Slides
Page 1
29 October 2026 Montea enters Italy Q3 2026 results Fidenza II, Italy
Page 2
2 Strong foundations in Belgium & France
Page 3
3 European expansion along key logistics corridors
Page 4
4 Adding Italy as our fifth core market
Page 5
Italy market overview
Page 6
6 Attractive supply-demand fundamentals underpin compelling risk-adjusted growth opportunities Italy: large logistics market with attractive supply-demand fundamentals Take-up supported by structurally constrained new supply +62% Take-up YoY (H1 2026) 4.1% Vacancy rate (H1 2026) 5.2% Prime yield (Q3 2026) 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 0 0.5 1 1.5 2 2.5 3 2021 2022 2023 2024 2025 H1 2026 Take-up Completions Vacancy in m m² Source: JLL (2026), other brokers
Page 7
7 Italy offers attractive rental growth potential alongside Montea’s core markets Complementary rental dynamics Continued rental growth alongside Montea’s more established markets Prime rents remain below several major Western European logistics markets Attractive rental levels Further maturity potential A growing logistics market with scope for further institutionalisation Source: JLL, iO Partners (Q2 2026) Prime logistics rents in Europe YoY change Increase Stable Decrease * €/m²/year 72 70
Page 8
8 Scarcity of modern logistics stock supports long-term growth potential Source: CBRE, Oxford Economics, CoStar, CBRE IM Structural scarcity One of Europe’s lowest levels of modern logistics stock Planning, land and economic constraints limit new development Constrained supply 0 0.2 0.4 0.6 0.8 1 1.2 APAC Finland Spain Italy UK France Europe Belgium Slovakia Germany Sweden Czech Republic Poland US Netherlands Estimated modern logistics space, per capita, in m² only 11% today, with significant headroom to grow to 15% by 2030 Low e-commerce penetration Source: Green Street
Page 9
Transaction overview
Page 10
10 Immediate scale with exceptional income visibility A high-quality, long-duration portfolio in prime logistics corridors 310k m² GLA €20m net rental income 16 years WALT 100% let or pre-let 5.7% average net yield 10 assets 8 Italy – 2 Germany 6 standing assets 4 pre-let projects (2027 delivery) €344m Portfolio value Venice, Italy Immediate scale
Page 11
11 Prime locations in Northern Italy’s industrial heartland… I T A L Y Fidenza II, Italy Immediate scale
Page 12
12 …and key German hubs G E R M A N Y Leipzig, Germany Immediate scale
Page 13
13 Furtherdiversifying Montea’s tenant base, with MVN becoming Montea’s largest tenant Top 10 tenants representing ~31% of the total rent roll Blue-chip global and European tenant base 1. MVN 6.5% 2. Jacky Perrenot 4.9% 3. Intergamma 3.9% 4. Amazon 3.2% 5. A-Ware 2.5% 6. ID Logistics 2.4% 7. DHL Aviation 2.2% 8. Lekkerland 2.1% 9. DocMorris 1.9% 10. JD.com 1.9% Immediate scaleImmediate scale
Page 14
14 Disciplined expansion into a fifth core market Portfolio WALT increases from 7.3 to 8.3 years with rents fully indexed Longer duration Income guarantee on pre-let developments until lease commencement Income from Day 1 The new portfolio adds scale while preserving Montea’s exceptional occupancy High occupancy preserved Net rental income increases by 13% Expanding the rent roll Scalable platform creates operating leverage and additional earnings potential Unlocking further value potential Portfolio overview 30/09/2026 Montea Target portfolio Pro forma GLA 2,453,000 m² 310,000 m² 2,763,000 m² GAV €3,305m €344m €3,649m Net rental income €154m €20m €174m Occupancy rate 99.4% 100% 99.5% EPRA NIY 5.0% 5.7% 5.1% WALT 7.3y 15.8y 8.3y AGE 12.2y 0.2y 10.8y *Net rental income figures for the Montea portfolio are based on 2026. Pro forma figures reflect the acquisition of the 10 assets only and exclude the increased participation in the WLP X JV. Immediate scale Milan West, Italy
Page 15
15 Complementary portfolio with immediate income with exceptional duration & visibility Adding a fifth core market while enhancing geographical diversification Disciplined expansion TARGET PORTFOLIO €3.6bn +10% MONTEA PORTFOLIO 45% 39% 14% 3% Montea portfolio 41% 35% 12% 8% 5% Pro forma portfolio BELGIUM NETHERLANDS FRANCE ITALY GERMANY *Pro forma portfolio breakdown includes the Frankfurt Airport acquisition which closed in October 2026. Immediate scale
Page 16
16 A scalable, capital-light Italian development platform through 2030 Scale ambition At least double Montea’s Italian portfolio by 2030 through exclusive WLP development partnership, while expanding offering to existing clients Building local capabilities WLP’s expertise supports Montea’s long-term platform ambition Disciplined deployment Montea retains discretion over capital allocation, taking full ownership only upon completion Long-term growth platform
Page 17
17 A scalable, capital-light Italian development platform through 2030 Income-bearing development model MONTEA– Receives earnings-positive return from day one of land acquisition PROJECT – 7.5% minimum average net yield on cost DEVELOPMENT MARGIN – 50/50 split with WLP Funding flexibility Development margins shared equally upon delivery, with WLP’s share settled in cash or Montea shares at EPRA NTA, at Montea’s discretion and subject to market conditions Long-term alignment WLP retains indirect exposure through its shareholding in Montea Long-term growth platform Montea earns a return on invested capital from Day 1 providing an immediate positive earnings contribution Project delivered at a minimum 7.5% average net YoC, subjectto a 50/50 development margin sharing, with WLP’s share settled in cash or Montea shares at EPRA NTA Land acquisition Development completion
Page 18
18 Skechers JV - Greater participation in an expanded, income-protected development Montea stake 40% 49% Development scope driven by Skechers’ additional space requirements 215,000m² 230,000m² €39 million total investment • €28 million second instalment for the existing participation, including 15,000 m² expansion capex • €11 million for the 9% JV stake increase • Income guarantee from WLP until Skechers’ rent commences at end-2027 Greater exposure to attractive project economics Greater Skechers JV participation Liège, Belgium
Page 19
Transaction structure
Page 20
20 A transformational entry into Italy with multiple value creation levers €344m modern logistics portfolio Immediate scale Increasing exposure to attractive project economics Greater Skechers JV participation Exclusive development partnership through 2030 Bigger growth platform New shares issued above latest EPRA NTA, with dividend entitlement from FY2027 Value-accretive funding Transaction reinforces Track27 outlook and prospects beyond Stronger Track27 visibility
Page 21
21 Compelling deal terms with equity issued above EPRA NTA €82.97 issue price of new shares to Weerts Logistics Parks (WLP) EPRA NTA as of 31 March 2026 +1.3% Above latest EPRA NTA as of 30 September 2026 28% Premium to share price* 29% premium to 3M VWAP* 10.1% WLP stake after first settlement phase Dividend entitlement from FY27 G R O W T H C A P A C I T Y Growth enhancing €219m of new equity expands Montea’s capacity to fund further growth B A L A N C E S H E E T Leverage neutral €90m of existing bank financing, with adjusted Net debt/EBITDA maintained at 7.6x and LTV stable A L I G N M E N T Strong endorsement of Montea’s platform value Shares to WLP issued above latest EPRA NTA, creating strong alignment for future value creation The slide relates to first settlement phase. *Premium calculated based on Montea’s €64.80 closing share price on 29 October 2026. Value-accretive funding
Page 22
22 WLP to become a 10% shareholder in Montea Weerts Logistics Parks to become a 10% shareholder in Montea Transaction unanimously supported by Montea’s Board of Directors and the De Pauw family, Montea’s reference shareholder Shares are subject to a customary 12-month lock-up commencing from closing (c.15 December 2026) Expected transaction timeline Transaction announcement29 October 2026 Investor roadshow2-19 November 2026 Voting period20-27 November 2026 EGM3 December 2026 Closing, issuance of new shares±15 December 2026 10.1% 9.4% 80.5% WLP De Pauw family Free float Pro forma shareholder breakdown Value-accretive funding
Page 23
23 Primarily upon delivery of the pre-let assets during 2027 Balanced equity and debt funding preserves capacity for further growth TOTAL TRANSACTION CONSIDERATION €383m FIRST SETTLEMENT €309m SECOND SETTLEMENT €74m €344m portfolio acquisition & €39m Skechers JV expansion EQUITY €219m NET DEBT €90m EQUITY €12m NET DEBT €62m Funded through existing debt facilities 2,643,715 new Montea shares issued at €82.97 Funded through existing debt facilities Potentially settled in Montea shares at then-applicable EPRA NTA Expected closing on or around 15 December 2026 Value-accretive funding
Page 24
24 Portfolio growth without compromising balance sheet strength €3.6bn+ Pro forma portfolio size (+10%) Funding flexibility maintained €152m funded through existing bank facilities, maintaining ample headroom for future growth Leverage-neutral transaction Adj. Net debt/EBITDA remains within Montea’s stated target, with LTV held at a prudent level Key debt metrics Adj. Net debt/EBITDA 30 Sep 2026 7.6x Pro forma 7.6x LTV 30 Sep 2026 40.3% Pro forma 40.3% Value-accretive funding Venice, Italy
Page 25
Q3 2026 results
Page 26
26 €3.88 EPRA EPS (+7% YoY*) +3.2% LfL rental growth €81.92 EPRA NTA (+4% YoY) Results fully on track Strong leasing momentum continues *Includes the accounting recognition of the FBI status in the Netherlands for FY2024. Q3 2026 – Continued strong execution across the portfolio 295,000 m² let in 9M 2026 185,000 m² (re)let across the existing portfolio including 40,000 m² in Q3, driven by proactive asset management +11% rent uplift in line with ERVs of which
Page 27
Outlook
Page 28
28 Track27 investment ambition exceeded, strengthening the platform beyond 2027 €931m INVESTED 0 0.2 0.4 0.6 0.8 1 1.2 1.4 Track27 target Pro Forma €1.15bn €1.4bn €99m IN EXECUTION €383m WLP TRANSACTION Stronger Track27 visibility Milan West, Italy
Page 29
29 *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 Strong earnings growth through 2027 * +6% CAGR is calculated by using EPRA EPS as of 31 December 2023 as a base. Includes the accounting recognition of the FBI status in the Netherlands for FY2024 in 2026. Average cost of debt guidance increased on the back of higher -than-anticipated investment volume 2026 guidance 2027 guidance Track27 - EPRA EPS guidance €5.15 EPRA EPS (+5% YoY underlying) €5.23 incl. €0.08 FBI recognition (+7% YoY) €4.13 dividend per share (+5% YoY underlying) €4.19 incl. €0.06 FBI recognition (+7% YoY) ≥ 2.5% LfL rental growth €5.60 EPRA EPS (+9% underlying vs 2026) +6% CAGR ≥ 2.5% LfL rental growth Earnings growth combined with disciplined leverage and operational excellence supports continued shareholder value creation ≥98% occupancy | ~8x adj. Net debt/EBITDA | ≤2.8% cost of debt | 90% operating margin by 2027 +5% +9% €150m investment volume Stronger Track27 visibility
Page 30
30 A stronger platform for growth beyond 2027 Track27 investment ambition delivered ahead of schedule €1.4bn secured, growing the portfolio to >€3.6bn New growth platform in Italy Fifth core market combines immediate long-term cash flows with an exclusive development partnership through 2030 Greater self-financing capacity Larger earnings base supports growth while maintaining balance sheet discipline Development optionality Meaningful pipeline creation through the new Italian partnership & 500,000 m² planning ambition in France by end-2027 (150,000 m² secured) Near-term focus on unlocking the full potential of the enlarged platform Scaling the new partnership into a meaningful pipeline of development opportunities, alongside organic and external growth, and maintaining disciplined capital allocation, supported by selective portfolio optimisation Venice, Italy
Page 31
31 Immediate scale and earnings contribution on a leverage-neutral basis Strategic entry into Italy as Montea’s fifth core market Long-term growth secured through an exclusive development partnership Scaling a flagship, value-creating JV Fidenza I, Italy
Page 32
Q&A
Page 33
This presentation contains forward-looking statements. Such forward-looking statements involve unknown risks, uncertainties and other factors which may cause the actual results, financial conditions, performance or achievements of the company to be materially different from any future results, performance or ach ievements expressed or implied by such forward-looking statements. Given these uncertainties you are cautioned not to place any undue reliance on such forward -looking statements, which cannot be guaranteed. These forward-looking statements speak only as of the date of this presentation. The company expressly disclaims any obligation to update such forward-looking statements, except to the extent and in the manner required by Belgian law. CONTACT Inna Maslova, Investor Relations Manager inna.maslova@montea.com MORE INFORMATION www.montea.com
Page 34
Appendix Q3 2026 results
Page 35
35 €3.88 EPRA EPS (+7% YoY) +3.2% LfL rental growth €81.92 EPRA NTA (+4% YoY) ▪€3.3bn portfolio ▪99.4% high occupancy ▪5.0% EPRA NIY 40.3% Loan-to-value ▪7.6x adj. Net debt/EBITDA ▪96% hedge ratio Results fully on track Advancing on growth Sound financial profile Q3 2026 – From strategy to value creation 35
Page 36
185,000 m² (re)let 110,000 m² pre-let Strong occupier demand driving leasing and rental growth 36 Leases signed at ERVs 185,000 m²(re)let across the existing portfolio 40,000 m² in Q3 driven by proactive asset management +11% Average rent uplift 2026 activity
Page 37
Occupancy rate (%) Sustained near-full occupancy across the portfolio 37 Proactive tenant management of the 12% leases up for renewal in 2026 already extended or relet 99% 95% Up from in H1 26 Lease maturity profile (% of current rent) 12% 10% 11% 9% 58% 11.9% 2026 2027 2028 2029 2030 > 2030 WALB: 6 years* WALT: 7.3 years** * 7.2 years and ** 8.3 years incl. solar panels ALREADY (RE)LET OR EXTENDED Market data source: Broker reports Q2 2026 99.3% 99.4% 99.7% 99.4% 100.0% 99.9% 99.8% 99.4% 2019 2020 2021 2022 2023 2024 2025 Q3 2026 97.4% 97.4% 97.8% 97.9% 97.4% 96.0% 94.9% 94.3% Market occupancy rate of the 12% leases up for renewal in 2027 already extended or relet 39% RepresentsMontea’s standing portfolio, prior to the integration of the WLP target portfolio.
Page 38
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% 3.2% 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 Q3 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 Q3 2026 Portfolio reversionary potential Q3 2026: 6% 6% reversionary potential still to be captured 5.6% Net Reversionary Yield** +4% average rental growth 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 38 Average: 4%
Page 39
Development pipeline 39 Completion date Landbank (m²) GLA (m²) Total project capex (€m) To invest (€m) Target Average YoC Current development pipeline Committed developments under construction 326,000 194,800 276 97 ~ 6.5% Halle (Colruyt Group) Q4 2026 55,000 31,000 34 7 Tiel (Arjo AB) Q1 2027 5,000 4,000 6 5 Tiel (BSH) Q4 2027 118,000 67,400 69 43 Liège (Skechers)* Q4 2027 148,000 92,400 167 42 Near-term development pipeline Expected starts in the next 24 months including pre-let projects awaiting permit 635,800 330,200 293 232 > 6.5% Future development potential Longer term development potential including yielding landbank & land under option 2,913,900 1,301,700 1,285 1,026 > 6.5% Total 3,875,700 1,826,700 1,854 1,355 *40% share included in the pipeline. €167m represents maximum exposure for Montea 17Y AVERAGE LEASE TERM 92% PRE-LET 39
Page 40
Landbank with a focus on grey and brownfields 40 53% yielding @ 5.9% yield on cost €496m market value €193/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 AND BA N K 3.9m m² Acquired landbank RepresentsMontea’s existing landbank prior to the integration of the Italian development potential.
Page 41
Full landbank potential underpins significant long-term rental growth Additional growth levers • Rental growth • Acquisitions/disposals • Landbank expansion • Green investments 41 +90% rent roll growth * Development pipeline forecast based on the expected completion date of projects in execution. 2026 & 2027 LfL rental growth assumed at 2.5% p.a. Near-term opportunities include pre- let agreements awaiting permit, development starts expected to commence in the next 24 months. Future development opportunities include yielding landbank and landbank in option. Potential under the newly established development partnership in Italy not yet included. 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 +27% €165m +90% €294m €146m €17m €5m €96m €155m €9m €21m Rent potential Near-term and future developments Annualised cash passing rent (30/09/2026) Indexation & reversion 9M 2026 €198m Weerts transaction
Page 42
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 €3.65bn €4.20bn Pro forma portfolio value Portfolio value with near-term landbank potential ∼€100m Near-term value creation Additional growth levers • Acquisitions/disposals • Landbank expansion • Green investments Near-term landbank potential underpins significant value creation ~ €100m 42 * Development pipeline forecast based on the expected completion date of projects in execution. Near-term opportunities include pre-let agreements awaiting permit, development starts expected to commence in the next 24 months. Potential under the newly established development partnership in Italy not yet included.
Page 43
Proven return track record: +16% 10-year TAR* * TAR = Total Accounting Return = annual EPRA NTA growth + gross dividend distributed. 10-year TAR CAGR stands at +16%. YoY % change 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10Y CAGR EPRA EPS 8% 4% 14% 11% 7% 7% 9% 9% 2% 8% 8% DPS 4% 3% 4% 12% 11% 7% 9% 2% 7% 9% 7% EPRA NTA 10% 7% 17% 29% 19% 23% 11% 4% 5% 5% 12% +7% p.a. 2026-27 EPRA EPS guidance underpins future TAR growth 43 18% 14% 24% 35% 24% 28% 15% 8% 9% 9% 0% 5% 10% 15% 20% 25% 30% 35% 40% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10-year Total Accounting Return (YoY % change) Historical values were adjusted to reflect a new number of shares in issue used for the EPRA NTA calculation.
Page 44
Antwerp Liège Ghent Charleroi Brussels Venlo Venray Tiel Eindhoven Tilburg Amsterdam Rotterdam Rennes Nantes Rouen Paris Lille Toulouse Lyon Marseille Hamburg Berlin Hannover/Brunswick Bremerhaven Rhine-Ruhr Leverkusen Frankfurt Mannheim Stuttgart Munich Nuremberg Locations Country # sites sqm(‘000) Fair Value Annual Rent EPRA NIY Occupancy % of portfolio BE 46 1,096 m² €1,494m € 65m 5.4% 99.7% 45% NL 43 965 m² €1,276m € 62m 4.7% 100% 39% FR* 35 293 m² €447m € 22m 5.0% 95.8% 13% DE 3 99 m² €88m € 6m 5.8% 100% 3% TOTAL 127 2,453 m² €3,305m €155m 5.0% 99.4% 100% Belgium The Netherlands France Germany Main logistics hotspots Montea sites 44 *Portfolio in France includes an industrial outdoor storage (IOS) component of the Reverso portfolio which is not reflected inthe 292,652m² portfolio area. Excluding the fair value and rent of this IOS, the average fair value for France stands at €1,202/m² and average rent at €61/m².
Page 45
Earnings track record and guidance *DPS 2023: € 3.38 + € 0.36 (FBI-related provision reversal), DPS 2024: €3.60 + € 0.14 ** DPS 2026: € 4.13+ € 0.06 FBI-related provision reversal 45 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
Page 46
Track27 framework extends robust balance sheet record 5.7 6.1 6.7 7.9 6.4 6.4 7.3 7.65.5 6.2 6.7 4.9 4.5 4.5 4.5 4.3 0 1 2 3 4 5 6 7 8 9 3 4 5 6 7 8 9 2019 2020 2021 2022 2023 2024 2025 Q3 2026 (adjusted) net debt/EBITDA ICR 35.7% 35.0% 36.2% 38.9% 32.4% 33.7% 38.1% 40.3% 2019 2020 2021 2022 2023 2024 2025 Q3 2026 46 Loan-to-valueAdj. Net debt/EBITDA and ICR * Including the WLP transaction, Adjusted Net debt/EBITDA stands at 7.6x and LTV at 40.3%.
Page 47
Financing sources Maturity (y) Well-spread maturities for CLs & bonds Supported by diversified, long-term funding 5.1 4.6 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 49% BONDS 46% CREDIT LINES <1% LEASING 47 4% COMMERCIAL PAPER
Page 48
Share price & NAV evolution 48 Data as of 23 October 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