hedging ratio EPS growth €4.45 €4.10 €0.45 €0.18 €4.55 20232022 2024 €4.90 2025 DPS growth total = €3.74 €3.38€3.30 €0.14 €0.36 €3.60 20232022 2024 €3.93 2025 387,300 m2 203,000 m2 2,819,300 m2 31/12/2025 3,409,600 m² Current development pipeline Short- to medium-term development pipeline Future development potential ↓↓ CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Montea operations Greenhouse gas emissions targets and actions Greenhouse gas emissions targets and actions Greenhouse gas emissions targets and actions Embodied carbon Greenhouse gas emissions in new building developments Whole life carbon Total lifetime greenhouse gases Operational carbon Greenhouse gas emissions from buildings in the standing portfolio Actions Target 2024 2025 Green energy use 100% by 2030 81% 71%2 Use of renewable energy systems 100% by 2030 96% 95% Use of energy-saving technology, in particular LED lighting 100% by 2030 78% 91% Phasing out fossil fuels 100% by 2035 45% 46% Montea existing portfolio Target 2019 2025 Status Operational carbon tCO2e/m2 -55% by 2030 0.0141 0.004 -71% Net zero by 2050 Target 2019 2025 Status Operational carbon tCO2e/m2 Carbon neutral from 2021 0.235 0.109 -54% Net zero by 2030 Actions Target 2024 2025 Green energy use 100% 100% 100% Carbon footprint (tCO2e/fte) 3.1 2.7 Electric vehicle fleet 100% by 2027 62% 85% Montea developments Target 2021 2025 Status Embodied carbon tCO2e/m2 -55% by 2030 0.317 0.254 -20% Estimated operational carbon tCO2e/m2 -55% by 2030 0.016 0.007 -56% Net zero by 2050 Actions Target 2024 2025 Setting SBTi targets under the real estate framework Decarbonization pathway for embodied carbon Drafting of the Montea LCA guidelines LCA assessment for all devel- opments from 2019 onwards Reduce energy intensity 25 kWh per m²/year* 25 kWh per m²/year 25 kWh per m²/year *CCREM 2050 target - 1.5 °C Want to read more? More non-financial information can be found in chapter 3. 22 23 Key figures — sustainability (1) The intensity metric of 0.019 tCO2e/m² reported in the 2024 annual report has been recalculated to 0.014 tCO2e/m². This reduction is driven by a revision of absolute emissions for the 2019 base year , from 21,701 to 17,375 tCO2e, reflecting two methodological updates. First, a site-level validation of fuel types in 2019 was conducted, resulting in Scope 1 emissions being extrapolated only across areas with verified gas consumption, rather than the full portfolio. Second, upstream Scope 3 emissions related to tenants’ energy consumption have been excluded to prevent double counting. All disclosures and comparisons against the 2019 base year in this report are based on these recalculated figures. (2) A decrease in the share of green electricity consumption by tenants has been recorded. This trend is primarily attributable to portfolio growth through the acquisition of standing assets, which are generally not yet equipped with on-site renewable energy generation (e.g. solar PV). In addition, tenants in these assets have not yet transitioned to green energy supply contracts. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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2 Montea develops and invests in logistics properties across Belgium, the Netherlands, France and Germany. We focus on growth through sustainable value creation. We transform contaminated land, improve the sustainability of existing buildings, and build new energy-neutral developments. This allows us to create jobs, support our clients in their energy transition, and contribute to efficient logistics flows and attractive workplaces for our clients and their employees. WE ARE MONTEA 24 25 CHAPTER TWO CHAPTER TWO CHAPTER TWO CHAPTER TWO CHAPTER TWO CHAPTER TWO
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average annual growth (2015-2025) +8% EPRA EPS 27 Local expertise Long-term value creation Land bank Number of sites on 31/12/2025 124 Surface area 2,375,726 m2 Occupancy rate 99.8% Fair value of the property portfolio €3,152 m Management 2024: 12 11 people Employees 2024: 49 57 people Board of directors 2024: 7 7 people Total land area 3,409,600 m2 Land being developed 590k m2 Land with future development potential 2,819k m2 Market value €493 m Grey/brownfields >65% Income-producing land 54% (5.8% return on investment) Portfolio GRESB Score Standing investments GRESB Score Development 77 100 89 100 ESG strategy From development to asset management, we have all the expertise locally Combronde, France Beringen, Belgium Business Development Asset Management Driving growth through a strong land bank and strategic partnerships Strategic management and value creation Property Management Accounting Operational management and site optimization Financial oversight and analysis 2006 2025 €101 million billion €3.2 Portfolio growth since the IPO ↗ 26 27 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Germany Number of sites on 31/12/2025 3 Surface area (m2) 99,495 Fair value of the property portfolio €90 m Total occupancy rate 100% Portfolio allocation 3% France Number of sites on 31/12/2025 35 Surface area (m2) 292,652 Fair value of the property portfolio €438 m Total occupancy rate 99.1% Portfolio allocation 14% Belgium Number of sites on 31/12/2025 44 Surface area (m2) 1,019,064 Fair value of the property portfolio €1,365 m Total occupancy rate 99.8% Portfolio allocation 43% The Netherlands Number of sites on 31/12/2025 42 Surface area (m2) 964,515 Fair value of the property portfolio €1,259 m Total occupancy rate 100% Portfolio allocation 40% Our core markets We focus on strong local presence and strategic locations in Western Europe. We operate along key logistics corridors and in prime logistics hubs in Belgium, the Netherlands, France, and Germany: regions that are central to the Western European economy. Instead of chasing large-scale international expansion, we create value by focusing on a select group of high-potential logistics markets. A lack of land We address this by redeveloping Charleroi LiègeBrussels Ghent Antwerp Lyon Marseille Toulouse Nantes LilleRennes Rouen Paris Rhine/Ruhr Bremerhaven Berlin Frankfurt Nuremberg Munich Stuttgart Hannover Amsterdam The Hague Rotterdam Breda Tilburg Eindhoven Venlo Venray Tiel ‘s-Hertogenbosch Montea portfolio Main cities Logistics hotspots greyfield and brownfield sites. This enables us to develop a resilient, future-proof portfolio that we manage ourselves. In all 4 of our core countries, we have local teams covering business development, asset management, property management and accounting. These teams have in-depth knowledge of their markets and maintain close relationships with our clients and partners. At the same time, they benefit from strong central support from expert teams in Belgium, spanning finance, tax, IT, sustainability, legal, HR, marketing, communications and PR. This mix of strong local teams and centralized expertise helps us stay flexible and grow efficiently. This ensures we are always ready to act swiftly when new opportunities arise. 28 29 2025 HIGHLIGHTS WE ARE MONTEA CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION
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Our Board of Directors To ensure balanced, well-informed decisions, we aim for a diverse Board of Directors in terms of gender, experience, competencies, and expertise. The current directors bring together a broad mix of expertise, from banking and pharmaceuticals to real estate. The Board also has extensive ESG expertise: an important consideration when selecting and appointing new members. 1 strategy, 7 key areas Our strategy comes together under one clear principle: “one strategy, seven pillars: every team aligned, every client central.” This strategy builds on our Track27 plan and sets the overall framework for financial and non-financial priorities in the coming years. These targets are based on our strong financial base: • Average cost of debt not exceeding 2.5% • Net debt/EBITDA (adj.) of circa 8x • An occupancy rate above 98% • Operating margin of 90% by 2027 Based on our Track27 goals, we defined 7 strategic areas to guide the organization: land bank, people, client focus, value creation, communication & marketing, data & digitalization, and sustainability. The client comes first In 2025, we carried out a survey of our tenants (>100 in total). The study confirmed Montea’s strong performance in new client acquisition, while highlighting additional growth potential in deepening existing client relationships. This is why we want to focus even more on a proactive client approach. This entails strengthening our customer focus by listening more closely and responding more effectively to their current (and future) needs. This includes supporting clients in their energy transition, optimizing their operating costs, and planning space for future expansion. Track27: our goals for 2027 • a total investment volume of c. €1.15 billion • the portfolio’s value rises by more than 50% to €3.5 billion. • EPRA earnings rise to €5.60 per share • CO2 emissions from the standing portfolio will be reduced by 45% • over €60 million invested in renewable energy, thanks to: • climate-neutral property developments • roll-out of battery storage systems and increase in solar panel capacity • energy-saving improvements to the standing portfolio Turning strategy into action In 2025, we introduced this strategy across the organization through a roadshow led by our CEO, Jo De Wolf, along with workshops in each core country. The aim was to ensure all teams were aligned: what does this strategy mean for each department? We shifted our focus from individual targets to team-based objectives, fostering stronger collaboration and a greater sense of shared responsibility. The next step in 2026: taking our client-centric approach to the next level (every client central). Every decision begins with one question: how does this create value for the client? But how do we put this into practice? “Every Montea employee is provided with a clearly defined growth path, including targeted training, coaching, and concrete development opportunities, enabling them to progress step by step and fully develop their talents.” Steven Claes Chief Human Resources Officer From thinking to doing Client-centricity cannot remain just a mindset, it must be embedded in how we operate. To embed this structurally, we are developing targeted learning programs for all employees across the organization. They will blend theory with a hands-on approach: how can each area, from business development to property management, contribute to client satisfaction? But being client-focused also means thinking ahead. For example, we proactively plan for future opportunities when high-potential properties are expected to come to market in the coming years. By making the right choices today and nurturing lasting relationships, we’re already shaping long-term value for clients, teams, and stakeholders. Rooted in our FEET values, this approach is amplified through strong strategic partnerships and collaborations. You can read more about this on page 56. FOCUS (proactive and flexible): all our actions, energy and talents drive our client- focused strategy, while we continue to respond flexibly and proactively to changing circumstances. ENTREPRENEURSHIP (ownership, pragmatism): at Montea, we take ownership of our roles, trust in each other and have the courage to take practical, results- oriented decisions. EXPERTISE (targeted, inquisitive): through our inquisitive nature and dedication to targeted growth, we cultivate and share expertise. TEAM SPIRIT (reliable, empathetic): together , we promote cooperation, open communication and a positive feeling of engagement. We work as one team, treat one another with respect and empathy, and strive to become the best version of ourselves. 30 31 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Multi-faceted value creation: Intergamma, Tiel In Tiel, the Netherlands, we delivered our largest development to date: a 95,000 m² distribution center for Intergamma. It now ranks among the top 10% most sustainable logistics centers in the Netherlands. This doubled the land value from €120 to €240 per square meter , a 100% increase! A compelling example of how financial value creation and sustainability can go hand in hand. Read more about the Intergamma hub on p. 49. We also remain strongly focused on driving value creation through leasing and reletting activities within our standing portfolio. In 2025, we (re)leased 285,000 m² – 12% of our portfolio – achieving an average rental increase of 9%. This highlights not only the quality of our buildings but also the strength of our relationships with both long-standing and new clients. Finally, renovating and making our existing buildings more sustainable is becoming increasingly important (see p. 82). When a property becomes outdated or is vacated, for example after a lease ends, we future-proof it through measures such as heat pumps and additional investments in solar panels and/or battery storage. Creating value on every level: the property grows in value, while supporting our clients on their journey toward energy transition and independence. A successful 2025 >€300 million invested, at an average net initial yield of 6.5% €4.90 per share (+8% y/y recurring) “In 2025, we (re)leased 285,000 m² across our standing portfolio, with an average rental uplift of 9%. That, too, is value creation: quality buildings and satisfied clients.” Inna Maslova Investor Relations Manager From specialist to thought leader For many years, we have led the way in our field, creating value for our stakeholders through future-proof logistics properties in prime strategic locations. By sharing our expertise, vision, and innovative drive more broadly, we are stepping into a more visible role in the market. Thought leadership plays an important strategic role in this. By taking part in specialized seminars, organizing our own events, and sharing insights on sustainable logistics, energy solutions, and market trends, we position ourselves as a leading voice in the sector. This shift goes hand in hand with further decentralizing our expertise and visibility. The focus is no longer on one central voice, but on strong local teams with their own identity. Our country directors act as active ambassadors for Montea in their markets, including through initiatives such as Logistics Check for the Future (Belgium), Reality Check (the Netherlands), and Cocktail Dinatoire (France), as well as various working groups. This approach enhances our credibility as a construction partner , expands our influence in public discussions, and supports the development of long-term relationships with clients, partners, and stakeholders. Positioning ourselves not only as a developer and investor , but as a leading voice shaping the future of logistics real estate. Driving growth through long- term, cross-generational value creation Our ultimate goal: sustainable growth through multi- generational value creation In 2025, we invested €300 million, at an average net initial yield of 6.5%. These investments are strategically allocated across 4 growth pillars: 1. in-house project developments (see p. 42) 2. strategic acquisitions (see p. 50) 3. strategic partnerships and collaborations (see p. 56) 4. smart energy solutions and other sustainability solutions (see p. 62) This value creation vision extends beyond real estate. Our people, the Monteaneers, are a vital cornerstone of this long-term vision. We place great importance on cultural fit and only hire employees who truly align with our DNA and core values. By combining a flat structure with tailored development programs, we nurture lasting relationships and individual growth, unlocking value within the team. A clear example of this: a voluntary turnover rate of just 3%. Delivering value at multiple levels Guided by our Track27 targets, we continue to invest in growth, with one clear principle: creating long-term value across every level. Our strategic land bank plays a key role (see p. 42). Today, the portfolio spans approximately 2.6 million m², with significant growth potential to reach 3.4 million m² (+65%). Some of these plots are already income-producing, for instance via sale-and- leaseback arrangements (see p. 55). This is what we refer to as our yielding land bank. Other sites are already pre-permitted, such as brownfield locations with existing utilities, allowing us to move swiftly when clients need additional space at short notice. We also continue to focus on maximizing value creation for our stakeholders through targeted acquisitions (see p. 50). In 2025, we invested €100 million in carefully selected acquisitions, which have already increased in value by an average of 12%. The Zaltbommel site (see p. 52) perfectly illustrates this approach: the developed section is secured under long-term leases and already delivers stable income, while the remaining land will soon be available for development – driving additional value creation. 32 33 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Sustainability at the heart of the Monteaneers At Montea, sustainability is about more than just buildings and energy. It is deeply ingrained in our organization and embraced by the Monteaneers themselves. We actively invest in initiatives that promote collaboration, well-being, leadership, and knowledge sharing, ensuring alignment across our international team and supporting the effective delivery of our ESG ambitions. One team, beyond borders With colleagues spread across multiple countries, staying connected is key. This is why we organize annual activities to improve teamwork across the company. A great example is our team-building event in Annecy, where Monteaneers from across all countries come together for 3 days. We take a break from work to go rafting, do quizzes, and get to know each other better . This mix of fun, team spirit, and collaboration creates a stronger bond across our teams. Sport is another powerful way we connect. In 2025, even more Montea employees took part in IMMORUN again, a sporting event that brings together real estate professionals. Year after year , it is growing into a defining part of our company culture. Leadership and talent development at the heart of our strategy The success of our ESG approach rests on strong leadership and an organization equipped for the future. Which is why we introduced a Leadership Continuity Plan to secure sustained leadership over the long term. What does this look like in practice? Starting in 2026, we will launch a dedicated Development Program for Montea’s future leaders: blending training, coaching, and clear frameworks to equip our internal talent for executive roles. This enables us to develop a sustainable executive pipeline while proactively supporting our long-term strategic objectives. Since 2023, every Montea employee has had a personalized development plan, built around their strengths and growth potential. This encourages entrepreneurship, professional development, and thought leadership – as demonstrated by our active participation in panel discussions, podcasts, and seminars. including Logistics Check for the Future (Belgium), Reality Check (the Netherlands), and Cocktail Dînatoire (France), as well as our engagement in multiple working groups (see p. XX). The results speak for themselves: our voluntary turnover rate is around 3%, exceptionally low for the sector . Smarter together: Centers of Expertise & Front Runners To boost cross-border knowledge sharing, we organize various forms of structured consultation. In our Centers of Expertise, teams meet quarterly to share best practices, discuss challenges, and establish common standards. For example, within the Center of Expertise for Development, we bring together the development and ESG teams. These sessions bring together valuable insights and experiences, focusing on market developments and their impact on our properties, technical specifications, sustainable innovations, and new ways to further reduce our carbon footprint. There is also Front Runners, an initiative from Peter Demuynck, the Chief Innovation Officer . It brings together business developers from across all countries to shape our commercial and strategic direction, nurture our entrepreneurial mindset, and keep client engagement and innovation at the heart of what we do. This keeps everyone moving in the same direction, ensures the strategy stays aligned, and helps us work as one team toward sustainable growth. Well-being at the core A strong ESG culture starts with a healthy team. That’s why we conducted our Human Capital Scan again in 2024, with a 98% response rate. The results continue to reflect high levels of employee satisfaction and loyalty, despite our workforce having doubled since 2022. Building on these insights, we expanded our wellbeing workshops and initiatives in 2025 to help employees better set and manage their boundaries. A new Human Capital Scan is planned for 2026 so we can keep tracking and improving employee satisfaction. A voluntary turnover rate of 3% IMMORUN 34 35 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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“Over the past year, I’ve had the opportunity to interview 12 remarkable women. It was such a privilege to gain a brief insight into their lives, explore the choices they have made, how they navigate both success and uncertainty, and how their upbringing shaped them. The common theme: the passion of these women to channel their talents into careers that inspire my deepest respect. A heartfelt thank you to all the inspiring women who shared their stories on the ‘Heels Forward’ podcast and to Montea’s incredible female team who made the recordings possible.” Francesca Vanthielen host of ‘The Heels Forward’ ‘The Heels Forward’ In 2025, we became the first real estate company to launch our own podcast, ‘The Heels Forward’. In our male-dominated industry, we actively create space for female leaders to share their inspiring stories. The concept and questions are rooted in our FEET values, but the conversations go much deeper , addressing themes such as choices, doubts, courage, loss, rebuilding, and vision. The common theme? Perseverance and continuing to believe in yourself, even when life isn’t exactly picture-perfect. The podcast promotes knowledge sharing, inspiration, and value creation, featuring stories that resonate and bring people together . The podcast comes out on the last Thursday of every month, is hosted by Francesca Vanthielen (news anchor at Trends Z), and is edited by an external all-female team. Guests to date have included Maggie De Block, Lieve Creten, Ciska Servais, An Luyten, Petra De Sutter , and our CFO, Els Vervaecke. Listen to all episodes here 36 37 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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3 Montea is building a more sustainable and efficient logistics sector . We deliver on this strategy through four complementary growth pillars: (re)development and expansion of our strategic land bank, targeted acquisitions in our core markets, strong partnerships and investing in smart sustainability solutions that enable both our portfolio and our clients to navigate the energy transition. CROSS-GENERATIONAL VALUE CREATION VIA 4 GROWTH PILLARS 38 39 THREE CHAPTER THREE CHAPTER THREE CHAPTER THREE CHAPTER THREE CHAPTER THREE
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How we are helping to shape the future of logistics In-house development projects driven by our land bank and redevelopment pipeline 3.1 3.2 Strategic acquisitions 3.3 Strategic partnerships and strong collaborations 3.4 Smart renewable energy and other sustainability solutions ↗ ↗ ↗ ↗ 40 41 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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>65% of our land bank comprises greyfield and brownfield sites Driving cross-generational value creation via our strategic land bank Our extensive, carefully assembled land bank is the backbone of our continued growth. It is not only a source of financial value, but also helps us stay client-focused, flexible and secure in the long term. With logistics land becoming harder to find, our land bank gives both us and our clients room to keep developing, innovating and growing with current and future logistics needs. But how do we achieve this in practice? How does our land bank enable phased, agile development and value creation over the short, medium and long term? Income-producing land bank delivering immediate returns Via strategic acquisitions we grow our land bank with carefully selected prime logistics locations. As experts in logistics real estate, we are ideally placed to identify sites and land with strong long-term growth potential. This is how our land bank expansion supports sustainable growth. Certain strategically located sites generate income from day one, for instance through leased parking facilities or the ground lease structure at the Zaltbommel factory site (see p. 52). This is what we refer to as our yielding land bank. Today, 54% of our plots of land generate a yield of 5.8%, delivering stable cash flow even prior to development. Once the existing lease agreements expire, the sites are ready for redevelopment: either for the current tenant or for a new client, depending on market demand. This also gives us extra assurance, as the sites will become available within a set period of time, so we can redevelop them and create value. Brownfield sites: faster delivery with lower risk More than 65% of our land bank comprises grey and brownfield sites. These sites have a history of industrial use and often already have key infrastructure in place, such as connections to the electricity grid. Permitting processes for these types of sites tend to be more predictable. This means we can quickly activate these sites whenever our customers need additional (storage) space. Optimal use of space In each (re)development, we assess how to use and organize the available space as efficiently as possible. We aim to make the most of every space by layering functions, such as rooftop parking and solar panels. For instance, the rooftop at the Delhaize Home Delivery Center (Brussels) is multifunctional, featuring parking, solar panels and a biodiverse green roof. The green roof slows rainwater discharge, directing it to cisterns for reuse in the cooling system, toilets and outdoor faucets. 3.1. In-house development projects driven by our land bank and redevelopment pipeline In 2025, we continued to focus on the development and expansion of our strategic land bank. We delivered four pre-let in-house projects. Together , these projects account for 128,000 m² of gross lettable area and approximately €117 million in investment, generating a net initial yield of 7.0%. We also started our next phase of growth beyond Track27 through the acquisition of 150,000 m² of permitted development potential in France. Our extensive, strategically located land bank offers customers the flexibility, security, and capacity to scale, innovate and achieve their logistics ambitions. Jo De Wolf CEO Delhaize Home Delivery Center, Brussels, Belgium 42 43 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Completed projects Development in Tiel (Intergamma) • Plot acquisition: Q3 2018 • Plot size: c. 183,000 m² • Distribution center floor area: c. 95,000 m² • Start of construction: Q2 2024 • Completion: Q2 2025 • Tenant: Intergamma B.V. on a 15-year fixed-term lease • Investment budget for plot + development: c. €83 million → Read more about this project on page 48-49. Development in Amsterdam (Blond) • Plot acquisition: Q4 2023 • Plot size: ca. 11,000 m² • Distribution center floor area: ca. 7,000 m² • Start of construction: Q4 2023 • Completion: Q1 2025 • Tenant: Blond, on a 10-year fixed term lease • Investment budget for plot + development: c. €13 million → Read more about this project on page 98-99. Aalst extension (Movianto) • Plot acquisition: Q2 2015 • Plot size: ca. 14,000 m² • Distribution center floor area: ca. 9,000 m² • Start of construction: Q1 2024 • Completion: Q1 2025 • Tenant: Movianto Belgium N.V., on a new 9-year fixed-term lease • Investment budget for development: c. €8 million Oss extension (Vos Distri Logistics) • Plot acquisition: Q1 2014 • Plot size: c. 20,000 m² • Distribution center floor area: c. 17,000 m² • Start of construction: Q1 2025 • Expected completion: Q4 2025 • Tenant: Vos Distri Logistics B.V., on a new 10-year fixed term lease • Estimated investment budget for plot + development: c. €13 million Delivering value for all our stakeholders So our land bank is not just something we hold onto, it actively drives long-term value creation: • Clients know we can help them expand as they grow – whether that’s in 1, 5, or 10 years time. • With pre-permitted land, we can move quickly to meet urgent construction needs: an essential edge in today’s complex permitting landscape. • Investors and stakeholders benefit from stable cash flows, lower-risk profiles (such as brownfields), and strong long-term value creation potential, driving the continued growth of our overall portfolio value (see below). • Brownfield transformation at scale supports sustainable urban development. Movianto, Aalst, België Growth potential that endures across generations Our portfolio currently totals approximately 2.4 million m² of lettable area. Thanks to these factors, we have the potential to grow this to 4.0 million m² over time – a 65% increase. The portfolio is currently valued at €3.2 billion. Once the entire land bank has been developed, this could increase to €4.7 billion. More importantly, fully developing the land bank is expected to generate €330 million in shareholder value. This strong foundation empowers us to adapt to new customer needs, market scarcity and evolving regulations – creating lasting value for generations to come. We are more ready than ever to shape the future of logistics infrastructure. Blond, Amsterdam, the Netherlands 44 45 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Projects in the pipeline On December 31, 2025 Montea had a total land bank of c. 3.4 million m². Approximately 203,000 m² of this is currently under development. In the short to medium-term, we expect to start developing around 387,000 m² of land, which will result in ± 236,000 m² of lettable area. Montea does not carry out speculative development. Our short to medium-term development pipeline comprises projects that we expect to be pre-let within the next 24 months, following which construction is expected to begin. (Estimated) completion Land bank (m²) GLA (m²) Total project capex (€M) To invest (€M) Target average return Current development pipeline Projects under development 100% pre-let 20 year avg. lease term 203,000 117,000 174 62 ~ 6.5% Halle Q4 2026 55,000 31,000 34 19 Liège Q4 2027 148,000 86,000 140 43 Short- to medium-term development pipeline Expected to commence within the next 24 months, including pre-let projects pending permitting 387,300 236,400 232 161 > 6.5% Future development potential Long-term development potential, including yielding land bank and 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 54% percent of the total land bank already generates an immediate average yield of 5.8%. Montea also controls around 0.8 million m² (24% of the total land bank) via partnership agreements it has in place, ensuring that these sites are also available for future development. The remaining land bank of approximately 2,819,000 m² offers strong future development potential, giving Montea the flexibility to plan and deliver new investments in response to market opportunities and occupier demand. Land bank valuation Around 2.6 million m² of this land bank (or 76% of the total land bank) has been acquired and is recognized in the property portfolio for a total value of €492.7 million, or €191/m². 150,000 m² of permit ted land with development potential in France In 2026 and 2027, Montea will step up its activities in France. We expect to obtain permits there for a total of 500,000 m² of gross lettable area. By year-end 2025, 150,000 m² had already been secured through the acquisition of approximately 337,000 m² of land. These strategically located projects are well positioned to meet current and future end-user demand in e-commerce, logistics and distribution. Initial market feedback confirms this potential. This is how we lay the foundation for growth beyond Track27. “This project enables us to develop a future-proof logistics platform that will serve as a key driver in the economic and industrial development of the Puy-de-Dôme department and its surrounding region.” Luc Merigneux Country Director Montea France 46 47 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION MONTEA ON THE STOCK MARKET WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT
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featured project • featured project • featured project • featured project • featured project • featured Tiel North (Intergamma) How it began In 2018, Montea acquired a leased plot (approximately 48 hectares) in Tiel: the former Maasglas glass factory site (1963–2015). The site is ideally located, with direct access to the A15, the Amsterdam-Rhine Canal and the Waal River . In the first phase (2021-2022), we built a cleantech recycling facility of approximately 9,500 m². This left approximately 45 hectares available for the creation of a sustainable logistics park. What did we do there in 2025? In June 2025, we completed our largest project ever in Tiel: a high-quality, multimodal distribution center of approximately 95,000 m² for Intergamma. The new hub enables Intergamma to streamline and centralize its logistics operations, enhance efficiency and reduce transport flows across the Benelux region. The property perfectly embodies our ambition to make large-scale logistics more sustainable. The property’s strong sustainability credentials (see box) resulted in a BREEAM ‘Excellent’ certification. Making it sustainable Environment and sustainability • 6,582 solar panels generate 3,627 MWh annually (equivalent to 1,170 households) • Heat pumps are combined with underfloor heating • Emphasis on waste reduction Biodiversity • Protected area of 11,000 m² for local flora and fauna, including insect hotels, barn owl habitats and bat boxes • 6,700 m² of newly planted trees CO2 reduction and circularity • Full life cycle assessment (LCA) for embedded carbon emissions Social impact • Enhanced well-being and productivity through green areas, optimized indoor climate, ventilation and natural light • Supporting local employment and business activity E-mobility • Vehicle charging points • Partnership with Milence: high-speed truck charging solutions Intergamma in Tiel-Noord (NL) • Plot acquisition: Q3 2018 • Plot size: ca. 183,000 m² • Distribution center floor area: ca. 95,000 m² • Start of construction: Q2 2024 • Completion: Q2 2025 • Tenant: Intergamma B.V. on a 15-year fixed-term lease • Investment budget for plot and development: ca. €83 million Project under development Logistics center in Halle • Plot acquisition: Q1 2022 • Plot size: ca. 55,000 m² • Distribution center floor area: ca. 31,000 m² • Start of construction: Q4 2025 • Expected completion: Q4 2026 • Tenant: leased on an 18-year fixed-term lease • Estimated investment budget for plot + development: ca. €34 million “A 95,000 m² distribution center that ranks among the top 10% most sustainable logistics centers. In the words of our client: ‘a building that aims to minimize its impact on the environment while keeping the wellbeing of our logistics staff front and center’. We couldn’t agree more.” Hylcke Okkinga Country Director Montea Netherlands 48 49 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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3.2. Strategic acquisitions Our portfolio continued to grow in 2025. In Belgium, we grew our presence at Blue Gate Antwerp and added the former Euro Shoe site in Beringen to our portfolio. We also acquired a partially developed site in Zaltbommel, in the Dutch province of Gelderland and a sustainable distribution center in Zeewolde (Flevoland). With 150,000 m² of permitted development potential in France, we are already laying the groundwork for growth beyond Track27. Expanding our portfolio In 2025, investment volume stood at over €100 million , with an average initial yield of 6.0% Including investments in our development pipeline, the total value of the portfolio increased by €360 million in 2025 to €3,152 million, of which €57 million came from value uplift (+2.1%). This increase in value is largely driven by three factors. First, there are potential gains in value from our development projects. The standing portfolio also recorded a like-for-like value increase of 0.7%, primarily driven by an increase in ERVs, and our 2025 acquisitions have already increased in value by 12% compared to the acquisition cost. These positive effects were partly offset by a drop in value of the solar panels, due to lower feed-in prices. “Alongside land acquisitions, we actively pursue existing properties in prime logistics locations, enabling us to provide our clients with optimal distribution capabilities.” Jo De Wolf CEO Acquisitions: driving strategy and creating value Our acquisitions help create value for both our clients and Montea. By investing in prime, strategically located assets with strong logistics potential, we are expanding the supply of premium logistics space in a supply-constrained market. This provides our clients with access to energy-efficient, future-proof infrastructure, enabling them to reduce operating costs, streamline logistics operations and meet their sustainability targets. For stakeholders, these targeted acquisitions further enhance the value and stability of Montea’s portfolio. High-quality assets in prime locations deliver stable income streams and underpin long-term growth. Our acquisitions therefore create value not only for Montea, but for everyone who continues to place their trust in our specialized services. Our acquisitions in 2025 We grew our presence at Blue Gate Antwerp (BE) In Q2 2025, we expanded our footprint at the innovative Blue Gate Antwerp site by acquiring a c. 6,000 m² building with extensive outdoor storage. This marks the fourth property on the site to form part of the Montea portfolio. Completed in 2020, the building enjoys a unique location: it offers direct quayside access to the Scheldt river , is within cycling distance of Antwerp city center and is also close to the Singel and the ring road. This central position greatly enhances the site’s multimodal logistics capabilities. In addition to its striking contemporary design, the building also meets high sustainability standards. The building is fully gas-free and features solar panels, heat pumps and rainwater harvesting and daylight control systems, resulting in a BREEAM “Very Good” certification. The property is leased to BMB Bouwmaterialen, which uses the site to serve the city, including via bicycle couriers. This enables it to actively support sustainable urban logistics. Strategically located factory with considerable development potential in Zaltbommel (NL) In Q2 2025, we acquired a strategically located plot of land (115,400 m²) in Zaltbommel. This location is a key logistics hub in the Netherlands, situated in the central Gelderland river region and alongside the A2 motorway. The northern section of the site is already developed. This investment is already income-generating, underpinned by a long-term ground lease. The southern section presents considerable development upside. We intend to deliver a 25,000-30,000 m² distribution center at this location in the near future. Thanks to the site’s excellent accessibility, we can also lease part of the property for outdoor storage. Zaltbommel, Nederland 50 51 WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION ADDITIONAL INFORMATION DATA PACKFINANCIAL STATEMENTS RISK FACTORSCORPORATE GOVERNANCE MONTEA ON THE STOCK MARKET MANAGEMENT REPORTLOOKING TO THE FUTURE
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featured project • featured project • featured project • featured project • featured project • featured project • featured project Zaltbommel How it began In 2025, Montea secured the opportunity to acquire a 115,400 m² site at the De Wildeman business park in Zaltbommel. The southern section of the site (approx. 49,000 m²) is expected to become available for development shortly. The northern section (approx. 66,400 m²) currently comprises a factory, which was acquired by a Dutch investment company prior to the transaction. The acquisition of the site, with an investment of approximately €24 million, adds one of the most promising Dutch locations to our portfolio. What did we do there in 2025? We secured a 20-year ground lease agreement with the current tenant of the factory. This sale-and-leaseback transaction delivers a net initial yield of 6.4%. This means the investment provides stable income right from day one. What are our future plans for this site? The undeveloped part of the site presents an opportunity to develop a state-of-the-art 25,000-30,000 m² distribution center , along with additional outdoor storage options. We are committed to making continuous progress in sustainability and innovation. The project is intended to represent our most advanced development to date, integrating high-performance energy-efficient systems, multifunctional space planning, pioneering landscape design, advanced water management, innovative construction materials and high-quality amenities for the tenant’s workforce. Zaltbommel (NL) • Plot acquisition: Q2 2025 • Plot size: 115,400 m² • Future distribution center area: 25,000-30,000 m² • Tenant: Seqora B.V. on a 20-year fixed-term lease • Acquisition investment: c. €24 million “We are pleased to have secured a strong acquisition at this highly sought-after location. This transaction supports the expansion of both our land bank and real estate portfolio, with the potential to generate significant value over the short and long-term.” Cedric Montanus Country Director Montea Netherlands 52 53 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Leased distribution center in Zeewolde (NL) In Q3 2025, we expanded our Dutch portfolio with the acquisition of a c. 36,000 m² distribution center on a c. 55,600 m² plot in Zeewolde. We allocated approx. €31 million to support this investment. The distribution center , completed in 2019, was built to meet strict sustainability requirements. This resulted in an A energy rating and a BREEAM ‘Very Good’ certification. The property also benefits from a strategic location, with direct access to the A6, A27 and A28 highways. This connectivity ensures efficient access to the Randstad, as well as the northern and eastern regions of the Netherlands. The property is let on a long-term lease to Aalberts Integrated Piping Systems N.V., a leading specialist in advanced integrated piping systems. Once the current lease expires, the building offers significant potential rental uplift. Sale and leaseback transactions Sale-and-leaseback transactions remain a core element of our offering. This type of transaction provides our clients with a compelling alternative to conventional bank financing: we acquire their logistics assets, which they then lease back at a competitive market price. A good example from last year is the ground lease in Zaltbommel (see p. 52). For logistics companies, this structure unlocks immediate capital to fund future growth, expansion strategies and operational investments. In times of market uncertainty, a sale-and-leaseback transaction can also help clients maintain the necessary financial flexibility and accelerate their strategic plans. In close consultation with our clients, we carefully assess when this structure can best support and accelerate their ambitions. Acquisition of the former Euro Shoe site in Beringen (BE) In Q4 2025, we acquired the former Euro Shoe site through a contribution in kind. This transaction expanded our presence in Beringen, a prime strategic logistics hub alongside the E313 and E314 motorways in Belgium. The site benefits from strong road connectivity to Antwerp, Liège and Brussels, combined with direct access to the Albert Canal – enhancing its multimodal accessibility. The site comprises approx. 53,500 m², including a 20,000 m² warehouse and 2,500 m² of office space. The generous outdoor area supports future expansion potential and offers flexible use for parking and/or storage. The €19 million investment is expected to deliver a net yield of at least 7.0% once let at market rent. Refurbishment works are currently underway, while discussions with prospective tenants are already at an advanced stage. Zeewolde, The Netherlands 55 54 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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3.3. Strategic partnerships and strong collaborations Growth and value creation are also supported by strategic partnerships and long-term relationships with key stakeholders, including clients, developers, landowners, among others. We take a forward-looking approach, prioritizing future-proofing solutions and aim to deliver value for all stakeholders involved. In 2025, we entered into an ambitious joint venture with Weerts Group to deliver the largest single-tenant development ever in Belgium. A solid foundation for sustainable growth In a increasingly complex logistics real estate market, strategic partnerships are a core driver of Montea’s sustainable growth. Early engagement with the right partners in the construction process enables us to deliver solutions that are closely aligned with client needs and market demand. The objective: to leverage shared expertise and deliver sustainable long-term value for all stakeholders. Our deep understanding of logistics hubs, combined with our strong balance sheet, positions us as an appealing and reliable partner. For our project partners, this provides financial strength, development certainty and alignment on long-term value creation. And our clients? They secure access to prime logistics real estate that remains future-proof, supported by a long-term partner aligned with their growth ambitions. These partnerships deliver clear value for investors and other stakeholders. By spreading risk, using capital efficiently and structuring projects around clear return targets, Montea improves the predictability and stability of its portfolio. At the same time, a focus on sustainable developments and the redevelopment of existing sites supports positive outcomes for both the surrounding area and the broader logistics chain. In short, our strategic partnerships go beyond opportunistic collaboration, they are intentional, long-term alliances that drive sustainable growth for today and for generations to come. “Sometimes we are stronger together than on our own. Strategic partnerships unlock new opportunities and empower us to build future-proof solutions together, creating maximum value for both the community and our clients.” Jo De Wolf CEO Joint venture with Weerts Group Weerts Group is a family-owned company headquartered in Liège, with diversified activities across real estate, logistics, renewable energy and motorsports. Through its subsidiary Weerts Logistics Parks (WLP), the group operates in several European countries and has a rapidly growing logistics real estate portfolio, with more than 600,000 m² of logistics assets under development. In 2025, Montea and Weerts Group formed a long-term partnership to develop Skechers’ new European distribution center in Liège – Belgium’s largest-ever single-tenant logistics development. As part of this partnership, Montea will take a 40% stake in the project company WLP X, while Weerts Group retains 60% and leads the development and construction. This structure allows us to participate as a long-term investor in a large-scale development, with capped exposure of approximately €140 million. The investment is expected to achieve a yield of over 6.0%. Working closely with developers and landowners We prioritize strategic partnerships with developers to leverage shared expertise in large-scale projects in prime logistics locations. In 2025, we further expanded this network through a joint venture with Weerts Group. This collaboration aligns seamlessly with our broader network of strategic partners, including Cordeel, Brussels Airport, Port of Ghent, Sowaer , Built to Build Real Estate, Resolve Real Estate, Wayland Real Estate and Schiphol Real Estate. Collectively, these partnerships provide a solid platform for continued growth in Montea’s core markets and strengthen our position as a leading logistics real estate company. 56 57 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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featured project • featured project • featured project • featured project • featured project • featured project • featured project • featured project • featured project • featured project • featured project Skechers Distribution Center in Liège How it began In early 2025, Montea and Weerts Group formed a long-term partnership to develop a new European distribution center for Skechers, a global footwear and apparel manufacturer . The U.S.-based company, a AAA-rated tenant, will scale its European distribution operations from this site. The site is set on a 370,000 m² plot, next to Liège Airport and with direct access to the E42: a prime logistics location for both air and road transport. What happened in 2025? In 2025, the joint venture was successfully set up both legally and operationally, with preparations rapidly advancing for a state-of-the-art logistics center of over 215,000 m², spread across five units. The permit is in place and the space has already been pre-let. We secured a 20-year triple-net lease agreement with Skechers. We secured a 50-year ground lease with Liège Airport for the plot, with an option to extend for an additional 49 years. What’s still to come? The high-bay warehouse will make optimal use of the available space. The multi-level parking deck and loading platform, combined with automation, allow Skechers to optimize the use of the building’s clear height. We are also targeting a BREEAM ‘Excellent’ certification. To achieve this, we are investing in renewable energy solutions, including a rooftop energy plant and the potential integration of battery energy storage systems. The project will be delivered in phases. Lease commencement for 70% of the gross lettable area is expected before year-end 2027, with the remaining area before year-end 2028. Distribution Center, Liège (BE) • 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: by end of 2027 (70%), end of 2028 (30%) • Tenant: Skechers EDC SRL, on a 20-year fixed term lease • Montea's maximum exposure within the partnership model: approx. €140 million “We are delighted to co-invest in this extremely ambitious project, the largest logistics transaction in recent years, with a visionary tenant like Skechers and a dynamic partner like Weerts.” Xavier Van Reeth Country Director Montea Belgium 58 59 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Zellik: current income and future development potential In Zellik, on the outskirts of Brussels, Montea and Cordeel are jointly developing a site with considerable (re)development potential. The site of approximately 36,000 m² offers potential to develop approx. 14,000 m² of lettable area. The site has already been pre-let to a logistics service provider for six years and has an investment value of approximately €9.3 million. The permit is expected shortly, after which construction can start. Partnering with our clients We generate value not only via new developments and acquisitions, but also through strong, long-term client partnerships. In a fast-changing logistics market, this approach leads to high occupancy rates, strong rental growth and stable income for all stakeholders. Consistently high occupancy rates At year-end 2025, occupancy across our logistics real estate portfolio stood at an impressive 99.8%, in line with the prior year . Vacancy remains minimal at approximately 4,200 m², limited to just 2 locations. This once again highlights the strong appeal of Montea’s real estate portfolio. In total, the portfolio comprises 2,375,726 m² of lettable area across 124 sites in Belgium (44), France (35), the Netherlands (42), and Germany (3). Driving value through leasing, reletting and renegotiations Thanks to continued demand for high-quality logistics real estate and strong client relationships, we achieved 285,000 m² in leased, re-leased, or renegotiated space in 2025. These leases were signed with an average rental uplift of 9%, often above market rates. Sale and leaseback transactions Sale-and-leaseback transactions remain an important part of how we work with clients. This approach allows logistics companies to free up capital while maintaining operational continuity at their current location. For Montea, these types of transactions provide an opportunity to expand its portfolio with strategic sites while partnering with clients to develop sustainable long-term solutions. “Our strong leasing momentum underscores the sustained demand for high-quality logistics space in strategic locations, allowing us to achieve higher rents. Hylcke Okkinga Country Director Montea Netherlands Partnerships with landowners We work closely with landowners to sustainably develop strategic sites. These partnerships provide access to strategically located land (an increasingly scarce resource). They also help us complete projects faster and more effectively, while spreading risk through shared expertise and responsibilities. For landowners, this means unlocking and enhancing the value of their land through high-quality, future-proof logistics developments – often secured by long-term leases and providing stable income. Montea and Cordeel A good example of this is our partnership with Cordeel. Together , we have already developed more than 100,000 m² of logistics warehouse space across various key Belgian locations, including Tongeren and Vilvoorde. Tongeren (BE) Development phase 1 Building 2 • Plot acquisition: Q4 2021 • Plot size: ca. 44,000 m² • Distribution center floor area: ca. 27,000 m² • Start of construction: Q1 2021 • Completion: Q4 2022 • Tenant: Tailormade Logistics on a 6-year fixed-term lease • Investment budget for plot and development: ca. €24 million Tongeren (BE) Development phase 2 Building 1 • Plot acquisition: Q4 2022 • Plot size: ca. 42,000 m² • Distribution center floor area: ca. 20,500 m² • Start of construction: Q3 2022 • Completion: Q2 2023 • Leased for a fixed term of 6 years • Investment budget for plot and development: ca. €18 million Tongeren (BE) Development phase 2 Building 2 • Plot acquisition: Q4 2022 • Plot size: ca. 56,000 m² • Distribution center floor area: ca. 34,000 m² • Start of construction: Q1 2023 • Completion: Q4 2023 • Tenant: BayWa r .e. Solar Systems on a 6-year fixed-term lease • Investment budget for plot and development: ca. €26 million Tongeren (BE) Development phase 2 Building 3 • Plot acquisition: Q4 2022 • Plot size: ca. 23,000 m² • Distribution center floor area: ca. 14,000 m² • Start of construction: Q1 2024 • Completion: Q4 2024 • Leased for a fixed term of 6 years • Investment budget for plot + development: ca. €8 million Vilvoorde (BE) • Plot acquisition: Q4 2022 • Plot size: ca. 22,000 m² • Distribution center floor area: ca. 10,500 m² • Start of construction: Q4 2022 • Completion: Q2 2023 • Tenant: Storopack Benelux NV on a 10-year fixed term lease • Investment budget for plot and development: ca. €13 million In addition, we signed new lease agreements totaling 35,000 m², including a 31,000 m² project in Halle with an 18-year lease term and a project of approximately 4,000 m² in Tiel with a 10-year lease term. The contractual annual rental income (excluding rental guarantees) increased to €145.6 million, a 13% increase compared to year-end 2024. This increase was driven by indexation, strong leasing and reletting performance, the delivery of new developments, and strategic acquisitions. 60 61 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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3.4. Renewable smart energy and other sustainability solutions The logistics sector is facing major environmental and social challenges. We are determined to act decisively, lead from the front and help define the future of sustainable logistics real estate. At Montea, sustainability is not a requirement, it is a strategic driver of value creation. 1. Sustainability is in our DNA Our model of maintaining full ownership of our portfolio allows us to optimize our buildings over the long term. This remains a top priority in a rapidly evolving landscape of regulation, technology and client needs. We take a cross-generational approach, ensuring our buildings have a minimum 30-year lifespan and deliver sustainable performance across their full life cycle. In 2025, we further strengthened our ESG policy (Environmental, Social and Governance), aligning it more closely with the latest standards, assessment frameworks, and reporting requirements. Our in-house ESG Steering Committee, led by the Chief Sustainability Officer , works closely with the Board of Directors to further integrate sustainability into our corporate strategy. We focus on next-generation logistics hubs that are energy-positive, environmentally conscious and socially responsible. More than 65% of our land bank of over 3 million m² comprises grey- and brownfield sites. Over recent years, we have invested more than €15 million in remediating contaminated industrial land, converting it into modern logistics sites that generate renewed value. Our sustainability strategy, underpinned by a double materiality assessment, guides our operations, standing portfolio and new developments. We also invest in innovative energy and water storage solutions, as well as the roll-out of battery storage systems. In this chapter , you can read all about it. 1. Sustainability is in our DNA 2. Our sustainability strategy 3. Our sustainability goals for 2030 and 2050 4. Montea operations 5. Standing portfolio 6. Montea developments 7. Roll-out of battery energy hubs “Sustainability is in our DNA. We develop as sustainably as possible, generating immediate value for our clients and long-term value for Montea and its stakeholders.” Dirk Van Buggenhout Chief Sustainability Officer Our strategic roadmap: Track27 Through our Track27 growth plan, we are further strengthening our energy-efficient portfolio. By the end of 2027, we aim to cut the operational CO2 emissions of our portfolio by 45% compared to 2019. To achieve this ambition, we are making targeted investments in renewable energy. This enables us to actively support our clients in their energy transition while contributing to a more sustainable and efficient logistics sector . In 2025, we adjusted our renewable energy investment target from €75 million to €60 million. This was due to delays in some in-house development projects – affecting the planned installation of solar panels – and regulatory factors influencing the rollout of battery storage systems. To date, we have already invested €28 million in solar panels and the development of battery storage systems. We also continue to enhance the energy performance of our standing portfolio through initiatives including energy-efficient LED lighting, EV charging infrastructure, additional roof insulation and heat pumps. €60 MStatus update Invested Planned €28 M €32 M 62 63 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Optimal use of daylight Efficient heat pumps Sustainable materials Efficient installations Renewable energy Thoughtful use of space Charging stations with renewable energy Airtight buildings Montea's innovative techniques Our three sustainability drivers 1. Our clients Our clients are the key driver behind our sustainability strategy. Their sustainability ambitions – and those of their value chains – continue to rise, and we proactively develop solutions that help them stay ahead of the curve. Through energy-efficient, fossil-fuel-free buildings, we go beyond reducing their footprint, we also help transform their logistics flows into more sustainable operations. We create healthy workplaces that attract top talent, while our commitment to transparent ESG data (including EU Taxonomy alignment, LCAs, and the Montea Blue Label – see below) empowers our customers to strengthen their own sustainability reporting. 2. Ecological challenges We are acutely aware of the significant responsibility carried by the logistics real estate sector . Combined, the construction and real estate sector accounts for nearly 40% of global greenhouse gas emissions and consumes 35% of all energy. Considering the far- reaching effects of our buildings, we proactively take responsibility. We lower emissions, optimize space utilization and build using materials and solutions that minimize environmental impact. 3. New legislation and higher standards Europe is advancing its sustainability agenda through a wide array of regulatory frameworks, such as the Green Deal, the Energy Performance of Buildings Directive (EPBD), the Renewable Energy Directive (RED)and the Emission Trading System (ETS). Montea proactively goes beyond current standards and regulations: our new buildings are already fossil fuel-free, fitted with solar panels where feasible (providing renewable energy), smart management systems and extensive EV charging infrastructure. We assess the life-cycle CO2 emissions of our buildings using Life Cycle Assessments (LCA), allowing us to quantify embodied carbon (see below) and drive reductions at the design stage. Our CRREM assessment (Carbon Risk Real Estate Monitor) provides further insight into which assets we need to make more sustainable and when (see p. 69). Driven by this ambition, innovative projects and a clear roadmap, Montea is actively building a future-proof portfolio and resilient, sustainable logistics chains that support our clients in a fast-evolving world. EU sustainability regulations for real estate • European Green Deal: a broad package of measures aimed at reducing CO2 emissions, fostering sustainable economic growth and supporting the transition to a circular economy. The goal: to make Europe climate-neutral by 2050. • European climate law: the legal enshrinement of the climate goals outlined in the Green Deal. The Climate Law requires all EU countries to cut their CO2 emissions by at least 55% by 2030 compared to 1990 levels. • Renewable Energy Directive (RED): a directive aimed at promoting the use of renewable energy across all sectors. • Energy Performance of Buildings Directive (EPBD): since 2020 the EPBD has required all new buildings in Europe to be nearly-zero energy (nZEB). In 2024, these regulations became even stricter: by 2030, all new buildings must be completely emission-free, classified as zero-emission buildings (ZEB). The long-term ambition: to ensure that nearly all existing buildings are emission-free by 2050. • ETS (Emissions Trading System) and ETS2: the EU’s carbon trading system, enabling companies to buy and trade allowances to offset their greenhouse gas emissions. Each allowance corresponds to one ton of CO2 emissions. Currently, it applies to energy-intensive sectors (such as industry and aviation), with an expansion to ETS2 scheduled for 2028. This targets fuel use in buildings, road transport and certain smaller industries. Fuel suppliers will be required to purchase emissions allowances and will likely pass on these costs to end users in the form of higher fuel prices. Montea and Omnibus The Corporate Sustainability Reporting Directive (CSRD) requires certain companies to report transparently and consistently on their sustainability policies and performance. Following the EU Omnibus proposal (February 2025), Montea is no longer subject to this reporting requirement. Even so, we are committed to staying the course we have set under the CSRD, continuing to build on our efforts in sustainable logistics real estate and the reporting that supports it. 64 65 WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION MONTEA ON THE STOCK MARKET
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2. Our sustainability strategy Our sustainability strategy guides all our core activities, including logistics real estate development, leasing and maintenance, as well as our range of energy generation and storage facilities. Double materiality matrix Our sustainability strategy is built on the key topics identified in our double materiality matrix. This overview sets out our key sustainability topics. These are the topics we will focus on, with clear actions to be defined and carried out in the near future. In addition to the two material environmental topics, we also focus on three non-material environmental topics, which together form our five pillars of sustainability. Want to know more about the assessment behind this double materiality matrix? You can read more about it in our 2024 annual report. Our five key sustainability pillars Double materiality matrix 5 4 3 2 1 10 Affected communities Own employees: Health and safety Water pollution IMPACT MATERIAL TOPICS 32 54 Healthy materials Air pollution Soil contamination Water Waste Workers in the value chain: Working conditions Biodiversity: Species & ecosystems Climate change and energy Resource use (inflow and outflow) Own employees - Equal opportunities: Training & development Own employees - Equal opportunities: Equality and diversity Own employees - Working conditions Own employees - Equal opportunities: Violence and harassment Business conduct Land-use change FINANCIAL MATERIAL TOPICS Environmental Social Governance Material topics Key Climate change and energy: towards net zero read more on p. 68-70 Advancing climate resilience and fostering biodiversity read more on p. 71 Developing circular and multifunctional buildings read more on p. 72-73 Supporting sustainable logistics read more on p. 74 Excelling in sustainability read more on p. 75 66 67 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Climate change and energy: towards net zero What? • -55% operational carbon emissions by 2030. • Net-zero whole-life emissions by 2050 (incl. embodied carbon). • Own operations: net zero by 2030. How? • Energy efficiency: designing new buildings according to the Net-Zero Operational Carbon principle, focusing on smart energy management and monitoring. • Renewable energy: by 2030, we will use only renewable energy. Every new development must generate at least 50% of its energy consumption from solar energy within five years. • Fossil-free buildings: New projects will be built completely fossil-free, while our standing portfolio will be fully disconnected from the gas grid by 2035 at the latest. Pillar 1 With limited established benchmarks in logistics real estate, we adopt the German DGNB label as our benchmark standard, a sustainability certification from the Deutsche Gesellschaft für Nachhaltiges Bauen, aligned with BREEAM. This standard has also been integrated into the Montea Blue Label (see p. 75). Energy strategy With our four-part energy strategy, we aim to significantly reduce the operational energy demand of our buildings: • Reducing energy consumption: from the outset, we carefully consider building orientation, architecture, and high-performance envelope design to minimize energy use. By optimizing the use of daylight, shading and ambient climatic conditions, we reduce heating and cooling demand and minimize energy consumption. • Efficient energy use: we invest in energy-efficient technologies such as heat pumps, airtight loading docks and sustainable insulation materials. Smart technology, such as occupancy sensors, reduce unnecessary energy consumption. For office developments, we prioritize the use of circular construction materials such as Cross-Laminated Timber (CLT). • Use of low- and zero-carbon energy sources: after minimizing energy consumption, we meet the remaining demand with renewable energy solutions. • Monitoring, verifying and reporting energy performance: we continuously track the energy performance of our buildings. By comparing actual performance with the design, we can quickly identify deviations and make adjustments. Collected data is also used to inform and optimize the performance of future projects. All our new developments are delivered in accordance with the Net-Zero Operational Carbon principle, in line with the World Green Building Council’s guidelines. We do this by creating highly energy-efficient buildings, generating as much local renewable energy as possible and relying exclusively on renewable grid electricity for any remaining energy needs. We invest in sustainable materials, high-performance insulation, smart automation and innovative energy storage solutions. Operational and embodied carbon A building’s total CO2 impact is made up of: • Operational CO2: emissions generated during a building’s use (e.g. heating, cooling and lighting) • Embodied CO2: emissions released over the building’s lifecycle (including construction, transport and demolition) Both are key considerations for us in the development of sustainable buildings. Since 2020, we no longer use fossil fuels in new projects, and by 2035 all our existing properties will be heated without fossil fuels. Learn more about our targets – and the measures implemented to achieve them – starting on p. 76. CRREM The Carbon Risk Real Estate Monitor (CRREM) is a science-based tool created specifically for the real estate sector . It is aligned with the climate targets set out in the Paris Agreement and the European Green Deal. In practical terms, it provides us with a transparent benchmark to analyze the CO2 emissions of our existing properties. It also helps us see when a building will no longer meet sustainability standards. This enables us to clearly define our decarbonization pathway and associated priorities. Our updated 2025 CRREM assessment of the standing portfolio shows that 14% of assets are already aligned with 2050 target requirements. An action plan is being developed for the other sites. At 14%, this figure is slightly lower than last year (17%), mainly reflecting the expansion of our portfolio through standing investments, including the Reverso portfolio. Given that energy mixes, regulatory frameworks and infrastructure vary by country, decarbonization pathways also differ across countries. As Montea operates in multiple countries, we analyze our data on a country-by-country basis. This gives us better insight into the specific challenges and opportunities for decarbonization in each market. SBTi Montea joined the Science Based Targets initiative (SBTi) in 2021. This commitment includes a 50% reduction in Scope 1 and 2 emissions by 2030, alongside the systematic measurement and reduction of Scope 3 emissions (see below). In 2026, we will officially submit our Scope 3 reduction plan to the SBTi for validation. Reduced embodied CO2 There are currently no laws requiring the construction sector to reduce embodied carbon. Nevertheless, we believe this is important. We are therefore proactively reducing construction-related CO2 emissions across our developments, in line with a science-based reduction pathway. 1.5°C - ready <2050 <2030 <2027 <2025 GHG emissions status Including assets 14% 62% 19% 2% 3% 68 69 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Whole life carbon Embodied carbon Embodied carbon during use phase Carbon at end of life Carbon beyond the building life cycle A1—3 A4—5 C1—4B1—7 D Development phase Construction phase Use phase End-of-life phase Benefits and burdens beyond the building life cycle A1 Supply of raw materials A4 Transport B1 Use C1 Demolition and deconstruction Reuse B3 Repair C3 Waste disposal Recycling B2 Maintenance C2 Transport Recovery C4 Removal A5 Construction and installation process B5 Replacement B4 Renovation B6 Energy consumption Upfront carbon Operational carbon Out of scope B7 Replacement A2 Transport A3 Production Advancing climate resilience and fostering biodiversity What? • Developing a biodiversity index by 2026. • Remediating grey and brownfield sites • Minimizing the development of greenfield sites. How? • Climate risk assessments: conducted for all projects starting in 2025. • Green roofs and natural water retention systems: implemented to preserve biodiversity and reduce flood risks. Pillar 2 When land is developed or paved over , natural habitats for flora and fauna are lost. Paved surfaces also heat up quicker and reduce rainwater infiltration, exacerbating issues such as drought, heat and flooding. This is why we regard biodiversity and climate adaptation as two closely linked issues. Given that logistics buildings occupy (living) space, we place particular emphasis on the climate resilience of each project and its impact on local flora and fauna. Site selection and climate risks In accordance with the EU Taxonomy, we limit development on pristine natural areas and high-value agricultural land as much as possible. We focus on redeveloping greyfield and brownfield sites, alongside renovating existing buildings. Prior to site selection, we carry out a climate risk assessment (see p. 92). This approach ensures that each site minimizes ecological impact while remaining resilient to the effects of climate change. We also incorporate water collection systems into our projects, including rainwater storage systems and retention ponds. This approach reduces the risk of flooding during periods of heavy rainfall while enabling water storage for dry periods. These solutions also have a natural cooling effect on the site. Water management is a core element of our broader approach to climate adaptation. Economic benefits Initiatives that enhance biodiversity and climate resilience are also associated with increased market value of the real estate portfolio. Green roofs and nature-based landscaping enhance site quality, reduce the need for cooling and improve overall building aesthetics. Biodiversity Index (BI) To better guide ecological quality, we are working on a Biodiversity Index (BI) for our sites. The BI assesses which areas of a site effectively contribute to biodiversity. Unpaved areas achieve high scores, with green roofs further enhancing the overall score. In cases where a green roof is not feasible, this is offset through additional on-site greening measures. We have not yet set BI targets, but plan to do so once we have gained sufficient insight into their impact. 70 71 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Developing circular and multifunctional buildings What? • Developing circular buildings by 2050. • Using recyclable or reusable wood products that meet FSC or PEFC certification standards. • Applying four key circularity principles: flexibility and adaptability, use of circular and healthy materials, maintaining a materials database and urban mining. How? • A circular passport for each project: an inventory of all materials to facilitate future reuse. • Renovation: given precedence over demolition and new construction unless an existing structure cannot be future-proofed. • Urban mining: the target of recovering 70% of non-hazardous construction and demolition waste through non-thermal methods. Pillar 3 Montea aims to design buildings that are not only sustainable during their operational life, but also retain their value in the long term. We achieve this by circular construction and by making our buildings as flexible as possible, enabling them to evolve with client needs. • Renovation-first approach: we always assess whether a building can be renovated, as this results in significantly lower CO2 emissions than new construction. Where demolition is unavoidable, we recover as many materials as possible for reuse in the new project. • Circular materials: we favor Cradle-to-Cradle-certified (C2C) materials and products with Environmental Product Declarations (EPDs), making the environmental impact visible across their full life cycle. • Material passport: through a Circular Passport, we capture detailed data on building materials to support efficient reuse or recycling over time. • Smart, demountable design: we use mechanical connections in multilayer roofs and façades instead of adhesives, making materials easier to reuse. This enables materials to be more easily disassembled and reused at a later stage. • Sustainable materials: we focus on selecting long-lasting, low-maintenance materials with high residual value. We avoid PUR and PIR foams as much as possible due to their high carbon footprint, limited recyclability and flammability. Multifunctional and adaptable properties Our buildings are designed to be modular and flexible, enabling adaptation to future users without the need for extensive renovations. A few examples: • logistics properties with higher clear heights • roofs that serve multiple functions, such as parking or energy generation • buildings designed with sufficient load-bearing capacity to allow for future vertical expansion Minimizing waste and promoting responsible material use Montea implements a zero-wasteapproach, targeting the reuse or recycling of at least 70% of non-hazardous construction and demolition waste. Through urban mining, we recover materials such as concrete and steel from existing buildings. We also only use FSC- or PEFC-certified timber, sourced from sustainably managed forests. This is in line with the EU Deforestation Regulation (EUDR). Since December 2025, this regulation has prohibited the production and trade of certain commodities associated with deforestation or forest degradation, as well as those produced illegally (i.e., not aligned with environmental laws in the country of origin). Zeewolde, the Netherlands Beringen, Belgium 72 73 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Supporting sustainable logistics Excelling in sustainability What? • Selecting locations with multimodal accessibility, such as proximity to waterways, railways, and well-developed cycling infrastructure. • Supporting clients in their sustainability efforts by providing locations for more efficient transport modes. • Investing in city hubs for more sustainable and efficient last-mile delivery. What? The Montea Blue Label, our standard for sustainability and innovation. How? • Encouraging sustainable transport: facilitating the use of electric vehicles (EVs) and bicycles. • Public transport access: ensuring projects, where possible, are easily accessible by bus, tram, or train. How? Applying the Montea Blue Label to every renovation and new construction project. What does it look like in practice? Discover more in our Sustainability Compass, a strategic and visually engaging guide that shows how sustainability is fully embedded in Montea’s DNA, projects and long-term vision. To receive your free copy, please contact dirk.vanbuggenhout@montea.com. Pillar 4 Pillar 5 Strategic sites for sustainable transport Our logistics buildings have an impact on the entire logistics chain. We therefore prioritize multimodal connectivity by selecting sites near highways, ports and rail and inland waterway networks to optimize transport efficiency and sustainability. This approach is guided by a defined set of core principles: • New sites should ideally be located within 5 km of a railway or waterway. • Urban distribution centers benefit from connections to cycling infrastructure and public transport to support sustainable commuting. • All new developments are equipped with EV charging infrastructure as standard. Working with tenants to reduce CO2 emissions We actively help clients transition to cleaner energy, including through Green Leases. This means that the tenant and Montea commit to jointly improving the building’s environmental and energy performance. Montea Blue Label The Montea Blue Label is our internal sustainability framework, ensuring consistently high sustainability standards across our entire project portfolio. In 2024, the label underwent a full update, ensuring that it now encompasses not only technical guidelines but also our broader sustainability vision. The Montea Blue Label therefore represents far more than a set of specifications. It acts as a practical guide for all stakeholders involved: architects, engineers, project managers, partners and more. The document sets out clear performance standards and innovative sustainability measures for both new builds and renovations. It is a dynamic, ‘ever evolving’ document that evolves continuously with new insights and regulatory developments. As a result, our buildings are both environmentally responsible and future-proof, delivering sustainable performance long after completion and developed in accordance with principles aligned with a BREEAM ‘Excellent’ rating. 74 75 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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3. Our sustainability goals for 2030 and 2050 1/ Montea operations 2/ Standing portfolio 3/ Montea developments 2030: Net-zero1 2030: Reduce CO2 emissions by 55% 2050: Net-zero 2030: Reduce CO2 emissions by 55% 2050: Net-zero Our sustainability targets are aligned with the European Green Deal and are structured around 3 pillars: our own operations, our standing portfolio and our new-build projects. Each aspect requires a targeted approach and a specific impact assessment. For new construction projects, 2021 serves as the reference year , while 2019 is used for the standing portfolio and our own operations. Scope 1, 2 and 3 emissions Our total carbon footprint is broken down into scope 1, 2 and 3 emissions. While Scope 1 and 2 are relatively straightforward to quantify, they account for only a small share of our total impact. The majority of our CO2 emissions fall under scope 3, across our entire value chain. Several years ago, we had our scope 1 and 2 targets validated by the SBTi (Science Based Targets initiative). Over the past year , we worked with an external partner to define specific targets for our Scope 3 emissions. In 2026, we aim to submit our Scope 3 action plan to the SBTi for validation. • Scope 1: direct emissions from activities within our own control. • Scope 2: indirect emissions from the consumption of purchased electricity, heating or cooling. • Scope 3: indirect emissions from the wider value chain. In the following sections, we outline the progress we have made in each area. (1) Net zero is not the same as carbon neutrality. Net zero means that all emitted CO2 is fully balanced by CO2 removals, resulting in no additional CO2 remaining in the atmosphere. This can be achieved, for example, through forest management or carbon capture and storage. Carbon neutrality means that there are no net CO2 emissions, often achieved through offsetting measures that do not necessarily remove CO2 from the atmosphere. 76 77 PFCs CH4 N20 CO2SF4 MFCs Upstream activities Downstream activities Energy and heat generation in commercial facilities Transport & distribution Transport & distribution Commercial waste Employee commuting Business travel Leased assets Capital goods Fuel and energy-related Purchase of goods and services Procurement of electricity, steam, heating and cooling Processing of sold products Use of sold products FranchisesEnd of life products Leased assets Investments Commercial vehicles Fugitive emissions CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Montea operations New developments Embodied carbon Standing portfolio Operational carbon SCOPE 1 Direct emissions from company vehicles (fuel), heating (gas) and refrigerant leaks at Montea offices Direct emissions from heating (gas) and refrigerant leaks in Montea buildings, as monitored by Montea SCOPE 2 Emissions associated with the generation of purchased off-grid electricity for Montea offices Emissions monitored by Montea associated with grey electricity purchased for Montea buildings SCOPE 3 Purchased goods and services Emissions associated with paper procurement, data storage and subcontracted services Emissions from construction materials, on-site energy use and demolition activities Capital goods Emissions associated with IT equipment procurement Fuel and energy- related activities Upstream emissions from Scope 1 & 2 energy (fuel production, net losses, construction of power stations) Emissions monitored by Montea upstream emissions from Scope 1 and 2 energy (fuel production, net losses, construction of power stations) Transport & distribution Transport emissions Waste Emissions from waste generated in Montea offices Emissions from business travel Business travel emissions Employee commuting Emissions from Montea staff commuting Downstream leased assets Tenant-generated emissions from heating and electricity (direct and indirect) 4. Montea operations Our operations have been carbon neutral since 2021. To achieve net-zero by 2030, we will continue to reduce our operational CO2 emissions. We are prioritizing sustainable mobility (particularly the continued electrification of our fleet) and reducing energy consumption in our offices. In 2025, the total CO2 emissions from our own operations amounted to 181 tCO2e. That is a 1.1% increase compared with 2024 (179 tCO2e). This slight increase is mainly due to our growth. For example, the number of FTEs rose from 57 to 67 (+18%). Office space in France also increased (from 140 m² to 360 m²). Energy consumption and the associated emissions were therefore slightly higher than in the previous year . Emissions (tCO2e) Montea operations tCO2e/m2 tCO2e/fte 2019 234 0.23 8.4 2020 194 0.19 7.0 2021 169 0.16 5.3 2022 156 0.14 4.1 2023 172 0.123 3.5 2024 179 0.116 3.1 2025 181 0.109 2.7 When we look at our CO2 emissions per FTE, we see a decrease from 3.1 to 2.7 tCO2e. Emissions per square metre of office space also fell: from 0.116 to 0.109 tCO2e/m². 78 79 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Our total CO2 emissions of 181 tCO2e can be broken down into various categories. The key factors in relation to Montea’s operations are mobility and energy consumption. Mobility Mobility remains the dominant contributor to greenhouse gas emissions across our operations, accounting for 70% of our total carbon footprint. These emissions are mainly linked to company vehicles, business travel and commuting. However , in 2025 we made significant progress in a number of areas. Our fleet is becoming increasingly electric: 83% of all our company vehicles are now electric. This contributed to a 22% reduction in our emissions (tCO2e) compared with last year . A strong result, particularly given our 18% increase in staff numbers. Our long-term ambition remains unchanged: full fleet electrification by 2027, supported by expanded EV charging infrastructure across office sites. The most notable result is the significant improvement in business travel. By choosing to travel by train more often and discouraging short-haul flights, CO2 emissions from business travel fell by 25%. Our commuting patterns have also improved. By embracing a hybrid work culture and enabling more employees to work from home, we reduced commuting-related emissions by 21%. 300 150 200 50 250 100 0 Energy intensity – Montea offices Belgium, the Netherlands, France, Germany (in kWh/m²) 2023 2024 2025 France GermanyBelgium ConsolidatedThe Netherlands Energy consumption To assess our offices' energy consumption, we analyze the mix of renewable versus non-renewable electricity, alongside gas and district heating. As in previous years, we produce most of our electricity from renewable sources, while all our offices feature LED lighting with daylight and motion sensors. Although most buildings still use gas for heating, our Paris office is connected to a district heating network. In 2025, our gas and electricity consumption increased, mainly due to us taking more office space. In Belgium, we took an additional floor due to the increase in the number of FTEs. In France, we relocated to a new office building, doubling our office space to accommodate the ongoing expansion of our French team. As in previous years, we translate our energy consumption into CO2 emissions using defined emission factors, allowing for an accurate calculation of our operational footprint in tons of CO2 equivalent (tCO2e). The higher energy use is due to the extra office space, not because our systems have become less efficient. Total mobility: 70% 5% business travel company vehicles 17% 46% commuting IT equipment energy15% 7% refrigerant loss waste 4% electricity1% 5% 80 81 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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5. Standing portfolio Our ambition is clear: we are targeting a 55% reduction in operational carbon emissions across our standing portfolio by 2030. By 2050, we aim to reduce our total emissions to net zero. Sustainable optimization of existing sites To accurately track our progress toward net zero, we continuously monitor the impact of all energy efficiency measures. Renovation is a strategic choice: it delivers both environmental and economic benefits while enhancing the working environment for our clients’ employees. We intentionally avoid selling older buildings simply to enhance our sustainability performance. On the contrary, we are actively future-proofing them through structural upgrades and increased energy efficiency. Carbon offset ting: hemp building blocks To offset the carbon footprint of our own operations and achieve carbon neutrality, we invest in targeted carbon offsetting initiatives. Our approach prioritizes carbon removal initiatives over avoidance-based projects, focusing on the active extraction of CO2 from the atmosphere. We prioritize sourcing carbon credits from companies in our core markets that have a clear operational link to our activities – such as Belgium-based IsoHemp. IsoHemp produces low-impact concrete blocks made entirely from locally sourced lime and hemp, serving as a sustainable alternative to polluting materials such as cement. Across their lifecycle, these materials capture CO2, achieve average water savings of 3 m³ per m² of product and lower heating demand in buildings by 20 kWh/m² per year , leading to a substantial reduction in CO2 impact. What’s more, they use 17 times less energy during the manufacturing process, as no heating is required. This saves 660 kWh per m³ of product. Climate and risk assessment for EU Taxonomy compliance The EU Taxonomy is a classification system used to evaluate whether economic activities meet six defined sustainability criteria – providing a critical benchmark for investors. A Climate Risk Assessment (CRA) is essential for meeting EU Taxonomy requirements, particularly in relation to Climate Adaptation and the Do No Significant Harm (DNSH) criteria. In 2025, we carried out a climate risk assessment on a selection of our properties, supporting the classification of part of our portfolio as ‘sustainable’ in accordance with the EU Taxonomy. In 2026, we will continue to build on these results. “Montea is radically redefining the path to a more sustainable future and set ting a new benchmark for the industry.” Dirk Van Buggenhout Chief Sustainability Officer CRA: Athies The key risks affecting the Athies site are flooding and heat exposure. This is largely due to extensive paving and limited greenery and shade. Targeted interventions (such as enhanced drainage, more permeable surfaces, and additional greening) can significantly reduce risks without the need for major structural adjustments. CRA: Willebroek The Willebroek site is exposed to flood and heat risks as a result of its risk-sensitive surroundings and extenseive paved surfaces. Optimizing water management, expanding storage capacity and increasing green infrastructure can significantly enhance climate resilience without the need for large-scale capital interventions. 82 83 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Energy-saving measures at standing portfolio properties Heat pumps and gas-free buildings For heating and cooling, we prioritize the use of heat pumps, as they enable sustainable building climate control without the use of fossil fuels. Our goal: by 2030, half of our portfolio will be gas-free and converted to heat pump systems. By 2035, we aim to achieve our end goal: fossil-free heating across our entire portfolio. This transition is implemented in two ways: • retrofitting of existing gas-based systems or legacy heat pumps with high-efficiency systems powered by renewable electricity • in new developments, energy-efficient heat pumps are selected as the standard solution instead of conventional heating systems Meanwhile, 46% of our portfolio no longer uses fossil fuels for heating. This includes both sites fitted with modern, energy-efficient heat pumps and logistics spaces where operations do not require active heating. We automatically switch over to these locations when they become available or when heating works are required. Relighting: a complete switch to LED lighting Meanwhile, the relighting programme continues. In 2025, a number of additional relighting projects were carried out as part of this initiative. By 2030, we aim to have fitted our entire portfolio with energy-efficient LED lighting. By the end of 2025, 91% of all sites had already fully switched to LED. Renovations to the standing portfolio At certain locations, we take this a step further . In 2025, we systematically implemented comprehensive renovations, aligned with our ambition to become fully gas-free by 2035. A few examples: • Avignon site: the building was fully dismantled and upgraded, including roof insulation, electrified via heat pumps to eliminate gas use and enhanced with additional PV systems and LED lighting. • Former Studio 100 site in Puurs: thanks to extra façade insulation and a switch to a heat pump, the building is now completely gas-free. • Eutraco site in Willebroek: the warehouse was fully converted to heat pumps for heating and cooling. Renovation highlight: Avignon A With Avignon A, Montea is raising the bar for industrial real estate in the region. The building underwent a full renovation and is now ready to let. The site is strategically located 5 minutes from the TGV station and benefits from direct access to the N100, A7 and A9. The renovation program included asbestos removal and the construction of new, modern office spaces. The roof was fitted with new insulation and waterproofing. The façades were also fully refurbished. There was also a strong focus on energy efficiency, including LED lighting, heat pumps and solar panels. A next step is the renovation of Building B, scheduled for mid-2026, with additional expansion potential (including 45 extra parking spaces). Avignon A key figures: • 5,578 m² warehouse • 673 m² fully refurbished office space • 231 m² storage space • 8 loading bays + 2 ground-level access points • 26 parking spaces (incl. charging points) 46% 91% of our portfolio uses no fossil fuels for heating. of our portfolio uses LED lighting 84 85 WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION MONTEA ON THE STOCK MARKET
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Renewable electricity In our standing portfolio, 23% of total energy consumption comes from natural gas, 76% from electricity and 1% from district heating. 71% of our customers’ electricity consumption is also supplied from renewable sources. This is achieved both through the purchase of renewable electricity and through energy generated locally, for example using solar panels. Electric charging points By the end of 2025, our portfolio featured 972 electric vehicle charging points. We provide EV charging stations as standard in all new-build projects and continue to invest in our standing portfolio to support clients in their energy transition. We also entered into a partnership with Milence at our Intergamma site in Tiel (see p. 49). They operate an on-site 84.6% of our company vehicles are electric EV charging points across our portfolio 972 772 2024 2024 2025 2025 62% e-truck charging station, providing fast-charging infrastructure for electric trucks. To do this, they use the solar energy generated locally from our own solar panels. In addition to charging facilities, Milence also provides toilet facilities for drivers. Electricity generated on site with renewable energy sources Green electricity from the grid Grey electricity from the grid District heating ElectricityGas 1% 76% 33% 21% 22% 23% Standing portfolio 86 87 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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The impact of our measures: our energy intensity and CO2 emissions To ensure accurate tracking of our progress toward net zero, we continuously monitor the impact of all energy efficiency measures. We do this by analyzing our energy intensity and our carbon intensity. Energy intensity In 2025, energy consumption per m² decreased by 6.4%. This decrease reflects our continued efforts to improve the energy efficiency of our buildings. We have also improved how we calculate these figures (see next page), which plays an important role. By limiting the extrapolation of missing gas data to locations with a confirmed gas connection, we avoid overestimating consumption. CO2 intensity CO2 intensity is the most important parameter for measuring the CO2 emissions of our standing portfolio. We express this in kg CO2e/m². By 2025, this figure had fallen by 48%. This sharp decline is due to several factors. As a result, total gas consumption remained virtually unchanged, despite a 9.5% increase in total floor area. At the same time, electricity consumption rose by 4%, partly due to the growth of our portfolio and the ongoing electrification of our buildings. As electricity generates less CO2 than fossil fuels – and green electricity even has a zero emission factor – this shift significantly reduces overall intensity. Overall emission factors also trended downwards this year . In addition, the methodological improvements described in this section provide a more accurate picture. We refine our gas data extrapolation and eliminate double counting in Scope 3 to ensure our emissions are not overstated. CO2e intensity of standing portfolio (in kg CO2e/m²) CRREM target: 1.5°C scenario1 GHG intensity, standing portfolio (1) The CRREM path used for this figure is the average value of the CRREM values for the countries in which Montea operates and for the typology of our asset class. 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050 25 15 5 0 30 35 20 10 Energy intensity – standing portfolio (in kWh/m²) CRREM target: 1.5°C scenario1 Energy intensity, standing portfolio 2048 2050 120 80 40 100 60 20 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 0 Recalculation of the 2019 base year Following the methodological enhancements described in the accompanying sections, improved building-level gas data, and revisions to the Scope 3 calculation, Montea has elected to restate the 2019 base year . This establishes a consistent and comparable baseline for monitoring progress against our decarbonization targets. From the 2025 reporting year onward, Montea has adopted a refined calculation methodology, linking scope-specific intensity to the surface area directly attributable to the respective emission source. As a result, absolute emissions for the 2019 base year were restated from 21,701 to 17,375 tCO2e, and CO2 intensity from 19 to 14 kg CO2e/ m². All comparisons with the base year 2019 in this report are based on the revised figures. Change to the Scope 3 calculation To prevent double counting, we have revised our Scope 3 calculations. We no longer incorporate tenants’ indirect emissions (including their own Scope 3 emissions) in our reporting. This is in line with the GHG Protocol guidelines. The methodological changes to the Scope 3 calculation were applied from 2025 onwards. The absolute figures for 2024 were not recalculated and are therefore not fully comparable with those for 2025. More detailed and more accurate calculations Together with an external partner , we further refined our method for calculating our CO2 emissions. We now collect and report data at a more granular level. In the past, this was assessed – where possible – at the building level; it is now evaluated based on energy contract responsibility (Energy Control) and energy or fuel type (Fuel Type). This ensures closer alignment with EPRA reporting standards and delivers more accurate results. This means we only extrapolate missing data for relevant locations, such as those with a gas installation. While this adjustment improves the accuracy of our emissions data, it reduces direct comparability of absolute figures with prior-year figures. 88 89 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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6. Montea developments By 2030, we aim to reduce CO2 emissions from our new developments by 55% compared with 2021. Our end goal: all new construction projects must be net zero by 2050. Our new developments are zero-emission buildings. That means they: • have a very high level of energy performance, • do not use fossil fuels, • they go beyond energy neutrality, producing more renewable energy than they consume, • and that we accurately calculate the full carbon footprint of each building We make optimal use of available space by embracing vertical design and layered functions, increasing building density, and creating clustered green areas that offer more ecological value than scattered greenery. We always take a holistic view of CO2 impact, focusing on solutions that truly benefit both biodiversity and the climate. For every new investment – be it land or an existing building – we start by assessing the location’s quality and then explore how to future-proof the project. We use our internal Sustainability Scorecard as a guide for this. Total Scope 1/2/3 EMISSION FACTORS (KG CO2E/KWH) 2025 2024 Difference Grey electricity consumption – Belgium 0.1791 0.184 -2.6% Grey electricity consumption – France 0.064 0.091 -29.7% Grey electricity consumption – Netherlands 0.2926 0.354 -17.5% Grey electricity consumption – Germany 0.4066 0.466 -12.7% Green electricity consumption – Belgium 0.0395 0.038 4.9% Green electricity consumption – France 0.0241 0.026 -6.6% Green electricity consumption – Netherlands 0.0104 0.043 -75.6% Green electricity consumption – Germany 0.0484 0.036 33.9% Production and consumption of green electricity, on-site solar panels – EU N/A N/A N/A Natural gas fuel – EU 0.213 0.243 -12.3% These reduced emission factors can be explained as follows: Grey electricity France: • Increased nuclear capacity (following years of maintenance) • Increased renewable energy generation Grey electricity Netherlands: • Strong growth in offshore wind and solar power • Fossil fuel power stations are operating less due to renewable energy and are also being phased out more quickly Grey electricity Germany: • Massive reduction in coal consumption • Sharp rise in renewable energy • Lower utilisation rates at gas-fired power stations Green electricity France: • Resumed nuclear • Higher availability of hydro Green electricity Netherlands: • Explosive growth in offshore wind • Rapid phase-out of coal (deadline 2030) • Green energy certificates are increasingly sourced from offshore wind → almost 0 CO2 Intergamma, Tiel, the Netherlands 90 91 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Updated Sustainability Scorecard Our Sustainability Scorecard serves as a structured tool to rigorously evaluate the sustainability of new acquisitions and development projects prior to review by the investment committee and the board of directors. The Scorecard helps development managers assess each project based on clear criteria, such as location and zoning, biodiversity, grid connectivity, mobility and accessibility, vegetation, climate risks, energy (consumption), renewable energy and employee well-being. Each topic is assessed against a defined set of parameters, enabling us to prioritize projects with the greatest positive impact. A new two-phase approach. In 2025, the Scorecard was updated and split into two phases: • Risk analysis prior to due diligence: in this initial step, we quickly and efficiently assess the key risks of a project, such as its location in flood-prone areas, available grid connections and mobility factors. These are aspects that can be verified at an early stage of the process using online information. • In-depth analysis following due diligence: once due diligence is completed, we gain greater insight into aspects including energy consumption and technical specifications. We thoroughly analyze all sustainability parameters to build a complete and well-rounded understanding of the project. A more detailed scorecard is then used for final approval by the Board of Directors. Below is an example of the Scorecard for a new development: Mobility Energy Renewable energy EV-charging and solar canopy Innovation EU Taxonomy Accessibility for employees Employee wellbeing Optimal land use GHG- reduction 90 100 80 70 60 50 40 30 20 10 CO2 performance - new developments A building’s CO2 emissions can be divided into two main categories: operational carbon and embodied carbon. Both play an important role in the environmental impact of real estate and are key considerations for Montea when developing new sustainable buildings. Operational carbon refers to the emissions generated during the use of the building and was already discussed in Section 3.4.5. On the other hand, Embodied carbon refers to the total greenhouse gas emissions released throughout a building’s life cycle: fom material extraction and transport to construction, maintenance, demolition and potential recycling. To monitor and guide the climate impact of our development pipeline, we assess the embodied carbon of each project using life cycle assessments (LCA). The chart and table below present both the total embodied carbon (tCO2e) and the carbon intensity (kgCO2e/m²) of recent projects. Total emissions reflect the absolute impact of a development, while the intensity metric enables comparison between projects by adjusting for floor area, in line with standard market practices. Embodied carbon - new developments 25,000 0.25 15,000 0.15 5,000 0.05 0 0.00 2019 2020 2021 2022 2024 2025 30,000 0.30 35,000 0.35 0.40 tCO2e tCO2e/m2 20,000 0.20 10,000 0.10 Intensity (tCO2e/m2) Embodied Carbon (tCO2e) 92 93 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Developments in our PV portfolio With their large, typically flat roofs, logistics properties are ideally suited for solar panels. By embracing solar energy, we play an active role in renewable energy production and support our clients in their energy transition, helping them reduce their energy costs. By the end of 2025, our PV installations in Belgium, the Netherlands and France had a total capacity of 88 MWp. We expect to drive capacity growth by equipping new developments with solar panels and expanding installed capacity across existing sites. Smart PV optimization During periods of high solar output, excess generation on the electricity grid can result in negative energy prices and grid imbalances. To manage peak loads, our PV installations are managed through an AI-driven model that optimizes performance based on weather forecasts and market pricing. When negative prices or imbalances are expected, we temporarily reduce part of the production (curtailment). This is implemented carefully and without affecting clients, as the energy supply for their on-site consumption remains unchanged. Any energy that is generated remains 100% renewable. We do not simply switch off the solar panels; we only reduce the surplus that would otherwise be fed back into the grid at a loss. We are also investing in energy storage through battery parks, enabling surplus energy to be stored for later use. 88 MWp total capacity (installed) = ENERGY FOR 24,983 HOUSEHOLDS = CO2 ABSORBED BY 1,439 HA OF FOREST Excess energy: beyond bat tery storage 1. Power Purchase Agreement (PPA) for surplus energy Montea is in the process of entering into a Power Purchase Agreement (PPA) with an external off-taker for the direct sale of excess solar energy. This type of agreement helps us avoid negative market prices and better control our PV installations. The PPA ensures that unused local energy is still put to optimal use. 2. Energy-sharing agreement in Brussels and Wallonia In Brussels and Wallonia, we entered into an energy- sharing agreement to better distribute surplus energy from our PV installations. The electricity from a total of 9 sites (3 in Brussels and 6 in Wallonia) is distributed via an energy-sharing platform. This approach supports a more circular energy flow both within our portfolio and beyond. CALCULATION OF LIFE CYCLE ASSESSMENT FOR RECENT CONSTRUCTION PROJECTS Country Project Construction year Area (m2) Absolute Embodied Carbon (kgCO2e) Intensity (kgCO2e/m²) NL Doc Morris - Heerlen 2019 20,935 8,239,387.95 393.57 NL Isero - Waddinxveen 2019 18,480 5,854,279.20 316.79 BE DHL - Antwerp 2020 8,350 2,018,696.00 241.76 FR Renault - Meyzieu 2020 10,000 2,073,600.00 207.36 FR Advitam - Athies 2020 31,300 6,033,388.00 192.76 NL Amazon - Amsterdam 2020 9,400 2,783,058.00 296.07 NL HBM - Waddinxveen 2021 40,000 12,694,000.00 317.35 NL Raben - Etten Leur 2022 24,454 5,993,675.40 245.10 NL Re-match - Tiel 2022 9,000 2,892,420.00 321.38 BE Delhaize - Brussels 2024 26,339 12,743,598.37 483.83 NL Lekkerland - Waddinxveen 2024 49,206 15,440,350.74 313.79 BE Herfurth + Dries Van Noten - Antwerp 2024 16,380 2,588,040.00 158.00 NL Blond - Amsterdam 2025 7,005 2,001,587.69 285.74 NL Intergamma - Tiel 2025 90,548 22,407,789.83 247.47 BE Movianto - Erembodegem 2025 9,400 2,848,911.20 303.07 FR DPL - Avignon 2025 649 50,407.63 77.70 The results demonstrate that embodied carbon performance varies considerably based on design choices, material selection and project type. Movianto (Erembodegem) has the highest CO2 intensity, primarily due to the use of sandwich panels with higher embodied emissions. On the other hand, Avignon has the lowest intensity, as it is a renovation project that partially reuses the existing structure. Blue Gate (Antwerp) shows how material choices matter: despite comprising multiple office units, total CO2 intensity remains relatively low thanks to the use of Cross Laminated Timber (CLT). The dataset includes both new-build and renovation projects. Given that renovation projects typically have lower embodied carbon due to the reuse of existing structures, this should be taken into consideration when interpreting the results. These insights show why it is important to take CO2 considerations into account early in the design process. By proactively guiding material selection, building configuration and construction methods, we aim to consistently reduce the embodied carbon of our developments, in line with our broader decarbonization targets. 94 95 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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7. Roll-out of bat tery energy hubs A significant share of our 2025 sustainability investments was invested in scaling Battery Energy Storage Systems (BESS) across our portfolio. These systems support our clients in optimizing energy consumption, lowering grid dependency and improving cost efficiency. They address a growing challenge in the logistics sector: constrained grid capacity and the mismatch between peak demand and solar generation. This often creates a surplus when demand is low and a shortage when demand is high. Battery storage addresses this mismatch by storing excess energy and deploying it strategically at a later stage. Our growth path: €60 million commit ted to renewable energy As part of our Track2027 growth plan, we intend to invest €60 million in renewable energy by the end of 2027. To date, we have already invested €28 million in solar panels and the development of battery storage systems. • Belgium: 13 sites are currently equipped with battery storage systems, representing 35 MWh, or approximately one-third of our Belgian portfolio. • The Netherlands: the initial battery projects have been installed, providing a total storage capacity of 10 MWh. We are currently assessing the future potential of these systems for the coming years, including the identification of additional locations. our objective: to invest in renewable energy valued at €60 m Bat tery energy storage systems in Belgium sites installed storage capacity 13 35 MWh Bat tery energy storage systems in the Netherlands sites installed storage capacity 3 10 MWh Launch of our first energy hub in Willebroek In 2025, we opened our very first energy hub in Willebroek. The battery park, with a capacity of 15.05 MWh, uses an advanced Energy Management System (EMS) to efficiently store locally produced solar energy and make it available whenever required. This allows us to efficiently balance capacity constraints and peak demand, in line with demand and market dynamics. This hub – the first of many – shows the leading role logistics real estate can play in the energy transition. Together with our customers and partners, we are step by step creating a powerful network of energy hubs, making the logistics sector more sustainable, more self-sufficient, and ready for the future. “Montea’s investment in bat tery storage is powering Dachser Belgium’s rollout of its first electric trucks. None of this would have been possible without this energy hub.” Tom Verheyen Country Manager Belgium - Dachser “With this bat tery storage investment, we’re future-proofing our sites and helping our customers transition to cleaner energy. At Willebroek, solar energy is used to supply lighting, warehouse heating, and electric vehicle charging.” Jo De Wolf CEO 96 97 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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featured project • featured project • featured project • featured project • featured project • featured project • featured project • featured project Blond (Amsterdam) How it began In 2023, Montea began developing a logistics facility (ca. 7,000 m²) set on an 11,000 m² plot in Amsterdam. The site is in a highly strategic and unique location, in a region where suitable logistics land is in extremely scarce. However , the area also faces significant grid congestion constraints. A large-scale electricity grid connection was not feasible, requiring us to identify a smart, future-proof energy solution. What began as a challenge ultimately became the sustainable driver behind one of out most energy-efficient projects ever . What did we do there in 2025? In March 2025, we delivered the building, which was subsequently leased to decoration company Blond. We transformed the property with a fully integrated energy solution designed to dramatically minimize grid consumption. By integrating solar panels, battery storage, and an advanced energy management system, the building is able to function largely independently. The results speak for themselves: the annual energy bill decreased from €14,565 to €5,456. That’s a 62% saving! Blond (Amsterdam) (NL) • Plot acquisition: Q4 2023 • Plot size: 11,000 m² • Distribution center floor area: ca. 7,000 m² • Start of construction: Q4 2023 • Delivery: Q1 2025 • Tenant: Blond, on a 10-year fixed term lease • Investment budget for plot + development: ca. €13 million Delivering sustainability Today, Blond stands out as one of the most energy- efficient buildings in our portfolio, achieved through a series of smart, carefully designed solutions: • Green, low-carbon façades: lush, planted exteriors combined with low-CO2 bamboo cladding to boost biodiversity and create a more comfortable urban microclimate. • Smart energy storage: the battery, managed by an EMS, handles limited grid capacity and makes the most of solar power , reducing reliance on the grid. • Innovative water strategy: rainwater is collected and reused to irrigate the site, putting less strain on local water supplies. • Sustainable mobility: around 22.5% of parking spaces feature EV charging, supported by e-bike charging stations, extensive bicycle parking, and dedicated car-sharing spaces, Helping to promote sustainable mobility. 98 99 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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100 101 4 Amid an uncertain macroeconomic backdrop, Montea continued to demonstrate resilience and consistency over the past year . Thanks to our strong balance sheet, solid financial ratios and a long-term strategy, we remain on track for sustainable long-term value creation. CHAPTER FOUR CHAPTER FOUR CHAPTER FOUR CHAPTER FOUR CHAPTER FOUR CHAPTER FOUR LOOKING TO THE FUTURE
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102 103 16% Total Accounting Return (TAR)1 per year (2015-2025) 7% Annual dividend growth (2015-2025) €300m+ In 2025, we invested Total of targeted investment volume completed, initiated, or under exclusive negotiation A solid foundation for our growth story With Track27, we have set out a clear long-term vision, one that remains clearly focused on creating value for our shareholders. In 2025, we remained firmly on track: But that’s not all. Between 2015 and 2025, we delivered annual dividend growth of 7%. Over the same period, our Total Accounting Return (TAR)1 reached 16%. This underscores the structural growth in our company’s value. Thanks to the steps we are taking today, we are well positioned to deliver on our growth ambitions for 2026 and 2027. Engaging with our investors This sustained value creation lays the foundation for an open and meaningful dialogue with our investors. Throughout 2025, we hosted more than 20 roadshows, further demonstrating our commitment to transparent communication and meaningful engagement. We expanded our roadshow to Scandinavia for the first time, with a stop in Stockholm in May. In 2026, Montea will also continue to actively invest in investor relations, including by participating in Citi’s 2026 Global Property CEO Conference in Miami, Florida – one of the leading real estate conferences in the United States.81% of the ~ €1.15 billion targeted €4.90 EPRA earnings per share €3.93 Dividend per share y/y from recurring activitiesaverage initial yield y/y from recurring activities +8%6.5% +9% (1) TAR (Total Accounting Return): annual EPRA NTA growth + gross dividend paid CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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104 105 2026 and beyond Amid macroeconomic volatility and geopolitical uncertainty, we deliberately choose to remain agile. By actively engaging in scenario analysis, we equip ourselves with multiple possible futures, allowing us to anticipate with clarity. Strategic locations form the foundation of our portfolio Our search for the right logistics properties remains a key priority. We continue to identify opportunities in strategic locations where we can create long-term value for our clients and stakeholders – such as through the redevelopment of greyfield and brownfield sites. In all our markets, we focus on prime locations near ports, airports and other multimodal hubs along Europe’s main logistics corridors. For example, in France we are strategically positioned at the intersection of the Arc Atlantique (Caen–Rennes–Nantes– Bordeaux) and La Dorsale (Lille–Paris–Lyon–Marseille). We also continue to see the Benelux as a gateway to Europe, building on our local presence, expertise and thought leadership LiègeBrussels Ghent Antwerp Amsterdam Rotterdam Eindhoven Tiel Belgium The Netherlands France Germany “We are one of the few European real estate companies that provides a long-term earnings guidance, providing our investors with clear visibility in these uncertain times.” Inna Maslova Investor Relations Manager Montea Montea assets Current development pipeline Near-term development pipeline Future development pipeline Rhine/Ruhr Bremerhaven Berlin Frankfurt Nuremberg Munich Stuttgart Hannover Maastricht Structural growth in e-commerce The growth of e-commerce continues to act as a strong structural driver . The significant investments announced by global players such as Amazon – €1 billion in Belgium and €1.4 billion in the Netherlands – underscore the strong fundamentals of the logistics sector . With e-commerce penetration in the Benelux still lagging behind markets such as the United States and the United Kingdom, growth potential remains very strong. Continued e-commerce growth is expected to generate medium- term demand of 4 million m² of logistics space1 – and that’s just in the markets Montea operates in. Today, we are preparing for further long-term value creation as part of our growth story (see ‘We are Montea’). (1) Source: ECDB (E-Commerce DataBase). CBRE estimates that for every €1 billion in e-commerce revenue, an additional 100,000 m² of logistics space will be needed. France – an additional growth driver In France, we are building a pipeline of 500,000 m² of gross lettable area. Acquisition is limited to fully permitted land to mitigate permitting risks. By year-end 2025, we had already secured 150,000 m², while the remaining land will be acquired selectively in 2026 and 2027. This is how we are building a solid foundation for (international) growth beyond Track27. Lyon Marseille Toulouse Nantes LilleRennes Paris CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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106 107 “Montea has a healthy balance sheet and solid financial foundations. We are more ready than ever to continue writing our growth story.” Els Vervaecke Chief Financial Officer Montea Growth with limited risk exposure Our land bank is built on a balanced and carefully considered risk profile. We take a risk-mitigating approach and avoid fully speculative projects. This approach enables us to continue to develop our land, even in times of economic uncertainty. Approx. 800,000 m² of land is under option and remains off balance sheet, providing us with flexibility in a changing market. Currently, 54% of the remaining land is already income-producing, including through parking and recycling activities. Looking ahead with confidence We therefore look to the future with confidence: mindful of risks, yet open to opportunities and committed to creating sustainable value for generations to come. Chapter 5 provides a detailed overview of our financial strategy, specific earnings outlook and targets. Our land bank – a driver of future value creation While acquisitions and partnerships remain important, our growth is increasingly fueled by external value creation. The key driver: our land bank. With 3.4 million m² of strategically located land across Belgium, the Netherlands, France and Germany, we are uniquely positioned to unlock significant future development potential. If we were to fully develop our entire land bank, this would … • add approximately 1.5 million m² in portfolio GLA • increase our rental income by approximately 73% • increase the value of our portfolio from €3.2 billion to around €4.7 billion. • result in €330 million in value creation for our shareholders Over time, our land bank offers the potential to expand our portfolio by approximately 70% in gross floor area. We are therefore not only delivering value today, but also intentionally building a pipeline that will support our clients and stakeholders for years to come. 1 2 3 4 5 Portfolio value with full landbank potential unlocked Portfolio value (31/12/2025) €3.2 bn €4.7 bn € 330 m value creation + €1.5 bn (+ 48%) Unrecognised landbank value creation potential CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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108 109 5 CHAPTER FIVE CHAPTER FIVE CHAPTER FIVE CHAPTER FIVE CHAPTER FIVE CHAPTER FIVE MANAGEMENT REPORT 5.1 Group results 110 5.2 Capital resources 122 5.3 Significant events after the reporting period 129 5.4 Earnings forecasts or estimates 130
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BE FR NL DE 31/12/2025 12 months 31/12/2024 12 months PROPERTY PORTFOLIO Property portfolio – Buildings1 Number of sites 44 35 42 3 124 118 Occupancy rate2 % 99.8 99.1 100.0 100.0 99.8 99.9 Total surface area – property portfolio3 m2 1,019,064 292,652 964,515 99,495 2,375,726 2,132,243 Investment value4 €K 1,103,212 402,382 1,256,329 96,500 2,858,423 2,555,642 Fair value of the property portfolio5 €K 1,365,364 438,264 1,258,491 90,202 3,152,321 2,792,794 Real estate €K 1,101,389 397,785 1,132,848 90,202 2,722,224 2,405,178 Projects under construction €K 217,621 36,770 100,501 0 354,892 316,666 Solar panels & BESS €K 46,354 3,710 25,141 0 75,205 70,950 Total surface area – landbank m2 3,409,611 2,720,452 Acquired, valued in property portfolio m2 2,581,818 2,161,315 of which income generating % 54 55 Under control, not valued in property portfolio m2 827,793 559,137 CONSOLIDATED RESULTS Net rental income €K 139,768 115,110 Property result €K 148,722 122,956 Operating result before portfolio result €K 132,214 108,866 Operating margin*6 % 88.9 88.5 Financial result (excl. changes in fair value of the financial instruments)*7 €K -17,589 -12,721 EPRA EARNINGS*8 €K 112,777 99,260 Weighted average number of shares 23,038,381 21,005,929 EPRA earnings per share9 € 4.90 4.73 Result on disposal of investment properties €K 699 0 Changes in fair value of investment properties €K 52,661 85,400 Deferred taxes on portfolio result €K -10,417 -10,401 Share in the result of associates and joint ventures €K 5,808 0 Portfolio result*10 €K 48,751 74,998 Changes in fair value of the financial instruments11 €K 1,739 -2,733 NET RESULT (IFRS) 163,267 171,525 Net result per share € 7.09 8.17 BE FR NL DE 31/12/2025 12 months 31/12/2024 12 months CONSOLIDATED BALANCE SHEET Balance sheet total €K 3,261,957 2,885,045 Debts and liabilities for calculation of debt ratio €K 1,296,068 1,017,163 EPRA LTV*12 % 38.1 33.7 Debt ratio13 % 40.0 35.7 Net debt / EBITDA (adjusted)*14 x 7.3 6.4 Hedge ratio* % 99.7 97.8 Average cost of debt* % 2.1 2.3 Weighted average maturity of financial debt Y 5.7 5.7 Weighted average maturity hedging contracts Y 5.4 6.1 IFRS NAV per share15 € 81.32 78.42 EPRA NRV* per share16 € 90.22 85.82 EPRA NTA* per share17 € 81.63 78.05 EPRA NDV* per share18 € 83.91 80.42 Share price19 € 73.20 63.30 Premium/discount % -10.0 -19.3 110 111 Management report 5.1 Group results 5.1.1 Key figures (1) Includes real estate intended for sale. (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*. (7) Financial result (excluding changes in the fair value of the financial instruments)*: this is the financial result pursuant to the Royal Decree of July 13, 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. (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, as well as adjustments to previous joint ventures. (9) The EPRA earnings per share are the EPRA earnings based on the weighted average number of shares. (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 the disposal of properties, as well as the share in the portfolio result of associated companies and joint ventures. (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 July 13, 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 and financing of joint ventures multiplied by the debt ratio, while the denominator is adjusted for the annualized impact of external growth. Financial debts within the Adjusted net debt/ EBITDA figure exclude future concession obligations; to this end, an adjustment was applied to the figure for 31/12/2024. (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 non-controlling 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. (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 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. (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 number of shares entitled to dividend on the balance sheet date. The EPRA NDV on 31/12/2024 was adjusted with the fair value of fixed-rate financing contributing positively instead of negatively. (19) Share price at the end of the period. * Alternative Performance Measures (APM). In accordance with the guidelines issued by ESMA (European Securities and Markets Authority), the APMs used by Montea, which include the EPRA performance indicators, are marked with an asterisk (*) in this publication, 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 section 10 (10.1 and 10.2) of this annual report. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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112 113 5.1.2 Summary EPRA earnings reached €112.8 million, an 18% increase in EPRA earnings from recurring activities compared with 20241. This growth was driven by like-for-like rent increases (+3.2%), income from new acquisitions and pre-let developments, combined with disciplined cost policy and a low average cost of debt (2.1%). Excluding the FBI effect in 2024, and accounting for a 10% increase in shares, EPRA earnings per share rose by 8% to €4.90 per share. A dividend of €3.93 per share (+9% y/y from recurring activities2) will now be proposed. The property portfolio increased by €360 million in 2025 to €3.2 billion. This growth was supported by (i) the achievement of a targeted investment volume of more than €300 million, at an average net initial yield of 6.5%, and (ii) a strong revaluation of the standing portfolio, including latent gains on projects, amounting to a total of €57 million. The standing portfolio achieved a like-for-like value increase of +0.7% year on year , highlighting the stable value growth of the current assets. Current market dynamics in the logistics real estate sector are enabling Montea to continue posting strong operational results. In addition to its recent acquisitions, Montea has successfully pre-let ca. 35,000 m2 this year4. Montea also successfully negotiated ca. 250,000 m² of leases in its standing portfolio. These leases were secured with an average rental uplift of 9%, with agreed rents exceeding average ERVs. These increases boost the overall portfolio value and signal continued potential for further rental growth. The agreements contributed to solid like-for-like rental growth of 3.2% and a consistently high occupancy rate of 99.8%. Strong fundamentals for future growth: • Loan-to-value of 38.1% and Adjusted net debt/EBITDA of 7.3x at year-end, leaving ca. €400 million of investment capacity available to support growth under the Track27 strategy, within an Adjusted net debt/EBITDA limit of ca. 8.0x • Successful financing and refinancing completed in 2025: €290 million in new credit facilities and €71 million in refinancing of existing facilities, extending the next significant debt maturity to 2027 • Long-term hedging contracts and long-term credit agreements where the assets are not encumbered with collateral • Long-term investment grade credit rating of BBB+ with a stable outlook (Fitch) Strong operating performance across the portfolio: • EPRA Net Initial Yield of 4.8%5 and Net Reversionary Yield of 5.6% • Consistently high occupancy rate of 99.8% • Average remaining lease term to first break of 6.5 years and 7.3 years to lease end date • Existing leases are ca. 8% below market rental value, highlighting strong portfolio reversionary potential • Inflation-proof cash flow (inflation-linked rental income) demonstrated by like-for-like rental growth of 3.2%, of which 2.9% is attributable to indexation and 0.3% to lease renewals In 2025, Montea received several important recognitions. The Company was included in the Euronext BEL 20 and the BEL® ESG Index. In addition, the new distribution center in Waddinxveen (the Netherlands) was awarded the Logistics Award by real estate magazine PropertyNL. In France, the acquisition of the Reverso portfolio received the Logistics Deal of the Year award. For the eighth consecutive year , Montea achieved EPRA BPR Gold, and for the fourth time, the highest distinction for the EPRA sBPR, underscoring the Company’s ongoing commitment to transparent financial and sustainability reporting. Growth was delivered through Montea’s four strategic growth pillars New acquisitions in Belgium (Antwerp and Beringen), the Netherlands (Zaltbommel and Zeewolde), and the acquisition of 150,000 m² of permitted land with development potential in France made a positive contribution, with a 12% value increase compared with the initial investment value. Four in-house development projects were successfully delivered, including a 95,000 m² distribution center in Tiel for Intergamma. With the start of construction of a new 31,000 m² logistics center in Halle, a total of 117,000 m² of fully pre-let projects remains under development3, with an average unexpired lease term to first break of 20 years. Through the partnership with Weerts Group, the new European distribution center for Skechers is being developed in Liège. This collaboration represents the largest single-tenant development ever completed in Belgium, with Montea holding a 40% stake in the project company. In Belgium and the Netherlands, several sites have been equipped with battery energy storage systems, providing a total storage capacity of 45 MWh, representing an investment of €20 million. Over the past two years, an additional 20 MWp of solar capacity has been installed, representing an investment of €8 million. Investment volume Average initial yield 2025 6.5% €5.60 €4.90 €5.15 €4.55€4.45 €0.45 2023 2024 2025 2026e 2027e CAGR: 6% €0.18 €0.08 EPRA EPS 2.1% 31/12/2025 7.3x 31/12/2025 99.8% 31/12/2025 89% 31/12/2025 max. 2.5% Target 27 ±8x Target 27 min. 98% Target 27 90% Target 27 Average debt cost ND/EBITDA (adj.) Occupancy rate Operating margin Track27 is built on our solid financial position Interim status Invested: €747m In execution: €66m Exclusive negotiation: €117m To go: €217m Total: €1,147m (1) The 2024 result includes recognition of the 2023 FBI status, resulting in an additional contribution of €3.7 million at December 31, 2024. Including this effect, EPRA earnings in 2025 increase by 14%, and EPRA earnings per share by 4%. (2) Taking into account the effect of FBI recognition in 2024, the proposed dividend per share for 2025 has increased by 5% compared with 2024. (3) The area of the Liège project is set at 40%, reflecting Montea’s stake in the joint venture. (4) These properties include the 31,000 m² development in Halle and a new ca. 4,000 m² development in Tiel. (5) As of Q3 2025, 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. The portfolio is valued at an EPRA Net Initial Yield of 4.8%, representing a 0.2% decrease compared to year-end 2024. This decrease is driven by portfolio revaluations and temporary rental incentives on developments delivered in the second half of 2025. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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page ANNUAL FINANCIAL REPORT 2023 Key figures 100-101 Consolidated balance sheet as at December 31, 2023 191 Statement of changes in consolidated equity and reserves as at December 31, 2023 195 Consolidated income statement before profit distribution for the year ended December 31, 2023 192 Consolidated statement of comprehensive income before appropriation of profit as at December 31, 2023 193 Consolidated cash flow statement as at December 31, 2023 194 ANNUAL FINANCIAL REPORT 2024 Key figures 132 Consolidated balance sheet as at December 31, 2024 225 Statement of changes in consolidated equity and reserves as at December 31, 2024 229 Consolidated income statement before profit distribution for the year ended December 31, 2024 226 Consolidated statement of comprehensive income before appropriation of profit as at December 31, 2024 227 Consolidated cash flow statement as at December 31, 2024 228 ANNUAL FINANCIAL REPORT 2025 Key figures 110 Consolidated balance sheet as at December 31, 2025 205 Statement of changes in consolidated equity and reserves as at December 31, 2025 209 Consolidated income statement before profit distribution for the year ended December 31, 2025 206 Consolidated statement of comprehensive income before appropriation of profit as at December 31, 2025 207 Consolidated cash flow statement as at December 31, 2025 208 CONDENSED CONSOLIDATED INCOME STATEMENT (EUR X 1,000) ANALYTICAL 31/12/2025 12 months 31/12/2024 12 months CONSOLIDATED RESULTS Net rental income 139,768 115,110 Property result 148,722 122,956 Property charges and general corporate expenses -16,509 -14,090 Operating result before portfolio result 132,214 108,866 % compared to net rental income 94.6 94.6 Financial result excl. changes in fair value of hedging instruments* -17,589 -12,721 EPRA earnings before taxes 114,625 96,145 Tax -1,946 3,114 Share in the result of associates and joint ventures 97 0 EPRA EARNINGS* 112,777 99,260 per share 4.90 4.73 Result on disposal of investment properties 699 0 Result on disposal of other non-financial assets 0 0 Changes in fair value of investment properties 52,661 85,400 Deferred taxes on portfolio result -10,417 -10,401 Share in the result of associates and joint ventures 5,808 0 Other portfolio result 0 0 Portfolio result* 48,751 74,998 Changes in fair value of financial assets and liabilities 1,739 -2,733 Share in the result of associates and joint ventures 0 0 NET RESULT 163,267 171,525 per share 7.09 8.17 114 115 5.1.3 Financial results Historical figures For a description of Montea’s financial position and results for the 2023 and 2024 financial years, please refer to the sections indicated below. These results include changes in the financial position and results and, where significant and insofar as necessary for good understanding, the causes of those changes. Summary of the consolidated financial statements Condensed consolidated (analytical) income statement as at December 31, 2025 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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116 117 Net rental income Net rental income for 2025 amounted to €139.8 million, up 21% (or €24.7 million) compared to 2024 (€115.1 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 3.2%, driven primarily by the indexation of rental agreements (2.9%) 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 2025 amounted to €148.7 million, an increase of €25.7 million (21%) compared to the previous year (€123.0 million). In addition to net rental income, 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 €1.5 million compared to 2024. This was partially offset by higher non-recoverable costs (mainly property taxes in Belgium and the Netherlands), which rose by €0.5 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 €2.4 million in 2025 compared to 2024. This was mainly due to portfolio growth, wage indexation and the expansion of the team in order to achieve the pre-defined goals. This increase is in line with the rise in turnover , which means that the increase in the operating property result before the portfolio result remains at +21% compared to last year (from €108.9 million in 2024 to €132.2 million in 2025). The operating margin*1 for 2025 stands at 88.9%, compared to 88.5% in 2024. The EPRA cost ratio* stands at 11.3% at the end of 2025, compared to 11.9% at the end of 2024. In order to ensure future growth, Montea has invested in business development in France and Germany and in corporate services, laying the necessary foundations for medium- and long-term growth. As a result, Montea expects its operating margin* to gradually recover to 90% in the medium term, thanks to portfolio growth and additional rental income. Financial result The financial result excluding changes in the fair value of hedging instruments* amounted to -€17.6 million, compared to -€12.7 million in the previous year , an increase of 38% (€4.9 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 2025 is slightly lower than last year . Of the total financial liability (including bond and lease liabilities), 99.7% was hedged as at December 31, 2025. The average financing cost2, calculated on the basis of the average financial liability, in which Montea’s assets are unencumbered, is 2.1% for 2025, compared to 2.3% at the end of 2024. Montea expects to maintain this lower average cost of financing until the end of 2026. Tax In 2023, Montea cautiously accounted for the possibility that FBI status could be refused, and included an additional tax provision of €3.7 million. This equated to the difference between FBI tax status and the general tax regime. In 2024, Montea received recognition as an FBI for the 2023 financial year , which enabled the provision to be reversed. As a further precautionary measure, the 2024 income statement also includes a tax provision of €1.8 million, which takes into account a possible refusal of FBI status in 2024. If FBI status is granted, this additional provision will have a positive impact of €1.9 million on future EPRA earnings. The outcome regarding FBI recognition for the 2024 financial year is expected during 2026. Due to amended legislation, Montea can no longer benefit from FBI status in the Netherlands in 2025, and tax calculations were made in accordance with the tax rules applicable under the general tax regime. The recorded tax expense of €1.9 million mainly relates to the ordinary corporate tax charge in the Netherlands for the 2025 financial year . EPRA earnings* EPRA earnings* amounted to €112.8 million, up 14% (€13.5 million) compared to 2024 (€99.3 million). However , 2024 was impacted by the reversal of provisions following the recognition of FBI status in 2023, which led to a positive result of €3.7 million. Not taking into account the FBI effect, EPRA earnings* increased by 18% compared to 2024. This increase in EPRA earnings* is primarily driven by like-for-like rental growth in the property portfolio (+3.2%), 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 2025 amounted to €4.90 per share, compared to €4.73 per share for 2024. Excluding the FBI effect in 2024, EPRA earnings per share grew by 8%, after taking into account a 10% increase in the weighted average number of shares following the share capital increases carried out in 2025. Portfolio result*3 The portfolio result* for 2025 amounted to €48.8 million (€2.12 per share4), a decrease of €26.2 million compared to 2024 (€75.0 million). In 2025, the increase in fair value of investment properties (€52.7 million) was driven by latent capital gains on project developments, combined with an upward revaluation of the standing portfolio, partially offset by a write-down of solar panels. The portfolio is valued at an EPRA Net Initial Yield* of 4.8%, representing a 0.2% decrease compared to year-end 2024. This decrease was mainly driven by a significant revaluation of the portfolio and temporary rental incentives on developments delivered in H2 2025, which will expire over the course of 2026. The Net Reversionary Yield5, which reflects the portfolio yield based on estimated market rents rather than current rents, amounts to 5.6%. In addition, the result on the property portfolio includes the realized capital gain from the sale of the Saintes site (BE), (€0.7 million). The deferred tax component of the portfolio result had a negative impact of -€10.4 million. During 2025, the deferred tax provision recognized in 2024 was further increased by €18.2 million, primarily as a result of the delivery of new sites in the Netherlands since early 2025, as well as the establishment of a deferred tax provision in Germany. This increase was partially offset by the recognition of a deferred tax asset of €7.8 million, mainly related to unused and transferable investment tax deductions in the Netherlands, in accordance with tax filings. The €5.8 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 positive change in fair value of financial instruments at the end of 2025 amounted to €1.7 million, or €0.08 per share, compared to a negative change of -€2.7 million at the end of 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 in 2025 was primarily due to the significant increase in value of the property portfolio in 2025 compared to 2024. The net result (IFRS) per share6 amounted to €7.09 per share, compared to €8.17 per share in 2024. (3) 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 the disposal of properties, taking into account any deferred taxes and the share in the results of joint ventures. (4) Calculated as the portfolio result based on the weighted average number of shares. (5) Calculated as the estimated market rental value, excluding non-recoverable property operating costs, divided by the market value of the property and concessions, including (estimated) acquisition costs. (6) Calculated on the basis of the weighted average number of shares. (1) In order to obtain the operating margin, the operating result (before the portfolio result) is divided by the property result. (2) This ratio is calculated based on average financial debt and the total financial result, excluding the valuation of hedging instruments and interest charges of lease commitments recorded in line with IFRS 16. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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(M EUR) FAIR VALUE 01/01/2025 CAPEX 2025 DISPOSAL REVALUATION AND DEVELOPMENT MARGIN 2025 FAIR VALUE 31/12/2025 Belgium 1,191 171 -5 8 1,365 France 406 19 0 13 438 The Netherlands 1,107 116 0 36 1,259 Germany 89 1 0 0 90 Total incl. joint venture 2,793 307 -5 57 3,152 France Total The Netherlands Germany Belgium Number of sites on 31/12/2025 35 Surface area (m2) 292,500 Fair value of the property portfolio €438m Number of sites on 31/12/2025 124 Surface area (m2) 2,375,500 Fair value of the property portfolio €3,152m Number of sites on 31/12/2025 42 Surface area (m2) 964,500 Fair value of the property portfolio €1,259m Number of sites on 31/12/2025 44 Surface area (m2) 1,019,000 Fair value of the property portfolio €1,365m Number of sites on 31/12/2025 3 Surface area (m2) 99,500 Fair value of the property portfolio €90m Total occupancy rate 99.1% Share of portfolio 14% Total occupancy rate 99.8% Total occupancy rate 100% Share of portfolio 40% Total occupancy rate 99.8% Share of portfolio 43% Total occupancy rate 100% Share of portfolio 3% CONDENSED CONSOLIDATED BALANCE SHEET (EUR x 1,000) 31/12/2025 31/12/2024 I. NON-CURRENT ASSETS 3,202,511 2,825,732 II. CURRENT ASSETS 59,446 59,313 TOTAL ASSETS 3,261,957 2,885,045 TOTAL EQUITY 1,894,349 1,804,300 I. Shareholders' equity attributable to parent company shareholders 1,894,241 1,804,300 II. Minority interests 108 0 LIABILITIES 1,367,608 1,080,745 I. Non-current liabilities 1,293,896 1,005,764 II. Current liabilities 73,712 74,981 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 3,261,957 2,885,045 118 119 Condensed consolidated balance sheet as at December 31, 2025 • Montea’s total property portfolio value stands at €3,152.3 million, consisting of the valuation of the buildings in the property portfolio (€2,722.2 million), the fair value of the current property developments (€354.9 million) and the fair value of the solar panels and battery energy storage systems (€75.2 million). Compared to year-end 2024, the fair value of the real estate portfolio has increased by 12.9%, primarily due to an investment volume of €307 million, complemented by €57 million of (i) latent capital gains on project developments, (ii) a value uplift to the standing 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. The divestment in Saintes (BE) had a limited impact of €5 million. As at December 31, 2025, total assets (€3,262.0 million) primarily consist of investment property (83% of the total), developments (8% of the total) and green investments (2% of the total), consisting of solar panels and battery energy hubs. 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. Value and composition of the property portfolio as at December 31, 2025 • The total lettable area of the buildings in the property portfolio is 2,375,726 m², distributed over 124 sites, more specifically 44 sites in Belgium, 35 sites in France, 42 sites in the Netherlands and 3 sites in Germany. • The occupancy rate as at December 31, 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 Le Mesnil-Amelot (France), previously leased to Espace Phone. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Belgium France5 The Netherlands Germany Total 31/12/2025 Total 31/12/2024 PROPERTY PORTFOLIO – BUILDINGS1 Number of sites 44 35 42 3 124 118 Total surface area – property portfolio m2 1,019,064 292,652 964,515 99,495 2,375,726 2,132,243 Annual contractual rents €K 58,832 20,999 60,122 5,668 145,622 128,564 Gross current yield % 5.44 5.58 5.31 6.03 5.42 5.33 EPRA NIY % 5.09 5.12 4.47 5.54 4.83 5.02 Un-let property area m2 1,737 2,496 0 0 4,233 2,496 Rental value of un-let property parts2 €K 193 279 0 0 471 258 Occupancy rate % 99.8 99.1 100.0 100.0 99.8 99.9 Investment value €K 1,103,212 402,382 1,256,329 96,500 2,858,423 2,555,642 FAIR VALUE €K 1,101,389 397,785 1,132,848 90,202 2,722,224 2,405,178 PROPERTY PORTFOLIO – SOLAR PANELS AND BATTERY ENERGY STORAGE SYSTEMS3 FAIR VALUE €K 46,354 3,710 25,141 0 75,205 70,950 PROPERTY PORTFOLIO – DEVELOPMENTS FAIR VALUE – IN-HOUSE DEVELOPMENTS €K 113,343 36,770 100,501 0 250,614 316,666 FAIR VALUE – SHARE OF JOINT VENTURES €K 104,2784 0 0 0 104,278 0 PROPERTY PORTFOLIO – TOTAL FAIR VALUE €K 1,365,364 438,264 1,258,491 90,202 3,152,321 2,792,794 Total 31/12/2025 Total % Total 31/12/2024 Total % Land bank Total surface area m2 3,409,611 100% 2,720,452 100% Acquired, valued in property portfolio m2 2,581,8181 76% 2,161,315 79% of which income generating % 54 55 Under control, not valued in property portfolio m2 827,793 24% 559,137 21% Fair value €K 492,690 100% 540,650 100% Acquired, valued in property portfolio €K 492,6902 100% 540,650 100% Under control, not valued in property portfolio €K 0 0% 0 0% 120 121 31/12/2025 3,409,600 m² • The yield on the total investment properties calculated based on contracted annual rental income amounted to 5.42%, compared to 5.33% at December 31, 2024. • Contractual annual rental income (excluding rental guarantees) amounted to €145.6 million, a 13% 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. • The fair value of ongoing developments, including shares in joint ventures, is €354.9 million and consists of: • Own developments (€250.6 million): • Development pipeline • The ongoing project development in Halle • The plots acquired in Tongeren, Lummen, Grimbergen, Zellik and Puurs (BE) • The plots acquired in Tiel and Born (NL) • The land purchased in Senlis and Saint-Priest, as well as the permitted sites acquired in Q4 2025 (FR) • Solar panels • Solar panels under construction (BE + NL) • Battery energy storage systems – see 1.2.3 • Battery energy storage systems under construction (BE) • Share of joint ventures (€104.3 million): • Development pipeline • Ongoing project development in Liège (BE)4 • The fair value of solar panels and battery energy storage systems amounts to €75.2 million, consisting of €66.8 million of solar panels across 62 sites with solar panel facilities in Belgium, France and the Netherlands, and €8.4 million of operational battery energy hubs in four sites in Belgium (Willebroek and Ghent) and the Netherlands (Waddinxveen). • 128,000 m² of new project developments were completed in 2025. There is also a further 203,000 m² of lettable area in new developments currently under construction, which are 100% pre-leased. Following additions to the future development potential of the land bank, Montea has a total remaining land reserve of approximately 3,409,600 m² at 31/12/2025. In the short to medium term, Montea expects to develop approximately 387,300 m² of this land. With the remaining land bank standing at around 2,819,300 m², Montea retains significant development potential. This gives it the necessary flexibility both now and in the future to schedule and carry out investments. Around 2.6 million m² of this land reserve (76% of the total land bank) has been acquired and is valued in the property portfolio for a total value of €492.7 million, equivalent to a market value of €191/m². 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. Fifty-four percent of the total acquired land generates an immediate average yield of 5.8%. In addition, Montea controls around 0.8 million m² (24% of the total land bank) via partnership agreements it has in place. (1) Including buildings 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 recorded under section “D” of fixed assets on the balance sheet. In addition to solar panels, this category also includes battery storage systems. (4) The fair value of the project in Liège is included at 40%, representing Montea’s share in the joint venture. (5) The real estate portfolio in France includes sites with outdoor storage (IOS). This outdoor storage, leased to Jacky Perrenot, is not reflected in the total surface area of 292,508 m². Excluding this outdoor storage, the average fair value of the French portfolio amounts to €1,202 per m², and the average rent of the French portfolio amounts to €61 per m². (1) 40% of the Liège project area will be included in the land bank, reflecting Montea's share in the joint venture. (2) 40% of the fair value of the Liège project will be included in the total fair value of the land bank, reflecting Montea's share in the joint venture. Current development pipeline Short- to medium-term development pipeline Future development potential 387,300 m2 203,000 m2 2,819,300 m2 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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123 122 Breakdown of equity and liabilities at December 31, 2025 Total liabilities consist of shareholders’ equity of €1,894.3 million and total liabilities of €1,367.6 million. • Equity attributable to the parent company shareholders (IFRS) amounted to €1,894.2 million as at December 31, 2025, compared to €1,804.3 million at year-end 2024. The portion attributable to non-controlling interests (IFRS) amounts to €0.1 million as of December 31, 2025, and arose from the establishment of the partnership with Bnewable. • Total liabilities of €1,367.6 million consist of: • Financial liabilities: • €530.5 million in credit lines taken out with six financial institutions. Montea has €739.2 million in contracted credit lines as at December 31, 2025, on which €208.7 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) was issued under the Green Finance Framework. • Other liabilities: • a current lease liability of €71.6 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; • €34.7 million in deferred tax; and • other liabilities and accruals1 amounting to €90.8 million. 5.2 Capital resources 5.2.1 General financing policy Montea’s total capital was €476,949,385.41 as at December 31, 2025, represented by 23,402,884 shares listed on both Euronext Brussels and Euronext Paris. All issued shares are fully paid up and have no par value. Shares are registered and dematerialized. Each share carries one vote. As at December 31, 2025, Montea held 108,918 treasury shares. The Sole Director is authorized to increase the share capital on one or more occasions, on a date and in accordance with terms that it shall set in accordance with the applicable legislation, subject to restrictions on the nature of the capital increases and without exceeding the maximum legally permitted amount of four hundred and ten million seventy-four thousand eight hundred and seven euros and seventy-seven cents (€410,074,807.77). See section 11.1.2. The cost of financing is a major cost position in Montea’s results. Montea therefore manages its financing costs proactively. The Company firstly ensures that its various sources of finance are available for as long a period as possible. The Company further endeavors to obtain finance with a variable rate of interest, the majority of which is hedged using hedging instruments. This policy is based on the fact that this offers protection against disruptive fluctuations in the economic cycle. In periods of strong macroeconomic conditions, the cost of financing may rise. In principle, that should be compensated by higher operating income (for instance, higher occupancy and higher inflation). However , this compensating effect is limited, and the Company has therefore switched to a policy of hedging the vast majority of its debt. 2024 2025 33.7% 38.1% Loan-to-value* 2024 2025 97.8% 99.7% Hedge ratio* Key financial figures 2024 2025 2.3% 2.1% Average cost of debt* Net debt/EBITDA (adjusted)* 7.3x 6.4x 20252024 Average maturity of hedging instruments (years) 5.4 6.1 20252024 Average maturity of credit facilities (years) 5.7 5.7 20252024 Interest coverage ratio* 4.5x 4.5x 20252024 Breakdown of financial liabilities 46% 53% <1% Bonds Credit lines Leasing (1) Accruals primarily relate to rent billed in advance for the next quarter . CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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CONSOLIDATED CASH FLOW STATEMENT (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 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) 119,876 115,670 Net result 163,267 171,525 Net interest charges 20,289 13,878 Financial income -3,308 -1,267 Tax 12,363 7,287 Gain (-)/loss (+) on disposal of investment properties 699 0 Cash flow from operating activities before adjustments of non-cash items and working capital (A) 193,310 191,422 Changes in fair value of hedging instruments -1,739 2,733 Changes in fair value of investment properties -52,661 -85,400 Equity-settled share-based payment expense 206 -2,942 Share in the result of associates and joint ventures -5,905 0 Depreciation and amortization (addition (+)/reversal (-)) on fixed assets 388 367 Impairment losses on receivables, inventories and other assets 661 -10 Adjustments for non-cash items (B) -59,051 -85,252 Decrease (+) / increase (-) in trade and other receivables -12,139 -6,676 Increase (+) / decrease (-) in inventories 0 0 Increase (+) / decrease (-) in trade and other payables -2,244 16,175 Increase (+) / decrease (-) in working capital requirement (C) -14,383 9,499 NET CASH FLOW FROM INVESTMENT ACTIVITIES (B1) -273,814 -419,647 Acquisitions -279,718 -419,647 Payments regarding acquisitions of real estate investments -190,669 -416,529 Payments regarding acquisitions of shares in real estate companies -84,221 -1,871 Purchase of other tangible and intangible fixed assets -4,828 -1,247 Disposals 5,904 0 Proceeds from sale of investment properties 5,904 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) 147,121 229,512 Net effect of withdrawal and repayment of loans 247,867 120,300 Capital increase 19,032 205,778 Dividends paid -86,059 -75,533 Interests paid -33,719 -21,032 CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR (A1+B1+C1) 6,322 13,139 CHANGES IN EQUITY (EUR x 1,000) CAPITAL SHARE PREMIUMS RESERVES RESULT MINORITY INTERESTS EQUITY AS AT 31/12/2023 394,914 423,586 580,952 118,810 2,515 1,520,777 Elements immediately recognized as Equity 55,666 147,208 -13,032 0 -2,514 187,328 Capital increase 58,570 147,208 0 0 0 205,778 Impact on fair value of estimated transfer rights and costs resulting from hypothetical disposal of investment properties 0 0 0 0 0 0 Negative change in value of solar panels (IAS 16) 0 0 -12,995 0 0 -12,995 Treasury shares 0 0 0 0 0 0 Shares held for staff option plan -2,904 0 -37 0 0 -2,941 Minority interests 0 0 0 0 -2,514 -2,514 Corrections 0 0 203 0 0 0 Dividends 0 0 -75,533 0 0 -75,533 Retained earnings 0 0 118,810 -118,810 0 0 Result for the financial year 0 0 0 171,525 0 171,729 AS AT 31/12/2024 450,580 570,794 611,400 171,525 0 1,804,300 Elements immediately recognized as Equity 14,316 13,660 -15,233 0 98 12,841 Capital increase 5,372 13,660 0 0 0 19,032 Impact on fair value of estimated transfer rights and costs resulting from hypothetical disposal of investment properties 0 0 0 0 0 0 Positive change in value of solar panels (IAS 16) 0 0 -5,996 0 0 -5,996 Treasury shares 0 0 0 0 0 0 Shares held for staff option plan 8,944 0 -9,238 0 0 -294 Minority interests 0 0 0 0 98 98 Corrections 0 0 0 0 0 0 Dividends 0 0 -86,059 0 0 -86,059 Retained earnings 0 0 171,525 -171,525 0 0 Result for the financial year 0 0 -10 163,267 10 163,267 AS AT 31/12/2025 464,896 584,454 681,623 163,267 108 1,894,349 124 125 5.2.2 Cash flows The cash flow statement at December 31, 2025 is as follows: 5.2.3 Financing structure The figures for capitalization and indebtedness have been taken from the financial statements prepared in accordance with IFRS, as approved by the EU, for the period ended December 31, 2025. This information should be read in conjunction with the financial statements and the accompanying notes. Capitalization as at December 31, 2025 Consolidated equity stood at €1,894,348,912.30 as at December 31, 2025. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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FINANCIAL DEBTS (EUR x 1,000) 31/12/2025 31/12/2024 31/12/2023 Non-current financial debts 1,259,088 981,913 815,327 Credit institutions 530,499 257,633 103,999 Bonds 638,311 663,030 662,739 Securities and bank guarantees backed by deposits 4,022 3,297 1,489 Financial leasings 312 328 465 Other1 85,944 57,625 46,634 Current financial debts 4,479 3,504 36,162 Credit institutions 0 0 33,333 Bonds 0 0 0 Financial leasings 171 124 117 Other1 4,308 3,380 2,712 Total 1,263,567 985,417 851,490 126 127 Indebtedness as at December 31, 2025 The Company ensures that it obtains the financing it requires in good time. The priority is always to strike the right balance between the cost of the financing, the term and maintaining a diversity of financing sources. As at December 31, 2025, Montea had total debt of €1,263.6 million (€1,259.1 million non-current and €4.5 million current), made up as follows: Maturity dates of credit lines & bonds Credit lines Bonds (1) The item “Other” mainly comprises lease liabilities in relation to sites held under concession agreements, recognized in accordance with IFRS 16. 20362035 250,000,000 200,000,000 150,000,000 100,000,000 50,000,000 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Breakdown of financial liabilities by the nature of their hedging 31/12/202531/12/2024 53% 70% 47% 28% 2% The Company has utilized credit lines totaling €530.5 million. As at December 31, 2025, Montea had confirmed credit lines totaling €739.2 million at six financial institutions. The remaining unutilized capacity is €208.7 million, i.e. 71.8% of the credit lines have been drawn down. As at December 31, 2025, the weighted average unexpired term of these credit lines was 5.2 years. Montea also has a total of €640.0 million in outstanding bond debt, all of which is fully subscribed. The bond debt primarily comprises €235.0 million of Green unsecured notes placed in 2021 (US private placement) and a further €380.0 million of Green unsecured notes placed in 2022 (US private placement). As at December 31, 2025, the weighted average time to maturity of the outstanding bond debt was 6.2 years. Montea also has lease debt totaling €71.6 million, divided into non-current and current portions. This largely results from the lease liability in relation to the concession sites (IFRS 16) and the financing for the solar panels at the Aalst site. The weighted average maturity of the financial liabilities (credit lines, bond loans and lease commitments) was 5.7 years as at December 31, 2025, which is stable compared to December 31, 2024. The average cost of financing* debt was 2.1% in 2025, a decrease compared to 2.3% on December 31, 2024. The Interest Coverage Ratio* was 4.5x at the end of December 2025 and is stable compared to the end of 2024. This means that Montea more than meets the covenants in terms of the interest coverage ratio* entered into with its financial institutions. The chart below shows in which year the credit lines and bond loans will mature, based on the situation as at December 31, 2025. The Company always ensures that debts do not all mature in the same year . Notwithstanding the foregoing, the Company has not granted any mortgage or pledge of business assets or granted any power of attorney to establish either a mortgage or a pledge of business assets; the Company's assets are unencumbered. Fixed rate debt Hedged floating rate debt Unhedged floating rate debt Loan-to-value* With a loan-to-value of 38.1% at the end of December 2025, and an Adjusted net debt/EBITDA* of 7.3x, 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 a Net debt/EBITDA (adjusted)* of around 8x. At the end of 2025, the ratios remain well within the limits of Montea's financing strategy. In accordance with the GVV-KB, the Company’s debt ratio cannot legally exceed 65%. The Company has entered into covenants with the financial institutions under which the consolidated debt ratio may not rise above 60% and the terms of the bonds stipulate a maximum consolidated debt ratio of 65%. The debt ratio, calculated in accordance with the Royal Decree of July 13, 2014 on regulated real estate companies, is 40.0% at the end of December 2025, meaning that Montea is compliant with all covenants regarding the debt ratio. Hedging of interest rate risk As mentioned above, Montea adopts a financing policy under which a large portion of its financial debt is hedged. The hedge ratio*, which reflects the percentage of fixed-rate financial liabilities and floating-rate financial liabilities hedged by a hedging instrument, is 99.7% at the end of 2025. As at December 31, 2025, the Company had entered into a total of €552.5 million in hedge agreements in the form of interest rate swaps and interest rate caps. The weighted average unexpired term of the interest rate hedging instruments was 5.4 years at the end of December 2025. For a description of Montea's hedging instruments, please refer to section 9.2.5 (Note 15: Changes in fair value of financial assets and liabilities) of this report. Covenants and security The contractual terms of the credit facilities stipulate that Montea must continue to qualify as a regulated real estate company (GVV) in Belgium, which requires it to comply with a maximum debt ratio of 60% and a minimum Interest Coverage Ratio*. The contractual terms of the bonds also provide for a maximum debt ratio and a minimum Interest Coverage Ratio*. Montea confirms that all of these conditions were met throughout the 2025 financial year . CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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128 129 5.2.4 Further strengthening of the financing structure in 2025 To date, a total of 81% (or €930 million) of the cumulative volume of €1.15 billion – the amount Montea aims to invest in Track27 over a four-year period – has been invested, initiated or is under exclusive negotiation. Prior to this, an appropriate financing strategy has been drawn up in order to meet these investment commitments and maintain the solid capital structure of the business. In the course of 2025, the business strengthened its financial resources as follows: New loan agreements Montea improved its liquidity position in 2025 by signing €290 million of new credit lines. These new 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 in 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 2025, the company's liquidity position stood at €214 million. Credit rating confirmed by Fitch Fitch reaffirmed Montea's credit rating in 2025, giving a solid long-term investment grade rating of BBB+ with a stable outlook. This rating reflects Montea's high-quality logistics portfolio, concentrated in Western Europe and featuring a diversified, high-quality tenant base. The focus on strategic locations near key multimodal logistics hubs with good green credentials are viewed as a particular plus. The rating is bolstered further by its long-term leases with contractual index-linked rental uplifts and a consistently high occupancy rate, providing stable and visible income streams. This is one of the reasons why Fitch has assigned an A- rating to Montea's senior unsecured debt. Fitch also highlights Montea's strong financial position, with financing for new investments balanced between equity and debt, and no encumbered assets. The awarding of a rating by an independent body confirms Montea's financial strength and creditworthiness, the aim of which is to gain better access to all capital markets, attracting a wider investor base and to benefit from favorable financing conditions. Investment financing The future investment obligations will be financed through available contracted credit lines. Given the loan-to-value* of 38.1% at the end of December 2025, Montea has a sufficient buffer to take on additional debt in the form of credit lines, bonds and/or via a commercial paper program. At the end of December 2025, Montea had an available investment capacity of over €400 million, fully covering the remaining Track27 investment volume within the Adjusted net debt/EBITDA limit of ca. 8x. 5.3 Significant events after the reporting period There are no significant events after the reporting period. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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INVESTMENT TYPE CAPEX TIMING CAPEX EXPECTED NIY NOTE Projects under development 2026 €62m ~ 6.5% Projects under development: Liège & Halle Average term: 20 years 100% pre-let Solar panels & battery energy hubs 2026 €4m ~ 8% (IRR) Under construction €66m Acquisitions of standing investments, yielding land bank and pre-let property developments 2026-2027 €47m > 6.5% Pre-let development projects: Zellik & Tiel (remaining plot) Permit expected in due course Average term: 7 years 100% pre-let Solar panels & battery energy hubs 2026-2027 €28m ~ 8% (IRR) Acquisitions of non-yielding land bank 2026 €42m > 6.5% (after delivery) Acquisitions of non-yielding land bank, including Toury Construction costs are not included in the investment figure Investments in exclusive negotiation phase €117m 130 131 5.4 Earnings forecasts or estimates 5.4.1 Outlook Under Track27, Montea has a four-year growth plan that provides clear direction for its strategic choices and investment decisions. The coming period will focus on the continued execution of this plan, with the objective of delivering sustainable value creation for shareholders. Montea remains committed to the disciplined execution of its growth strategy, with a focus on high-quality portfolio expansion, thoughtful capital allocation, and the strengthening of its operational fundamentals. At the same time, Montea is laying the groundwork for the next phase of its growth trajectory by investing in projects and markets that will future-proof the platform. Track27 is not only a growth plan for the next four years, but also represents a structural step forward in further establishing Montea as a leading logistics real estate platform. Among other factors, this plan is supported by major development prospects in France, where Montea expects to obtain planning permission for a total of 500,000 m² of gross lettable area (GLA) in 2026 and 2027. As of year-end 2025, 150,000 m² has already been secured. Result-based targets • Earnings guidance for 2026: • EPRA earnings* of €5.23 per share (+7% y/y), including €0.08 per share related to FBI recognition for the 2024 financial year1. Prepared in line with the Track27 financial and operational framework, this guidance is based on a targeted investment volume of €250 million and like-for-like rental growth of at least 2.5%. The outcome regarding FBI recognition for the 2024 financial year is expected during 2026. • Dividend growth to €4.19 per share (+7% y/y), including the potential additional impact of FBI recognition. 80% of the result related to FBI recognition for the 2024 financial year is expected to be distributed. • Reiteration of the targeted increase in EPRA earnings* to €5.60 per share in 2027 (+7% compared to 2026) based on a targeted investment volume of €150 million. This corresponds to an average annual growth of EPRA earnings per share of 6% compared to 2023. • Cumulative investment volume of ca. €1.15 billion, growing the portfolio’s value by more than 50% compared to the end of 2023, rising to a level in excess of €3.5 billion: • 2024: the forecast was €400 million, with an actual result of €441 million • 2025: the forecast was €300 million, with an actual result of €307 million • 2026: €250 million is targeted • 2027: €150 million is targeted Track27 is building for the future through four main growth pillars; (i) targeted acquisitions of both existing buildings and plots of land, (ii) in-house project developments on our extensive land bank, including renovations and improvements to the standing portfolio, (iii) strategic partnerships with developers and landowners, and (iv) smart green energy solutions and other sustainability solutions in the markets in which Montea operates. A total of 81% (or €930 million) of the targeted investment volume has already been invested, is in execution and or under exclusive negotiation, in pursuit of a clear strategy of sustainable value creation. This excludes the licensed project development for which Montea announced a signed Letter of Intent (LOI) in its half-yearly figures. This LOI was not converted into a lease agreement, as the other party postponed its expansion plans. 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: • average cost of debt* not exceeding 2.5% • net debt/EBITDA (adj.)* of circa 8x • Minimum occupancy rate of 98% • operating margin* of 90% by 2027 The remaining €400 million of Track27 investment volume is fully covered within an Adjusted net debt/EBITDA* limit of approximately 8.0x. (1) Based on the weighted average number of shares of 23,038,381 at December 31, 2025. EPS growth Investment volume Invested: €747m In execution: €66m Exclusive negotiation: €117m To go: €217m Total: €1,147m CAGR: 6% €4.45 €0.45 €0.18 €0.08 €4.55 €4.90 €5.15 €5.60 2023 2024 2025 2026e 2027e CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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133 132 Qualitative targets Montea aims to take a defining role in sustainability. More than 65% of our extensive land bank of over 3 million m² 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 CO2 emissions from our standing portfolio by 45% by the end of 2027 (compared to 2019), for which we have earmarked €60 million, via a series of measures, including: • Our commitment to all our new buildings being carbon neutral, producing net zero greenhouse gas emissions • Further roll-out of battery energy storage systems and increased solar panel capacity • Installation of energy-saving improvements to the standing portfolio, such as energy-efficient LED lighting, charging stations, additional roof insulation and heat pumps. Multigenerational strategy At Montea, we consider our impact on future generations at every step, seeking long-term value creation over short-term profits. This is why we are focusing on sustainability and developing innovative logistics facilities, while continuing to prioritize: • The best strategic locations, which are relevant now and will remain so in the future • Multimodal sites near ports, airports, motorways and railway stations • Multifunctional buildings that rather than sell, we redevelop in partnership with our clients and partners. Maintaining strong fundamentals in a volatile macro environment Montea’s portfolio has seen a strong leasing momentum over the course of 2025, predominantly driven by the demand from 3PLs, food, pharma and e-commerce companies supplying a European consumer base. With leases signed above previous rent levels as well as ERVs on average, this supports the attractive rental growth angle in normalising market conditions. >65% of our land bank comprises greyfield and brownfield sites that we remediate While market demand remains selective with business confidence still gradually recovering, structural demand drivers remain firmly in place. These include supply chain optimization, the growing penetration of e-commerce and the rising demand for urban distribution in Western Europe. Sustainable, well-located solutions that deliver broader operational value remain key focus for most tenants, with the strength of strategic location underpinned by the low vacancy rates versus market averages. Clear supply constraints also continue to materialise, with land scarcity, grid connectivity and tighter regulation expected to persist for the years to come. 5.4.2 Assumptions underlying forecast EPRA earnings* In the outlook, we set out the expected results in terms of the consolidated EPRA earnings* and the consolidated balance sheet for the 2026 financial year based on the figures reported in the annual financial report as at December 31, 2025, information that has become known since the balance sheet date, and calculated projections based on changes in the real estate, economic and financial markets. Such forecasts and estimates cannot be regarded as a certainty. Montea’s activities and the market in which it operates are subject to uncertainties and risks, and such prospective information therefore cannot be binding on the Company. The risk exists that the expectations may not be met. 5.4.3 Assumptions Montea applies the customary accounting principles as adopted in connection with the preparation of the consolidated accounts as at December 31, 2025 under IFRS as applied by the European Union and implemented via the RREC Royal Decree. In relation to property investments, the outlook for 2026 assumes that investments of around €250 million will be made during the course of 2026. 5.4.4 Assumptions regarding factors that Montea can directly affect Net rental income Net rental income is estimated based on current leases, taking account of the assumptions made in relation to indexation (see below) of the lease agreements, which are applied to all leases based on the anniversary date of the lease. For leases with a break option in 2026, estimates are made on an individual basis in relation to reletting (extension or renewal). The investments made in 2025 only had a limited impact on 2025 net rental income, but contribute for a full year to the net rental income for 2026. Net rental income also takes account of the investments already announced: • Investments due to be delivered in 2026 start contributing to net rental income an average of one month after the expected delivery date. • Investments in solar panel projects do not contribute to net rental income, except solar panel projects in the Netherlands. Income linked to these investments is recognized in “Other rental-related income and expenses”. • An additional target of €184 million (on top of €66 million in projects in progress, solar panel projects and battery energy storage parks), which includes €39 million on standing investments that will contribute to net rental income in 2026. The other €145 million is deemed to relate to build-to-suit developments which will only contribute to net rental income after a certain development period. It is assumed here that delivery will not take place until 2027. However , the investments do contribute to the net financial result, as they give rise to capitalized interest. Other rental-related income and expenses This section covers ancillary property expenses borne by the owner and recoverable charges of those expenses to tenants. For existing projects and the identified investments these costs and revenues are included in line with the lease agreement. As no rental income is included for the investments under the additional target, no other operating costs or revenues are included in relation to those investments. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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134 135 This section also includes income from solar panels. In view of the volatility of energy prices, these figures are based on country-specific energy forward curves. This section also includes income from BESS, based on country-specific energy forward curves across the various trading markets and on the level of on-site self-consumption by our customers, taking into account energy price volatility. The solar panel investments recognized in 2026 (see section 3.4.6 (developments in our PV portfolio)) and in BESS (see section 3.4.7 (rollout of battery energy hubs)) generate income, on average, two and three months respectively after the expected delivery date. Property management fees charged by Montea to its clients also come under this section. Account is taken of the new leases agreed in 2025 in relation to identified investments. Property charges and general corporate expenses Property charges mainly include broker commissions, internal management fees and costs and charges in relation to untenanted buildings. These have been estimated for 2026 on the basis of the current portfolio (based on assumptions regarding lease extensions or renewals, see “Net Rental Income”). General corporate expenses mainly include the following items: • Rental of offices in France, the Netherlands and Germany; • Marketing expenses, financial and commercial communications; • Estimated fees for advisors, such as real estate experts, lawyers, tax experts, IT costs and the statutory auditor’s fee; • The annual subscription tax on regulated real estate companies; • Fees payable for the listing on Euronext Brussels and Euronext Paris, as well as the FSMA fee; • Montea’s internal operating costs, being the remuneration of the Sole Director and the personnel costs, excluding internal management fees; and • Annual depreciation and amortization of non-current assets other than real estate investments (furniture, movable equipment and intangible assets). General expenses are included in forecasts based on effective estimates by cost category. Marketing and personnel expenses are provided on the basis of best approximate estimates. Montea intends to make further investments in its workforce in 2026 in the various country teams, in order to ensure sufficient capacity. Interest costs Estimated interest costs are based on the evolution of average financial indebtedness: • The actual outstanding financial debt of €1,170.8 million as at December 31, 2025, comprising €530.5 million in outstanding credit facilities, €640.0 million in outstanding bonds and €0.3 million of finance lease debt; • The expected changes in indebtedness in 2026: the drawdown of new and existing credit lines to finance new and ongoing investments. The overall average cost of financing* for 2026 is calculated in line with the average cost of debt* during 2025, taking account of a level of hedging in line with the hedging policy (see section 8.1.1 Changes in interest rates). The total financial cost is then reduced by an estimated amount of capitalized interest calculated on all ongoing and planned developments, as well as on the additional target for 2026. This capitalized interest is thus eliminated from the calculation of financial expenses and instead recognized in the capital cost of the project on the asset side of the balance sheet until the projects are delivered and begin to generate rental income. Tax This item covers the annual corporate income tax payable. Montea’s taxable base is virtually zero due to the fiscal transparency enjoyed by the Company. The taxable base of the regulated real estate company is limited to what are referred to as ‘disallowed expenses’ other than write-downs and capital losses on shares, and any ‘abnormal or gratuitous benefits’ received (GVV (Belgium) and SIIC (France)). Dividend withholding tax is estimated based on the estimated taxable base of the Montea SA fiscal entity (i.e. the French branch). Dutch corporate income tax (rate: 25.8%) is provided for based on an estimate of the taxable basis of the Dutch companies. Corporate income tax for Germany is based on a rate of 15.825%. For the other companies – direct subsidiaries of Montea that do not qualify as SIICs (France) – an estimate has been made based on estimated local results. Share in the result of associates and joint ventures This section presents the estimated share in the results of the joint venture with Weerts Group, in which Montea holds a 40% interest in the project company. 5.4.5 Assumptions regarding factors that Montea cannot directly affect The trend in rental income takes account of an indexation level for 2026 based on the economic consensus expectations for 2026 of the International Monetary Fund. Montea limits the potential impact of inflation, firstly by including a rent indexation clause in rental agreements and secondly by entering into hedging agreements for the majority of its variable-rate borrowings. Interest rates are determined on the basis of the forward interest curve (Euribor 3-month forward curve), taking account of the existing and planned hedging instruments. Changes in the fair value of the hedging instruments are not a cash item and therefore have no impact on EPRA earnings*. No assumptions have therefore been made in relation to this item. The same reasoning applies to changes in the fair value of the real estate portfolio. The outlook may also be affected by market, operational, financial, regulatory and (geo)political risks. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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POST-MONEY (EUR x 1,000) 31/12/2026 12 months 31/12/2025 12 months Net rental income 153,409 139,768 Property result 162,278 148,722 Property costs & general corporate expenses -18,838 -16,509 Operating result before portfolio result 143,440 132,214 Operating margin*1 88% 89% Financial result excl. changes in fair value of hedging instruments* -19,326 -17,589 Tax -1,173 -1,946 Share in the result of associates and joint ventures 706 97 EPRA earnings*2 123,647 115,507 Result on disposal of investment properties - 699 Result on disposal of other non-financial assets - - Changes in fair value of investment properties - 52,661 Deferred taxes on portfolio result - -10,417 Share in the result of associates and joint ventures - 5,808 Portfolio result* - 48,751 Changes in fair value of financial assets and liabilities - 1,739 Net result 123,647 163,267 Weighted average number of shares for the period 23,643,683 23,038,381 EPRA earnings per share3 5.23 4.90 (EUR) 31/12/2026 31/12/2025 Investment properties 3,194,457,970 3,152,321,314 Hedging instruments 25,466,751 25,466,751 Other assets 282,374,170 84,168,816 Total assets 3,502,298,892 3,261,956,882 EQUITY 1,979,774,399 1,894,348,912 LIABILITIES 1,522,524,493 1,367,607,969 Non-current liabilities 1,448,812,129 1,293,895,605 Provisions - - Other non-current financial liabilities 129,964 129,964 Deferred taxes – liabilities 34,677,541 34,677,541 Other non-current liabilities 1,414,004,624 1,259,088,100 Current liabilities 73,712,364 73,712,364 Provisions - - Other current financial liabilities - - Accruals and deferred income 36,732,915 36,732,915 Other current liabilities 36,979,449 36,979,449 Total liabilities 3,502,298,892 3,261,956,882 Loan-to-value* 40.0% 38.1% Debt ratio 41.7% 40.0% 136 137 (1) In order to obtain the operating margin*, the operating result (before the portfolio result) is divided by the property result. (2) EPRA earnings* are equal to the Net Result excluding the impact of portfolio results (code XVI, code XVII and code XVIII of the income statement) and the impact of changes in interest rate hedging instruments. (3) EPRA earnings calculated on the basis of the weighted average number of shares for the period. 5.4.6 Forecast EPRA earnings* Based on the above assumptions and the current outlook for 2026, Montea expects EPRA earnings* to grow by 10% to €123.6 million. EPRA earnings per share will therefore rise from €4.90 to €5.23 per share, including €0.08 for FBI recognition for the 2024 financial year . Prepared in line with the Track27 financial and operational framework, this guidance is based on a targeted investment volume of €250 million and like-for-like rental growth of at least 2.5%. The outcome regarding FBI recognition for the 2024 financial year is expected during 2026. 5.4.7 Forecast consolidated balance sheet The following assumptions were made in preparing the projected consolidated balance sheet: Montea intends to make investments of around €250 million during 2026. Movements in equity and debt take account of the projected EPRA earnings*, a distribution rate of 80%, the offering of an optional dividend and the debt ratio at year-end 2026. The projected investments are expected to be financed wholly by debt, leading to a projected loan-to-value* of 40.0% at year-end 2026. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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138 139 5.4.8 Forecast dividend The distribution policy is set by Montea’s Board of Directors and presented to the general shareholders’ meeting after the end of the financial year . Based on the forecast EPRA earnings* for 2026, Montea expects a further increase in the dividend per share, in line with the rise in EPRA earnings* per share, to a gross dividend of €4.19 per share (+7% y/y), including the potential additional FBI recognition, assuming a distribution rate of 80%. 5.4.9 Declaration Montea declares that the profit forecast has been drawn up and prepared on a basis that is (i) comparable with that of the historical financial information, and (ii) in accordance with its accounting policies. 5.4.10 Auditor’s report on 2026 outlook For the auditor’s report, please refer to chapter 10, section 10.4 Expert reports. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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140 141 6 CHAPTER SIX CHAPTER SIX CHAPTER SIX CHAPTER SIX CHAPTER SIX CHAPTER SIX CHAPTER SIX MONTEA ON THE STOCK MARKET 6.1 Montea share performance 142 6.2 Capital and shareholder structure 143 6.3 Transparency notifications 144 6.4 Shareholder calendar 144
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142 143 Montea on the stock market 6.1 Montea share performance Montea shares are aimed at private and institutional investors in Belgium and abroad who are attracted by the prospect of an investment in logistics property and a good dividend yield with a moderate risk profile. Montea shares have been listed on Euronext Brussels (MONT) since October 2006 and on Euronext Paris (MONTP) since December 2006. They form part of compartment C (Mid-Caps) and the Euronext BEL 20 Index. STOCK MARKET PERFORMANCE 31/12/2025 31/12/2024 Share price (€) At closing 73.20 63.30 Highest 76.30 86.00 Lowest 54.61 61.00 Average 66.39 76.30 Net asset value per share (€) IFRS NAV 81.32 78.42 EPRA NTA 81.63 77.63 Premium/Discount compared to IFRS NAV (%) -10.0% -19.3% Dividend return (%) 5.4% 5.9% Proposed payment (€) Gross dividend per share 3.93 3.74 Net dividend per share 2.75 2.62 Volume (number of securities) Average daily volume 32,882 19,815 Volume of the period 8,385,003 5,072,705 Number of shares (at the end of the period) 23,402,884 23,131,212 Market capitalisation (K €) Market capitalisation at closing 1,713,091 1,464,206 Ratios (%) Velocity 36% 22% 6.2 Capital and shareholder structure 6.2.1 Capital On December 31, 2025, Montea’s capital amounted to €476,949,385.41 (including the costs of the capital increase and changes in the value of treasury shares). As at December 31, 2025, the capital is represented by 23,402,884 fully paid-up ordinary shares, without nominal value. There are no preference shares. Each share confers one vote at the general meeting (except treasury shares held by the Company itself, for which the voting right is suspended). The total number of shares represents the denominator for the purposes 6.2.2 Shareholder structure Montea’s shareholder structure as at December 31, 2025 is as follows: Shareholder No. of notified voting rights on date of notification2 %3 Date notified De Pauw Family 2,053,020 13.11% 22/03/2019 Federale Verzekeringen (Rue de l’Etuve 12, 1000 Brussels) 788,215 4.92% 29/03/2021 Patronale Life (Bischoffsheimlaan 33, 1000 Brussels) 964,785 8.03% 06/09/2018 Ethias NV (rue des Croisiers 24, 4000 Liège) 607,130 5.23% 28/09/2017 BlackRock Group 994,678 4.30% 04/07/2025 Other shareholders below the threshold set in the articles of association* 17,995,056 - Total 23,402,884 - (1) The withholding tax on dividends from regulated real estate companies is 30%, with a few exceptions (Article 269 of the Income Tax Code 1992). (2) The number of shares held by the above shareholders and the public were determined on the assumption that the total number of shares held by the shareholders obliged to make a transparency notification in accordance with the legal and statutory provisions has not changed since their most recent transparency notification. (3) Percentage of voting rights at the date of the transparency notification. Based on the closing price on 31/12/2025 (€73.20) Montea shares traded at a discount of 10.0% to EPRA NTA. At Montea’s general meeting on May 19, 2026, the board of directors of the Sole Director will propose payment of a gross dividend of €3.93 per share, corresponding to €2.75 per share net1. of disclosures under Transparency Regulations. Capital may be increased or reduced in accordance with the provisions of the law and the articles of association. The Sole Director is authorized to increase the capital within the limits of the authorized capital (for more details, see section 11.1.2.2 of this report and article 6.3 of Montea’s articles of association). CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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144 145 6.3 Transparency notifications Any person who directly or indirectly acquires or transfers securities of the Company must inform the FSMA and the Company of the number of securities that they hold if the voting rights associated with their voting securities pass above or fall below, whether actively or passively, the statutory threshold of 3% of the total number of voting rights associated with the securities of the Company. Pursuant to article 6 of the Law of May 2, 2007, an identical notification duty applies in the event that a shareholding passes above or falls below, whether actively or passively, the legal thresholds of 5%, 10%, 15% and all further multiples of 5%. 07/05/2026 Interim statement 31/03/2026 – publication (after close of trading) 08/05/2026 Interim statement 31/03/2026 – conference call (11 a.m.) 19/05/2026 Annual general shareholders’ meeting for the 2025 financial year (10 a.m.) 20/08/2026 Half-year financial report H1 2026 – publication (after close of trading) 21/08/2026 Half-year financial report H1 2026 – conference call (11 a.m.) 29/10/2026 Interim statement 30/09/2026 – publication (after close of trading) 30/10/2026 Interim statement 30/09/2026 – conference call (11 a.m.) The information in the above table is based solely on transparency notifications that the Company received pursuant to the Transparency Regulations and assumes that nothing has changed since the most recent notification that was received. The transparency notifications that Montea has received are available on the Company’s website. Key shareholders have no non-standard voting rights. There are no known regulations whose entry into force at a later date could result in a change in control over the issuer . The De Pauw family, which acts in concert, comprises of: • Dirk De Pauw, Marie De Pauw, Bernadette De Pauw, Dominika De Pauw and Beatrijs De Pauw and their respective children; • the De Pauw indivisible ownership group; • Montea Management NV, which is controlled by the aforenamed De Pauw siblings. 6.4 Shareholder calendar CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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7 CORPORATE GOVERNANCE DECLARATION 7.1 Corporate governance declaration 148 7.2 Description of internal control and risk management systems 149 7.3 Administrative, management and supervisory bodies and company management 151 7.4 Conflicts of interest 172 7.5 Family relationships between the shareholders, directors and effective leaders 175 7.6 Information pursuant to article 34 of the Royal Decree of November 14, 2007 175 7.7 Statement of the board of directors of the Sole Director 177 7.8 Remuneration report 177 146 147 CHAPTER SEVEN CHAPTER SEVEN CHAPTER SEVEN CHAPTER SEVEN CHAPTER SEVEN CHAPTER SEVEN
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7.1 Corporate governance declaration 7.1.1 Compliance with the 2020 Code and Corporate Governance Charter In 2025 the Company and the Sole Director complied with the recommendations of the 2020 Code and the legal provisions on corporate governance by applying them mutatis mutandis to the governance structure of the Sole Director . As the governing body of the Sole Director of the Company, the board of directors of the Sole Director takes collective decisions on Montea’s values and strategy, its risk appetite and its key policies. The structure of Montea and its Sole Director is thus transparent as regards corporate governance. Accordingly, in the Corporate Governance Charter as last amended on October 28, 2021 and in this corporate governance declaration, the term “board of directors” refers to the board of directors of the Sole Director . The Sole Director approved a new version of the Corporate Governance Charter which will take effect on May 19, 2026, provided that the following resolutions are approved by the Montea extraordinary general meeting of shareholders to be held on that date: (i) the ending of the mandate of Montea Management NV as Montea’s statutory sole director; (ii) the appointment of the directors, as proposed by Montea’s governing body, directly at the level of Montea; and (iii) the proposed amendments to Montea’s articles of association arising from the ending of the mandate of Montea Management NV as sole director and the associated change to a governance structure with a one-tier board of directors. The Company complies with the provisions of the 2020 Code except as follows: • The remuneration of the non-executive directors is not partly paid in the form of shares in the Company, contrary to recommendation 7.6 of the 2020 Code. The purpose of that recommendation is to align the interests of the non-executive directors with the long-term interests of the shareholders. As a RREC, Montea strives to achieve robust earnings and a robust dividend per share, in line with the outlook of a long-term shareholder . That strategy is clearly reflected in the company’s growth targets, its portfolio and its ESG strategy, as approved by the board of directors. There is thus no immediate need to pay either the non-executive directors or the independent directors partly in shares. This position is reviewed on a regular basis. • The Company has not set a minimum amount of shares to be held by the members of the executive management, as recommended in recommendation 7.9 of the 2020 Code. Montea’s view is that this is unnecessary, as certain members of the executive management benefit from both a share option plan and a share purchase plan (see section 7.8.2.4 of this annual report) which duly incentivizes these persons to consider the perspective of a long-term shareholder . • Contrary to recommendation 8.7 of the 2020 Code, the Company has not entered into a relationship agreement with one of its key shareholders, the De Pauw family. On the date of this report, the De Pauw family has two representatives on the board of directors and is therefore closely involved in setting Montea’s policy. The Company believes there is no need to enter into such a relationship agreement at present. This position is reviewed on an annual basis. 7.2 Description of internal control and risk management systems 7.2.1 General The board of directors is responsible for evaluating the Company’s risks and for monitoring the effectiveness of internal control. The members of the executive management of the Company are in turn responsible for establishing a risk management system and for ensuring the effectiveness of internal control. Montea structures the Company’s management of internal control and risks through: • defining its control environment (the overall legal, financial and operational framework); • the identification and classification of principal risks to which the Company is exposed1; • analyzing the extent to which the Company manages those risks. Particular attention is also paid to the reliability of the reporting and financial disclosure process. 7.2.2 Control environment Key features of the control environment include: • The risk culture: Montea acts with due commercial care with a view to achieving stable and recurring income. Montea takes a cautious approach in its investment policy and avoids speculative projects. • A clear description of the Company’s purpose: Montea is a leading listed regulated real estate company in the field of logistics property. Montea’s aim is to build up a diversified property portfolio that generates stable recurring income, both through its own developments and through standing investments. In so doing, Montea takes account of developments in the logistics sector in Belgium, the Netherlands, Germany and France. • A definition of the role of the various management bodies: Montea has a board of directors, an audit committee and a remuneration and nomination committee. It also has two informal advisory committees: the investment committee (three in total, organized by geographic region) and the ESG steering committee. Montea is assisted by external advisors for accounting and tax matters. These parties provide assistance only. • The organization of the Company: The Company is organized into various departments in accordance with a clear organization chart. Every person in the organization knows what powers and responsibilities are assigned to him or her . This corporate governance declaration sets out the main rules that Montea has adopted in application of the corporate governance legislation and recommendations and describes how they were applied during the 2025 financial year . The applicable legislation includes not only the Companies and Associations Code, but also the RREC Law and the RREC Royal Decree. Montea has applied the Belgian Corporate Governance Code 2020 as its code of reference since January 1, 2020. Any deviations from the Code are disclosed in this corporate governance statement in accordance with article 3:6, §2 of the Companies and Associations Code, taking account of the size of the business and the nature of its activities. This corporate governance declaration forms part of the annual report in accordance with article 3:6, §2 of the Companies and Associations Code. Montea is incorporated as a public limited company (naamloze vennootschap) and has a sole director nominated in the articles of association, Montea Management NV, which in turn is incorporated as a public limited company with a one-tier board of directors. During the extraordinary general meeting of shareholders on May 19, 2026, a proposal will be made to terminate the mandate of Montea Management NV as statutory sole director and to replace it with a one-tier board of directors appointed directly at the level of Montea NV. As this proposed amendment – if approved by the shareholders – will only take effect on May 19, 2026, it is not taken into account in this corporate governance declaration for the financial year 2025. Corporate governance declaration (1) Reference is made to section 8 “Risk factors” for a description of sufficiently material and specific risks. 148 149 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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• Measures to ensure sufficient competence: The Company ensures the sufficient competence of: • the directors: given their experience, the directors possess the necessary skills to perform their duties, including in relation to accounting and general financial affairs, legal matters and general knowledge of the market for logistics real estate and logistics as a whole; • members of the executive management and staff: roles are filled by way of a recruitment process based on well-defined profiles, an evaluation policy and appropriate compensation based on achievable and measurable targets, as well as through the provision of suitable training for all positions in the Company. 7.2.3 Risk analysis and audit activities The person in charge of the Company’s risk management prepares a list of all risks, which is reviewed annually by the audit committee. The risks that are sufficiently specific and material to the Company are discussed in the “Risk Factors” section of this report. The Company’s specific audit activities can be divided into the following categories: • Audits on legal and contractual basis: Each real estate purchase and sale can be traced with respect to its origin, the parties involved, its nature and the time at which it was executed, based on notarized deeds or other transaction documents such as a share purchase agreement. • Audits on internal procedures: • the signing of purchase, sale and lease agreements by the permanent representative of the Sole Director; • approval of incoming invoices by at least two people (the responsible person and the manager of the relevant department); • approval of each outgoing payment by at least two people. • Audits on financials matters: • where necessary, the Company is assisted by an external accounting and tax advisor; • systematic review of variances between actual figures and both the budget and figures for the previous year; • ad hoc sampling is carried out according to materiality. • Audit activities on the key financial, market and legal risks, such as: • consulting external databases on the creditworthiness of customers; • proactive monitoring of the debt ratio, interest rate risk and liquidity risk; • continuous monitoring of tenant diversification and vacancy rates; • regular follow-up of property valuations with real estate experts; • close monitoring, together with external advisors, of developments in the legal and regulatory (tax) framework applicable to Montea and its subsidiaries. 7.2.4 Financial information and communication General communication within the Company is adapted to its size and is primarily based on general staff communications, internal work meetings and general e-mail correspondence. Communication of financial information is organized on a quarterly, semi-annual and annual basis. A backward planning schedule is prepared annually for this purpose. The internal accounting team (consisting of local employees in Belgium, France and the Netherlands, and with support from an external accountant in Germany) provides the accounting figures. Those figures are consolidated and verified by the controlling team, which reports to the CFO. 7.2.5 Oversight and evaluation of internal control The quality of internal control is assessed during the financial year by: • the audit committee; • the statutory auditor , as part of their semi-annual and annual audits of the financial figures; • the person in charge of internal audit: BDO, represented by Steven Cauwenberghs. The ultimate responsibility for internal audit rests with effective leader Jo De Wolf. 7.3 Administrative, management and supervisory bodies and company management 7.3.1 General In accordance with the Companies and Associations Code and its articles of association, Montea is managed by Montea Management NV. Montea Management NV has been appointed as the statutory sole director of Montea for a period ending 30 September 2026. During Montea’s extraordinary general meeting of shareholders on May 19, 2026, a proposal will be made to terminate the mandate of Montea Management NV as statutory sole director and to replace it with a one-tier board of directors appointed directly at the level of Montea NV. In turn, the Sole Director is represented externally by its permanent representative, Jo De Wolf. The Sole Director is managed by a board of directors composed in such a way that Montea can be managed in accordance with the RREC Law and the RREC Royal Decree, and includes at least three independent directors within the meaning of article 7:87 of the Companies and Associations Code in conjunction with recommendation 3.5 of the 2020 Code. The structure of Montea and its Sole Director is transparent. This means that all the rules of the RREC Law and of the RREC Royal Decree apply to the Sole Director and its directors. Montea has extended corporate governance principles to the directors of the Sole Director . Montea’s corporate governance structure can be shown schematically as follows: • the management bodies, at two levels: • the Sole Director , represented by its permanent representative, Mr Jo De Wolf; • the board of directors of the Sole Director . • the executive management • the supervisory bodies • internal supervision: the effective leaders, compliance officer , person in charge of risk management and the person in charge of internal audit; • externally: the auditor and the FSMA. The members of the company’s management, as well as the Sole Director , have their office address at Montea’s registered office (exclusively for matters relating to Montea). 7.3.2 Board of directors 7.3.2.1 Nomination – requirements – composition Nomination The directors are appointed by an ordinary majority of votes at the general meeting of the Sole Director , from a list of candidates proposed by the board of directors on the recommendation of the remuneration and nomination committee. Apart from a single share held by Jo De Wolf, the general meeting of the Sole Director consists of the five children of the late Pierre De Pauw, each of them holding 20% of the shares. The members of the board of directors of the Sole Director are exclusively natural persons as required by article 14, §1 of the RREC Law. Directors are in principle appointed for a (renewable) period of up to four years, in order to ensure adequate rotation. Proposals to appoint, reappoint or dismiss directors are submitted for advance approval and/or notified to the FSMA in accordance with article 14, §4(4) of the RREC Law. The nomination process is led by the chairman of the board of directors. Prior to every nomination or renomination, an assessment is made of the skills, knowledge and experience already available within the board of directors. This is to ensure the necessary diversity and complementarity of directors, in terms of both background and skillsets. Requirements Members of the board of directors are assessed on the basis of the following criteria: • knowledge of the transport and logistics industry; • knowledge of the construction industry and the logistics real estate market; • knowledge of logistics goods flows and the operation of ports; • experience as a director of a listed real estate or other company; • international experience; • a broad knowledge of ESG matters; • knowledge of human resources; • general financial knowledge and knowledge of accounting legislation, including IFRS; • entrepreneurial mindset. 150 151 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Dirk De Pauw, voorzitter en Jo De Wolf, CEO Name Capacity/Function Start of first term End of term Dirk De Pauw Chairman of the board of directors 01/10/2006 15/05/2029 Jo De Wolf CEO 30/09/2010 19/05/2026 Peter Snoeck Non-executive director 01/10/2006 19/05/2026 Barbara De Saedeleer Independent non-executive director 18/05/2021 16/05/2028 Koen Van Gerven Independent non-executive director 18/05/2021 16/05/2028 Lieve Creten Independent non-executive director 17/05/2022 15/05/2029 Dirk Lannoo Independent non-executive director 20/05/2025 15/05/2029 In the selection and evaluation of directors, particular emphasis is placed on knowledge and experience of ESG issues. This is also clearly reflected in the current composition of the board of directors: all independent non-executive directors have extensive experience and considerable knowledge of ESG matters by virtue of long-standing (C-level) experience at listed companies with a strong ESG track record in Belgium and internationally (for more details see the “Profiles” section below). Non-executive directors may not hold more than five directorships at listed companies at the same time. Any changes in their engagements outside Montea must be reported on a timely basis to the chairman of the board of directors. Pursuant to article 13 of the RREC Law, at least three directors must be independent, within the meaning of article 7:87 of the Companies and Associations Code juncto recommendation 3.5 of the 2020 Code. On the date of this report, four directors meet the independence criteria: Koen Van Gerven, Barbara De Saedeleer , Lieve Creten and Dirk Lannoo. Composition The board of directors has seven members. Its composition on December 31, 2025 was as follows: During the extraordinary general meeting of shareholders on May 19, 2026, a proposal will be made to terminate the mandate of Montea Management NV as statutory sole director and to replace it with a one-tier board of directors appointed directly at the level of Montea NV. To ensure a swift transition of the governance structure from one statutory sole director to a one-tier board of directors, the aim is to ensure maximum continuity of the current directors. It is therefore proposed to appoint the directors of Montea Management NV directly to the board of Montea for a term of office equal to the remaining term of their current mandates as directors of Montea Management NV. The proposed composition of the Company’s board of directors will thus be identical to the composition of the board of Montea Management NV as the Company’s statutory sole director , with one exception: as Peter Snoeck’s term as director expires on May 19, 2026, it is proposed to replace him as representative of the De Pauw Family with William Snoeck, for an initial term of three years. 153 152 WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION MONTEA ON THE STOCK MARKET
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The following nominations will therefore be proposed for approval at Montea’s general meeting on May 19, 2026: • nomination of Jo De Wolf as non-independent executive director for a term of four years until the ordinary general meeting to be held on May 21, 2030; • nomination of Dirk De Pauw as non-independent non- executive director and chairman of the board of directors for a term of three years until the ordinary general meeting to be held on May 15, 2029; • nomination of William Snoeck as non-independent non- executive director for a term of three years until the ordinary general meeting to be held on May 15, 2029; • nomination of Lieve Creten as independent non-executive director for a term of three years until the ordinary general meeting to be held on May 15, 2029; • nomination of Dirk Lannoo as independent non-executive director for a term of three years until the ordinary general meeting to be held on May 15, 2029; • nomination of Koen Van Gerven as independent non- executive director for a term of two years until the ordinary general meeting to be held on May 16, 2028; • nomination of Barbara De Saedeleer as independent non- executive director for a term of two years until the ordinary general meeting to be held on May 16, 2028; Below is a brief profile of each of the directors and effective leaders, indicating the other positions that they have held on the administrative, management or supervisory bodies of other companies in the course of the past five years (excluding subsidiaries of the Company). Dirk De Pauw • Chairman of the board of directors and the investment committees • Chairman of the investment committees, as permanent representative of DDP Management BV • Start of term: 10/01/2006 Dirk De Pauw, born 1956, is one of the founding shareholders of Montea. He obtained his degree in accounting and management from IHNUS, Ghent and subsequently pursued further studies at Vlerick Business School. a) Nominations that expired in the last five years: until February 29, 2020, Dirk De Pauw was an effective leader of Montea in accordance with article 14 of the RREC Law. Dirk was a director of Project Planning Degroote CV until December 2021. He was also a director of Tack Buro BV until that entity’s merger with CLIPS NV in early 2022. b) Ongoing mandates: Dirk De Pauw is chairman of the board of directors of the Sole Director and, as permanent representative of DDP Management BV, chairman of the Montea investment committees. He is also CEO of CLIPS NV (since 1982), K&D Invest NV (since 2006) and Fadep NV (since 2018), as well as chairman of the board of directors of Vastgoedgroep Degroote (since 2022). Jo De Wolf • Executive director and CEO – Effective leader • Start of term: 30/09/2010 Jo De Wolf, born 1974, graduated with a Master’s degree in Applied Economics from KU Leuven and an MBA at Vlerick Business School. He also attended the Master in Real Estate program at KU Leuven. a) Nominations that expired in the last five years: Jo De Wolf was a director of The Shift vzw from June 2021 to June 2024 and a director of Good Life Investment Fund CV from December 2016 to June 2025. b) Ongoing mandates: Jo De Wolf is executive director and CEO of the Sole Director . He is also employed as an effective leader of Montea within the meaning of article 14 of the RREC Law. In addition, he has been director since May 2011 of BVS-UPSI vzw. Since January 2020, he has been chairman of the board of directors (and an independent director) of Premier Development Fund 2 BV. He has also been an independent non-executive director of Nextensa NV since May 15, 2023. Lastly, he has been an independent non-executive director of Kinepolis Group NV since May 8, 2024. Jimmy Gysels • Effective leader • Start of term: March 1, 2020 Jimmy Gysels, born 1971, studied in Brussels and graduated with a degree in industrial engineering before going on to pursue postgraduate studies in real estate. a) Nominations that expired in the last five years: n/a b) Ongoing mandates: Jimmy Gysels has been employed as an effective leader of Montea within the meaning of article 14 of the RREC Law since March 1, 2020 Barbara De Saedeleer • Independent non-executive director • Start of term: 18/05/2021 Barbara De Saedeleer , born 1970, holds a master’s degree in business and financial studies with a specialization in quantitative business management from VLEKHO Business School, Brussels. She also holds a degree in marketing. a) Nominations that expired in the last five years: Independent non-executive director of Beaulieu International Group NV, where she was also chair of the audit committee and a member of the remuneration committee. b) Ongoing mandates: Independent non-executive director of the Sole Director since May 18, 2021. Barbara is also an independent non-executive director at Recticel NV, where she is also a member of the audit committee and a member of the remuneration committee, independent non-executive director at Orsi Academy BV, and an independent non-executive director at UTB NV and Kolmont Holding BV. Barbara is also a director of Offtrack Wheels BV and CFO of Erudite Health. Koen Van Gerven • Independent non-executive director • Start of term: 18/05/2021 Koen Van Gerven, born 1959, graduated from KU Leuven as a commercial engineer in business information systems, and subsequently obtained an MBA from Cornell University in the US. a) Nominations that expired in the last five years: n/a b) Ongoing mandates: Koen has been an independent non- executive director of the Sole Director since May 18, 2021. In addition, Koen serves as an independent non-executive director at ING Belgium NV (also chairman of the audit committee and member of the risk management committee), SDworx NV (also chairman of the audit committee), WorxInvest NV (also chair of the audit committee and member of the remuneration committee) and KU Leuven. Koen also serves as non-executive director at Universitair Ziekenhuis Gasthuisberg (also chairman of the executive committee and chairman of the remuneration committee), Z.org KU Leuven vzw (also chairman of the board of directors and chairman of the remuneration committee), Algemeen Ziekenhuis Diest vzw (also chairman of the board of directors and chair of the remuneration committee) and Plexus Ziekenhuis Netwerk vzw. Lieve Creten • Independent non-executive director • Start of term: 17/05/2022 Lieve Creten, born 1965, obtained a master’s degree as a commercial engineer at the Catholic University of Leuven (KU Leuven, Belgium), as well as a postgraduate qualification in tax studies. She has also been a Belgian certified accountant since 1995. a) Nominations that expired in the last five years: Member of the management committee of Deloitte Belgium, independent director and chair of the audit committee at Telenet NV, independent director and member of the audit committee at Elia Beheer SA and Elia Belgium SA. b) Ongoing mandates: Independent non-executive director of the Sole Director since May 17, 2022. Lieve is also an independent director , member of the remuneration committee and chairman of the audit committee at Barco NV, independent director of CFE NV, where she also chairs the audit committee and is a member of the remuneration committee, chair of the board of directors of Unibreda NV, chair of the board of directors of Quest for Growth, member of the board of directors of Imelda Ziekenhuis Bonheiden, an independent director at Triginta, an independent director at Vias, and a member of the board of directors of Artsen zonder Grenzen Supply (Belgium). 154 155 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Dirk Lannoo • Independent non-executive director • Start of term: 20/05/2025 – Appointed until: 15/05/2029 Dirk Lannoo, born in 1957, obtained a master’s degree in Law at the Catholic University of Leuven (KUL, Belgium) and a master’s degree in management at Vlerick Business School. a) Nominations that expired in the last five years: Executive Vice President of Katoen Natie until 2022 and director of the Flanders Institute for Logistics until June 2023 b) Ongoing mandates: Independent non-executive director of the Sole Director since May 20, 2025. Dirk is also a director of ECS Logistics Group NV, Dossche Invest NV, Mago Holding NV and Quatra International NV. Peter Snoeck • Non-independent non-executive director • Start of term: 01/10/2006 Peter Snoeck, born 1957, studied in Ghent and graduated with a degree in industrial engineering (electromechanics), before going on to study management at KU Leuven and training as a real estate agent. a) Nominations that expired in the last five years: n/a b) Ongoing mandates: Peter Snoeck was an executive director of the Sole Director from 2006 to 2018. Since 2018 he has served as a non-executive director . Peter Snoeck is also a director of DBS- projects NV, DPCo NV, Immo Lux NV and Aerosolutions Onroerend Goed NV. William Snoeck • Non-independent non-executive director • Start of term: proposed nomination with effect from 19 May 2026 to replace Peter Snoeck William Snoeck, born in 1991, obtained his degree in Applied Economic Sciences from the Catoholic University of Leuven (KUL, Belgium) and completed courses in Financial Modelling & Valuation (Corporate Finance Institute) and Real Estate Economics and Finance (London School of Economics). a) Nominations that expired in the last five years: n/a b) Ongoing mandates: Financial controller at Club Brugge KV 7.3.2.2 Duties Montea Management NV acts in the exclusive interest of Montea in carrying out its duties as Sole Director . Within this framework, the board of directors has the following specific tasks: • defining Montea’s medium- and long-term strategy and risk profile, including in particular the determination of the sectors and geographical areas of operation in line with legal requirements; • approving the operational plans and key policies developed by executive management to implement the Company’s approved strategy; • approving material investment decisions, in accordance with legal requirements; • determining the Company’s risk appetite in order to achieve its strategic targets; • monitoring and approving periodic financial information; • overseeing executive management, especially with respect to implementation of the strategy; • approving information to be disclosed to the public; • proposing the allocation of results; • appointing independent real estate experts within the meaning of the RREC law; • approving the internal control and risk management framework and assessing its implementation; • assessing the Company’s compliance with applicable laws and regulations, as well as adherence to related internal policies; • approving and annually reviewing the code of conduct; • engaging in dialogue with shareholders and potential shareholders through appropriate investor relations programs; • deciding on the powers delegated, individually or collectively, to the CEO and/or other members of executive management, and establishing a clear delegation policy; • establishing the Company’s remuneration policy for non-executive directors and executive management; • preparing and annually reviewing a succession plan for each member of executive management and each member of the board of directors; • deciding on the remuneration of executive management members (including the CEO), following advice from the remuneration and nomination committee, and annually reviewing their performance against agreed performance criteria and objectives; • being available to provide advice to executive management, including outside of meetings; • supporting executive management in carrying out its duties, while also being prepared to constructively challenge executive management where appropriate; • performing other duties expressly assigned to the Sole Director by the articles of association or by law. 156 157 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Name Function Meetings attended 2025 Dirk De Pauw Chairman of the board of directors 8 Jo De Wolf CEO 8 Peter Snoeck Non-independent, non-executive director 8 Barbara De Saedeleer Independent non-executive director 8 Koen Van Gerven Independent non-executive director 8 Lieve Creten Independent non-executive director 8 Dirk Lannoo (from 20 May 2025) Independent non-executive director 5 Philippe Mathieu (until 20 May 2025) Independent non-executive director 3 7.3.2.3 Activity report of the board of directors In 2025, the board of directors met eight times, each time in the form of an in-person meeting. The directors were in attendance as shown below: Matters discussed during the meetings of the board of directors included, among others, the following: • acknowledgment of the reports of the remuneration and nomination committee and the audit committee; • investment and disposal cases as recommended by the investment committees; • quarterly, half-year and annual consolidated and parent- company financial statements and press releases; • ESG report; • sustainability strategy and initiatives; • annual budget; • proposed renomination of directors, auditors and real estate experts; • risk factors; • impact of changes in market conditions on current and future investment and financial strategy; • holding of (extra)ordinary general meetings; • update on legislative changes and evolutions (EU Omnibus, CSRD, EU Taxonomy, NIS2, etc.); • new offers under share option plans and share purchase plans. 7.3.2.4 Functioning of the board of directors To optimize the functioning of the board of directors, the board has established the following formal advisory committees, which serve to support and advise the board of directors in their specific areas of concern: • the audit committee; • the remuneration and nomination committee. In addition, the following informal advisory committees were established within the remit of the board of directors: • three investment committees (Internal (Belgium and Germany), Netherlands and France). • the ESG steering committee to support the preparation, monitoring and elaboration of the sustainability strategy and sustainability initiatives within the group. After each committee meeting, the board of directors receives a report on the findings and recommendations of the committee concerned. In the intervening periods, information is provided to the directors as and when required and every director may obtain any information at any time by making a request via the chairman of the board. Individual directors and committee members may request the board of directors at any time, via the chairman of the board, to engage outside specialist advisors (legal counsel, tax advisors etc.) at the Company’s expense. Pursuant to article 4 of the Montea Corporate Governance Charter , the board of directors and its subcommittees are supported by a Secretary-General. This role is fulfilled by Jörg Heirman. 159 158 WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION MONTEA ON THE STOCK MARKET
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Our Board of Directors Jo De Wolf CEO Dirk De Pauw Chairman of the board of directors Koen Van Gerven Independent non-executive director Barbara De Saedeleer Independent non-executive director Peter Snoeck Non-independent non-executive director Lieve Creten Independent non-executive director Dirk Lannoo Independent non-executive director 160 161 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION MONTEA ON THE STOCK MARKET WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT
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7.3.2.5 Chairman of the board of directors The chairman of the board of directors is chosen by the board members. The chairman is appointed on the basis of his or her knowledge, professional expertise, experience and ability to build consensus. The chairman and the CEO cannot be the same person. The chairman has the specific task of: • directing and ensuring the smooth operation of the board of directors. He or she ensures that sufficient time is available for reflection and discussion before any decision is made; • ensuring that the directors and the committees receive accurate, concise, timely and clear information for the meetings so that they can make a well-founded and informed contribution to the meetings; • ensuring that the directors and the committees are properly informed before the meetings, and if necessary, between meetings; • acting as an intermediary between the board of directors and the executive management, with appropriate respect for the executive responsibilities of the members of the executive management; • maintaining close relations with the CEO; • chairing, directing and ensuring the smooth running of meetings of shareholders; • regularly evaluating the size and composition of the board of directors; • drawing up succession plans for directors and members of the executive management; • assisting the remuneration and nomination committee in relation to the nomination and renomination of directors; • evaluating the performance of the board of directors and its subcommittees; • making resources available to enable directors to refine their skills and their knowledge of the Company, so that they can fulfill their role. 7.3.2.6 Professional development of directors The professional development of directors is ensured firstly through the personal development of each director in his or her own field, and secondly by holding various in-house training activities and seminars. 7.3.2.7 Evaluation of directors Directors are evaluated on various levels: • at least once every three years, the board of directors evaluates its own performance, its interaction with the executive management, and its size, composition and functioning, as well as that of its subcommittees. The evaluation follows a methodology approved by the board. In the performance of this exercise, the board of directors is assisted by the remuneration and nomination committee and potentially by outside experts; • the directors evaluate each other on an ongoing basis. Any problems or comments regarding the contribution of a director may be raised as an agenda point at meetings of the board or the remuneration and nomination committee, or may be discussed with the chairman. The chairman can then take appropriate measures at his own discretion. Each director’s contribution is individually assessed once a year by the remuneration and nomination committee, so that the composition of the board can be adjusted if required. In the event of a renomination, an assessment is made of the contribution of the director concerned. The board of directors ensures that plans are made for the succession of directors. It ensures that all nominations and renominations of both executive and non-executive directors contribute toward maintaining the balance of skills and experience on the board. 7.3.2.8 Diversity policy In formulating its recommendations to the board of directors on director nominations, the remuneration and nomination committee takes account of the aim of ensuring diversity on the board. This concerns not only gender diversity but also other criteria such as skills, experience and knowledge. Diversity on the board of directors helps to ensure that decision-making is well balanced, whereby decisions are taken and potential problems addressed by examining them from a variety of viewpoints. Montea’s board of directors currently has two female members. Furthermore, the current members of the board come from a diverse range of backgrounds, including real estate, logistics, pharmaceuticals, the postal service, banking and telecommunications. The board of directors also pays particular attention to these diversity principles with regard to the composition of the executive management. 7.3.3 Commit tees of the board of directors The board of directors has established two formal advisory committees in accordance with the Companies and Associations Code: the audit committee and the remuneration and nomination committee. In addition, the following informal advisory committees were established within the remit of the board of directors: • three investment committees (Internal (Belgium and Germany), Netherlands and France). • the ESG steering committee to support the preparation, monitoring and elaboration of the sustainability strategy and sustainability initiatives within the group. 7.3.3.1 Audit committee Composition of the audit committee The audit committee was established pursuant to article 7:99 of the Companies and Associations Code and assists the board of directors in performing its supervisory role over internal and external auditing and control in the broadest sense. The audit committee is made up of the following non-executive directors: • Lieve Creten, chairwoman of the audit committee; • Barbara De Saedeleer; • Koen Van Gerven. Lieve Creten became chair of the audit committee in succession to Philippe Mathieu, whose term as non-executive independent director , and thus as chairman and member of the audit committee, expired on May 20, 2025. Pursuant to article 7:99 of the Companies and Associations Code, at least one member of the audit committee must possess the necessary expertise in accountancy and audit. In this regard, reference can be made to the wide-ranging experience and expertise of the entire committee: • Lieve Creten has relevant experience inter alia as a member of the remuneration committee and chair of the audit committee at Barco NV, as an independent director and chair of the audit committee at Telenet NV, as an independent director and chair of the audit committee at CFE NV and as a member of the board of directors of Artsen zonder Grenzen Supply (Belgium), as well as being a qualified auditor with extensive professional experience in M&A and corporate finance. • Barbara De Saedeleer’s relevant experience includes serving as regional director of Corporate Banking for East Flanders at Paribas Bank/Artesia/Dexia, as CFO and member of the management committee at Omega Pharma NV, as Chief Investments and Operations Officer at Ghelamco NV, as CFO at Erudite Health and as independent non-executive director at Recticel NV, where she is also chair of the audit committee. • Koen Van Gerven has relevant experience inter alia as CEO of bpost and independent non-executive director at, among others, SDworx NV, WorxInvest NV, Universitair Ziekenhuis Gasthuisberg, Algemeen Ziekenhuis Diest vzw and ING Belgium NV. He is also chair of the audit committee at ING Belgium NV, WorxInvest NV and SDWorx NV. When the audit committee deliberates on the annual financial audit, an external financial advisor and/or the statutory auditor may be invited to attend. The members of the audit committee have collective expertise in Montea’s field of activity. Duties of the audit committee The audit committee is tasked with the statutory duties described in article 7:99 of the Companies and Associations Code. The duties of the audit committee include: • assisting the board of directors in its supervisory responsibilities, in particular as regards the provision of information to the shareholders and third parties; • monitoring the financial reporting process, in particular with respect to the quarterly, half-yearly and annual results; • monitoring the sustainability reporting process; • monitoring the statutory audit of the statutory and consolidated financial statements; • monitoring the effectiveness of the Company’s internal control and risk management systems; • monitoring internal audit; • assessing and monitoring the independence of the statutory auditor , as well as approving the statutory auditor’s remuneration, specifically with regard to the provision of additional services to the Company; • analyzing the statutory auditor’s findings and, where necessary, formulating recommendations for the board of directors; • ensuring that all legal rules on potential conflicts of interest are strictly applied; • examining the degree to which management responds to the findings of the internal auditor; • analyzing issues in relation to the audit plan and all matters arising from the audit process. 162 163 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Name Function Meetings attended 2025 Lieve Creten Independent non-executive director and chairwoman (from 20 May 2025) 5 Barbara De Saedeleer Independent non-executive director 5 Koen Van Gerven Independent non-executive director 5 Philippe Mathieu (until 20 May 2025) Independent non-executive director 3 In addition, the board may only recommend the nomination or renomination of the statutory auditor to the general meeting on the basis of a proposal made by the audit committee. The audit committee submits a report on the performance of its duties to the board of directors after every meeting. Activity report of the audit committee In 2025, the audit committee met five times, each time in the form of an in-person meeting: 7.3.3.2 Remuneration and nomination committee Composition of the remuneration and nomination committee The board of directors has established a remuneration committee in accordance with article 7:100 of the Companies and Associations Code. The remuneration committee also functions as the nomination committee. The remuneration and nomination committee is composed of the following independent non-executive directors: • Barbara De Saedeleer , chairwoman of the remuneration and nomination committee; • Lieve Creten; • Koen Van Gerven. Upon the expiry of Philippe Mathieu’s term as independent non-executive director on May 20, 2025, Koen Van Gerven became a member of the remuneration and nomination committee as of the same date. This composition ensures that the committee has the necessary expertise in the field of remuneration policy, by virtue of their extensive professional experience: • Barbara De Saedeleer’s relevant experience includes serving as regional director of Corporate Banking for East Flanders at Paribas Bank/Artesia/Dexia, as CFO and member of the management committee at Omega Pharma NV, as Chief Investments and Operations Officer at Ghelamco NV, as CFO at Erudite Health and as independent non-executive director at Recticel NV, where she is also a member of the remuneration committee. • Lieve Creten has relevant experience inter alia as a member of the remuneration committee and chair of the audit committee at Barco NV, and as a qualified auditor , partner and member of the executive committee at Deloitte Belgium. • Koen van Gerven has relevant experience as a member of the remuneration committee of WorxInvest NV, chairman of the remuneration committee of Universitair Ziekenhuis Gasthuisberg, chairman of the remuneration committee of Z.org KU Leuven vzw, and chairman of the remuneration committee of Algemeen Ziekenhuis Diest vzw. Duties of the remuneration and nomination committee The remuneration and nomination committee takes charge of the following activities: • submitting proposals to the board of directors on the remuneration policy for directors and members of the executive management, as well as, where applicable, the ensuing proposals for the board to put before the shareholders; • submitting proposals to the board of directors on the individual remuneration of the directors and members of the executive management, including variable remuneration and share-related and other long-term bonuses in the form of share options or other financial instruments, as well as severance payments, and where applicable, the ensuing proposals for the board to put before the shareholders; • preparing the remuneration report that forms a part of the corporate governance statement in the annual report; • outlining the remuneration report at the annual general shareholders’ meeting; • the annual performance evaluation of members of the executive management based on the agreed performance measures and targets; • formulating recommendations for the board of directors concerning the nomination of directors and members of the executive management; • managing the process for the nomination or renomination of directors; • drawing up plans for an orderly succession of retiring directors; • regular oversight of the executive management; • establishing suitable programs for talent development and the promotion of diversity in leadership. Matters discussed included the following: • quarterly, half-year and annual statutory and consolidated financial statements; • sustainability report; • financing and hedging strategy; • obtaining a credit rating; • monitoring FBI status; • annual budget; • annual financial figures audited by the statutory auditor; • renomination of the statutory auditor; • risk factors; • internal audit (including procedures performed and risk matrix); • cybersecurity. The statutory auditor was present at three meetings of the audit committee. At all of the meetings, the above points were also discussed with the CEO and the CFO. Evaluation of the audit committee The principal criteria for the evaluation of the audit committee and its members are experience in: • accountancy and audit; • experience on other audit committees; • analysis, management and monitoring of financial and business risks. The members and the functioning of the audit committee are evaluated by the members themselves on an ongoing basis, as well as by the full board of directors. If anyone has concerns about the conduct of a colleague or committee member , he or she can discuss it with the chairman of the board of directors. The chairman can then take appropriate measures at his own discretion. 164 165 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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The France investment committee consists of the following persons and met in 2025 as follows: Name Function Meetings attended 2025 DDP Management BV, represented by Dirk De Pauw Chairman of the board of directors1 and the investment committees 5 Jo De Wolf Chief Executive Officer 5 Elijarah BV, represented by Els Vervaecke Chief Financial Officer 4 PDM GCV, represented by Peter Demuynck Strategy & innovation 5 AVX BV, represented by Xavier Van Reeth Country director , Belgium 5 Patrick Abel Country director , Germany 2 PSN Management BV, represented by Peter Snoeck Non-independent non-executive director2 5 LVW Int. BV, represented by Dirk Lannoo Independant non-executive director3 5 Activity report of the remuneration and nomination committee The remuneration and nomination committee met three times in 2025. The members were in attendance as shown below: Name Function Meetings attended 2025 DDP Management BV, represented by Dirk De Pauw Chairman of the board of directors and the investment committees 5 Jo De Wolf Chief Executive Officer 5 Elijarah BV, represented by Els Vervaecke Chief Financial Officer 4 Luc Merigneux Country director , France 5 Gilles Saubier External advisor 4 SAS Casamagna, represented by Laurent Horbette External advisor 4 LVW Int. BV, represented by Dirk Lannoo Independant non-executive director 5 The Internal investment committee consists of the following persons and met in 2025 as follows: (1) Dirk De Pauw acts as chairman of the board of directors in his own name. (2) Peter Snoeck acts as non-independent non-executive director in his own name. (3) Dirk Lannoo acts as independent non-executive director in his own name. Matters discussed included the following: • discussion and preparation of the annual remuneration report; • discussion and evaluation of the overall human resources policy; • renewal of offers under the share option plan and share purchase plan; • discussion and preparation of the form of remuneration for employees and members of the executive management; • succession planning for directors and members of the executive management; • discussion of the LTIP for certain members of the executive management and the country directors. The CEO and CHRO attend meetings of the remuneration and nomination committee, it being understood that they must leave the meeting if their own performance and/or remuneration is discussed. Evaluation of the remuneration and nomination committee The functioning of the remuneration and nomination committee is evaluated based on the experience of its members in human resources management, remuneration policy and remuneration systems, and their experience on other remuneration and nomination committees. The members and the functioning of the remuneration and nomination committee are evaluated by the members themselves on an ongoing basis, as well as by the full board of directors. If anyone has concerns about the conduct of a colleague or committee member , he or she can discuss it with the chairman of the board of directors. The chairman can then take appropriate measures at his own discretion. 7.3.4 Investment commit tees Montea has three informal investment committees. The Netherlands investment committee and the France investment committee deal with investment cases for the Netherlands and France, respectively. The Internal investment committee handles investment cases for Belgium and Germany. The investment committees are tasked with preparing property investment and disposal cases for the board of directors. They then monitor the negotiations with Montea’s various counterparties. Such negotiations primarily concern the acquisition and disposal of properties, the conclusion of important lease agreements and/or the acquisition of real estate companies. The composition and functioning of the investment committees is decided by the board of directors. The formation of the investment committees and the advice they provide in no way undermine the decision-making power of the board of directors, which retains responsibility for and has sole authority to decide on investments and disposals. Name Function Meetings attended 2025 Barbara De Saedeleer Independent non-executive director 3 Lieve Creten Independent non-executive director 3 Koen Van Gerven (from 20 May 2025) Independent non-executive director 2 Philippe Mathieu (until 20 May 2025) Independent non-executive director 1 166 167 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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The Netherlands investment committee is made up of the following persons and met in 2025 as follows: 7.3.5 ESG steering commit tee The ESG steering committee is an informal advisory body that supports the preparation, monitoring and elaboration of the sustainability strategy and sustainability initiatives within the group. The ESG steering committee is chaired by Dirk Van Buggenhout, Chief Sustainability Officer , and consists of members of executive management, other managers from within the organization and external sustainability experts. The composition and functioning of the ESG steering committee is decided by the board of directors. The ESG steering committee met 5 times in 2025 and deliberated on matters including the roadmap for CSRD/Taxonomy reporting, the installation of battery energy storage systems, updates to the sustainability scorecard used in decision-making for investment and divestment cases, and ESG ratings. 7.3.6 Executive management and day-to-day management 7.3.6.1 Composition of executive management, day-to-day management and effective leaders The board of directors has entrusted the operational management of Montea to the executive management. As of the date of this report, executive management comprises: Name Function Meetings attended 2025 DDP Management BV, represented by Dirk De Pauw Chairman of the board of directors and the investment committees 3 Jo De Wolf Chief Executive Officer 3 Elijarah BV, represented by Els Vervaecke Chief Financial Officer 2 PDM GCV, represented by Peter Demuynck Strategy & innovation 3 BrightSite B.V., represented by Hylcke Okkinga and Cedric Montanus Country directors, The Netherlands 3 ADK Invest B.V., represented by Ard De Keijzer External advisor 3 VastG Advies, represented by Rob Laurensse External advisor 3 PSN Management BV, represented by Peter Snoeck Non-independent non-executive director 3 LVW Int. BV, represented by Dirk Lannoo Independant non-executive director 3 168 169 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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The members of the executive management are assisted in the performance of their duties by the various country directors and the managers responsible for the different corporate services: • Xavier Van Reeth1, country director Belgium • Hylcke Okkinga and Cedric Montanus1, country directors Netherlands • Luc Merigneux, country director France • Benjamin Mariën1, marketing and communication • Steven Claes1, human resources • Peter Demuynck1, strategy and innovation • Dirk Van Buggenhout, sustainability Jo De Wolf and Jimmy Gysels have been appointed as effective leaders within the meaning of article 14 of the RREC Law. 7.3.6.2 Duties of the executive management The duties of executive management include: • formulating proposals to the board of directors concerning the Company’s strategy and its implementation; • drafting the resolutions to be taken by the board of directors in order to fulfill its duties and providing the necessary information to the board on a timely basis; • implementing the resolutions of the board of directors; • operational management of the Company; • establishing internal controls, notwithstanding the supervisory role of the board of directors, based on what has been approved by the board of directors; • presenting full, timely, reliable and accurate drafts of the financial statements to the board of directors, in accordance with the applicable financial reporting standards and the Company’s policy; • making preparations for the publication of the financial statements and other important financial and non-financial information; • presenting a clear and balanced assessment of the financial position to the board of directors; • being accountable to the board of directors for the performance of its duties. Executive management is charged in particular with managing the real estate, advising on and monitoring the financing policy, general human resources management and the human resources policy, preparing all legally required financial and other information and reporting, and providing all required information to the public or to competent authorities. 7.3.6.3 Functioning of the executive management Members of the executive management work closely together in ongoing mutual consultation. They have sufficient latitude to implement the strategy approved by the board of directors while respecting the Company’s risk appetite. Important decisions are taken consensually. If the members of the executive management cannot agree, the decision is referred to the board of directors. Executive management meet weekly. Where necessary, the Country Directors and other senior managers are also closely involved. Matters discussed during these meetings include operational issues regarding day-to-day management, the status of ongoing projects and leases and the evaluation of any new projects currently being considered. Executive management report regularly to the board of directors on the performance of its duties. Executive management provide the board of directors with all relevant business and financial information, including key figures, an analytical forecast of the results in comparison with the budget, an overview of changes in the real estate portfolio and the consolidated financial statements (including notes). Proposals for resolutions to be decided by the board of directors are explained by the CEO during meetings of the board. (1) Position carried out via a company 7.3.6.4 Control – Internal supervision – Supervision of executive management Responsibility for supervising the executive management lies with the full board of directors of the Sole Director . Executive management are evaluated on the basis of performance and targets. 7.3.7 Other key people 7.3.7.1 Compliance officer Compliance is an independent function within Montea, focused on reviewing and promoting Montea’s compliance with the rules applicable to its activities. Rules relating to compliance and integrity are embedded in the role of the compliance officer . The independent compliance function is carried out by Jimmy Gysels, who also serves as Chief Property Manager of Montea. The compliance officer is responsible for reviewing and promoting the Company’s compliance with the rules relating to the integrity of its activities. The rules concern both those arising from the Company’s policies and articles of association, as well as other legal and regulatory provisions. Compliance therefore forms an integral part of the corporate culture, with a strong emphasis on honesty and integrity, adherence to high ethical standards in business conduct, and compliance with applicable regulations. The compliance officer is, among other things, responsible for overseeing compliance with market abuse regulations, including those imposed by the Law of August 2, 2002 on the supervision of the financial sector and financial services, and Regulation (EU) No. 596/2014 of the European Parliament and of the Council of April 16, 2014 on market abuse. The officer also oversees compliance with rules on conflicts of interest and incompatibilities of mandates, as prescribed by the articles of association, the Corporate Governance Charter , and applicable laws and regulations. The compliance officer is supported in these duties by the Secretary General. The compliance officer reports to the effective leader and CEO, Jo De Wolf. 7.3.7.2 Person in charge of the company’s risk management Risk is an inherent element of the business world. Montea identifies existing risks across all its processes and implements the necessary internal controls in order to limit its exposure to these risks. Awareness of risks in both the internal and external environment is promoted throughout the Company at various levels and communicated to employees through management leading by example. The board of directors is responsible for overseeing the identification and control of risks. The board of directors pays attention to the various risk factors to which the Company is exposed. Ongoing developments in the real estate and financial markets require continuous monitoring of risks in order to safeguard the Company’s results and financial position. The audit committee, which assists the board of directors in carrying out its supervisory role, formulates appropriate recommendations to the board regarding risk management and financial risk management. Together with management and the statutory auditor , the audit committee oversees the main risks and the measures in place to mitigate those risks. At Montea, Jan Van Doorslaer (Finance & Risk Manager) is in charge of the risk management function. His responsibilities include drafting, developing, monitoring, updating and implementing risk management policies and functions. He reports to the effective leader and CEO, Jo De Wolf. 7.3.7.3 Internal audit Internal audit is an independent assessment function focused on the examination and evaluation of the proper functioning, effectiveness and efficiency of internal control. Internal audit supports members of the organization in the effective exercise of their responsibilities and, in this regard, provides analyses, evaluations, recommendations, advice and information regarding the activities under review. The scope of the internal audit generally includes the examination and evaluation of the adequacy and effectiveness of internal control, as well as the robustness with which assigned responsibilities are fulfilled. The person responsible for internal audit pays particular attention to compliance with policies, risk management (both measurable and non-measurable risks), the reliability (including integrity, Name Function Jo De Wolf Chief Executive Officer Elijarah BV, represented by Els Vervaecke Chief Financial Officer Jimmy Gysels Chief Property Management 170 171 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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accuracy and completeness) and timeliness of financial and management information, as well as external reporting, the continuity and reliability of IT systems and the operation of the various departments within the company. The person in charge of internal audit reviews and assesses Montea’s overall activities at all levels of the organization. In doing so, they use different types of audits, including: • financial audits, aimed at verifying the reliability of accounting records and the resulting financial statements (conducted on the basis of an audit plan aligned with the statutory auditor); • compliance audits, aimed at verifying compliance with laws, regulations, policies and procedures; • operational audits, aimed at reviewing the quality and adequacy of systems and procedures, critically analyzing organizational structures, and assessing whether the methods and resources used are appropriate in relation to the Company’s targets; • management audits, aimed at assessing the quality of the management function in the context of the Company’s objectives. Since January 1, 2024, the independent internal audit function has been externally delegated to BDO for a period of three years, represented by Steven Cauwenberghs. The ultimate responsibility for internal audit rests with the effective leader , Jo De Wolf, who has the required professional integrity and appropriate expertise to perform that function. 7.3.7.4 Person responsible for financial services Euroclear Belgium NV is responsible for the company’s financial services. The implementation of these financial services entailed a total cost of €26,729.60 (excluding VAT) for 2025. This fee comprises both a fixed annual fee and a variable fee per dividend paid for the dematerialized shares. 7.3.7.5 Research and development activities Montea does not carry out research and development activities. 7.4 Conflicts of interest 7.4.1 Companies and Associations Code Pursuant to article 7:96 of the Companies and Associations Code, any director who directly or indirectly has a personal interest of a proprietary nature that conflicts with a decision or transaction falling within the competence of the board of directors must inform the other board members of that interest and may not participate in the deliberations and decision-making on that decision or transaction. Pursuant to article 7:97 of the Companies and Associations Code, any decision or transaction concerning a related party as defined in IAS 24, including subsidiaries in which the controlling shareholder has a holding of at least 25% and including the decisions or transactions of subsidiaries, must be put before a committee of three independent directors who shall formulate a written recommendation for the board of directors. A report shall also be drawn up by the statutory auditor on the accuracy of the information presented to the advisory committee. Lastly, a press release must be published no later than at the time the decision is taken, which must include the recommendation made by the independent committee and the statutory auditor’s opinion. Exceptions to this procedure are ordinary decisions and transactions made on arm’s length terms (and arm’s length security) with a transaction value of less than 1% of consolidated net assets, and decisions on remuneration, the acquisition or disposal of treasury shares, the payment of interim dividends, and capital increases carried out within the limits of the authorized capital with no restriction or cancellation of preferential subscription rights. Over the course of the 2025 financial year , the board of directors was required to apply the procedure provided in article 7:96 in conjunction with article 7:102, §1(2) of the Companies and Associations Code in the following events. The procedure provided in article 7:97 of the Companies and Associations Code did not need to be applied. Extract from the minutes of the meeting of the board of directors held on 10 February 2025 “[…] The following directors declare that they have a direct or indirect financial interest that may conflict with an agenda item to be discussed during this board meeting: a) Jo De Wolf declares a conflict of interest in relation to agenda item 6. b) 3) (Remuneration & variable remuneration of executive management 2024/25) as this will include deliberation and decision-making on (i) the evaluation of the KPIs and granting of the short-term variable remuneration to the CEO for FY2024, and (ii) the determination of the amount and KPIs of the CEO’s short-term variable remuneration for FY2025. b) Dirk De Pauw declares that he has a conflict of interest in relation to agenda item 6. b) (iv) (3) (Remuneration of committees and the board of directors), as this will include deliberation and decision-making in relation to the remuneration that Dirk De Pauw receives as chairman of the board of directors and of the investment committees. c) Barbara De Saedeleer , Koen Van Gerven, Philippe Mathieu, Lieve Creten and Peter Snoeck declare to have a conflict of interest in relation to agenda item 6. b) (iv) (3) (Remuneration of committees and the board of Directors), as this will include deliberation and decision-making in relation to the remuneration they receive as directors. Pursuant to Article 7:96 of the Companies and Associations Code, the directors concerned may not participate in the deliberations and decision-making on the agenda item in question, and these minutes must contain the following information: the nature of the transactions, justification for the decisions taken and the property consequences of the transactions for the Company. These statements are included above and under the relevant agenda item. Montea’s statutory auditor will be informed of these conflicts of interest. […] Jo De Wolf leaves the meeting prior to the discussion of the next agenda item. The directors take note of the overview regarding the executive management’s achievement of the KPIs for the short-term target bonus for 2024 and the proposed salary and target bonus adjustments for 2025. With regard to the short-term variable remuneration for executive management for the 2024 performance year , an overview is provided of the achievements in relation to the established KPIs and the short-term variable remuneration proposed in this context for the members of executive management (CEO / CFO / CPO). The proposed short-term variable remuneration for 2024 for the CEO is as follows: EUR 295,900. Decision: The board of directors unanimously decides to approve the proposed short-term target bonuses for the executive management for the 2024 financial year . With regard to the short-term targets for 2025, the board of directors takes note of the following proposal from the remuneration and nomination committee: […] Decision: The board of directors unanimously decides to approve the proposed KPIs for the short-term target bonus for executive management for the 2025 financial year . […] Barbara de Saedeleer , Philippe Mathieu, Koen Van Gerven, Lieve Creten and Dirk De Pauw leave the meeting prior to the discussion of the next agenda item. Taking this benchmark into account and considering the growth of the company and the increased complexity of the files and organization, it is proposed to adjust the remuneration as follows with effect from 1 January 2025: • Audit committee: • Fixed remuneration for the chair: EUR 15,000 per year • Attendance fee: EUR 2,300 per meeting • Remuneration and nomination committee: • Fixed remuneration for the chair: EUR 10,000 per year • Attendance fee: EUR 2,300 per meeting • Investment committees: • Attendance fee: EUR 2,300 per meeting • Chair of investment committees: EUR 193,400 per year combined for all three investment committees • Board of directors: • Attendance fee: EUR 2,300 per meeting • Fixed remuneration for chair: €72,500 per year […] Decision: The board of directors unanimously decides to approve the proposed changes to the remuneration of the directors and chairpersons of the board of directors and committees with effect from 1 January 2025. It is also proposed to change the remuneration of Peter Snoeck as a non-executive non-independent director from 1 January 2025 and bring it into line with the remuneration of the non- executive independent directors, i.e. a fixed remuneration of EUR 20,000 per year and an attendance fee of EUR 2,300. This is a deviation from the remuneration policy, which states that non-executive non-independent directors do not, in principle, receive a fixed remuneration or attendance fee for their participation in the board of directors. However , the directors agree, on the advice of the remuneration and nomination committee, to deviate from this point on an exceptional basis. 172 173 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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[…] The board of directors unanimously decides to approve the proposed remuneration for Peter Snoeck. The board of directors is of the opinion that an exceptional deviation from the remuneration policy is justified in this context. Excerpt from the minutes of the meeting of the board of directors held on June 20, 2025 “ Jo De Wolf declares that he has a direct or indirect financial interest in agenda item 6 (HR – LT Plan NL & CEO), as this item will involve deliberation and decision-making regarding a possible offer to him under the share purchase plan. Pursuant to article 7:96 of the Companies and Associations Code, the directors concerned may not participate in the deliberations and decision-making on the agenda item concerned and these minutes must contain the following information: the nature of the transactions, justification of the decisions taken and the property consequences of the transactions for the Company. These statements are included above and under the relevant agenda item. Montea’s statutory auditor will be informed of these conflicts of interest. Jo De Wolf leaves the meeting prior to the discussion of the next item. […] The directors take note of the remuneration and nomination committee’s proposal to make a new offer today under the share purchase plan […]: • Number of shares: 116,913 • Lock-up: 5 years (instead of the normal 3.5 years under the share purchase plan) • Purchase price: 83.33% of the average closing price during the period of 20 trading days prior to the date of the offer . • Other terms and conditions fully in line with the existing share purchase plan. Decision: The board of directors unanimously decides to approve the proposed offer to Jo De Wolf of shares under the share purchase plan [...]” Extract from the minutes of the meeting of the board of directors held on December 12, 2025 “[…] Jo De Wolf declares that he has a direct financial interest that conflicts with this agenda item, as part of this agenda item will be deliberated and decided on an offer of share options to him. The offer of share options to Jo De Wolf is in line with the share option plans approved in recent years. This offer is in line with market conditions and with general recommendations for good governance to grant part of the incentives of the executive management in the form of shares, share options or similar securities. Jo De Wolf leaves the meeting prior to the discussion of this item. An explanation is given about the new proposed share option plan. Under the new option plan, share options would again be offered to Belgian employees on similar terms as in previous years [...]. Decision: The board of directors unanimously agrees to grant 2,500 options to Jo De Wolf [...]”. 7.4.2 RREC Law Pursuant to article 37 of the RREC Law, the FSMA must be informed if any of the persons listed in that article obtains any benefit from a transaction. The Company must demonstrate why the planned transaction is in its interest, and that the planned transaction takes place within the normal course of its business strategy. Such transactions must also be on arm’s length terms and must be immediately made public. Pursuant to article 49, §2 of the RREC Law, in a transaction with the persons listed in article 37, the fair value as determined by the real estate expert shall be the maximum price if the Company acquires property or the minimum price if the Company disposes of property. These transactions must also be outlined in the annual report. In the course of the financial year , the Company did not apply article 37 of the RREC Law. There are no significant arrangements and/or agreements with major shareholders, customers, suppliers or other persons pursuant to which persons were selected as a member of the administrative, management or supervisory bodies or member of senior management. On December 31, 2025, except as disclosed in this annual report, there were no potential conflicts of interest between Montea on the one hand and the members of the administrative, management or supervisory bodies and the members of the executive management on the other . There are no details of any restrictions whereby the members of the administrative, management or supervisory bodies and the members of the executive management have agreed to transfer the Montea securities in their possession within a defined period. 7.5 Family relationships between the shareholders, directors and effective leaders There are no known regulations whose entry into force at a later date could result in a change in control over Montea. De Pauw Family The De Pauw family comprises: • Dirk De Pauw, Marie De Pauw, Bernadette De Pauw, Dominika De Pauw and Beatrijs De Pauw (brother and four sisters) and their respective children; • the De Pauw indivisible ownership group; • Montea Management NV, which is controlled by the five aforenamed De Pauw siblings. The De Pauw family acts in concert. Dirk De Pauw is chairman of the board of directors of the Sole Director . Peter Snoeck, the husband of Dominika De Pauw, is a non-executive director . 7.6 Information pursuant to article 34 of the Royal Decree of November 14, 2007 In accordance with article 34 of the Royal Decree of November 14, 2007, Montea provides a list of, and if necessary an explanation of, the following elements, insofar as these elements may have consequences in the event of a public takeover bid. 7.6.1 Capital structure (on December 31, 2025) As of December 31, 2025, the company’s share capital amounts to €476,949,385.41 and is represented by 23,402,884 shares without nominal value, each representing 1/23,402,884th of the share capital. There are no preference shares. Each of these shares confers one voting right (except for the Company’s treasury shares whose voting rights are suspended) at the general meeting of shareholders and therefore represent the denominator for the purpose of disclosures under the Transparency Regulations. Voting rights are not restricted by law or by the articles of association. 7.6.2 Legal or statutory restrictions on the transfer of securities The transfer of Montea’s shares is not subject to any restrictions under the law or the articles of association. 7.6.3 Special control rights Montea has no holders of securities to which special control rights are attached, other than certain veto rights in favor of its Sole Director (see article 24 of the articles of association). 7.6.4 Shareholder agreements known to Montea that may give rise to restrictions on the transfer of securities and/or the exercise of voting rights As far as Montea is aware, there are no shareholder agreements that could give rise to restrictions on the transfer of securities and/or the exercise of voting rights. 7.6.5 Mechanism for controlling any employee share plan where control rights are not exercised directly by employees Montea has no such employee share plan. 7.6.6 Governing body Montea is managed by Montea Management NV, which has been statutorily appointed as Sole Director for a period ending on September 30, 2026. The main consequence of Montea having a Sole Director is that, under the articles of association, the Sole Director has extensive powers and veto rights with respect to certain key decisions and amendments to the articles of association. During the extraordinary general meeting of shareholders on May 19, 2026, a proposal will be made to terminate the mandate of Montea Management NV as statutory sole director and to replace it with a one-tier board of directors appointed directly at the level of Montea NV. If this change is approved, the veto right of the sole director will also lapse. 174 175 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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For the performance of its mandate as statutory Sole Director , Montea Management NV is permanently represented, in accordance with article 2:51 of the Companies and Associations Code, by Mr . Jo De Wolf. The Sole Director may resign at any time, to the extent permitted under the commitments he has entered into with Montea and provided that such resignation does not place Montea in difficulty. The mandate of Sole Director may only be revoked by a court decision following an action brought by the general meeting of shareholders of Montea on the basis of valid grounds. When the general meeting of shareholders is required to rule on this matter , the Sole Director may not participate in the vote. The Sole Director continues to perform its duties until its resignation becomes effective as a result of a final court decision. The Sole Director must be organized in such a way that, within its board of directors, at least two natural persons are collectively responsible for supervising the person(s) entrusted with day-to- day management, in order to ensure that the actions taken are in the best interests of Montea. The members of the governing body of the Sole Director must be natural persons and must possess the required professional integrity and experience as defined by the RREC Law. In the event that all members of the governing body or the body entrusted with day-to-day management of the Sole Director lose the required professional integrity or experience as defined by the RREC Law, the Sole Director or statutory auditor must convene a general meeting of shareholders of Montea, with the agenda including, where appropriate, the determination of such loss and the measures to be taken. If only one or more members of the bodies entrusted with governance or day-to-day management of the Sole Director no longer meet the above requirements, the Sole Director must replace them within one month. Once that deadline has passed, a general meeting of shareholders of Montea must be convened as described above, without prejudice to any measures that the FSMA may take in the exercise of its powers. The mandate of the Sole Director consists in particular of performing all acts that are useful or necessary for the achievement of Montea’s corporate purpose, with the exception of those acts that are reserved by law or by the articles of association to the general meeting of shareholders of Montea. 7.6.7 Amendments to the articles of association Regarding amendments to Montea’s articles of association, reference is made to the rules imposed by the RREC Law and the RREC Royal Decree, according to which, among other things, any draft amendment to the articles of association must first be submitted to the FSMA for approval. In addition, article 24 of Montea’s articles of association and the provisions of the Companies and Associations Code must be complied with. 7.6.8 Authorized capital The Sole Director was authorized by the extraordinary general meeting of January 25, 2024 to increase the capital in one or more installments. For further details on this authorization, please refer to section 11.1.2.2 of this annual report and article 6.3 of Montea’s articles of association. 7.6.9 Acquisition of treasury shares 7.6.9.1 Statutory authorization The Sole Director is authorized, for a period of five years from the publication in the Annexes to the Belgian Official Gazette of the decision of the extraordinary general meeting of May 20, 2025, to acquire or pledge on behalf of the Company, the treasury shares of the Company (including outside the stock exchange), up to a maximum of 10% of the total number of issued shares. Such acquisitions may be made at a unit price not lower than 75% and not higher than 125% of the average closing price of the Montea share on the regulated market Euronext Brussels during the 20 trading days preceding the transaction date. The governing body is expressly authorized to dispose of the Company’s treasury shares to one or more certain persons other than members of the personnel of the Company or its subsidiaries, subject to compliance with the Companies and Associations Code. The governing body is also expressly authorized to dispose of treasury shares of the Company to the Company’s personnel or its subsidiaries, even if the treasury shares were to be disposed of more than twelve months from their acquisition. The authorizations referred to above are without prejudice to the ability, in accordance with applicable legal provisions, of the governing body to acquire shares of the Company, pledge or dispose of them if no statutory authorization or authorization of the general meeting of shareholders is required, or is no longer required. 7.6.9.2 Buyback program During the period from June 24, 2025 to July 18, 2025, Montea purchased 105,000 treasury shares through a buyback program for a total purchase price of €6,838,805.90. On December 31, 2025, the Company owned 108,918 treasury shares (0.47% of total shares outstanding). As of the date of this annual report, Montea owns 100,664 treasury shares (0.43% of total shares outstanding). 7.6.9.3 Contractual terms There are no significant agreements to which Montea is a party that would become effective, be amended or expire if control of Montea were to change as a result of a public takeover bid, with the exception of the following agreements: • the relevant provisions in the terms and conditions of the bonds issued in 2015; • the change of control provisions in the credit agreements Montea has entered into with BNP Paribas Fortis, KBC Bank, Belfius Bank, ING Bank, Argenta and ABN AMRO; • the change of control provisions in the terms and conditions of the bonds issued through US Private Placement (2021 & 2022). The credit facilities entered into by the Company that contain provisions contingent on a change of control over the Company were approved and disclosed by the general meeting of shareholders in accordance with article 7:151 of the Companies and Associations Code. 7.7 Statement of the board of directors of the Sole Director The board of directors of the Sole Director of Montea declares that: • Over the previous five years: • no director or member of the executive management has been convicted of fraud; • no director of member of the executive management, in the capacity or as a member of the administrative, management or supervisory body, has been involved in a bankruptcy, receivership or liquidation; • no director or member of the executive management has been indicted and/or been the subject of an official public sanction pronounced by a statutory or regulatory authority; and • no director or member of the executive management has been disqualified from acting as a member of the administrative, management or supervisory body of an issuer of financial instruments, from acting in the management or conduct of the affairs of an issuer , or from acting in connection with the management or performance of the activities of an issuing institution. • No employment contract has been entered into with the directors or members of executive management that provides for the payment of compensation on termination of the contract. However , a management agreement does exist between Montea Management NV and certain directors and members of executive management that provides for the payment of remuneration. • It is not aware of whether or not the directors or members of executive management hold Montea shares on December 31, 2025, except for Dirk De Pauw, Jo De Wolf, Peter Snoeck, PSN Management BV (permanently represented by Peter Snoeck), Els Vervaecke, Elijarah BV (permanently represented by Els Vervaecke), Jimmy Gysels, Barbara De Saedeleer and Koen Van Gerven. • No options over Montea shares have been granted to date, other than options granted to certain members of executive management and certain members of staff. 7.8 Remuneration report This remuneration report covers all remuneration of directors and members of the executive management that was awarded during or was due in the 2025 financial year . This includes amounts awarded or paid by Montea, Montea’s subsidiaries, and the Sole Director . This remuneration report has been drawn up in accordance with the provisions of article 3:6 of the CCA and forms a specific part of Montea’s Corporate governance declaration. In accordance with article 7:89/1 of the CCA and recommendation 7.3 of the 2020 Code, Montea adopted a remuneration policy on 18 May 2021. An amended version of the remuneration policy was approved by the general meeting of 17 May 2022. The remuneration report below was prepared in line with Montea’s remuneration policy. To obtain a full picture of the remuneration of the directors and members of the executive management that was awarded or has become payable during the 2025 financial year , this remuneration report should be read in conjunction with Montea’s remuneration policy. The remuneration policy can be consulted on the Company’s website (see here). Montea is committed to transparent and continuous dialogue with its shareholders and their proxy advisors on remuneration 176 177 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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and other governance matters. Their feedback on the content of previous years’ remuneration reports has been included in this remuneration report. On 20 May 2025, the general meeting approved the remuneration report on the 2024 performance year with a large majority of 87.62% of the votes present and represented. Moreover , no specific comments were submitted to Montea that need to be taken into account with regard to the remuneration for the 2025 performance year . In accordance with the CCA, the remuneration policy must be submitted to the general meeting of shareholders at least every four years. As the remuneration policy was last submitted to the general meeting of shareholders on 17 May 2022, a new version of the remuneration policy will be submitted for approval to the annual general meeting of shareholders on 19 May 2026. The newly proposed version of the remuneration policy, including a summary of the proposed changes to the existing version of the remuneration policy, can be found on the Company’s website. If the shareholders approve the new version of the remuneration policy, the new version will apply to the remuneration of the directors and members of the executive management as from 19 May 2026. 7.8.1 Remuneration of the Sole Director in the 2025 financial year Montea’s articles of association stipulate that Montea Management NV shall be remunerated for its duties as Sole Director . In accordance with article 13 of Montea’s articles of association, this remuneration consists of two parts: a fixed part and a variable part. The fixed part of the remuneration of the Sole Director is determined each year by Montea’s general meeting. This flat-rate fee may not be lower than €15,000 per year and is in line with article 35, §1, (1) of the RREC Law. The variable part is equal to 0.25% of the amount equal to the sum of the Company’s consolidated net result, excluding all fluctuations in the fair value of the assets and hedging instruments. This remuneration is in line with article 35, §1, (2) of the RREC Law. The Sole Director is entitled to reimbursement of the actual costs incurred that are directly related to its duties and for which sufficient evidence is provided. During the financial year ending on 31 December 2025, the remuneration of the Sole Director amounted to €1,190,382.99 (excluding VAT). This amount essentially covers the total remuneration costs of the board of directors of the Sole Director , the remuneration of the managing director and the operating costs of Montea Management NV. The definitive allocation of this remuneration to the Sole Director will be submitted for approval at the annual meeting on 19 May 2026. During the extraordinary general meeting of 19 May 2026, shareholders will be asked to terminate the mandate of the Sole Director and switch to a monistic board of directors directly at the level of Montea. In the context of this proposed change, the extraordinary general meeting will be asked to approve the remuneration of the mandate of the Sole Director for the period from 1 January 2026 to 19 May 2026 and to settle it at the end of the mandate. 7.8.2 Remuneration of the members of the board of directors and the executive management in the 2025 financial year 7.8.2.1 Total remuneration in the 2025 financial year The members of the board of directors and members of the executive management were remunerated in 2025 in line with the remuneration policy, with the exception that Mr Peter Snoeck received the same remuneration as the other non-executive independent directors. The current remuneration policy states that non-executive non-independent directors do not, in principle, receive a fixed remuneration or attendance fee for their participation in the board of directors. However , on the advice of the remuneration and nomination committee, the Sole Director made use of the option provided for in the remuneration policy to deviate from this principle on an exceptional basis. The rationale behind said principle was that, until a few years ago, Mr Peter Snoeck was still operationally active within the company and already received remuneration in that role. However , this is no longer the case. In addition, Mr Peter Snoeck has agreed to take on the mandate of director for one additional year (May 2025 – May 2026) in order to give the NextGen of the De Pauw family sufficient time to prepare to take on a director’s mandate as from May 2026. An orderly succession within the De Pauw family in terms of representation on the Company’s board is necessary to guarantee the long-term interests and sustainability of the Company as a whole. The members of the board of directors are only remunerated through a fixed remuneration and attendance fees and do not receive any variable remuneration. The members of the executive management receive both a fixed remuneration and a (short- and long-term) variable remuneration. Concerning the attendance fees for members of the board of directors who are entitled to receive such remuneration in accordance with the remuneration policy, an attendance fee of €2,300 per meeting was granted in 2025 for meetings of the board of directors, the audit committee and the remuneration and nomination committee. In line with the remuneration policy, no attendance fees are paid for meetings held by teleconference or by written communication. An exception to this principle may be made if considerable preparation time is required for a particular teleconference. This exception was not applied during 2025. The members of the investment committee, other than members of the executive management of Montea, receive an attendance fee of €2,300 per meeting. 178 179 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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TOTAL REMUNERATION DIRECTORS, INVESTMENT COMMITTEE MEMBERS AND EXECUTIVE MANAGEMENT Name, position 1. Fixed remuneration 2. Variable remuneration 3. Exceptional items 4. Group insurance 5. Total remuneration 6. Proportion fixed and variable remunerationBase fee Attendance fees Other benefits One-year variable Multi-year variable Dirk De Pauw €265,900 - - - - - - €265,900 Fixed: 100% Variable: 0% president of the board of directors €72,500 - - - - - - €72,500 Fixed: 100% Variable: 0% president of the investment committees1 €193,400 - - - - - - €193,400 Fixed: 100% Variable: 0% Jo De Wolf €770,985 - €5,120 €253,453 - - €41,212 €1,070,770 Fixed: 76% Variable: 24% executive director - - - - - - - - Fixed: - Variable: - member of the investment committees - - - - - - - - Fixed: - Variable: - CEO €770,985 - €5,120 €253,453 - - €41,212 €1,070,770 Fixed: 76% Variable: 24% Peter Snoeck €20,000 €36,800 - - - - - €56,800 Fixed: 100% Variable: 0% non-independent, non-executive director €20,000 €18,400 - - - - - €38,400 Fixed: 100% Variable: 0% member of investment committees Intern and the Netherlands2 - €18,400 - - - - - €18,400 Fixed: 100% Variable: 0% Lieve Creten €27,500 €36,800 - - - - - €64,300 Fixed: 100% Variable: 0% independent, non-executive director €20,000 €18,400 - - - - - €38,400 Fixed: 100% Variable: 0% member of the remuneration and nomination committee - €6,900 - - - - - €6,900 Fixed: 100% Variable: 0% president (since 20 May 2025) & member of the audit committee €7,500 €11,500 - - - - - €19,000 Fixed: 100% Variable: 0% Philippe Mathieu (until 20 May 2025) €17,500 €16,100 - - - - - €33,600 Fixed: 100% Variable: 0% independent, non-executive director €10,000 €6,900 - - - - - €16,900 Fixed: 100% Variable: 0% member of the remuneration and nomination committee - €2,300 - - - - - €2,300 Fixed: 100% Variable: 0% president & member of the audit committee €7,500 €6,900 - - - - - €14,400 Fixed: 100% Variable: 0% Barbara De Saedeleer €30,000 €36,800 - - - - - €66,800 Fixed: 100% Variable: 0% independent, non-executive director €20,000 €18,400 - - - - - €38,400 Fixed: 100% Variable: 0% president & member of the remuneration and nomination committee €10,000 €6,900 - - - - - €16,900 Fixed: 100% Variable: 0% member of the audit committee - €11,500 - - - - - €11,500 Fixed: 100% Variable: 0% Koen Van Gerven €20,000 €34,500 - - - - - €54,500 Fixed: 100% Variable: 0% independent, non-executive director €20,000 €18,400 - - - - - €38,400 Fixed: 100% Variable: 0% member of the remuneration and nomination committee (since 20 May 2025) - €4,600 - - - - - €4,600 Fixed: 100% Variable: 0% member of the audit committee - €11,500 - - - - - €11,500 Fixed: 100% Variable: 0% Dirk Lannoo €60,345 €11,500 - - - - - €71,845 Fixed: 100% Variable: 0% independent, non-executive director €20,000 €11,500 - - - - - €31,500 Fixed: 100% Variable: 0% member of the investment committee Intern, France and the Netherlands - site visits3 €40,345 - - - - - - €40,345 Fixed: 100% Variable: 0% Others members of the executive management €551,092 - €19,688 €163,249 - - €13,285 €747,314 Fixed: 78% Variable: 22% For the directors and members of the executive management, the remuneration described in the remuneration policy resulted in the following total remuneration for the 2025 financial year: (1) Via DDP Management BV. This is the consolidated remuneration for chairing all investment committees within Montea. (2) Via PSN Management BV (3) Via LVW Int BV 180 181 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Almere, Nederland Standing portfolio 182 183 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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7.8.2.2 Short-term variable remuneration - financial year 2025 The short-term variable remuneration of the CEO and other members of the executive management depends on predefined performance criteria linked to Montea’s strategic priorities over the one-year reference period. The specific content and weighting of each KPI were determined at the beginning of the 2025 financial year by the board of directors, on the advice of the remuneration and nomination committee. The evaluation of the achievement of the KPIs and the resulting short-term variable remuneration is finally decided by the board of directors, on the advice of the remuneration and nomination committee. The performance achieved on each of these performance criteria and the associated variable remuneration are as follows: (1) In accordance with the remuneration policy, the total short-term variable remuneration is capped at 125% of the target amount. Performance criteria Relative weight Target FY2025 Achievement Performance rating FINANCIAL Jo De Wolf, CEO Achieving projected growth of the real estate portfolio in logistics real estate 25% Total CAPEX of 300 m EUR, of which at least 140 m EUR for in-house developments Excellent Operational margin 10% Target 88.5% On target Achieving the targeted increase in EPRA earnings per share (EPS) 25% Growth of the EPRA earnings to 4.90 EUR / share (without taking into account the effect of the FBI regime financial year 2024) On target Rental activity 10% Occupancy rate of the portfolio on average > 98% over 2025 Excellent 70% NON FINANCIAL Human Resources 5% Employee retention rate (90% or higher) On target 5% Succession and emergency plan On target Communication & marketing 5% Media earned press On target 5% Lead generation On target Sustainability 5% Accelerating the roll-out of the sustainability strategy for the existing and new portfolio On target 5% Preparation and roll-out of CSRD reporting On target 30% Total remuneration granted to CEO1: €253,453 Performance criteria Relative weight Target FY2025 Achievement Performance rating FINANCIAL Other members of the executive management Achieving projected growth of the real estate portfolio in logistics real estate 25% Total CAPEX of 300 m EUR, of which at least 140 m EUR for in-house developments Excellent Operational margin 10% Target 88.5% On target Achieving the targeted increase in EPRA earnings per share (EPS) 25% Growth of the EPRA earnings to 4.90 EUR / share (without taking into account the effect of the FBI regime financial year2024) On target Rental activity 10% Occupancy rate of the portfolio on average > 98% over 2025 Excellent 70% NON FINANCIAL Human Resources 5% Employee retention rate (90% or higher) On target 5% Succession and emergency plan On target Communication & marketing 5% Media earned press On target 5% Lead generation On target Sustainability 5% Accelerating the roll-out of the sustainability strategy for the existing and new portfolio On target 5% Preparation and roll-out of CSRD reporting On target 30% Total remuneration granted to other members of the executive management: €163,249 184 185 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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7.8.2.3 Long-term variable remuneration In 2022, a long-term incentive plan was offered to the CEO (€700,000 on target) and CFO (€425,000 on target). This plan relates to the achievement of KPIs measured over a five-year period from 2022 to 2026 and, if achieved, will be paid in full at the beginning of 2027. The KPIs (including their specific content and weighting) of this plan were determined by the Sole Director on the advice of the remuneration and nomination committee and are linked to predefined performance criteria in line with Montea’s strategic priorities. The achievement of the KPIs will be finally evaluated by the board of directors and the remuneration and nomination committee at the beginning of 2027. An overachievement bonus may be granted up to 50% of the total on-target long-term variable remuneration, in accordance with the remuneration policy. Other than as mentioned below, there are no long-term incentive plans within Montea for the benefit of directors or members of the executive management as at 31 December 2025. Performance target Measured performance (as at 31/12/2025) Relative weighting Threshold CAP Portfolio - growth from €1.698 billion to €2.848 billion In execution 25% 50% 150% Value creation – growth EPRA NTA from €65.00/share to €85.00/share In execution 25% 50% 150% EPS – growth from €3.75/share to €5.25/share In execution 25% 50% 150% Name Represented by No, of shares Jo De Wolf - 189,227 Elijarah BV Els Vervaecke 836 Els Vervaecke - 9,223 Jimmy Gysels - 742 PSN Management Peter Snoeck 1,167 Peter Snoeck - 59,622 Dirk De Pauw - 89,498 Barbara De Saedeleer - 3,000 Koen Van Gerven - 2,385 Lieve Creten - 1,385 Dirk Lannoo - - 7.8.2.4 Share-based remuneration in the 2025 financial year Montea again offered a share purchase plan in favor of certain employees and members of the Company’s management. Beneficiaries under the share purchase plan have the option (but not the obligation) to purchase a certain number of shares at a discounted arm’s length price, subject to, amongst other things, a lock-up period of 3.5 years. Under this purchase plan, 1,000 shares were purchased by Els Vervaecke on 19 March 2026. These shares were purchased at a unit price calculated as 83.33% of the average closing price of Montea shares on Euronext Brussels during the twenty trading days preceding the date of the offer . An overview of the shareholdings of the members of Montea’s management, executive and supervisory bodies as at 31 December 2025 is as follows: 186 187 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Name, position The main conditions of the share option plans Opening balance During the year Closing balance 1. Identification of the Plan 2. Date of offer 3. Date of acquisition 4. End of reference period 5. Exercise period1 6. Exercise price 7. Share options held at the beginning of the year 8. a) Share options awarded b) Value underlying shares @ offer date 9. a) Share options vested b) Value underlying shares @ vesting date c) Value @ exercise price d) Capital gains @ vesting date 10. Share options awarded and unvested 11. Share options vested and not exercised Jo De Wolf, CEO SOP 2020 18/12/2020 31/12/2023 NA 01/03/2024 - 18/12/2030 €90.70 0 a) 2,500 b) €213,275 c) €226,750 d) €0 0 2,500 SOP 2021 22/12/2021 31/12/2024 NA 01/03/2025 - 22/12/2031 €127.60 2,500 a) 2,500 b) €158,250 c) €319,000 d) €0 0 2,500 SOP 2023 15/12/2023 31/12/2026 NA 01/03/2025 - 15/12/2033 €78.70 5,000 2,500 0 SOP 2024 12/12/2024 31/12/2027 NA 01/03/2028 - 15/12/2034 €64.30 7,500 2,500 0 SOP 2025 12/12/2025 31/12/2028 NA 01/03/2029 - 12/12/2035 €69.00 10,000 a) 2,500 b) €172,500 2,500 0 Total 7,500 5,000 Jimmy Gysels, Chief Property Manager SOP 2020 18/12/2020 31/12/2023 NA 01/03/2024 - 18/12/2030 €90.70 0 a) 2,500 b) €213,275 c) €226,750 d) €0 0 2,500 SOP 2021 22/12/2021 31/12/2024 NA 01/03/2025 - 22/12/2031 €127.60 2,500 a) 2,500 b) €158,250 c) €319,000 d) €0 0 2,500 SOP 2022 16/12/2022 31/12/2025 NA 01/03/2026 - 16/12/2032 €65.60 5,000 a) 2,500 b) €183,000 c) €164,000 d) €19,000 2,500 0 SOP 2023 15/12/2023 31/12/2026 NA 01/03/2025 - 15/12/2033 €78.70 7,500 2,500 0 SOP 2024 12/12/2024 31/12/2027 NA 01/03/2028 - 15/12/2034 €64.30 10,000 2,500 0 SOP 2025 12/12/2025 31/12/2028 NA 01/03/2029 - 12/12/2035 €69.00 12,500 a) 2,500 b) €172,500 2,500 0 Total 10,000 5,000 As in previous years, Montea has set up a share option plan in 2025 for the benefit of certain members of the (executive and non- executive) management and certain employees, discretionarily nominated by the board of directors on the recommendation of the remuneration and nomination committee. The beneficiaries under the share option plan have the option to acquire options with a term of ten years, which can be exercised at a price equal to the lower of (a) the closing price of the Montea share on Euronext Brussels on the trading day prior to the date of the offer; and (b) the average closing price of Montea shares on Euronext Brussels during the period of 20 trading days preceding the date of the offer . The options are definitively acquired (“vesting”) after a period of three years. An overview of the share options offered to members of the executive management is as follows: (1) The exercise periods are limited to the period from 1 March to 15 March, 1 June to 15 June, 1 September to 15 September and 1 December to 15 December of each year and the last 2 months before their expiry date up to and including this expiry date. 188 189 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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2025 vs 2024 2024 vs 2023 2023 vs 2022 Annual change in remuneration of the members of the board of directors and executive management1 Fixed remuneration €109,145 -€6,800 €71,400 Variable remuneration €0.00 €0.00 €0.00 Annual change in remuneration of the CEO Fixed remuneration €28,249 €41,212 €89,068 Variable remuneration - €42,447 €4,650 €28,750 Annual change in remuneration other members of the executive management Fixed remuneration €24,691 €16,236 €5,300 Variable remuneration - €93,029 €76,885 €19,140 Annual change in the evolution of performance Portfolio growth2 12.87% 22% 5% EPS 3.59% -3% 20% DPS 5.08% 0% 13% Occupancy rate - 0.10% -0.10% 0.60% Property result 20.95% 6% 16% EPRA result 13.62% 10% 33% Annual change in average employee remuneration3 Belgian employees 5% 4% 12% Dutch employees 11% 3% - 4% French employees 20% - 12% 1% German employees 11% - 13% 100% On a consolidated basis 8% 2% 12% Ratio of highest management remuneration to lowest employee remuneration4 16 17 16 7.8.2.5 Evolution of remuneration and performance The table below provides an overview of the annual change in total remuneration, the developments and performance of Montea, the average remuneration of employees and the ratio between the highest-paid member of the management to that of the lowest- paid employees on a full-time equivalent basis. The Company interprets article 3:6, §3, (5) of the CCA in a way that the requirement to reflect the five-year track record of remuneration relative to the Company’s performance and the average remuneration of employees applies only from 2020 onwards. Consequently, figures prior to 2020 are not included in the comparison below. 7.8.2.6 Severance payments awarded in the 2025 financial year No severance payments were awarded or paid in the 2025 financial year as no contracts with members of the executive management were terminated. 7.8.2.7 Clawback provisions applied in the 2025 financial year No clawback provisions were applied in 2025. 7.8.2.8 Deviations from the remuneration policy in the 2025 financial year In 2025, the application of the remuneration policy for directors and executive management was in line with the remuneration policy, except for the deviation described in section 7.8.2.1. (1) The remuneration of the CEO, who is also a member of the board of directors, was not included in this calculation. (2) The figure used for portfolio growth includes the joint venture with Weerts for the project in Liège. (3) The average remuneration shown is that of all employees as defined under Belgian law, excluding members of the executive management. The average remuneration of employees is calculated on the basis of the figures set out in this annual report. (4) The ratio was calculated based on total cost incurred by the company. The variable remuneration is included in the year that includes the performance year (this is only equal to the short-term variable cash remuneration as described above). 190 191 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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8 RISK FACTORS 8.1 Risk factors related to Montea’s financial situation 195 8.2 Legal and regulatory risks 196 8.3 Risks in relation to Montea’s corporate structure 198 8.4 Risks in relation to Montea’s property portfolio 199 8.5 Market risks 200 192 193 CHAPTER EIGHT CHAPTER EIGHT CHAPTER EIGHT CHAPTER EIGHT CHAPTER EIGHT CHAPTER EIGHT
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8.1 Risk factors related to Montea’s financial situation 8.1.1 Evolution in interest rates The short- and/or long-term interest rates on the (international) financial markets may fluctuate substantially. Except for the financial agreements on the other financial debt1 and €640 million of bonds, Montea enters into all its financial debt at a variable interest rate (bilateral credit lines at 3-month Euribor + margin). A rise in the interest rate will, in principle, make financing via borrowings more expensive for the Company. At December 31, 2025, the total financial debt subject to variable interest rates stood at €530.5 million. To hedge the risk of rising interest rates, Montea follows a policy designed to hedge 80% to 100% of the interest rates on its existing (including forecast) financial debt. At December 31, 2025, 99.7% of the borrowings taken under the credit lines and bonds were hedged via hedging instruments (swaps) or fixed-interest bonds. The hedging percentage consists of 52.5% fixed-interest financial debt and 47.2% hedged variable interest rates. As calculated at December 31, 2025, a rise of 100 basis points in short-term interest rates would lead to an increase of €0.2 million in total financial expenses. For a more detailed presentation of the fair value of financial liabilities, please refer to section 9.2.5 (Note 37: Fair value hierarchy - Financial liabilities). More information on net interest expenses can be found in section 9.2.5 (Note 13: Net interest expense). For a description of the interest costs, please refer to section 5.4.4 (subsection: Interest costs). For a more detailed description of our general financing policy and our financing structure, please refer to sections 5.2.1 and 5.2.3. The risk factors set out below are those that the Company considers to be specific and material. Non-specific risks, i.e. risks that do not only affect a business such as Montea, are not included in this summary. In addition, Montea assesses the materiality of a risk based on the probability of its occurrence and the expected magnitude of its negative impact, in accordance with the Prospectus Regulation. In accordance with paragraph 33 of the ESMA Guidelines and Article 16 of the Prospectus Regulation, the most material risks in each category are mentioned first. Risk factors (1) Montea has finance lease debt in relation to an ongoing financial agreement of €313,393 (< 0.1% of total financial debt). Breakdown of financial liabilities according to their type of hedging Fixed rate debt Hedged floating rate debt Unhedged floating rate debt 53% 47% 31/12/2025 70% 28% 2% 31/12/2024 194 195 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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8.2.2 Legislative and tax regime for public regulated real estate companies As a regulated real estate company (RREC), Montea enjoys a favorable tax regime. Profits (rental income and gains on disposal, less operating costs and financial expenses) are exempt from corporate income tax at the level of the RREC (but not at the level of its subsidiaries, unless they qualify as specialized real estate funds (SREFs). Dividend distributions by an RREC are in principle subject to a withholding tax of 30%. This favorable tax regime imposes obligations and restrictions by which Montea must abide. An RREC may therefore invest no more than 20% of its consolidated net assets in “other real estate” as defined in article 2(5)(vi) to (xi) of the RREC Law. Montea did not exceed this limit at December 31, 2025. If it were to lose recognition of its RREC status, which assumes a serious and lasting failure by Montea to abide by the provisions of the RREC Law or the RREC Royal Decree, Montea would lose the benefit of this favorable tax regime. Moreover , loss of recognition as an RREC is generally regarded in loan agreements as a trigger for the early repayment of bank loans (Montea had €530.5 million in credit lines taken at December 31, 2025), which could cause Montea’s liquidity to drop. Lastly, Montea is exposed to the risk of future changes to the legal regime for RRECs. 8.2.3 Legislative and fiscal framework for SIICs1 For its investments in property in France, Montea has opted for the tax regime of a “listed real estate investment company” (société d’investissements immobiliers cotée, hereinafter SIIC), in line with article 208-C of the French General Tax Code (Code général des impôts). The most significant benefit of that regime consists in exemption from French corporate income tax, subject to compliance with a distribution obligation in respect of certain forms of property income (rent, realized capital gains on property, property income from subsidiaries). This is largely similar to the RREC regime under Belgian corporate tax rules. A number of specific conditions must be met. The company must be listed on a French or foreign regulated market and its corporate purpose must primarily consist in the acquisition or construction of real estate for rental purposes or the acquisition of direct or indirect interests in enterprises with a similar purpose. If Montea were to lose its SIIC status, e.g. because it ceased to comply with one or more of the conditions under French law, it would be obliged to make a number of back payments of French corporate income tax at a rate of 25%. Based on the profit achieved in 2025, Montea estimates the annual financial impact in such a case at up to €0.04 per share, without taking account of portfolio growth assumptions. Despite the fact that a SIIC is exempt from French corporate income tax, France levies a withholding tax on the undistributed profits of a French branch (so-called branch remittance tax). Montea invokes the double tax treaty between Belgium and France, so that this French withholding tax results in a tax leakage of 5% on the profit after taxes of the French branch. If this new double taxation treaty were to enter into force with its current text and content, the limitation on French withholding tax would no longer apply. Assuming that the French branch qualifies as a SIIC, the maximum annual financial impact is an additional withholding tax of 20%, which is the difference between the so-called branch remittance tax of 25% and the currently applied reduced withholding tax of 5%. However , the text of the new double taxation treaty is still under negotiation and it is currently uncertain whether , and if so, with which content, this double taxation treaty will enter into force. 8.1.2 Liquidity risk To finance its activities and investments, Montea relies heavily on its ability to raise financial resources. That ability may be disrupted by various (external) factors, such as disruptions to the international financial debt and equity capital markets, a reduction of banks’ lending capacities, a deterioration of Montea’s credit rating, a negative perception of investors with regard to property companies, etc. Any of these events could cause Montea to experience problems in obtaining access to financing under its existing or new credit facilities, or on the capital markets. This could lead, among other things, to an inability to finance acquisitions or projects and a lack of sufficient financial resources to pay interest or operating costs or to repay the outstanding principal on loans and/or bonds as and when they fall due. Liquidity risk is limited among other things by diversifying sources of funds: of the total financial debt, 45.3% consists of credit lines taken, 54.6% bonds and 0.1% other financial debt (leasing). Montea also ensures that it has a sufficient liquidity buffer at all times to meet its short-term liabilities. This buffer amounted to €214 million at the year-end. For more details on Montea’s financing policy, please refer to section 5.2.1. 8.2 Legal and regulatory risks 8.2.1 Public domain and airport zones 8.2.1.1 Concession rights and building leases For certain sites, Montea has a building right or concession right on land in the public domain. Such arrangements notably include building leases and concession agreements for sites located in (air)port zones. These building and concession rights are limited in time and can also be terminated by the grantor before the contractual end date on public interest grounds. The associated risk for Montea is twofold. Firstly, Montea is at risk of the premature loss of its building or concession right on the site, and thus the loss of its investment (i.e. its building or buildings on the site). Secondly, Montea risks being exposed to claims from the users of those buildings, on the grounds that the lease agreement ends upon the early termination of the building or concession right. Overall, €495.5 million (18.2% of the total value) of Montea’s property portfolio was subject to this risk at December 31, 2025. The consolidated rental income associated with these sites was €26.0 million (19.6% of total annual rental income) in 2025. If all the building and concession rights for this portion of the property portfolio were terminated prematurely, this rental income would cease. However , this twofold risk is almost always limited (i) by stipulations in the lease agreement that prevent tenants from claiming compensation from Montea in the event of such termination, and/or (ii) by the fact that, in the event of such termination, the building lease or concession agreement obligates the grantor of the building or concession right to compensate Montea in full for its losses, including claims for compensation from tenants. To date, this risk has not materialized. (1) More information about SIIC status can be found in section 11.5.3. 196 197 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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8.3 Risks in relation to Montea’s corporate structure 8.3.1 Risk in relation to the Sole Director In its capacity as controlling shareholder of the Sole Director , the De Pauw Family has a significant influence as it determines – taking into account the statutory rules on corporate governance and Montea’s Corporate Governance Charter – who becomes a director of the Sole Director . Moreover , Montea’s general meeting may only deliberate and resolve if the Sole Director attends. The Sole Director must also give its consent to the most significant resolutions of Montea’s general meeting (including the amendment to the articles of association). Given that this veto right is included in the articles of association, and given that the Sole Director is practically irremovable, the power of Montea’s general meeting to pass resolutions might be blocked so that resolutions that are necessary or useful for Montea might not be approved by the general meeting. This creates the risk that the voting rights attached to the shares may be wholly or partly eroded. At Montea’s extraordinary general meeting of shareholders on May 19, 2026, a proposal will be made to terminate the mandate of the Sole Director and to replace it with a single board of directors appointed directly at the level of Montea NV. If this proposal is approved, the Sole Director will be removed from the governance structure and will therefore no longer have a statutory veto right further to which the risk described in this section will no longer apply. 8.3.2 Risk in relation to a change of control If Montea were to amend its articles of association and adopt a form other than that of a naamloze vennootschap with a sole director or if it were to appoint a sole director other than Montea Management NV, the change-of-control clause provided in a number of bonds2 may be triggered. To the extent applicable, this would enable any bondholder to demand, by delivering written notice to Montea’s registered office with a copy to the respective agent and without further formalities, that their bonds be declared immediately due and repayable at the nominal value plus accrued interest (if any) up to the date of payment, unless such default is rectified or a waiver of the bondholders is obtained. This may also trigger the change-of-control clause in the bilateral loans, entitling the financial institutions concerned the right to demand repayment of all outstanding amounts. At December 31, 2025, Montea had €640.0 million of bonds in issue and €530.5 million of credit lines taken. At Montea’s extraordinary general meeting of shareholders on May 19, 2026, a proposal will be made to terminate the mandate of the Sole Director and to replace it with a single board of directors appointed directly at the level of Montea NV. The proposed change will trigger the above-mentioned change-of-control clauses. As of the date of this annual financial report, Montea has already contacted the relevant bondholders and financial institutions in order to obtain the necessary waivers in connection with the intended change in the governance structure. This proposed amendment will activate the so-called “change-of-control” clauses under some of the outstanding bonds and bilateral loans. As at the date of this annual financial report, Montea has already received the necessary waivers from the relevant bondholders and financial institutions with change-of-control clauses as a result of the proposed change in the governance structure. 8.4 Risks in relation to Montea’s property portfolio 8.4.1 Construction and development risk Montea’s property portfolio will be expanded not only through the acquisition of existing buildings, but also through development projects. Such projects sometimes involve different risks to those of the traditional acquisition of existing buildings. These include the following potential risks: finding the right partners to carry out the development, delay in the development or defective performance (resulting in reduced rental income or deferral or loss of expected rental income), a rise in construction costs, organizational problems in the supply of the required raw materials or equipment and the risk that the necessary permits may not be granted or may be contested. Montea is significantly exposed to macroeconomic trends in this regard, such as a potential rise in the cost of raw materials and construction materials and disruptions in the supply chain due to armed conflicts or otherwise. Montea’s management team proactively monitors these risks and ongoing projects are discussed weekly in order to monitor their timing and budget. Furthermore, Montea does its best to negotiate contracts that limit these risks to a minimum, e.g. where possible, increases in construction costs are not passed on to Montea, projects do not go ahead until a building permit has been obtained and projects in which Montea invests are let in advance to the extent possible. In addition, for build-to-suit projects Montea sometimes enters into an agreement with a developer whereby Montea undertakes to purchase the building concerned (or the company to which the building belongs) for a predetermined price, subject to fulfillment of various conditions precedent. These conditions precedent concern, among other things, provision of the guarantee, the first rental payment, obtaining the necessary permits and the provisional delivery of the building. If the building is delivered later than planned or if one or more preconditions are not met, Montea may decide not to accept or delay acceptance of the building (or the company to which the building belongs), which may have an impact on Montea’s forecast results and its future property portfolio3. 8.4.2 Vacancy Montea is exposed to the risks related to the departure of its tenants and the renegotiation of their leases. High vacancy levels give rise to additional costs. These include, but are not limited to, having to bear costs that are normally recharged (real estate tax, management costs, etc.), marketing costs in connection with reletting and/or the downward revision of rental prices. High vacancy levels will also lead to a fall in revenue and cash flow. Montea follows an investment strategy with a focus on sustainable, multi-use logistics real estate, consisting in top strategic locations, multimodal sites, multifunctional buildings and maximum use of space. Montea has a professional team dedicated to seeking out new tenants and actively managing relations with its clients. In addition, vacancy is avoided and a stable rental income cash flow is assured by letting a large part of the property portfolio under long-term leases, which makes it possible to spread the risk of vacant property. At December 31, 2025, the remaining term of the rental agreements was 6.5 years (excluding solar panels). The occupancy rate at December 31, 2025 was 99.8%, i.e. the portfolio was essentially fully let. 8.4.3 Climate risk The sustainability strategy determines how Montea will contribute to climate objectives in order to limit the effects of climate change as much as possible. Climate change also gives rise to changing risks. In building its portfolio, Montea keeps these changing needs in mind. In Montea’s view, the most significant immediate risk of climate change is extreme weather conditions. Losses from extreme weather conditions and natural disasters are, however , covered by various insurance policies, which means that the direct financial impact (in the short and medium term) is not considered material. Over the long term, a significant increase in the number of loss events (for Montea or in general) could affect insurance premiums and the insurability of the portfolio. To date, Montea has not suffered any material impact on its portfolio in relation to this risk. (1) For more information about the structure of the Sole Director , please refer to section 7. (2) More information about the financial liabilities in relation to the bonds can be found in section 9.2.5 (Note 37: Fair value hierarchy - Financial liabilities). (3) More information about Montea’s forecast results and future property portfolio of Montea can be found in section 5.1. 198 199 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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8.5 Market risks 8.5.1 Concentration risk Given the size of the projects in which Montea invests, there is a risk that Montea may be overdependent on the continued existence of a single asset or a contractual relationship with a particular client. Concentration of the lessee base can affect the Group’s degree of diversification, leading to a fall in income and cash flow if a lessee departs or gets into financial difficulty. To limit these risks and spread risk, Montea is obliged under the RREC Law to maintain a certain degree of diversification in its real estate, in terms of geography, property type and category of lessee. More specifically, Montea may not perform any operation that would lead to more than 20% of its consolidated assets being invested in real estate that constitutes a single asset group, or cause this percentage, if it is already more than 20% for one or more asset groups, to further increase. Montea has always striven for a highly diversified lessee base, spread across multiple sites. At December 31, 2025, the aforementioned concentration limit of 20% had not been reached. The buildings rented by the largest lessee, Jacky Perrenot, represent 5.5% of total annual contracted rental income. The value of the largest asset group in the portfolio represents 5.0% of the portfolio’s total fair value (Waddinxveen site, leased to HBM Machines, Lekkerland, Isero and Dille & Kamille). Income from the solar panels accounts for 4.8% of total revenue. 8.5.2 Negative evolution in fair value of buildings The fair value of Montea’s property investments is subject to change and is dependent on various factors, some of which are external and thus outside Montea’s control (such as falling demand or occupancy rates in the markets in which Montea is active, changes in the expected returns on investment or increases in transaction costs in respect of the acquisition or transfer of property). Property valuation may also be affected by a number of qualitative factors, including but not limited to the technical condition of the property, additional building sustainability obligations, the commercial positioning, and capital expenditure requirements for fitting, installation and layout. The fair value of property investments is determined by independent experts each quarter . A substantial fall in the fair value of its property might potentially give rise to substantial losses, which might potentially have an adverse impact on Montea’s results and financial position, namely a negative influence on net result and NTA, a fall in the fair value of the property investments leading to a rise in the debt ratio, and, in the event that the cumulative negative movements in fair value are greater than the distributable reserves, the partial or total inability to pay a dividend. Montea has an investment strategy that focuses on quality assets offering stable incomes. It ensures that its assets are adequately monitored and follows a cautious leverage policy. Montea monitors its debt ratio and movements in the fair value of its property investments on a regular basis. Please refer to section 9.2.5 (Note 19: Property investments) for a sensitivity analysis of the fair value of the property investments. Beringen, Belgium 200 201 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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9 FINANCIAL STATEMENTS 9.1 Consolidated financial statements 204 9.2 Notes 210 9.3 Statutory financial statements 266 202 203 CHAPTER NINE CHAPTER NINE CHAPTER NINE CHAPTER NINE CHAPTER NINE CHAPTER NINE
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9.1 Consolidated financial statements 9.1.1 Historical financial information The following sections of Montea’s annual financial reports for the 2023, 2024 and 2025 financial years are incorporated by reference and may be consulted at the registered office or via Montea’s website (www.montea.com). The consolidated financial statements relating to the 2023, 2024 and 2025 financial years were audited by Montea’s statutory auditor . The auditor’s reports can be found under the heading “Auditor’s report to the general meeting of Montea NV” in Montea’s annual financial reports for the 2023, 2024 and 2025 financial years and include an unqualified opinion. 9.1.2 Consolidated balance sheet as at December 31, 20251 (1) No significant change in the financial or commercial position of the group has occurred since the end of the last reporting period for which either audited financial information or interim financial information has been published, except that included in section headed “Alternative Performance Measures (APMs)”. page ANNUAL FINANCIAL REPORT 2023 Financial statements, including consolidated financial statements, auditor’s report and condensed statutory financial statements 190-267; 336-340 Management report 100-125 Property report 320-329 ANNUAL FINANCIAL REPORT 2024 Financial statements, including consolidated financial statements, auditor’s report and condensed statutory financial statements 224-299, 366-371 Management report 132-159 Property report 352-359 ANNUAL FINANCIAL REPORT 2025 Financial statements, including consolidated financial statements, auditor’s report and condensed statutory financial statements 202-277; 202-277 Management report 110-139 Property report 332-339 The financial reporting framework was not changed. The Alternative Performance Measures (APMs) used by Montea, including EPRA performance indicators, are indicated in this publication with an asterisk (*), in accordance with the guidelines issued by ESMA (European Securities and Markets Authority). This is to inform the reader that the definition concerns an APM. Performance indicators defined by IFRS rules or by law, as well as those not based on balance sheet or income statement headings, are not considered APMs. The detailed calculation of the EPRA performance indicators and of other APMs used by Montea is provided in chapter 10 (10.1 and 10.2) of this annual report. CONSOLIDATED BALANCE SHEET ( EUR x 1,000) 31/12/2025 31/12/2024 I. NON-CURRENT ASSETS 3,202,511 2,825,733 A. Goodwill 0 0 B. Intangible fixed assets 775 666 C. Investment properties 2,980,479 2,720,052 D. Other tangible fixed assets 79,098 72,861 E. Non-current financial assets 91,200 31,872 F. Finance lease receivables 0 0 G. Trade receivables and other fixed assets 400 282 H. Deferred taxes (assets) 8,684 0 I. Investments in associates and joint ventures based on the equity method 41,874 0 II. CURRENT ASSETS 59,446 59,313 A. Assets held for sale 471 5,541 B. Current financial assets 0 0 C. Finance lease receivables 0 0 D. Trade receivables 42,559 34,158 E. Tax receivables and other current assets 1,055 50 F. Cash and cash equivalents 6,322 13,139 G. Accruals and deferred income 9,040 6,424 TOTAL ASSETS 3,261,957 2,885,045 TOTAL SHAREHOLDERS’ EQUITY 1,894,349 1,804,300 I. Shareholders' equity attributable to parent company shareholders 1,894,241 1,804,300 A. Capital 464,896 450,580 B. Share premiums 584,454 570,794 C. Reserves 681,623 611,401 D. Net result for the financial year 163,267 171,525 II. Minority interests 108 0 LIABILITIES 1,376,608 1,080,745 I. Non-current liabilities 1,293,896 1,005,764 A. Provisions 0 0 B. Non-current financial debts 1,259,088 981,913 a. Credit institutions 534,522 260,930 b. Financial leasing 312 328 c. Other 724,255 720,655 C. Other non-current financial liabilities 130 8,275 D. Trade payables and other non-current debts 0 0 E. Other non-current liabilities 0 0 F. Deferred taxes – liabilities 34,678 15,576 II. Current liabilities 73,712 74,981 A. Provisions 0 0 B. Current financial debts 4,479 3,504 a. Credit institutions 0 0 b. Financial leasing 171 124 c. Other 4,308 3,380 C. Other current financial liabilities 0 0 D. Trade payables and other current debts 31,841 30,182 a. Exit tax 850 0 b. Other 30,991 30,182 E. Other current liabilities 660 1,564 F. Accruals and deferred income 36,733 39,731 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 3,261,957 2,885,045 204 205 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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9.1.3 Consolidated income statement before profit distribution for the year ended December 31, 20251 9.1.4 Consolidated statement of comprehensive income before appropriation of profit as at December 31, 2025 (1) The consolidated income statement before profit distribution as at December 31 takes into account 23,038,381 shares, the weighted average number of shares for 2025. The total number of shares outstanding at the end of the 2025 financial year is 23,402,884. In the consolidated income statement before profit distribution as at December 31, 2025, Montea reports the EPRA earnings per share and net result per share based on the weighted average number of shares. CONSOLIDATED INCOME STATEMENT (EUR X 1,000) 31/12/2025 12 months 31/12/2024 12 months I. Rental income 140,429 115,101 II. Reversals carried forward and discounted rents 0 0 III. Rental-related expenses -661 9 NET RENTAL INCOME 139,768 115,110 IV. Recovery of property charges 0 0 V. Recovery of rental charges and taxes normally borne by tenants on let properties 15,810 13,132 VI. Costs payable by tenants and borne by the landlord for rental damage and refurbishment at the end of the lease 0 0 VII. Rental charges and taxes normally borne by tenants on let properties -17,764 -14,298 VIII. Other rental-related income and expenses 10,908 9,012 PROPERTY RESULT 148,722 122,956 IX. Technical costs 10 -32 X. Commercial costs -87 -72 XI. Charges and taxes on non-let properties -193 -227 XII. Property management costs -3,749 -3,159 XIII. Other property charges -166 -128 PROPERTY CHARGES -4,186 -3,618 PROPERTY OPERATING RESULT 144,537 119,338 XIV. General expenses of the company -12,544 -11,257 XV. Other operating income and expenses 220 785 OPERATING RESULT BEFORE PORTFOLIO RESULT 132,214 108,866 XVI. Result on disposal of investment properties 699 0 XVII. Result on disposal of other non-financial assets 0 0 XVIII. Changes in fair value of investment properties 52,661 85,400 XIX. Other portfolio result 0 0 OPERATING RESULT 185,574 194,266 XX. Financial income 3,308 1,267 XXI. Net interest charges -20,289 -13,878 XXII. Other financial expenses -607 -110 XXIII. Changes in fair value of financial assets and liabilities 1,739 -2,733 FINANCIAL RESULT -15,849 -15,453 XXIV. Share in the result of associates and joint ventures 5,905 0 EARNINGS BEFORE TAXES 175,630 178,812 XXV. Corporate income tax -12,363 -7,287 XXVI. Exit tax 0 0 TAX -12,363 -7,287 NET RESULT 163,267 171,525 Attributable to: Parent company shareholders 163,256 171,525 Minority interests 11 0 Number of shares outstanding at end of period 23,402,884 23,131,212 Weighted average number of shares 23,038,381 21,005,929 NET RESULT (ordinary/diluted) per share / weighted average number of shares (EUR) 7.09 8.17 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months Net result 163,267 171,525 Other items of comprehensive income -5,996 -12,995 Items included in the result: 0 0 Impact on fair value of estimated transfer rights and costs resulting from hypothetical disposal of investment properties 0 0 Changes in the effective portion of the fair value of authorized cash flow hedges 0 0 Items not included in the result: -5,996 -12,995 Impact in fair value of solar panels -5,996 -12,995 COMPREHENSIVE INCOME 157,271 158,531 Attributable to: Parent company shareholders 157,260 158,531 Minority interests 11 0 206 207 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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9.1.5 Consolidated cash flow statement as at December 31, 2025 9.1.6 Statement of changes in consolidated equity and reserves as at December 31, 2025 For more information regarding the table below, please refer to section 9.2.5 Notes 29, 30, 31 and 32. CONSOLIDATED CASH FLOW STATEMENT (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 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) 119,876 115,670 Net result 163,267 171,525 Net interest charges 20,289 13,878 Financial income -3,308 -1,267 Tax 12,363 7,287 Gain (-)/loss (+) on disposal of investment properties 699 0 Cash flow from operating activities before adjustments of non-cash items and working capital (A) 193,310 191,422 Changes in fair value of hedging instruments -1,739 2,733 Changes in fair value of investment properties -52,661 -85,400 Equity-settled share-based payment expense 206 -2,942 Share in the result of associates and joint ventures -5,905 0 Depreciation and amortization (addition (+)/reversal (-)) on fixed assets 388 367 Impairment losses on receivables, inventories and other assets 661 -10 Adjustments for non-cash items (B) -59,051 -85,252 Decrease (+)/increase (-) in trade and other receivables -12,139 -6,676 Decrease (+)/increase (-) in inventories 0 0 Increase (+)/decrease (-) in trade and other payables -2,244 16,175 Increase (+)/decrease (-) in working capital requirement (C) -14,383 9,499 Interest received 0 0 Dividends received 0 0 Income tax paid 0 0 NET CASH FLOW FROM INVESTMENT ACTIVITIES (B1) -273,814 -419,647 Investments -279,718 -419,647 Payments regarding acquisitions of real estate investments -190,669 -416,529 Payments regarding acquisitions of shares in real estate companies -84,221 -1,871 Purchase of other tangible and intangible fixed assets -4,828 -1,247 Disposals 5,904 0 Proceeds from sale of investment properties 5,904 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) 147,121 229,512 Net effect of withdrawal and repayment of loans 247,867 120,300 Capital increase 19,032 205,778 Dividends paid -86,059 -75,533 Interests paid -33,719 -21,032 CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR (A1+B1+C1) 6,322 13,139 CHANGES IN EQUITY (EUR x 1,000) CAPITAL SHARE PREMIUMS RESERVES RESULT MINORITY INTERESTS EQUITY AS AT 31/12/2023 394,914 423,586 580,952 118,810 2,515 1,520,777 Elements immediately recognized as Equity 55,666 147,208 -13,031 0 -2,514 187,328 Capital increase 58,570 147,208 0 0 0 205,778 Impact on fair value of estimated transfer rights and costs resulting from hypothetical disposal of investment properties 0 0 0 0 0 0 Positive change in value of solar panels (IAS 16) 0 0 -12,995 0 0 -12,995 Treasury shares 0 0 0 0 0 0 Shares held for staff option plan -2,904 0 -37 0 0 -2,941 Minority interests 0 0 0 0 -2,514 -2,514 Corrections 0 0 203 0 0 203 Dividends 0 0 -75,533 0 0 -75,533 Retained earnings 0 0 118,810 -118,810 0 0 Result for the financial year 0 0 0 171,525 0 171,525 AS AT 31/12/2024 450,580 570,794 611,400 171,525 0 1,804,300 Elements immediately recognized as Equity 14,316 13,660 -15,233 0 98 12,841 Capital increase 5,372 13,660 0 0 0 19,032 Impact on fair value of estimated transfer rights and costs resulting from hypothetical disposal of investment properties 0 0 0 0 0 0 Positive change in value of solar panels (IAS 16) 0 0 -5,996 0 0 -5,996 Treasury shares 0 0 0 0 0 0 Shares held for staff option plan 8,944 0 -9,238 0 0 -294 Minority interests 0 0 0 0 98 98 Corrections 0 0 0 0 0 0 Dividends 0 0 -86,059 0 0 -86,059 Retained earnings 0 0 171,525 -171,525 0 0 Result for the financial year 0 0 -10 163,267 11 163,267 AS AT 31/12/2025 464,896 584,454 681,623 163,267 108 1,894,348 208 209 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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9.2 Notes 9.2.1 Statement of compliance The company’s financial statements have been drawn up in accordance with the provisions of International Financial Reporting Standards (IFRS) as approved by the EU, as issued by the ‘International Accounting Standards Board (IASB)’ and as interpreted by the ‘International Financial Interpretations Committee of the IASB’. Investment properties (including projects in course) and financial instruments are recognized at fair value. The other items in the consolidated financial statements are prepared on the historical cost basis. Where it is indicated that figures are in thousands of euros, small rounding differences may occur . The consolidated financial statements are prepared on an accruals basis and on the basis that the company will remain a going concern over a foreseeable time horizon. 9.2.2 Accounting policies 9.2.2.1 Consolidation principles Subsidiaries1 Subsidiaries are entities controlled by the company. A company has control over another company when it is exposed, or has rights, to variable returns from its involvement with that company and has the ability to affect those returns through its power. Pursuant to IFRS 10, control only exists if all three of the following conditions are met by the parent company: • “power” over the subsidiaries; • exposure, or rights, to net income / net outgoings arising from its influence over the subsidiaries; i.e. the “investor” is exposed – or entitled – to the variable (net) returns (both positive and negative) from its involvement with the “investee” (subsidiary). • the ability to use its power over its subsidiaries to affect the net income / net outgoings, i.e. the “investor” must actually be able to exercise its rights so as to realize the (net) returns. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which the company obtains control until the date on which control ceases. Where necessary, the accounting policies of the subsidiaries are adjusted to ensure consistency with accounting policies of the Montea Group. Associates and joint ventures2 A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. As defined in IAS 28 Investments in Associates and Joint Ventures, the results and balance sheet impact of joint ventures are accounted for using the equity method. The investor’s share of the profit or loss of the investee is recognised in the investor’s profit or loss. With the exception of subsidiaries that were taken over during the financial year , the financial statements of the subsidiaries and joint ventures cover the same accounting period as that of the consolidating company. Minority interests are interests in subsidiaries that are not held by the Montea Group, either directly or indirectly. Where necessary, adjustments are made to align the accounting policies with those of the Montea Group. Intercompany transactions Intra-group balances and transactions, and any unrealized profits arising within the group, are eliminated in proportion to the Montea Group’s interest in the company. Unrealized losses are eliminated in the same way as unrealized profits, but only to the extent that there is no indication of impairment. 9.2.2.2 Investment properties Investment properties comprise all buildings and land that can be leased out and wholly or partly generate rental income, including buildings where a limited portion is held for own use. Pursuant to IAS 40, investment properties are valued at fair value. Two independent external experts, Jones Lang LaSalle BV, 10 Montoyerstraat, 1000 Brussels represented by Greet Hex and Stadim BV, 180 Mechelsesteenweg, 2018 Antwerp represented by Diederik Sondervan, prepare a valuation of the property portfolio on a quarterly basis. Fair value (as defined in IFRS 13) is the price that would be received on the sale of an asset or paid to transfer a liability in a normal transaction between market parties at the valuation date. The fair value should also reflect current leases, current cash flows and reasonable assumptions regarding expected rental income and expenses. After a building has been acquired, any gain or loss that results from a change in its fair value is recognized in the income statement. The valuation is carried out in accordance with the income capitalization method as issued by the International Valuation Standards Council. The sale of an investment property is usually subject to the payment of registration fees or a value-added tax to the public authorities. The Belgian Association of Asset Managers (BEAMA) published a communication on the scope of such registration fees on February 8, 2006. An analysis of a large number of Belgian transactions led to the conclusion that the impact of acquisition costs on major Belgian investment properties with a value of more than €2,500,000 is limited to 2.5%. This is because a range of property transfer methods are used in Belgium. This percentage will be reviewed annually as and where necessary and adjusted per 0.5% tranche. Properties below the €2,500,000 threshold and foreign properties are subject to the normal registration tax and their fair value therefore corresponds to the value exclusive of registration, notary and VAT costs. Registration fees for properties in France are generally 1.8% when the building is less than 5 years old and between 6.9% and 8.0% in all other cases, depending on the département. For the Netherlands, theoretical local registration fees averaging 10.9% are deducted from the investment value. In Germany, the fees depend on the exact location and market value of the building. In Belgium, the investment value is the fair value plus 2.5% acquisition costs (for investment property exceeding a value of €2,500,000). The fair value can thus be calculated by dividing the freehold value by 1.025. Since 2018, transaction costs (equal to the difference between the fair value of the property and the investment value) have been recognized in profit or loss (portfolio result) upon acquisition. They are then posted to the “Reserve for Net Movements in Fair Value of Property” within shareholders’ equity. Realized gains/losses on sales are recognized in profit or loss under the “Result on disposal of investment properties.” The realized gain or loss is the difference between the sale price and the fair value at the most recent valuation. 9.2.2.3 Concessions Concessions paid are treated as operating leases under IFRS 16 and are also classified as investment property. 9.2.2.4 Projects under construction Real estate that is being constructed or developed for future use as investment property is recognized under “investment property” and measured at fair value. All direct development-related costs are capitalized. Directly attributable interest expenses are also capitalized, in accordance with IAS 23 – Borrowing Costs. (1) Companies included in the consolidation (100% owned unless otherwise stated): Montea NV (BE0417186211), Montea Services BV (BE0742845794), Montea GTE 1 NV (BE0757964037), F.C.B. NV GVBF (BE0440810659), Challenge Office Park NV (BE0473589929), Montea Green Energy Belgium BV (51%) (BE1016870695), VWBG BV (BE0739547992), Montea SA (497673145 RCS Paris), SCI Montea France (493288948 RCS Paris), SCI 3R (400790366 RCS Paris), SCI Sagittaire (433787967 RCS Paris), SCI Saxo (485123129 RCS Paris), SCI Sévigné (438357659 RCS Paris), SCI Socrate (481979292 RCS Paris), SCI AP J (435365945 RCS Paris), SCI MM1 (393856463 RCS Paris), Montea Green Energy France SAS (889967162 RCS Paris), SNC Fire Combronde (921915963 RCS Paris), SAS Fontedoix Invest (919237461 RCS Paris), SFG B.V. (KvK 60209526), Montea Nederland B.V. (KvK 58852794), Montea Almere N.V. (KvK 58854134), Montea Rotterdam N.V. (KvK 59755636), Montea Oss N.V. (KvK 61787671), Montea Beuningen N.V. (KvK 61787264), Montea ‘s Heerenberg N.V. (KvK 62392670), Europand Eindhoven B.V. (KvK 20121920), Montea Tiel B.V. (KvK 73544884), Montea Logistics I B.V. (KvK 78460271), Montea Logistics II B.V. (KvK 85056804), Montea Logistics III B.V. (KvK 85082414), Montea Amsterdam Holding B.V. (KvK 88194345), Montea Holtum I B.V. (KvK 88201848), Montea Holtum II B.V. (KvK 88201570), Montea Panoven I B.V. (KvK 88294978), Montea Panoven II B.V. (KvK 88294668), Montea Panoven III B.V. (KvK 88294854), Montea Panoven IV B.V. (KvK 88295192), Montea Panoven V B.V. (KvK 88204391), Montea Panoven VI B.V. (KvK 88203514), Montea Waddinxveen B.V. (KvK 90838165), Montea Amsterdam Amstel B.V. (KvK 91406927), Montea Zeewolde B.V. (KvK 97927252), Montea GTE 2 GmbH (HRB 742615), Montea Services Germany GmbH (HRB 745815), GTE 3 S.à.r .l. (RCS B 205227). All of the above companies are included in the consolidation. Montea Management NV, the Sole Director of Montea NV, is not included in the scope of consolidation. (2) The entity consolidated as a joint venture: Weerts Logistic Park X NV (BE0756935441) (40%). 210 211 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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9.2.2.5 Other tangible fixed assets All non-current tangible assets that do not meet the definition of an investment property or development project are included in this item. Other non-current tangible assets are initially recognized at cost and subsequently valued in accordance with the cost model. Additional costs are capitalized only if they result in an increase to the future economic benefits the Company obtains from the tangible fixed assets. Other tangible fixed assets are depreciated using the linear depreciation method. The following annual percentages apply: • plant, machinery and equipment: 20-25% • furniture and vehicles: 20% • IT equipment: 33% • owner-occupied property: 2% Infrastructure installations, such as solar panels and battery energy storage systems, are measured using the revaluation model in accordance with IAS 16 – Property, Plant and Equipment. After recognition as an asset, an item of property, plant and equipment whose fair value can be measured reliably shall be carried at a revalued amount, being its fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value is determined using the discounted cash flow method. The useful life of solar panels is estimated at 25 years and their value is determined on a quarterly basis. Application of the discounted cash flow method gives rise to a gain when solar panels at a new site are taken into commission, as the resulting market value is higher than the panels’ original cost. This gain is recognized in a separate component of shareholders’ equity. Losses are also recognized in this reserve, unless the losses are realized or the fair value falls below the original cost. In the latter cases, they are recognized in profit or loss. Montea assesses at each reporting date whether there is any indication that an asset may be impaired. If any such indication exists, an estimate is made of the asset’s recoverable amount. 9.2.2.6 Non-current financial assets Non-current financial assets are recognized at fair value, except the receivables and guarantee deposits, which are recorded at their nominal value. An impairment is recognized in the event of a permanent loss of value or depreciation. 9.2.2.7 Cash and cash equivalents Cash and cash equivalents include bank accounts, cash and short-term investments. 9.2.2.8 Equity The capital comprises the net funds received upon incorporation, merger or capital increase, less direct external costs (such as registration fees, legal, notarial and publication costs, etc.). When the company repurchases its own shares, the amount paid, including directly attributable costs, is deducted from shareholders’ equity (non-distributable reserves). Dividends form part of carried-forward earnings until the distribution is approved by general meeting of shareholders. Transaction costs (equal to the difference between the fair value of the property and the investment value) have been recognized in profit or loss (portfolio result) upon acquisition. They are then posted to the “Reserve for Net Movements in Fair Value of Property” within shareholders’ equity. 9.2.2.9 Provisions A provision is recognized if the company has a legal or contractual obligation as a result of a past event, where an outflow of cash will probably be required to meet the obligation and this outflow can be reliably estimated. Provisions are measured at the present value of the expected future cash flows, discounted at the market interest rate. 9.2.2.10 Liabilities Trade payables and other debts are measured at their nominal value on the balance sheet date. Interest-bearing debts are initially recognized at face value net of directly attributable costs. The difference between the carrying amount and the amount repayable is subsequently recognized in profit or loss over the term of the loan using on the effective interest method. 9.2.2.11 Revenue Revenues include gross rental income and income from services, development and property management. They are measured at the fair value of the consideration received or receivable. Revenues are only recognized when it is sufficiently certain that the economic benefits will flow to the company. Costs of rent-free periods and incentives granted to tenants are recognized as a deduction from rental income over the term of the lease, being the period between the inception and the first break option (on a straight-line basis). Break fees for the early termination of leases are taken immediately to profit or loss. Revenues relating to the solar panels (green energy certificates and electricity generated) and battery energy storage systems (trading income) are recognized at the time of receipt, in accordance with IAS 18. The principles of IAS 20 are also applied. Green energy certificates are generally sold before the end of the financial year . These certificates are paid for by the government and not by the energy suppliers. 9.2.2.12 Costs Costs are measured at the fair value of the consideration paid or due. Building works With regard to works carried out in the buildings, a distinction is made between: • maintenance and repair works: these are costs that do not increase the expected future economic benefits from the building. As such, they are charged in full to profit or loss in the period in which they are incurred; • extensive renovation works: these are costs arising from occasional works to the building which do significantly increase the expected economic benefits from the building. Costs directly attributable to these works, such as materials, contracting work, architects’ fees and other consultancy fees, etc. are capitalized; • lease incentives: these are concessions made by the landlord to the tenant to persuade the latter to rent existing or additional premises. These costs are spread over the period from the start of the lease to the first break date and are deducted from rental income. Commissions paid to real estate brokers Commissions relating to the letting of buildings are taken to profit or loss in the period in which they are incurred. Commissions relating to the acquisition of buildings, registration fees, and other additional costs are considered to be part of the cost of the building and are therefore capitalized. Commissions paid when buildings are sold are deducted from the sale price received when determining the gain or loss on sale. General expenses General expenses are costs related to the management and general operation of the RREC. They include general administration costs, personnel costs and the depreciation of assets used for general management. 9.2.2.13 Financial result The financial result comprises the interest expenses on loans, additional financing expenses and income from investments, together with positive and negative changes in the fair value of hedging instruments. Interest income and expenses are recognized in profit or loss on a pro rata basis 9.2.2.14 Derivative financial instruments Montea concludes loans with financial institutions at variable interest rates. The Company uses financial hedging instruments (interest rate swaps and caps) to hedge the risk of a rise in these variable interest rates. To a large extent, the variable interest rates attached to the loans are therefore swapped into a fixed interest rate. Pursuant to its financial policy and the applicable regulations, Montea does not hold or issue derivative instruments for speculative purposes. The hedging instruments, however , do not meet the qualifying conditions for hedging relationships as referred to in IFRS 9. All movements in the fair value of the instruments are therefore recognized in full in profit or loss. The fair value is determined using the mark-to-market value at the reporting date. Given the clarification on the accounting treatment of the unwinding of swaps, and to achieve better alignment with EPRA guidance, the unwinding of swaps is recognized in profit or loss under “Changes in the fair value of financial assets and liabilities.” (1) The exit tax is the tax on the difference between the fair value and the carrying amount and the tax-free reserves. It is charged at 15% on mergers taking place in or after 2020. For mergers that took place in 2019, the exit tax was 12.5% + 2% crisis contribution. 212 213 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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9.2.2.15 Tax The tax on the profit for the financial year comprises the current tax expense. Tax on profits is recognized in the income statement, except for items recognized directly in equity. Deferred tax assets and liabilities are recognized using the liability method for all temporary differences between the tax base and the carrying amount for financial reporting purposes, for both assets and liabilities. Deferred tax assets are recognized only if they are likely to be offset in the future against taxable profits. The exit tax is the tax on capital gains and on tax-free reserves arising on a merger , split, contribution in kind or transfer of a regulated real estate investment company with a company that is not a regulated real estate company. When the latter is first included in the Montea Group’s scope of consolidation, a provision for exit tax is recognized together with a gain at the time of acquisition. The exit tax is in theory borne by the party contributing a property or company, but Montea has to recognize it due to the fact that the tax is only assessed after a certain time. This tax is deducted from the value of the property or company contributed. Any subsequent adjustment to this exit tax liability is taken to profit or loss. The amount of the exit tax may still vary after the transfer or merger from which this variation may arise. 9.2.2.16 Off-balance sheet rights and obligations These rights and obligations are measured at nominal value based on the amount stipulated in the contract. If no nominal value is available or valuation is not possible, the rights and obligations are stated pro memoria. 9.2.3 Use of estimates and judgments The preparation of consolidated financial statements in accordance with IFRS requires good management that enables the making of judgments, estimates and assumptions applicable to the policies and regulations and to the reporting of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historical events and various factors considered reasonable under the circumstances. Actual results may differ from such estimates. Estimates and the underlying assumptions are reviewed on an ongoing basis. Reviews and new accounting estimates are recognized in the period in which the estimate is revised, both in cases where the estimate affects the audited financial period and when it affects the future. As at December 31, 2025, with the exception of estimates concerning the determination of the fair value of investment properties, solar panels and derivatives, there are no significant assumptions concerning the future or other key sources of estimation uncertainty that give rise to a significant risk of a material adjustment to the carrying amount of assets and liabilities in the next financial period. Beringen, Belgium 214 215 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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9.2.4 New standards and interpretations New or amended standards and interpretations that have been published but are not yet effective for the financial year commencing January 1, 2025 Unless otherwise stated, Montea has not made use of these standards or interpretations. These standards amended by the IASB and interpretations issued by the IFRIC have no significant impact on the company’s presentation, notes or results. The nature and impact of the following new and amended standards and interpretations are explained below: • Amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, effective January 1, 2025 Amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, effective January 1, 2025 The amendments specify how an entity must assess whether a currency is exchangeable and how it should determine a precise exchange rate if exchangeability is limited. The amendments also require information to be disclosed that enables users of the financial statements to understand how a currency that is not exchangeable into other currencies affects – or is expected to affect – the entity’s financial performance, financial position and cash flows. The amendments apply to periods beginning on or after January 1, 2025. This standard does not apply to Montea. New or amended standards and interpretations that have been published but are not yet effective for the financial year commencing January 1, 2025 A number or new standards, amendments to standards, and interpretations are not yet mandatory in 2025, but may be adopted early. Unless otherwise stated, Montea has not made use of these standards or interpretations. These standards amended by the IASB and interpretations issued by the IFRIC will have no material impact on the company’s presentation, notes or results: • Amendments to the Classification and Measurement of Financial Instruments and Disclosure Requirements – IFRS 9 and IFRS 7 • Amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency1 • Contracts Referencing Nature-Dependent Electricity – Amendments to IFRS 9 and IFRS 7 • Annual Improvements Volume 11 • IFRS 18 Presentation and Disclosure in Financial Statements, effective January 1, 20271 • IFRS 19 Subsidiaries without Public Accountability: Disclosures, effective January 1, 20271 Amendments to the Classification and Measurement of Financial Instruments and Disclosures – IFRS 9 and IFRS 7, effective January 1, 2026 In May 2024, the IASB published Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the Amendments). The Amendments include: • A clarification that a financial liability is no longer derecognized on the settlement date, and the introduction of an accounting policy option to derecognize financial liabilities settled through an electronic payment system before the settlement date. • Additional guidance on how to assess the contractual cash flows of financial assets with ESG-linked features. • Clarifications have been made in relation to “non-recourse” loans and contractually linked instruments. • Additional disclosures have been introduced for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through OCI. The amendments are effective for periods beginning on or after January 1, 2026. Early adoption is permitted, and an entity can elect to early-adopt the amendments relating to contingent features only. This standard does not apply to Montea. Amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency, effective January 1, 20272 The amendments require the translation of a non- hyperinflationary functional currency into a hyperinflationary presentation currency at the reporting date. When an entity’s functional currency is that of a non- hyperinflationary economy, but its presentation currency is that of a hyperinflationary economy, the results and financial position are translated into the presentation currency by translating all amounts (i.e., assets, liabilities, equity, income and expenses), including comparative amounts, at the closing rate at the date of the most recent statement of financial position. An entity whose functional and presentation currency are both those of a hyperinflationary economy adjusts the comparative information of a foreign operation whose functional currency is that of a non-hyperinflationary economy by applying the general price index to the comparative figures of that foreign operation, in accordance with paragraph 34 of IAS 29. The amendments also introduce several additional disclosure requirements. This standard does not apply to Montea. Contracts Referencing Nature-Dependent Electricity – Amendments to IFRS 9 and IFRS 7, effective January 1, 2026 In December 2024, the IASB published amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-Dependent Electricity. The amendments include: • Clarification of the application of the ‘own use’ requirements • Addition of designation requirements for hedged items in a cash flow hedge relationship for eligible contracts. • Addition of new disclosure requirements to enable investors to understand the impacts of these contracts on financial performance and cash flows The amendments are effective for periods beginning on or after January 1, 2026. Early application is permitted, but must be disclosed. The clarification with regard to the ‘own use’ requirements must be applied retrospectively, while the guidelines that permit hedge accounting are to be applied prospectively to new hedging relationships arising on or after the date of first application. In addition, the amendments to the IFRS 7 disclosures must be applied in conjunction with the amendments to IFRS 9. If an entity does not restate comparative information, it is not required to provide related comparative disclosures. As Montea’s current practice is in line with the amendments, no impact is expected on the consolidated financial statements. Annual Improvements Volume 11 In July 2024, the IASB issued narrow-scope amendments as part of its annual improvements to IFRS Accounting Standards. These amendments include clarifications, simplifications and adjustments aimed at improving consistency across IFRS 1 – First- time Adoption of International Financial Reporting Standards, IFRS 7 – Financial Instruments: Disclosures (and its accompanying implementation guidance), IFRS 9 – Financial Instruments, IFRS 10 – Consolidated Financial Statements, and IAS 7 – Statement of Cash Flows. The amendments are effective for reporting periods beginning on or after January 1, 2026. Early application is permitted and must be disclosed. Montea does not expect the amendments to have a material impact on its financial statements. IFRS 18, Presentation and Disclosure in Financial Statements, effective January 1, 20273 In 2027, Montea will apply IFRS 18, which replaces IAS 1 and introduces additional amendments to other standards. IFRS 18 introduces new requirements for the presentation of the income statement, including specified totals and subtotals. In addition, entities are required to classify all income and expenses in the income statement into one of five categories: operating, investing, financing, income taxes, and discontinued operations. (1) The effective date of EU approval has not yet been determined (2) The effective date of EU approval has not yet been determined (3) The effective date of EU approval has not yet been determined 216 217 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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The standard also requires disclosures of management-defined performance measures and additional information on the nature of operating expenses when entities present at least one line item by function. Furthermore, it introduces new guidance on the aggregation and disaggregation of financial information, based on the defined roles of the primary financial statements and the notes. Additional amendments have also been made to IAS 7. Under the indirect method, the starting point for determining operating cash flows changes from profit or loss to operating profit or loss, and the optional classification of dividends and interest cash flows is removed. Further amendments have also been made to several other standards, including IAS 8 and IAS 33. IFRS 18 and the related amendments are effective for reporting periods beginning on or after January 1, 2027, and must be applied retrospectively. Early application is permitted and must be disclosed. Montea is currently examining the impact of these amendments on current practices. IFRS 19, Subsidiaries without Public Accountability: Disclosures, effective January 1, 2027 In May 2024, the IASB issued IFRS 19, which allows eligible entities to apply reduced disclosure requirements while continuing to apply the recognition, measurement, and presentation requirements of other IFRS Accounting Standards. To qualify, at the end of the reporting period an entity must be a subsidiary as defined in IFRS 10, not have public accountability, and have a parent (ultimate or intermediate) that prepares publicly available consolidated financial statements in accordance with IFRS Accounting Standards. In August 2025, the IASB issued amendments to IFRS 19 – Subsidiaries without Public Accountability: Disclosures. These amendments reduce (where applicable) the disclosure requirements arising from amendments and additions to IFRS Accounting Standards published between February 2021 and May 2024. IFRS 19 is effective for periods beginning on or after January 1, 2027, with early adoption permitted. 9.2.5 Notes to the consolidated balance sheet and income statement Rental income increased to €140.4 million in 2025, an increase of 22.0% (€25.3 million) compared to 2024. This €25.3 million increase in rental income is mainly driven by: • Volume effects: acquisition or completion of new sites in 2024 and 2025 (€23.3 million), partly offset by loss of income due to redevelopment, divestments and other activities at sites such as Avignon (FR), Decines (FR) and Puurs (BE) (-€0.8 million) • Indexation of rental agreements and other adjustments (€3.0 million) • Volume and price effects related to solar panels (-€0.2 million) Below is a summary of rental income by country: RENTAL INCOME (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Rent 139,646 115,395 107,082 Guaranteed rental income 0 0 0 Rent concessions 784 -294 -97 Rent incentives 0 0 0 Compensation for early lease termination 0 0 0 Finance lease income 0 0 0 TOTAL 140,429 115,101 106,985 RENTAL INCOME (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Belgium 57,314 50,847 45,401 France 21,531 14,151 12,698 Netherlands 55,080 44,853 46,888 Germany 6,505 5,250 1,998 TOTAL 140,429 115,101 106,985 RENTAL INCOME (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Belgium 44,939 43,174 39,607 France 12,960 12,453 12,698 Netherlands 43,985 43,365 46,888 Germany 2,123 2,078 1,998 TOTAL 104,006 101,071 101,191 If we only consider properties that were part of the property portfolio for the whole of the last three years (i.e. disregarding new acquisitions and divestments - a total of 93 sites), rental income is as follows: Rental income in Belgium rose by 4.1% compared to 2024, primarily driven by annual indexation increases and leasing activity in Milmort and Ghent. Rental income in France also rose by 4.1% compared to 2024, mainly as a result of annual indexation increases, as well as renegotiations and leasing activity in Athies and Saint-Priest. In the Netherlands, rental income increased by 1.4% compared to 2024, also driven by annual indexation increases, partially offset by temporary rental losses related to a bankruptcy case. In Germany, the 2.1% rise is entirely due to the annual indexation increase. Note 1: Rental income Montea lets its investment properties under rental agreements. Rental income is the gross rental income generated by these agreements. The table below summarizes rental income for the full year: 218 219 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Note 2: Rental-related expenses Montea applies IFRS 16, which stipulates that lease liabilities (such as rental and concession agreements) should be disclosed on the lessee’s balance sheet by recognizing a right of use as an investment property and an accompanying lease liability as a non-current debt. For Montea as property owner and lessor , there are no changes affecting the valuation of the property portfolio. Montea will continue to measure its property portfolio at fair value in accordance with IAS 40. For the concession agreements Montea, as lessee, recognizes the right of use as investment property and the corresponding lease liability as non-current debt in the balance sheet. The regular concession fees are consequently accounted for in the financial result rather than in net rental income. Montea also applies IFRS 9. When Montea obtains external legal advice to collect rent and/or other monies, an impairment is recognized if collection is uncertain. When the funds are received, the impairment is reversed. The method of determining the impairment has not been changed. Note 3: Rental charges and taxes normally borne by the tenant on let properties and recovery of these charges and taxes The increase in net costs to €1,954K is primarily driven by higher property tax charges following recent completions and acquisitions in the Netherlands, as well as limited vacancy in France. PROPERTY OPERATING EXPENSES (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Concession and land-use fees 0 -1 -24 Impairment losses on trade receivables -855 -416 -699 Reversal of impairment losses on trade receivables 194 426 364 TOTAL -661 9 -360 RENTAL CHARGES AND TAXES BORNE BY TENANTS ON LET BUILDINGS (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Recovery of rental charges and taxes normally borne by tenants on let buildings 15,810 13,132 12,468 Recharge of rental charges borne by tenants 8,118 7,234 6,554 Recharge of property taxes on let buildings 7,692 5,898 5,914 Rental charges and taxes normally borne by tenants on let buildings -17,764 -14,298 -14,023 Rental charges borne by tenants -9,150 -7,730 -7,145 Property taxes on let buildings -8,615 -6,568 -6,878 TOTAL -1,954 -1,165 -1,554 220 221 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Note 4: Other rental-related income and expenses The property management fee represents the contractually agreed management fee, which for most contracts is a percentage of the annual rent payable. Income from solar panels and battery energy storage systems comprises, first, the recharging of generated electricity to tenants and the grid operator and, second, income from the green energy certificates. The increase in income from solar panels is mainly attributable to higher subsidies resulting from newly completed solar installations that qualify for Dutch subsidy schemes. The revenue is recognized when this income is received, in accordance with IFRS 15. Green energy certificates are generally sold before the end of the financial year . These certificates are paid for by the government and not by the energy suppliers. The “Other” item mainly includes the re-invoicing of additional work to clients. It also includes other income, such as insurance payouts following losses covered by our insurance policy. Note 5: Unlet property costs Costs associated with vacant buildings remain limited, given the very high occupancy rate in 2025. OTHER RENTAL-RELATED INCOME AND EXPENSES (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Property management expenses 814 642 527 Income from solar panels and battery energy storage systems 6,060 4,535 6,053 Other 4,034 3,835 4,488 TOTAL 10,908 9,012 11,068 Note 6: Property management costs Property management costs include costs relating to the internal team responsible for real estate management and marketing. These costs also include costs directly attributable to management. Note 7: Other property charges “Other property costs” in 2025 mainly comprise maintenance costs in relation to renewable energy installations, with the rollout of the first battery energy storage systems playing a role in this. Note 8: General expenses of the Company PROPERTY MANAGEMENT EXPENSES (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Internal property management costs -3,749 -3,159 -2,658 External property management costs 0 0 0 TOTAL -3,749 -3,159 -2,658 COSTS AND TAXES RELATED TO VACANT PROPERTIES (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Operating expenses -34 -93 -32 Property tax -159 -134 -105 Insurance premiums 0 0 0 TOTAL -193 -227 -137 OTHER PROPERTY-RELATED EXPENSES (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Other property charges -166 -128 -83 TOTAL -166 -128 -83 GENERAL EXPENSES OF THE COMPANY (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Office expenses -998 -1,127 -799 Representation expenses -484 -332 -268 Representation expenses -1,060 -1,126 -999 Property valuation fees -334 -340 -256 Statutory Auditor -222 -230 -166 Legal fees -472 -528 -548 Other -31 -29 -30 Listing fees -1,226 -1,027 -948 Marketing and communication -2,118 -1,526 -1,379 Personnel expenses and management remuneration -6,269 -5,752 -5,349 Depreciation/amortization -388 -367 -336 TOTAL -12,544 -11,257 -10,077 222 223 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Note 9: Other operating income and expenses Other operating income primarily includes: • insurance payouts received; • one-off income items. Other operating expenses mainly relate to: • costs of registrations and legal formalities; • corporate social security contributions; • costs incurred for projects that did not go ahead. Note 10: Result on disposal of investment properties In 2025, the 8,900 m² building in Saintes, previously leased to Noukies NV, was divested. 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. General costs mainly include costs associated with day-to-day management and costs incurred in connection with the obligations for listed companies. In total, general costs of €20,899K were incurred. Of this, • €4,606K (22%) was capitalized, in relation to existing sites and ongoing new projects. These are project management costs; • €3,749K (18%) was transferred to property charges (included in property management costs, see Note 6). These costs primarily comprise costs relating to the internal team responsible for real estate management and marketing on the one hand and costs directly attributable to management. Therefore 60% of these costs (€12,544K) remain as general expenses of the company. The auditor’s fee in connection with the statutory engagement for the audit and review of the parent-company and consolidated accounts was €78,000.00 (excluding VAT). The auditor is EY Bedrijfsrevisoren, represented by Mr . Christophe Boschmans (acting in the name of a BV). In addition to the foregoing, the following additional audit assignments were performed by the statutory auditor: • Audit of subsidiaries: €33,280.00; • Statutory and FSMA engagements: €10,504.00 • Other: €35,217.00. This audit work was approved in the deliberation of the audit committee. Apart from the fees for the (statutory) auditor , property experts and the Sole Director , no other significant fees were payable in 2025. The average headcount and breakdown of staff costs are as follows: Montea has concluded a group insurance contract of the defined contribution type (defined contribution plan) for its permanent staff with an external insurance company. The contributions to the insurance plan are paid by Montea. The insurance company has confirmed that, as at December 31, 2025, the shortfall to guarantee the statutory minimum return was not material. For executive remuneration, please refer to the remuneration report. 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Average number of employees (FTEs1) 56 46 38 a) Blue-collar employees 0 0 0 b) White-collar employees 56 46 38 Administrative staff 31 26 22 Technical staff 25 21 16 Geographical distribution of employees (FTEs1) 56 46 38 Western Europe 53 45 37 Belgium 35 29 26 France 9 7 5 Netherlands 9 9 6 Central and Eastern Europe 3 2 1 Germany 3 2 1 Personnel expenses (EUR x 1,000) 6,915 5,630 4,643 a) Wages and direct employee benefits 5,353 4,374 3,644 b) Employer social security contributions 1,259 994 795 c) Employer contributions to supplementary insurance plans 186 166 128 d) Other personnel expenses 117 95 76 (1) FTE stands for Full-Time Equivalents OTHER OPERATING INCOME AND EXPENSES (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Other operating income 287 315 231 Other operating expenses -67 470 -388 TOTAL 220 785 -157 RESULT ON DISPOSAL OF INVESTMENT PROPERTIES (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Net proceeds from disposal of real estate (sales price – transaction costs) 5,904 0 0 Fair value of disposed properties -5,205 0 0 TOTAL 699 0 0 224 225 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Meyzieu, France Standing portfolio 226 227 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Note 11: Changes in fair value of investment properties The net change in the property portfolio, i.e. the net sum of all positive and negative movements, was €52,661 thousand on December 31, 2025. Positive changes in the fair value of investment properties are typically due to the decrease in investment yields for projects with long-term leases as well as rising market rental values. Negative changes in the fair value of investment properties are generally the result of downward revaluations recognized as a result of leases approaching expiry or being discontinued, the recognition in profit or loss of the initial transaction costs on the acquisition or development of new properties (see section 9.2.2.2 Investment properties) and the recognition in profit of loss of remaining rent-free periods. Specifically in 2025, the change in fair value of investment properties (€52.7 million) was driven by unrealized capital gains on project developments and an increase in the valuation of the standing portfolio, primarily driven by an increase in market rents of approximately 2%, which was partially offset by the yield moving out by 6 bps. When Montea invests in a property (alteration works), these investments are capitalized as assets on the balance sheet. If the property expert does not value these additional works or values them at below cost, Montea records a negative change in the valuation of the property. See also Note 19 on valuation methodology and sensitivity of valuations. Note 12: Financial income Financial income amounts to €3,308 thousand and consists mainly of returns on funds invested in the project company WLP X, as well as interest receivable for short-term cash investments, in addition to “other” financial income in the form of late payment interest received in relation to late payments by clients. Note 13: Net interest costs Net interest costs increased by €6,411K or 46%. Nominal interest expenses on loans increased by €6,359K compared to 2024, primarily due to higher levels of outstanding debt. The net result from hedging instruments increased by €369K compared to 2024, mainly driven by interest rate hedging contracts (IRS – Interest Rate Swaps) with hedge levels below the EURIBOR rate, as well as income generated by these instruments following movements in EURIBOR. The average cost of financing debt* was 2.1% in 2025 (down from 2.3% in the same period last year). The impact of the hedging instruments on the average financing cost* was -0.4%. This means that the average financing cost without the hedging instruments would have been 2.6%. FINANCIAL INCOME (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Interest and dividend income received 3,267 1,125 818 Finance lease income 0 0 0 Net realized gains on disposal of financial assets 0 0 0 Net realized gains on disposal of finance lease receivables and similar receivables 0 0 0 Other 41 143 47 TOTAL 3,308 1,267 866 NET INTEREST EXPENSE (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Nominal interest expense on borrowings -22,398 -16,039 -21,627 Adjustment to the nominal amount of financial debt 0 0 0 Costs of eligible hedging instruments -54 -45 -448 Income from eligible hedging instruments 5,160 4,781 3,330 Other interest charges -2,996 -2,574 -9 TOTAL -20,289 -13,878 -18,754 CHANGES IN THE FAIR VALUE OF INVESTMENT PROPERTIES (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Positive changes in fair value of investment properties 133,343 217,661 136,571 Negative changes in fair value of investment properties -80,681 -132,261 -124,702 TOTAL 52,661 85,400 11,870 228 229 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Note 14: Other financial expenses Bank charges mainly comprise facility fees in relation to new credit lines. Note 15: Changes in fair value of financial assets and liabilities The positive change in the fair value of financial assets and liabilities was €1,739 thousand, comprising: • the positive change in the fair value of financial assets and liabilities amounting to €1,711 thousand; • the positive change under IFRS 13 due to a €28K movement in the CVA (credit value adjustment) in 2025. OTHER FINANCIAL EXPENSES (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Bank charges and other fees -586 -110 -105 Net realized losses on disposal of financial assets 0 0 0 Net realized losses on disposal of finance lease receivables and similar receivables 0 0 0 Other -22 0 -2 TOTAL -607 -110 -107 CHANGES IN FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Authorized hedges 1,739 -2,733 -14,043 Authorized hedges qualifying for hedge accounting according to IFRS 0 0 0 Authorized hedges not qualifying for hedge accounting according to IFRS 1,739 -2,733 -14,043 Other 0 0 0 TOTAL 1,739 -2,733 -14,043 230 231 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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FAIR VALUE OF HEDGING INSTRUMENTS (EUR x 1,000) Start date Maturity date Notional amount Amount taken 31/12/2025 Interest rate Hedged interest rate Fair value 2025 (*) Fair value 2024 (*) Fair value 2023 (*) Change in fair value 2025 vs. 2024 IRS 29/12/2023 31/12/2027 50,000 50,000 0.48% EURIBOR 3M 1,629 2,369 3,566 -740 IRS 31/12/2024 29/03/2029 10,000 10,000 1.03% EURIBOR 3M 393 454 415 -60 IRS 30/06/2025 30/06/2028 50,000 50,000 0.33% EURIBOR 3M 2,280 2,499 0 -220 IRS 31/12/2024 31/12/2028 10,000 10,000 0.82% EURIBOR 3M 416 503 464 -87 IRS 31/12/2024 31/12/2028 25,000 25,000 0.62% EURIBOR 3M 1,187 1,453 1,349 -266 IRS 30/09/2025 31/03/2031 50,000 50,000 0.73% EURIBOR 3M 4,303 3,726 0 577 IRS 31/12/2024 31/12/2028 25,000 25,000 0.89% EURIBOR 3M 993 1,196 1,100 -203 IRS 31/12/2024 31/12/2028 25,000 25,000 0.47% EURIBOR 3M 1,296 1,597 1,489 -301 IRS 31/12/2024 30/06/2027 25,000 25,000 0.41% EURIBOR 3M 619 1,027 946 -407 IRS 31/12/2024 31/03/2027 10,000 10,000 0.26% EURIBOR 3M 223 404 373 -180 IRS 31/12/2024 31/03/2028 10,000 10,000 0.54% EURIBOR 3M 359 495 457 -136 IRS 29/12/2023 31/12/2027 2,500 2,500 0.19% EURIBOR 3M 96 140 206 -44 IRS 30/09/2024 30/09/2030 10,000 10,000 1.75% EURIBOR 3M 302 235 231 67 IRS 30/09/2024 30/06/2031 10,000 10,000 1.58% EURIBOR 3M 465 379 380 86 IRS 28/06/2024 28/06/2030 10,000 10,000 -0.01% EURIBOR 3M 1,038 1,144 0 -106 IRS 30/06/2025 30/09/2027 25,000 25,000 2.08% EURIBOR 3M 8 -41 0 48 FORWARD STARTING IRS 31/12/2027 31/12/2030 50,000 0 2.68% EURIBOR 3M -52 -560 -495 508 IRS 30/06/2024 30/06/2030 15,000 15,000 0.03% EURIBOR 3M 1,527 1,679 1,816 -151 FORWARD STARTING IRS 31/12/2028 31/12/2031 120,000 0 1.01% EURIBOR 3M 5,891 4,329 4,484 1,562 IRS 30/06/2024 31/03/2026 25,000 25,000 -0.18% EURIBOR 3M 137 724 0 -588 IRS 30/06/2025 30/06/2026 90,000 90,000 2.01% EURIBOR 3M 20 0 0 20 FORWARD STARTING IRS 31/12/2026 30/06/2032 50,000 0 2.47% EURIBOR 3M 436 0 0 436 FORWARD STARTING IRS 31/12/2027 30/09/2030 50,000 0 2.68% EURIBOR 3M 552 0 0 552 FORWARD STARTING IRS 31/12/2027 30/09/2030 50,000 0 2.62% EURIBOR 3M 759 0 0 759 FORWARD STARTING IRS 31/12/2027 30/09/2030 50,000 0 2.71% EURIBOR 3M 443 0 0 443 FORWARD STARTING IRS 30/06/2026 31/12/2032 50,000 0 2.66% EURIBOR 3M -79 0 0 -79 CAP 30/06/2025 31/12/2026 50,000 50,000 2.25% EURIBOR 3M 3 0 0 3 CAP 31/12/2025 30/06/2026 25,000 25,000 2.25% EURIBOR 3M 218 0 0 218 IRS 30/09/2024 31/12/2023 0 0 0.00% EURIBOR 3M 0 0 469 0 IRS 30/06/2024 31/12/2024 0 0 0.00% EURIBOR 3M 0 0 1,232 0 IRS 30/09/2024 31/12/2024 0 0 0.00% EURIBOR 3M 0 0 1,090 0 CAP 31/12/2023 31/12/2024 0 0 0.00% EURIBOR 3M 0 0 1,657 0 IRS 31/12/2024 31/12/2024 0 0 0.00% EURIBOR 3M 0 0 3,098 0 IRS 31/12/2024 31/12/2024 0 0 0.00% EURIBOR 3M 0 0 2,258 0 TOTAL 972,500 552,500 25,462 23,751 26,584 1,711 (*) value excluding CVA/DVA Montea’s position in relation to hedging instruments is +€25.5 million. 232 233 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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The interest rate swaps, totaling €552.5 million, expire as follows: • 2026: €190.0 million • 2027: €112.5 million • 2028: €145.0 million • 2029: €10.0 million • 2030: €35.0 million • 2031: €60.0 million In 2025, Montea recorded a positive change of €28K in the valuation of the hedging instruments as a result of the adjustments required under IFRS 13 (this concerns the credit value adjustment). Montea’s net position in relation to hedging instruments consequently amounts to €25,462K. Negative fair value adjustments to the notional amount of hedging instruments are reported in the balance sheet within other non- current financial liabilities. Positive fair value adjustments to the notional amount are reported within other non-current financial assets – hedging instruments. Montea had entered into hedging instruments with a notional amount of €972,500 thousand at the end of 2025. The undiscounted net cash flows of the current interest rate swaps are shown in the table below: Note 16: Investments in associates and joint ventures Investments in associates and joint ventures amount to €41.9 million, of which €5.9 million is attributable to the Group’s share of the result for the 2025 financial year . The investment derives from the collaboration with Weerts Group, in which Montea has acquired a 40% stake in the project company WLP X for the Skechers development in Liège. UNDISCOUNTED CASH FLOWS (EUR x 1,000) <1 year 1 year < x < 2 years 2 years < x < 3 years 3 years < x < 4 years 4 years < x < 5 years 5 years < x < 6 years 6 years < x < 7 years 7 years < x < 8 years 8 years < x < 9 years 9 years < x < 10 years > 10 years Hedging cost 4,791 6,127 10,113 9,840 10,769 11,946 9,951 0 0 0 0 INCOME TAX (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Withholding tax -3 0 0 Current income tax -1,942 3,114 5,236 Deferred taxes -10,417 -10,401 30,974 TOTAL -12,363 -7,287 36,209 INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (EUR x 1,000) AS AT 31/12/2023 0 Acquisition of associates and joint ventures 0 Associates and joint ventures that became wholly owned subsidiaries during the financial year 0 Share in the result of associates and joint ventures 0 Dividends received from associates and joint ventures 0 Other 0 AS AT 31/12/2024 0 Acquisition of associates and joint ventures 35,969 Associates and joint ventures that became wholly owned subsidiaries during the financial year 0 Share in the result of associates and joint ventures 5,905 Dividends received from associates and joint ventures 0 Other 0 AS AT 31/12/2025 41,874 Note 17: Corporate income tax The total corporate income tax charge consists of a provision for: • tax payable by Montea NV on disallowed expenses; • corporate income tax payable by Belgian companies that do not benefit from RREC status; • dividend tax payable by Montea SA; • corporate income tax payable by Montea Nederland N.V. and its subsidiaries; • deferred tax, mainly in Montea Nederland N.V. In 2023, Montea cautiously accounted for the possibility that FBI status could be refused, and included an additional tax provision of €3.7 million. This equated to the difference between FBI tax status and the general tax regime. In 2024, Montea received recognition as an FBI for the 2023 financial year , which enabled the provision to be reversed. As a further precautionary measure, the 2024 income statement also includes a tax provision, which takes into account a possible refusal of FBI status in 2024. If FBI status is granted, this additional provision will have a positive impact of €1.9 million on future EPRA earnings. The outcome regarding FBI recognition for the 2024 financial year is expected during 2026. Due to amended legislation, Montea can no longer benefit from FBI status in the Netherlands in 2025, and tax calculations were made in accordance with the tax rules applicable under the general tax regime. The recorded tax expense of €1.9 million mainly relates to the ordinary corporate tax charge in the Netherlands for the 2025 financial year . The deferred tax component of the portfolio result had a negative impact of -€10.4 million. Deferred taxes primarily relate to the measurement of buildings at fair value in jurisdictions where net rental income is subject to corporate income tax, in accordance with IAS 40 (see also Note 23). Note 18: Intangible fixed assets This item reports intangible fixed assets for own use. These assets mainly comprise the license and development costs of property management, facility and accounting software. INTANGIBLE FIXED ASSETS (EUR x 1,000) AS AT 31/12/2023 548 Acquisitions 353 Amortization -235 AS AT 31/12/2024 666 Acquisitions 347 Amortization -238 AS AT 31/12/2025 775 234 235 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Note 19: Investment properties The increase of €255.2 million in investment properties and developments in 2025 breaks down as follows: INVESTMENT PROPERTIES AND PROJECT DEVELOPMENT (EUR x 1,000) Investment properties Project development Total AS AT 31/12/2023 2,166,564 113,707 2,280,270 AS AT 31/12/2024 2,476,128 316,666 2,792,794 Investments 297,672 297,672 New acquisitions 76,478 76,478 - Zaltbommel (NL) 25,160 25,160 - Zeewolde (NL) 30,639 30,639 - Beringen (BE) 19,707 19,707 Other acquisitions 973 973 Investments in the standing portfolio 15,104 15,104 IFRS 16 recognition of concession land 12,312 12,312 Acquisitions through share transactions 7,102 7,102 Completion of build-to-suit projects 198,144 198,144 Additions to build-to-suit projects -11,467 -11,467 Disposals -5,070 -5,070 Completed development projects -198,144 -198,144 Development projects initiated 11,467 11,467 Projects under construction 98,417 98,417 - Tiel (NL) 37,111 37,111 - Oss (NL) 10,001 10,001 - Halle (BE) 2,627 2,627 - Combronde (FR) 4,828 4,828 - Erembodegem (BE) 4,377 4,377 - Blue Gate (BE) 2,799 2,799 - Amsterdam Blond (NL) 4,451 4,451 - Avignon (FR) 4,057 4,057 Other project developments 11,917 11,917 - Solar panels (BE) 1,485 1,485 - Solar panels (NL) 1,140 1,140 - Solar panels (FR) 474 474 - Battery energy storage system (BE) 9,183 9,183 - Battery energy storage system (NL) 3,966 3,966 Increase/(decrease) in fair value 28,699 22,208 50,907 AS AT 31/12/2025 2,797,429 250,614 3,048,043 The property portfolio is measured at fair value. The fair value measurement is based on unobservable inputs and the investment properties thus fall under level 3 of the IFRS fair value hierarchy. See Note 37 for more information. The positive change in the valuation of investment properties is mainly driven by unrealized capital gains on project developments and an increase in the valuation of the standing portfolio, primarily driven by an increase in market rents, which was partially offset by the yield moving out. Valuation methodology The valuation of a site consists of determining its value on a given date, i.e. determining the price at which the site may be exchanged between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing, wherein the parties has each acted knowledgeably, prudently, and without compulsion. This value is the investment value, or the price to be paid plus any transfer taxes (registration fees or VAT). The fair value, in the sense of IAS/IFRS, can be obtained by subtracting the theoretical local registration fees from the investment value. Sensitivity of valuations The sensitivity of the fair value of properties classified in Level 3 of the IFRS fair value hierarchy to changes in the significant unobservable inputs used in determining the fair value is as follows: NON-OBSERVABLE INPUTS Calculated in Impact on fair value Increase Decrease Estimated rental value €/m² + - Discount rate % - + Required rate of return - + Remaining lease term years + - Occupancy rate + - Inflation + - In addition, a long (short) remaining lease term often gives rise to a decrease (increase) in the discount rate. Portfolio fair value sensitivity can be estimated as follows: • a 1% increase (decrease) in rental income would cause the fair value of the portfolio to increase (decrease) by around €25.7 million; • a 0.25% decrease (increase) in the required yield would cause the fair value of the portfolio to increase (decrease) by around €124.5 million. 236 237 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Note 20: Other tangible fixed assets The movement in other tangible fixed assets mainly comprises a €8.3 million write-down on solar panels due to declining feed-in prices. The solar panel write-down was mostly recognized directly in equity (see also Note 30). In addition, the number of available solar panels and battery energy storage systems has increased via new installations at various sites in Belgium, the Netherlands and France. Solar panels are measured using the revaluation model in accordance with IAS 16 - Property, Plant and Equipment. After initial recognition, an asset whose fair value can be measured reliably is carried at a revalued amount, being its fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. If the solar panels were valued at cost, this would amount to €61,265K. The solar panels have been valued by an independent real estate expert since 2018. The fair value is determined using the discounted cash flow method. OTHER TANGIBLE NON-CURRENT ASSETS (EUR x 1,000) Total For own use Other AS AT 31/12/2023 85,824 2,862 82,962 Acquisition cost 01/01/2024 87,636 3,417 84,218 Acquisitions 1,205 924 281 Solar panels -10,426 0 -10,426 - Acquisition of solar panels 5,360 0 5,360 - Added value/less value of existing solar panels -15,786 0 -15,786 Acquisition cost 31/12/2024 78,415 4,342 74,073 Depreciation 01/01/2024 -1,812 -555 -1,257 Depreciation 6 -38 44 Depreciation 31/12/2024 -1,806 -593 -1,213 AS AT 31/12/2024 76,609 3,749 72,861 Acquisition cost 01/01/2025 78,415 4,342 74,073 Acquisitions 6,393 4,380 2,013 Solar panels and battery energy storage systems 4,255 0 4,255 - Acquisition of solar panels 12,564 0 12,564 Added value/less value of existing solar panels -8,309 0 -8,309 Acquisition cost 31/12/2025 89,063 8,722 80,341 Depreciation 01/01/2025 -1,806 -593 -1,213 Depreciation -48 -17 -31 Depreciation 31/12/2025 -1,854 -610 -1,244 AS AT 31/12/2025 87,209 8,112 79,097 Note 21: Non-current financial assets Non-current financial assets include – in addition to the positive fair value of hedging instruments – a long-term receivable from the joint venture WLP X recognized as of the current financial year . Negative valuations of hedging instruments can be found in Note 34. Note 22: Trade receivables and other fixed assets This section pertains to guarantees paid in cash. FINANCIAL ASSETS (EUR x 1,000) AS AT 31/12/2023 26,825 Assets held for sale till maturity 0 Participations in associated companies or companies with a participating interest 0 Amounts receivable after more than one year 0 Assets at fair value through result 5,047 Hedging instruments 5,047 AS AT 31/12/2024 31,872 Assets held for sale till maturity 65,733 Participations in associated companies or companies with a participating interest 0 Amounts receivable after more than one year 65,733 Assets at fair value through profit or loss -6,405 Hedging instruments -6,405 AS AT 31/12/2025 91,200 TRADE RECEIVABLES AND OTHER FIXED ASSETS (EUR x 1,000) AS AT 31/12/2023 239 Guarantees paid in cash 43 AS AT 31/12/2024 282 Guarantees paid in cash 118 AS AT 31/12/2025 400 238 239 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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The sale of an 8,900 m² building in Saintes was completed in 2025. The transaction was completed for approximately €5.9 million, representing a 16% premium over the fair value of the site as determined by the independent property valuer in Q3 (latest valuation prior to disposal). The remaining asset classified as held for sale relates to a residential property located in Halle. ASSETS HELD FOR SALE (EUR x 1,000) AS AT 31/12/2023 0 Accounting value of the investment properties held for sale 5,541 Real estate certificates 0 Other assets 0 AS AT 31/12/2024 5,541 Accounting value of the investment properties held for sale -5,070 Real estate certificates 0 Other assets 0 AS AT 31/12/2025 471 TRADE RECEIVABLES (EUR x 1,000) 31/12/2025 31/12/2024 31/12/2023 Gross trade receivables 44,915 35,854 30,036 Provisions for doubtful receivables -2,356 -1,695 -1,705 TOTAL 42,559 34,158 28,331 AGING ANALYSIS OF TRADE RECEIVABLES (EUR x 1,000) Trade receivables not past due 29,097 Trade receivables, 1 - 30 days past due 3,210 Trade receivables, 31 - 60 days past due 145 Trade receivables, 61 - 90 days past due 383 Trade receivables, > 90 days past due 3,246 TOTAL 36,081 No general write-downs were recognized on the total amount of €36,081K – except for those in accordance with IFRS 9 – as an individual case-by-case analysis was performed which showed that no recovery risk exists in relation to receivables more than 90 days past due. Despite this requirement, Montea is convinced, based on historical data, that there is no recoverability risk at the time a receivable reaches 90 days past due. Montea efficiently manages its client base in order to minimize the impact of overdue receivables on earnings. Montea conducts a credit analysis of its clients on a regular basis. Similarly, Montea subjects potential clients to a preliminary credit analysis before entering into new contracts. The table provides a summary of doubtful receivables: DOUBTFUL RECEIVABLES (EUR x 1,000) AS AT 31/12/2023 870 Amount current financial year 2 Reversal amount current financial year 0 AS AT 31/12/2024 872 Amount current financial year 821 Reversal amount current financial year 0 AS AT 31/12/2025 1,693 Note 25: Current trade receivables At December 31, 2025, gross trade receivables amounted to €44.9 million, comprising: • €36,081 thousand trade receivables; • €1,693 thousand doubtful receivables; • €7,140 thousand other receivables. An impairment allowance of €2,356 thousand has been recognized for doubtful receivables. The table below shows an aging analysis of trade receivables at December 31, 2025. Note 23: Deferred taxes Deferred taxes recognized on the balance sheet relate to the acquisition of investment properties outside Belgium. They primarily arise from temporary differences between the fair value and the tax carrying amount of the underlying buildings. During 2025, the deferred tax provision recognized in 2024 was further increased by €19.1 million, primarily as a result of the delivery of new sites in the Netherlands since early 2025, as well as the establishment of a deferred tax provision in Germany. In addition, a deferred tax asset of €8.7 million was recognized in 2025, mainly related to unused and transferable investment tax deductions in the Netherlands, in accordance with tax filings. Note 24: Assets held for sale DEFERRED TAXES (EUR x 1,000) Assets Liabilities AS AT 31/12/2023 0 0 Sources 0 -15,576 Reversals 0 0 AS AT 31/12/2024 0 -15,576 Sources 8,684 -19,101 Reversals 0 0 AS AT 31/12/2025 8,684 -34,678 240 241 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Montea has made the necessary efforts to ensure that the majority of outstanding trade receivables after year-end have already been collected. Montea has not obtained guarantees to mitigate its credit risk nor has it entered into credit hedging instruments. Note 26: Tax receivables and other current assets CASH AND CASH EQUIVALENTS (EUR x 1,000) 31/12/2025 31/12/2024 31/12/2023 Cash at banks 6,322 13,139 18,604 Term deposits 0 0 69,000 Cheques to be collected 0 0 0 TOTAL 6,322 13,139 87,604 TAX RECEIVABLES AND OTHER CURRENT ASSETS (EUR x 1,000) 31/12/2025 31/12/2024 31/12/2023 TAX 968 -75 591 Value added taxes (VAT) 0 -297 575 Corporate tax 968 221 16 OTHER CURRENT ASSETS 87 125 189 TOTAL 1,055 50 780 DEFERRED CHARGES AND ACCRUED INCOME - ASSETS (EUR x 1,000) 31/12/2025 31/12/2024 31/12/2023 Accrued rental income not yet due 1,997 1,877 935 Deferred rental discounts and lease incentives 0 0 0 Prepaid property expenses - Costs for future projects / Provisions construction costs 5,659 3,788 3,327 - Other 0 0 0 Prepaid interest and other financial expenses 145 39 33 Other 1,239 720 594 TOTAL 9,040 6,424 4,888 Note 29: Capital and shares SHARE CAPITAL AND SHARE PREMIUMS (EUR x 1,000) Capital Costs Capital increase Share premiums No. of shares AS AT 31/12/2023 410,075 -9,121 423,586 20,121,491 Movements during the year 61,338 -2,768 147,208 3,009,721 AS AT 31/12/2024 471,413 -11,889 570,794 23,131,212 Movements during the year 5,537 -165 13,660 271,672 AS AT 31/12/2025 476,950 -12,053 584,454 23,402,884 Note 27: Cash and cash equivalents A cash flow statement can be found in section 5.§.2. Note 28: Accrued income and deferred chargesThe table provides a summary of other receivables: OTHER TRADE RECEIVABLES (EUR x 1,000) Trade receivables - credit balance 29 Trade payables - debit balance 124 Invoices to be issued 6,969 Creditnotes to receive 18 TOTAL 7,140 RECOGNIZED IMPAIRMENT LOSSES ON TRADE RECEIVABLES (EUR x 1,000) AS AT 31/12/2023 1,705 Provision current financial year -10 Reversal losses doubtful receivables 0 AS AT 31/12/2024 1,695 Provision current financial year -661 Reversal losses doubtful receivables 0 AS AT 31/12/2025 1,034 242 243 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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The difference in the “Reserve for the balance of the changes in fair value of investment properties” compared to last year is €79,855, due to the negative change in the value of solar panels, offset by a positive change in the value of investment properties in 2025. The reserve for the balance of the changes in the fair value of property and the reserve for the balance of the hedging instruments are the components that have the most significant impact on reserves. STATEMENT OF CHANGES IN TREASURY SHARES (EUR x 1,000) No. of shares AS AT 31/12/2023 6,040 76,874 Movements during 2024 3,391 46,953 AS AT 31/12/2024 8,944 123,827 Movements during 2025 -972 -14,909 AS AT 31/12/2025 7,101 108,918 (EUR x 1,000) 31/12/2025 31/12/2024 31/12/2023 Reserves 681,623 611,401 574,913 Legal reserve 835 835 835 Reserve for the balance of the changes in fair value of investment properties 535,848 455,993 457,118 Reserve for the impact on fair value of estimated transfer rights and costs resulting from hypothetical disposal of investment property 0 0 0 Reserve for the balance of the changes in fair value of authorized hedges qualifying for hedge accounting as defined by IFRS 0 0 0 Reserve for the balance of the changes in fair value of authorized hedges not qualified for hedge accounting as defined by IFRS 26,450 29,183 43,226 Reserve for the balance of exchange rate differences on monetary assets and liabilities 0 0 0 Reserve for the conversion differences coming from the conversion of activities abroad 0 0 0 Reserve for treasury shares -7,101 0 -6,040 Reserve for the balance of the changes in fair value of financial assets held for sale 0 0 0 Reserve for actuarial gains and losses on defined benefit pension plans 0 0 0 Reserve for deferred taxes on investment properties located abroad 0 0 0 Reserve for received dividends, used for the reimbursement of financial debts 0 0 0 Other reserves 125,591 125,389 79,773 Note 30: Reserves RESERVE FOR NET CHANGES IN THE FAIR VALUE OF PROPERTY (EUR x 1,000) Changes in fair value of investment property in 2007 (12 months) 5,629 Changes in fair value of investment property in 2008 (12 months) -10,046 Changes in fair value of investment property in 2009 (12 months) -16,034 Changes in fair value of investment property in 2010 (12 months) -1,906 Changes in fair value of investment property in 2011 (12 months) -4,420 Changes in fair value of investment property in 2012 (12 months) -6,692 Changes in fair value of investment property in 2013 (12 months) -3,658 Changes in fair value of investment property in 2014 (12 months) 1,457 Changes in fair value of investment property in 2015 (12 months) 2,470 Changes in fair value of investment property in 2016 (12 months) -23,534 Changes in fair value of investment property in 2017 (12 months) 3,204 Changes in fair value of investment property in 2018 (12 months) 33,814 Changes in fair value of investment property in 2019 (12 months) 70,773 Changes in fair value of investment property in 2020 (12 months) 103,901 Changes in fair value of investment property in 2021 (12 months) 175,392 Changes in fair value of investment property in 2022 (12 months) 92,864 Changes in fair value of investment property in 2023 (12 months) 11,870 Changes in fair value of investment property in 2024 (12 months) 85,851 Capital gains on solar panels in 2011 (12 months) 1,566 Capital gains on solar panels in 2012 (12 months) -128 Capital gains on solar panels in 2013 (12 months) -192 Capital gains on solar panels in 2014 (12 months) -63 Capital gains on solar panels in 2015 (12 months) 213 Capital gains on solar panels in 2016 (12 months) -720 Capital gains on solar panels in 2017 (12 months) 484 Capital gains on solar panels in 2018 (12 months) -242 Capital gains on solar panels in 2019 (12 months) 2,402 Capital gains on solar panels in 2020 (12 months) 227 Capital gains on solar panels in 2021 (12 months) 14,928 Capital gains on solar panels in 2022 (12 months) 15,428 Capital gains on solar panels in 2023 (12 months) -12,995 Capital gains on solar panels in 2024 (12 months) -5,996 AS AT 31/12/2025 535,848 Note 30.1: Reserve for net changes in the fair value of property In implementation of Montea’s share purchase plans and stock option plans for management and employees, a total of 119,909 treasury shares were sold during 2025. A new share buyback program of 105,000 shares was carried out between June 24 and July 18, 2025, increasing the number of treasury shares to 108,918 at December 31, 2025. 244 245 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Note 30.2: Reserve for net changes in the fair value of authorized hedging instruments not subject to hedge accounting as defined in IFRS The change in the fair value of the hedging instruments, -€2.7 million in 2025, is recognized in full in profit or loss. Note 31: Result For more information about the result, please refer to section 9.1.6 “Statement of changes in consolidated equity and reserves as at December 31, 2025.” The table below shows net result per share and EPRA earnings per share based on the weighted average number of shares and based on the number of shares entitled to dividends at Montea’s year-end. EPRA earnings* are equal to the net result excluding the portfolio result1* (lines XVI to XIX of the consolidated income statement) and excluding the changes in fair value of financial assets and liabilities (line XXIII of the consolidated income statement). The difference between the number of shares entitled to share in Montea’s result and the number of shares in issue at the end of the period is equal to the number of treasury shares. Montea has no subscription rights and/or convertible bonds in issue. RESERVE FOR NET CHANGES IN THE FAIR VALUE OF AUTHORIZED HEDGING INSTRUMENTS NOT SUBJECT TO HEDGE ACCOUNTING AS DEFINED IN IFRS (EUR x 1,000) Changes in fair value of authorized hedges 2007 (15 months) 0 Changes in fair value of authorized hedges 2008 (12 months) 861 Changes in fair value of authorized hedges 2009 (12 months) -6,792 Changes in fair value of authorized hedges 2010 (12 months) -2,089 Changes in fair value of authorized hedges 2011 (12 months) 1,643 Changes in fair value of authorized hedges 2012 (12 months) -4,917 Changes in fair value of authorized hedges 2013 (12 months) -8,033 Changes in fair value of authorized hedges 2014 (12 months) 5,497 Changes in fair value of authorized hedges 2015 (12 months) -10,358 Changes in fair value of authorized hedges 2016 (12 months) -616 Unwinding of 2017 swap 9,865 Changes in fair value of authorized hedges 2018 (12 months) 5,791 Unwinding of 2018 swap 4,943 Changes in fair value of authorized hedges 2019 (12 months) -3,128 Changes in fair value of authorized hedges 2020 (12 months) -12,739 Changes in fair value of authorized hedges 2021 (12 months) -8,077 Changes in fair value of authorized hedges 2022 (12 months) 12,967 Changes in fair value of authorized hedges 2023 (12 months) 58,408 Changes in fair value of authorized hedges 2024 (12 months) -14,043 Changes in fair value of authorized hedges 2024 (12 months) -2,733 AS AT 31/12/2024 26,450 Note 32: Minority interests Minority interests come about through the establishment of or changes to a cooperation arrangement with property companies. During 2025, a partnership was established with Bnewable, resulting in a minority interest at the end of the financial year . EARNINGS PER SHARE DETAILS (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Net result 163,267 171,525 118,810 Attributable to: Parent company shareholders 163,256 171,525 118,535 Minority interests 11 0 275 EPRA earnings* 112,777 99,260 90,010 Number of weighted average number of shares for the period 23,038,381 21,005,929 18,387,740 Number of shares outstanding at the end of the period 23,402,884 23,131,212 20,121,491 Basic and diluted earnings per share / weighted average number of shares (EUR) 7.09 8.17 6.46 Basic and diluted EPRA earnings per share / weighted average number of shares (EUR) 4.90 4.73 4.90 DETAILED RECONCILIATION OF NET PROFIT TO EPRA EARNINGS* (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Net result 163,267 171,525 118,810 - Result on sale of investment properties -699 0 0 - Changes in fair value of investment properties -52,661 -85,400 -11,870 - Changes in fair value of financial assets and liabilities -1,739 2,733 14,043 + Deferred taxes 10,417 10,401 -30,974 - Adjustments to the above regarding joint ventures -5,808 0 0 EPRA earnings* 112,777 99,260 90,010 MINORITY INTERESTS (EUR x 1,000) AS AT 31/12/2023 2,514 Minority interests 2024 -2,514 AS AT 31/12/2024 0 Minority interests 2025 108 AS AT 31/12/2025 108 (1) See section 10.1. 246 247 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Tiel-Zuid, the Netherlands Developments 248 249 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Note 33: Financial liabilities Financial liabilities are reported at their nominal amounts, excluding accrued interest. The Company has utilized credit lines totaling €530.5 million. As at December 31, 2025, Montea had confirmed credit lines totaling €739.2 million at six financial institutions. The remaining unutilized capacity is €208.7 million, i.e. 71.8% of the credit lines have been drawn down. None of the credit lines fall due for repayment in 2026. This applies both to the utilized amount (€530.5 million) and the total contracted amount (€739.2 million). Montea also has a total amount of €640.0 million in fully incorporated bonds, including €235.0 million in unsecured green notes which Montea contracted in 2021 (US private placement) and €380.0 million in unsecured green notes contracted in 2022 (US private placement). Lease liabilities amount to €71.6 million and include both current and non-current obligations. They primarily relate to lease obligations for concession land in accordance with IFRS 16, as well as the financing of solar panels at the Aalst site. Other financial liabilities amount to €21.4 million and mainly arise from partnerships with Weerts Group and Bnewable. As of December 31, 2025, 99.7% of total financial debt – including bonds and lease liabilities – is hedged through interest rate hedging instruments, namely Interest Rate Swaps (IRS) and interest rate caps. The majority of bond loans carry fixed interest rates, while credit facilities are subject to variable interest rates. (1) The “Other” item mainly comprises lease liabilities in relation to the sites held under concession agreements, recognized in accordance with IFRS 16 FINANCIAL DEBTS (EUR x 1,000) 31/12/2025 31/12/2024 31/12/2023 NON-CURRENT FINANCIAL DEBTS 1,259,088 981,913 815,327 Credit institutions 530,499 257,633 103,999 Bonds 638,311 663,030 662,739 Securities and bank guarantees backed by deposits 4,022 3,297 1,489 Financial leasing 312 328 465 Other(1) 85,944 57,625 46,634 CURRENT FINANCIAL DEBTS 4,479 3,504 36,162 Credit institutions 0 0 33,333 Bonds 0 0 0 Financial leasing 171 124 117 Other(1) 4,308 3,380 2,712 TOTAL 1,263,567 985,417 851,490 CREDIT INSTITUTIONS (EUR x 1,000) Committed credit facilities Withdrawn credit facilities Interest expense on credit facilities Credit facilities maturing within one year - - 5,732 Credit facilities maturing within 1 - 2 years 52,000 35,000 5,413 Credit facilities maturing within 2 - 3 years 92,500 72,500 4,718 Credit facilities maturing within > 3 years 594,700 423,000 12,343 TOTAL 739,200 530,500 28,205 BONDS (EUR x 1,000) Committed bonds Withdrawn bonds Interest expense on bonds Bonds maturing within one year - - 16,718 Bonds maturing within 1 - 2 years 25,000 25,000 16,209 Bonds maturing within 2 - 3 years - - 15,699 Bonds maturing within > 3 years 615,000 615,000 46,640 TOTAL 640,000 640,000 95,266 HEDGING INSTRUMENTS (EUR x 1,000) Notional amount Interest income on hedging instruments Hedging instruments maturing within one year 190,000 4,555 Hedging instruments maturing within 1 - 2 years 112,500 5,963 Hedging instruments maturing within 2 - 3 years 145,000 10,113 Hedging instruments maturing within > 3 years 525,000 42,506 TOTAL 972,500 63,136 The tables below show the maturities of the credit lines, bonds and hedging instruments. The last column shows the expected interest charges based on the position as at December 31, 2025, assuming a stable EURIBOR. 250 251 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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The table below summarizes the bonds in issue: Note 34: Other non-current financial liabilities Other non-current financial liabilities exclusively comprise the negative valuation of hedging instruments at 31/12/2025. Positive changes in the value of hedging instruments are shown in Note 21 under non-current financial assets. Hedging instruments with a negative value at 31/12/2025 amount to €130 thousand. For a comparison of fair values with book values, please refer to Note 15. BONDS NOTIONAL AMOUNT (EUR x 1,000) Start date Maturity date Interest Interest rate Repayment of principal Interest payment 25,000 30/06/2015 30/06/2027 Floating EURIBOR 3M + 205 bps 2027 Quarterly 50,000 27/04/2021 27/04/2031 Fixed 1.28% 2031 Half-yearly 30,000 23/06/2021 23/06/2031 Fixed 1.28% 2031 Half-yearly 70,000 23/06/2021 23/06/2036 Fixed 1.44% 2036 Half-yearly 85,000 04/01/2022 04/01/2034 Fixed 1.42% 2034 Half-yearly 175,000 17/08/2022 17/08/2030 Fixed 3.18% 2030 Half-yearly 20,000 02/11/2022 02/11/2030 Fixed 3.20% 2030 Half-yearly 25,000 07/12/2022 07/12/2030 Fixed 3.26% 2030 Half-yearly 160,000 15/06/2022 15/06/2032 Fixed 3.40% 2032 Half-yearly 640,000 OTHER NON-CURRENT FINANCIAL LIABILITIES (EUR x 1,000) 31/12/2025 31/12/2024 31/12/2023 Authorized hedges 130 8,275 495 TOTAL 130 8,275 495 Note 35: Trade payables and other current liabilities The “Exit tax” item consists mainly of a provision created following the acquisitions of new property companies. The “Suppliers” item has an outstanding balance of €22.3 million. This remaining amount is mainly owed to third parties in relation to ongoing developments in Belgium, the Netherlands, France and Germany. The “Taxes, salaries and social charges” item mainly consists of the tax provision set up for the 2025 provisional assessment notice in the Netherlands, where FBI status is pending but has not yet been obtained. See Note 26 and section 11.5.4. The “Other current liabilities” item consists mainly of debts related to acquisitions through share transactions. By 2025, most of these debts had been repaid in connection with acquisitions made in 2024. Note 36: Accrued charges and deferred income Accrued charges and deferred income mainly consist of rental income invoiced in advance and unpaid accrued interest on bond loans and credit lines. TRADE PAYABLES AND OTHER CURRENT DEBTS (EUR x 1,000) 31/12/2025 31/12/2024 31/12/2023 Exit tax 850 0 2,738 Other 30,991 30,182 16,678 Suppliers 22,318 20,517 8,600 Tenants 3,905 2,968 2,483 Taxes, payroll and social security 4,768 6,697 5,594 TOTAL 31,841 30,182 19,416 OTHER CURRENT LIABILITIES (EUR x 1,000) 31/12/2025 31/12/2024 31/12/2023 Dividends 36 36 36 Other 623 1,528 601 TOTAL 660 1,564 637 ACCRUED CHARGES AND DEFERRED INCOME - LIABILITIES (EUR x 1,000) 31/12/2025 31/12/2024 31/12/2023 Property income received in advance 34,713 31,501 25,673 Interests and other charges accrued and not due 2,019 8,230 10,271 Other 0 0 0 TOTAL 36,733 39,731 35,944 252 253 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Note 37: Fair value hierarchy Level 1: fair value measurements are determined according to (unadjusted) quoted market prices in active markets for identical assets and liabilities; Level 2: fair value measurements are determined based on inputs other than quoted prices referred to in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); Level 3: fair value measurements are determined using valuation techniques that contain inputs for the asset or liability that are not based on observable market data (non-observable inputs). During the 2025 financial year , no transfers were made between the different levels of the fair value hierarchy. FAIR VALUE HIERARCHY (EUR x 1,000) 31/12/2025 Book value 31/12/2025 Level 1 31/12/2025 Level 2 31/12/2025 Level 3 I. NON-CURRENT ASSETS 3,202,511 0 142,934 3,059,577 A. Goodwill 0 0 0 0 B. Intangible fixed assets 775 0 775 0 C. Investment properties 2,980,479 0 0 2,980,479 D. Other tangible fixed assets 79,098 0 0 79,098 E. Non-current financial assets 91,200 0 91,200 0 F. Finance lease receivables 0 0 0 0 G. Trade receivables and other fixed assets 400 0 400 0 H. Deferred taxes (assets) 8,684 0 8,684 0 I. Participations in associates and joint ventures based on the equity method 41,874 0 41,874 0 II. CURRENT ASSETS 59,446 6,322 52,654 471 A. Assets held for sale 471 0 0 471 B. Current financial assets 0 0 0 0 C. Finance lease receivables 0 0 0 0 D. Trade receivables 42,559 0 42,559 0 E. Tax receivables and other current assets 1,055 0 1,055 0 F. Cash and cash equivalents 6,322 6,322 0 0 G. Deferred charges and accrued income 9,040 0 9,040 0 TOTAL ASSETS 3,261,957 6,322 195,587 3,060,048 LIABILITIES 1,367,608 0 1,307,312 0 I. NON-CURRENT LIABILITIES 1,293,896 0 1,233,600 0 A. Provisions 0 0 0 0 B. Non-current financial debts 1,259,088 0 1,198,792 0 1. Credit institutions 534,522 0 534,522 0 2. Bonds 638,311 0 578,015 0 3. Other non-current financial liabilities (guarantees, collateral, etc.) 86,256 0 86,256 0 C. Other non-current financial liabilities 130 0 130 0 D. Trade payables and other non-current debts 0 0 0 0 E. Other non-current liabilities 0 0 0 0 F. Deferred taxes – liabilities 34,678 0 34,678 0 II. CURRENT LIABILITIES 73,712 0 73,712 0 A. Provisions 0 0 0 0 B. Current financial debts 4,479 0 4,479 0 1. Credit institutions 0 0 0 0 2. Lease liabilities 171 0 171 0 3. Other 4,308 0 4,308 0 C. Other current financial liabilities 0 0 0 0 D. Trade payables and other current debts 31,841 0 31,841 0 E. Other current liabilities 660 0 660 0 F. Accrued charges and deferred income 36,733 0 36,733 0 TOTAL LIABILITIES 1,367,608 0 1,307,312 0 254 255 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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IFRS 13 deals with the practical application of fair value measurement when required or permitted by another standard. It has also been applied with regard to the valuation of the investment property, solar panels and financial instruments. 1. Investment properties In practice, the fair value measurement of investment properties was carried out via the external property experts, largely based on the capitalization method. In practice, the fair value measurement of investment properties, based on of the capitalization method, was carried out via the external property experts who determined market rental values and market yields on all individual sites. Certain corrections are added to these market rental values and market yields depending on the specific situation (e.g. difference between current rent and market rental value, present value of future investments, and estimated future vacancy). As mentioned above, the fair value of the investment properties is mainly determined using the market rental value (€/m²) and the equivalent yield (net yield based on an equivalent product at this location). The table below gives an overview of these two parameters by geographical region, giving • a minimum and maximum rental value in each case (reflecting the warehouse component of ERV only); and • a weighted average, which takes account of the ERV and the surface area of the portfolio as a whole. The fair value of the investment properties is also determined by the difference between the current rent and the market rental value. VALUATION FAIR VALUE OF INVESTMENT PROPERTIES BE FR NL DE Income capitalization method Market rental value (min – max) (EUR/m²) 30-130 35-150 39-105 N/A Weighted average market rental value (EUR/m²) 59.52 74.81 71.62 N/A Equivalent yield (min - max) (%) 3.70%-6.95% 4.75%-6.50% 3.60%-7.36% N/A Weighted average equivalent yield (%) 5.60% 5.31% 5.44% N/A Average inflation (%) 2.06% 0.79% 2.77% 3.77% Current rent as a percentage of market rental value (%) 97.00% 95.91% 87.04% N/A The table above shows that the minimum and maximum market rental values are far apart. This is mainly due to: • type of logistics (e.g. refrigerated/cross-dock warehousing vs. standard storage); • property location; • proportion of offices relative to the whole site. The cash flow method is no longer used as it does not add value to the existing capitalization method. The cash flow method will be applied in support of the capitalization method in very specific cases only. FAIR VALUE HIERARCHY (EUR x 1,000) 31/12/2024 Carrying amount 31/12/2024 Level 1 31/12/2024 Level 2 31/12/2024 Level 3 I. NON-CURRENT ASSETS 2,825,733 0 32,820 2,792,913 A. Goodwill 0 0 0 0 B. Intangible fixed assets 666 0 666 0 C. Investment properties 2,720,052 0 0 2,720,052 D. Other tangible fixed assets 72,861 0 0 72,861 E. Non-current financial assets 31,872 0 31,872 0 F. Finance lease receivables 0 0 0 0 G. Trade receivables and other fixed assets 282 0 282 0 H. Deferred taxes (assets) 0 0 0 0 I. Investments in associates and joint ventures based on the equity method 0 0 0 0 II. CURRENT ASSETS 59,313 13,139 40,632 5,541 A. Assets held for sale 5,541 0 0 5,541 B. Current financial assets 0 0 0 0 C. Finance lease receivables 0 0 0 0 D. Trade receivables 34,158 0 34,158 0 E. Tax receivables and other current assets 50 0 50 0 F. Cash and cash equivalents 13,139 13,139 0 0 G. Deferred charges and accrued income 6,424 0 6,424 0 TOTAL ASSETS 2,885,045 13,139 73,452 2,798,453 LIABILITIES 1,080,745 0 1,034,789 0 I. NON-CURRENT LIABILITIES 1,005,764 0 959,807 0 A. Provisions 0 0 0 0 B. Non-current financial debts 981,913 0 935,956 0 1. Credit institutions 260,930 0 260,930 0 2. Bonds 720,655 0 674,698 0 3. Other non-current financial liabilities (guarantees, collateral, etc.) 328 0 328 0 C. Other non-current financial liabilities 8,275 0 8,275 0 D. Trade payables and other non-current debts 0 0 0 0 E. Other non-current liabilities 0 0 0 0 F. Deferred taxes – liabilities 15,576 0 15,576 0 II. CURRENT LIABILITIES 74,981 0 74,981 0 A. Provisions 0 0 0 0 B. Current financial debts 3,504 0 3,504 0 1. Credit institutions 0 0 0 0 2. Lease liabilities 124 0 124 0 3. Other 3,380 0 3,380 0 C. Other current financial liabilities 0 0 0 0 D. Trade payables and other current debts 30,182 0 30,182 0 E. Other current liabilities 1,564 0 1,564 0 F. Accrued charges and deferred income 39,731 0 39,731 0 TOTAL LIABILITIES 1,080,745 0 1,034,789 0 256 257 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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The table below shows the main parameters relating to 2024: 2. Solar panels In practice, the fair value measurement of the solar panels is based on a calculation of the net present value over the remaining term of the green energy certificates. Solar panels are measured using the revaluation model in accordance with IAS 16 – Property, Plant and Equipment. After initial recognition, an asset whose fair value can be measured reliably is carried at a revalued amount, being its fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value is determined using the discounted cash flow method. When determining the discounting method, the following matters are taken into account: • The useful life of solar panels is estimated at 25 years; • The green energy certificates amount to between €0 and €450 per certificate; payments for these certificates are time-limited, so an application for a certificate is submitted as soon as the solar panels become operational. At a certain capacity, Montea as owner is entitled to a payment; • Revenue from power sold to customers are based on the contracts in place; • Revenue from surplus power sold back to the energy suppliers is based on the contracts in place; • Insurance and maintenance costs for the solar panels are taken into account; • A discount rate of between 5.40% and 5.75% is used, determined on a project-by-project basis; • Account is taken of an expected drop in yields of about 0.7% per year over the 25-year period due to wear and tear . The solar panels are valued quarterly by the real estate expert. Application of the discounted cash flow method gives rise to a gain when solar panels at a new site are taken into commission, as the resulting market value is higher than the panels’ original cost. This gain is recognized in a separate component of shareholders’ equity. Losses are also recognized in this reserve, unless the losses are realized or the fair value falls below the original cost. In the latter cases, they are recognized in profit or loss. 3. Derivative instruments In determining the fair value of the derivative instruments, account was taken of the fair value made available to Montea by the financial institutions, based on the swap rate of similar products on 31/12/2025 relative to the hedging instruments taken out. The fair value of the derivative instruments at 31/12/2025 was +€25,462K. This is normally categorized within level 2. In addition, the company must also value the “non-performance risk”. The fair value of Montea’s hedging instruments is positive. Based on estimates (credit default swaps as at 31/12/2025, the average lifetime of outstanding swaps), Montea has calculated the non-performance risk at €125.6K, an decrease of €28.5K relative to 31/12/2024. Non-performance risk has a negative effect on the fair value of the derivative instruments. Due to the expression of this non-performance risk, the entire fair value of €25,336K is included in level 2. The fluctuation in non-performance risk is largely due to the movement in the market value of the derivative instruments during the past financial year . 4. Financial liabilities: Financial liabilities consist of bonds, the utilized credit lines and other debts. In practice, the fair value measurement of the bonds was carried out using indicative prices in the active market. As Montea’s bonds were not publicly traded as at 31/12/2025, they are classified in level 2 (market valuation in the active market for a similar product). The fair value of the fixed rate bonds differs from the carrying amount due to the movement in the EURIBOR interest rate, as a result of which the fair value of the bonds is €60.3 million below the carrying amount. All credit lines are contracted at variable interest rates (bilateral facilities at 3-month EURIBOR, floored, plus margin). The fair values of the outstanding credit lines and the floating-rate bond are therefore virtually equal to their respective carrying amounts. Classification in level 2 is justified as market values for similar products are available in an active market. 5. Current assets and current (non-financial) liabilities The fair value of current assets and current liabilities is deemed to be equal to their nominal value, as these receivables and debts are short-term and credit risk is therefore limited. Note 38: Segment information Montea provides segment information in accordance with IFRS 8. The current portfolio is located in Belgium, the Netherlands, France and Germany. The Company manages and coordinates its business geographically and consequently it also reports on a country-by-country basis. The tables below present the balance sheet and income statement by country. In addition to geographical segmentation, the Company also segments its customer base by industry in order to diversify its risk profile. VALUATION FAIR VALUE OF INVESTMENT PROPERTIES BE FR NL DE Income capitalization method Market rental value (min – max) (EUR/m²) 28-130 35-130 38-98 N/A Weighted average market rental value (EUR/m²) 61.24 77.83 68.88 N/A Equivalent yield (min - max) (%) 3.92%-7.55% 4.75%-6.15% 4.30%-7.11% N/A Weighted average equivalent yield (%) 5.24% 5.27% 5.50% N/A Average inflation (%) 4.41% 1.75% 3.95% 2.84% Current rent as a percentage of market rental value (%) 92.62% 93.34% 87.93% N/A 258 259 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Note 38.1: Balance sheet by segment for the year 2025 (EUR x 1,000) 31/12/2025 BE 31/12/2025 FR 31/12/2025 NL 31/12/2025 DE 31/12/2025 Unallocated. 31/12/2025 Consolidated Investment properties 1,222,268 434,659 1,233,349 90,202 0 2,980,479 Buildings 1,101,658 397,785 1,132,848 90,202 0 2,722,494 Projects under construction 113,343 36,770 100,501 0 0 250,614 Owner-occupied property 7,267 105 0 0 0 7,372 Other tangible fixed assets 47,343 6,180 25,425 149 0 79,098 Solar panels and battery energy storage systems 46,354 3,710 25,141 0 0 75,205 Other property, plant and equipment 989 2,470 284 149 0 3,892 Assets held for sale 471 0 0 0 0 471 Other assets 0 0 0 0 201,909 201,909 TOTAL ASSETS 3,261,957 TOTAL SHAREHOLDERS’ EQUITY 0 0 0 0 1,894,349 1,894,349 Shareholders' equity attributable to parent company shareholders 0 0 0 0 1,894,241 1,894,241 Minority interests 0 0 0 0 108 108 LIABILITIES 0 0 0 0 1,367,608 1,367,608 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 3,261,957 (EUR x 1,000) 31/12/2024 BE 31/12/2024 FR 31/12/2024 NL 31/12/2024 DE 31/12/2024 Unallocated. 31/12/2024 Consolidated Investment properties 1,145,827 403,029 1,082,012 89,184 0 2,720,052 Buildings 1,022,959 389,458 898,776 89,184 0 2,400,377 Projects under construction 119,859 13,571 183,235 0 0 316,666 Owner-occupied property 3,008 0 0 0 0 3,008 Other tangible fixed assets 44,410 3,644 24,635 172 0 72,861 Solar panels and battery energy storage systems 43,550 3,114 24,287 0 0 70,950 Other property, plant and equipment 860 530 348 172 0 1,910 Assets held for sale 5,541 0 0 0 0 5,541 Other assets 0 0 0 0 86,592 86,592 TOTAL ASSETS 2,885,045 TOTAL SHAREHOLDERS’ EQUITY 0 0 0 0 1,804,300 1,804,300 Shareholders' equity attributable to parent company shareholders 0 0 0 0 1,804,300 1,804,300 Minority interests 0 0 0 0 0 0 LIABILITIES 0 0 0 0 1,080,745 1,080,745 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 2,885,045 The fair value of the investment properties in Belgium is €1,222.3 million in 2025, €76.5 million higher than the fair value in 2024. This increase is mainly due to: • Acquisitions through share transactions, including the purchase of a site in the Port of Antwerp, as well as the acquisition of a site in Beringen through a contribution in kind; • The continuation of development work at Aalst and Halle; • The development and completion of solar panel and battery energy storage systems across various sites; • The increase in the fair value of the standing portfolio. The fair value of the investment properties in France amounts to €434.7 million in 2025, €31.7 million higher than in 2024. This is mainly due to: • Acquisitions of several development sites; • The increase in the fair value of the standing portfolio. The fair value of the investment properties in Belgium is €1,233.3 million in 2025, €151.3 million higher than the fair value in 2024. This increase is mainly attributable to: • Acquisitions through the purchase of buildings at Zaltbommel and Zeewolde; • The continuation of development work at Tiel, Oss and Amsterdam; • The development and completion of solar panel and battery energy storage systems across various sites; • The increase in the fair value of the standing portfolio. The fair value of the investment properties in Germany is €90.2 million in 2025, €1.0 million higher than the fair value in 2024. This increase is entirely attributable to the rise in the fair value of the standing portfolio. Vollenhovermeer in Oss, the Netherlands Note 38.2: Balance sheet by segment for the year 2024 260 261 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Note 38.3: Income statement by segment for the year 2025 (EUR x 1,000) 31/12/2025 BE 31/12/2025 FR 31/12/2025 NL 31/12/2025 DE 31/12/2025 Unallocated. 31/12/2025 12 months I. Rental income 57,314 21,531 55,080 6,505 0 140,429 II. Reversals carried forward and discounted rents 0 0 0 0 0 0 III. Rental-related expenses -495 0 -166 0 0 -661 NET RENTAL INCOME 56,819 21,531 54,914 6,505 0 139,768 IV. Recovery of property charges 0 0 0 0 0 0 V. Recovery of rental charges and taxes normally borne by tenants on let properties 8,685 3,954 2,045 1,126 0 15,810 VI. Costs payable by tenants and borne by the landlord for rental damage and refurbishment at the end of the lease 0 0 0 0 0 0 VII. Rental charges and taxes normally borne by tenants on let properties -9,150 -4,058 -3,348 -1,208 0 -17,764 VIII. Other rental-related income and expenses 7,329 863 2,644 72 0 10,908 PROPERTY RESULT 63,683 22,289 56,256 6,495 0 148,722 IX. Technical costs 0 10 0 0 0 10 X. Commercial costs -23 -64 0 0 0 -87 XI. Charges and taxes on non-let properties -26 -167 0 0 0 -193 XII. Property management costs -1,238 -1,335 -549 -627 0 -3,749 XIII. Other property charges -136 -20 -11 0 0 -166 PROPERTY CHARGES -1,422 -1,576 -560 -627 0 -4,186 PROPERTY OPERATING RESULT 62,261 20,713 55,696 5,868 0 144,537 XIV. General expenses of the company 0 0 0 0 -12,544 -12,544 XV. Other operating income and expenses 224 -22 -4 22 0 220 OPERATING RESULT BEFORE PORTFOLIO RESULT 62,485 20,691 55,691 5,889 -12,544 132,214 (EUR x 1,000) 31/12/2024 BE 31/12/2024 FR 31/12/2024 NL 31/12/2024 DE 31/12/2024 Unallocated. 31/12/2024 12 months I. Rental income 50,847 14,151 44,853 5,250 0 115,101 II. Reversals carried forward and discounted rents 0 0 0 0 0 0 III. Rental-related expenses 34 -25 0 0 0 9 NET RENTAL INCOME 50,881 14,126 44,853 5,250 0 115,110 IV. Recovery of property charges 0 0 0 0 0 0 V. Recovery of rental charges and taxes normally borne by tenants on let properties 7,297 3,449 1,707 679 0 13,132 VI. Costs payable by tenants and borne by the landlord for rental damage and refurbishment at the end of the lease 0 0 0 0 0 0 VII. Rental charges and taxes normally borne by tenants on let properties -7,571 -3,421 -2,569 -737 0 -14,298 VIII. Other rental-related income and expenses 7,027 374 1,535 77 0 9,012 PROPERTY RESULT 57,634 14,527 45,527 5,269 0 122,956 IX. Technical costs 0 -31 -1 0 0 -32 X. Commercial costs -2 -65 -4 0 0 -72 XI. Charges and taxes on non-let properties -44 -183 0 0 0 -227 XII. Property management costs -1,149 -911 -510 -590 0 -3,159 XIII. Other property charges -123 -5 0 0 0 -128 PROPERTY CHARGES -1,317 -1,196 -515 -590 0 -3,618 PROPERTY OPERATING RESULT 56,317 13,330 45,012 4,679 0 119,338 XIV. General expenses of the company 0 0 0 0 -11,257 -11,257 XV. Other operating income and expenses 802 -42 0 25 0 785 OPERATING RESULT BEFORE PORTFOLIO RESULT 57,119 13,289 45,012 4,704 -11,257 108,866 Note 38.4: Income statement by segment for the year 2024 262 263 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Note 39: Financial risk management Exposure to foreign exchange, interest rate, liquidity and credit risks may arise in the normal course of Montea’s business. The Company analyses and reviews each risk, defining strategies to manage the economic impact on the Company’s performance. The results of these analyses and proposed strategies are reviewed and approved by the Board of Directors on a regular basis. The sensitivity analysis for interest rate risk is performed on both net result and shareholders’ equity. The impact should be the same, as no hedging is applied. A. Interest rate risk Approximately 30% of the Company’s non-current and current financial liabilities consist of floating-rate debt. The Company uses interest rate swaps and caps to hedge interest rate risk. A detailed overview of these instruments can be found in Note 15. On 31/12/2025, 99.7% of the interest rate risk was hedged by entering into contracts at a fixed interest rate or by entering into hedging instruments such that a rise/fall in interest rates has a limited impact on the Company’s result. The table below shows financial debts by nature and type of hedging. As calculated at December 31, 2025, a rise of 100 basis points in short-term interest rates would lead to an increase of €0.2 million in total financial expenses. This negative effect is due to a hedging ratio of 99.7%. B. Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty fails to meet its contractual obligations. Management has a credit policy in place and exposure to credit risk is managed on an ongoing basis. All new tenants are individually checked for creditworthiness before the Company offers a lease, taking into account a rental guarantee of at least three months. C. Exchange rate risk The Company’s property portfolio consists exclusively of buildings in Belgium, France, the Netherlands and Germany and all leases are in euros. Consequently, the Company has no exposure to exchange rate risk. D. Liquidity risk Note 33 provides an overview of the financial debts and their respective maturities. The Company manages its liquidity risk by having sufficient available credit facilities and by matching receipts and payments as much as possible. Breakdown of financial liabilities by the nature of their hedging 53% 47% 31/12/2025 70% 28% 2% 31/12/2024 Fixed rate debt Hedged floating rate debt Unhedged floating rate debt Note 40: Related party transactions Related party transactions are limited to the management fee between the Sole Director , Montea Management NV, and Montea NV. Montea further confirms that there are no transactions on non-market terms with related parties. At the end of the 2025 financial year , the following items were recognized in the financial statements: • Operating result - Remuneration of Sole Director: €1,190K • Liabilities - Current account Montea Management NV: €314K Montea’s group structure at December 31, 2025 is shown in section 11.1.1. Note 41: Off-balance sheet commitments Various off-balance sheet commitments existed at the end of 2025: • a bank guarantee for €333,673.23 in favor of De Scheepvaart NV, in connection with the Bilzen concession agreement concluded with De Scheepvaart NV. The guarantee is valid until 12/30/2042; • a bank guarantee for €4,211.25 in favor of the Flemish Energy and Climate Agency. The guarantee is valid until 31/12/2999; • an escrow credit of €145,780.34 in favor of Havenbedrijf Gent GAB, with an expiry date of 31/12/2999; • an escrow credit of €153,020.00 in favor of De Haven Brussel, with an expiry date of 31/10/2051; • a bank guarantee for €13,000.00 in favor of Henton NV; • a bank guarantee for €8,025.00 in favor of Société Coopérative Intercommunale; Note 42: Events after December 31, 2025 For more detailed information of events after December 31, 2025, please refer to section 5.3. 264 265 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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9.3 Statutory financial statements 9.3.1 Condensed statutory financial statements of Montea as at December 31, 2025 In accordance with the provisions of article 3:17 of the Companies and Associations Code, Montea’s financial statements are presented in the condensed format. The statutory financial statements have not yet been filed with the National Bank of Belgium. The auditor has issued an unqualified opinion on the statutory financial statements (see section 10.4). BALANCE SHEET (EUR x 1,000) IFRS 31/12/2025 12 months IFRS 31/12/2024 12 months IFRS 31/12/2023 12 months ASSETS NON-CURRENT ASSETS 3,158,651 2,795,619 2,360,333 A. Goodwill 0 0 0 B. Intangible fixed assets 775 666 548 C. Investment properties 1,333,996 1,250,643 1,066,868 D. Other tangible fixed assets 46,854 44,034 46,777 E. Non-current financial assets 1,734,803 1,500,039 1,245,925 F. Finance lease receivables 0 0 0 G. Trade receivables and other fixed assets 348 236 214 H. Deferred taxes (assets) 0 0 0 I. Participations in associates and joint ventures – changes in equity 41,874 0 0 CURRENT ASSETS 93,433 78,136 121,351 A. Assets held for sale 471 5,541 0 B. Current financial assets 0 0 0 C. Finance lease receivables 0 0 0 D. Trade receivables 27,778 16,932 14,290 E. Tax receivables and other current assets 57,976 42,930 20,040 F. Cash and cash equivalents 3,637 10,385 86,242 G. Deferred charges and accrued income 3,571 2,348 780 TOTAL ASSETS 3,252,084 2,873,755 2,481,684 BALANCE SHEET (EUR x 1,000) IFRS 31/12/2025 12 months IFRS 31/12/2024 12 months IFRS 31/12/2023 12 months LIABILITIES EQUITY 1,894,241 1,804,300 1,518,263 Shareholders' equity attributable to parent company shareholders 1,894,241 1,804,300 1,518,263 A. Capital 464,896 450,580 394,914 B. Share premiums 584,454 570,794 423,586 C. Reserves 681,623 611,401 580,953 D. Net result for the financial year 163,267 171,525 118,810 Minority interests 0 0 0 LIABILITIES 1,357,843 1,069,455 963,421 Non-current liabilities 1,235,323 971,692 809,283 A. Provisions 0 0 0 B. Non-current financial debts 1,170,120 921,664 767,427 C. Other non-current financial liabilities 65,203 50,028 41,855 D. Trade payables and other non-current debts 0 0 0 E. Other non-current liabilities 0 0 0 F. Deferred taxes – liabilities 0 0 0 Current liabilities 122,520 97,763 154,138 A. Provisions 0 0 0 B. Current financial debts 0 2,642 35,638 C. Other current financial liabilities 3,237 0 0 D. Trade payables and other current debts 20,265 15,342 9,647 E. Other current liabilities 83,070 57,138 86,568 F. Deferred charges and accrued income 15,949 22,642 22,285 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 3,252,084 2,873,755 2,481,684 Statutory balance sheet as at 31 December 2025 266 267 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Statutory income statement as at December 31, 2025 Statutory comprehensive income before profit distribution as at December 31, 2025 INCOME STATEMENT (EUR x 1,000) IFRS 31/12/2025 12 months IFRS 31/12/2024 12 months IFRS 31/12/2023 12 months I. Rental income (+) 62,071 55,253 50,245 II. Reversals carried forward and discounted rents (+) 0 0 0 III. Rental-related expenses (+/-) -495 34 -290 NET RENTAL INCOME 61,577 55,287 49,955 IV. Recovery of property charges (+) 0 0 0 V. Recovery of rental charges and taxes normally borne by tenants on let properties (+) 10,137 8,822 8,766 VI. Costs payable by tenants and borne by the landlord for rental damage and refurbishment at end of lease (-) 0 0 0 VII. Rental charges and taxes normally borne by tenants on let properties (-) -10,662 -9,075 -9,447 VIII. Other rental-related income and expenses (+/-) 22,781 18,567 22,100 PROPERTY RESULT 83,833 73,601 71,374 IX. Technical costs (-) 14 -9 -49 X. Commercial costs (-) -46 -29 -52 XI. Charges and taxes on non-let properties (-) -96 -71 -93 XII. Property management costs (-) -2,573 -2,060 -1,886 XIII. Other property charges (-) -132 -124 -71 PROPERTY CHARGES -2,832 -2,293 -2,150 PROPERTY OPERATING RESULT 81,001 71,308 69,223 XIV. General expenses of the company (-) -13,498 -12,057 -10,681 XV. Other operating income and expenses (+/-) 1,296 2,024 1,354 OPERATING RESULT BEFORE PORTFOLIO RESULT 68,799 61,275 59,896 XVI. Result on disposal of investment properties (+/-) 698 0 0 XVII. Result on disposal of other non-financial assets (+/-) 0 0 0 XVIII. Changes in fair value of investment properties (+/-) 10,255 23,729 -17,909 XIX. Other portfolio result (+/-) 0 0 0 OPERATING RESULT 79,752 85,005 41,988 XX. Financial income (+) 41,917 37,096 29,915 XXI. Net interest costs (-) -24,748 -19,715 -20,481 XXII. Other financial expenses (-) -558 -88 -82 XXIII. Changes in fair value of financial assets and liabilities (+/-) 60,960 67,768 68,816 FINANCIAL RESULT 77,572 85,061 78,168 Share of profit or loss of associates and joint ventures (+) 5,905 0 0 EARNINGS BEFORE TAXES 163,229 170,065 120,156 XXV. Corporate income tax (-) 38 1,460 -1,346 XXVI. Exit tax (-) 0 0 0 TAX 38 1,460 -1,346 NET RESULT 163,267 171,525 118,810 Weighted average number of shares for the period (in thousands) 23,038 21,006 18,388 NET EARNINGS PER SHARE (basic/diluted) (EUR) 7.09 8.17 6.46 CONDENSED STATUTORY COMPREHENSIVE INCOME (EUR x 1,000) 31/12/2025 12 months 31/12/2024 12 months 31/12/2023 12 months Net result 163,267 171,525 118,810 Other items of comprehensive income -5,996 -12,995 15,428 Items included in the results 0 0 0 Impact on fair value of estimated transfer rights and costs resulting from hypothetical disposal of investment properties 0 0 0 Changes in the effective portion of the fair value of authorized cash flow hedges 0 0 0 Items not included in the results -5,996 -12,995 15,428 Impact in fair value of solar panels -5,996 -12,995 15,428 COMPREHENSIVE INCOME 157,271 158,531 134,238 Attributable to Parent company shareholders 157,271 158,531 134,238 Minority interests 0 0 0 268 269 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Appropriation of results as at December 31, 2025 Mandatory distribution as at December 31, 2025 Pursuant to article 13 of the RREC Royal Decree, Montea must, to the extent that the net result for the financial year is positive, after discharging any losses brought forward and after any additions to or withdrawals from reserves as referred to in “Point B. Additions to/withdrawals from reserves” as set out in RESULT TO BE APPROPRIATED (EUR X 1,000) IFRS 31/12/2025 12 months IFRS 31/12/2024 12 months IFRS 31/12/2023 12 months A. NET RESULT 163,267 171,525 118,810 B. TRANSFERS TO / FROM RESERVES (-/+) -71,722 -85,466 -43,843 1. Transfer to / from the reserve for fair value changes in investment property (-/+) -55,292 -85,400 -11,870 1a. Current year -55,292 -85,400 -11,870 1b. Prior years 0 0 0 1c. Gains on disposal of property 0 0 0 2. Transfer to / from the reserve for estimated transfer rights and costs resulting from hypothetical disposal of investment property (-/+) 0 0 0 3. Addition to the reserve for the net amount of changes in the fair value of eligible hedging instruments subject to hedge accounting as defined in IFRS (-) 0 0 0 3a. Current year 0 0 0 3b. Prior years 0 0 0 4. Transfer from the reserve for the net amount of changes in the fair value of eligible hedging instruments subject to hedge accounting as defined in IFRS (+) 0 0 0 4a. Current year 0 0 0 4b. Prior years 0 0 0 5. Addition to the reserve for the net amount of changes in the fair value of eligible hedging instruments not subject to hedge accounting as defined in IFRS (-) -1,739 2,733 14,043 5a. Current year -1,739 2,733 14,043 5b. Prior years 0 0 0 6. Transfer from the reserve for the net amount of changes in the fair value of eligible hedging instruments not subject to hedge accounting as defined in IFRS (-) 0 0 0 6a. Current year 0 0 0 6b. Prior years 0 0 0 7. Transfer to / from the reserve for foreign exchange differences on monetary items (-/+) 0 0 0 8. Transfer to / from the reserve for deferred taxes on foreign investment property (-/+) 0 0 0 9. Transfer to / from the reserve for dividends allocated to debt repayment (-/+) 0 0 0 10. Transfer to / from other reserves (-/+) -14,690 -2,800 -46,017 11. Transfer to / from retained earnings from prior years (-/+) 0 0 0 C. REMUNERATION OF CAPITAL IN ACCORDANCE WITH ARTICLE 13 90,983 79,693 72,545 D. CAPITAL REMUNERATION (OTHER THAN C) 563 6,366 2,422 The calculation shows that Montea is obliged to pay a dividend. Taking into account the number of treasury shares on the date of this annual financial report, the board of directors of Montea Management NV proposes a total distribution of €91,545K, representing a gross dividend of €3.93 per share. Chapter 1, Part 1, Section 4 of Annex C to the RREC Royal Decree, distribute at least the positive difference between the following amounts as remuneration of capital: 80% of the amount determined in accordance with the schedule set out in Chapter III of Annex C; and the net reduction during the financial year of the indebtedness of the public RREC. ARTICLE 13 DISTRIBUTION REQUIREMENT (EUR x 1,000) IFRS 31/12/2025 12 months POSITIVE DIFFERENCE (1)-(2) 90,983 80% of the amount determined in accordance with the schedule set out in Chapter III of Annex C (1) 90,983 Adjusted result (A) + net realized gains (B) 113,728 Adjusted result plus net realized gains on investment property not exempt from mandatory distribution (A) 113,728 Net result 163,267 + Depreciation 388 + Impairment losses 855 - Reversals of impairment losses -194 - Reversal carried forward and discounted rents 0 +/- Other non-cash items -39,635 +/- Result on disposal of investment property -698 +/- Changes in fair value of investment property -10,255 +/- Deferred taxes 0 - Minority interests 0 Net realized gains on investment property not exempt from mandatory distribution (B) 0 +/- Realized gains and losses during the financial year 983,880 - Realized gains on investment property during the year that are exempt from mandatory distribution, subject to reinvestment within four years -983,880 + Realized gains on investment property previously exempt from mandatory distribution that were not reinvested within four years 0 Net reduction in debt (2) 0 Change in debt for the purpose of calculating the debt ratio 358,907 Total liabilities 344,069 Non-current liabilities – eligible hedging instruments -8,145 Non-current liabilities – provisions 0 Non-current liabilities – deferred taxes 0 Current liabilities – eligible hedging instruments 0 Current liabilities – provisions 0 Current liabilities – accruals and deferred income -6,693 270 271 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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ARTICLE 7:212 OF THE COMPANIES AND ASSOCIATIONS CODE (EUR x 1,000) IFRS 31/12/2025 12 months IFRS 31/12/2024 12 months IFRS 31/12/2023 12 months Paid-up capital or , if it is larger , called-up capital (+) 464,896 450,580 394,914 Share premium unavailable for distribution according to the articles of association (+) 584,454 570,794 423,586 Reserves for the positive balance of changes in the fair value of property (+) 604,602 548,859 463,459 Reserve for the impact on fair value of estimated transfer rights and costs resulting from hypothetical disposal of investment property 0 0 0 Reserve for net changes in the fair value of authorized hedging instruments subject to hedge accounting as defined in IFRS (+/-) 0 0 0 Reserve for net changes in the fair value of authorized hedging instruments not subject to hedge accounting as defined in IFRS (+/-) 28,367 26,627 29,360 Reserve for foreign exchange differences on monetary items (+) 0 0 0 Foreign currency translation reserve (+/-) 0 0 0 Treasury shares reserve 0 0 0 Reserve for the net effect of changes in the fair value of financial assets available for sale (+/-) 0 0 0 Remeasurement reserve for defined benefit plans (+) 0 0 0 Reserve for deferred taxes on foreign investment property (+) 0 0 0 Reserve for dividends allocated to debt repayment (+) 0 0 0 Other reserves (+) 0 0 0 Non-distributable reserve relating to realized and unrealized results (+) 20,828 20,919 33,913 Legal reserve (+) 835 835 835 Non-distributable equity in accordance with Article 7:212 of the Companies and Associations Code 1,703,984 1,618,614 1,346,069 Net assets before dividend distribution 1,894,241 1,804,300 1,518,263 Proposed dividend distribution 91,545 86,059 74,967 Net assets after dividend distribution 1,802,696 1,718,241 1,443,296 Remaining margin after dividend payment 98,712 99,627 97,227 Art. 7:212 Companies & Associations Code As a company, Montea must also comply with article 7:212 of the Companies & Associations Code, which stipulates that dividend distributions must not cause net assets to fall below the amount of share capital and unavailable reserves. The table below shows that Montea will retain a buffer of €98,712K after distribution of the proposed dividend of €3.93 per share. This remaining margin post-distribution of €98,712K arises because the proportionate rise in the net assets of the RREC is greater than the proportionate rise in non-distributable equity (both calculated in accordance with article 7:212 of the Companies & Associations Code). Statement of changes in statutory equity and reserves as at December 31, 2025 CHANGES IN EQUITY (EUR x 1,000) Capital Share premium Reserves Result Equity AS AT 31/12/2023 394,914 423,586 580,952 118,810 1,518,262 Elements immediately recognized as Equity 55,666 147,208 -13,031 0 189,842 Capital increase 58,570 147,208 0 0 205,778 Impact on fair value of estimated transfer rights and costs resulting from hypothetical disposal of investment properties 0 0 0 0 0 Negative change in value of solar panels (IAS 16) 0 0 -12,995 0 -12,995 Treasury shares 0 0 0 0 0 Shares held for staff option plan -2,904 0 -37 0 -2,941 Corrections 0 0 203 0 203 Subtotal 450,580 570,794 567,921 118,810 1,708,105 Dividends 0 0 -75,533 0 -75,533 Retained earnings 0 0 118,810 -118,810 0 Result for the financial year 0 0 0 171,525 171,525 AS AT 31/12/2024 450,580 570,794 611,196 171,525 1,804,300 Elements immediately recognized as Equity 14,316 13,660 -15,233 0 12,743 Capital increase 5,372 13,660 0 0 19,032 Impact on fair value of estimated transfer rights and costs resulting from hypothetical disposal of investment properties 0 0 0 0 0 Positive change in value of solar panels (IAS 16) 0 0 -5,996 0 -5,996 Treasury shares 0 0 0 0 0 Shares held for staff option plan 8,944 0 -9,238 0 -294 Corrections 0 0 0 0 0 Subtotal 464,896 584,454 595,963 171,525 1,816,838 Dividends 0 0 -86,059 0 -86,059 Retained earnings 0 0 171,525 -171,525 0 Result for the financial year 0 0 -10 163,267 163,257 AS AT 31/12/2025 464,896 584,454 681,419 163,267 1,894,241 272 273 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Appropriation of the result to equity CHANGES IN EQUITY (EUR x 1,000) 31/12/2025 Profit allocation Equity available for dividend distribution, but only after the results have been appropriated A, Paid-up capital or, if it is larger, called-up capital (+) 464,896 464,896 B, Share premium unavailable for distribution according to the articles of association (+) 584,454 584,454 C, Reserves 681,623 71,722 753,345 Legal reserve (+) 835 835 Reserves for the positive balance of changes in the fair value of property (+) (*) 549,310 55,292 604,602 Reserve for the impact on fair value of estimated transfer rights and costs resulting from hypothetical disposal of investment property 0 0 0 Reserve for net changes in the fair value of authorized hedging instruments subject to hedge accounting as defined in IFRS (+/-) 0 0 0 Reserve for net changes in the fair value of authorized hedging instruments not subject to hedge accounting as defined in IFRS (+/-) 26,627 1,739 28,367 Reserve for foreign exchange differences on monetary items (+) 0 0 0 Foreign currency translation reserve (+/-) 0 0 0 Reserve for treasury shares -7,101 0 -7,101 Reserve for the net effect of changes in the fair value of financial assets available for sale (+/-) 0 0 0 Remeasurement reserve for defined benefit plans (+) 0 0 0 Reserve for deferred taxes on foreign investment property (+) 0 0 0 Reserve for dividends allocated to debt repayment (+) 0 0 0 Other reserves (+) 460,885 8,784 469,669 Non-distributable reserve relating to realized and unrealized results (+) 14,923 5,905 20,828 Retained earnings from prior years (+/-) -363,856 0 -363,856 Proposed distribution to shareholders 91,545 91,545 TOTAL 163,267 1,894,241 DURING THE FINANCIAL YEAR Codes Total 1. Male 2. Female Average number of employees Full-time 1,001 26.3 13.2 13.1 Part-time 1,002 3.0 1.0 2.0 Total in full-time equivalents (FTEs) 1,003 28.8 14.0 14.8 Total number of hours worked Full-time 1,011 43,815.0 22,539.0 21,276.0 Part-time 1,012 4,157.9 1,329.4 2,828.5 Total 1,013 47,972.9 23,868.4 24,104.5 Personnel expenses Full-time 1,021 4,982,583 ................. ................. Part-time 1,022 472,831 ................. ................. Total 1,023 5,455,414 2,714,282 2,741,131 Payment of benefits in addition to salaries 1,033 49,715 24,750 24,965 DURING THE PREVIOUS FINANCIAL YEAR Codes Total 1. Male 2. Female Average number of employees (FTE) 1,003 24.4 13.1 11.3 Total number of hours worked 1,013 40,839.5 22,213.5 18,626.0 Personnel expenses 1,023 4,415,457 2,401,664 2,013,793 Amount of benefits in addition to salaries 1,033 42,498 22,993 19,504 Statement of employment Employees for whom the company has filed a Dimona declaration or who are registered in the general staff register 274 275 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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AT THE REPORTING DATE Codes 1. Full-time 2. Part-time 3. Total in full-time equivalents Number of employees 105 27 3 29.5 By type of employment contract Permanent contracts 110 27 3 29.5 Fixed-term contracts 111 ................. ................. ................. Contracts for a specific project 112 ................. ................. ................. Replacement contracts 113 ................. ................. ................. By gender and education level Male: 120 15 1 15.8 primary education 1,200 ................. ................. ................. secondary education 1,201 3 ................. 3.0 non-university higher education 1,202 2 ................. 2.0 university education 1,203 10 1 10.8 Female: 121 12 2 13.7 primary education 1,210 ................. ................. ................. secondary education 1,211 3 1 3.9 non-university higher education 1,212 3 1 3.8 university education 1,213 6 ................. 6.0 By employee category Management personnel 130 ................. ................. ................. White-collar employees 134 27 3 29.5 Blue-collar employees 132 ................. ................. ................. Other 133 ................. ................. ................. NEW HIRES Codes 1. Full-time 2. Part-time 3. Total in full-time equivalents Number of employees whose employment contracts ended during the financial year (based on official employment records) 205 8 ................. 8.0 By type of employment contract Permanent contracts 210 7 ................. 7.0 Fixed-term contracts 211 1 ................. 1.0 Contracts for a specific project 212 ................. ................. ................. Replacement contracts 213 ................. ................. ................. DEPARTURES Codes 1. Full-time 2. Part-time 3. Total in full-time equivalents Number of employees whose employment contracts ended during the financial year (based on official employment records) 305 5 ................. 5.0 By type of employment contract Permanent contracts 310 4 ................. 4.0 Fixed-term contracts 311 1 ................. 1.0 Contracts for a specific project 312 ................. ................. ................. Replacement contracts 313 ................. ................. ................. By reason for termination of employment Retirement 340 ................. ................. ................. Unemployment with company supplement 341 ................. ................. ................. Dismissal 342 2 ................. 2.0 Other reasons 343 3 ................. 3.0 of which: number of employees who continue to provide services to the company as self-employed persons on at least a half-time basis 350 ................. ................. ................. DURING THE FINANCIAL YEAR Codes 1. Temporary agency workers 2. Personnel made available to the company Average number of employees 150 ................. ................. Total number of hours worked 151 ................. ................. Costs to the company 152 ................. ................. Employees for whom the company has filed a Dimona declaration or who are registered in the general staff register (continued) Temporary workers and persons placed at the disposal of the company Table of staff turnover during the financial year 276 277 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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9.3.2 Interim and other financial information For the Company’s interim financial information, please refer to the interim reports dated March 31, 2025, June 30, 2025 and September 30, 2025 which are incorporated by reference into this annual financial report. 9.3.3 Auditing of historical annual financial information For the audit of the Company’s historical annual financial information, please refer to Montea’s annual financial reports (in particular the Auditor’s report to the general meeting of Montea NV) for the financial years 2023 and 2024, which are incorporated by reference into this annual financial report. 9.3.5 Dividend policy Pursuant to article 13 of the RREC Royal Decree, Montea must, to the extent that the net result for the financial year is positive, after discharging any losses brought forward and after any additions to or withdrawals from reserves as referred to in “Point B. Additions to/withdrawals from reserves” as set out in Chapter 1, Part 1, Section 4 of Annex C to the RREC Royal Decree, distribute at least the positive difference between the following amounts as remuneration of capital: • 80% of the amount determined in accordance with the schedule set out in Chapter III of Annex C; and • the net reduction during the financial year of the indebtedness of the public RREC. Based on the results for the year ended December 31, 2025, the board of directors of Montea Management NV will propose the distribution of a gross dividend of €3.93 per share at the general meeting of shareholders to be held on May 19, 2026. This is equal to a net dividend of €2.75 per share. This represents an increase compared to the gross dividend per share of €3.74 for 2024. For the dividend forecast for the 2026 financial year , please refer to section 5.4.8 “Forecast dividend” of this annual report. 9.3.6 Legal and arbitration proceedings The board of directors of Montea Management NV declares that in relation to the 12-month period prior to the date of this annual financial report, no government intervention, legal proceedings or arbitration proceedings exist that could have a relevant material impact on Montea’s financial condition or profitability, and that, to the best of its knowledge, there are no situations or facts that could lead to such government interventions, legal proceedings or arbitration proceedings. 9.3.7 Significant change in Montea’s financial or commercial position Montea’s financial or commercial position has not changed significantly at December 31, 2025. KEY INDICATORS (EUR x 1,000) 31/12/2025 31/12/2024 EPRA earnings per share1 4.90 4.73 Portfolio result per share1 2.12 3.57 Changes in fair value of the financial instruments per share1 0.08 -0.13 Net result (IFRS) per share1 7.09 8.17 EPRA earnings per share2 4.82 4.29 Proposed payout Gross dividend per share 3.93 3.74 Net dividend per share 2.75 2.62 Weighted average number of shares 23,038,381 21,005,929 Number of shares outstanding at end of period 23,402,884 23,131,212 (1) Based on weighted average number of shares. (2) Based on number of shares in circulation at balance sheet date. page ANNUAL FINANCIAL REPORT 2023 Auditor’s report to the General Shareholders’ Meeting for the company Montea NV for the financial year ended 31 December 2023. 336 ANNUAL FINANCIAL REPORT 2024 Auditor’s report to the General Shareholders’ Meeting for the company Montea NV for the financial year ended 31 December 2024. 372 ANNUAL FINANCIAL REPORT 2025 Auditor’s report to the General Shareholders’ Meeting for the company Montea NV for the financial year ended 31 December 2025. 352 9.3.4 Pro forma financial information There has been no significant gross change in the 2025 financial year . There is therefore no requirement to disclose pro forma financial information. 278 279 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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10 DATA PACK 10.1 EPRA 1 282 10.2 Alternative Performance Measures - Basis of Calculation 326 10.3 Property report 332 10.4 Valuation reports 340 10.5 GRI Content index 360 10.6 Approach & scope 362 10.7 Key figures & targets - sustainability 364 280 281 CHAPTER TEN CHAPTER TEN CHAPTER TEN CHAPTER TEN CHAPTER TEN CHAPTER TEN
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10.1 EPRA1 EPRA (“European Public Real Estate Association”) represents the listed European real estate sector , with over 290 members and more than €930 billion in real estate assets. Its indices serve as a global benchmark and the most widely used investment index for listed real estate, comprising over 100 companies. Inclusion criteria for these indices are available on EPRA’s website (www.epra.com). Montea has been part of the European and Belgian EPRA index since September 2018. EPRA also provides recommendations for reporting and defining key financial and sustainability performance measures for listed real estate companies, which can be found on the EPRA website ((Sustainability) Best Practices Recommendations Guidelines). Montea adopts most of EPRA’s performance measures to enhance reporting quality, standardization and comparability for investors. 31/12/2025 31/12/2024 EPRA earnings* €/share 4.90 4.73 EPRA Net Tangible Assets* €/share 81.63 78.05 EPRA Net Reinstatement Value* €/share 90.22 85.82 EPRA Net Disposal Value* €/share 83.91 80.42 EPRA Loan to value* % 40.0 34.8 EPRA Net Initial Yield* % 4.82 5.03 EPRA “Topped-up” Net Initial Yield* % 4.9 5.0 EPRA Vacancy Rate* % 0.3 0.2 EPRA cost ratio (incl. vacancy charges)* % 11.3 11.4 EPRA cost ratio (excl. vacancy charges)* % 11.2 11.2 (EUR x 1,000) 31/12/2025 31/12/2024 Net result (IFRS) 163,267 171,525 Changes for calculation of the EPRA earnings* To exclude: I) Changes in fair value of the investment properties and properties for sale -52,661 -85,400 II) Result on sale of investment properties -699 - VI) Changes in fair value of financial assets and liabilities -1,739 2,733 VIII) Deferred taxes related to EPRA changes 10,417 10,401 IX) Amendments to points (I) to (VIII) above regarding joint ventures -5,808 - X) Minority interests with regard to changes above - - EPRA earnings* 112,777 99,260 Weighted average number of shares 23,038,381 21,005,929 EPRA earnings per share (€/share) 4.90 4.73 EPRA earnings* – EPRA earnings per share Definition: EPRA earnings* 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, as well as adjustments to previous joint ventures. 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: Data pack (1) The auditor carried out a review (ISRE 2410) of the measures included in this section. The publication of this data is not required under RREC regulations and is not subject to public authority review. (2) The portfolio is valued at an EPRA Net Initial Yield of 4.8%, representing a 0.2% decrease compared to year-end 2024. This decrease is driven by portfolio revaluations and temporary rental incentives on developments delivered in the second half of 2025. (3) As of Q3 2025, 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 at 31/12/2024 has fallen from 5.1% to 5.0%. 10.1.1 Financial reporting: EPRA BPR tables Below is a summary table of the EPRA Performance measures. The Alternative Performance Measures (APMs) used by Montea, including EPRA performance indicators, are indicated in this publication with an asterisk (*), in accordance with the guidelines issued by ESMA (European Securities and Markets Authority), informing the reader that the definition refers to an APM. Performance indicators defined by IFRS rules or by law, as well as those not based on balance sheet or income statement headings, are not considered APMs. The detailed calculation of the EPRA performance indicators and of other APMs used by Montea are presented in this chapter of the annual report (sections 10.1 and 10.2). 282 283 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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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* Assumes that entities never sell assets and aims to represent the value needed to rebuild the company. 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. Net Tangible Assets* Assumes that entities never sell assets and aims to represent the value needed to rebuild the company. 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. Net Disposal Value* Provides a scenario in which the company sells its assets leading to the realization of deferred taxes, financial instruments, and certain other adjustments for the full extent of their liability. This scenario assumes that 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. 31/12/2025 31/12/2024 (EUR x 1,000) EPRA NRV* EPRA LTV* EPRA NDV* EPRA NRV* EPRA LTV* EPRA NDV* IFRS Equity attributable to the parent company shareholders 1,894,241 1,894,241 1,894,241 1,804,300 1,804,300 1,804,300 IFRS NAV per share (€/share) 81.32 81.32 81.32 78.42 78.42 78.42 Diluted NAV at fair value 1,894,241 1,894,241 1,894,241 1,804,300 1,804,300 1,804,300 To exclude: V) Deferred tax in relation to fair value gains of investment property 33,419 33,419 - 15,576 15,576 - VI) Fair value of financial instruments -25,337 -25,337 - -23,597 -23,597 - VII) Goodwill arising from deferred tax - - - - - - VIII.a) Goodwill as per the IFRS balance sheet - - - - - - VIII.b) Intangible fixed assets as per the IFRS balance sheet - -775 - - -666 - To include: IX) Fair value of fixed-rate financing - - 60,296 - - 45,957 X) Revaluation of intangible assets - - - - - - XI) Real estate transfer tax 199,308 - - 178,314 - - NAV 2,101,631 1,901,548 1,954,537 1,974,593 1,795,613 1,850,257 Number of shares entitled to dividend 23,293,966 23,293,966 23,293,966 23,007,385 23,007,385 23,007,385 NAV per share (€/share) 90.22 81.63 83.91 85.82 78.05 80.421 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: EPRA NIY* (EUR x 1,000) 31/12/2025 Total 31/12/2024 Total Investment properties – 100% ownership 2,870,333 2,623,105 Investment properties – share of joint ventures and funds 104,278 0 Assets held for sale 0 0 Minus development projects -369,262 -316,666 Completed property portfolio 2,605,349 2,306,439 Allowance for estimated purchase costs 181,611 151,347 Gross up completed property portfolio valuation B 2,786,960 2,457,786 Annualized cash passing rental income 142,570 128,564 Property outgoings (incl. concessions) -7,905 -6,602 Annualized net rents A 134,665 121,962 Rent-free periods or other lease incentives 3,052 0 “Topped-up” net annualized rent C 137,717 121,962 EPRA NIY* A/B 4.83% 4.96% EPRA ‘topped-up’ NIY* C/B 4.94% 4.96% (1) The 2024 NDV was adjusted with the fair value of fixed-rate financing contributing positively instead of negatively. 284 285 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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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. 31/12/2025 31/12/2024 (EUR x 1,000) (A) Estimated Rental Value (ERV) of vacant space (B) Estimated Rental Value (ERV) of the portfolio (A/B) EPRA Vacancy rate (%) (A) Estimated Rental Value (ERV) of vacant space (B) Estimated Rental Value (ERV) of the portfolio (A/B) EPRA Vacancy rate (%) Belgium 193 60,653 0.3 - 58,281 0.0 France 279 21,894 1.3 258 22,767 1.1 The Netherlands - 69,076 0.0 - 54,312 0.0 Germany - 6,673 0.0 - 4,558 0.0 Total 471 158,296 0.3 258 139,919 0.2 Calculation: On December 31, 2025 the occupancy rate stood at 99.8% – compared to 99.9% at year-end 2024. A very limited amount of vacant space can be found in Antwerp (Belgium), previously leased to Rubix, and Le Mesnil-Amelot (France), previously leased to Espace Phone. The consistently high occupancy rate, or low EPRA vacancy rate*, is testament to the quality and prime locations offered by Montea’s property portfolio. All of Montea’s markets face a shortage of logistics properties, especially high-quality facilities in prime locations, which form the very foundation of our entire portfolio. Occupancy is expected to remain high in all locations, and any vacancy will be temporary. Forest, Belgium 286 287 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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EPRA LTV* (EUR x 1,000) 31/12/2025 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 550,393 32,619 -120 582,892 259,764 259,764 Commercial paper 0 0 0 0 Hybrids (including Convertibles, preference shares, debt, options, perpetuals) 0 0 0 0 Bond loans 638,311 638,311 663,030 663,030 Foreign Currency Derivatives (futures, swaps, options and forwards) 0 0 0 0 Net (trade) payables 16,580 -268 29,658 30,845 30,845 Owner-occupied property (debt) 3,251 13,346 3,251 1,167 1,167 Current accounts (equity characteristic) 0 1,084 1,084 0 0 Exclude Cash and cash equivalents -6,322 -12,024 270 -18,077 -13,139 -13,139 Net debt A 1,202,213 35,025 0 -118 1,237,119 941,666 0 0 0 941,666 Include Owner-occupied property 7,372 7,372 3,008 3,008 Investment properties at fair value 2,695,659 -964 2,694,696 2,376,800 2,376,800 Properties held for sale 471 471 5,541 5,541 Properties under development 250,614 103,249 353,863 316,666 316,666 Intangibles 775 775 666 666 Net (trade) receivables 0 0 0 0 0 Financial assets 39,440 39,440 0 0 Total portfolio value B 2,994,331 103,249 0 -964 3,096,616 2,702,681 0 0 0 2,702,681 LTV* A/B 40.1% - - - 40.0% 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: 288 289 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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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. EPRA COST RATIO* (EUR x 1,000) 31/12/2025 31/12/2024 I. Administrative/operating expense line per IFRS income statement 17,775 14,550 III. Management fees less actual/estimated profit element -814 -642 V. Share of joint venture operating expenses -12 - EPRA Costs (including direct vacancy costs) A 16,949 13,908 IX. Direct vacancy costs -193 -227 EPRA Costs (excluding direct vacancy costs) B 16,756 13,681 X. Gross Rental Income less ground rents – per IFRS 149,258 122,104 XII. Share of gross rental income from joint ventures 151 - Gross Rental Income C 149,409 122,104 EPRA cost ratio (including direct vacancy costs)* A/C 11.3% 11.4% EPRA cost ratio (excluding direct vacancy costs)* B/C 11.2% 11.2% Tenant Business Sector (EUR x 1,000) BE FR NL DE 31/12/2025 Logistics 28,925 12,524 28,680 1,949 72,079 Construction/Industry 7,222 2,098 9,233 1,456 20,009 Food & Beverage 5,183 2,335 11,271 1,596 20,385 Automotive sector 5,054 1,114 1,346 660 8,173 Pharma & Medical Sector 4,982 428 5,173 0 10,583 Retail 5,286 1,840 2,855 0 9,981 Other 2,180 660 1,566 7 4,412 Total current rent 58,832 20,999 60,122 5,668 145,622 BE FR NL DE 31/12/2025 Lettable area m2 1,019,064 292,652 964,515 99,495 2,375,726 Avg. rent per m² €/m2 57.7 71.8 62.3 57.0 61.3 Annualized contractual rent €K 58,832 20,999 60,122 5,668 145,622 Estimated Rental Value (ERV) €K 62,092 23,552 69,076 6,673 161,392 Net rental income €K 57,114 21,489 53,449 5,640 137,691 Market value of investment properties €K 1,101,389 397,785 1,132,848 90,202 2,722,224 Market value of solar panels €K 46,354 3,710 25,141 0 75,205 EPRA vacancy rate* (based on ERV) % 0.3 1.3 0.0 0.0 0.3 Average lease term (until first lease break) Y 6.1 5.5 7.4 4.4 6.5 Average lease term (until end) Y 7.1 6.2 8.3 4.4 7.3 Investment properties - rental information and market value Overview of property portfolio main operational indicators, by country: Overview of rents broken down by country and tenant activity: Tenant Business Sector (%) BE FR NL DE 31/12/2025 Logistics 49 60 48 34 49 Construction/Industry 12 10 15 26 14 Food & Beverage 9 11 19 28 14 Automotive sector 9 5 2 12 6 Pharma & Medical Sector 8 2 9 0 7 Retail 9 9 5 0 7 Other 4 3 3 0 3 Total current rent 100 100 100 100 100 Overview of the largest tenants in the portfolio, including proportion of total rents: Tenant Current annual rent 1. Jacky Perrenot [>€4.5 million] 2. Intergamma [>€4.5 million] 3. Amazon [>€4.5 million] 4. A-WARE [€4 - 4.5 million] 5. ID Freight [€4 - 4.5 million] 6. DHL Aviation [€3.5 - 4 million] 7. Lekkerland Nederland [€3.5 - 4 million] 8. DocMorris [€3 - 3.5 million] 9. PostNL Real Estate [€3 - 3.5 million] 10. HBM Machines [€2.5 - 3 million] 11. Global Forwarding Belgium [€2.5 - 3 million] 12. Decathlon Belgium [€2 - 2.5 million] 13. Raben The Netherlands [€2 - 2.5 million] 14. Vos Distri Logistics Oss [€2 - 2.5 million] 15. Delhaize Belgium [€2 - 2.5 million] 16. Carglass [€2 - 2.5 million] 17. Tailormade Logistics [€2 - 2.5 million] 18. Borgesius Aalsmeer [€2 - 2.5 million] Tenants > €2 million 64,206 44% Tenants < €2 million 81,416 56% Total 145,622 100% Calculation: The EPRA cost ratio* reflects operating expenses net of administrative and operating costs capitalized in accordance with IFRS in the amount of €4.6 million. Capitalized costs mainly relate to internal staff costs of employees directly involved in the development of the property portfolio. 290 291 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Overview of the largest (by market value) investment properties within the investment portfolio: Location Tenants Range market value Lettable area (m²) Property type Sector Ownership Form of ownership Year of purchase Year of completion / redevelopment 1. NL Tiel Panovenweg Intergamma > €50 million 93,819 Single tenant Logistics 100% Full ownership 2025 2025 2. BE Antwerp Blue Gate - Amazon Transport Belgium - Herfurth & Co - Van Noten Andries > €50 million 35,063 Multi tenant Logistics 100% Full ownership 2022 2025 2022 2025 3. BE Vorst Humaniteitslaan - Options België - Sligro-MFS Belgium - Delhaize Belgium > €50 million 38,159 Multi tenant Logistics 100% Full ownership 2008 2015-2016 2024 4. NL Waddinxveen Louis Dobbelmannweg Lekkerland > €50 million 67,997 Single tenant Logistics 100% Full ownership 2024 2024 5. NL Waddinxveen Logistiek Park A12 HBM Machines > €50 million 48,703 Single tenant Logistics 100% Full ownership 2022 2022 6. NL Aalsmeer Japanlaan en Thailandlaan - Borgesius Aalsmeer - Dobbe Transport > €50 million 42,734 Multi tenant Logistics 100% Full ownership 2017 2016-2017 7. BE Willebroek De Hulst Decathlon > €50 million 67,480 Single tenant Logistics 100% Full ownership 2017 2017 8. NL Heerlen Business park Aventis Doc Morris > €50 million 42,451 Single tenant Logistics 100% Full ownership 2015 2019 9. DE Hamburg Volhöfner Weiden - Fruitwork Dienstleistungs Center - Bolloré Logistics Warehousing Germany - IGS Paraffin Logistics - Panex World Depot - Darguner Brauerei > €50 million 63,610 Multi tenant Logistics 100% Full ownership 2024 N/A 10. BE Tongeren III Mammoetstraat - C-Living - Baywa €30 < x < €50 million 53,990 Multi tenant Logistics 100% Full ownership 2022 2023 292 293 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Projects under construction The fair value of ongoing developments, including shares in joint ventures, is €354.9 million and consists of: Country Site & location Development costs to 31/12/2025 (€K) Revaluation (€K) Fair value 31/12/2025 (€K) To invest (€K) Total project capex (€K) (Estimated) delivery Land bank (m²) GLA (m²) Target average return BE Halle 14,395 5,571 19,966 19,173 33,568 Q4 2026 55,000 31,000 Under construction 14,395 5,571 19,966 19,173 33,568 55,000 31,000 ~ 6.5% BE Lummen BE Zellik BE Tongeren BE Grimbergen BE Puurs NL Tiel NL Born FR Senlis FR Saint-Priest FR Permitted sites Land acquired 149,068 69,426 218,494 406,764 555,832 1,191,185 578,884 > 6.5% Solar panels & battery energy storage systems 12,154 0 12,154 27,740 39,895 ca. 8% (IRR) In-house developments 175,617 74,996 250,614 453,677 629,295 1,246,185 609,884 BE Liège (Skechers)1 97,492 6,786 104,278 42,927 140,419 Q4 2027 148,000 86,000 Under construction 97,492 6,786 104,278 42,927 140,419 148,000 86,000 ~ 6.5% Share of Joint Ventures 97,492 6,786 104,278 42,927 140,419 148,000 86,000 TOTAL 273,110 81,782 345,892 469,604 769,713 1,394,185 695,884 (1) 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 (€140 million). 294 295 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Investment properties - Like-for-Like growth in IFRS rental income LIKE-FOR-LIKE NON COMPARABLE (EUR x 1,000) Rent 31/12/2024 (Letting of) vacant properties New vacancies Renegotiations Indexation Other New sites Indexation Sites sold Other RENT 31/12/2025 Belgium 46,603 223 -342 189 1,222 293 48,188 France 12,028 336 -368 255 358 10 12,619 The Netherlands 40,379 437 -648 -100 1,314 0 41,382 Germany 2,064 0 0 0 52 0 2,116 LIKE FOR LIKE 101,074 996 -1,358 344 2,946 303 0 0 0 0 104,306 Belgium 4,243 4,656 69 -214 372 9,126 France 2,123 6,840 35 0 -86 8,911 The Netherlands 2,978 9,559 50 -160 0 12,428 Germany 3,186 1,278 0 0 -76 4,389 NON COMPARABLE 12,531 22,333 154 -374 210 34,853 TOTAL 113,605 996 -1,358 344 2,946 303 22,333 154 -374 210 139,159 Like-for-Like variation vs. previous year 3,232 Belgium 46.1% 0.2% -0.3% 0.2% 1.2% 0.3% 47.7% France 11.9% 0.3% -0.4% 0.3% 0.4% 0.0% 12.5% The Netherlands 40.0% 0.4% -0.6% -0.1% 1.3% 0.0% 40.9% Germany 2.0% 0.0% 0.0% 0.0% 0.1% 0.0% 2.1% LIKE FOR LIKE 100% 1.0% -1.3% 0.3% 2.9% 0.3% 103.2% Like-for-Like variation vs. previous year 3.2% Note: A property that has been in the investment portfolio for the last 2 full years (i.e. from 01/01/2024 to 12/31/2025) is considered to be fully comparable between these 2 years. A property that has been in the investment portfolio for the last 2 full years is considered to be fully comparable between these 2 years. The grouping of properties meeting this condition is included in the Like-for-Like analysis. All other properties are non-comparable. The scope adopted is the same as for the Investment Asset Roll Forward (see below). 296 297 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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LIKE-FOR-LIKE NON COMPARABLE (EUR x 1,000) Investment assets 31/12/2024 CAPEX Revaluation Acquisitions Sales Transfer to/ from Project Development CAPEX Revaluation Investment assets 31/12/2025 Belgium 763,377 8,577 6,102 778,055 France 241,208 5,808 2,177 249,194 The Netherlands 790,378 1,914 13,804 806,096 Germany 31,050 104 -952 30,202 LIKE FOR LIKE 1,826,012 16,403 21,131 1,863,547 Belgium 185,307 26,966 -5,070 19,420 9,414 1,267 237,303 France 148,250 27 0 0 94 220 148,591 The Netherlands 101,470 55,860 0 123,838 19,944 18,862 319,975 Germany 49,610 -244 0 0 859 544 50,769 NON COMPARABLE 484,637 82,609 -5,070 143,258 30,312 20,892 756,638 TOTAL 2,310,650 16,403 21,131 82,609 -5,070 143,258 30,312 20,892 2,620,185 Like-for-Like variation vs. previous year 37,534 Belgium 33.0% 0.4% 0.3% 33.7% France 10.4% 0.3% 0.1% 10.8% The Netherlands 34.2% 0.1% 0.6% 34.9% Germany 1.3% 0.0% 0.0% 1.3% LIKE FOR LIKE 79.0% 0.7% 0.9% 80.7% Belgium 8.0% 1.2% -0.2% 0.8% 0.4% 0.1% 10.3% France 6.4% 0.0% 0.0% 0.0% 0.0% 0.0% 6.4% The Netherlands 4.4% 2.4% 0.0% 5.4% 0.9% 0.8% 13.8% Germany 2.1% 0.0% 0.0% 0.0% 0.0% 0.0% 2.2% NON COMPARABLE 21.0% 3.6% -0.2% 6.2% 1.3% 0.9% 32.7% TOTAL 100.0% 0.7% 0.9% 3.6% -0.2% 6.2% 1.3% 0.9% 113.4% Like-for-Like variation vs. previous year 1.6% Investment properties - Investment Asset Roll Forward Note: A property that has been in the investment portfolio for the last 2 full years (i.e. from 01/01/2024 to 12/31/2025) is considered to be fully comparable between these 2 years. The grouping of properties meeting this condition is included in the Like-for-Like analysis. All other properties are non-comparable. We also note the fact that only the standing investments are included in this table, while the CAPEX table (see below) includes concessions, solar panels and developments in addition to the standing investments. 298 299 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Investment properties - Valuation information Analysis - Unexpired term until first lease break Analysis - unexpired term until lease expiry ANALYSIS - UNEXPIRED TERM UNTIL FIRST BREAK OPTION BE FR NL DE TOTAL Average term until first lease break (years) 6.1 5.5 7.4 4.4 6.5 Current rent until first lease break Current rent expiring within the year 5,268 4,017 1,161 660 11,106 Current rent expiring after the second year 5,739 4,665 3,269 0 13,672 Current rent expiring between the third and fifth year 13,992 1,871 24,518 3,781 44,161 Current rent expiring after the fifth year 33,834 10,446 31,175 1,227 76,682 TOTAAL (EUR x 1,000) 58,832 20,999 60,122 5,668 145,622 Current rent expiring within the year (%) 3.6 2.8 0.8 0.5 7.6 Current rent expiring after the second year (%) 3.9 3.2 2.2 0.0 9.4 Current rent expiring between the third and fifth year (%) 9.6 1.3 16.8 2.6 30.3 Current rent expiring after the fifth year (%) 23.2 7.2 21.4 0.8 52.7 TOTAL (%) 40.4 14.4 41.3 3.9 100.0 ANALYSIS - UNEXPIRED TERM UNTIL LEASE EXPIRY BE FR NL DE TOTAL Average term to lease end (years) 7.1 6.2 8.3 4.4 7.3 Current rent to lease end Current rent expiring within the year 3,285 2,979 1,161 660 8,084 Current rent expiring after the second year 4,315 1,914 2,657 0 8,885 Current rent expiring between the third and fifth year 7,480 3,460 17,103 3,781 31,825 Current rent expiring after the fifth year 43,752 12,647 39,202 1,227 96,828 TOTAAL (EUR x 1,000) 58,832 20,999 60,122 5,668 145,622 Current rent expiring within the year (%) 2.3 2.0 0.8 0.5 5.6 Current rent expiring after the second year (%) 3.0 1.3 1.8 0.0 6.1 Current rent expiring between the third and fifth year (%) 5.1 2.4 11.7 2.6 21.9 Current rent expiring after the fifth year (%) 30.0 8.7 26.9 0.8 66.5 TOTAL (%) 40.4 14.4 41.3 3.9 100.0 31/12/2025 Investment properties - Valuation information (EUR x 1,000) Fair value Increase/(decrease) in fair value EPRA NIY* (%) Segment Belgium 1,015,359 66,675 5.1% France 379,785 8,327 5.1% The Netherlands 1,126,070 234,222 4.5% Germany 80,971 311 5.5% Total investment property available to let 2,620,185 309,535 4.8% Reconciliation with the consolidated IFRS balance sheet Projects under construction 354,876 Right-of-use concession 102,040 Real estate assets 8,112 Other adjustments relating to joint ventures -104,262 Total investment property in the consolidated IFRS balance sheet 2,980,950 Additional information on the valuation of investment properties is included in Note 37 ‘Fair value hierarchy’. 300 301 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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EPRA CAPEX analysis Montea invested €301.8 million in its property portfolio in 2025, of which €97.5 million through joint venture. The table above includes investments in i) acquisition of new land and properties, ii) ongoing land and property developments, iii) divestments, iv) the existing property investments and v) capitalised interest. Investment in the existing property portfolio is then broken down into iv.a) expenditure aimed at increasing the lettable area, iv.b) expenditure to improve the existing lettable area without aiming to increase the area and iv.c) tenant incentive expenditure (such as mezzanines and staircases). We also note that this table also includes concessions, solar panels and developments in addition to standing investments. Note 19 ‘Investment properties’, includes an overview detailing what these investments comprise. (EUR x 1,000) 31/12/2025 31/12/2024 Group (excl. joint ventures) Joint ventures (proportionate share) Group total Group (excl. joint ventures) Joint ventures (proportionate share) Group totalEPRA CAPEX analysis (EUR x 1,000) BE FR NL DE BE FR NL DE I. Investments 40,249 27 55,614 - - 95,890 26,698 150,639 27,940 60,929 - 226,206 II. Development 19,672 15,987 53,078 - 97,491 186,228 72,299 2,256 79,772 - - 154,327 III. Disposals -5,070 - - - - -5,070 - - - - - - IV. Investment properties 9,649 1,845 2,646 964 - 15,104 6,923 1,740 518 576 - 9,757 IV.a) Incremental lettable space - - - - - - - - - - - - IV.b) Non-incremental lettable space 9,649 1,845 2,646 964 - 15,104 6,923 1,740 518 576 - 9,757 IV.c) Rent incentives - - - - - - - - - - - - IV.d) Other material unallocated expenditure - - - - - - - - - - - - V. Capitalized interests 4,223 1,005 4,452 - - 9,680 6,649 736 5,095 - - 10,480 TOTAL CAPEX 68,722 18,864 115,790 964 97,491 301,832 110,569 155,371 113,326 61,505 - 440,770 302 303 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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DevelopmentsLeverkusen, Germany 304 305 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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10.1.2 Sustainability reporting: EPRA sBPR tables ENVIRONMENTAL MONTEA PORTFOLIO Impact area Unit of measure Absolute performance (Abs) Like-for-Like property type (LfL) Indicator EPRA code 2024 2025 2024 2025 Evolution Notes ENERGY Electricity Elec-Abs, Elec-LfL kWh Total landlord-obtained electricity 10,464,956 15,047,501 7,627,892 8,731,554 +14% kWh of which GREY electricity from external suppliers 3,222,437 5,186,075 2,300,979 3,206,002 +39% *1 kWh of which GREEN electricity (renewable sources) from external suppliers 4,575,502 6,386,250 3,498,910 3,012,412 -14% *1 kWh of which GREEN electricity produced locally (renewable; solar) 2,667,017 3,475,177 1,828,003 2,513,139 +37% *2, *3 kWh Total tenant-obtained electricity 74,535,208 76,219,138 60,721,040 55,746,238 -8% kWh of which GREY electricity from external suppliers 13,478,452 20,971,651 10,224,284 12,585,716 +23% *1 kWh of which GREEN electricity (renewable sources) from external suppliers 40,514,873 33,332,820 31,782,707 24,320,602 -23% *1 kWh of which GREEN electricity produced locally (renewable; solar) 20,541,883 21,914,666 18,714,049 18,839,921 +1% *2, *3 kWh Total electricity consumption 85,000,164 91,266,639 68,348,932 64,477,792 -6% kWh of which GREY electricity from external suppliers 16,700,889 26,157,726 12,525,263 15,791,718 +26% *1 kWh of which GREEN electricity (renewable sources) from external suppliers 45,090,375 39,719,070 35,281,618 27,333,014 -23% *1 kWh of which GREEN electricity produced locally (renewable; solar) 23,208,900 25,389,843 20,542,051 21,353,060 +4% *2, *3 % Green electricity from renewable sources/Total electricity 80% 71% 82% 76% -8% % Landlord Controlled 12% 16% 11% 14% +21% % Tenant Controlled 88% 84% 89% 86% -3% % Electricity disclosure coverage 100% 100% 66% 66% - % Proportion of electricity estimated 14% 15% 0% 0% - District heating and cooling DH&C-Abs, DH&C-LfL kWh Total landlord-obtained district heating and cooling 0 0 0 0 - kWh of which from renewable resources 0 0 0 0 - kWh Total tenant-obtained district heating and cooling 890,714 890,714 532,235 532,235 +0% *4 kWh of which from renewable resources 226,142 226,142 226,142 226,142 -0% *4 kWh Total district heating and cooling 890,714 890,714 532,235 532,235 +0% *4 kWh of which from renewable resources 226,142 226,142 226,142 226,142 -0% *4 % Proportion of dh&c from renewable resources 25% 25% 42% 42% -0% % District heating and cooling disclosure coverage 100% 100% 1% 1% - % Proportion of district heating and cooling estimated 0% 100% 0% 100% - Fuels Fuels-Abs, Fuels-LfL kWh Total direct landlord-obtained fuels 8,325,959 5,342,469 3,177,390 3,876,573 +22% kWh of which from renewable resources 0 0 0 0 - kWh Total tenant-obtained fuels 22,553,716 22,529,888 15,359,006 13,287,750 -13% kWh of which from renewable resources 0 0 0 0 - kWh Total fuels 30,879,675 27,872,358 18,536,396 17,164,323 -7% kWh of which from renewable resources 0 0 0 0 - % Proportion fuel from renewable resources 0% 0% 0% 0% - % Fuels disclosure coverage 100% 100% 41% 41% - % Proportion of fuels estimated 17% 10% 0% 0% - Energy Intensity Energy-Int kWh / (m² year) Building energy intensity* 62.63 58.62 72.7 68.2 -6% % Building energy intensity disclosure coverage 100% 100% 39% 39% - % Proportion of Building energy intensity estimated 15% 13% 0% 0% - 306 307 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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ENVIRONMENTAL MONTEA PORTFOLIO Impact area Unit of measure Absolute performance (Abs) Like-for-Like property type (LfL) Indicator EPRA code 2024 2025 2024 2025 Evolution Notes GREENHOUSE GAS EMISSIONS Direct GHG-Dir-Abs tonnes CO2e GHG-Dir-ABS Location based (Scope 1) 2,064 1,097 651 716 +10% *5 Indirect GHG-Indir- Abs tonnes CO2e GHG-Indir-ABS Location based (Scope2) 303 206 147 291 +98% *1 tonnes CO2e GHG-Indir-ABS Location based (Scope 3) 10,417 6,118 5,358 4,381 -18% *6 GHG emissions intensity GHG-Int kg CO2e / (m² year) GHG intensity* 6.9 3.6 6.3 5.5 -13% *6 % Energy and associated GHG disclosure coverage 100% 100% 39% 39% - % Proportion of energy and associated GHG estimated 23% 100% 0% 0% - WATER USE Water Water-Abs, Water-LfL m³ Total Water consumption 361,829 377,149 291,388 274,316 -6% m³ of which municipal water 357,900 376,361 290,334 273,685 -6% m³ of which rain water reuse 3,928 788 1,055 631 -40% *7 Water-Int m³/m² Building water intensity 0.19 0.18 0.23 0.22 -6% % Municipal Water disclosure coverage 100% 100% 61% 61% - % Rain Water disclosure coverage 100% 100% 7% 7% - % Proportion of municipal water estimated 17% 23% 0% 0% - % Proportion of rain water estimated 20% 20% 0% 0% - WASTE Waste Waste-Abs, Waste-LfL Tonnes Hazardous waste 62 11,063 42 11,006 +25,963% *8 Tonnes Non-Hazardous waste 10,362 9,656 7,571 3,304 -56% *8 Tonnes Total waste created 10,423 20,719 7,614 14,310 +88% Tonnes to Reuse facility 0 450 0 398 - Tonnes to Recycling facility 5,060 7,714 4,949 5,069 +2% Tonnes to Incineration (with or without energy recovery) 2,787 3,704 910 1,803 +98% Tonnes to Landfill (with of without energy recovery) 293 257 64 96 +49% Tonnes to Biodiesel production 0 0 0 0 - Tonnes to other/unkown 1,595 497 642 430 -33% % Waste disclosure coverage 37% 40% 15% 15% - % Proportion of waste estimated 0% 0% 0% 0% - Disposal routes proportion by disposal route (%) to Reuse facility 0% 4% 0% 5% - to Recycling facility 49% 61% 75% 65% -14% to Incineration (with or without energy recovery) 27% 29% 14% 23% +67% to Landfill (with of without energy recovery) 3% 2% 1% 1% +26% to Biodiesel production 0% 0% 0% 0% - to other/unkown 21% 4% 10% 6% -44% Waste disposal route disclosure coverage 37% 28% 11% 11% - 308 309 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Montea's head office is included in the total portfolio as it is owned by Montea. The coverage ratio is calculated based on square meters (m²). *1 Increase attributable to a shift towards grey electricity contracts compared to prior year , combined with a more conservative allocation methodology applied to multi-tenant sites. *2 Higher average solar irradiance levels in 2025 compared to prior year . *3 Increase reflects the commissioning of additional PV-installations across the portfolio in 2025. *4 Due to time constraints, meter data for 2025 could not be obtained for sites using District Heating & Cooling. Prior year figures were used as an estimate. *5 Increase attributable to higher fuel consumption directly obtained and managed by Montea as landlord. *6 To avoid double counting within the value chain, we implemented a methodological correction in our Scope 3 calculations in consultation with our external advisors. As a result, the indirect emissions from our tenants’ value chain (e.g., their specific Scope 3 emissions) are no longer included in our own Scope 3 reporting. This approach is fully aligned with the applicable reporting standards under the GHG Protocol. This methodological update was applied prospectively from FY2025 onwards. The absolute figures for FY2024 were not restated. *7 Decrease reflects a reduction in available tenant-reported data compared to prior year , resulting in a low coverage rate. *8 Increase may reflect significantly higher hazardous waste generation by one or more tenants in 2025, or potential inaccuracies in tenant- reported survey data. *9 Increase in EPC NR coverage reflects the mandatory reporting requirement introduced for 2025, resulting in a higher share of assets with a recorded energy performance certificate. Specific Disclosure on Methodology & FY2025 Data Structure In FY2025, Montea enhanced its energy data model to align even closer with EPRA sBPR best practices. Please note the following key structural updates regarding this year’s reported figures: 1. Enhanced Data Granularity & Impact on Emissions We shifted from reporting on a general building level to a highly detailed model based on unique combinations of: Site number x Country x Energy Control x Fuel Type. This increased precision allows for more targeted extrapolations (e.g., exclusively extrapolating missing gas data for sites that actually have an active gas connection). Crucially, eliminating historical overestimations through this methodological refinement explains the decrease in our overall gas consumption even as our portfolio expanded. It also directly drives the significant decreases we report in both our Scope 1 and Scope 3 emissions, and the resulting drop in our overall GHG intensity. Absolute data for 2024 was not recalculated. 2. Scope 3 Calculation Optimization To avoid double counting within the value chain, we implemented a methodological correction in our Scope 3 calculations in consultation with our external advisors. As a result, the indirect emissions from our tenants’ value chain (e.g., their specific Scope 3 emissions) are no longer included in our own Scope 3 reporting. This approach is fully aligned with the applicable reporting standards under the GHG Protocol. This methodological update was applied prospectively from FY2025 onwards. The absolute figures for FY2024 were not restated. Data is collected through a combination of energy monitoring systems, extraction of contract data and tenant surveys. Montea acknowledges that the accuracy and reliability of the data it uses to track the environmental performance of its portfolio is directly linked to the quality of the information received, potential measurement inaccuracies and other factors that may reduce data quality. Nevertheless, Montea is committed to the continuous improvement of data quality through automation, the use of multiple sources for verification purposes and the optimisation of monitoring systems. For FY2025, certain sites with disproportionately high energy consumption compared to the rest of the portfolio have been classified as ‘data not reliable’ and excluded from the reported figures. The information in this section is subject to a limited assurance engagement in accordance with ISAE 3000 by EY Bedrijfsrevisoren. ENVIRONMENTAL MONTEA PORTFOLIO Impact area Unit of measure Absolute performance (Abs) Like-for-Like property type (LfL) Indicator EPRA code 2024 2025 2024 2025 Evolution Notes CERTIFICATION Level of certification Cert-Tot Number of assets Mandatory Certifications (EPC, …) 76 102 74 79 +7% *9 EU EPC - A+++ 8 9 8 8 0% EU EPC - A++ 2 2 2 2 0% EU EPC - A+ 1 1 1 1 0% EU EPC - A 16 17 16 16 0% EU EPC B and lower 49 73 47 52 +11% *9 Voluntary Certifications (BREEAM,LEED,HQE, ...) 4 6 4 5 +25% BREEAM Excellent 2 3 2 3 +50% BREEAM Very Good - BREEAM Good - BREEAM NL ** 2 2 2 2 0% BREEAM NL **** IN USE 1 - Total Certificated 80 108 78 84 +8% % Proportion Mandatory 95% 94% 95% 94% -1% Proportion Voluntary 5% 6% 5% 6% +16% Coverage 100% 100% 100% 100% 0% 310 311 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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ENVIRONMENTAL COMPANY OFFICES Impact area Unit of measure Absolute performance (Abs) Like-for-Like property type (LfL) Indicator EPRA code 2024 2025 2024 2025 Evolution Notes ENERGY Electricity Elec-Abs, Elec-LfL kWh Total landlord-obtained electricity 24,179 34,878 15,129 21,966 +45% kWh of which GREY electricity from external suppliers 0 4,224 0 0 - kWh of which GREEN electricity (renewable sources) from external suppliers 24,179 30,654 15,129 21,966 +45% *1 kWh of which GREEN electricity produced locally (renewable; solar) 0 0 0 0 - kWh Total tenant-obtained electricity 60,959 60,886 60,959 60,886 -0% kWh of which GREY electricity from external suppliers 0 0 0 0 - kWh of which GREEN electricity (renewable sources) from external suppliers 44,072 37,954 44,072 37,954 -14% *2 kWh of which GREEN electricity produced locally (renewable; solar) 16,886 22,932 16,886 22,932 +36% *2 kWh Total electricity consumption 85,137 97,114 76,087 82,852 +9% *1 kWh of which GREY electricity from external suppliers 0 4,224 0 0 - kWh of which GREEN electricity (renewable sources) from external suppliers 68,251 69,958 59,201 59,920 +1% kWh of which GREEN electricity produced locally (renewable; solar) 16,886 22,932 16,886 22,932 +36% *2 % Green electricity from renewable sources/Total electricity 100% 96% 100% 100% 0% % Landlord Controlled 28% 36% 20% 27% +33% *1 % Tenant Controlled 72% 63% 80% 73% -8% % Electricity disclosure coverage 98% 100% 73% 73% - % Proportion of electricity estimated 0% 0% 0% 0% - District heating and cooling DH&C-Abs, DH&C-LfL kWh Total landlord-obtained district heating and cooling 0 8,760 0 0 - kWh of which from renewable resources 0% 0% 0% 0% - kWh Total tenant-obtained district heating and cooling 3,117 0 0 0 - kWh of which from renewable resources 0 0 0 0 - kWh Total district heating and cooling 3,117 8,760 0 0 - kWh of which from renewable resources 0 0 0 0 - % Proportion of dh&c from renewable resources 0% 0% 0% 0% - % District heating and cooling disclosure coverage 98% 100% 100% 100% - % Proportion of district heating and cooling estimated 0% 0% 0% 0% - Fuels Fuels-Abs, Fuels-LfL kWh Total direct landlord-obtained fuels 21,207 33,506 21,207 31,876 +50% *3 kWh of which from renewable resources 0 0 0 0 - kWh Total tenant-obtained fuels 57,182 88,316 57,182 88,316 +54% *4 kWh of which from renewable resources 0 0 0 0 - kWh Total fuels 78,389 121,822 78,389 120,192 +53% *3, *4 kWh of which from renewable resources 0 0 0 0 - % Proportion fuel from renewable resources 0% 0% 0% 0% - % Fuels disclosure coverage 98% 100% 73% 73% - % Proportion of fuels estimated 0% 0% 0% 0% - Energy Intensity Energy-Int kWh / (m² year) Building energy intensity* 110 120 111 146 +32% *1, *2, *3,*4 % Building energy intensity disclosure coverage 98% 100% 73% 73% - % Proportion of Building energy intensity estimated 0% 0% 0% 0% - 312 313 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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ENVIRONMENTAL COMPANY OFFICES Impact area Unit of measure Absolute performance (Abs) Like-for-Like property type (LfL) Indicator EPRA code 2024 2025 2024 2025 Evolution Notes GREENHOUSE GAS EMISSIONS Direct GHG-Dir-Abs tonnes CO2e GHG-Dir-ABS Location based (Scope 1) 11,720.1 16,308.6 11,720.1 16,308.6 +39% *3, *4 Indirect GHG-Indir- Abs tonnes CO2e GHG-Indir-ABS Location based (Scope2) 0 0 0 0 - tonnes CO2e GHG-Indir-ABS Location based (Scope 3) 8,857.5 11,614.3 8,178.3 9,884.9 +21% *1, *2, *3,*4 GHG emissions intensity GHG-Int kg CO2e / (m² year) GHG intensity* 13.6 14.7 14.3 18.9 +32% *1, *2, *3,*4 % Energy and associated GHG disclosure coverage 98% 100% 73% 73% - % Proportion of energy and associated GHG estimated 0% 0% 0% 0% - WATER USE Water Water-Abs, Water-LfL m³ Total Water consumption 728 479 469 400 -15% *5 m³ of which municipal water 728 479 469 400 -15% m³ of which rain water reuse 0 0 0 0 - Water-Int m³/m² Building water intensity 0.60 0.38 0.43 0.38 -12% % Municipal Water disclosure coverage 79% 67% 58% 58% - % Rain Water disclosure coverage 100% 100% 100% 100% 0% % Proportion of municipal water estimated 0% 0% 0% 0% - % Proportion of rain water estimated 0% 0% 0% 0% - WASTE Waste Waste-Abs, Waste-LfL Tonnes Hazardous waste 0.00 0.00 0.00 0.00 - Tonnes Non-Hazardous waste 3.21 6.58 2.32 6.58 +184% *6 Tonnes Total waste created 3.21 6.58 2.32 6.58 +184% *6 Tonnes to Reuse facility 0.00 0.00 0.00 0.00 - Tonnes to Recycling facility 1.16 1.26 0.73 1.26 +73% *6 Tonnes to Incineration (with or without energy recovery) 0.00 0.00 0.00 0.00 - Tonnes to Landfill (with of without energy recovery) 2.05 5.32 1.59 5.32 +234% *6 Tonnes to Biodiesel production 0.00 0.00 0.00 0.00 - Tonnes to other/unkown 0.00 0.00 0.00 0.00 - % Waste disclosure coverage 100% 67% 67% 67% - % Proportion of waste estimated 0% 0% 0.00 0.00 - Disposal routes proportion by disposal route (%) to Reuse facility 0% 0% 0% 0% - to Recycling facility 36% 19% 31% 19% -39% to Incineration (with or without energy recovery) 0% 0% 0% 0% - to Landfill (with of without energy recovery) 64% 81% 69% 81% +18% to Biodiesel production 0% 0% 0% 0% - to other/unkown 0% 0% 0% 0% - Waste disposal route disclosure coverage 100% 67% 67% 67% - 314 315 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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NR = Not relevant *1 Electricity consumption increased significantly in the office in Amsterdam and in Tilburg. *2 In our headquarters in Erembodegem more electricity was produced locally via our solar panels, hence, less need to be consumed from the grid. *3 Fuel consumption increased significantly in our offices in Amsterdam and Tilburg. In Amsterdam, this is mainly due to the departure of the tenant below, resulting in the loss of residual heat. In Tilburg, the increase is attributable to a temporary failure of the heat recovery system in early 2025, leading to higher gas consumption for heating. *4 In our headquarters in Erembodegem, fuel consumption increased by 54% compared to 2024, reflecting the first full year of occupancy of the first floor by Montea operations. *5 Water consumption decreased by 15% compared to prior year . No single operational cause could be identified to fully explain this decrease based on available information. *6 Waste data was only available for the headquarters in Erembodegem. The significant year-on-year increase in waste production could not be attributed to a specific operational cause based on available information. Specific Disclosure on Methodology & FY2025 Data Structure In FY2025, Montea enhanced its energy data model to align even closer with EPRA sBPR best practices. Scope 3 Calculation Optimization To avoid double counting within the value chain, we implemented a methodological correction in our Scope 3 calculations in consultation with our external advisors. As a result, the indirect emissions from our tenants’ value chain (e.g., their specific Scope 3 emissions) are no longer included in our own Scope 3 reporting. This approach is fully aligned with the applicable reporting standards under the GHG Protocol. This methodological update was applied prospectively from FY2025 onwards. The absolute figures for FY2024 were not restated. Data is collected through a combination of energy monitoring systems, extraction of contract data and tenant surveys. Montea acknowledges that the accuracy and reliability of the data it uses to track the environmental performance of its portfolio is directly linked to the quality of the information received, potential measurement inaccuracies and other factors that may reduce data quality. Nevertheless, Montea is committed to the continuous improvement of data quality through automation, the use of multiple sources for verification purposes and the optimisation of monitoring systems. The information in this section is subject to a limited assurance engagement in accordance with ISAE 3000 by EY Bedrijfsrevisoren. ENVIRONMENTAL COMPANY OFFICES Impact area Unit of measure Absolute performance (Abs) Like-for-Like property type (LfL) Indicator EPRA code 2024 2025 2024 2025 Evolution Notes CERTIFICATION Level of certification Cert-Tot Number of assets Mandatory Certifications (EPC, …) NR NR NR NR - EU EPC - A+++ NR NR NR NR - EU EPC - A++ NR NR NR NR - EU EPC - A+ NR NR NR NR - EU EPC - A NR NR NR NR - EU EPC B and lower NR NR NR NR - Voluntary Certifications (BREEAM,LEED,HQE, ...) NR NR NR NR - BREEAM Excellent NR NR NR NR - BREEAM Very Good NR NR NR NR - BREEAM Good NR NR NR NR - BREEAM NL ** NR NR NR NR - BREEAM NL **** IN USE NR NR NR NR - Total Certificated NR NR NR NR - % Proportion Mandatory NR NR NR NR - Proportion Voluntary NR NR NR NR - Coverage NR NR NR NR - 316 317 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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SOCIAL 2025 2024 Impact area Indicator EPRA code Unit of measure Notes Women Men Total Women Men Total DIVERSITY Gender diversity Diversity-Emp # of professionals at the end of the reporting period (Headcount EOP2) *1 Employees 23 40% 34 60% 57 21 43% 28 57% 49 *1, *2 Management 1 9% 10 91% 11 2 17% 10 83% 12 *1 Board of Directors 2 25% 6 75% 8 2 29% 5 71% 7 *1, *3 Total 26 35% 49 65% 75 25 37% 42 63% 67 Average of Full Time Equivalents (FTE) during the reporting period (Avg FTE1) *1 Employees 23.5 42% 31.9 58% 55.5 16.1 36% 29.2 64% 45.3 *1, *2 Management 1.5 13% 9.8 87% 11.3 2.5 21% 9.6 79% 12.1 *1 Board of Directors 2.0 29% 5.0 71% 7.0 2.0 29% 5.0 71% 7.0 *1, *3 Total 27.0 37% 45.7 63% 72.8 20.6 32% 42.8 68% 63.4 Gender pay ratio Diversity-Pay Ratio average salary of women expressed as a percentage of men within the same category (Avg FTE1) *1 Employees 74% 80% *1, *2 Management 131% 92% *1 Board of Directors 78% 104% *1, *3, 4* Total 68% 74% EMPLOYEE TRAINING AND DEVELOPMENT Training and development Emp-Training Total number of Montea professionals (in FTE) who followed training + Rate as a percentage of total Avg FTE's (Avg FTE1) *1 Employees 22.2 94% 31.0 97% 53.2 96% 16.1 100% 29.1 100% 45.2 100% *1, *2 Management 1.0 67% 9.8 100% 10.8 96% 2.5 100% 9.6 100% 12.1 100% *1 Total (excl. BoD) 23.2 93% 40.8 98% 64.0 96% 18.6 100% 38.8 100% 57.4 100% Average hours of training and development (external & internal training, webinars, seminars, online...) (Avg FTE1) *1 Employees 47.0 59.7 54.4 56.7 52.9 54.3 *1, *2 Management 71.5 82.8 81.8 58.1 55.0 55.6 *1 Total (excl. BoD) 48.0 65.2 59.0 56.9 53.4 54.5 Performance appraisals Emp-Dev % of employees who receive performance and career development reviews (Headcount EOP2) Total (excl. BoD) 100% 100% 100% 100% 100% 100% New hires Emp-Turnover Total number of professionals (Headcount3) Total (incl. BoD) 5 11 16 7 5 12 As a % (Headcount EOP2) Total (incl. BoD) 7% 15% 21% 10% 7% 18% Turnover Total number of professionals (Headcount3) Total (incl. BoD) 4 5 9 3 6 9 As a % (Headcount EOP2) Total (incl. BoD) 5% 7% 12% 4% 9% 13% (1) Avg FTE: Average number of full-time equivalents (2) EOP headcount: Number of employees at the end of the period (on the balance sheet date) (3) Headcount: Number of employees who worked for Montea during the year 318 319 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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NR = Not relevant *1 Employees on permanent contracts or self-employed service providers *2 Management comprises both Executive and Country management *3 Jo De Wolf (CEO) will take on both an operational and a board role. *4 In both years, Montea had one employee on long-term leave (3 months in 2024, and 5 months in 2025). *5 A decrease in the number of buildings under management control is accompanied by a proportional decrease in the number of incidents. Regular safety audits are conducted, with most outstanding action points primarily falling under the responsibility of the tenant. *6 Taking into account that we operate in the logistics real estate sector , with our sites located in designated zones. In addition, the well- being of local communities is considered by the relevant authorities when granting our permits, both building and environmental. In any case, we remain mindful of these stakeholders. SOCIAL 2025 2024 Impact area Indicator EPRA code Unit of measure Notes Women Men Total Women Men Total HEALTH AND SAFETY Injury rate H&S-Emp Frequency of work related injuries (per 100 000 hours worked) (Avg FTE1) Total (excl. BoD) 0 0 0 0 0 0 Lost day rate The impact of occupational accidents and diseases as reflected in time of work (per 100 000 hours worked) (Avg FTE1) *5 Total (excl. BoD) 1,679 823 Work-related fatality Deaths occurring in the reporting period arising from a disease or injury while performing work (Headcount3) Total (excl. BoD) 0 0 0 0 0 0 Number of incidents H&S-Comp Total number Incidents of non-compliance with H&S impacts for landlord controlled assets *6 NR 534 640 % of assets H&S-Asset % of landlord controlled assets for which H&S impacts are assessed or reviewed for compliance NR 80% 95% COMMUNITY ENGAGEMENT Community engagement Compty-Eng Narrative *7 NR In 2025, Montea made two charitable contributions through its client relationships. Montea contributed to Climbing for Life, a Belgian charity sports event organised by Golazo raising funds for diabetes and lung condition patient organisations, in the context of its partnership with Carglass Belgium. Montea also contributed to Afrika Tikkun, a South African non-profit supporting vulnerable youth aged 0–35 through education, vocational training and job placement programmes - an organization that has benefited more than 2 million young people since 1994 and is a long- standing partner of Belron, Carglass’s parent company. These contributions reflect Montea’s approach to community engagement: extending social impact beyond its direct operational footprint through purposeful business relationships. Montea plays an active role in promoting sustainability in logistics real estate in Europe: • Team BE: Supports the creation of the Belgian Green Building Council and works on sustainable investment frameworks through the ESG Taxonomy Committee • Team FR: Contributes to decarbonisation through Afilog and shares international insights to develop benchmarks. • Team DE: Works within leading logistics networks and contributes to European sustainability standards as DGNB ESG Manager . • Team NL: Engages through the Paris Proof Committee of the Dutch Green Building Council to achieve ambitious energy targets for logistics buildings. (1) Avg FTE: Average number of full-time equivalents (2) EOP headcount: Number of employees at the end of the period (on the balance sheet date) (3) Headcount: Number of employees who worked for Montea during the year 320 321 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Since control over the purchase of energy is essential to reducing greenhouse gas emissions, we apply the operational control approach in determining our organizational boundaries for reporting against the EPRA sBPRs (see section 10.6.2). Supply data was collected through a combination of energy monitoring systems, contract data extraction and tenant surveys. Montea recognizes that the accuracy and reliability of the data it uses as part of monitoring the environmental performance of its portfolio is directly linked to the quality of the information received, potential measurement inaccuracies and other factors that could potentially reduce data quality. Nevertheless, Montea strives to continuously improve this data quality through automation, the use of multiple sources as verification and the optimization of monitoring systems. Information included in this chapter has been subjected to a limited review in accordance with ISAE 3000 by EY Bedrijfsrevisoren. GOVERNANCE CORPORATE PERFORMANCE Impact area Indicator EPRA code Unit of measure 2025 2024 GOVERNANCE Governance structure and composition Gov-Board Composition of highest governance body Annual report: see 7.3.2.1 Composition Annual report: see 7.3.2.1 Composition # Total number of board members 7 7 % % of independent directors in the highest governance body 57% 57% % % of woman in the highest governance body 29% 29% Tenure on the governance body Board members are appointed for a (renewable) period of maximum four years, to guarantee sufficient rotation Board members are appointed for a (renewable) period of maximum four years, to guarantee sufficient rotation Number of independent/non-executive board members with competencies relating to environmental & social topics Annual report: see 7.3.2.1 Composition Annual report: see 7.3.2.1 Composition Nomination and selection process Gov-Selec Process for nominating and selecting the highest governance body Annual report: see 7.3.2.1 Nomination Annual report: see 7.3.2.1 Nomination Conflicts of interest Gov-Col Procedure for managing conflicts of interest Annual report: see 7.4 Conflicts of interests Annual report: see 7.4 Conflicts of interests 322 323 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Skechers, Bierset, Belgium Developments 324 325 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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10.2 Alternative Performance Measures - Basis of Calculation Portfolio result* Definition: This concerns the realized and unrealized negative and/or positive changes in the fair value of the property portfolio plus deferred taxes and any capital gains or losses from the disposal of properties. Purpose: This APM indicates the negative and/or positive changes in the fair value of the property portfolio, plus deferred taxes and any capital gains or losses from the disposal of properties. Financial result excluding changes in the fair value of financial instruments* Definition: This is the financial result pursuant to the Royal Decree of July 13, 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. FINANCIAL RESULT EXCL. CHANGES IN FAIR VALUE OF FINANCIAL INSTRUMENTS (EUR x 1,000) 31/12/2025 31/12/2024 Financial result -15,849 -15,453 To exclude: Changes in fair value of financial assets & liabilities -1,739 2,733 Share in the result of associates and joint ventures - - FINANCIAL RESULT EXCLUDING CHANGES IN THE FAIR VALUE OF FINANCIAL INSTRUMENTS* -17,589 -12,721 PORTFOLIO RESULT* (EUR X 1,000) 31/12/2025 31/12/2024 Result on sale of investment properties 699 - Changes in fair value of investment properties 52,661 85,400 Deferred taxes on portfolio result -10,417 -10,401 Share in the portfolio result of associates and joint ventures 5,808 - PORTFOLIO RESULT* 48,751 74,998 Calculation: Calculation: 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. OPERATING MARGIN* (EUR X 1,000) 31/12/2025 31/12/2024 Property result 148,722 122,956 Operating result (before portfolio result) 132,214 108,866 OPERATING MARGIN* 88.9% 88.5% 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. AVERAGE COST OF DEBT* (EUR X 1,000) 31/12/2025 31/12/2024 Financial result -15,849 -15,453 To exclude: Other financial income and expenses -2,444 -1,157 Changes in fair value of financial assets and liabilities -1,739 2,733 Interest cost related to lease obligations (IFRS 16) 2,963 2,561 Capitalized interests -9,680 -10,480 TOTAL FINANCIAL CHARGES A -26,751 -21,796 Average outstanding financial debts (IFRS) 1,245,236 942,644 AVERAGE OUTSTANDING FINANCIAL DEBTS B 1,245,236 942,644 AVERAGE COST OF DEBT* A/B 2.1% 2.3% Calculation: 326 327 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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(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 (TTM1) (denominator). EBITDA is considered the operating result before the portfolio result, plus depreciation. 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. 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. (ADJUSTED) NET DEBT / EBITDA* (EUR X 1,000) 31/12/2025 31/12/2024 Non-current and current financial debt (IFRS) 1,172,832 923,960 - Cash and cash equivalents (IFRS) -6,322 -13,139 Net debt (IFRS) 1,166,510 910,821 - Projects under development x debt ratio -102,626 -114,243 - Joint venture financing x debt ratio -39,043 - Net debt (adjusted) A 1,024,842 796,578 Operating result (before portfolio result) (IFRS) (TTM) B 132,214 108,866 + Depreciations (TTM) 388 367 + Operating result (before portfolio result), joint ventures (TTM) 97 - Adjustment to normalized EBITDA 8,193 14,576 EBITDA (adjusted) C 140,892 123,809 Net debt / EBITDA (adjusted)* A/C 7.3 6.4 NET DEBT / EBITDA* (EUR X 1,000) 31/12/2025 31/12/2024 Non-current and current financial debt (IFRS) 1,172,832 923,960 - Cash and cash equivalents (IFRS) -6,322 -13,139 Net debt (IFRS) A 1,166,510 910,821 Operating result (before portfolio result) (IFRS) (TTM1) B 132,214 108,866 + Depreciations (TTM) 388 367 + Share of EPRA profit, joint ventures 97 - + Dividends received from associates - - EBITDA (IFRS) C 132,699 109,233 Net debt / EBITDA* A/C 8.8 8.32 Calculation: 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. LOAN-TO-VALUE* (EUR X 1,000) 31/12/2025 31/12/2024 Non-current and current financial debt (IFRS) 1,172,832 923,960 - Cash and cash equivalents (IFRS) -6,322 -13,139 Net debt (IFRS) A 1,166,510 910,821 Investment properties at fair value (excluding right-of-use concessions) 2,703,031 2,379,808 Properties held for sale 471 5,541 Properties under development 250,614 316,666 Financing for and holdings in joint ventures 107,608 - Total property value B 3,061,724 2,702,015 LTV A/B 38.1% 33.7% Calculation: (1) TTM stands for trailing 12 months and means that the calculation is based on financial figures for the past 12 months. (2) Net debt/EBITDA and Net debt/EBITDA (adjusted) have been adjusted to accurately reflect net financial debt, i.e. excluding IFRS 16 liabilities. 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. INTEREST COVERAGE RATIO* (EUR X 1,000) 31/12/2025 31/12/2024 Operating result, before portfolio result 132,214 108,866 Financial income (+) 3,308 1,267 TOTAL A 135,522 110,133 Net financial charges (-) 29,970 24,358 TOTAL B 29,970 24,358 INTEREST COVERAGE RATIO* A/B 4.5 4.5 Calculation: 328 329 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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HEDGE RATIO* (EUR x 1,000) 31/12/2025 31/12/2024 Financial debt at fixed interest rates 615,313 640,452 Notional amount of hedging instruments 552,500 262,500 TOTAL FINANCIAL DEBTS ON FIXED INTEREST AND HEDGING INSTRUMENTS A 1,167,813 902,952 Non-current and current financial debt (IFRS) 1,170,813 923,085 TOTAL FINANCIAL DEBT AT BALANCE SHEET DATE B 1,170,813 923,085 HEDGE RATIO* A/B 99.7% 97.8% 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: 330 331 WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION
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10.3 Property report Below we provide research on the logistics property markets, prepared in collaboration with our independent valuation experts at JLL. This research covers the countries and submarkets where properties subject to valuation are located, including the Belgian, Dutch, French and German industrial markets. 10.3.1 Belgium – Market Summary 10.3.1.1 Occupier market Take-up In 2025, demand for industrial premises fell for the second consecutive year . Assets in strategic locations recorded significant rental growth, while the increase in vacancy rates reflects the ongoing imbalance between limited quality supply and strong occupier demand for prime assets. Furthermore, the difficult economic and geopolitical environment caused occupiers to delay expansion and maintain their existing real estate positions Consequently, transaction volumes in the logistics occupier market declined compared to previous years of exceptionally high activity, as the market adjusts towards a new equilibrium. As a result, take-up was significantly lower than in 2024. Our key observation is that volumes declined across all locations, except along the Antwerp–Limburg–Liège (E313) logistics corridor , which recorded a record volume in 2025: activity here was twice as high as in 2024, driven mainly by large transactions in Beringen and Bilzen. A total of 586,000 m² of logistics space was let or sold to end users in Belgium in 2025, marking a ten-year low and an 18% decline year-on-year . The annual volume remained 32% below the ten-year average for the 2015–2024 period. Transaction activity remained relatively subdued, with 46 deals signed in 2025 versus 58 in 2024, marking a 21% decline. The average transaction size in 2025 was approximately 12,700 m², below the ten-year average of 13,850 m², reflecting smaller deal sizes across nearly all logistics corridors, despite significant variations between them. The average transaction size varied significantly: around 7,500 m² on the Antwerp–Brussels axis, compared to over 18,000 m² on the E313 corridor . There were relatively few large transactions. In contrast, activity in the 5,000–10,000 m² segment exceeded levels seen over the past five years. Despite weaker demand, rents continued to rise due to limited supply and higher construction costs. Rents particularly rose in the logistics areas around Brussels and Ghent. Prime rent in Belgium now stands at €75 per m²/year . 10.3.1.2 Investment market While the occupier market recorded a decline, the real estate investment market delivered an exceptionally strong performance in 2025. After a cautious recovery in 2024, the Belgian industrial real estate investment market continued to grow, reaching its highest annual volume on record. Total investment volume for 2025 reached €1.27 billion, up from €474 million in 2024. One of the most notable developments in 2025 was the presence of foreign investors who, alongside strong domestic investor groups, reaffirmed Belgium’s appeal as one of Europe’s key logistics markets. For the first time, industrial and logistics took the lead as the largest asset class, accounting for 28% of total commercial real estate investment in Belgium, surpassing offices and retail. For the first time, more than 40 investment transactions were recorded. Of the 41 transactions completed, 5 were worth more than €100 million. By comparison, there were four over the past five years combined. The return of large-scale transactions was one of the key developments in 2025. The €5–10 million segment saw particularly strong activity, with 11 transactions compared to 5 in 2024, while the average deal size nearly doubled to €32.7 million. Core transactions, centred on prime assets in top-tier locations, continued the growth momentum of 2024, ahead of value-add deals, which offer redevelopment potential and accounted for a quarter of total transactions. Flanders dominated investment activity, accounting for 95% of total volume, followed by Wallonia with 5%, while the Brussels- Capital Region saw no investment activity. Belgian investors dominate the market Belgian investors have traditionally been the most active in this investment market, and this remained the case in 2025, although their market share declined slightly. They accounted for 70% of total investment volume, down from 81%1 in 2024. Foreign investors—mainly fund managers—were involved in 6 of the 41 transactions. 2025 saw several large portfolio transactions, including the acquisition of the Weerts Logistics Portfolio by Intervest, the sale of the Logicor Portfolio by Blackstone to Ares Management Corporation, and the acquisition of the Metro-Makro portfolio by LCV Real Estate. Investment activity leaned heavily towards logistics, which attracted 71% of total capital, compared to 29% for semi- industrial. This imbalance was less pronounced in 2024. JLL recorded 19 logistics transactions totalling over 1 million m², representing an investment value of €1 billion. In contrast, 22 transactions were completed for semi-industrial buildings, totaling 433,860 m² and an investment value of €365 million. Prime yields begin to level out Logistics and industrial real estate is considered resilient in times of crisis and continues to attract both domestic and international investors. Strong demand for this asset type drove the prime yield down to 4.9% at the start of 2025, a compression of 10 basis points compared to 2024. This decline in prime yield was linked to Deka Immobilien’s acquisition of a new-build project in Mechelen, located along the Brussels–Antwerp corridor . The prime yield remained unchanged at that level through to the end of the year . The prime yield for semi-industrial properties for 2025 remained stable at 6.2%. 10.3.1.3 Outlook As we look ahead to 2026, the resilience of the semi-industrial sector signals continued growth, while the logistics segment is adapting to changing conditions. Larger transactions are increasingly taking longer to complete. Even as vacancy rates rise, new buildings in prime locations continue to see rental uplift, signaling a market in transition where quality and location matter most. The investment pipeline for the coming year is strong. The market expects the sale of the Audi Brussels site, currently under due diligence. International investors have re-entered the market, showing strong interest in Belgian assets, valued for their strategic position at the heart of Europe and their ability to serve multiple countries. Prime rents (€/m2/year) Brussels 75 +9% y/y Antwerp 68 = y/y Ghent 62.5 +14% y/y E313 56 +2% y/y Liège 55 = y/y Prime yieldsTake-up 4.90%586,000 m2 5.00%708,000 m2 2025 2025 2024 2024 (1) The figures may differ slightly from those in the previous annual report due to retrospective adjustments to JLL ’s research figures. 332 333 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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10.3.2 The Netherlands – Market Summary Prime rents (€/m2/year) Amsterdam 110 = y/y Amsterdam (Schiphol) 110 = y/y Rotterdam 105 = y/y Tilburg / Waalwijk Region 90 = y/y Utrecht 90 = y/y Eindhoven 85 = y/y Venlo / Venray Region 85 = y/y Breda / Moerdijk Region 85 = y/y Prime yieldsTake-up 4.70%1.6 m m2 4.70% 2.1 m m2 2025 2025 2024 2024 10.3.2.1 Occupier market Take-up The Dutch logistics occupier market showed resilience in 2025, ending the year on a stronger footing despite challenges. Total logistics take-up in the Netherlands amounted to 1.6 million m² in 2025, a 28% y/y decline compared to 2.1 million m² in 2024. Occupiers navigated a volatile macroeconomic landscape, shaped by tariff negotiations and ongoing uncertainty. Leasing momentum accelerated sharply in Q4, with take-up doubling compared to Q3 and deal volumes reaching their highest level since 2022. This year-end recovery signalled improved sentiment and a return of confidence among occupiers. Demand remained focused on established logistics clusters, which recorded higher deal volumes compared to 2024. Occupiers favoured these prime hubs, driven by superior connectivity and supply chain efficiency. Vacancy and future supply By the end of 2025, total logistics vacancy had risen to 5.7%, up from 3.3% a year earlier . As vacancy rates rose nationwide, overall rental growth remained subdued, although prime assets in supply-constrained markets still achieved modest increases. Overall supply continued to gradually increase. Rental prices The average logistics rent in the Netherlands reached €76 per m²/ year in 2025, a slight decrease compared to €78 per m²/year in Q4 2024. Growing national availability acted as a brake on overall rental growth. At the same time, rental incentives continued to rise, as landlords focused on sustaining occupancy levels. Prime rents for logistics assets in Amsterdam remained stable year-on-year in 2025, at €110 per m²/year . Prime rents in the Rotterdam distribution hub also remained unchanged at €105 per m²/year . 10.3.2.2 Investment market The investment market showed notable resilience in 2025, with a sharp increase in investor activity in the final quarter , echoing the recovery in occupier demand. A strong final quarter saw €1 billion in transactions completed, bringing the total annual investment volume to €2.17 billion, representing a 6% increase compared to 2024.1. A rise in large transactions, comprising two portfolio deals and two single-asset deals exceeding €100 million in 2025, drove activity, highlighting strong market liquidity and continued interest in large logistics assets. Despite heightened economic uncertainty, pricing in the prime segment proved resilient, with prime net initial yields (NIY) for logistics real estate remaining stable at 4.70%. For semi-industrial buildings, the prime yield (NIY) stands at 5.75%, compared with 5.95% at the end of 2024. 10.3.2.3 Outlook Looking ahead to 2026, the Dutch logistics market is expected to see stable activity and a more selective investment environment. Occupier demand should remain supported by structural drivers such as supply chain diversification, near-shoring and infrastructure projects. Investment appetite for logistics assets is expected to remain resilient – albeit selective – primarily focused on core+, value-add and opportunistic strategies. While liquidity remains present, 2026 is expected to be characterised by stable volumes, disciplined pricing and sustained interest in high-quality, income-secure logistics assets. Despite ongoing economic uncertainty, the market has shown a strong capacity to adapt, culminating in a robust recovery in the Q4 2025. Demand for state-of-the-art, sustainable assets remains robust, with investors willing to pay a premium for high-quality properties with strong ESG credentials. The investment market reached a record volume in 2025, with large transactions expected in 2026, although a degree of normalisation after a record year is likely. (1) The figures may differ slightly from those in the previous annual report due to retrospective adjustments to JLL ’s research figures. 334 335 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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10.3.3 France – Market Summary Prime rents (€/m2/year) Paris 89 +14% y/y Lyon 71 +3% y/y Marseille 66 +2% y/y Lille 57 +2% y/y Prime yieldsTake-up 4.80%3.2 m m2 4.80% 3.3 m m2 2025 2025 2024 20241 10.3.3.1 Occupier market Take-up In 2025, the French occupier market recorded 3.2 million m² in transaction volume, down 4% year-on-year and 21% below the five-year average1. The market is going through a period of adjustment following post-pandemic record levels, against a backdrop of geopolitical uncertainty and more cautious economic decision-making. In 2025, the number of transactions remained stable at 186, in line with 2024.1 Market players are prioritising solutions aligned with immediate needs, in a market where supply remains polarised and primarily focused on La Dorsale. A segment-level analysis reveals a distinctly polarised market. Smaller formats (5,000–10,000 m²) remained resilient, growing by 1% to 562,400 m², underscoring the momentum of proximity- driven demand and urban densification strategies. By contrast, other segments declined, with transaction volume for logistics sites between 10,000 and 20,000 m² falling by 9% to 795,700 m², reflecting more cautious decisions by mid-sized companies. The picture shifts for larger formats (20,000–40,000 m²), where volumes rose by 20% to 931,100 m², highlighting a clear move towards strategic assets, fuelled by supply chain optimisation and the continued rise of e-commerce. In contrast, the XXL segment (>40,000 m²) declined by 20% to 885,350 m², underscoring the growing caution among large companies when it comes to committing to very large-scale investments in the current environment. Shippers represented around 54% of all signed transactions. This dynamic is largely fuelled by the continued rise of e-commerce, which keeps attracting large-scale transactions, particularly in XXL platforms and across the distribution sector . La Dorsale remains the driving force of the market, accounting for more than 53% of demand, supported by Hauts-de-France (21%) and the Paris market (20% of national demand). There continue to be heightened levels of immediate supply, with more than 4.7 million m² available – largely used (72%) – as vacancy ticked up slightly to 6.8%, from 5.9% at the end of 2024. Prime rents Prime logistics rents edged up across most markets year-on-year , as occupiers’ operational urgency continues to drive shorter negotiations in favour of landlords. Prime rents in the Paris region (Île-de-France) have reached €89 per m²/year . Prime rent in Lyon stands at €71 per m²/year . 10.3.3.2 Investment market The logistics and industrial market saw investment volumes fall to €4.2 billion in 2025, marking a 19% decline from the previous year . Despite the decline, the sector continues to hold a strong position, accounting for 30% of total investment in France (€14.4 billion), exceeding the five-year average. In contrast, transaction volumes edged up to 266 deals this year , from 241 in 20241, highlighting continued investor appetite. An analysis of investment by deal size highlights contrasting dynamics across different transaction scales. Transactions below €50 million saw a 45% increase in volume, accounting for 93% of all deals. This contrasts sharply with the declines seen in larger transaction volumes. Transactions between €50 million and €100 million declined by 27% in volume, while those in the €100–€300 million range fell by 51%. The lack of transactions over €300 million underscores this trend, compared to two deals of this scale recorded in the previous year . Foreign investors remain the main drivers of the logistics and industrial market, accounting for 57% of invested volumes, broadly in line with the previous year . Many of them were behind the year’s most significant transactions, such as EQT Partners and M7, both on behalf of Blackstone. This year , investment volumes in core+ transactions, while still representing the majority, declined slightly, losing ground to value-add transactions, which now account for nearly one-third of invested volumes. Prime yields Prime yields remained stable compared to 2024, standing at 4.80% for logistics warehouses and 5.80% for semi-industrial premises. 10.3.3.3 Outlook At this stage, the occupier market is not expected to see a rapid recovery. Companies remain in a prolonged phase of strategic reflection, as external forces continue to shape the market environment. In the investment market, the disconnect between available supply and active capital helps explain the subdued level of activity. While investment strategies regained traction towards the end of 2025, the continued high level of OAT yields casts uncertainty over the stability of returns. Looking ahead to 2026, a recovery could begin to take shape, supported by the arrival of sizeable portfolios and a potential stabilisation of the letting market. (1) The figures may differ slightly from those in the previous annual report due to retrospective adjustments to JLL ’s research figures. 336 337 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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10.3.4 Germany – Market Summary Prime rents (€/m2/year) Munich 128 = y/y Berlin 126 = y/y Düsseldorf 108 = y/y Hamburg 102 = y/y Frankfurt 98 +3% y/y Prime yieldsTake-up 4.50%5.78 m m2 4.30% 5.47 m m2 2024 2025 2023 2024 10.3.4.1 Occupier market Take-up In 2025, approximately 5.78 million m² was leased or sold to end users in Germany’s logistics and industrial market. This exceeded the 2024 result by 6%, but remained 20% below the five-year average. Owner-occupiers accounted for around a quarter of total take-up (1.4 million m²). The number of transactions increased slightly, rising by 2% year-on-year to 693 deals. Compared to the five-year average (760 contracts), this represents a 9% decline. In the Big 5 markets (Berlin, Düsseldorf, Frankfurt, Hamburg and Munich), transaction volume reached 1.71 million m² in 2025, a 23% increase from 2024. The year-on-year rise in take-up was driven by increased demand across all sectors, led by the distribution sector and retailers. However , compared with the five-year average, this still represents a fall of 11%. Beyond the Big 5, some 4.07 million m² was leased or sold to owner-occupiers. This is broadly in line with 2024. The market is performing significantly below its five-year average (-23%). In the 10,000 m² and above segment, 41 transactions were completed, accounting for a total of 786,000 m². In 2024, there were only 26 deals in this segment, accounting for a total of 464,000 m². Frankfurt retained its leading position in 2025, with take-up reaching 462,800 m², a 9% y/y increase. Berlin ranks next with 432,200 m² (+53%), Hamburg with 343,800 m² (+45%) and Munich with 236,000 m² (+29%). At 235,900 m² (-8%), the Düsseldorf region was the only one to fall short of its 2024 volume. The Ruhr region once again achieved the highest take-up among regions outside the Big 5, at approximately 672,300 m², a 56% increase compared to 2024. The Rhine-Neckar and Bremen regions follow at a considerable distance, with 262,100 m² (+102%) and 220,500 m² (+45%) respectively. The largest transactions occurred in existing properties, including a lease of around 90,000 m² by a logistics service provider in the Rhine-Neckar region and a contract of approximately 80,000 m² for an online retailer in the Ruhr region. The largest owner- occupier transaction involved Birkenstock acquiring approximately 78,000 m² in the Dresden region. In Kremmen, near Berlin, owner-occupier Netto commenced construction of its 65,000 m² logistics centre. Looking at take-up above 5,000 m², distribution and logistics companies once again took the lead, accounting for around 2.32 million m² (45%). This brings the sector in line with its five-year average. In absolute terms, the sector maintains a lead of around 1 million m² over both manufacturing and retail. Demand from transport and logistics companies rose by 24% compared to 2024, while demand from manufacturing companies fell by 14%. Despite this, the manufacturing sector still accounted for a quarter of total take-up. Retailers achieved a share of 23%, representing an 8% increase compared to 2024. Prime rents Prime rents for units of 5,000 m² and above recorded year-on-year growth in four regions. Dresden registered the strongest increase at approximately 6%. Dortmund and Frankfurt followed with just over 3% each, and Kassel/Bad Hersfeld with 2.5%. Fifteen markets remained stable in 2025, with Leipzig/Halle the only region to see a decline, down 3% to €72 per m²/ear (€6.00 per m²/month). Munich tops the ranking with €128.4 per m²/ear (€10.70 per m²/ month), followed by Berlin at €126 per m²/year (€10.50 per m²/ month), with the Düsseldorf region ranking third at €108 per m²/ year (€9.00 per m²/month). Over the past five years, prime rents have increased across all analysed markets, albeit to varying degrees. The Hannover/ Braunschweig region is at the lower end of the range with growth of 16%, while Berlin achieved growth of 91% over the five-year period. In nine markets, increases amounted to at least 50%. 10.3.4.2 Investment market The German logistics and industrial real estate investment market recorded a transaction volume of €6.45 billion in 2025. This represents a 19% decline compared to the previous year and marks the weakest result of the past five years. However , the number of transactions increased by 6% to 253 investment deals. Q4 contributed approximately €2.2 billion, accounting for 35% of the annual total. This subdued result is attributable to the noticeable decline in large transactions exceeding €100 million. Only nine transactions were recorded in this segment in 20251, compared to 25 deals in 2024. Key transactions during the year included four portfolio deals, among them “Project Helix” (Palmira Capital to Starwood) and “Project Aqua” (Blackstone to GLP). In addition, the Octo portfolio changed ownership, with P3 selling to JD Property, while Logicor sold the “G5” portfolio to Sweden-based EQT. Prime yields Prime yields in the Big Five saw a slight increase of 10 basis points in the final quarter . Prime yields in Berlin and Düsseldorf now stand at 4.6%, while Frankfurt, Hamburg and Munich are at 4.5%. 10.3.4.3 Outlook In the rental market, many companies remain cautious due to ongoing geopolitical uncertainties and subdued consumer confidence. As a result, businesses are carefully reassessing their expansion decisions, with processes becoming more prolonged. As a result, a sideways trend is expected for 2026, with total take-up broadly in line with 2025. New market entrants are expected to provide positive momentum, particularly driven by increasing demand from Asian trading and logistics companies showing interest in modern buildings in Germany. Demand remains robust in certain regions, although available space is in short supply. Given the limited volume of speculative development, modest rental growth is anticipated in these areas. In the investment market, logistics real estate continues to be a key focus for international investors. In 2025, international market players were significantly more active on the buy side (67%) than on the sell side (22%), resulting in a net expansion of their real estate portfolios of more than €2.8 billion. The trend observed in recent years – with international companies consistently expanding their industrial and logistics investments in Germany – is expected to continue into 2026. The year is likely to be characterized by a high number of individual transactions and further momentum in the portfolio segment. Persistently limited liquidity in the core segment contrasts with strong liquidity in the value-add and core-plus segments. Prime pricing is expected to be achieved only for top-tier assets. For core products, alongside location quality, tenant covenant strength will be a key consideration and both factors will be carefully assessed in acquisition decisions. (1) The figures may differ slightly from those in the previous annual report due to retrospective adjustments to JLL ’s research figures. 338 339 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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10.4 Valuation reports 10.4.1 Real estate expert conclusions 340 341 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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(1) The fair value of the property is stated including 40% of the fair value of the project in Liège, reflecting Montea’s stake in the joint venture. Excluding this, the fair value of Montea NV’s property amounts to EUR 3,048,043,444. 1 342 343 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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10.4.2 Auditor’s report on 2025 outlook Besloten Vennootschap Société à responsabilité limitée RPR Brussel - RPM Bruxelles – BTW–TVA BE 0446.334.711 – IBAN N° BE71 2100 9059 0069 * handelend in naam van een vennootschap/agissant au nom d’une société A member firm of Ernst & Young Global Limited EY Bedrijfsrevisoren EY Réviseurs d’Entreprises Kouterveldstraat 7B 001 B-1831 Diegem Tel: +32 (0)2 774 91 11 ey.com Statutory auditor’s report on the earnings forecasts or estimates of Montea NV As a statutory auditor of Montea NV (the “company”), we have, upon request by the Board of Directors, prepared the present report on the forecasts of the EPRA earnings per share (as defined in the report “Best Practices Recommendations (BPR) Guidelines” of September 2024 of the European Public Real Estate Association) for the 12 months periods ending 31 December 2026 (the “Forecast”) of Montea NV, included in chapter 5.4 “Earnings forecasts or estimates” of their yearly financial report as of 31 December 2025 as approved by the board of directors on 25 March 2026 of the Company. The assumptions included in chapter 5.4 “Earnings forecasts or estimates” result in the following consolidated financial forecast for the accounting year 2026: EPRA earnings per share: € 5,23 Board of Director’s responsibility It is the Company’s board of directors’ responsibility to prepare the consolidated financial forecasts and the main assumptions upon which the Forecast is based. Auditor’s responsibility It is our responsibility to provide an opinion on the consolidated financial forecasts, prepared appropriately on the basis of the above assumptions. We are not required nor do we express an opinion on the possibility to achieve that result or on the assumptions underlying this Forecast. We performed our work in accordance with the auditing standards applicable in Belgium , as issued by the Institute of Registered Auditors (Institut des Réviseurs d’Entreprises/Instituut van de Bedrijfsrevisoren), including the related guidance of its research institute and the standard “International Standard on Assurance Engagements 3400” related to the examination of forecast information. Our work included an evaluation of the procedures undertaken by the Board of Directors in compiling the forecasts and procedures aimed at verifying the consistency of the methods used for the Forecast with the accounting policies normally adopted by Montea NV. We planned and performed our work so as to obtain all the information and explanations that we considered necessary in order to provide us with reasonable assurance that the forecasts have been properly compiled on the basis stated. Opinion We have examined the EPRA earnings per share of Montea NV for the financial year 2026 in accordance with the International Standard on Assurance Engagements applicable to the examination of prospective financial information. Board of director’s is responsible for the consolidated financial forecasts including the assumptions referenced above. In our opinion the forecast is properly prepared on the basis of the assumptions and is presented in accordance with the accounting policies applied by Montea NV for the consolidated financial statements of 2025. Statutory auditor’s report of 16 April 2026 on the consolidated financial forecasts of Montea NV 2 Since the Forecast and the assumptions on which they are based relate to the future and may therefore be affected by unforeseen events, we can express no opinion as to whether the actual results reported will correspond to those shown in the forecasts. Any differences may be material. Brussels, 16 April 2026 EY Bedrijfsrevisoren BV Statutory auditor represented by Christophe Boschmans* Partner * Acting on behalf of a BV 26CBO0131 Digitally signed by Christophe Boschmans (Signature) DN: cn=Christophe Boschmans (Signature), c=BE Date: 2026.04.16 09:09:25 +02'00' Christophe Boschmans (Signature) 344 345 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Besloten vennootschap Société à responsabilité limitée RPR Brussel - RPM Bruxelles - BTW-TVA BE0446.334.711-IBAN N° BE71 2100 9059 0069 *handelend in naam van een vennootschap:/agissant au nom d'une société A member firm of Ernst & Young Global Limited EY Bedrijfsrevisoren EY Réviseurs d’Entreprises Kouterveldstraat 7B 001 B-1831 Diegem Tel: +32 (0)2 774 91 11 ey.com Independent auditor’s report to the general meeting of Montea NV for the year ended 31 December 2025 In the context of the statutory audit of the Consolidated Financial Statements) of Montea NV (the “Company”) and its subsidiaries (together the “Group”), we report to you as statutory auditor. This report includes our opinion on the consolidated balance sheet as at 31 December 2025, the consolidated income statement before profit distribution, the consolidated statement of comprehensive income before appropriation of profit, the consolidated cash flow statement, and the statement of changes in consolidated equity and reserves for the year ended 31 December 2025 and the disclosures including material accounting policy information (all elements together the “Consolidated Financial Statements”) as well as our report on other legal and regulatory requirements. These two reports are considered one report and are inseparable. We have been appointed as statutory auditor by the shareholders’ meeting of 20 May 2025, in accordance with the proposition by the Board of Directors following recommendation of the Audit Committee. Our mandate expires at the shareholders’ meeting that will deliberate on the Consolidated Financial Statements for the year ending 31 December 2027. We performed the audit of the Consolidated Financial Statements of the Group during 16 consecutive years. Report on the audit of the Consolidated Financial Statements Unqualified opinion We have audited the Consolidated Financial Statements of Montea NV, that comprise of the consolidated balance sheet on 31 December 2025, the consolidated income statement before profit distribution, the consolidated statement of comprehensive income before appropriation of profit, the consolidated cash flow statement, and the statement of changes in consolidated equity and reserves of the year and the disclosures including, material accounting policy information, which show a consolidated balance sheet total of € 3.261.957 thousand and of which the consolidated income statement shows a net result of € 163.267 thousand. In our opinion, the Consolidated Financial Statements give a true and fair view of the consolidated net equity and financial position as at 31 December 2025, and of its consolidated results for the year then ended, prepared in accordance with the IFRS Accounting Standards as adopted by the European Union and with applicable legal and regulatory requirements in Belgium. Basis for the unqualified opinion We conducted our audit in accordance with International Standards on Auditing (“ISA’s”) applicable in Belgium. In addition, we have applied the ISA's approved by the International Auditing and Assurance Standards Board (“IAASB”) that apply at the current year-end date and have not yet been approved at national level. Our responsibilities under those standards are further described in the “Our responsibilities for the audit of the Consolidated Financial Statements” section of our report. We have complied with all ethical requirements that are relevant to our audit of the Consolidated Financial Statements in Belgium, including those with respect to independence. We have obtained from the Board of Directors and the officials of the Company the explanations and information necessary for the performance of our audit and we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 10.4.3 Auditor’s report to the General Shareholders’ Meeting for the company Montea NV for the financial year ended 31 December 2025 (consolidated) Audit report dated 16 April 2026 on the Consolidated Financial Statements of Montea NV as of and for the year ended 31 December 2025 (continued) 2 Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Consolidated Financial Statements of the current reporting period. These matters were addressed in the context of our audit of the Consolidated Financial Statements as a whole and in forming our opinion thereon, and consequently we do not provide a separate opinion on these matters. Valuation Investment Properties Description of the key audit matter Investment property amounts to a significant part (91%) of the assets of the Group. As at 31 December 2025, the investment properties on the assets of the balance sheet amount to € 2.980.479 thousand. In accordance with the accounting policies and IAS 40 standard “Investment property”, investment property is measured at fair value, and the changes in the fair value of investment property are recognized in the income statement. The fair value of investment properties belongs to the level 3 in the fair value hierarchy as defined within the IFRS 13 standard “Fair Value Measurement”. Some assumptions used for valuation purposes are based on data that can be observed only to a limited extent (discount rate, future occupancy rate, …) and therefore require judgement from management. The audit risk appears in the valuation of these investment properties and is therefore considered a Key Audit Matter . Summary of the procedures performed The Group uses external experts to make an estimate of the fair value of its buildings. We have assessed the valuation reports of the external experts (with the support of our internal valuation experts). More precisely, we have: • assessed the objectivity, the independence and the competence of the external experts, • tested the integrity of source data (contractual rentals, maturities of the rental contracts, …) used in their calculations and reconciled with underlying contracts for a sample; • assessed the models and assumptions used in their reports (discount rates, future occupancy rates, …) for a sample; Finally, we have assessed the appropriateness of the information on the fair value of the investment properties disclosed in note 19 of the Consolidated Financial Statements. Responsibilities of the Board of Directors for the preparation of the Consolidated Financial Statements The Board of Directors is responsible for the preparation of the Consolidated Financial Statements that give a true and fair view in accordance with the IFRS Accounting Standards as adopted by the European Union and with applicable legal and regulatory requirements in Belgium and for such internal controls relevant to the preparation of the Consolidated Financial Statements that are free from material misstatement, whether due to fraud or error . As part of the preparation of Consolidated Financial Statements, the Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, and provide, if applicable, information on matters impacting going concern, The Board of Directors should prepare the financial statements using the going concern basis of accounting, unless the Board of Directors either intends to liquidate the Company or to cease business operations, or has no realistic alternative but to do so. 346 347 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Audit report dated 16 April 2026 on the Consolidated Financial Statements of Montea NV as of and for the year ended 31 December 2025 (continued) 3 Our responsibilities for the audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance whether the Consolidated Financial Statements are free from material misstatement, whether due to fraud or error , and to express an opinion on these Consolidated Financial Statements based on our audit. Reasonable assurance is a high level of assurance, but not a guarantee that an audit conducted in accordance with the ISA’s will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Statements. In performing our audit, we comply with the legal, regulatory and normative framework that applies to the audit of the Consolidated Financial Statements in Belgium. However, a statutory audit does not provide assurance about the future viability of the Company and the Group, nor about the efficiency or effectiveness with which the board of directors has taken or will undertake the Company's and the Group’s business operations. Our responsibilities with regards to the going concern assumption used by the board of directors are described below. As part of an audit in accordance with ISA’s, we exercise professional judgment and we maintain professional skepticism throughout the audit. We also perform the following tasks: • identification and assessment of the risks of material misstatement of the Consolidated Financial Statements, whether due to fraud or error, the planning and execution of audit procedures to respond to these risks and obtain audit evidence which is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting material misstatements resulting from fraud is higher than when such misstatements result from errors, since fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; • obtaining insight in the system of internal controls that are relevant for the audit and with the objective to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s or Group’s internal control; • evaluating the selected and applied accounting policies, and evaluating the reasonability of the accounting estimates and related disclosures made by the Board of Directors as well as the underlying information given by the Board of Directors; • conclude on the appropriateness of the Board of Directors’ use of the going-concern basis of accounting, and based on the audit evidence obtained, whether or not a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s or Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Consolidated Financial Statements or , if such disclosures are inadequate, to modify our opinion. Our conclusions are based on audit evidence obtained up to the date of the auditor’s report. However , future events or conditions may cause the Company to cease to continue as a going-concern; • evaluating the overall presentation, structure and content of the Consolidated Financial Statements, and evaluating whether the Consolidated Financial Statements reflect a true and fair view of the underlying transactions and events. We communicate with the Audit Committee within the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Because we are ultimately responsible for the opinion, we are also responsible for directing, supervising and performing the audits of the subsidiaries. In this respect we have determined the nature and extent of the audit procedures to be carried out for group entities. Audit report dated 16 April 2026 on the Consolidated Financial Statements of Montea NV as of and for the year ended 31 December 2025 (continued) 4 We provide the Audit Committee within the Board of Directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the Audit Committee within the Board of Directors, we determine those matters that were of most significance in the audit of the Consolidated Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our report, unless the law or regulations prohibit this. Report on other legal and regulatory requirements Responsibilities of the Board of Directors The Board of Directors is responsible for the preparation and the content of the Board of Directors’ report on the Consolidated Financial Statements, and other information included in the annual report. Responsibilities of the auditor In the context of our mandate and in accordance with the additional standard to the ISA’s applicable in Belgium, it is our responsibility to verify, in all material respects, the Board of Directors’ report on the Consolidated Financial Statements, and other information included in the annual report, as well as to report on these matters. Aspects relating to Board of Directors’ report and other information included in the annual report In our opinion, after carrying out specific procedures on the Board of Directors’ report, the Board of Directors’ report is consistent with the Consolidated Financial Statements and has been prepared in accordance with article 3:32 of the Code of companies and associations. In the context of our audit of the Consolidated Financial Statements, we are also responsible to consider whether, based on the information that we became aware of during the performance of our audit, the Board of Directors’ report and other information included in the annual report, being: • Group results – part 5.1 • Financial reporting: EPRA BPR tables – • part 10.1.1 • Alternative Performance Measures - basis of calculation – part 10.2 contain any material inconsistencies or contains information that is inaccurate or otherwise misleading. In light of the work performed, there are no material inconsistencies to be reported. Independence matters Our audit firm and our network have not performed any services that are not compatible with the audit of the Consolidated Financial Statements and have remained independent of the Company during the course of our mandate. The fees related to additional services which are compatible with the audit of the Consolidated Financial Statements as referred to in article 3:65 of the Code of companies and associations were duly itemized and valued in the notes to the Consolidated Financial Statements. European single electronic format (“ESEF”) In accordance with the standard on the audit of the conformity of the financial statements with the European single electronic format (hereinafter "ESEF"), we have carried out the audit of the compliance of the ESEF format with the regulatory technical standards set by the European Delegated Regulation No 2019/815 of 17 December 2018 (hereinafter: "Delegated Regulation"). 348 349 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Audit report dated 16 April 2026 on the Consolidated Financial Statements of Montea NV as of and for the year ended 31 December 2025 (continued) 5 The board of directors is responsible for the preparation, in accordance with the ESEF requirements, of the consolidated financial statements in the form of an electronic file in ESEF format in the official Dutch language (hereinafter 'the digital consolidated financial statements') included in the annual financial report available on the portal of the FSMA (https://www.fsma.be/nl/stori) in the official Dutch language. It is our responsibility to obtain sufficient and appropriate supporting evidence to conclude that the format and markup language of the digital consolidated financial statements comply in all material respects with the ESEF requirements under the Delegated Regulation. Based on the work performed by us, we conclude that the format and tagging of information in the digital consolidated financial statements of Montea NV per 31 December 2025 included in the annual financial report available on the portal of the FSMA(https://www.fsma.be/nl/stori) in the official Dutch language are, in all material respects, in accordance with the ESEF requirements under the Delegated Regulation. Other communications. • This report is consistent with our supplementary declaration to the Audit Committee as specified in article 11 of the regulation (EU) nr . 537/2014. Brussels, 16 April 2026 EY Bedrijfsrevisoren BV Statutory auditor Represented by Christophe Boschmans* Partner *Acting on behalf of a BV 26CBO0128 Digitally signed by Christophe Boschmans (Signature) DN: cn=Christophe Boschmans (Signature), c=BE Date: 2026.04.16 09:08:00 +02'00' Christophe Boschmans (Signature) 350 351 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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10.4.4 Auditor’s report to the General Shareholders’ Meeting for the company Montea NV for the financial year ended 31 December 20251 Besloten vennootschap Société à responsabilité limitée RPR Brussel - RPM Bruxelles - BTW-TVA BE0446.334.711-IBAN N° BE71 2100 9059 0069 *handelend in naam van een vennootschap:/agissant au nom d'une société A member firm of Ernst & Young Global Limited EY Bedrijfsrevisoren EY Réviseurs d’Entreprises Kouterveldstraat 7B 001 B-1831 Diegem Tel: +32 (0)2 774 91 11 ey.com Verslag van de commissaris aan de algemene vergadering van Montea NV over het boekjaar afgesloten op 31 december 2025 In het kader van de wettelijke controle van de jaarrekening van Montea NV (de “Vennootschap”), brengen wij u verslag uit in het kader van ons mandaat van commissaris. Dit verslag omvat ons oordeel over de balans op 31 december 2025, de resultatenrekening, het globaal resultaat vóór winstverdeling, de mutatietabel eigen vermogen en detail reserves, en het kasstroomoverzicht van het boekjaar afgesloten op 31 december 2025 en over de toelichting, met informatie van materieel belang over de gehanteerde grondslagen voor financiële verslaggeving (alle stukken gezamenlijk de “Jaarrekening”) en omvat tevens ons verslag betreffende overige door wet- en regelgeving gestelde eisen. Deze verslagen zijn één en ondeelbaar. Wij werden als commissaris benoemd door de algemene vergadering op 20 mei 2025, overeenkomstig het voorstel van het bestuursorgaan uitgebracht op aanbeveling van het auditcomité. Ons mandaat loopt af op de datum van de algemene vergadering die zal beraadslagen over de Jaarrekening afgesloten op 31 december 2027. We hebben de wettelijke controle van de Jaarrekening van de Vennootschap uitgevoerd gedurende 16 opeenvolgende boekjaren. Verslag over de controle van de Jaarrekening Oordeel zonder voorbehoud Wij hebben de wettelijke controle uitgevoerd van de Jaarrekening van Montea NV, die de balans op 31 december 2025 omvat, alsook de resultatenrekening, het globaal resultaat vóór winstverdeling, de mutatietabel eigen vermogen en detail reserves, en het kasstroomoverzicht over het boekjaar afgesloten op die datum en de toelichting met inbegrip van de materieel belang zijnde gehanteerde grondslagen voor financiële verslaggeving, met een balanstotaal van € 3.252.084 duizend en waarvan de resultatenrekening afsluit met een netto resultaat van € 163.267 duizend. Naar ons oordeel geeft de Jaarrekening een getrouw beeld van het eigen vermogen en van de financiële positie van de Vennootschap op 31 december 2025, alsook van de resultaten en de kasstromen voor het boekjaar dat op die datum is afgesloten, in overeenstemming met de IFRS Accounting Standards zoals goedgekeurd door de Europese Unie en met de in België van toepassing zijnde wettelijke en reglementaire voorschriften. Basis voor ons oordeel zonder voorbehoud We hebben onze controle uitgevoerd in overeenstemming met de International Standards on Auditing (“ISA’s”) die van toepassing zijn in België. Wij hebben bovendien de door International Auditing and Assurance Standards Board (“IAASB”) goedgekeurde ISA’s toegepast die van toepassing zijn op huidige afsluitingsdatum en nog niet goedgekeurd zijn op nationaal niveau. Onze verantwoordelijkheden uit hoofde van die standaarden zijn nader beschreven in het gedeelte “Onze verantwoordelijkheden voor de controle van de Jaarrekening” van ons verslag. Wij hebben alle deontologische vereisten die relevant zijn voor de controle van de Jaarrekening in België nageleefd, met inbegrip van deze met betrekking tot de onafhankelijkheid. Wij hebben van het bestuursorgaan en van de aangestelden van de Vennootschap de voor onze controle vereiste ophelderingen en inlichtingen verkregen. Verslag van de commissaris van 16 april 2026 over de Jaarrekening van Montea NV over het boekjaar afgesloten op 31 december 2025 (vervolg) 2 Wij zijn van mening dat de door ons verkregen controle-informatie voldoende en geschikt is als basis voor ons oordeel. Kernpunten van de controle De kernpunten van onze controle betreffen die aangelegenheden die volgens ons professioneel oordeel het meest significant waren bij onze controle van de Jaarrekening van de huidige verslagperiode. Deze aangelegenheden werden behandeld in de context van onze controle van de Jaarrekening als een geheel en bij het vormen van ons oordeel hieromtrent en derhalve formuleren wij geen afzonderlijk oordeel over deze aangelegenheden. Waardering van de vastgoedbeleggingen Beschrijving van het kernpunt De vastgoedbeleggingen vertegenwoordigen een aanzienlijk aandeel (41%) van de activa van de Vennootschap. Op 31 december 2025 zijn deze terug te vinden onder de rubriek ‘vastgoedbeleggingen’ van het actief van de balans voor een totaalbedrag van € 1.333.996 duizend. Overeenkomstig de waarderingsregels en de IAS 40 norm “Vastgoedbeleggingen” worden deze vastgoedbeleggingen gewaardeerd tegen de reële waarde, de waarde-wijzigingen worden opgenomen in de resultatenrekening. De reële waarde van deze vastgoedbeleggingen wordt geclassificeerd onder niveau 3 van de reële waarde hiërarchie zoals gedefinieerd onder de IFRS 13 norm “De waardering tegen reële waarde”. Bepaalde hypotheses die gebruikt worden voor de waardering zijn gebaseerd op data die slechts beperkt waarneembaar zijn (verdisconteringsvoet, toekomstige bezettingsgraad,..) en vereisen daarom een inschatting van het management. Het auditrisico ligt in de waardering van deze vastgoedbeleggingen en is daarom een kernpunt van onze controle. Samenvatting van de uitgevoerde procedures De Vennootschap maakt gebruik van externe deskundigen om de reële waarde van zijn gebouwen te schatten. We hebben (met de hulp van onze eigen interne deskundigen) de waarderingsverslagen van deze externe deskundigen geëvalueerd. Specifiek hebben we: • de objectiviteit, onafhankelijkheid en competentie van de externe deskundigen geanalyseerd; • de integriteit van de belangrijkste brongegevens (contractuele huurprijs, duur van de huurovereenkomsten, ...) die gebruikt worden in hun berekeningen nagegaan en afgestemd met de onderliggende contracten voor een steekproef; • de modellen geëvalueerd, evenals de hypotheses die in hun verslagen zijn gebruikt (verdisconteringsvoet, toekomstige bezettingsgraden, …) voor een steekproef. Tenslotte hebben we de geschiktheid van de informatie over de reële waarde van de vastgoedbeleggingen in toelichting 7.2 en 7.31 van de Jaarrekening beoordeeld. Verantwoordelijkheden van het bestuursorgaan voor het opstellen van de Jaarrekening Het bestuursorgaan is verantwoordelijk voor het opstellen van de Jaarrekening die een getrouw beeld geeft in overeenstemming met de IFRS Accounting Standards zoals goedgekeurd door de Europese Unie en met de in België van toepassing zijnde wettelijke en reglementaire voorschriften, alsook voor een systeem van interne beheersing die het bestuursorgaan noodzakelijk acht voor het opstellen van de Jaarrekening die geen afwijking van materieel belang bevat die het gevolg is van fraude of van fouten. (1) The auditor’s report relating to the statutory annual accounts of Montea is drawn up exclusively in the language in which the full document is published. Besloten vennootschap Société à responsabilité limitée RPR Brussel - RPM Bruxelles - BTW-TVA BE0446.334.711-IBAN N° BE71 2100 9059 0069 *handelend in naam van een vennootschap:/agissant au nom d'une société A member firm of Ernst & Young Global Limited EY Bedrijfsrevisoren EY Réviseurs d’Entreprises Kouterveldstraat 7B 001 B-1831 Diegem Tel: +32 (0)2 774 91 11 ey.com Verslag van de commissaris aan de algemene vergadering van Montea NV over het boekjaar afgesloten op 31 december 2025 In het kader van de wettelijke controle van de jaarrekening van Montea NV (de “Vennootschap”), brengen wij u verslag uit in het kader van ons mandaat van commissaris. Dit verslag omvat ons oordeel over de balans op 31 december 2025, de resultatenrekening, het globaal resultaat vóór winstverdeling, de mutatietabel eigen vermogen en detail reserves, en het kasstroomoverzicht van het boekjaar afgesloten op 31 december 2025 en over de toelichting, met informatie van materieel belang over de gehanteerde grondslagen voor financiële verslaggeving (alle stukken gezamenlijk de “Jaarrekening”) en omvat tevens ons verslag betreffende overige door wet- en regelgeving gestelde eisen. Deze verslagen zijn één en ondeelbaar. Wij werden als commissaris benoemd door de algemene vergadering op 20 mei 2025, overeenkomstig het voorstel van het bestuursorgaan uitgebracht op aanbeveling van het auditcomité. Ons mandaat loopt af op de datum van de algemene vergadering die zal beraadslagen over de Jaarrekening afgesloten op 31 december 2027. We hebben de wettelijke controle van de Jaarrekening van de Vennootschap uitgevoerd gedurende 16 opeenvolgende boekjaren. Verslag over de controle van de Jaarrekening Oordeel zonder voorbehoud Wij hebben de wettelijke controle uitgevoerd van de Jaarrekening van Montea NV, die de balans op 31 december 2025 omvat, alsook de resultatenrekening, het globaal resultaat vóór winstverdeling, de mutatietabel eigen vermogen en detail reserves, en het kasstroomoverzicht over het boekjaar afgesloten op die datum en de toelichting met inbegrip van de materieel belang zijnde gehanteerde grondslagen voor financiële verslaggeving, met een balanstotaal van € 3.252.084 duizend en waarvan de resultatenrekening afsluit met een netto resultaat van € 163.267 duizend. Naar ons oordeel geeft de Jaarrekening een getrouw beeld van het eigen vermogen en van de financiële positie van de Vennootschap op 31 december 2025, alsook van de resultaten en de kasstromen voor het boekjaar dat op die datum is afgesloten, in overeenstemming met de IFRS Accounting Standards zoals goedgekeurd door de Europese Unie en met de in België van toepassing zijnde wettelijke en reglementaire voorschriften. Basis voor ons oordeel zonder voorbehoud We hebben onze controle uitgevoerd in overeenstemming met de International Standards on Auditing (“ISA’s”) die van toepassing zijn in België. Wij hebben bovendien de door International Auditing and Assurance Standards Board (“IAASB”) goedgekeurde ISA’s toegepast die van toepassing zijn op huidige afsluitingsdatum en nog niet goedgekeurd zijn op nationaal niveau. Onze verantwoordelijkheden uit hoofde van die standaarden zijn nader beschreven in het gedeelte “Onze verantwoordelijkheden voor de controle van de Jaarrekening” van ons verslag. Wij hebben alle deontologische vereisten die relevant zijn voor de controle van de Jaarrekening in België nageleefd, met inbegrip van deze met betrekking tot de onafhankelijkheid. Wij hebben van het bestuursorgaan en van de aangestelden van de Vennootschap de voor onze controle vereiste ophelderingen en inlichtingen verkregen. 352 353 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Verslag van de commissaris van 16 april 2026 over de Jaarrekening van Montea NV over het boekjaar afgesloten op 31 december 2025 (vervolg) 3 In het kader van de opstelling van de Jaarrekening is het bestuursorgaan verantwoordelijk voor het inschatten van de mogelijkheid van de Vennootschap om haar continuïteit te handhaven, het toelichten, indien van toepassing, van aangelegenheden die met continuïteit verband houden en het gebruiken van de continuïteitsveronderstelling tenzij het bestuursorgaan het voornemen heeft om de Vennootschap te vereffenen of om de bedrijfsactiviteiten stop te zetten of geen realistisch alternatief heeft dan dit te doen. Onze verantwoordelijkheden voor de controle over de Jaarrekening Onze doelstellingen zijn het verkrijgen van een redelijke mate van zekerheid over de vraag of de Jaarrekening als geheel geen afwijking van materieel belang bevat die het gevolg is van fraude of van fouten en het uitbrengen van een commissarisverslag waarin ons oordeel is opgenomen. Een redelijke mate van zekerheid is een hoog niveau van zekerheid, maar is geen garantie dat een controle die overeenkomstig de ISA’s is uitgevoerd altijd een afwijking van materieel belang ontdekt wanneer die bestaat. Afwijkingen kunnen zich voordoen als gevolg van fraude of fouten en worden als van materieel belang beschouwd indien redelijkerwijs kan worden verwacht dat zij, individueel of gezamenlijk, de economische beslissingen genomen door gebruikers op basis van de Jaarrekening, beïnvloeden. Bij de uitvoering van onze controle leven wij het wettelijk, reglementair en normatief kader dat van toepassing is op de controle van de Jaarrekening in België na. De wettelijke controle biedt geen zekerheid omtrent de toekomstige levensvatbaarheid van de Vennootschap, noch omtrent de efficiëntie of de doeltreffendheid waarmee het bestuursorgaan de bedrijfsvoering van de Vennootschap ter hand heeft genomen of zal nemen. Onze verantwoordelijkheden inzake de door het bestuursorgaan gehanteerde continuïteitsveronderstelling staan hieronder beschreven. Als deel van een controle uitgevoerd overeenkomstig de ISA’s, passen wij professionele oordeelsvorming toe en handhaven wij een professioneel-kritische instelling gedurende de controle. We voeren tevens de volgende werkzaamheden uit: • het identificeren en inschatten van de risico’s dat de Jaarrekening een afwijking van materieel belang bevat die het gevolg is van fraude of fouten, het bepalen en uitvoeren van controlewerkzaamheden die op deze risico’s inspelen en het verkrijgen van controle- informatie die voldoende en geschikt is als basis voor ons oordeel. Het risico van het niet detecteren van een van materieel belang zijnde afwijking is groter indien die afwijking het gevolg is van fraude dan indien zij het gevolg is van fouten, omdat bij fraude sprake kan zijn van samenspanning, valsheid in geschrifte, het opzettelijk nalaten om transacties vast te leggen, het opzettelijk verkeerd voorstellen van zaken of het doorbreken van het systeem van interne beheersing; • het verkrijgen van inzicht in het systeem van interne beheersing dat relevant is voor de controle, met als doel controlewerkzaamheden op te zetten die in de gegeven omstandigheden geschikt zijn maar die niet zijn gericht op het geven van een oordeel over de effectiviteit van het systeem van interne beheersing van de Vennootschap; • het evalueren van de geschiktheid van de gehanteerde grondslagen voor financiële verslaggeving en het evalueren van de redelijkheid van de door het bestuursorgaan gemaakte schattingen en van de daarop betrekking hebbende toelichtingen; Verslag van de commissaris van 16 april 2026 over de Jaarrekening van Montea NV over het boekjaar afgesloten op 31 december 2025 (vervolg) 4 • het concluderen van de aanvaardbaarheid van de door het bestuursorgaan gehanteerde continuïteitsveronderstelling, en op basis van de verkregen controle-informatie, concluderen of er een onzekerheid van materieel belang bestaat met betrekking tot gebeurtenissen of omstandigheden die significante twijfel kunnen doen ontstaan over de mogelijkheid van de Vennootschap om de continuïteit te handhaven. Als we besluiten dat er sprake is van een onzekerheid van materieel belang, zijn wij ertoe gehouden om de aandacht in ons commissarisverslag te vestigen op de daarop betrekking hebbende toelichtingen in de Jaarrekening of, indien deze toelichtingen inadequaat zijn, om ons oordeel aan te passen. Onze conclusies zijn gebaseerd op de controle- informatie die verkregen is tot op de datum van ons commissarisverslag. Toekomstige gebeurtenissen of omstandigheden kunnen er echter toe leiden dat de continuïteit van de Vennootschap niet langer gehandhaafd kan worden; • het evalueren van de algehele presentatie, structuur en inhoud van de Jaarrekening, en of deze Jaarrekening de onderliggende transacties en gebeurtenissen weergeeft op een wijze die leidt tot een getrouw beeld. Wij communiceren met het auditcomité binnen het bestuursorgaan, onder andere over de geplande reikwijdte en timing van de controle en over de significante controlebevindingen, waaronder eventuele significante tekortkomingen in de interne beheersing die we identificeren gedurende onze controle. We verstrekken aan het auditcomité binnen het bestuursorgaan een verklaring dat we de relevante deontologische vereisten inzake onafhankelijkheid naleven en we melden hierin alle relaties en andere aangelegenheden die redelijkerwijs onze onafhankelijkheid zouden kunnen beïnvloeden, alsook, voor zover van toepassing, de bijbehorende maatregelen die we getroffen hebben om onze onafhankelijkheid te waarborgen. Aan de hand van de aangelegenheden die met het auditcomité binnen het bestuursorgaan besproken worden, bepalen we de aangelegenheden die het meest significant waren bij de controle van de Jaarrekening over de huidige periode en die daarom de kernpunten van onze controle uitmaken. We beschrijven deze aangelegenheden in ons verslag, tenzij het openbaar maken van deze aangelegenheden is verboden door wet- of regelgeving. Verslag betreffende de overige door wet- en regelgeving gestelde eisen Verantwoordelijkheden van het bestuursorgaan Het bestuursorgaan is verantwoordelijk voor het opstellen en de inhoud van het jaarverslag, voor het naleven van de wettelijke en bestuursrechtelijke voorschriften die van toepassing zijn op het voeren van de boekhouding, alsook voor het naleven van het Wetboek van vennootschappen en verenigingen en van de statuten van de Vennootschap. Verantwoordelijkheden van de commissaris In het kader van ons mandaat en overeenkomstig de Belgische bijkomende norm (Herzien) bij de in België van toepassing zijnde ISA’s, is het onze verantwoordelijkheid om, in alle van materieel belang zijnde opzichten, het jaarverslag over de Jaarrekening, de andere informatie opgenomen in het jaarrapport te verifiëren, alsook verslag over deze aangelegenheden uit te brengen. 354 355 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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10.4.5 Auditor's sustainability assessment report (ISAE 3000) Besloten Vennootschap Société à responsabilité limitée RPR Brussel - RPM Bruxelles – BTW–TVA BE 0446.334.711 – IBAN N° BE71 2100 9059 0069 * handelend in naam van een vennootschap/agissant au nom d’une société A member firm of Ernst & Young Global Limited EY Bedrijfsrevisoren EY Réviseurs d’Entreprises Kouterveldstraat 7B 001 B-1831 Diegem Tel: +32 (0)2 774 91 11 ey.com Independent Auditor’s assurance report Introduction We were engaged by Montea NV to perform a limited assurance engagement in accordance with the International Standard on Assurance Engagements Other Than Audits or Reviews of Historical Financial Information (“ISAE 3000 revised”), thereafter referred to as “the Engagement”, to report on selected sustainability indicators included in chapter 10.5 “GRI content index” as listed in appendix 1 (“Subject Matter 1”) and the sustainability metrics included in chapter 10.1.2. “Sustainability Reporting: EPRA sBPR tables” (“Subject Matter 2”), as reported in the annual report of Montea NV (the “Report”) for the period from 1 January 2025 to 31 December 2025. Together, Subject Matters 1 and 2are referred to in this report as ‘the Subject Matters”. Other than as described in the preceding paragraph, which sets out the scope of our engagement, we did not perform assurance procedures on the remaining sustainability indicators included in the Report, and accordingly, we do not express a conclusion on this information. Criteria applied by Montea NV In preparing the sustainability indicators as listed in Appendix 1 (‘Subject Matter 1) in the Report, Montea NV applied, in all material respects, the Guidelines for the Preparation of the Sustainability Report of the Global Reporting Initiative (GRI) Standards. In preparing the EPRA sBPR tables (“Subject Matter 2”), Montea NV applied, in all material respects, the EPRA Sustainability Best Practice Recommendations (4th Edition) (“sBPR”). Together, the Guidelines for the Preparation of the Sustainability Report of the Global Reporting Initiative (GRI) Standards and the EPRA Sustainability Best Practice Recommendations (4th Edition) are referred to in this report as “the Criteria”. Montea’s responsibilities The management of Montea NV is responsible for selecting the Criteria, and for presenting the Subject Matters in accordance with the Criteria, in all material respects. This responsibility includes establishing and maintaining internal controls, maintaining adequate records and makin g estimates that are relevant to the preparation of the Subject Matters, such that it is free from material misstatement, whether due to fraud or error. EY’s responsibilities Our responsibility is to express a limited assurance conclusion on the Subject Matters, based on the evidence we obtained. We conducted our limited assurance engagement in accordance with the International Standard for Assurance Engagements Other Than Audits or Reviews of Historical Financial Information (“ISAE 3000 revised”), issued by the International Auditing and Assurance Standards Board. A limited assurance engagement undertaken in accordance with ISAE 3000 revised involves assessing the suitability of the Company’s use of the Criteria as the basis for the preparation of the Subject Matter, assessing the risks of material misstatement whether due to fraud or error, responding to the assessed risks as necessary in the circumstances, and evaluating the overall presentation of the Subject Matter. Verslag van de commissaris van 16 april 2026 over de Jaarrekening van Montea NV over het boekjaar afgesloten op 31 december 2025 (vervolg) 5 Aspecten betreffende het jaarverslag over de Jaarrekening Naar ons oordeel, na het uitvoeren van specifieke werkzaamheden op het jaarverslag over de Jaarrekening, stemt dit jaarverslag over de Jaarrekening overeen met de Jaarrekening voor hetzelfde boekjaar, enerzijds, en is dit jaarverslag over de Jaarrekening opgesteld overeenkomstig artikels 3:5 en 3:6 van het Wetboek van vennootschappen en verenigingen, anderzijds. In de context van onze controle van de Jaarrekening zijn wij tevens verantwoordelijk voor het overwegen, op basis van de kennis verkregen in de controle, of het jaarverslag over de Jaarrekening een afwijking van materieel belang bevat, hetzij informatie die onjuist vermeld is of anderszins misleidend is. In het licht van de werkzaamheden die wij hebben uitgevoerd, hebben wij geen afwijking van materieel belang te melden. Vermeldingen betreffende de sociale balans De sociale balans, neer te leggen overeenkomstig artikel 3:12, § 1, 8° van het Wetboek van vennootschappen en verenigingen, bevat, zowel qua vorm als qua inhoud, de door de wet vereiste inlichtingen, en bevat geen van materieel belang zijnde inconsistenties op basis van de informatie waarover wij beschikken in ons controledossier. Vermeldingen betreffende de onafhankelijkheid Ons bedrijfsrevisorenkantoor en ons netwerk hebben geen opdrachten verricht die onverenigbaar zijn met de wettelijke controle van de Jaarrekening en zijn in de loop van ons mandaat onafhankelijk gebleven tegenover de Vennootschap. De honoraria voor de bijkomende opdrachten die verenigbaar zijn met de wettelijke controle van de Jaarrekening bedoeld in artikel 3:65 van het Wetboek van vennootschappen en verenigingen werden correct vermeld en uitgesplitst in de toelichting bij de Jaarrekening. Andere vermeldingen • Onverminderd formele aspecten van ondergeschikt belang, werd de boekhouding gevoerd overeenkomstig de in België van toepassing zijnde wettelijke en reglementaire voorschriften. • De resultaatverwerking, die aan de algemene vergadering wordt voorgesteld, stemt overeen met de wettelijke en statutaire bepalingen. • Wij hebben geen kennis van verrichtingen of beslissingen die in overtreding met de statuten of Wetboek van vennootschappen en verenigingen zijn gedaan of genomen en die in ons verslag zouden moeten vermeld worden. • Wij hebben de vermogensrechtelijke gevolgen voor de Vennootschap van de beslissing betreffende de belangenconflicten zoals beschreven in de besluiten van het bestuursorgaan beoordeeld. Het jaarverslag vermeldt het uittreksel uit de notulen van de vergadering van de raad van bestuur van (i) 10 februari 2025 aangaande remuneratie & variabele vergoeding uitvoerend management 2024/25 en vergoeding comités en RvB, (ii) 20 juni 2025 aangaande HR – LT Plan NL & CEO, en (iii) 12 december 2025 aangaande aanbod van aandelenopties. • Huidig verslag is consistent met onze aanvullende verklaring aan het auditcomité bedoeld in artikel 11 van de verordening (EU) nr . 537/2014. Brussel, 16 april 2026 EY Bedrijfsrevisoren BV Commissaris Vertegenwoordigd door Christophe Boschmans* Partner * Handelend in naam van een BV 26CBO0129 Digitally signed by Christophe Boschmans (Signature) DN: cn=Christophe Boschmans (Signature), c=BE Date: 2026.04.16 09:06:14 +02'00' Christophe Boschmans (Signature) 356 357 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Independent Auditor’s assurance report Montea NV 2 A limited assurance engagement is more limited in scope than a reasonable assurance engagement in relation to the risk assessment procedures, including an understanding of internal control, and the procedures performed in response to the assessed risks. A limited assurance engagement consists of making inquiries, primarily of persons responsible for preparing the Subject Matter and related information and applying analytical and other appropriate procedures. A higher level of assurance, i.e. reasonable assurance, would have required more extensive procedures. Our limited assurance conclusion relates solely to the Subject Matters. Our Independence and Quality Control We have maintained our independence and confirm that we have met the requirements of the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants and have the required competencies and experience to conduct this assurance engagement. Our firm applies International Standard on Quality Management 1, which requires us to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Description of procedures performed Procedures performed in a limited assurance engagement vary in nature and timing from and are less extensive than for a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. A limited assurance engagement consists of making enquiries, primarily of persons responsible for preparing the Subject Matter and related information and applying analytical and other appropriate procedures. Procedures performed, amongst others, included: • Obtaining an understanding of the reporting processes for the Subject Matters; • Interviewing management and relevant staff at corporate level responsible for consolidating and carrying out internal control procedures on the Subject Matters; • Interviewing relevant staff responsible for reporting the Subject Matters to the relevant staff at corporate level; • Obtaining internal and external documentation that reconciles with the Subject Matters; • Performing an analytical review of the data and trends in the Subject Matters at consolidated level as well, when deemed appropriate in the circumstances, at a disaggregated level; • Performing limited tests of details and tracing the input information to supporting invoices or other evidence; • Evaluating the overall presentation of the Subject Matters. Independent Auditor’s assurance report Montea NV 3 For the two Subject Matters, we believe that the evidence obtained is sufficient and appropriate to provide a basis for our limited assurance conclusion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the S ubject Matters, included in the annual report of Montea NV for the period from 1 January 2025 to 31 December 2025, were not prepared, in all material respects, in accordance with the Criteria. Brussels, 16 April 2026 EY Réviseurs d’Entreprises SRL Represented by Christophe Boschmans* Partner * Acting on behalf of a SRL 26CBO0137 Selected Sustainability Indicators: Chapter 10.5 “GRI content index”: • 2-9 • 2-10 • 2-15 • 302-1 (page 306-317) • 302-2 (page 306-317) • 302-3 (page 306-317) • 305-1 (page 306-317) • 305-2 (page 306-317) • 305-3 (page 306-317) • 305-4 (page 306-317) • 401-1 (page 318-323) • 404-1 (page 318-319) • 405-1 • CRE1 (page 306-317) • CRE3 (page 306-317) Digitally signed by Christophe Boschmans (Signature) DN: cn=Christophe Boschmans (Signature), c=BE Date: 2026.04.16 09:11:23 +02'00' Christophe Boschmans (Signature) 358 359 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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GRI CONTENT INDEX GRI 2 — GENERAL STANDARDS 2021 PAGE 2-1 Detail of the organization 368 ff. 2-2 Entities included in the sustainability report 362 2-3 Reporting period, frequency and contact person 362 2-4 Restatements of information 88 2-5 External verification 340-359 2-6 Activities, value chain and other business relationships 16-23 2-7 Employees 34-35 2-9 Board structure and composition 151 ff. 2-10 Appointment and selection process of the highest governing body 151-163 2-11 President of the highest governing body 162 2-12 Role of the highest governing body in overseeing impact management 151-163 2-13 Delegating responsibility over impact management 169-173 2-14 Role of the highest governing body in reporting on sustainability 157-163, 184-185 2-15 Conflicts of interest 172-174 2-16 Communication of 'critical concerns' 162 2-17 Common knowledge of the governing body 152-156 2-18 Evaluation of the highest governing body 162 2-19 Remuneration Policy 177-191 2-20 Process for determining remuneration 177-191 2-21 Annual total compensation ratio 190 2-22 Sustainability strategy statement 3 2-23 Policy commitments 148-149 2-25 Processes to address negative impacts 62 ff., 194 ff 2-26 Mechanisms for advice and concerns. 148 2-27 Compliance with laws and regulations 148, 171, 210 2-28 Membership of associations 56-61 2-30 Approach to stakeholder engagement 56-61 GRI 3 — MATERIAL TOPICS 2021 3-1 Process for determining material topics 66-75 3-2 List of material topics 66-75 3-3 Management of material topics 66 ff. GRI 200 — INDIRECT ECONOMIC IMPACTS 203-1 Infrasttucture investments and services supported 40-99 GRI 300 — ENVIRONMENTAL ISSUES PAGE GRI 302 — ENERGY 2016 302-1 Energy consumption within the organization 62-63, 78, 91, 306-317 302-2 Energy consumption outside of the organization 62-98, 306-317 302-3 Energy intensity 62-98, 306-317 302-4 Reduction of energy consumption 62-98, 306-317 302-5 Reductions in energy requirements of products and services 62-98, 306-317 GRI 305 — EMISSIONS 2016 305-1 Direct (Scope 1) GHG emissions 62-95, 306-317, 364-365 305-2 Energy indirect (Scope 2) GHG emissions 62-95, 306-317, 364-365 305-3 Other indirect (Scope 3) GHG emissions 62-95, 306-317, 364-365 305-4 GHG emissions intensity 88-94, 306-317 305-5 Reduction of GHG emissions 88-94, 306-317 GRI 401 — EMPLOYMENT 2016 401-1 New employee hires and employee turnover 34-35, 318-323 GRI 403 — OCCUPATIONAL HEALTH AND SAFETY 2018 403-1 Occupational health and safety management system 34-35 403-3 Occupational health and safety services 34-35 403-6 Promotion of worker health 34-35 403-9 Work-related injuries 320-321 403-10 Work-related ill health 320-321 GRI 404 — TRAINING AND EDUCATION 2016 404-1 Average hours of training per year per employee 318-319 404-2 Programs for upgrading employee skills and transition assistance programs 318-319 404-3 Percentage of employees receiving regular performance and career development reviews 318-319 GRI 405 — DIVERSITY AND EQUAL OPPORTUNITIES 2016 405-1 Diversity of governance bodies and employees 30, 66-67, 162-163 405-2 Ratio of basic salary and remuneration of women to men 318-319 GRI 413 — LOCAL COMMUNITIES 2016 413-1 Operations with local community engagement, impact assessments, and development programs 320-321 CRE — CONSTRUCTION AND REAL ESTATE CRE1 Building energy intensity 62-95, 306-117 CRE3 Building greenhouse gas intensity 62-95, 306-117 10.5 GRI Content index 360 361 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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10.6 Approach & scope Montea aligns its ESG reporting with the EPRA Sustainability Best Practice Recommendations (sBPR). 10.6.1 Reporting period The reporting period for this report is the 2025 financial year (January 1, 2025 - December 31, 2025). Montea provides an annual update on its sustainability initiatives. 10.6.2 Scope measurement and coverage In 2025, 100% of Montea offices in Belgium, the Netherlands, France and Germany formed part of the measurement scope. We apply the operational control approach in determining our organizational boundaries for reporting under EPRA sBPRs (see section zie sectie 9.1.2). For the standing portfolio, the coverage details are presented in the table below. Data is collected through a combination of energy monitoring systems, contract data extraction and tenant surveys. Montea recognizes that the accuracy and reliability of the data it uses in monitoring the environmental performance of its property portfolio is directly linked to the quality of information received, potential measurement inaccuracies and other factors that could potentially reduce data quality. However , Montea constantly strives to improve this data quality through automation, the use of multiple sources of verification and by optimizing monitoring systems. The data was estimated. Data was extrapolated to estimate consumption and to determine Montea’s total emissions. The percentage of data extrapolated was indicated in the EPRA sBPR tables. 10.6.3 Measurement methodology CO2 emissions were calculated in line with the Greenhouse Gas (GHG) Protocol. This protocol allows companies to consistently manage their impact on the climate. Coverage 2025 2024 Elec-Abs 100% 100% DH&C-Abs 100% 100% Fuels-Abs 100% 100% Energy-Int 100% 100% GHG-Int 100% 100% Municipal Water 100% 100% Rain Water 100% 100% Cert-Tot 100% 100% Waste-Abs 40% 37% Waste - proportion by disposal route 28% 37% 362 363 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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10.7 Key figures & targets - sustainability 2019 2024 2025 Difference with reference year Montea operations Total Emissions tCO2e 234 178.65 180.8 -23% Scope 1: Direct emissions from energy, refrigerant leakage and company cars tCO2e 74.11 76.34 Scope 2: Indirect emissions from utility-purchased electricity tCO2e 14.52 20.43 Scope 3: Indirect emissions from business travels, commuting, purchases, waste, capital goods and upstream emissions from scope 1&2. tCO2e 90.02 84.03 2021 2024 2025 Difference with reference year New developments Scope 3: upstream emissions capital goods tCO2e 12,693.84 31,327.76 27,308.66 tCO2e/m2 0.317 0.341 0.254 2019 2024 2025 Difference with reference year Standing portfolio Total Emissions tCO2e 17,237.70 12,546.07 7,421.29 -57% Total Emissions [tCO2e/m²] tCO2e/m² 0.014 0.007 0.004 -73% Scope 1: Montea controlled direct emissions from heating (gas) and refrigerant leaks in Montea buildings tCO2e 3,125.05 1,850.97 1,097.21 tCO2e/m² 0.017 0.006 0.003 Scope 2: Montea controlled emissions associated with gray electricity purchased in Montea buildings tCO2e 2,513.89 303.47 206.11 tCO2e/m² 0.014 0.001 0.001 Scope 3: Upstream emissions of scopes 1 & 2 energy (fuel production, net losses, power plant construction) controlled by Montea tCO2e 727.74 681.74 670.98 tCO2e/m² 0.004 0.002 0.002 Scope 3: Downstream leased assets tCO2e 10,871.02 9,735.46 5,446.98 tCO2e/m² 0.010 0.006 0.003 Scope 1Scope 3: downstream 1,097.21 tCO2e5,446.98 tCO2e Scope 2 206.11 tCO2e Scope 3: upstream 670.98 tCO2e The 2019 base year figures in this file have been restated compared to those published in the 2024 Annual Report. The following changes were made: 1. Intensity methodology (denominator): In the 2024 Annual Report, a uniform total portfolio floor area was used as the denominator for all scope intensities. As of the 2025 reporting year , each scope is divided by the floor area directly associated with the relevant emission source (Montea-controlled m² for Scope 1, 2 and related Scope 3 upstream; tenant-controlled m² for Scope 3 Category 13). This restatement improves the accuracy and comparability of intensity metrics in line with EPRA sBPR guidelines, which recommend using the floor area directly associated with the reported data source. The floor area allocation underlying these calculations can be found as follows: for the 2019 base year , the landlord- and tenant-controlled m² per site are available in the FuelType19 tab; for 2024, the recalculated figures are available in the Recalc_ScopesIntensity24 tab; for 2025, the landlord- and tenant-controlled m² per site are available in the Op_Calculations tab. 2. Absolute emissions and CO2 intensity: The absolute emissions for the 2019 base year have been restated from 21,701 tCO2e to 17,375 tCO2e and the CO2-intensity from 19 to 14 kg CO2e/m2. This is the result of a refined scope boundary and a revised allocation of energy data per site, including a correction of the floor area assignment for a number of sites that were not previously included. 364 365 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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366 367 11.1 Information about Montea 368 11.2 Statutory auditors 374 11.3 Real estate experts 374 11.4 Research and development activities 375 11.5 Regulations 375 11.6 Related party transactions 377 11.7 Documents available for inspection 377 11.8 Statements 378 11.9 Articles of association 380 11.10 Concordance table of the universal registration document 394 11.11 Glossary 406 11 CHAPTER ELEVEN CHAPTER ELEVEN CHAPTER ELEVEN CHAPTER ELEVEN CHAPTER ELEVEN CHAPTER ELEVEN ADDITIONAL INFORMATION
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369 368 11.1.1 Group 11.1.1.1 General Montea has subsidiaries in Belgium, the Netherlands, France and Germany. The Montea group is made up of several companies in the various countries in which Montea operates. Montea has one branch office, namely Montea SA, registered office 75016 Paris, 48 Avenue Victor Hugo, France. The branch has held SIIC status (Société d’investissement immobilier cotée) since April 24, 2007. For more information on the SIIC status, please refer to section 11.5.3. At December 31, 2025 the group was comprised of the following companies: 11.1 Information about Montea MONTEA MANAGEMENT NV MONTEA NV Montea Nederland B.V. 100% Montea GTE 2 GmbH 100% Montea GTE 1 NV 100% Challenge Office Park NV 100% Montea SA SIIC (Branch office) 100% F.C.B. NV GVBF 100% VWBG BV 100% Weerts Logistic Park X NV 40% SFG B.V. 100% Montea Amsterdam Holding B.V. 100% SCI MONTEA FRANCE 100% Montea Almere N.V. 100% SCI 3R 100% Montea Rotterdam N.V. 100% SCI SAGITTAIRE 100% Montea Oss N.V. 100% SCI SAXO 100% Montea Beuningen N.V. 100% SCI SEVIGNÉ 100% Montea ‘s Heerenberg N.V. 100% SCI SOCRATE 100% Montea Holtum I B.V. 100% Montea Panoven II B.V. 100% Montea Green Energy Belgium BV 51% Weerts Logistic Park X Energy NV 40% Montea GTE 3 S.à.r .l. 100% Montea Services BV 100% Montea Services Germany GmbH 100% Montea Tiel B.V. 100% SCI AP J 100% Montea Holtum II B.V. 100% Montea Panoven III B.V. 100% Montea Panoven V B.V. 100% Europand Eindhoven B.V. 100% SCI MONTEA MESNIL 1 100% Montea Panoven I B.V. 100% Montea Panoven IV B.V. 100% Montea Panoven VI B.V. 100% Montea Amsterdam Amstel B.V. 100% Montea Waddinxveen B.V. 100% Montea Zeewolde B.V. 100% Montea Logistics I B.V. 100% SAS MONTEA GREEN ENERGY FRANCE 100% SNC FIRE COMBRONDE 100% FRENCH SAS 100% Montea Logistics II B.V. 100% Montea Logistics III B.V. 100% Name Montea Legal form Public limited liability company organized as a public regulated real estate company (RREC) under Belgian law. Recognized as an RREC as from September 30, 2014 (previously active, as from October 1, 2006, as a public real estate company with fixed capital) Registered office Industrielaan 27, box 6, 9320 Erembodegem (Aalst), Belgium Enterprise number 0417.186.211 VAT number BE0417.186.211 Register of Legal Persons Ghent Register of Legal Persons, Dendermonde division LEI 5493006K5LQDD0GK1T60 Incorporation date February 26, 1977 Start date of listing on stock exchange Euronext Brussels since October 2006 and Euronext Paris since December 2006 (ISIN code: BE0003853703) Date of most recent amendment to articles of association 2 December 2025 (articles of association can be consulted on the website) Telephone no. Belgium: +32 (0) 53 82 62 62 France: +33 (0) 1 83 92 25 00 The Netherlands: +31 (0) 88 2053 88 Email address info@montea.be Website www.montea.com The information on the website does not form part of this annual report unless such information has been expressly incorporated into this annual report by reference. WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION
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370 371 11.1.1.2 Group company information Details of the Montea group companies at December 31, 2025 are as follows: Name Address Country VAT number Equity interest (%) Montea NV Industrielaan 27, bus 6, 9320 Erembodegem (Aalst) BE BE0417186211 n/a1 Montea Management NV Industrielaan 27, 9320 Erembodegem (Aalst) BE BE0882872026 n/a2 Montea Services BV Industrielaan 27, bus 6, 9320 Erembodegem (Aalst) BE BE0742845794 100% Montea GTE 1 NV Industrielaan 27, bus 6, 9320 Erembodegem (Aalst) BE BE0757964037 100% Challenge Office Park NV Industrielaan 27, bus 6, 9320 Erembodegem (Aalst) BE BE0473589929 100% F.C.B. NV GVBF Industrielaan 27, bus 6, 9320 Erembodegem (Aalst) BE BE0440810659 100% Montea Green Energy Belgium BVIndustrielaan 27, bus 6, 9320 Erembodegem (Aalst) BE BE1016870695 51% Weerts Logistic Park X NV Heersterveldweg 11, 3700 Tongeren BE BE0756935441 40% Weerts Logistic Park X Energy NVHeersterveldweg 11, 3700 Tongeren BE BE1027935328 40% VWBG BV Industrielaan 27, bus 6, 9320 Erembodegem (Aalst) BE BE0739547992 100% Montea GTE3 S.à.r .l. Boulevard F.W. Raiffeisen 17, 2411 Luxembourg LU B205227 100% SFG B.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL853810151B01 100% Montea Nederland B.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL853208785B01 100% Montea Almere N.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL853209625B01 100% Montea Rotterdam N.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL853631712B01 100% Montea Oss N.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL854488522B01 100% Montea Beuningen N.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL854488339B01 100% Montea ‘s Heerenberg N.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL854800232B01 100% Montea Tiel B.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL859569238B01 100% Europand Eindhoven B.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL814882651B01 100% Montea Logistics I B.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL861408470B01 100% Montea Logistics II B.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL863491546B01 100% Montea Logistics III B.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL863501874B01 100% Montea Amsterdam Holding B.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL 8645 3315 9B01 100% Montea Holtum I B.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL 8645 3603 3B01 100% Montea Holtum II B.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL 8645 3589 2B01 100% Montea Panoven I B.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL 8645 6826 5B01 100% Montea Panoven II B.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL 8645 6818 6B01 100% Montea Panoven III B.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL 8645 6822 8B01 100% Montea Panoven IV B.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL 8645 6838 1B01 100% Montea Panoven V B.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL 8645 3709 8B01 100% Montea Panoven VI B.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL 8645 3660 4B01 100% (1) For a summary of Montea’s shareholder structure, see section 6.2.2. (2) Sole Director of Montea, holds one share in Montea. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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372 373 that the cumulative amount of the capital increases carried out in accordance with this paragraph (c) over a twelve-month period does not exceed 10% of the amount of the capital at the time of the capital increase resolution; (d) forty-one million seven thousand four hundred and eighty euro seventy-eight euro cents (€41,007,480.78) for (i) a capital increase via a contribution in kind other than as referred to under paragraph (b) above or (ii) any other form of capital increase not covered under paragraphs (a) to (c) above, it being understood that the board of directors shall under no circumstances be able to raise the capital by more than the maximum amount of four hundred and ten million seventy-four thousand eight hundred and seven euro seventy-seven euro cents (€410,074,807.77). This authority is granted for a period of five years from the publication of the minutes of the extraordinary general meeting, i.e. until February 13, 2029. To date, this authority has been exercised as follows: • By resolution of the sole director on May 14, 2024, the company’s share capital was increased, within the framework of the authorized capital, through a contribution in kind in accordance with subparagraph (d) of this article, by three million twenty-four thousand three hundred and one euros and seventy-nine cents (€3,024,301.79). This increased the share capital from four hundred and ten million seventy-four thousand eight hundred and seven euros and seventy-seven cents (€410,074,807.77) to four hundred and thirteen million ninety-nine thousand one hundred and nine euros and fifty-six cents (€413,099,109.56), through the issue of one hundred and forty-eight thousand three hundred and ninety-six (148,396) new shares, without nominal value, consisting of fourteen thousand eight hundred and forty (14,840) registered shares and one hundred and thirty-three thousand five hundred and fifty-six (133,556) dematerialized shares. This capital increase was accompanied by an issue premium of nine million one hundred and forty-four thousand two hundred and twenty-six euros and seventy-five cents (€9,144,226.75). • By a resolution of the sole director on May 21, 2024, followed by a notarial deed of record dated June 12, 2024, the company’s share capital was increased, within the framework of the authorized capital, in the context of an optional dividend in accordance with subparagraph (b) of this article, by eight million four hundred and sixty-five thousand four hundred and eighty-four euros and thirty-eight cents (€8,465,484.38). This increased the share capital from four hundred and thirteen million ninety-nine thousand one hundred and nine euros and fifty-six cents (€413,099,109.56) to four hundred and twenty-one million five hundred and sixty-four thousand five hundred and ninety-three euros and ninety-four cents (€421,564,593.94), through the issue of four hundred and fifteen thousand three hundred and eighty-four (415,384) new shares, without nominal value, consisting of one hundred and eight thousand five hundred and sixty-one (108,561) registered shares and three hundred and six thousand eight hundred and twenty-three (306,823) dematerialized shares. This capital increase was accompanied by an issue premium of twenty-three million seventy-one thousand two hundred and ninety-nine euros and sixty-seven cents (€23,071,299.67). • By resolution of the sole director on September 24, 2024, followed by a notarial deed of record dated October 8, 2024, the company’s share capital was further increased, within the framework of the authorized capital, in accordance with subparagraph (a) of this article, by forty-six million eight hundred and forty thousand five hundred and one euros and thirty-eight cents (€46,840,501.38). This increased the share capital from four hundred and twenty-one million five hundred and sixty-four thousand five hundred and ninety-three euros and ninety-four cents (€421,564,593.94) to four hundred and sixty-eight million four hundred and five thousand and ninety-five euros and thirty-two cents (€468,405,095.32), through the issue of two million two hundred and ninety-eight thousand three hundred and sixty-three (2,298,363) new shares, without nominal value, consisting of three hundred and thirty-nine thousand seven hundred and sixty-four (339,764) registered shares and one million nine hundred and fifty-eight thousand five hundred and ninety-nine (1,958,599) dematerialized shares. This capital increase was accompanied by an issue premium of one hundred and seven million one hundred and forty-nine thousand eight hundred and nineteen euros and sixty-two cents (€107,149,819.62). • By resolution of the sole director on October 28, 2024, the company’s share capital was increased, within the framework of the authorized capital, by a contribution in 11.1.2 Capital structure and authorized capital 11.1.2.1 Capital structure On December 31, 2025, Montea’s capital amounted to €476,949,385.41 (including the costs of the capital increase and changes in the value of treasury shares). As at December 31, 2025, the capital is represented by 23,402,884 fully paid-up ordinary shares, without nominal value. There are no preference shares. Each share confers one vote at the general meeting (except treasury shares held by the Company itself, for which the voting right is suspended). The total number of these shares represents the denominator for the purposes of disclosures under the Transparency Regulations. Capital may be increased or reduced in accordance with the provisions of the law and the articles of association. The Sole Director is also authorized to increase the share capital within the limits of the authorized capital. 11.1.2.2 Authorized capital The Sole Director has been authorized by the extraordinary general meeting of January 25, 2024 to increase the capital on one or more occasions, on dates and in accordance with terms that it shall set in line with the applicable legislation, up to a maximum amount of: (a) two hundred and five million thirty-seven thousand four hundred and three euro eighty-nine euro cents (€205,037,403.89) for public capital increases by way of cash contribution with the ability for the Company’s shareholders to exercise the statutory preferential subscription right or the irreducible allocation right; (b) two hundred and five million thirty-seven thousand four hundred and three euro eighty-nine euro cents (€205,037,403.89) for capital increases in connection with the distribution of an optional dividend; (c) forty-one million seven thousand four hundred and eighty euro seventy-eight euro cents (€41,007,480.78) for a capital increase by cash contribution without the ability for the Company’s shareholders to exercise the statutory preferential subscription right or the irreducible allocation right, it being understood that the board of directors may only increase the capital in accordance with this paragraph (c) insofar and to the extent Name Address Country VAT number Equity interest (%) Montea Waddinxveen B.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL 8654 7058 3B01 100% Montea Amsterdam Amstel B.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL 8656 4621 1B01 100% Montea Zeewolde B.V. EnTrada, Ellen Pankhurstraat 1c, 5032 MD Tilburg NL NL 86829175 4B01 100% Montea GTE 2 GmbH Platz der Einheit 2, 60327 Frankfurt am Main DE DE328815225 100% Montea Services Germany GmbH Platz der Einheit 2, 60327 Frankfurt am Main DE DE358010932 100% Montea SA SIIC (Bijkantoor) 48 avenue Victor Hugo, 75016 Parijs FR FR06497673145 100% SCI MONTEA FRANCE1 48 avenue Victor Hugo, 75016 Parijs FR FR33493288948 100%2 SCI 3R 48 avenue Victor Hugo, 75016 Parijs FR FR44400790366 100% SCI SAGITTAIRE 48 avenue Victor Hugo, 75016 Parijs FR FR79433787967 100% SCI SAXO 48 avenue Victor Hugo, 75016 Parijs FR FR23485123129 100% SCI SEVIGNE 48 avenue Victor Hugo, 75016 Parijs FR FR48438357659 100% SCI SOCRATE 48 avenue Victor Hugo, 75016 Parijs FR FR16481979292 100% SCI AP J 48 avenue Victor Hugo, 75016 Parijs FR FR25435365945 100% SCI MONTEA MESNIL 1 48 avenue Victor Hugo, 75016 Parijs FR FR82393856463 100% SAS MONTEA GREEN ENERGY FRANCE 48 avenue Victor Hugo, 75016 Parijs FR FR69889967162 100% SNC FIRE COMBRONDE 48 avenue Victor Hugo, 75016 Parijs FR FR93921915963 100% FRENCH SAS 48 avenue Victor Hugo, 75016 Parijs FR - 100% (1) Société Civile Immobilière or civil real estate company. (2) The ten French group companies are 100% owned by Montea SA (branch). (3) A “perimeter company” is a term used in the RREC Law and the RREC RD and refers to a company in which a RREC directly or indirectly holds more than 25% of the capital, including its subsidiaries within the meaning of Article 6, 2° of the CAC. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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374 375 kind in accordance with subparagraph (d) of this article, by three million seven thousand six hundred and thirty euros and eighty-seven cents (€3,007,630.87). This increased the share capital from four hundred and sixty-eight million four hundred and five thousand and ninety-five euros and thirty- two cents (€468,405,095.32) to four hundred and seventy-one million four hundred and twelve thousand seven hundred and twenty-six euros and nineteen cents (€471,412,726.19), through the issue of one hundred and forty-seven thousand five hundred and seventy-eight (147,578) new shares, without nominal value, consisting of fourteen thousand seven hundred and fifty-eight (14,758) registered shares and one hundred and thirty-two thousand eight hundred and twenty (132,820) dematerialized shares. This capital increase was accompanied by an issue premium of seven million eight hundred and forty-two thousand three hundred and sixty-nine euros and thirteen cents (€7,842,369.13). • By resolution of the sole director on December 2, 2025, the company’s share capital was increased, within the framework of the authorized capital, by a contribution in kind in accordance with subparagraph (d) of this article, by five million five hundred and thirty-six thousand six hundred and fifty-nine euros and twenty-two cents (€5,536,659.22). This increased the share capital from four hundred and seventy-one million four hundred and twelve thousand seven hundred and twenty-six euros and nineteen cents (€471,412,726.19) to four hundred and seventy-six million nine hundred and forty-nine thousand three hundred and eighty-five euros and forty-one cents (€476,949,385.41), through the issue of two hundred and seventy-one thousand six hundred and seventy-two (271,672) new shares, without nominal value, consisting of twenty-seven thousand one hundred and sixty-seven (27,167) registered shares and two hundred and forty-four thousand five hundred and five (244,505) dematerialized shares. This capital increase was accompanied by an issue premium of thirteen million six hundred and sixty thousand two hundred and forty-four euros and seventy-eight cents (€13,660,244.78). 11.2 Statutory auditors The statutory auditor is appointed by the general shareholder’s meeting and is chosen from the list of statutory auditors approved by the FSMA. The statutory auditor of Montea is EY Bedrijfsrevisoren BV, having its registered office at 1831 Diegem, Kouterveldstraat 7B 001, represented by Mr . Christophe Boschmans (acting in the name of a BV). The mandate of EY Bedrijfsrevisoren to act as statutory auditor runs until the annual general meeting of 2028 and covers the audit of the financial years 2025-2027. The statutory auditor’s mandate comprises the audit of the Montea’s statutory and consolidated financial statements as well as those of the other Montea group subsidiaries incorporated in Belgium. The statutory auditor also carries out the assignments prescribed by the Companies and Associations Code, the RREC Law and the RREC Royal Decree. Montea confirms that the statutory auditor has agreed to the inclusion of its report in this annual report and to the form or context in which that report is included. The calculation basis for the statutory auditor’s remuneration is a fixed annual fee. For the year ended December 31, 2025, the fixed remuneration of the statutory auditor EY Bedrijfsrevisoren BV for the investigation and audit of the statutory and consolidated financial statements of the Montea group is €78,000.00 (excl. VAT). In addition to the foregoing, the following additional audit assignments were performed by the statutory auditor: • Statutory and FSMA engagements: €24,024.00 • Other: €35,017.00 • Subsidiaries: €33,280.00 11.3 Real estate experts Article 24 of the RREC Law stipulates that an RREC must have its real estate valued by one or more independent real estate experts. Real estate experts must act in complete independence, have the professional reliability and suitable experience required for property valuation, and have an organization appropriate to their duties. Real estate experts are appointed for a renewable term of three years. They may only be tasked with the valuation of any one property for a maximum of three years. Montea has two real estate experts: • Jones Lang LaSalle BV (registered office Marnixlaan 23, 1000 Brussels) for the valuation of assets in Belgium (in part), France and Germany and solar panels. The Jones Lang LaSalle BV mandate, (represented by Greet Hex, and from 1 April 2026 by Jeremy Greenfield) was renewed in 2025 and runs until 30 June 2028. • Stadim (registered office Mechelsesteenweg 180, 2018 Antwerp) for the valuation of assets in Belgium (in part) and assets in the Netherlands. The Stadim BV mandate, represented by Diederik Sondervan, was extended in 2025 and expires on 30/06/2028. Under article 47 of the RREC Law, the real estate experts must value the property portfolio of the RREC and companies within its group at the end of each financial year . At the end of the first three quarters, the real estate expert must also update the total valuation set at the end of the previous year , based on market movements and the specific characteristics of the properties concerned. Lastly, each property acquired or disposed of by the RREC (or companies within its group) must be valued by the real estate expert in accordance with the provisions of article 47 of the RREC Law before the transaction takes place. Under article 24(4) of the RREC Law, the real estate expert’s fee may not be linked either directly or indirectly to the value of the property that it assesses. The real estate expert’s fee is based on a fixed fee per site in Belgium, the Netherlands, France and Germany. The real estate expert may also receive fees for specific assignments. For the fiscal year ended December 31, 2025, the total fees for these assignments amounted to €308,781.00 (excl. VAT). Montea confirms that the real estate experts have agreed to the inclusion of their report in this annual report and to the form or context in which that report is included. 11.4 Research and development activities In 2025 Montea did not perform any research or development activities as referred to in articles 3:6 and 3:32 of the Companies and Associations Code. 11.5 Regulations Montea is a public regulated real estate company (RREC) under Belgian law, listed on Euronext Brussels and Euronext Paris. As a public RREC under Belgian law, Montea is subject to the Companies and Associations Code, the RREC Law and the RREC Royal Decree. As a listed company, it is also subject to all relevant legislation in that regard (including, but not limited to, the Transparency Regulations). Given its legal form, Montea is subject to supervision by the FSMA. Certain companies in the Montea group have adopted specific legal forms and are consequently subject to the laws and regulations applicable to those legal forms, as follows: • Montea’s permanent establishment in France (Montea SA, established as a branch of Montea NV) is recognized as an SIIC (Société d’investissement immobilier cotée); • Certain group companies in Belgium have adopted the form of a specialized real estate investment fund (SREF) within the meaning of the Royal Decree of November 9, 2016 on specialized real estate investment funds; • In relation to real estate investments in the Netherlands, Montea Nederland B.V. and its subsidiaries have been definitively granted FBI status for the financial years 2015 to 2023. For financial year 2024 FBI status was applied for . Claiming FBI status ceased to be possible as of January 1, 2025. As a result, FBI status is no longer discussed in this report. The details of each of these legal forms are set out below. 11.5.1 Regulated real estate companies in Belgium The status of a regulated real estate company enables real estate investment companies to be set up in Belgium along the same lines as in numerous other countries, such as Real Estate Investment Trusts (REITs) in the United States, G-REITs in Germany, Sociétés d’Investissement Immobilier Cotées (SIICs) in France and UK REITs in the United Kingdom. (1) For more information on the FBI status in relation to the Montea companies involved, see section (*) CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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376 377 The main features of an RREC are: • must take the form of a naamloze vennootschap (public limited company); • listing on a stock exchange with a minimum free float of 30%; • subject to supervision by the FSMA; • may perform all activities related to the construction, conversion, renovation, development, acquisition, disposal, management and exploitation of immovable property; • may not carry out the activities of a “property developer” (bouwpromotor); • mandatory risk diversification: no more than 20% of the company’s consolidated net assets may be invested (i) in real estate that forms a single real estate entity (ii) in “other real estate” as defined in article 2(5)(vi) to (xi) of the RREC Law; • the debt ratio of the company/consolidated group must not exceed 65% of the assets of the company/consolidated group; • the granting of securities and mortgages is restricted by law; • strict rules on conflicts of interest; • quarterly valuation of the assets by an independent real estate expert; • recognition of buildings at fair value (no depreciation); • results (rental income and gains on disposal, less operating and financial costs) are exempt from corporate income tax for the RREC itself (not for its group companies), although taxes are payable on disallowed expenses and any abnormal and gratuitous benefits; • mandatory distribution at least 80% of the amount of the adjusted statutory result and net gains on disposals of property (except where property is exempt from this obligation); however , any decrease in the debt ratio in the course of the financial year may be deducted from the mandatory distributable amount; • withholding tax of 30% (with some exceptions) on dividends from regulated real estate companies; functioning as a final tax for natural persons resident in Belgium; • existing companies that obtain a license as an RREC or merge with an RREC are subject to a so-called “exit tax” of 15% on unrealized gains and exempt reserves. 11.5.2 Specialized real estate funds in Belgium Specialized real estate funds (SREFs) are governed by the SREF Royal Decree. Until December 31, 2025, one company in the Montea group had SREF status, namely F.C.B. NV. The main features of a SREF are: • closed-end fund with fixed share capital and not listed on a stock exchange; • tax treatment similar to an RREC; • duration limited to ten years, extendable for successive periods of up to five years each time; • light regulatory regime with no FSMA approval and no direct FSMA supervision; • registered on the list of SREFs maintained by the Belgian Ministry of Finance; • securities issued by an SREF may only be acquired by eligible investors; • may be exempted from the AIFM Law if certain criteria are met; • must hold real estate worth at least €10,000,000 by no later than the end of the second financial year after inclusion on the SREF list; • may only invest in “real estate”, broadly defined, but is not subject to diversification requirements or debt ratio restrictions; • prohibited from acting as a “property developer” (bouwpromotor) (as defined in the SREF Royal Decree); • must prepare accounts in accordance with IFRS; • must distribute at least 80% of net income as a dividend each year . 11.5.3 Sociétés d’Investissement Immobilier Cotées (SIICs) in France Montea operates a branch in France that has SIIC status (Société d’Investissement Immobilier Cotée). The tax treatment of a SIIC is similar to that of a Belgian RREC. In particular , both are exempt from corporate income tax on their annual income and on capital gains, although tax is payable on any profits from activities other than the sale or rental of property. The principal features of SIIC status are: • exemption from corporate income tax on the portion of net income derived from (i) rental of buildings, (ii) realized gains on the disposal of buildings, (iii) realized gains on the disposal of shares in subsidiaries that have opted for SIIC status or in partnerships with the same purpose, (iv) distributions paid out by their subsidiaries that have opted for SIIC status, and (v) the share of the profit in partnerships performing a real estate activity; • mandatory distribution of: (i) 95% of the exempt profit derived from rental income, (ii) 60% of the exempt profit derived from the disposal of buildings and shares in partnerships and subsidiaries subject to the SIIC regime, and (iii) 100% of dividends received from subsidiaries subject to corporate income tax that have opted for the SIIC regime; • existing companies that obtain SIIC status for the first time must pay a one-off final “exit tax” based on the difference between the investment value of the portfolio and the tax accounting value of the real estate. The exit tax applicable to SIIC is 19%. Payment of this exit tax is spread over four years, with an initial installment of 15% due at the end of the first year; • no maximum debt ratio; • free float of at least 40%. 11.6 Related party transactions For a summary of transactions between Montea and its related parties, please refer to section 7.4 (conflicts of interest) and section 9.2.5 (Note 40). 11.7 Documents available for inspection Montea’s articles of association and deed of establishment can be consulted on the website, in the public database of articles of association and at the clerk’s office of the Enterprise Court of Ghent, Dendermonde division. Montea’s statutory and consolidated financial statements are filed with the National Bank of Belgium, in accordance with the relevant legal provisions. Decisions in relation to the appointment and dismissal of members of the board of directors are published in the annexes to the Belgian Official Gazette. The following documents will be available for consultation on the website for at least as long as this annual report remains valid: • Montea’s coordinated articles of association; • the Corporate Governance Charter; • notices and all documents (including reports, correspondence, other documents and historical financial information) that are pertinent to the Montea general meeting that will deliberate on this annual report; • all reports, correspondence and other documents drawn up by a real estate expert at Montea’s request of which any part is included in the Registration Document or to which reference is made in this annual report; • all press releases, annual reports, half-year reports and other (historical) financial information of the Montea group; • reports of the statutory auditor and of the real estate expert; • Montea’s obligations and shareholders’ rights in relation to Montea’s general meetings. This information will remain accessible on the Montea website for a period of at least five years from the date of the general meeting to which it relates. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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379 378 11.8 Statements 11.8.1 Responsible persons The Sole Director of Montea is responsible for the information provided in this annual report. 11.8.2 Universal registration document As the competent authority pursuant to the Prospectus Regulation, the FSMA approved Montea’s registration document for two consecutive financial years. The most recent approval is dated July 26, 2018. The FSMA approves the registration document when the standards laid down in the Prospectus Regulation for completeness, comprehensibility and consistency have been met. This approval may not be regarded as an approval of the issuer to which this registration document relates. Since 2019, Montea has opted to file its universal registration document without prior approval in accordance with article 9 of the Prospectus Regulation. This universal registration document was filed with the FSMA without prior approval on April 16, 2026. In accordance with the Prospectus Regulation, this universal registration document also serves as the annual financial report. This universal registration document may be used in connection with a public offering of investment securities and the admission of investment securities to trading on a regulated market, provided that the requirements of the Prospectus Regulation are met. Information made available via the website does not form part of this universal registration document unless such information has been incorporated by reference. 11.8.3 Declaration pursuant to article 12 of the Royal Decree of 14 November 2007 The Sole Director declares in the name and on behalf of Montea that, after taking all reasonable steps to ensure that this is the case, the information in this annual report is to the best of its knowledge true and accurate, and that no information has been omitted of which the disclosure would alter the sense of this annual report and that, to the best of its knowledge: • the financial statements, prepared in accordance with the applicable accounting standards, give a true and fair view of the assets, financial position and results of Montea and the undertakings included in the consolidation; • the annual report gives a true and fair overview of the development and performance of the business and the position of Montea and the undertakings included in the consolidation, together with a description of the principal risks and uncertainties that they face. 11.8.3.1 Statement regarding third-party information The Sole Director declares in the name and on behalf of Montea that the information provided by the real estate experts and the approved statutory auditor has been faithfully reproduced. To the extent that the Sole Director is aware and is able to give assurance in the light of information published by third parties, no fact has been omitted whose omission would cause the information disclosed to be inaccurate or misleading. 11.8.3.2 Forward-looking statements This annual report contains forward-looking statements. Such statements are based on the Company’s estimates and forecasts and by their nature contain unknown risks, uncertainties and other factors that may cause the results, financial position, performance and current achievements to differ from those expressed or implied in those forward-looking statements. In view of these uncertain factors, forward-looking statements imply no guarantee. Page ANNUAL REPORT 2023 Key figures Section 4.1.1 page 100 Property portfolio Section 4.1.3 page 108-111 Key ratios Section 8.3.5 page 269 Condensed consolidated income statement Section 4.1.3 page 105 Condensed consolidated balance sheet Section 4.1.3 page 108 Stock exchange performance Section 5.1 page 128 Consolidated and statutory financial statements Section 8 page 188 ff. Auditor’s report Section 9.4 page 336 ANNUAL REPORT 2024 Key figures Section 5.1.1 page 132 Property portfolio Section 5.1.3 page 140-143 Key ratios Section 9.3.5 page 301 Condensed consolidated income statement Section 5.1.3 page 137 Condensed consolidated balance sheet Section 5.1.3 page 140 Stock exchange performance Section 6.1 page 162 Consolidated and statutory financial statements Section 9 page 224 Auditor’s report Section 10.4 page 364 ff. ANNUAL REPORT 2025 Key figures Section 5.1.1 page 110 Property portfolio Section 5.1.3 page 118 Key ratios Section 9.3.5 page 279 Condensed consolidated income statement Section 5.1.3 page 115 Condensed consolidated balance sheet Section 5.1.3 page 118 Stock exchange performance Section 6.1 page 142 Consolidated and statutory financial statements Section 9 page 204 ff. Auditor’s report Section 10.4 page 344 ff. 11.8.3.3 Information about previous years incorporated by reference The annual financial reports for the previous five years, containing the parent-company and consolidated financial statements and the statutory auditor’s reports, as well as the half-year financial reports, may be consulted on the website. This annual report also includes information about previous years (2023 and 2024). The table below provides a summary of where this information can be found in the financial reports for the years concerned. 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380 381 11.9 Articles of association The most recent version of Montea’s articles of association dates from December 2, 2025 following the amendment to the articles of association in relation to the capital increase within the authorized capital that occurred upon the contribution in kind of a site in Beringen, Belgium. Any amendment to Montea’s articles of association must conform to the rules set out in the Companies and Associations Code, the RREC Law and the RREC Royal Decree. During the extraordinary general meeting of May 19, 2026, shareholders will be asked to approve a number of proposed amendments to the articles of association (for more details, see the notice convening this general meeting on Montea’s website). TITLE I – NATURE OF THE COMPANY Article 1 – Legal form and name 1.1. The Company has the form of a public limited liability company with the name: “Montea”. 1.2. The Company is a public regulated real estate company (abbreviated as a “public RREC”) within the meaning of the Law of May 12, 2014 on regulated real estate companies, as amended from time to time (hereinafter the “RREC Law”), whose shares are admitted to trading on a regulated market which raises its financial resources in Belgium or abroad through a public offering of shares. The name of the Company is preceded or followed by the words “public regulated real estate company under Belgian law” or “Public RREC under Belgian law”, and all documents emanating from the Company will contain the same wording. The Company is subject to the RREC Law and the Royal Decree of July 13, 2014 regarding regulated real estate companies, as amended from time to time (hereinafter referred to as the “RREC Royal Decree”). This Law and Royal Decree are hereinafter jointly referred to as “the RREC legislation”. Article 2 – Registered office, email address and website The Company’s registered office is located in the Flemish Region. The governing body is authorised to relocate the Company’s registered office within Belgium, provided that such relocation, in accordance with the applicable language legislation, does not require an amendment to the language of the articles of association. Such decision does not require an amendment to the articles of association unless the Company’s registered office is being relocated to a different Region. In this latter case, the governing body is authorized to decide on the amendment to the articles of association. If the language of the articles of association has to be changed as the result of the relocation of the registered office, only the general meeting of shareholders may take this decision, in compliance with the requirements applicable to an amendment to the articles of association. The Company may, by a simple decision taken by the governing body, establish administrative offices, subsidiaries or branches in Belgium or abroad. The Company’s email address is: info@montea.com The Company’s website is: www.montea.com The governing body may change the Company’s email address and website in accordance with the Companies and Associations Code. Article 3 – Purpose 3.1. The sole purpose of the Company is as follows: (a) to make real estate property available to occupiers, either directly or via a company in which it holds an interest in accordance with the terms of the RREC Law and the decisions taken and regulations adopted for its implementation; and (b) to own property, within the limits and meaning of the RREC legislation. If the RREC legislation is amended in the future and designates other types of assets as real estate within the meaning of the RREC legislation, the Company may also invest in these additional types of assets. (c) to enter into or join, on a long-term basis, either directly or through a company in which it holds an interest pursuant to the provisions of the RREC legislation, where appropriate in cooperation with third parties, with a public contracting authority, one or more of the following agreements: (i) “Design, Build, Finance” (DBF) agreements; (ii) “Design, Build, (Finance) and Maintain” DB(F)M agreements; (iii) “Design, Build, Finance, (Maintain) and Operate” DEF(M)O agreements; and/or (iv) public works concession agreements for buildings and/or other immovable infrastructure and related services, on the basis of which: (i) it ensures the provision, maintenance and/or operation for the benefit of a public entity and/or the public as end-user , in order to meet a societal need and/or to provide a public service; and (ii) it can bear all or part of the related financing, availability, demand and/or operating risk, in addition to any construction risk, without necessarily holding in rem rights; or (d) to develop, cause to be developed, construct, cause to be constructed, manage, cause to be managed, operate, cause to be operated or make available, on a long-term basis, either directly or through a company in which it holds an interest pursuant to the RREC regulation, where appropriate in cooperation with third parties: (i) facilities and repositories for the transport, distribution or storage of electricity, gas, fossil or non-fossil fuel and energy in general, and related assets; (ii) utilities for the transport, distribution, storage or purification of water , and related assets; (iii) installations for the generation, storage and transport of renewable or non-renewable energy, and related assets; or (iv) waste and incineration plants, and related assets; (e) to initially hold less than 25% of the share capital or , if the company concerned has no share capital, less than 25% of the equity, of a company in which the activities referred to in Article 3.1, (c) above are carried out, provided that such participation is converted, within two years – or any longer period required by the public entity with which the contract is concluded – following the end of the construction phase of the PPP project (within the meaning of the RREC legislation), into a participation in accordance with the provisions of the RREC legislation, as a result of a transfer of shares. If the RREC legislation is amended in the future and authorizes the Company to perform new activities, the Company will also be authorized to perform those additional activities. For the provision of immovable property, the Company may, in particular , carry out all activities relating to the creation, reconstruction, renovation, development, acquisition, disposal, management and operation of immovable property. 3.2. The Company may additionally or temporarily invest in securities other than real estate within the meaning of the RREC legislation. Such investments will be made in accordance with the risk management policy adopted by the Company and will be diversified in order to ensure appropriate risk diversification. The Company may also hold unallocated liquid funds in any currency in the form of demand or time deposits or in the form of any other easily negotiable monetary instrument. In addition, the Company may enter into transactions relating to hedging instruments, for the sole purpose of hedging interest rate and exchange rate risks in connection with the financing and management of the Company’s activities as referred to in the RREC Law and excluding any transaction of a speculative nature. 3.3. The Company may lease or let one or more real estate properties. The activity of property leasing with a purchase option may be exercised only on an ancillary basis, unless such immovable property is intended for a general interest including social housing and education (in which case the activity may be exercised as the main activity). 3.4. The Company may, by means of a merger or otherwise, acquire an interest in any business, enterprise or company with a similar or complementary purpose, and of such a nature as to promote the development of its business. More generally, it may carry out all transactions directly or indirectly related to its corporate purpose, as well as all acts that are relevant or necessary to attaining its corporate purpose. Article 4 – Prohibited activities The Company may under no circumstances: • act as a property developer within the meaning of the RREC legislation, with the exception of occasional transactions; • participate in a fixed takeover or guarantee association; • lend financial instruments, with the exception of loans granted under the conditions and in accordance with the provisions of the Royal Decree of March 7, 2006; • acquire financial instruments issued by a company or private law association that has been declared bankrupt, has entered into a private settlement with its creditors, is the subject of judicial reorganization proceedings, has obtained deferral of payment, or is subject to a similar measure in another country. • make contractual arrangements or implement statutory provisions in respect of perimeter companies, that might affect their voting rights attributed to them under the applicable law based on a shareholding of 25% plus one share. 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382 383 Article 5 - Term 5.1. The Company is established for an indefinite period. 5.2. The Company will not be terminated as a result of the dissolution, exclusion, withdrawal, bankruptcy, judicial reorganization, or any other termination of the sole director’s functions. TITLE II - CAPITAL - SHARES Article 6 - Share capital 6.1. Registration and payment of share capital The company’s share capital amounts to four hundred and seventy-six million nine hundred and forty-nine thousand three hundred and eighty-five euros and forty-one cents (€476,949,385.41) and is represented by twenty-three million four hundred and two thousand eight hundred and eighty-four (23,402,884) shares without nominal value, each representing one twenty-three million four hundred two thousand eight hundred eighty-fourth (1/23,402,884th) of the of the share capital. 6.2. Capital increase Any capital increase will be made in accordance with the Companies and Associations Code and the RREC legislation. The Company is prohibited from directly or indirectly subscribing to its own capital increase. On the occasion of any capital increase, the governing body will determine the price, any issue premium and the conditions of issue of the new shares, unless the general meeting of shareholders determines these itself. If an issue premium is required, it must be recorded in one or more separate equity accounts on the liabilities side of the balance sheet. The governing body may freely decide to place any issue premiums – after deduction, where applicable, of an amount not exceeding the cost of the capital increase within the meaning of the applicable IFRS rules – in a non-distributable reserve account, which will serve as security for third parties in the same manner as the share capital and which may under no circumstances be reduced or cancelled except by a decision of the general meeting taken in accordance with the rules applicable to an amendment of the articles of association, except for conversion into capital. Contributions in kind may also relate to dividend rights within the framework of the distribution of an optional dividend, with or without an additional cash contribution. In the event of a capital increase by cash contribution by decision of the general meeting or within the framework of the authorized capital, the shareholders’ pre-emptive right may only be restricted or cancelled insofar as, to the extent required by the RREC legislation, an irreducible allocation right is granted to the existing shareholders when allocating new securities, in accordance with the conditions provided for in the RREC legislation. Capital increases by contribution in kind are subject to the provisions of the Companies and Associations Code and must be carried out in accordance with the conditions set out in the RREC legislation. 6.3. Authorized capital The governing body is authorized to increase the capital on one or more occasions, on dates and in accordance with terms that it shall set in line with the applicable legislation, up to a maximum amount of: (a) two hundred and five million thirty-seven thousand four hundred and three euros eighty-nine cents (€205,037,403.89) for public capital increases by way of cash contribution with the ability for the Company’s shareholders to exercise the statutory preferential subscription right or the irreducible allocation right; (b) two hundred and five million thirty-seven thousand four hundred and three euros eighty-nine cents (€205,037,403.89) for capital increases in connection with the distribution of an optional dividend; (c) forty-one million seven thousand four hundred and eighty euros seventy-eight cents (€41,007,480.78) for a capital increase by cash contribution without the ability for the Company’s shareholders to exercise the statutory preferential subscription right or the irreducible allocation right, it being understood that the board of directors may only increase the capital in accordance with this paragraph (c) insofar and to the extent that the cumulative amount of the capital increases carried out in accordance with this paragraph (c) over a twelve-month period does not exceed 10% of the amount of the capital at the time of the capital increase resolution; (d) forty-one million seven thousand four hundred and eighty euros seventy-eight cents (€41,007,480.78) for (i) a capital increase via a contribution in kind other than as referred to under paragraph (b) above or (ii) any other form of capital increase not covered under paragraphs (a) to (c) above, it being understood that the board of directors shall under no circumstances be able to raise the capital by more than the maximum amount of four hundred and ten million seventy-four thousand eight hundred and seven euros seventy-seven cents (€410,074,807.77). This authority is granted for a period of five (5) years from the publication of the minutes of the extraordinary general meeting on January 25, 2024. By resolution of the sole director on May 14, 2024, the company’s share capital was increased, within the framework of the authorized capital, through a contribution in kind in accordance with subparagraph (d) of this article, by three million twenty-four thousand three hundred and one euros and seventy-nine cents (€3,024,301.79). This increased the share capital from four hundred and ten million seventy-four thousand eight hundred and seven euros and seventy-seven cents (€410,074,807.77) to four hundred and thirteen million ninety-nine thousand one hundred and nine euros and fifty-six cents (€413,099,109.56), through the issue of one hundred and forty-eight thousand three hundred and ninety-six (148,396) new shares, without nominal value, consisting of fourteen thousand eight hundred and forty (14,840) registered shares and one hundred and thirty-three thousand five hundred and fifty-six (133,556) dematerialized shares. This capital increase was accompanied by an issue premium of nine million one hundred and forty-four thousand two hundred and twenty-six euros and seventy-five cents (€9,144,226.75). By a resolution of the sole director on May 21, 2024, followed by a notarial deed of record dated June 12, 2024, the company’s share capital was increased, within the framework of the authorized capital, in the context of an optional dividend in accordance with subparagraph (b) of this article, by eight million four hundred and sixty-five thousand four hundred and eighty-four euros and thirty-eight cents (€8,465,484.38). This increased the share capital from four hundred and thirteen million ninety-nine thousand one hundred and nine euros and fifty-six cents (€413,099,109.56) to four hundred and twenty-one million five hundred and sixty-four thousand five hundred and ninety-three euros and ninety-four cents (€421,564,593.94), through the issue of four hundred and fifteen thousand three hundred and eighty-four (415,384) new shares, without nominal value, consisting of one hundred and eight thousand five hundred and sixty-one (108,561) registered shares and three hundred and six thousand eight hundred and twenty-three (306,823) dematerialized shares. This capital increase was accompanied by an issue premium of twenty-three million seventy-one thousand two hundred and ninety-nine euros and sixty-seven cents (€23,071,299.67). By resolution of the sole director on September 24, 2024, followed by a notarial deed of record dated October 8, 2024, the company’s share capital was further increased, within the framework of the authorized capital, in accordance with subparagraph (a) of this article, by forty-six million eight hundred and forty thousand five hundred and one euros and thirty-eight cents (€46,840,501.38). This increased the share capital from four hundred and twenty- one million five hundred and sixty-four thousand five hundred and ninety-three euros and ninety-four cents (€421,564,593.94) to four hundred and sixty-eight million four hundred and five thousand and ninety-five euros and thirty-two cents (€468,405,095.32), through the issue of two million two hundred and ninety-eight thousand three hundred and sixty-three (2,298,363) new shares, without nominal value, consisting of three hundred and thirty-nine thousand seven hundred and sixty-four (339,764) registered shares and one million nine hundred and fifty-eight thousand five hundred and ninety-nine (1,958,599) dematerialized shares. This capital increase was accompanied by an issue premium of one hundred and seven million one hundred and forty-nine thousand eight hundred and nineteen euros and sixty-two cents (€107,149,819.62). By resolution of the sole director on October 28, 2024, the company’s share capital was increased, within the framework of the authorized capital, by a contribution in kind in accordance with subparagraph (d) of this article, by three million seven thousand six hundred and thirty euros and eighty-seven cents (€3,007,630.87). This increased the share capital from four hundred and sixty-eight million four hundred and five thousand and ninety-five euros and thirty-two cents (€468,405,095.32) to four hundred and seventy-one million four hundred and twelve thousand seven hundred and twenty-six euros and nineteen cents (€471,412,726.19), through the issue of one hundred and forty-seven thousand five hundred and seventy-eight (147,578) new shares, without nominal value, consisting of fourteen thousand seven hundred and fifty-eight (14,758) registered shares and one hundred and thirty-two thousand eight hundred and twenty (132,820) dematerialized shares. This capital increase was accompanied by an issue premium of seven million eight hundred and forty-two thousand three hundred and sixty-nine euros and thirteen cents (€7,842,369.13). By resolution of the sole director on December 2, 2025, the company’s share capital was increased, within the framework of the authorized capital, by a contribution in kind in accordance with subparagraph (d) of this article, by five million five hundred and thirty-six thousand six hundred and fifty-nine euros and twenty- two cents (€5,536,659.22). This increased the share capital from four hundred and seventy-one million four hundred and twelve thousand seven hundred and twenty-six euros and nineteen cents (€471,412,726.19) to four hundred and seventy-six million nine hundred and forty-nine thousand three hundred and eighty-five euros and forty-one cents (€476,949,385.41), through the issue of two hundred and seventy-one thousand six hundred and seventy- two (271,672) new shares, without nominal value, consisting of twenty-seven thousand one hundred and sixty-seven (27,167) registered shares and two hundred and forty-four thousand five hundred and five (244,505) dematerialized shares. This capital increase was accompanied by an issue premium of thirteen million six hundred and sixty thousand two hundred and forty-four euros and seventy-eight cents (€13,660,244.78). 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384 385 In the event of a capital increase accompanied by a payment or placement of an issue premium, only the amount subscribed to the capital shall be deducted from the remaining usable amount of the authorized capital. When capital increases decided pursuant to these authorizations include an issue premium, the amount thereof must be recorded in one or more separate equity accounts on the liabilities side of the balance sheet. The capital increases thus decided by the governing body may be carried out by way of a cash contribution or contribution in kind in accordance with the applicable legislation, or by way of an incorporation of reserves or issue premiums, with or without creation of new shares. Such capital increases may give rise to the issue of shares with or without voting rights. These capital increases may also be made by issuing convertible bonds or subscription rights – whether or not attached to another movable asset – which may give rise to the issue of shares with or without voting rights. Capital increases by way of a contribution in kind are carried out in accordance with the conditions set out in the RREC legislation and in accordance with the conditions set out in the articles of association. Such contributions may also relate to dividend rights in the context of the distribution of an optional dividend. The governing body is authorized to cancel or limit the pre- emptive rights of the shareholders, even if this benefits particular persons other than employees of the Company or its subsidiaries, provided that – to the extent required by the RREC legislation – existing shareholders are granted an irreducible allocation right when allocating new securities. Where applicable, this irreducible right allocation right complies with the conditions set out in the RREC legislation and the articles of association. Without prejudice to the application of the applicable regulations, the aforementioned restrictions in the context of the cancellation or limitation of pre-emptive rights will not apply in the case of a cash contribution with cancellation or limitation of pre-emptive rights; (i) in the context of the authorized capital, where the cumulative amount of the capital increases carried out in accordance with article 26, §1, third paragraph of the RREC legislation over a period of twelve (12) months, does not exceed ten percent (10%) of the amount of capital at the time of the capital increase decision; or (ii) following a contribution in kind in the context of the distribution of an optional dividend, provided that this is effectively made payable to all shareholders. 6.4. Acquiring, pledging and disposing of own shares The Company may acquire, pledge or dispose of its own shares under the conditions stipulated by law. The governing body is specifically authorized for a period of five (5) years from the publication in the Annexes to the Belgian Official Gazette of the decision of the extraordinary general meeting of November 9, 2020, to acquire or take in pledge (even outside the stock exchange) on behalf of the Company, the Company’s own shares with a maximum of ten percent (10%) of the total number of issued shares at a unit price that may not be lower than seventy-five percent (75%) of the average closing price of the Montea share on the regulated market Euronext Brussels during the last twenty (20) trading days prior to the date of the transaction (acquisition and pledge) and that may not be higher than one hundred twenty-five (125%) of the average closing price of the Montea share on the regulated market Euronext Brussels during the last twenty (20) trading days prior to the date of the transaction (acquisition and pledge). The governing body is also expressly authorized to dispose of the Company’s own shares to, inter alia, one or more specified persons other than members of the personnel of the Company or its subsidiaries, subject to compliance with the Companies and Associations Code. The authorizations referred to above do not affect the possibilities, in accordance with the applicable legal provisions, for the board of directors to acquire, pledge or dispose of shares in the Company if no authorization is required by the articles of association or authorization from the general meeting of shareholders for this purpose, or if this is no longer required. The authorizations referred to above extend to the acquisitions and disposals of shares of the Company by one or more direct subsidiaries of the Company, within the meaning of the legal provisions governing the acquisition of shares of their parent company by subsidiaries. The governing body is also expressly authorized to dispose of treasury shares of the Company to the Company’s personnel or its subsidiaries, even if the treasury shares were to be disposed of more than twelve months from their acquisition. 6.5. Capital reduction The Company may proceed with capital reductions in compliance with the applicable legal provisions. 6.6. Mergers, demergers and equivalent transactions Mergers, demergers and equivalent transactions referred to in the Companies and Associations Code must be carried out in accordance with the conditions provided for in the RREC legislation and the Companies and Associations Code. Article 7 – Nature of shares The shares are without nominal value. The shares are registered or dematerialized, depending on the preference of the owner or holder (hereinafter , the “Holder”) and subject to restrictions imposed by law. The Holder may at any time and at no charge request the conversion of registered shares into dematerialized shares. Each dematerialized share is represented by an entry in an account in the name of its Holder , with a recognized account holder or settlement institution. A register of registered shares will be kept at the Company’s registered office. Where applicable, this register may also be kept in electronic form. Holders of registered shares may examine the complete register of registered shares. Article 8 – Other securities The Company may issue all securities that are not prohibited by or under the law, with the exception of profit shares and similar securities, and subject to the specific provisions of the RREC legislation and the articles of association. These securities may take the forms provided for in the Companies and Associations Code. Article 9 – Listing on the stock exchange and disclosure of major holdings The Company’s shares must be allowed to trade on a Belgian regulated market, in accordance with the RREC legislation. The thresholds, the crossing of which results in a notification obligation under the law on the disclosure of major holdings in issuers whose shares are allowed to be traded on a regulated market, are set at 3%, 5% and each multiple of 5% of the total number of existing voting rights. Subject to the exceptions provided for by law, no person may participate in voting at the Company’s general meeting of shareholders with more voting rights than those attached to the securities for which such person has duly notified its holding, in accordance with the law, at least twenty (20) days prior to the date of the general meeting. The voting rights attached to these unreported shares are suspended. TITLE III – GOVERNANCE AND SUPERVISION Article 10 - Governance 10.1. The Company is managed by a sole director , designated in these articles of association. The sole director of the Company is a public limited liability company, which meets the legal requirements. The sole director is the governing body referred to elsewhere in these articles of association. 10.2. The following entity is appointed as the sole director until September 30, 2026: the public limited liability company, Montea Management, with registered office at Industrielaan 27, 9320 Erembodegem, entered in the register of legal entities for Dendermonde under number 0882.872.026. 10.3. The board of directors of the sole director will include at least three independent directors in accordance with applicable legislation. The members of the governing bodies of the sole director must be natural persons; they must meet the requirements of professional integrity and expertise as set out in the RREC legislation and must not fall within the scope of the prohibitions laid down in the RREC legislation. 10.4. The appointment of the sole director will be subject to prior approval by the Financial Services and Markets Authority (FSMA). 10.5. The sole director shall not be jointly and severally liable for the Company’s obligations. Article 11 – End of the sole director’s mandate 11.1. The statutorily appointed sole director is appointed on a fixed basis, and its appointment may not be revoked without its consent, except in cases that cannot be excluded by law. 11.2. The mandate of the sole director will terminate under the following circumstances: • expiry of the term of its mandate; • resignation: the sole director may only resign if such resignation is compatible with its undertakings vis-à-vis the Company and provided it does not cause the Company any difficulties. The sole director’s resignation must be notified by convening a general meeting of shareholders, with the agenda including acknowledgment of the resignation and the measures to be taken. Such general meeting must be convened at least one month before the resignation comes into effect; • dissolution, bankruptcy or any other similar proceedings affecting the sole director; • loss, on the part of all members of the governing bodies of the sole director , of the requirements of integrity, competence and experience required by the RREC legislation. In such case, the sole director or statutory auditor must convene a general meeting of shareholders, with the agenda including, where applicable, the determination of such loss and the measures to be taken. This meeting must be convened within six (6) weeks. If CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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386 387 one or more members of the governing bodies of the sole director no longer meet the requirements stated above, the sole manager must replace them within one month. After this period, the general meeting will be convened as set out above. In all cases, this is without prejudice to any measures that the FSMA may take pursuant to the powers conferred on it by the RREC legislation; • prohibition within the meaning of article 15 of the RREC Law affecting all members of the governing bodies of the sole director . In such case, the sole director or the statutory auditor must convene the general meeting of shareholders, with the agenda including the determination of the loss of these requirements and the decisions to be taken. This meeting must take place within one month. If one or more members of the governing bodies of the sole director no longer meet the requirements stated above, the sole director must replace them within one month. After this period, the general meeting will be convened as set out above. In all cases, this is without prejudice to any measures that the FSMA may take pursuant to the powers conferred on it by the RREC legislation. 11.3. In the event of termination of the mandate of the sole director , the Company will not be dissolved. Unless a successor has already been appointed in these articles of association, the sole director will be replaced by the general meeting of shareholders, deliberating in accordance with the rules applicable to an amendment of the articles of association, following a convocation by the statutory auditor or , failing such convocation, by a temporary administrator appointed at the request of any interested party by the president of the commercial tribunal. The temporary administrator will convene the general meeting of shareholders within fifteen days of being appointed in the manner defined by the articles of association. From that moment on, the temporary administrator is no longer liable for the execution of his or her mandate. The temporary administrator will conduct urgent acts of ordinary administration until the first general meeting of shareholders. Article 12 – Minutes The sole director’s decisions will be recorded in minutes signed by the sole director . These minutes will be recorded in a special register . Delegations, recommendations and votes that are made in writing, as well as any other documents, will be attached to it. Copies or extracts to be presented in court or elsewhere will be signed by the sole director . Article 13 – Remuneration of the sole director 13.1. The sole director will receive remuneration established in accordance with the terms defined below pursuant to the RREC legislation. The sole director will also be entitled to the reimbursement of expenses connected with its mandate. 13.2. The fixed part of the statutory sole directors’ remuneration will be set annually by the Company’s general meeting of shareholders. This remuneration will not be less than fifteen thousand euros (€15,000.00) per year . The variable statutory part is equivalent to zero point two-five per cent (0.25%) of the Company’s net consolidated result, excluding all fluctuations in the fair value of assets and hedging instruments. 13.3. Calculation of the remuneration is subject to checks by the statutory auditor . Article 14 – Powers of the sole director 14.1. The sole director will have the most extensive powers to perform all acts necessary or useful for the achievement of the corporate purpose, with the exception of those acts reserved by law or by the articles of association for the general meeting. 14.2. The sole director will prepare the half-yearly reports as well as the annual report. 14.3. The sole director appoints one or more independent valuation experts in accordance with the RREC legislation and, if necessary, proposes any changes to the list of experts included in the file accompanying the application for recognition as an RREC. 14.4. The sole director may delegate all or part of its powers to any agent for specific and limited purposes. In accordance with the RREC legislation, the sole director may determine the remuneration of any agent to whom special powers are granted. The sole director may revoke the mandate of such agent(s) at any time. Article 15 – Advisory and specialized committees The sole directors’ board of directors will establish within its midst an audit committee and a nomination and remuneration committee, and will determine their composition, duties and powers. Under its responsibility, the sole directors’ board of directors may also establish one or more advisory committees, for which it will determine the composition and duties. Article 16 – Effective leaders Without prejudice to the transitional provisions, the effective leadership of the Company will be entrusted to at least two natural persons. The persons charged with the effective leadership must comply with the requirements of integrity and expertise, as provided for in the RREC legislation, and may not fall within the scope of the prohibitions set out in the RREC legislation. The appointment of the effective leaders must be submitted in advance for approval to the FSMA. Article 17 – Representation of the Company and signature of documents Except in the event of a special transfer of powers by the sole director , the Company will be validly represented in all dealings, including those involving a public or ministry official, as well as in legal proceedings, whether as claimant or defendant, by the sole director , itself represented by its permanent representative. The Company will also be validly represented by special authorized representatives of the Company, acting within the limits of the mandate granted to them for that purpose by the sole director . Article 18 – Statutory audit The Company will appoint one or more statutory auditors to perform the duties entrusted to them under the Companies and Associations Code and the RREC legislation. The statutory auditor must be approved by the FSMA. TITLE IV - GENERAL MEETING Article 19 – General meeting The annual general meeting will convene on the third (3rd) Tuesday of May at ten (10:00) am. If this day falls on a statutory public holiday, the meeting will be held on the next business day at the same time (Saturdays and Sunday are not considered business days). Ordinary or extraordinary general meetings will be held at the place indicated in the notice of convocation. The threshold from which one or more shareholders may request the convening of a general meeting in order to present one or more proposals, and in accordance with the Companies and Associations Code, is set at a maximum of ten percent (10%) of the share capital. One or more shareholders, who together own at least three percent (3%) of the share capital, may in accordance with the provisions of the Company and Associations Code, request that items be added to the agenda of any general meeting and may propose draft resolutions relating to items that are or will be included on the agenda. Article 20 – Attendance at the general meeting The right to attend a general meeting of shareholders and to exercise a voting right is subject to the accounting record date of the shareholder’s registered shares on the fourteenth day prior to the date of the general meeting at midnight Belgian time (hereinafter referred to as the “record date”), either through their registration in the Company’s register of registered shares, or through their registration in the accounts of an authorized account holder or settlement institution, regardless of the number of shares held by the shareholder on the date of the general meeting. Holders of dematerialized shares who wish to take part in the meeting must submit a certificate issued by their authorized account holder or settlement institution, stating the number of dematerialized shares registered in their accounts in the name of the shareholder on the record date and for which the shareholder has expressed the intention to attend the general meeting. Such certificate, together with the shareholder’s intention to participate in the general meeting – where applicable by submitting a proxy – must be communicated to the Company or to the person designated by the Company for this purpose no later than the sixth (6th) day prior to the date of the general meeting, via the Company’s email address or via the email address specifically mentioned in the notice of convocation. Holders of registered shares wishing to participate in the meeting must notify the Company, or the person designated by the Company for this purpose, of their intention no later than the sixth (6th) day prior to the date of the meeting, via the Company’s email address or via the email address specifically mentioned in the notice of convocation, or , where applicable, by submitting a proxy. Article 21 – Voting by proxy Any holder of securities granting the right to take part in the general meeting may be represented by a proxy, who may or may not be a shareholder . The shareholder may only appoint one person as proxy for a particular general meeting, subject to the exceptions provided for in the Companies and Associations Code. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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388 389 The proxy must be signed by the shareholder and must be notified to the Company no later than on the sixth day prior to the general meeting. This will be done via the Company’s email address or via the email address specifically stated in the convening notice. The governing body may provide a proxy form. If more than one person holds right in rem to the same share, the Company may suspend the exercise of the voting rights attached to the share until such time as one person has been designated as the holder for the purpose of exercising the voting rights. Article 22 – Bureau All general meetings will be presided over by the chair of the board of directors of the sole director or , in the chair’s absence, by the person appointed by the directors present. The chairman will appoint the secretary and a vote counter (scrutineer). These persons do not have to be shareholders. These two functions may be carried out by a single person. The chair , secretary and vote counter constitute the bureau. Article 23 – Number of votes Each share entitles the holder to one (1) vote, subject to the cases of suspension of voting rights provided for in the Companies and Associations Code or any other applicable law. Article 24 - Deliberation The general meeting may validly deliberate and vote, regardless of the proportion of the share capital present or represented, except in cases where the Companies and Associations Code requires an attendance quorum on condition that the sole director is present or represented. If the sole director is not present or represented, the general meeting must be reconvened, and the second meeting will validly deliberate and vote regardless of whether the sole director is present or represented at this second meeting. The general meeting may only validly deliberate on amendments to the articles of association if at least half of the share capital is present or represented. If this condition is not fulfilled, the general meeting must be reconvened and the second meeting will make valid decisions regardless of the proportion of the capital represented by the shareholders present or represented. Decisions of the general meeting in relation to an amendment to the articles of association, distributions to the shareholders or the dismissal of the sole director may only be taken validly subject to the approval of the sole director . The general meeting may not deliberate on topics that are not on the agenda. Unless stated otherwise in a statutory provision, any decision of the general meeting must be approved by a majority of votes cast, regardless of the number of shares represented. Blank or invalid votes will not be included in the number of votes cast. If the votes are tied, the proposal will be rejected. Any amendment to the articles of association will only be permitted if it is approved by at least three-quarters (3/4) of the votes cast or , if it relates to an amendment to the corporate purpose, by four-fifths (4/5) of the votes cast, with abstentions being excluded from both the numerator and the denominator . Voting will be conducted by a show of hands or roll call, except where the general meeting decides otherwise by a simple majority of the votes cast. Any draft amendment to the articles of association must be submitted in advance to the FSMA for approval. An attendance list showing the names of the shareholders and the number of shares will be signed by each of the shareholders or by their representative prior to the beginning of the meeting. Article 25 – Remote voting Shareholders will be authorized to vote remotely by correspondence, using a form drawn up and made available by the Company, provided the governing body has authorized the use of remote voting in the convocation notice. This form must state the date and place of the meeting, the name or title of the shareholder and his or her place of residence or registered office, the number of votes that the shareholder wishes to vote with at the general meeting, the form of the votes held by the shareholder , the agenda items for the meeting (including proposed resolutions) and a space allowing the shareholder to vote for or against each resolution, or to abstain, as well as the deadline by which the voting form must reach the Company. The form must expressly state that it must be signed and reach the Company no later than the sixth day prior to the meeting, in the manner stated in the convocation notice. In accordance with article 7:137 of the Companies and Associations Code, the governing body may provide the possibility for each shareholder and any other holder of securities referred to in article 7:137 of the Companies and Associations Code to vote remotely at the general meeting via an electronic means of communication made available by the Company. Shareholders who take part in the general meeting in this way are, for the purpose of fulfilling the majority and attendance conditions, deemed to be present at the place where the meeting is held. The electronic means of communication mentioned above must enable the Company to verify the capacity and identity of the shareholder in accordance with methods established by the governing body. This body may set any additional conditions necessary to ensure the security of the electronic means of communication. The electronic means of communication must at least enable the holders of securities referred to in the first paragraph to take direct, simultaneous, and uninterrupted notice of the deliberations during the meeting and, in the case of shareholders, to exercise their voting rights with respect to all items on which the meeting is required to decide. The governing body may also provide that the electronic means of communication allows participation in the deliberations and the submission of questions. Where the governing body makes use of the possibility to allow remote participation in the general meeting by means of an electronic means of communication, the notice of convocation to the general meeting shall specify the applicable procedures and modalities. Article 26 – Minutes The minutes of the general meeting will be signed by the members of the bureau and by any shareholders who request to do so. Copies of or extracts from the minutes that are used in court or otherwise must be signed by the sole director . TITLE V – FINANCIAL YEAR – ANNUAL ACCOUNTS – DIVIDENDS – ANNUAL REPORT Article 27 – Financial year – annual accounts The financial year commences on January 1 and ends on December 31 each year . At the end of each financial year , the books and accounting records will be closed and the governing body will draw up an inventory, as well as the annual accounts. The governing body will draw up a report (the annual report), in which the board of directors accounts for its management. The statutory auditor will prepare a written and comprehensive report for the annual general meeting (the audit report). Article 28 – Dividends Within the limits set by the Companies and Associations Code and the RREC legislation, the Company must distribute a dividend to its shareholders, the minimum amount of which is set by the RREC legislation. Article 29 – Interim dividends The governing body may, under its own responsibility, decide to pay out interim dividends in the cases and at the periods permitted by law. Article 30 – Availability of the annual and half-yearly reports The Company’s annual and half-yearly reports, which contain the Company’s statutory and consolidated annual and half-yearly accounts, as well as the statutory auditor’s report, will be made available to shareholders in accordance with the provisions applicable to issuers of financial instruments permitted for trading on a regulated market and with the RREC legislation. The Company’s annual and half-yearly reports will be published on the Company website. Shareholders may obtain a free copy of the annual and half-yearly reports from the Company’s registered office. TITLE VI – DISSOLUTION – LIQUIDATION Article 31 – Loss of capital In the event of the capital being reduced by one-half or threequarters, the governing body must submit to the general meeting the request for dissolution pursuant to and in accordance with the provisions of the Companies and Associations Code. Article 32 - Appointment and powers of the liquidators In the event of the dissolution of the Company, for any reason and at any time, the liquidation will be conducted by the sole director , who will receive remuneration in accordance with article 13 of the articles of association. If the sole director does not accept this mandate, liquidation will be conducted by one or more liquidators, who may be natural persons or legal entities appointed by the general meeting of shareholders. If, according to the statement of assets and liabilities prepared in accordance with the Companies and Associations Code, it appears that not all of the creditors can be repaid in full, the appointment of the liquidators in the articles of association or by the general meeting must be submitted to the president of the enterprise court. However , this confirmation is not required if the statement of the assets and liabilities shows that the Company’s only debts are to its shareholders and that all of the shareholders who are the Company’s creditors agree to the appointment in writing. If no liquidators are appointed or designated, the sole director will, vis-à-vis third parties, be deemed to act by operation of law as liquidator , albeit without the powers granted by law and by the articles of association to a liquidator appointed in the articles of association, by the general meeting, or by the court. Where appropriate, the general meeting will determine the remuneration of the liquidators. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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390 391 The liquidation of the Company will be closed in accordance with the provisions of the Companies and Associations Code. Article 33 – Distribution No distribution to shareholders will take place until after the meeting approving the closing of the liquidation. Except in the event of a merger , the net assets of the Company, after settlement of all liabilities or the consignment of the sums required for that purpose, shall first be used to repay the paid-up share capital, and any remaining balance shall be distributed pro rata among all shareholders of the Company, in proportion to the number of shares they hold. TITLE VII – GENERAL AND TRANSITIONAL PROVISIONS Article 34 – Choice of domicile For the performance of these articles of association, the sole director and any shareholder domiciled abroad, as well as any statutory auditor , director or liquidator , is deemed to elect domicile in Belgium. Failing this, such persons will be deemed to have elected domicile at the Company’s registered office, at which place all notices, summonses or official notifications may be validly served on them. Holders of registered shares are required to notify the Company of any change to their place of domicile. Failing such notification, all communications, notices of convocation or official notifications may be validly served to their last known place of domicile. Article 35 – Jurisdiction All disputes between the Company, its shareholders, bondholders, sole director , statutory auditors, and liquidators relating to the affairs of the Company and to the implementation of these articles of association shall fall within the exclusive jurisdiction of the enterprise courts of the district in which the Company has its registered office, unless the Company expressly waives such jurisdiction. Article 36 – General provisions Any provisions of these articles of association that may be contrary to the mandatory provisions of the RREC legislation or any other applicable legislation will be deemed null and void. The nullity or any one article or part of an article in these articles of association will not affect the validity of the other statutory clauses (or parts thereof). Beringen, Belgium CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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Et ten-Leur, Netherlands Developments 392 393 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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394 395 CHAPTER 1 PERSONS RESPONSIBLE, THIRD PARTY INFORMATION, EXPERTS’ REPORTS AND COMPETENT AUTHORITY APPROVAL PAGE Item 1.1 Identify all persons responsible for the information or any parts of it, given in the registration document with, in the latter case, an indication of such parts. In the case of natural persons, including members of the issuer’s administrative, management or supervisory bodies, indicate the name and function of the person; in the case of legal persons indicate the name and registered office. Section 11.8 p. 378 Item 1.2 A declaration by those responsible for the registration document that to the best of their knowledge, the information contained in the registration document is in accordance with the facts and that the registration document makes no omission likely to affect its import. Where applicable, a declaration by those responsible for certain parts of the registration document that, to the best of their knowledge, the information contained in those parts of the registration document for which they are responsible is in accordance with the facts and that those parts of the registration document make no omission likely to affect their import. Section 11.8 p. 378 Item 1.3 Where a statement or report attributed to a person as an expert, is included in the registration document, provide the following details for that person: a) name; b) business address; c) qualifications; d) material interest if any in the issuer . If the statement or report has been produced at the issuer’s request, state that such statement or report has been included in the registration document with the consent of the person who has authorised the contents of that part of the registration document for the purpose of the prospectus. Sections 11.2 and 11.3 p. 374 Item 1.4 Where information has been sourced from a third party, provide a confirmation that this information has been accurately reproduced and that as far as the issuer is aware and is able to ascertain from information published by that third party, no facts have been omitted which would render the reproduced information inaccurate or misleading. In addition, identify the source(s) of the information. Section 11.8.3.1 p. 378 Item 1.5 A statement that: (a) the universal registration document has been filed with the [name of the competent authority] as competent authority under Regulation (EU) 2017/1129 without prior approval pursuant to Article 9 of Regulation (EU) 2017/1129; (b) the universal registration document may be used for the purposes of an offer to the public of securities or admission of securities to trading on a regulated market if approved by the [insert name of competent authority] together with any amendments, if applicable, and a securities note and summary approved in accordance with Regulation (EU) 2017/1129. Section 11.8.2 p. 378 CHAPTER 2 STATUTORY AUDITORS PAGE Item 2.1 Names and addresses of the issuer’s auditors for the period covered by the historical financial information (together with their membership in a professional body). Section 11.2 p. 374 Item 2.2 If auditors have resigned, been removed or have not been re-appointed during the period covered by the historical financial information, indicate details if material. N/A CHAPTER 3 RISK FACTORS PAGE Item 3.1 A description of the material risks that are specific to the issuer , in a limited number of categories, in a Chapter headed ‘Risk Factors’. In each category, the most material risks, in the assessment undertaken by the issuer , offeror or person asking for admission to trading on a regulated market, taking into account the negative impact on the issuer and the probability of their occurrence shall be set out first. The risks shall be corroborated by the content of the registration document. Section 8 p. 194 ff. CHAPTER 4 INFORMATION ABOUT THE ISSUER PAGE Item 4.1 The legal and commercial name of the issuer . Section 11 p. 368 Item 4.2 The place of registration of the issuer , its registration number and legal entity identifier (‘LEI’). Section 11 p. 368 Item 4.3 The date of incorporation and the length of life of the issuer , except where the period is indefinite. Section 11 p. 368 Rubriek 4.4 The domicile and legal form of the issuer , the legislation under which the issuer operates, its country of incorporation, the address, telephone number of its registered office (or principal place of business if different from its registered office) and website of the issuer , if any, with a disclaimer that the information on the website does not form part of the prospectus unless that information is incorporated by reference into the prospectus. Section 11 p. 368 CHAPTER 5 BUSINESS OVERVIEW PAGE Item 5.1 Principal activities Section 3 p. 40 ff. Item 5.1.1 A description of, and key factors relating to, the nature of the issuer’s operations and its principal activities, stating the main categories of products sold and/or services performed for each financial year for the period covered by the historical financial information; Section 3 p. 40 ff. Item 5.1.2 Principal activities Section 3 p. 40 ff. Item 5.2 A description of, and key factors relating to, the nature of the issuer’s operations and its principal activities, stating the main categories of products sold and/or services performed for each financial year for the period covered by the historical financial information; Section 5.1 p. 110 ff. 11.10 Concordance table of the universal registration document This concordance table contains the sections provided for in Annexes I and II of Commission Delegated Regulation (EU) 2019/980 of March 14, 2019, and refers to the pages of this universal registration document on which the information relating to each of these sections is disclosed. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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396 397 Item 5.3 An indication of any significant new products and/or services that have been introduced and, to the extent the development of new products or services has been publicly disclosed, give the status of their development. Section 5 p. 110 ff. Item 5.4 Principal markets Section 3 p. 40 ff. Rubriek 5.5 A description of the principal markets in which the issuer competes, including a breakdown of total revenues by operating segment and geographic market for each financial year for the period covered by the historical financial information. N/A Item 5.6 The important events in the development of the issuer’s business. N/A Item 5.7 Investments Section 3.1 p. 42 ff. and Section 5 p. 110 ff. Item 5.7.1 A description, (including the amount) of the issuer’s material investments for each financial year for the period covered by the historical financial information up to the date of the registration document. Section 3.1 p. 44 ff. and Section 5 p. 110 ff. Item 5.7.2 A description of any material investments of the issuer that are in progress or for which firm commitments have already been made, including the geographic distribution of these investments (home and abroad) and the method of financing (internal or external). Section 5 p. 110 ff. Item 5.7.3 Information relating to the joint ventures and undertakings in which the issuer holds a proportion of the capital likely to have a significant effect on the assessment of its own assets and liabilities, financial position or profits and losses. Section 9.2.2 p. 210 Item 5.7.4 A description of any environmental issues that may affect the issuer’s utilisation of the tangible fixed assets. Section 3.4 p. 62 ff. CHAPTER 6 ORGANISATIONAL STRUCTURE PAGE Item 6.1 If the issuer is part of a group, a brief description of the group and the issuer’s position within the group. This may be in the form of, or accompanied by, a diagram of the organizational structure if this helps to clarify the structure. Section 11.1 p. 368 ff. Item 6.2 A list of the issuer’s significant subsidiaries, including name, country of incorporation or residence, the proportion of ownership interest held and, if different, the proportion of voting power held. Section 11.1 p. 369-372 CHAPTER 7 OPERATING AND FINANCIAL REVIEW PAGE Rubriek 7.1 Financial condition Section 5 p. 110 ff. Item 7.1.1 To the extent not covered elsewhere in the registration document and to the extent necessary for an understanding of the issuer’s business as a whole, a fair review of the development and performance of the issuer’s business and of its position for each year and interim period for which historical financial information is required, including the causes of material changes. The review shall be a balanced and comprehensive analysis of the development and performance of the issuer’s business and of its position, consistent with the size and complexity of the business. To the extent necessary for an understanding of the issuer’s development, performance or position, the analysis shall include both financial and, where appropriate, non-financial Key Performance Indicators relevant to the particular business. The analysis shall, where appropriate, include references to, and additional explanations of, amounts reported in the annual financial statements. Section 5 p. 110 ff. Item 7.1.2 To the extent not covered elsewhere in the registration document and to the extent necessary for an understanding of the issuer’s business as a whole, the review shall also give an indication of: a) the issuer’s likely future development Section 5.4 p. 130 ff. b) activities in the field of research and development The requirements set out in item 7.1 may be satisfied by the inclusion of the management report referred to in Articles 19 and 29 of Directive 2013/34/EU of the European Parliament and of the Council. Section 7.3.7.5 p. 172 Item 7.2 Operating results Section 5 p. 110 ff. Item 7.2.1 Information regarding significant factors, including unusual or infrequent events or new developments, materially affecting the issuer’s income from operations and indicate the extent to which income was so affected. Section 5 p. 110 ff. Item 7.2.2 Where the historical financial information discloses material changes in net sales or revenues, provide a narrative discussion of the reasons for such changes. Section 5 p. 110 ff. CHAPTER 8 CAPITAL RESOURCES PAGE Item 8.1 Information concerning the issuer’s capital resources (both short term and long term). Section 5.2 p. 122 Item 8.2 An explanation of the sources and amounts of and a narrative description of the issuer’s cash flows. Section 5.2 p. 122 Item 8.3 Information on the borrowing requirements and funding structure of the issuer . Section 5.2.3 p. 125 ff. Item 8.4 Information regarding any restrictions on the use of capital resources that have materially affected, or could materially affect, directly or indirectly, the issuer’s operations. N/A Item 8.5 Information regarding the anticipated sources of funds needed to fulfil commitments referred to in item 5.7.2 Sections 5.2.3 and 5.2.4 p. 125 ff. CHAPTER 9 REGULATORY ENVIRONMENT PAGE Item 9.1 A description of the regulatory environment that the issuer operates in and that may materially affect its business, together with information regarding any governmental, economic, fiscal, monetary or political policies or factors that have materially affected, or could materially affect, directly or indirectly, the issuer’s operations. Section 11.5 p. 375-377 CHAPTER 10 TREND INFORMATION PAGE Item 10.1 A description of: a) the most significant recent trends in production, sales and inventory, and costs and selling prices since the end of the last financial year to the date of the registration document; b) any significant change in the financial performance of the group since the end of the last financial period for which financial information has been published to the date of the registration document, or provide an appropriate negative statement. Section 4 p. 102 ff. Item 10.2 Information on any known trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on the issuer’s prospects for at least the current financial year . Section 4 p. 102 ff. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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398 399 CHAPTER 11 PROFIT FORECASTS OR ESTIMATES PAGE Item 11.1 Where an issuer has published a profit forecast or a profit estimate (which is still outstanding and valid) that forecast or estimate shall be included in the registration document. If a profit forecast or profit estimate has been published and is still outstanding, but no longer valid, then provide a statement to that effect and an explanation of why such forecast or estimate is no longer valid. Such an invalid forecast or estimate is not subject to the requirements in items 11.2 and 11.3. Section 5.4 p. 130 ff. Item 11.2 Where an issuer chooses to include a new profit forecast or a new profit estimate, or a previously published profit forecast or a previously published profit estimate pursuant to item 11.1, the profit forecast or estimate shall be clear and unambiguous and contain a statement setting out the principal assumptions upon which the issuer has based its forecast, or estimate. The forecast or estimate shall comply with the following principles: N/A a) there must be a clear distinction between assumptions about factors which the members of the administrative, management or supervisory bodies can influence and assumptions about factors which are exclusively outside the influence of the members of the administrative, management or supervisory bodies; N/A b) the assumptions must be reasonable, readily understandable by investors, specific and precise and not relate to the general accuracy of the estimates underlying the forecast; N/A c) in the case of a forecast, the assumptions shall draw the investor’s attention to those uncertain factors which could materially change the outcome of the forecast. N/A Item 11.3 The prospectus shall include a statement that the profit forecast or estimate has been compiled and prepared on a basis which is both: a) comparable with the historical financial information; b) consistent with the issuer’s accounting policies. Section 5.4.9 p. 138 CHAPTER 12 ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES AND SENIOR MANAGEMENT PAGE Item 12.1 Names, business addresses and functions within the issuer of the following persons and an indication of the principal activities performed by them outside of that issuer where these are significant with respect to that issuer: a) members of the administrative, management or supervisory bodies; Section 7.3 p. 151-162 b) partners with unlimited liability, in the case of a limited partnership with a share capital; N/A c) founders, if the issuer has been established for fewer than five years; N/A d) any senior manager who is relevant to establishing that the issuer has the appropriate expertise and experience for the management of the issuer’s business. Section 7.3 p. 154-156 and 163 Details of the nature of any family relationship between any of the persons referred to in points (a) to (d). Section 7.5 p. 175 In the case of each member of the administrative, management or supervisory bodies of the issuer and of each person referred to in points (b) and (d) of the first subparagraph, details of that person’s relevant management expertise and experience and the following information: a) the names of all companies and partnerships where those persons have been a member of the administrative, management or supervisory bodies or partner at any time in the previous five years, indicating whether or not the individual is still a member of the administrative, management or supervisory bodies or partner . It is not necessary to list all the subsidiaries of an issuer of which the person is also a member of the administrative, management or supervisory bodies; Section 7.3 p. 154-156 b) details of any convictions in relation to fraudulent offences for at least the previous five years; Section 7.7 p. 177-178 c) details of any bankruptcies, receiverships, liquidations or companies put into administration in respect of those persons described in points (a) and (d) of the first subparagraph who acted in one or more of those capacities for at least the previous five years; Section 7.7 p. 177-178 d) details of any official public incrimination and/or sanctions involving such persons by statutory or regulatory authorities (including designated professional bodies) and whether they have ever been disqualified by a court from acting as a member of the administrative, management or supervisory bodies of an issuer or from acting in the management or conduct of the affairs of any issuer for at least the previous five years. Section 7.7 p. 177-178 If there is no such information required to be disclosed, a statement to that effect is to be made. Item 12.2 Administrative, management and supervisory bodies and senior management conflicts of interests. Potential conflicts of interests between any duties to the issuer , of the persons referred to in item 12.1, and their private interests and or other duties must be clearly stated. In the event that there are no such conflicts, a statement to that effect must be made. Any arrangement or understanding with major shareholders, customers, suppliers or others, pursuant to which any person referred to in item 12.1 was selected as a member of the administrative, management or supervisory bodies or member of senior management. Details of any restrictions agreed by the persons referred to in item 12.1 on the disposal within a certain period of time of their holdings in the issuer’s securities. Section 7.4 - p. 172-174 CHAPTER 13 REMUNERATION AND BENEFITS PAGE In relation to the last full financial year for those persons referred to in points (a) and (d) of the first subparagraph of item 12.1: CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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400 401 Item 13.1 The amount of remuneration paid (including any contingent or deferred compensation), and benefits in kind granted to such persons by the issuer and its subsidiaries for services in all capacities to the issuer and its subsidiaries by any person. That information must be provided on an individual basis unless individual disclosure is not required in the issuer’s home country and is not otherwise publicly disclosed by the issuer . Section 7.8 p. 178-191 Item 13.2 The total amounts set aside or accrued by the issuer or its subsidiaries to provide for pension, retirement or similar benefits. Section 7.8 p. 178-191 CHAPTER 14 BOARD PRACTICES PAGE In relation to the issuer’s last completed financial year , and unless otherwise specified, with respect to those persons referred to in point (a) of the first subparagraph of item 12.1. Item 14.1 Date of expiration of the current term of office, if applicable, and the period during which the person has served in that office. Section 7.3 p. 151 Item 14.2 Information about members of the administrative, management or supervisory bodies’ service contracts with the issuer or any of its subsidiaries providing for benefits upon termination of employment, or an appropriate statement to the effect that no such benefits exist. Section 7.7 p. 177 Item 14.3 Information about the issuer’s audit committee and remuneration committee, including the names of committee members and a summary of the terms of reference under which the committee operates. Audit committee: Section 7.3.3.1 p. 163-164 Remuneration and nomination committee: Section 7.3.3.2 p. 165-166 Item 14.4 A statement as to whether or not the issuer complies with the corporate governance regime(s) applicable to the issuer . In the event that the issuer does not comply with such a regime, a statement to that effect must be included together with an explanation regarding why the issuer does not comply with such regime. Section 7.1.1 p. 148 Item 14.5 Potential material impacts on the corporate governance, including future changes in the board and committees composition (in so far as this has been already decided by the board and/or shareholders meeting). N/A CHAPTER 15 EMPLOYEES PAGE Item 15.1 Either the number of employees at the end of the period or the average for each financial year for the period covered by the historical financial information up to the date of the registration document (and changes in such numbers, if material) and, if possible and material, a breakdown of persons employed by main category of activity and geographic location. If the issuer employs a significant number of temporary employees, include disclosure of the number of temporary employees on average during the most recent financial year . Section 10 p. 318-319 Item 15.2 Shareholdings and stock options With respect to each person referred to in points (a) and (d) of the first subparagraph of item 12.1 provide information as to their share ownership and any options over such shares in the issuer as of the most recent practicable date. Section 7.8 p. 186-189 Item 15.3 Description of any arrangements for involving the employees in the capital of the issuer . Section 7.8 p. 186-189 CHAPTER 16 MAJOR SHAREHOLDERS PAGE Item 16.1 In so far as is known to the issuer , the name of any person other than a member of the administrative, management or supervisory bodies who, directly or indirectly, has an interest in the issuer’s capital or voting rights which is notifiable under the issuer’s national law, together with the amount of each such person’s interest, as at the date of the registration document or , if there are no such persons, an appropriate statement to that that effect that no such person exists. Section 6.2 p. 143 Item 16.2 Whether the issuer’s major shareholders have different voting rights, or an appropriate statement to the effect that no such voting rights exist. Section 6.2 p. 143 Item 16.3 To the extent known to the issuer , state whether the issuer is directly or indirectly owned or controlled and by whom and describe the nature of such control and describe the measures in place to ensure that such control is not abused. Section 6.2 p. 143 Item 16.4 A description of any arrangements, known to the issuer , the operation of which may at a subsequent date result in a change in control of the issuer . Section 7.6 p. 175-176 CHAPTER 17 RELATED PARTY TRANSACTIONS PAGE Item 17.1 Details of related party transactions (which for these purposes are those set out in the Standards adopted in accordance with the Regulation (EC) No 1606/2002 of the European Parliament and of the Council (2), that the issuer has entered into during the period covered by the historical financial information and up to the date of the registration document, must be disclosed in accordance with the respective standard adopted under Regulation (EC) No 1606/2002 if applicable. If such standards do not apply to the issuer the following information must be disclosed: Section 11.6 p. 377 a) the nature and extent of any transactions which are, as a single transaction or in their entirety, material to the issuer . Where such related party transactions are not concluded at arm’s length provide an explanation of why these transactions were not concluded at arm’s length. In the case of outstanding loans including guarantees of any kind indicate the amount outstanding; b) the amount or the percentage to which related party transactions form part of the turnover of the issuer CHAPTER 18 FINANCIAL INFORMATION CONCERNING THE ISSUER’S ASSETS AND LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES PAGE Item 18.1 Historical financial information Section 9.1 p. 204 Item 18.1.1 Audited historical financial information covering the latest three financial years (or such shorter period as the issuer has been in operation) and the audit report in respect of each year . Section 9.1 p. 204 Item 18.1.2 Change of accounting reference date If the issuer has changed its accounting reference date during the period for which historical financial information is required, the audited historical information shall cover at least 36 months, or the entire period for which the issuer has been in operation, whichever is shorter N/A CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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402 403 Item 18.1.3 Accounting standards The financial information must be prepared according to International Financial Reporting Standards as endorsed in the Union based on Regulation (EC) No 1606/2002. If Regulation (EC) No 1606/2002 is not applicable, the financial information must be prepared in accordance with: The financial information included in section 9 (and more in general, the entire URD) has been prepared in line with this requirement a) a Member State’s national accounting standards for issuers from the EEA, as required by Directive 2013/34/EU; b) a third country’s national accounting standards equivalent to Regulation (EC) No 1606/2002 for third country issuers. If such third country’s national accounting standards are not equivalent to Regulation (EC) No 1606/2002 the financial statements shall be restated in compliance with that Regulation. Item 18.1.4 Change of accounting framework The last audited historical financial information, containing comparative information for the previous year , must be presented and prepared in a form consistent with the accounting standards framework that will be adopted in the issuer’s next published annual financial statements having regard to accounting standards and policies and legislation applicable to such annual financial statements. Changes within the accounting framework applicable to an issuer do not require the audited financial statements to be restated solely for the purposes of the prospectus. However , if the issuer intends to adopt a new accounting standards framework in its next published financial statements, at least one complete set of financial statements (as defined by IAS 1 Presentation of Financial Statements as set out in Regulation (EC) No 1606/2002), including comparatives, must be presented in a form consistent with that which will be adopted in the issuer’s next published annual financial statements, having regard to accounting standards and policies and legislation applicable to such annual financial statements. The financial information included in section 9 (and more in general, the entire URD) has been prepared in line with this requirement. Montea does not envisage to apply a new financial reporting framework Item 18.1.5 Where the audited financial information is prepared according to national accounting standards, it must include at least the following: Section 9 p. 204-279 a) the balance sheet; b) the income statement; c) a statement showing either all changes in equity or changes in equity other than those arising from capital transactions with owners and distributions to owners; d) the cash flow statement; e) the accounting policies and explanatory notes Item 18.1.6 Consolidated financial statements If the issuer prepares both stand-alone and consolidated financial statements, include at least the consolidated financial statements in the registration document. Section 9.1 p. 204 Item 18.1.7 Age of financial information The balance sheet date of the last year of audited financial information may not be older than one of the following: Balance sheet date of the year for which financial information is provided is 31 December 2025, publication date of this report is 16 April 2026 a) 18 months from the date of the registration document if the issuer includes audited interim financial statements in the registration document; b) 16 months from the date of the registration document if the issuer includes unaudited interim financial statements in the registration document. Item 18.2 Interim and other financial information Item 18.2.1 If the issuer has published quarterly or half-yearly financial information since the date of its last audited financial statements, these must be included in the registration document. If the quarterly or half-yearly financial information has been audited or reviewed, the audit or review report must also be included. If the quarterly or half-yearly financial information is not audited or has not been reviewed, state that fact. If the registration document is dated more than nine months after the date of the last audited financial statements, it must contain interim financial information, which may be unaudited (in which case that fact must be stated) covering at least the first six months of the financial year . Interim financial information prepared in accordance with the requirements of Regulation (EC) No 1606/2002. For issuers not subject to Regulation (EC) No 1606/2002, the interim financial information must include comparative statements for the same period in the prior financial year , except that the requirement for comparative balance sheet information may be satisfied by presenting the year’s end balance sheet in accordance with the applicable financial reporting framework. Section 9.3.2 p. 278 Item 18.3 Auditing of historical annual financial information Section 9.3.3 p. 278 Item 18.3.1 Indication of other information in the registration document that has been audited by the auditors. Section 10.4 p. 344 Where financial information in the registration document is not extracted from the issuer’s audited financial statements state the source of the information and state that the information is not audited. Pro forma financial information Item 18.3.2 Indication of other information in the registration document that has been audited by the auditors. Section 10.4 p. 344-350 Item 18.3.3 Where financial information in the registration document is not extracted from the issuer’s audited financial statements state the source of the information and state that the information is not audited. This is the case throughout the URD Item 18.4 Pro forma financial information Item 18.4.1 In the case of a significant gross change, a description of how the transaction might have affected the assets, liabilities and earnings of the issuer , had the transaction been undertaken at the commencement of the period being reported on or at the date reported. This requirement will normally be satisfied by the inclusion of pro forma financial information. This pro forma financial information is to be presented as set out in Annex 20 and must include the information indicated therein. Pro forma financial information must be accompanied by a report prepared by independent accountants or auditors. Section 9.3.4 p. 278 Item 18.5 Dividend policy Item 18.5.1 A description of the issuer’s policy on dividend distributions and any restrictions thereon. If the issuer has no such policy, include an appropriate negative statement. Section 9.3.5 p. 279 CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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404 405 Item 18.5.2 The amount of the dividend per share for each financial year for the period covered by the historical financial information adjusted, where the number of shares in the issuer has changed, to make it comparable. Section 9.3.5 p. 279 Item 18.6 Legal and arbitration proceedings Item 18.6.1 Information on any governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the issuer is aware), during a period covering at least the previous 12 months which may have, or have had in the recent past significant effects on the issuer and/or group’s financial position or profitability, or provide an appropriate negative statement. Section 9.3.6 p. 279 Item 18.7 Significant change in the issuer’s financial position Item 18.7.1 A description of any significant change in the financial position of the group which has occurred since the end of the last financial period for which either audited financial statements or interim financial information have been published, or provide an appropriate negative statement. Section 9.3.7 p. 279 CHAPTER 19 ADDITIONAL INFORMATION PAGE Item 19.1 Share capital The information in items 19.1.1 to 19.1.7 in the historical financial information as of the date of the most recent balance sheet: Section 6.2 p. 143 Item 19.1.1 The amount of issued capital, and for each class of share capital: Section 6.2 p. 143 a) the total of the issuer’s authorized share capital; b) the number of shares issued and fully paid and issued but not fully paid; c) the par value per share, or that the shares have no par value; and d) a reconciliation of the number of shares outstanding at the beginning and end of the year . If more than 10% of capital has been paid for with assets other than cash within the period covered by the historical financial information, state that fact. Item 19.1.2 If there are shares not representing capital, state the number and main characteristics of such shares. N/A Item 19.1.3 The number , book value and face value of shares in the issuer held by or on behalf of the issuer itself or by subsidiaries of the issuer . Section 6.2 p. 143 Item 19.1.4 The amount of any convertible securities, exchangeable securities or securities with warrants, with an indication of the conditions governing and the procedures for conversion, exchange or subscription. N/A Item 19.1.5 Information about and terms of any acquisition rights and or obligations over authorized but unissued capital or an undertaking to increase the capital. N/A Item 19.1.6 Information about any capital of any member of the group which is under option or agreed conditionally or unconditionally to be put under option and details of such options including those persons to whom such options relate. N/A Item 19.1.7 A history of share capital, highlighting information about any changes, for the period covered by the historical financial information. Section 6.2 p. 143 Item 19.2 Memorandum and Articles of Association. Item 19.2.1 The register and the entry number therein, if applicable, and a brief description of the issuer’s objects and purposes and where they can be found in the up to date memorandum and articles of association. Section 11 p. 380 ff. Item 19.2.2 Where there is more than one class of existing shares, a description of the rights, preferences and restrictions attaching to each class. N/A Item 19.2.3 A brief description of any provision of the issuer’s articles of association, statutes, charter or bylaws that would have an effect of delaying, deferring or preventing a change in control of the issuer . Section 7.6 p. 175-177 CHAPTER 20 MATERIAL CONTRACTS PAGE Item 20.1 A summary of each material contract, other than contracts entered into in the ordinary course of business, to which the issuer or any member of the group is a party, for the two years immediately preceding publication of the registration document. A summary of any other contract (not being a contract entered into in the ordinary course of business) entered into by any member of the group which contains any provision under which any member of the group has any obligation or entitlement which is material to the group as at the date of the registration document. N/A CHAPTER 21 DOCUMENTS AVAILABLE PAGE Item 21.1 A statement that for the term of the registration document the following documents, where applicable, can be inspected: Section 11.7 p. 377 ff. a) the up to date memorandum and articles of association of the issuer; b) all reports, letters, and other documents, valuations and statements prepared by any expert at the issuer’s request any part of which is included or referred to in the registration document. An indication of the website on which the documents may be inspected. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET
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406 407 11.11 Glossary 2020 Code The Belgian Corporate Governance Code 2020 as issued by the Corporate Governance Committee and available online. Acquisition value Total cost of acquiring real estate, including transaction costs. Average financial debt The average of all financial debts over a defined period, excluding the negative value of hedging instruments. Average lease term The average annual duration of ongoing leases until the first possible break date. CSRD Directive (EU) 2022/2464 of 14 December 2022 amending Regulation (EU) no. 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting, as transposed by the relevant Belgian legislation. Companies and Associations Code The Belgian Companies and Associations Code of March 23, 2019, as amended from time to time. Concentration risk Concentration risk pursuant to article 30, §1-5 of the RREC Law. Consolidated and parent-company debt ratio Debt ratio calculated in accordance with art. 13, §1 of the RREC Royal Decree. Contracted annual rental income The contracted annual rental income as agreed in the leases with the various tenants. Corporate Governance Charter The Montea corporate governance charter as approved by the Sole Director on October 28, 2021. Dividend yield Gross dividend divided by the share price at the end of the period. EPRA earnings Net result (operating result before the result on the portfolio, minus the financial result and corporate income tax, excluding deferred taxes), minus changes in the fair value of investment properties and properties held for sale, minus gains or losses on the disposal of investment properties, plus changes in the fair value of financial assets and liabilities. Estimated rental value Estimated rental value per m² as determined by the real estate valuer , taking account of the location, the characteristics of the building, the business activity etc., multiplied by the number of m². FBI Fiscale beleggingsinstelling (‘fiscal investment institution’) as referred to in article 28 of the Dutch Corporate Income Tax Act 1969. Fair value Accounting value under IAS/IFRS rules. Value of the real estate portfolio, after deducting transaction costs for the real estate portfolio in France and the Netherlands. Financial instruments result Negative and/or positive changes in the fair value of interest rate/ hedging instruments in accordance with IAS 39. FSMA Financial Services and Markets Authority. IFRS International Financial Reporting Standards. Insured value The full new-build value of the buildings including non-recoverable VAT. Investment value Value of the property portfolio, without deducting transaction costs. IRS Interest Rate Swap. Law of May 2, 2007 Law of May 2, 2007 on the disclosure of significant interests in issuers whose shares are admitted to trading on a regulated market and containing various provisions. Montea or Company Montea NV, a public registered real estate company established under Belgian law, with registered office Industrielaan 27, box 6, 9320 Aalst (Erembodegem), registered in the Register of Legal Persons (RPR) of Ghent, Dendermonde division, under number 0417.186.211. Net initial yield Contracted annual rental income, including concession rights and building leases, divided by the acquisition value of the property portfolio. Net property yield Contracted rental income, including concession rights and building leases, divided by the fair value of the property portfolio. Occupancy rate Occupancy rate based on m². When calculating the occupancy rate, non-lettable space intended for redevelopment and the land bank are excluded from both the numerator and the denominator . Operating margin Operating income before the result on the property portfolio, divided by net rental income. Optional dividend A dividend where the shareholder can choose to receive the dividend either in cash or in shares. 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 the disposal of properties. Premium/discount Difference in % between the share price and the net assets per share. Prospectus regulation Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus. RREC A public regulated real estate company established under Belgian law, in accordance with the RREC Law and the RREC Royal Decree. RREC Law The Law of May 12, 2014 on regulated real estate companies, as amended from time to time. RREC Royal Decree The Royal Decree of July 13, 2014 on regulated real estate companies, as amended from time to time. Royal Decree of November 14, 2007 The Royal Decree of November 14, 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market. SREF A specialized real estate fund, in accordance with the SREF Royal Decree. SREF Royal Decree Royal Decree of November 9, 2016 on specialized real estate funds, as amended from time to time. SIIC Société d’Investissement Immobilier Cotée pursuant to article 208-C of the French Code Général des Impôts (CGI). Sole Director or Statutory Director Montea Management NV, registered office Industrielaan 27, 9320 Erembodegem, registered in the Register of Legal Persons (RPR) of Gent, Dendermonde division, under number 0882.872.026. Transparency Regulations The applicable regulations on the transparency of significant interests in listed companies, as contained in particular in the Law of May 2, 2007 and the Royal Decree of February 14, 2008 on the publication of significant interests. Velocity Volume over a defined period divided by the number of shares. CORPORATE GOVERNANCE RISK FACTORS FINANCIAL STATEMENTS DATA PACK ADDITIONAL INFORMATION WE ARE MONTEA2025 HIGHLIGHTS CROSS-GENERATIONAL VALUE CREATION LOOKING TO THE FUTURE MANAGEMENT REPORT MONTEA ON THE STOCK MARKET