Slides
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20 August 2026 H1 2026 results presentation
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Momentum translated into growth 2 Exceptional leasing momentum fuelled by large- scale demand 255,000 m² (re)let +16% rent uplift across the existing portfolio EPRA EPS growth on track +5% YoY increase supported by +2.8% LfL rental growth Track27 nearing its investment target and is now fully funded 95% of the €1.15bn investment target secured
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H1 2026 results Leasing update Market update Balance sheet & outlook ESG Appendix 3 Track27 update
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H1 2026 results
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5 €2.47 EPRA EPS (+5% YoY) +2.8% LfL rental growth €80.4 EPRA NTA (+4% YoY) ▪€3.2bn portfolio ▪99.4% high occupancy ▪5.0% EPRA NIY 39.8% Loan-to-value ▪7.7x adj. Net debt/EBITDA ▪98% hedge ratio Results fully on track Advancing on growth Sound financial profile H1 2026 – From strategy to value creation 5
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+5% EPRA EPS growth through rental growth and expansion (in €000’s) H1 2026 H1 2025 YoY Net rental income 74,559 67,819 +10% Other real estate income & expenses 3,423 4,084 -16% Total property result 77,982 71,903 +8% of which income from solar panels & BESS 4,186 3,786 +11% Property & overhead expenses -9,762 -8,922 +9% Operating results before portfolio results 68,220 62,981 +8% Operating margin 87.5% 87.6% Financial results excl. fair value changes -9,692 -7,879 +23% T axes -1,352 -1,128 +20% Share in the result of associates and joint ventures 434 -14 EPRA result 57,610 53,960 +7% Weighted average shares’ outstanding 23,298,666 23,007,385 +1% EPRA EPS 2.47 2.35 +5% LfL rental growth +2.8% linked to rent indexation and reversion 6 EPRA EPS +5% YoY increase driven by organic rental growth, income from acquisitions and pre-let development deliveries, and disciplined cost control
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Leasing update
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145,000 m² (re)let 110,000 m² pre-let Strong occupier demand driving leasing and rental growth 8 Leases signed at ERVs on average 145,000 m²(re)let across the existing portfolio of leases signed with new clients +16% Average rent uplift 2026 activity 72%
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Leases signed in 2026 (% split by GLA) Capturing growth from large-scale logistics and e-commerce 9 33% 27% 20% 18% 2% E-commerce Construction Retail Logistics Pharma Renewal rate high at above 90% Segment m² leased <10,000 m² 9,000 10,000-25,000 m² 61,000 >25,000 m² 75,000 Total 145,000 E-CO MMERCE LO GISTICS LO GISTICS CO NSTRUCTION RETAIL Most leasing volume concentrated in units above 10,000 m²
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Willebroek (BE) • 47,600 m² long-term lease signed with JD.com • Top 10 Montea asset, developed for Decathlon in 2017 • Strategic hub serving Belgium and Luxembourg • Highly automated e-commerce fulfilment hub • 2027 lease expiry significantly de-risked • Enhances long-term income visibility and cash flow certainty Willebroek leasing validates portfolio quality E-CO MMERCE 10
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Beringen (BE) • Vacant Beringen site let within 6 months of acquisition • Long-term lease secured with Claes Retail Group (JBC, CKS, Mayerline) • 20,000+ m² warehouse space in a prime Albert Canal location • Disciplined capital allocation and controlled risk approach validated • Rapid execution transformed a vacant asset into long-term income Beringen acquisition thesis delivered RETAIL 11
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Occupancy rate (%) Sustained near-full occupancy across the portfolio 12 Proactive tenant management of the 12% leases up for renewal in 2026 already extended or relet 95% 79% Up from in Q1 26 Lease maturity profile (% of current rent) 0.6% 11% 10% 11% 9% 57% 11.4% 2026 2027 2028 2029 2030 > 2028 WALB: 6.2 years* WALT: 7.2 years** * 7.4 years and ** 8.3 years incl. solar panels ALREADY (RE)LET OR EXTENDED Market data source: Broker reports Q12026 99.3% 99.4% 99.7% 99.4% 100.0% 99.9% 99.8% 99.4% 2019 2020 2021 2022 2023 2024 2025 Q2 2026 97.4% 97.4% 97.8% 97.9% 97.4% 96.0% 94.9% 94.4% Market occupancy rate
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2.4% 2.8% 3.3% 3.3% 6.1% 5.9% 6.8% 6.8% 4.3% 4.0% 3.4% 3.4% 3.6% 3.7% 3.3% 3.2% 2.7% 2.8% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Like-for-like rental growth since 2022 Indexation Reversion Turning reversionary potential into rental growth through active asset management 80% 84% 88% 92% 96% 100% Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Q2 2026 Portfolio reversionary potential Q2 2026: 7% 7% reversionary potential still to be captured 5.6% Net Reversionary Yield** +4% average rentalgrowth since 2022 Supported by consistently high occupancy Indexation complemented by positive reversion Demonstrating sustained capture of portfolio underrent ** Net Reversionary Yield = ERV / Current property value 13 Average: 4%
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Track27 growth plan update
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2026 PROGRESS Multiple growth pillars driving future earnings visibility 15 Driving earnings growth by dynamic capital allocation Developments Partnerships Acquisitions Green investments 130,000 m² new, large-scale developments secured 33,000 m² strategic last-mile acquisition Ongoing committed investments under Track27
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Port of Antwerp (BE) Capturing market momentum • Prime location in the Port of Antwerp • Pre-let to DP World under a 15-year triple net lease • Minimum BREEAM Excellent targeted • In permitting phase • Expected construction start in Q2 2027 • Expected completion in Q2 2028 • T otal investment: € 47m DEVELOPMENTS 16 55,000+ m² GLA
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Capturing market momentum Tiel DC Quartz (NL) • Next phase of Logistic Park Glassworks development • 70% pre-let to BSH Home Appliances under a minimum 10-year triple net lease; advanced discussions ongoing for the remaining 30% • Minimum BREEAM Excellent targeted • Construction start in Q3 2026 • Expected completion in Q4 2027 • T otal investment: € 69m (incl.land) DEVELOPMENTS 17 67,400 m² GLA
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Tiel - From 48ha brownfield to value creation YIELDING LAND 32,000 m² Let to Overdie IN CO MMERCIALIS ATION 24,000 m² GLA DC Silica DEL IVERED 10,000 m² Let to Milence IN DEVELOPMENT 4,000 m² GLA Pre-let to Arjo IN DEVELOPMENT 67,400 m² GLA DC Quartz 70% pre-let to BSH Home Appliances YIELDING LAND 92,000 m² Let to Struyk Verwo DEL IVERED 95,000 m² GLA Let to Intergamma Logistic Park Glassworks Tiel (NL) • Brownfield acquired in 2018 • 88% of currently available 200,000 m² GLA already developed or under development • € 178m invested across five projects • 7.5% average expected YoC Sustainable brownfield redevelopment De-risked execution approach Significant grid capacity *Five projects relate to developments for BS H, Intergamma, Arjo, Milenceand Re-Match (Overdiesite) 18
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Executing on growth opportunities Anderlecht, Brussels (BE) • Strategic last-mile location, just 1km away from the Brussels South train station • Let to bpost under a long-term lease • Investment: € 18m ACQUISITIONS 19 33,000 m² GLA
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Track27 – From strategy to execution 20 of the €1.15bn investment target secured 95% vs 81% Q4 25 2024 2025 H1 2026 2026 investments at 6.6% average NIY Invested €815m In execution €92m Under exclusive negotiation €186m To go €54m €1,147m Track27 targeted investments of investments completed & secured in 2026 at an average NIY >6.5% €180m
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€0 €50 €100 €150 €200 €250 €300 €350 €400 €450 €500 2019 2020 2021 2022 2023 2024 2025 H1 2026 Track27 – A value-enhancing growth plan With proven value creation throughout different stages of the cycle Ensuring long-term sustainable value creation while focusing on strategic locations 21 WITH ONE GOAL IN COMMON DIVERSE GROWTH AVENUES in mln Yielding acquisitions – expected closingsDevelopments PartnershipsAcquisitions Green investments 19% 16% 12% 1% 51%
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Invested €815m In execution €92m Under exclusive negotiation €186m To go €54m €1,147m Earnings growth set to continue Thanks to pipeline in execution 22 Solar panels & energy storage systems €5m CAPEX ~ 8% IRR Projects under development €87m CAPEX ~ 6.5% Expected NIY
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Developments in execution 23 92% Pre-let 17Y average lease term ~ 190,000 m² GLA in execution ~ 6.5% YoC • 86,000 m² GLA (215,000 m² at 100%) • Pre-let to Skechers for 20 years • Construction started in Q1 2025 • Phased completion by Q4 2027 • Maximum exposure: € 140m JV with Weerts (Liège, BE) Halle (BE) • Located near E19 and E429 motorways • 31,000 m² GLA • Pre-let to Colruyt under a long -term agreement • In permitting phase • Total investment: € 34m Tiel (NL) NEW • 4,000 m² GLA • Pre-let to Arjo for minimum 10 years • Construction started in Q2 2026 • Completion in Q1 2027 • Total investment: € 6m Tiel DC Quartz (NL) • 67,400 m² GLA • 70% pre-let to BSH for a minimum of 10 years • Construction start in Q3 2026 • Completion in Q4 2027 • Total investment: € 69m NEW
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Invested €815m In execution €92m Under exclusive negotiation €186m To go €54m €1,147m Earnings growth to continue And investments under exclusive negotiation 24 Yielding investments €117m CAPEX > 6.5% Expected NIY Solar panels & BESS €26m CAPEX ~ 8% Expected IRR Non-yielding landbank €43m LAND ACQUISITION CAPEX > 6.5% Expected NIY (after completion) Remaining direct yielding acquisitions announced in Q1 expected to close in the short term at a NIY > 6.5%
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Development pipeline 25 Completion date Landbank (m²) GLA (m²) Total capex (€m) To invest (€m) Target YoC Current development pipeline Committed developments under construction 326,000 188,400 249 87 ~ 6.5% Halle (Colruyt Group) Q4 2026 55,000 31,000 34 13 Tiel (Arjo AB) Q1 2027 5,000 4,000 6 5 Tiel (BSH) Q4 2027 118,000 67,400 69 43 Luik (Skechers)* Q4 2027 148,000 86,000 140 26 Near-term development pipeline Expected starts in the next 24 months including pre-let projects awaiting permit 369,000 227,800 209 157 > 6.5% Future development potential Longer term development potential including yielding landbank & land under option 3,180,700 1,375,300 1,354 1,089 > 6.5% Total 3,875,700 1,791,500 1,812 1,334 *40% share included in the pipeline. €140m represents maximum exposure for Montea 17Y AVERAGE LEASE TERM 92% PRE-LET 25 NEW NEW
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Skechers project execution update 26 Watch video Watch video →
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Skechers project delivery progressing as planned Photo credit: Simon Sch mitt, Glo balview.be 40% joint venture with Weerts Logistics Parks 215,000+ m² GLA across five units 100% pre-let to Skechers on a 20-year lease Over 70% of GLA generatingrental income from 2027 remainder by end-2028 BREEAM Excellent certification targeted STATUS UPDATE Construction fully on track First three units delivered Tenant automation works underway ahead of operations 27
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Project YoC at delivery above 6%, fully in line with Montea's return requirements Return on invested capital from Day 1 of the JV set up, with immediate positive contribution to earnings Skechers project - Immediate earnings contribution with attractive YoC Maximum exposure for Montea ~ €140m (€26m to go) Expected entry of first leases Expected completion of the project Development start Q1 2025 2027 2028 TODAY 28
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Landbank with a focus on grey and brownfields 29 53% yielding @ 5.9% yield on cost €494m market value €192/m² market value Landbank 100% situated in logistics & industrial zonings Extension potential by over 75% vs. current portfolio Future development potential of 1.8m m² GLA 56% grey- & brownfields 1.4m m² 1.2m m² 1.3m m² Yielding Non-yielding In option A C Q U I R E D L ANDBA N K 3.9m m² Acquired landbank + 500k m² vs Q1 2026
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Landbank underpinning significant embedded rental growth potential Additional growth levers • Rental growth • Acquisitions/disposals • Landbank expansion • Green investments 30 +75% rent roll growth * Development pipeline forecast based on the expected completion date of pro jects in execution. 2026 LfL rental growth assumed at 2.5%, 2027 indexation assumption is based on th e IMF forecast at c.2%. Near-term opportunities in clude pre-let agreemen ts awaitin g permit, develo pment starts expected to commence in the next 24 months. Future development opportunities include yielding landbank and landbank in o ption. Annualised cash passing rent (31/12/2025) Pipeline Completion of developments in execution Indexation & reversion (2026 & 2027) Secured annualised rent under Track27 Total landbank potential +14% €165m +75% €264m €146m €16m €5m €92m €151m €5m Rent potential Near-term and future developments Annualised cash passing rent (30/06/2026) Indexation & reversion H1 2026 €172m
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0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 €3.2bn €4.9bn Portfolio value (30/06/2026) Portfolio value with full landbank potential unlocked ∼ €350m value creation Additional growth levers • Acquisitions/disposals • Landbank expansion • Green investments Existing landbank underpinning future value creation ~ €350m 31 * Development pipeline forecast based on the expected completion date of pro jects in execution. 2026 LfL rental growth assumed at 2.5%, 2027 indexation assumption is based on th e IMF forecast at c.2%. Near-term opportunities in clude pre-let agreemen ts awaitin g permit, develo pment starts expected to commence in the next 24 months. Future development opportunities include yielding landbank and landbank in o ption.
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Market update
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Western Europe – A supply constrained market Severe land scarcity in core logistics corridors Particularly near major ports, airports and population centres Lengthy and complex permitting and zoning process Limits speculative supply and oversupply risk Power grid and energy capacity constraints Secured grid access & on-site energy generation are key Environmental and ESG regulation hurdles Bifurcation in demand for new vs older stock Scarcity supports rental growth and asset value resilience 33
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Occupier expansion appetite is recovering Expansion plans in the next 3 years 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Growing footprint Stable footprint Shrinking footprint 2023 2024 2025 2026 34 34% 35% 54% 68% 75% 27% 32% 50% 71% 70% Manufacturing Retailer Online retailer 3PL Post & parcel delivery 2025 2026 Source: CBRE/AnalytiqaEuro pean Logistics Occupier Survey - July 2026Source: CBRE/Analytiqa European Logistics Occupier Survey - July 2026 Expanding respondents per occupier sector 3PLs, post & parcel and online retailers lead demand Occupier expansion appetite rebounds for the first time since 2023 Chinese occupiers are increasingly active across Europe, led by automotive, industrial, e -commerce and 3PL sectors Occupiers cite limited availability of modern warehouses and power capacity as key constraints 51% are planning to expand in the next 3 years vs 46% in 2025
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0% 5% 10% 15% 20% 25% 30% 35% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e 2028e 2029e 2030e Belgium Netherlands France Germany UK E-commerce penetration is set to continue growing 35 E-commerce penetration to continue growing while still remaining below more mature markets such as the UK Source: ECDB in €bn 10% 14% 31% 27% 22% 22% 25% 18% 17% 17%
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7 million m² of new demand powered by e-commerce E-commerce revenues to increase by c. €70bn by 2030 in Montea’s markets *Source: ECDB. CBRE estimates the need for 100,000 m² extra space per each €1bn of e-commerce sales. 2025 take-up figures taken into account in €bn 36 Creating a 7 million m² new logistics demand growth opportunity in Montea’s markets alone over the next four years Which would addup to 20% of incremental demand to annual take-up Belgium +8% Netherlands +5% France +16% Germany +20% 10 22 74 119 12 27 94 161 0 20 40 60 80 100 120 140 160 180 Belgium Netherlands France Germany 2026e 2030e +2 +5 +20 +42 5.6% 5.1% 6.0% 7.8% 2026-2030 growth p.a.
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Enduring structural demand drivers Normalisation of take-up expected to continue, with structural growth drivers remaining intact Growth in e-commerce penetration Supply chain optimisation Modernisation of existing stock Distribution linked to defence 37
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Balance sheet update & outlook
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Track27 fully funded, balance sheet strength confirmed 2.2% average cost of debt 2.5% MAXIMUM UNDER TRACK27 Long-term funding 5.5 YEARS AVERAGE DEBT MATURITY 39 NO DEBT MATURINGBEFORE 2028 2028€ 207m (RE)FINANCED IN H1 € 130m NEW DEBT € 77m REFINANCING Long-term interest rate protection 4.9 YEARS AVERAGE HEDGE MATURITY Hedge ratio 98%
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Funding position further strengthened through successful refinancing • No debt maturities before 2028; 2027 refinancing completed • Average debt maturity extended to 5.5 years • Enhanced funding diversification through three new lending relationships 40 €0 €50 €100 €150 €200 €250 €300 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 A well-spread maturity profile Existing credit lines Bonds Renewed credit lines New credit lines in m
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Growth ambitions backed by financial strength Investment grade credit rating BBB+ (Stable Outlook) reaffirmed by Fitch, recognising Montea's strong financial discipline and resilient portfolio Loan-to-value 39.8% (end 2025: 38.1%) Adj. Net Debt/EBITDA 7.7x (end 2025: 7.3x) Interest coverage ratio 4.4x (end 2025: 4.5x) Rating confirmationby Fitch as of 17 June 2026 41 Indexation clause in 100% of rental contracts First-time F1 rating assigned for short-term financing
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c. 8x adj. Net debt/EBITDA max.2.5% average cost of debt towards 90% operating margin by end 2027 98%+ consistently high occupancy Track27 fully funded within a resilient framework 42 Reflecting disciplined financial allocation and operational excellence Track27 is now fully funded, with all remaining investments covered within the c.8x adj. Net debt/EBITDA framework
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*Top-ups relate to the FBI -related provision reversal in The Netherlands € 4.45 € 4.55 € 4.90 € 5.15 € 5.60 € 0.45 € 0.18 € 0.08 3 4 5 6 2023 2024 2025 2026e 2027e Earnings and dividend guidance * +6% CAGR is calculated byusing EPRA EPS as of 31 December 2023 as a base. +7% CAGR uses EPRA EPS as of 31 December 2025 as a base. The outcome of the FBI recognition for FY 2024 is expected at the end of 2026. +7% p.a. EPRA EPS & DPS growth 43 2026 guidance 2027 guidance reiterated Track27 - EPRA EPS growth guidance€5.23 EPRA EPS (+7% YoY) incl. potential €0.08 FBI recognition for FY 2024 €4.19 dividend (+7% YoY) incl. potential FBI recognition (80% payout) Min. 2.5% LfL rental growth €250m investment volume target €5.60 EPRA EPS (+7% vs 2026) T o be executed in line with the Track27 operational and financial framework +6% CAGR €150m investment volume target
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Proven return track record: +16% 10-year TAR* * TAR = Total Accounting Return = annual EPRA NTA growth + gross dividend distributed. 10-year TAR CAGR stands at +16%. YoY % change 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10Y CAGR EPRA EPS 8% 4% 14% 11% 7% 7% 9% 9% 2% 8% 8% DPS 4% 3% 4% 12% 11% 7% 9% 2% 7% 9% 7% EPRA NTA 10% 7% 17% 29% 19% 23% 11% 4% 5% 5% 12% +7% p.a. 2026-27 EPRA EPS guidance underpins future TAR growth 44 18% 14% 24% 35% 24% 28% 15% 8% 9% 9% 0% 5% 10% 15% 20% 25% 30% 35% 40% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10-year T otal Accounting Return (YoY % change) Historical valued were adjusted to reflect a new number o f shares in issue used for the EPRA NTA calculatio n.
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ESG
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An all-rounded approach to energy independence and efficiency 46 Locally produced energy complements further energy-efficient initiatives Heat pumps replacing gas installations LED lighting in warehouses EV charging 972 charging points installed Battery storage systems EV truck charging currently being investigated *Battery storage system rollout commenced in 2025 €31m€29m €60m InvestedPlanned Track27 green investments 68 MWp 92 MWp Photovoltaic capacity 2023 Q2 2026 Heat pump installations in portfolio 46% 50% target LED lighting in warehouses in portfolio 91% 100% 2030 Battery storage systems 45 MWh0 MWh 32% 83% target
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Executing today. Building tomorrow. 95% of the €1.15bn investment target under Track27 secured +7% EPRA EPS gro wth p.a. fo r 2026 & 2027, with EPRA EPS reaching €5.60 in 2027 +7% 255,000 m² 47 95% Track27 execution advancing Future EPRA EPS growth underpinned by a fully funded investment pipeline Strong leasing momentum across standing portfolio and developments
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Q&A
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This presentation contains forward-looking statements. Such forward-looking statements involve unknown risks, uncertainties and other factors which may cause the actual results, financial conditions, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties you are cautioned not to place any undue reliance on such forward -looking statements, which cannot be guaranteed. These forward-looking statements speak only as of the date of this presentation. The company expressly disclaims any obligation to update such forward-looking statements, except to the extent and in the manner required by Belgian law. CONTACT Inna Maslova, Investor Relations Manager inna.maslova@montea.com MORE INFORMATION www.montea.com
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Appendix Portfolio About Montea Track27
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€ 3.2bn portfolio spread across 4 countries 2.4m m² portfolio GLA 75%+ portfolio growthpotential on existing landbank Access to Europe’s core distribution corridors France Belgium Germany Netherlands HAMBURG BERLIN FRANKFURT STUTTGART MUNICH MARSEILLE NANTES TOULOUSE PARIS RENNES LILLE ROUEN LYON ANTWERPBRUSSELS AMSTERDAM ROTTERDAM TIEL EINDHOVEN Current development pipeline Near-term development pipeline Future development pipeline Montea assets 51
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Financial targets Track27 Disciplined financial allocation and operational excellence remain at the core +7% p.a. 2026-27 EPRA EPS guidance, with EPRA EPS to reach €5.60 in 2027. +6% p.a. EPRA EPS growth on average for the period 2024-2027 €1.15bn investment target , with portfolio to grow by more than 50% to above €3.5bn by 2027 end (vs 2023) 52 Our most ambitious growth plan to date
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Our most ambitious growth plan to date ESG-linked targets Track27 GHG emissions reduction by 45% in our standing portfolio by end 2027 end (vs 2019) All new developments are zero emission buildings €60m investment in sustainable projects by 2027 53
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Resulting in a +9% TAR* p.a. over the last 2 years EPRA NTA growth effect Dividend growth effect Track27 – Two years of compounding growth momentum *TAR = Total Accoun ting Return = EPRA NTA growth + total gross dividend distributed since 31 December 2023. Over €150m in value realised through 6.7% average Y oC for development completions €80m+ development gains booked 16% rent reversion potential still to be captured on recent acquisitions €10m+ positive revaluation of acquisitions 3%+ annual LfL rental growth over the last 2 years €60m LfL revaluation of standing portfolio 54 external & internal growth
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Antwer p Liège Ghent Charler oi Brussels Venlo Venray Tiel Eindhoven Tilburg Amsterdam Ro tterdam Rennes Nantes Rouen Paris Lille Toulouse Lyon Marseille Hamburg Berlin Hannover/Brunswick Bremerhaven Rhine-Ruhr Leverkusen Frank furt Mannheim Stuttgart Munich Nurembe rg Locations Country # sites sqm (‘000) Fair Value Annual Rent EPRA NIY Occupancy % of portfolio BE 45 1,052 m² €1,422m € 62m 5.3% 99.5% 44% NL 43 965 m² €1,270m € 62m 4.6% 100% 39% FR* 35 293 m² €446m € 26m 5.1% 96.8% 14% DE 3 99 m² €89m € 6m 5.7% 100% 3% TOTAL 126 2,375 m² €3,227m €147m 4.9% 99.6% 100% Belgium The Netherlands France Germany Main logistics hotspots Montea sites 55 *Portfolio in France includes an industrial outdo or sto rage (IOS) component of the Reverso portfolio which is not reflected inthe 292,508m² portfolio area. Excluding the fair value and rent o f this IOS, the average fair value fo r France stan ds at €1,202/m² and average rent at €61/m².
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2.6% 2.4% 2.3% 2.2% 2.2% Top 10 tenants * Split calculated by rent 56 5.7% 4.5% 3.7% 2.9% 2.7%
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A high-quality portfolio 50% 14% 13% 7% 7% 6% 3% Sector diversification Logistics Food & Beverage Construction Retail Pharma & Medical Automotive Other 56% 44% Multimodality Yes No 32% 29% 22% 17% Age of buildings < 5 years 6-10 years 11-20 years 20+ years 57
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Earnings track record and guidance *DPS 2023: € 3.38 + € 0.36 (FBI-related pro vision reversal), DPS 2024: €3.60 + € 0.14 ** DPS 2026: € 4.11 + € 0.08 FBI-related pro vision reversal 58 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e 2.05 1.97 2.47 2.58 2.95 3.28 3.50 4.10 3.75 4.45 4.55 2.29 5.60 4.90 3.93 5.15 4.19** 1.79 1.82 2.00 1.84 1.84 1.93 1.97 1.97 2.03 2.11 2.17 2.26 2.54 2.83 3.03 3.30 3.74* 3.74* EPRA EPS (€) DPS (€) 0.45 0.18 0.08 Track27 +6% p.a. EPRA EPS on average 2015-2025 EPRA EPS +8% p.a. on average
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Portfolio growth 59 € - € 0.5 € 1.0 € 1.5 € 2.0 € 2.5 € 3.0 € 3.5 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2 2026 2027 Portfolio Fair Value evolution incl. solar panels & developments Belgium FranceNetherlands Germany €3.5bn Portfolio size target x35 since IPO in bn €3.2bn €101m
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Track27 framework extends robust balance sheet record 5.7 6.1 6.7 7.9 6.4 6.4 7.3 7.75.5 6.2 6.7 4.9 4.5 4.5 4.5 4.4 0 1 2 3 4 5 6 7 8 9 3 4 5 6 7 8 9 2019 2020 2021 2022 2023 2024 2025 Q2 2026 (adjusted) net debt/EBITDA ICR 35.7% 35.0% 36.2% 38.9% 32.4% 33.7% 38.1% 39.6% 2019 2020 2021 2022 2023 2024 2025 Q2 2026 60 Loan-to-valueAdj. Net debt/EBITDA and ICR
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Financing sources Maturity (y) Well-spread maturities for CLs & bonds Supported by diversified, long-term funding 5.5 4.9 0 1 2 3 4 5 6 MATURITY FINANCING MATURITY HEDGING 0 50 100 150 200 250 300 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 Creditlines Bonds 46% BONDS 53% CREDIT LINES <1% LEASING 61
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Share price & NAV evolution 62 Data as of 14 August 2026 Share price & NAV P/D to NAV -30% -10% 10% 30% 50% 70% 90% 110% 130% 150% € 0 € 20 € 40 € 60 € 80 € 100 € 120 € 140 Premium/Discount to NAV Share price NAV