Interim report
Page 1
Q4 2025 Report
Page 2
Montepino Logística SOCIMI, S.A. 55 Assets Land In progress Operation 32 6 17 2 Q4 / 2025 (3) Weighted average unexpired lease term to break in the portfolio / End of contract in the operative portfolio. (4) Client contracts with operative assets + turnkey new builds in progress. Top 5 clients with the highest annual stabilised operating income in the portfolio. Vehicle Montepino Logística SOCIMI, S.A. Launch May 2021 Real estate Logistics Partner Total capital €881 M Leverage 43% Term 10 years Capital invested 100% Target net IRR >10% Target average distribution >5% Bankinter Investment capital → €56 M Valfondo capital → €45 M Key profitability figures 26.4 32.9 59.3 6.7% 2023 2025 Accr. % on capital Distributions (€M) Gross asset value (GAV in €M)(1) 741 910 1,209 1,252 1,442 1,557 Acq.-21 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 +110% TVPI Dec-25 (2) → 1.07x Composition of the portfolio (1) At 31 December, GAV was the value of the asset portfolio as valued by Savills each year. GAV at Dec-25 is based on a preliminary valuation. The GAV of the 2021 acquisition reflects the price paid for the assets at the time of the acquisition of the original portfolio in May 2021. (2) Value of the investment (NTA at the most recent valuation (Dec-25) + aggregate distribution) / total disbursement. Type of assets 64%6% 30% 1,884k m2 GLA GLA (000 m2) 345 13 3 Asset location 55 Assets Occupancy of operative assets Client contracts(4) 7 / 19 years 100% Number of contracts signed by client XPO INDITEX LEROY MERLIN GROUPE CAT SEURLUIS SIMÕES HITACHIGXO GLS AMAZON LOUIS VUITTON TENDAM ACTION OTHERS 3 3 12 4 11 2 4 1 1 1 1 11 88% 12% 1,306k m² GLA 100% WAULB / WAULT(3) Land In progress Operation Others Catalonia Madrid Portugal Last mile Big Box Vehicle Overview _ (*) (*) (*) Provisional unaudited figures at 25-Dec
Page 3
Montepino Logística SOCIMI, S.A. 3 Table of Contents_ Details of the Portfolio _ 4 Financial Statements of the Vehicle _ 5 Consolidated balance sheet Other KPIs Consolidated profit and loss account Consolidated cash flow Historical Trend of the Vehicle _ 7 Introduction Trend in the valuation of the portfolio (GAV) Trend in net debt and % LTV Trends in NTA and TVPI Strategy for the Next Few Years _ 12 Macroeconomic Environment _ 13 Recent Market Trends_ 14 Details of the Portfolio _ 18 Glossary _ 29
Page 4
Montepino Logística SOCIMI, S.A. Central BusinessDistrict Port Logistics hub Main roads & Motorways Logistics Routes Atlantic Corridor Mediterranean Corridor Assets put into operation during the quarter (1) Annualised rent from the operative assets calculated by multiplying the last monthly rent collected by 12 months. (2) It does not include the GLA or annualised rent for Alicante 2 or Alicante 3, as they do not yet have any development projects approved or negotiated with specific tenants (only the earthworks have been carried out). Operative New builds in progress Alicante 2 (a) Alicante 3 (a) Guadalajara 1D Zaragoza 3B Zaragoza 3C Illescas 1B 33 34 35 36 37 38 €63.9 M(1) Annualised rent c. 1.2 M m² Operative GLA Coslada 2 San Fernando de Henares Alcobendas Parla Marchamalo 1 Guadalajara 1A Guadalajara 1B Guadalajara 1C Marchamalo 2A Marchamalo 2B Marchamalo 3 Cabanillas Torija Toledo Zaragoza 1 Zaragoza 2 Castellbisbal 1 Castellbisbal 2 Sant Esteve 1 Sant Esteve 2 Barberá Alicante 1 Illescas 1A Illescas 1C Zaragoza 3A Illescas 2 Zaragoza 4 Castanheira A Malaga Alaquàs 1 Alaquàs 2 Pradillos M6 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 4445 52 39 41 11 14 2 13 42 43 3 1 9 10 12 6,7,8 5 38 24 23 4 44 46 Madrid Guadalajara Toledo 40 Zaragoza Valladolid Lisbon Porto Algeciras Seville Valencia Barcelona VitoriaA6 A5 A4 AP7 A1 Lisbon 43 44 22 46 34 42 45 32 23 24 4 14 10 1 9 6,7,8 5 39 41 13 40 33 49 50 A2 2128 17.18 20 15 19 2 25 5135 3 11 12 16 25 36 31 38 47 Details of the Portfolio _ 4 27 26 48 52 26 28 29 30 37 51 53 53 Q4 / 2025 €6.7 M(2) Annualised rent c. 0.1 M m²(2) GLA in progress 35 32 47 Land 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 Guadalajara 2 (b) Guadalajara 3 Guadalajara 4 Marchamalo 4 Marchamalo Common Areas Pradillos M2 Pradillos M3 Pradillos M4 Pradillos M5 Zaragoza 3D Castanheira 1B Castanheira 1C Ruiseñor 2 Guadalajara 1E Ruiseñor 1 Marchamalo 5 (b) Marchamalo 6 (b) 54 55 (a) The earthworks have been carried out, but a turnkey agreement is yet to be concluded. (b) The original Guadalajara 2 site has been divided into three smaller plots with numbers 39, 54 and 55.
Page 5
Montepino Logística SOCIMI, S.A. Financial Statements of the Vehicle _ Key figures of the consolidated balance sheet (1) Other KPIs 5 (1) Audited figures at year-end every year except 2025. The figures shown are provisional and unaudited and subject to change. (2) Minus goodwill on consolidation, plus revaluation adjustments (derivatives), plus deferred tax liabilities (net of deferred tax assets). (3) At the time of the acquisition in 2021, the TVPI was less than 1, as the purchase price took into account the company's projected pipeline, which was not yet reflected in the balance sheet / equity value on that date. Acq. 21 2021 2022 2023 2024 2025 GAV (€M) 741 923 1,208 1,252 1,442 1,557 % LTV 19% 29% 21% 39% 42% 43% NTA (€M) 591 641 952 763 815 882 Aggregate distribution (€M) - - - 26 26 59 NTA + Distributions (€M) 591 641 952 789 842 941 TVPI 0.94(3) 1.02 1.08 0.90 0.96 1.07 NTA per share (€) 9.35 10.14 11.07 8.87 9.48 10.26 The nature and composition of the main items in the consolidated balance sheet are as follows: • Investment property: The GAV of the assets in the portfolio (operative, in progress and land). • Intangible assets: Goodwill on consolidation resulting from the difference between the shares' fair value and their acquisition cost. • Other assets: Primarily financial assets (derivatives and others) and trade receivables. • Equity: Primarily capital, share premium, reserves and profit or loss for the year. • Debt: Payables to credit institutions, derivatives and other financial liabilities. • Deferred tax liabilities: The amount of deferred taxes related to the group's real estate investments that would accrue if these assets were transferred at the fair value at which they are recorded. • Other liabilities: Primarily payables to public administrations and trade payables. The nature and composition of the above indicators are as follows: • GAV: This is equivalent to the preliminary valuation of the portfolio at Dec-25 (including all the assets in the portfolio). • % LTV: This is equivalent to the percentage of net debt over assets; (amount borrowed – cash) / investment (GAV). • NTA (Net Tangible Assets): This is calculated as consolidated equity in accordance with IFRS, minus certain adjustments(2). • TVPI: An indicator that measures the total value generated by the investment compared to the capital contributed, calculated as (NTA + aggregate distribution) / total disbursement. • NTA per share: This is calculated as NTA / number of shares (63 million in 2021 and 86 million from 2022 onwards). € in million (M) 2021 2022 2023 2024 2025 Investment property 923 1,209 1,252 1,442 1,557 Intangible assets 99 64 45 33 20 Other assets 21 60 55 29 23 Cash 16 27 19 7 11 Total Assets 1,059 1,360 1,371 1,511 1,611 Equity 662 950 751 778 824 Debt 313 311 545 648 702 Deferred tax liabilities 80 94 68 76 80 Other liabilities 4 5 7 9 5 Total Equity and Liabilities 1,059 1,360 1,371 1,511 1,611 (*) (*) (*) Provisional unaudited figures at 25-Dec Q4 / 2025
Page 6
Montepino Logística SOCIMI, S.A. Financial Statements of the Vehicle _ Key figures of the consolidated profit and loss account (1) Consolidated cash flow 6(1) Audited figures at year-end every year except 2025. The figures shown are provisional and unaudited and subject to change. (2) Includes Montepino Logística’s income statement since May 2021 (date of the acquisition). (3) Resulting from the sale of holdings in the company Montepino Logística Zaragoza, S.L. (Universidad Laboral project). € in million (M) 2021 2022 2023 2024 2025 Operative cash flow (1) 9 17 21 36 Cash flow from interest on finance (4) (7) (15) (21) (25) Investment cash flow (885) (239) (215) (144) (26) Cash flow from drawdowns 260 13 221 100 80 Working capital 14 (14) 10 32 (27) Total annual cash generation (616) (238) 18 (12) 38 Cash at the start of the period – 16 27 19 7 Capital increases 632 249 – – – Distributions – – (26) – (33) Cash at the end of the period 16 27 19 7 11 The nature and composition of the main consolidated cash flow items are as follows: • Operating cash flow: This relates to the company's ordinary business activities linked to the leasing of assets. • Cash flow from interest on finance: This relates to the payment of interest on the financing granted to the company. • Investment cash flow: This reflects the costs of acquisition, development and construction of the asset portfolio. • Cash flow from drawdowns: This relates to the amounts drawn down and repayments made under the financing granted to the company. • Working capital: This relates to the management of the company's working capital. The main impact on the company's cash flow has been from the allocation of resources to new developments (investment cash flow), which could not be fully covered by its capital increases and drawdowns. € in million (M) 2021(2) 2022 2023 2024 2025 Revenue 14 26 36 47 62 Other operating expenses (5) (9) (16) (19) (22) Change in fair value of investment property/Profit(loss) due to loss of control of consolidated investments (3) 47 45 (168) 46 90 Goodwill - (18) (20) (12) (13) Operating income (loss) 56 44 (168) 62 117 Financial profit (loss) (10) (8) (15) (21) (26) Income Tax (10) (3) 26 (7) (7) Net profit (loss) 36 33 (157) 34 84 The above table shows the company's profit and loss account, which differs from its cash-based profit due to certain items being recorded on an accrual basis rather than a cash basis. The nature and composition of the main items are as follows: • Revenue: Rental income recorded in accordance with accounting criteria. • Other operating expenses: Recurring expenses linked to the vehicle's operation and management (external services, taxes and other operating costs). • Change in fair value of investment property/Profit(loss) due to loss of control of consolidated investments : This covers two types of non-recurring accounting effects with no impact on operating cash flow arising from: (i) the adjustment of the investment properties’ market value; and (ii) the profit or loss from the sale of holdings in group companies. • Goodwill: An accounting adjustment with no impact on operating cash flow that reflects the absorption or impairment of goodwill from the original acquisition. • Financial profit: The financial income and expenses recorded in accordance with accounting criteria (interest, fees and commissions and other financial impacts). It represents the cost of the vehicle's leverage. • Income Tax: The tax impact of the group's Portuguese company (not a SOCIMI). (*) (*) (*) Provisional unaudited figures at 25-Dec Q4 / 2025
Page 7
Montepino Logística SOCIMI, S.A. Historical Trend of the Vehicle _ Introduction 7 The acquisition of the original portfolio in 2021 was carried out in a macroeconomic environment marked by the following circumstances: • Logistics asset valuations were at record high levels (with prime yields of around 3.9%). • Interest rates were at record low levels (3-month Euribor of -0.5%). • Inflation was projected to remain at moderate levels (around 1-2%). Against this background (from mid-2021 to 2022): • In May 2021, the company acquired the original portfolio, composed of 23 assets (15 operative assets, seven in progress and one land asset). • During the second half of 2021 and the whole of 2022, it acquired a further 32 land assets (this required a second capital increase, which was carried out in 2022) to maximise the vehicle's profitability by adding more projects for development. Montepino’s growth since its launch is reflected in the large investment made and huge growth in the amount of assets that are now operational, having multiplied by 2.5 the GLA of operative or almost completed assets. This means that, in these four and a half years of the vehicle's life, 175,000 m2 of GLA were delivered each year on average (all projects were pre-leased before delivery, an unparalleled achievement in the logistics market). In mid-2022, the macroeconomic landscape experienced a sharp and highly unexpected shift due to the conflict in Ukraine. This led to: • The fastest rise in interest rates in recent history. • An increase in inflation, leading to a rise in construction costs , beyond all expectations. • A significant fall in real estate asset valuations (and in the valuations of logistics assets) due to the rise in yields. All this created a very demanding financial environment with a significant impact on the strategy and evolution of the market, and more specifically on Montepino and its ability to generate cash, as the level of investment required proved higher than originally estimated: • Increase in construction costs for new developments (+30%). • Valuations fell by 25% (prime yields went from 3.9% in 2021 to 5.25% in 2023). • Reduced financing capacity due to lower valuations and, therefore, greater capital consumption. • Higher financing costs for the company. Due to all of the above, in recent years the company has had to prioritise its financial resources and rethink its strategy to focus on increasing value: • It initially slowed down commercial activity on new developments due to uncertainty regarding the likely trajectory of interest rates and inflation (as well as their impact on construction costs and valuations). This is why the company currently has six new builds in progress and 17 land assets. • In 2025, as the environment became more stable and the likely evolution of the macroeconomic landscape became clearer (with more stable interest rates and inflation, as well as a gradual recovery of valuations), commercial activity in new developments started to increase again. The aim was to achieve stability for the portfolio as quickly as possible by building and delivering non-operative assets that had a turnkey project with a high likelihood of completion in the short to medium term. The above factors have lowered the company’s ability to generate cash (with distributions falling short of estimates) and resulted in a lower TVPI in recent years than anticipated in the original business plan. However, now that the market has stabilised and a strategy for the next few years has been established (as explained later in this report), we expect the company to perform well in the next few years (bearing in mind that the vehicle’s total projected lifespan is until 2031). 0,71 0,52 0,05 0,49 0.05dic-25 may-21 Operative Pre-let 1.3 M m2 0.58 Potential GLA x2.5 Original portfolio Subsequent investments in developments GLA (M m2) 0.5 M m2 Q4 / 2025
Page 8
Montepino Logística SOCIMI, S.A. 741 826 847 765 804 841 84 362 488 639 716 741 910 1,209 1,252 1,442 1,557 Acq-21 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 GAV of the original portfolio Historical Trend of the Vehicle _ 8(1) The portfolio acquired in 2021 contained 24 assets, one of which (Coslada 1) was divested in July 2025. (2) The balance sheet at Dec-2021 includes an advance payment for the acquisition of the Illescas land assets that was not included in the €910 million GAV as at that date. Original portfolio 23 assets(1) New acquisitions and developments 32 assets +110% The increase in GAV is mainly due to new investments in land and construction (with a total incurred capex of €747 million), partly reduced by the divestments carried out since 2021 (-€30 million). In addition, Montepino's portfolio has gained €99 million in value (unrealised capital gains) (around 7% of the investment). These capital gains arose mainly (€95 million) from the development and construction of the land purchased after the capital increase carried out in 2022. The original portfolio acquired in May 2021 has appreciated by a small amount (€4 million), as the purchase of May 2021 took place in a market marked by historic highs in the valuations of logistics assets. Trend in the valuation of the portfolio (GAV) Trend in GAV from the acquisition in 2021 until the last available closing date Main items explaining the trend in GAV from 2021 to 2025 Original portfolio 23 assets(1) Current portfolio 55 assets(1) Total investment: €1.488 billion Appreciation: €99 M Capex: €747 M 741 1,557 (30)126 4 621 95 Initial GAV (May-21) Capex Divestments Appreciation Capex Appreciation Current GAV (Dec- 25) (2) (*) (*) (*) Provisional unaudited figures at 25-Dec Q4 / 2025
Page 9
Montepino Logística SOCIMI, S.A. 533 841 (30) (3)5 208 121 7 Initial GAV (May-21) Capex Divestments Impairment Initial GAV (May-21) Capex Appreciation Current GAV (Dec-25) Historical Trend of the Vehicle _ 9 Trend in the original portfolio acquired in May 2021 (23 assets(1)) Trend in the subsequently acquired portfolio (32 assets(2)) Operative assets (15) New builds in progress (7) + Land (1) The main factors behind the trend in the GAV of the original portfolio acquired for €741 million in May 2021 are as follows: • Capex (+€126 million): mainly related to the assets acquired while still in progress (€121 million). • Divestments (-€30 million): In July 2025, Coslada 1 was sold to an international investment fund that made a purchase offer of €30 million (yield of 4.7%), above its appraisal value on 30 June 2025. • Trend in valuations (€4 million): Due to the widespread decline in logistics asset valuations since 2021, the GAV of the operative assets acquired in 2021 has fallen by €3 million, while assets that were in progress that year have gained €7 million in value. Many of these were delivered in 2021 and 2022, which explains their low appreciation (€7 million), as they were severely affected by the valuation adjustment carried out in late 2022 and 2023. The main factors behind the trend in the GAV of the portfolio acquired after 2021 are as follows: • Acquisition of land (€318 million): i) €165 million for the acquisition of 11 sites that, following construction, are now in operation; and ii) €153 million for the acquisition of five land assets that are currently in progress and 16 on which construction is yet to begin. • Capex (€303 million): related to the development and construction of the land assets that have been developed since their acquisition (mainly assets that are now operative (€291 million)). • Trend in valuations (€95 million): The investments carried out after the original portfolio account for 96% of its total increase in value. This is due to the realisation of the profit margin from the development of projects built and delivered in the last few years, which account for a €100 million increase in value. New builds in progress and land yet to be developed, on the other hand, experienced a loss of €5 million. It is worth noting that the capital gain of €100 million is due solely to the development of 51% of the land assets acquired, which reflects the significant impact on profitability of the projects carried out through the vehicle itself. Operative assets (11) New builds in progress (5) + Land (16) 291 (1) The portfolio acquired in May 2021 contained 24 assets, one of which (Coslada 1) was divested in July 2025. Of the 23 assets still remaining in the current portfolio, at the time of acquisition 15 were in operation, 7 were new builds in progress and one consisted of land. At present, all assets are operative except for two: one new build in progress and one piece of land. (2) The original acquisition in May 2021 has been followed by 32 more assets (the vast majority of them purchased as land for future development and construction). Of these 32 assets, 11 are now operative, five are new builds in progress and 16 are still undeveloped land. Initial GAV (May-21) €741 M 165 556 716(5) 100 153 12 Acquisition of land Capex Appreciation Current GAV (Dec-25) Acquisition of land Capex Impairment Current GAV (Dec-25) (*) Provisional unaudited figures at 25-Dec (*) (*) Q4 / 2025
Page 10
Montepino Logística SOCIMI, S.A. 10 €714 MFinancing obtained €676 MDrawdowns Below is a breakdown of the maturity of the financing arranged by year (not including the maturity of the credit accounts (€19 million), which are considered working capital): 422 132 93 48 2025 2026 2027 2028 2029 +2030 Maturity of finance Refinancing The LTV (calculated as net debt divided by GAV) is rising due to the vehicle's increase in leverage since 2023. These are the main loans taken out in relation to the portfolio: • A syndicated loan on the original portfolio (c. €400 million): This was taken out in June 2021, and around €400 million is currently drawn down. It is due to mature in June 2026. • Other loans and credit facilities concluded individually in connection with the development of the remaining part of the portfolio acquired after May 2021. These loans have mainly been taken out through financial institutions such as BBVA, Banco Santander, ING, Ibercaja, Banco Sabadell and Caja Rural. The company will face a significant challenge regarding its financial structure in the first half of 2026: refinancing the syndicated loan concluded in June 2021, a bullet loan that matures in June 2026 (3) . The loan covers 22 operative assets and accounts for most of the vehicle's borrowing. The refinancing process started in June 2025 with several Spanish and international financial institutions, aiming to close the transaction sufficiently in advance and under competitive terms. The company already has a binding offer covering 100% of the refinancing in the form of a bullet loan with a better term and financial margin than the current arrangement (2) . The due diligence and document negotiation processes are currently under way, and signing is expected in the first quarter of 2026. This transaction will ensure the continuity of the 2026–2028 business plan and the necessary flexibility to carry out new selected investments while remaining financially sound. This is because the binding offer received included a flexible line of credit for the development of new projects through the vehicle. Jun-21 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Borrowing at December 2025 Refinancing process planned for 2026 Historical Trend of the Vehicle _ Trend in net debt and % LTV (1) (1) Net debt calculated as amount borrowed – cash, and LTV calculated as net debt / GAV. (2) Despite a lower financial margin, the Euribor rate is currently higher than when the loan was originally taken out. (3) The entire loan will be paid back on maturity. 178 289 283 509 607 676 22% 29% 21% 39% 42% 43% -15% 5% 25% 45% 0 500 1.000 Borrowing (€M) LTV (%) (*) (*) Provisional unaudited figures at 25-Dec Q4 / 2025
Page 11
Montepino Logística SOCIMI, S.A. Historical Trend of the Vehicle _ 11 The calculation of the return of the vehicle so far (in terms of valuation on the investment made or the TVPI) takes into account the main factors behind its financial trend since its launch: TVPI Dec-25 1.07x Total capital €881 M (1) NTA (Net Tangible Assets) equivalent to consolidated equity in accordance with IFRS minus goodwill on consolidation, plus revaluation adjustments (derivatives), plus deferred tax liabilities (net of deferred tax assets). (2) The average value per transaction, based on all the transactions carried out, is around €25,700, and the total value of transactions carried out on Euronext Access since 2023 (the company’s listing date) is €4.3 million. (3) Minus goodwill on consolidation, plus revaluation adjustments (derivatives), plus deferred tax liabilities (net of deferred tax assets). (4) NTA divided by the number of shares each year; 63 million in 2021 and 86 million from 2022 onwards. Despite a significant increase in the company's net income (NOI) over the last few years, the trend in TVPI is mainly determined by the trend in the value of the portfolio (GAV) and, therefore, by the market yield over those years (i.e. NOI as a percentage of the valuation). The average yield in 2021 was 3.9% which, compared to the current 5.0%, reflects a reduction of over 25% in valuations. Despite this decline, the increase in value resulting from the new projects delivered (a detailed analysis of the GAV is provided below), combined with a slight rebound of yields, has enabled the TVPI to rise to 1.07, up from the low of 0.90 reached in 2023. 20 22 32 41 45 3.9% 5.0% 5.3% 5.2% 5.0% 1.02 1.08 0.90 0.96 1,07 -0,50 -0,30 -0,10 0,1 0 0,3 0 0,5 0 0,7 0 0,9 0 1,1 0 1,3 0 1,5 0 15 65 2021 2022 2023 2024 2025 NOI (€M) Logistics yield TVPI TVPI Dec-25 1.07x Trend in Net Tangible Assets (NTA)(1) and TVPI Multiple on the investment(*) = (TOTAL assets – TOTAL liabilities + EPRA adjustments(3) + distributions) / capital invested Equity Net Tangible Assets (NTA)(1) TVPI (or valuation on the investment) It is worth noting that, as Montepino Logística SOCIMI, S.A. is listed on Euronext Access, its share price may not reflect the true value of the shares, as the transactions carried out on it account for only a very small amount(2) of its total share capital. NTA per share is a more meaningful indicator for Montepino shareholders. 26,114€ 17,995€ 29,856€ 9,95 9.20 9.60 10.14 11.07 8.87 9.48 10.26 0 500 0 100 00 150 00 200 00 250 00 300 00 8 9 10 11 12 2021 2022 2023 2024 2025 Average quotation size Price per share NTA per share 632 822 882 (59) 249 60 Initial contribution (May-21) Expansion 2022 Distributions Net contributions (Dec-25) Increase in value NTA (Dec-25) (4) (*) Provisional unaudited figures at 25-Dec (*) (*) (*) Q4 / 2025
Page 12
Montepino Logística SOCIMI, S.A. The market has started to improve in recent months, particularly as there are still 579,000 m2 of GLA on land with development potential and leased land (turnkey), which will make it possible to further increase the value of the portfolio. 12 • Moderation of construction costs: After a period marked by a spike, construction costs have tended to stabilise in the last few years. This trend helps carry out developments in a more predictable and efficient environment, making it easier to plan and execute projects. • Lower interest rates: After years of gradual hikes driven by ECB policies aimed at containing inflation, interest rates are starting to show signs of stabilisation. The 3-month Euribor, which rose from -0.58% in 2021 to 3.93% in December 2023, was corrected in 2025, suggesting a more favourable future environment for accessing financing. • Yield recovery (compression) in the logistics market The yield adjustment has had a direct positive impact on the valuation of logistics assets, as can be seen in the preliminary valuation of December 2025. Sources: Knight Frank, CBRE, ECB Trend in 3-month Euribor (%) -0.39% -0.54% -0.58% 2.06% 3.93% 2.82% 2.27% Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 6.25% 5.90% 5.50% 5.00% 4.80% 3.90% 5.00% 5.35% 5.15% 4.90% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend in prime yields in Spanish logistics (%) Q4 / 2025 Strategy for the Next Few Years _ In this new landscape, Montepino’s strategy for the coming years focuses on consolidating and stabilising its current portfolio, strengthening its value and maintaining a cautious approach to growth. In view of this, the company has established the following main lines of action to maximise investor returns and distributions in the coming years: 1. Completing assets currently under development as part of its development business, which will help generate more rental income. These developments show yields on cost (YoC) of over 6%. 2. Resuming new developments on land in the portfolio that lead to turnkey projects with a high likelihood of completion in the short to medium term and with higher returns for the vehicle (yield on cost > 6%). 3. Stabilising recurrent income with annual rents of c. €64.2 million (operative assets), which could rise to over €70 million once the assets under development have been included (between 2026 and 2027). 4. Rotation plan for very carefully selected (operative or land) assets that form a minority of the portfolio in which the vehicle’s full valuation potential has been realised, while enjoying in the divestment the advantageous tax regime applicable to SOCIMIs. 5. Optimising the company’s financial framework through leverage structures that lead to greater returns for investors. The goal is to find a balance between operating consolidation, the development of the land portfolio and regular shareholder remuneration. However, the final investor return (in terms of IRR and average coupon) can only be estimated once the final divestment has been made, as it will depend on the achievement of the business plan in the next few years (bearing in mind that the final divestment is planned for 2031), as well as on the year and final exit price. Trend in construction costs (€/m2) Variation
Page 13
Montepino Logística SOCIMI, S.A. Source: Bankinter research, INE, BdE. Q4 2025. 13 Macroeconomic Environment _ Spain According to the Spanish National Institute of Statistics (INE), Spain recorded a y-o-y increase in GDP of 2.80% in 2025. Inflation Interest rates -0.8% 2.0%2.4%3.0% 3.0% 1.4% 3.8% -3.0% -1.4% -11.3% 6.7% 6.2% 2.7% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2.90% 2024 2025 2.80% 2.0% 1.7%2.0% -0.5% -0.2% 1.4% -0.1% 3.2% 2.5% 0.7% -0.3% 3.1% 9.0% 0.5% 0.5% 0.3% 0.1% -0.1% -0.2% -0.1% -0.3% -0.5% -0.5% 2.8% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 4.1% 3.4% 2024 2.8% 2.5% 3.0% 2.3% 2.08% 2.03% 2025 The CPI at December 2025 was +3.0% y-o-y, in line with expectations. At 2025 year-end, Spain saw an increase in construction costs driven by higher material and labour costs. The Industry and Construction Labour Cost Index stands at a high level. 89 90 89 89 88 88 91 93 93 92 100 116 119 118 120 0 20 40 60 80 100 120 140 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 - Y-o-y change in GDP (%) - - Inflation and interest rates (%) - - Construction price index (€/m2) - Q4 / 2025
Page 14
Montepino Logística SOCIMI, S.A. Source: Quarterly reports published by CBRE. Q4 2025. Bankinter research, INE, BdE. 14 Investment in the industrial and logistics sector reached €1.27 billion in 2025, a y-o-y fall of 10%. The year-end results show a market sustained by a limited number of large transactions due to a more selective approach to the allocation of capital. The prime logistics yield stood at 4.85% in November, in line with the projections made at the start of the year: following a period of compression, prime yields have entered a period of stability supported by sustained demand for prime stock amid a less volatile cost of capital. 0 150 0 290 640 760 950 1,990 1,600 1,720 1,400 2,200 2,300 1,500 1,400 1,270 - 1.0 00 2.0 00 3.0 00 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5.7% 5.0% 4.9% 3.9% 5.0% 5.3% 5.2% 4.9% 3% 2018 2019 2020 2021 2022 2023 2024 2025 Spain-Madrid Recent Market Trends _ Spain Investments in logistics assets in Spain (€M) Trend in prime yields in Spain % Catalonia Vacancy rate (%) 5.5%5.0% 4.0%3.8%3.3%4.0% 5.0% 3.0% 3.8% 5.3% 5.0% 2.9% 1% 2% 3% 4% 5% 6% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Availability continues to fall, down to a constrained 2.92% at 2025 year-end. Madrid Vacancy rate (%) 9.0% 9.0% 9.0% 9.0% 6.0% 5.0% 9.0% 9.0% 8.0% 6.8% 8.2% 10.6% 10.0% 4% 5% 6% 7% 8% 9% 10% 11% 12% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 The availability rate stands at 10%, mainly in medium-to-high quality stock. Q4 / 2025
Page 15
Montepino Logística SOCIMI, S.A. Source: Quarterly reports published by CBRE. Q4 2025 (1) The contract term expressly includes a mandatory minimum term of 3 to 5 years. 15 Central Business District The Central Business District ended 2025 with a take- up of over 1 million m2, reflecting a slight y-o-y increase of 2%. This confirms the resilience and structural soundness of logistics demand in Madrid, even in a more moderate macroeconomic environment. Most of the activity took place in the second half of the year, when the largest transactions were carried out. The market has become more polarised: the third ring now accounts for 50% of total take-up, fuelled by large transactions, while local and regional areas remain stable. Catalonia Logistics take-up in Catalonia reached 610,000 m2 in 2025, a y- o-y decrease of 13% compared to 2024, mainly due to a lack of stock in the most stressed rings. Despite this correction, take- up rates remain in line with historical levels in Catalonia, reflecting strong demand restricted by limited supply. Availability has continued to fall, ending 2025 at a constrained 2.92%, with particularly low levels in Ring 1 (1.35%) and Ring 2 (1.08%), restricting expansion options and shifting some of the existing demand towards Ring 3, which accounts for more than half of all vacant stock. 4.85% Prime yield €7.25 Prime rent €5.23 Average rent 303k m² Take-up in Q4-25 10.1% Vacancy rate 3-5 years(1) Standard contract term 161k m² New stock 16.6 M m² Total stock 4.85% Prime yield €9.25 Prime rent €6.30 Average rent 200k m² Take-up in Q4-2025 2.92% Vacancy rate 3+2years Standard contract term - k m² New stock Total stock 11.7k m² Recent Market Trends _ Spain 400 390 415 900 910 500 905 1.000 1.232 931 1.000 1.053 0 200 400 600 800 1.0 00 1.2 00 1.4 00 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 The Central Business District ended 2025 with a take-up of over 1 million m2. - Trend in prime rent (€/m2/month) - 5.0 5.1 5.3 5.3 5.5 5.5 5.5 5.8 6.3 6.5 6.85 7.3 5,0 5,5 6,0 6,5 7,0 7,5 8,0 8,5 9,0 9,5 10, 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 The limited availability of high-quality spaces in good locations pushed prime rents up to €7.25/m²/month. - Take-up trend (thousands of m²) - 330 520 780 500 690 597 437 886 815 536 710 615 0 100 200 300 400 500 600 700 800 900 1.0 00 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Logistics take-up in Catalonia reached 615,000 m². 6,1 6,3 6,5 6,5 7,0 7,0 7,0 7,5 7,8 8,5 9.0 9,3 5,0 6,0 7,0 8,0 9,0 10, 0 11, 0 12, 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Prime rent rose to €9.25/m²/month and shows a clear upward trend in the medium term. - Prime rent trend (€/m²/month) - Other logistics hubs In terms of demand in Spain as a whole, the year ended with a take-up of over 2.7 million m2, reaching record highs and following a 7% increase compared to 2024. Against this background, several regional markets showed strong performance as a result of large- scale transactions and sufficient demand to quickly accommodate the limited supply available. Rent is still rising in certain areas, driven by very limited supply and sustained demand. Bilbao is the market leader with a prime rent of €6.75/m2/month, followed by Valencia, which closed the year at €5.65/m2/month. - Take-up trend (thousands of m²) - Q4 / 2025
Page 16
Montepino Logística SOCIMI, S.A. Source: Quarterly reports published by CBRE. Q4 2025. 16 Recent Market Trends _Portugal Investment in logistics assets in Portugal (€M) The volume of investment so far this year stands at €280 million, 231% higher than in the same period of last year. Prime yields remained stable compared to the previous quarter, standing at 5.75% in Lisbon and 6.00% in Porto. This stability has been sustained for over a year, mainly due to the types of assets traded throughout the country, which reflects broad agreement between buyers and sellers regarding the current yield benchmarks for this type of asset. The industry grew substantially in 2025 and is expected to continue to do so in 2026, supported by significant development activity. 120 150 130 280 200 235 431 282 0 100 200 300 400 500 2018 2019 2020 2021 2022 2023 2024 2025 6.1% 6.0% 5.9% 4.9% 5.0% 5.8% 5.8% 5.8% - 5% 10% 2018 2019 2020 2021 2022 2023 2024 2025 Portugal-Lisbon Trend in prime yield in Portugal % Vacancy rate (%) LISBON 7.5% 5.8% 5.5% 2,9% 1.0% 2.7% 3.5% 3.0% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 2018 2019 2020 2021 2022 2023 2024 2025 The vacancy rate in the Lisbon market fell by 40 basis points and now stands at 3.0%. This is mainly due to a decline in the Palmela–Setúbal area, which previously had the highest vacancy rate and which, following a fall of 2.8 percentage points, now stands at 7.6%. Q4 / 2025
Page 17
Montepino Logística SOCIMI, S.A. 17 Lisbon In the fourth quarter of 2025, Lisbon accounted for 61% of all logistics take-up in Portugal, with agreements covering 62.550 m², an increase of 43% compared to the previous quarter (43,799 m²). Total take-up for the year reached 206,703 m², a fall of 30% compared to 2024 (295,268 m²). Prime rents remained stable at €5.25/m²/month in Castanheira-Azambuja, and the highest rent was once again recorded in the Oeiras-Cascais corridor (€6.75/m²/month). Montijo-Alcochete recorded a rise of 25 basis points, reaching €5.00/m²/month, while Sintra-Norte saw an increase of 50 basis points, reaching €5.25/m²/month. Porto During the fourth quarter of 2025, Porto accounted for 10% of all logistics take-up in Portugal, with an occupancy of 10,652 m². Despite the quarterly slowdown, annual take-up reached 108,697 m², reflecting an increase of 11% compared to 2024 (97,584 m²). Prime rent remained stable at €6.00/m²/month in Porto’s Leixões-Aeroporto area, and this is expected to continue. There were no rent increases in the fourth quarter of 2025. However, rent is expected to rise in secondary areas in the short term. €5.25 Big Box prime rent 3.4% Vacancy rate €6.75 Last mile prime rent 3.2 M m² Total stock 62.6k m² Take-up in Q4-2025 187.3k m² Expected delivery of new stock €6.00 Big Box prime rent 1% Vacancy rate 1.8 M m² Total stock 10.7k m² 21.9k m² Expected delivery of new stock Source: Quarterly reports published by CBRE. Q4 2025 Recent Market Trends _Portugal Take-up in Q4-2025 - Take-up trend (thousands of m2) - 120 150 130 280 200 177 431 360 0 200 400 600 2018 2019 2020 2021 2022 2023 2024 2025 - Prime rent trend (€/m2/month) - 3.3 3.5 3.5 4.0 4.0 4.5 5.3 5.3 2,0 4,0 6,0 2018 2019 2020 2021 2022 2023 2024 2025 Prime rents remained stable at €5.25/m²/month in Castanheira-Azambuja, and the Oeiras-Cascais corridor reached €6.75/m²/month. Total take-up in 2025 was lower than in 2024 due to an atypical transaction that significantly boosted performance in the fourth quarter of 2024. Prime yield and rent trend (€/m²/month) – Portugal Lisbon 3.3 3.5 3.5 4.0 4.0 4.5 5.3 5.36.50% 6.10% 6.00% 4.50% 5.00% 5.75% 5.75% 5.75% 4% 5% 5% 6% 6% 7% 7% 2,0 3,0 4,0 5,0 6,0 2018 2019 2020 2021 2022 2023 2024 2025 Rent Yields Prime rents remained stable at €5.25/m²/month in Castanheira-Azambuja, and the highest rent, at €6.75/m²/month, was recorded in the Oeiras-Cascais corridor. Prime yields remained stable compared to the previous quarter, standing at 5.75% in Lisbon and 6.00% in Porto. Q4 / 2025
Page 18
Montepino Logística SOCIMI, S.A. Details of the main developments concerning the assets during the fourth quarter of the year are set out below: # Asset New developments since the last report 1 Illescas 2 Work on expanding the current photovoltaic installation is expected to start in the first quarter of 2026 as part of the two companies’ sustainability and clean energy production strategy. The contracts with the companies involved are in the process of being finalised. 2 Barberá Discussions with the lessee regarding the expansion of the photovoltaic installation on the roof of the warehouse are still under way. 3 Málaga The client has completed the office refurbishment and preparation process and is operating normally in the warehouse. Both the Black Friday and Christmas campaigns have been carried out from this new facility. 4 Illescas 1A The client is making progress in the preparation of the premises for its activity, and it expects this work to be fully completed in the first quarter of 2026. 5 Guadalajara 1 A-B-C We are currently in discussions with the client regarding the addition of a 850k W photovoltaic installation. The works will begin in the first half of the year. 6 Pradillos M6 The first phase has been delivered as planned, and the tenant is operating normally at the warehouse. The second phase is expected to be delivered in the second half of 2026. OPERATIVE 18 LAND 1 Illescas M4 We are bidding in a tender called by an automotive company for south Madrid. It concerns the building of a 49,000 m² warehouse on the M4 plot. We are now past the first few rounds and have reached the final phase (with the procurement team). A decision from the client is expected in the first quarter of 2026. 2 Ruiseñor We are currently in discussions with a 3PL food company for a possible 60,000 m2 project at Ruiseñor. We have submitted our offer to the client, who is currently considering it, and they are hoping to be able to give us an answer in the first quarter of 2026. At the same time, discussions with an e-commerce company for an 80,000 m2 project are under way. We are currently finalising the layout with the client. 3 Zaragoza 3D We are working on the development of a 9,500 m² warehouse in Zaragoza for a 3PL parcel delivery company. The client's needs have already been defined, and the technical teams are working on the technical specifications. The project has been pre-approved by the client pending a final steering committee meeting in the first quarter of 2026. 4 Castanheira C A possible development on the Castanheira C plot with a potential GLA of 11,900 m2 for a Portuguese industrial client is currently being considered, including a thorough review of the technical specifications. 5 Alicante 3 A project for a 7,000 m² cross-docking warehouse in Alicante with a 3PL parcel delivery company has been pre-approved. It is a publicly owned company that is being delayed by its own approval procedures. They are hoping to finalise it by the first quarter of 2026. 6 Marchamalo 5 and 6 The potential GLA of Guadalajara 2 has been adjusted in accordance with its initial development potential (105,269 m²). This has led to the creation of two assets: Marchamalo 5, with 15,742 m²; and Marchamalo 6, with 4,210 m². 2 Guadalajara 1D Construction is going according to plan. The lessee was given early access in the third quarter of 2025 to prepare the premises for its activity. The works should be finished by the first quarter of 2026(1). The planned GLA is 48,185 m². 3 Zaragoza 3B Construction started in the third quarter of 2025, and completion is still expected for the third quarter of 2026(1). The planned GLA is 22,431 m². 4 Zaragoza 3C The lessee is expected to be given early access to the premises in January and/or February 2026 to prepare them for its activity. Construction is still expected to be completed during the first quarter of 2026(1). The planned GLA is 8,386 m². 5 Illescas 1B The lease has been signed with the client, and construction is expected to begin during the first quarter of 2026. The handover of the property will take place during the second quarter of 2027(1). The planned GLA is 23,878 m². NEW BUILDS IN PROGRESS Main developments in the portfolio at December 2025 Details of the Portfolio _ (i) Rent collection will begin after the end of the post-delivery grace period. Q4 / 2025
Page 19
Montepino Logística SOCIMI, S.A. Delivery date Logistics activity Location Type of property Leasable area Environmental certificate WAULB / WAULT 1 Coslada 2 logistics hub 09 / 2022 Distribution Centre Coslada (Madrid) Last mile 4,427 m² 4.5 / 13.5 Platinum 5 Marchamalo 1 logistics hub 04 / 2019 E-Commerce Marchamalo (Guadalajara) Big Box (XXL) 186,157 m² 1.5 / 17.5 Silver 2 San Fernando de Henares logistics hub 05 / 2021 Cross-dock San Fernando de Henares (Madrid) Last mile 7,937 m² 2.5 / 6.5 Gold 3 Alcobendas logistics hub 09 / 2018 Distribution Centre Alcobendas (Madrid) Last mile 6,241 m² 3 / 13 Certified 19 4 Parla logistics hub 05 / 2025 Distribution Centre Parla (Madrid) Big Box (XXL) 25,363 m² 1.5 / 3.5 Platinum Operative assets (1) Coslada 1 has been removed from the list following its sale. 6 Guadalajara 1A logistics hub 06 / 2019 Distribution Centre Guadalajara Big Box (XXL) 32,632 m² 11 / 21 Silver Details of the Portfolio _ Q4 / 2025
Page 20
Montepino Logística SOCIMI, S.A. 20 Delivery date Logistics activity Location Type of property Leasable area Environmental certificate 7 Guadalajara 1B logistics hub 04 / 2019 Distribution Centre Guadalajara Big Box (XXL) 30,036 m² 11 / 21 Gold 8 Guadalajara 1C logistics hub 04 / 2019 Distribution Centre Guadalajara Big Box (XXL) 28,931 m² 1.5 / 20.5 Silver 9 Marchamalo 2A logistics hub 05 / 2025 Distribution Centre Marchamalo (Guadalajara) Big Box (XXL) 50,317 m² 4.5 / 6.5 Gold 10 Marchamalo 2B logistics hub 06 / 2022 Distribution Centre Marchamalo (Guadalajara) Big Box (XXL) 54,168 m² 2.5 / 4.5 Gold 11 Marchamalo 3 logistics hub 06 / 2021 Distribution Centre Marchamalo (Guadalajara) Big Box (XXL) 36,727 m² 2.5 / 9.5 Gold WAULB / WAULT 12 Cabanillas logistics hub 12 / 2018 Distribution Centre Cabanillas (Guadalajara) Big Box (XXL) 21,598 m² 1 / 17 Silver Operative assets Details of the Portfolio _ Q4 / 2025
Page 21
Montepino Logística SOCIMI, S.A. 21 Delivery date Logistics activity Location Type of property Leasable area Environmental certificate 14 Toledo logistics hub 04 / 2019 E-commerce / Distribution Centre Toledo Big Box (XXL) 92,027 m² 2.5 / 18.5 Silver 13 Torija logistics hub 05 / 2022 E-commerce / Distribution Centre Torija (Guadalajara) Big Box (XXL) 53,275 m² 1.5 / 2.5 Gold 15 Zaragoza 1 logistics hub 12 / 2010 Distribution Centre Zaragoza Other 15,834 m² 1 / 4 Gold 16 Zaragoza 2 logistics hub 07 / 2012 Hi Tech Zaragoza Other 13,304 m² 5 / 17 Gold 17 Castellbisbal 1 logistics hub 02 / 2021 Cross-dock Castellbisbal (Barcelona) Last mile 12,830 m² 5.5 / 30.5 Gold WAULB / WAULT 18 Castellbisbal 2 logistics hub 12 / 2022 Distribution Centre Castellbisbal (Barcelona) Last mile 27,560 m² 13 / 18 Gold Operative assets Details of the Portfolio _ Q4 / 2025
Page 22
Montepino Logística SOCIMI, S.A. 22 Delivery date Logistics activity Location Type of property Leasable area Environmental certificate 19 Sant Esteve A logistics hub 03 / 2021 Distribution Centre Sant Esteve (Barcelona) Last mile 6,167 m² 5.5 / 15.5 Gold 20 Sant Esteve B logistics hub 12 / 2020 Distribution Centre Sant Esteve (Barcelona) Last mile 6,856 m² 5 / 5 Gold 21 Barberà logistics hub 03 / 2022 Barberà del Vallès (Barcelona) Distribution Centre Last mile 6,202 m² 2.5 / 12.5 Gold 22 Alicante 1 logistics hub 09 / 2022 Distribution Centre Alicante Last mile 4,935 m² 4 / 7 Gold 23 Illescas 1A logistics hub 04/2023 Distribution Centre Illescas (Toledo) Big Box (XXL) 140,737 m² 4.5 / 22.5 Platinum WAULB / WAULT 24 Illescas 1C logistics hub 11/2023 Distribution Centre Illescas (Toledo) Big Box (XXL) 78,422 m² 14 / 39 Platinum Operative assets Details of the Portfolio _ Q4 / 2025
Page 23
Montepino Logística SOCIMI, S.A. 23 25 Zaragoza 3A logistics hub 03/2024 Distribution Centre Zaragoza Last mile 9,317 m² 5.5 / 8.5 Platinum 26 Illescas 2 logistics hub 08/2024 Distribution Centre Illescas (Toledo) Big Box (XXL) 58,821 m² 12/29 Platinum 27 Zaragoza 4 logistics hub 09/2024 Distribution Centre Zaragoza Last mile 13,230 m² 10/20 Platinum (1) Environmental certification goal Delivery date Logistics activity Location Type of property Leasable area Environmental certificate 29 Málaga logistics hub 12/2024 E-commerce / Distribution Centre Málaga Last mile 16,786 m² 14.5/24.5 Gold 28 Castanheira A logistics hub 11/2024 E-Commerce Lisbon Big Box (XXL) 108,494 m² 20 / 28 Platinum Delivery date Logistics activity Location Type of property Leasable area Environmental certificate WAULB / WAULT 30 Alaquàs 1 logistics hub 12/2024 Distribution Centre Valencia Last mile 31,384 m² 11/21 Platinum Operative assets Details of the Portfolio _ Q4 / 2025
Page 24
Montepino Logística SOCIMI, S.A. 24 Delivery date Logistics activity Location Type of property Leasable area Environmental certificate WAULB / WAULT 31 Alaquàs 2 logistics hub 05/2025 Distribution Centre Valencia Last mile 6,524m² 9.5 / 16.5 Gold 32 Pradillos M6 logistics hub Distribution Centre Illescas (Toledo) Last mile 16,013 m² 5/15 Gold Operative assets Details of the Portfolio _ Q4 / 2025
Page 25
Montepino Logística SOCIMI, S.A. 33 Alicante 2 logistics hub Distribution Centre Alicante Last mile 4,371 m² N/A Gold 34 Alicante 3 logistics hub Distribution Centre Alicante Last mile 6,583 m² N/A Gold 37 Zaragoza 3C logistics hub Distribution Centre Zaragoza Land 8,387 m² N/A Gold 25 Delivery date Logistics activity Location Type of property Leasable area Environmental certificate WAULB / WAULT 35 Guadalajara 1D logistics hub Guadalajara Distribution Centre Big Box (XXL) 48,185 m² N/A Gold 36 Zaragoza 3B logistics hub Distribution Centre Zaragoza Land 22,431 m² N/A Gold 38 Illescas 1B logistics hub Distribution Centre Illescas (Toledo) Land 23,878 m² N/A Gold New builds in progress Details of the Portfolio _ Q4 / 2025
Page 26
Montepino Logística SOCIMI, S.A. 26 39 Guadalajara 2 logistics hub Distribution Centre Guadalajara Land 125,220 m² N/A Gold 43 Marchamalo logistics hub Common Areas Common Areas Marchamalo (Guadalajara) Land 24,876 m² N/A Gold 42 Marchamalo 4 logistics hub Distribution Centre Marchamalo (Guadalajara) Land 44,137 m² N/A Gold 41 Guadalajara 4 logistics hub Distribution Centre Guadalajara Land 14,695 m² N/A Gold 40 Guadalajara 3 logistics hub Distribution Centre Guadalajara Land 47,920 m² N/A Gold Delivery date Logistics activity Location Type of property Leasable area Environmental certificate WAULB / WAULT 44 Pradillos M2 logistics hub Distribution Centre Illescas (Toledo) Land 27,591 m² N/A Gold Land Details of the Portfolio _ Q4 / 2025
Page 27
Montepino Logística SOCIMI, S.A. 27 47 Pradillos M5 logistics hub Distribution Centre Illescas (Toledo) Land 21,348 m² N/A Gold 46 Pradillos M4 logistics hub Distribution Centre Illescas (Toledo) Land 41,881 m² N/A Gold 45 Pradillos M3 logistics hub Distribution Centre Illescas (Toledo) Land 8,389 m² N/A Gold Delivery date Logistics activity Location Type of property Leasable area Environmental certificate WAULB / WAULT 49 Castanheira 1B logistics hub Distribution Centre Lisbon Land 21,881 m² N/A Gold 50 Castanheira 1C logistics hub Distribution Centre Lisbon Land 7,338 m² N/A Gold 48 Zaragoza 3D logistics hub Distribution Centre Zaragoza Land 36,886 m² N/A Gold Land Details of the Portfolio _ Q4 / 2025
Page 28
Montepino Logística SOCIMI, S.A. 51 Ruiseñor 2 logistics hub Guadalajara Distribution Centre Land 42,710 m² N/A Gold 28 Delivery date Logistics activity Location Type of property Leasable area Environmental certificate WAULB / WAULT 52 Guadalajara 1E logistics hub Distribution Centre Guadalajara Land 14,940 m² N/A Gold 53 Ruiseñor 1 logistics hub Distribution Centre Guadalajara Land 87,901 m² N/A Gold Land Details of the Portfolio _ 54 Marchamalo 5 logistics hub Distribution Centre Guadalajara Land 15,742 m² N/A Gold 55 Marchamalo 6 logistics hub Distribution Centre Guadalajara Land 4,210 m² N/A Gold Q4 / 2025
Page 29
Montepino Logística SOCIMI, S.A. Annex: Glossary of Terms and Definitions_ Take-up: The property leasing rate in the market in a given period, measured in square metres. Ring: In the logistics market, rings are the areas into which the main cities are divided. In Madrid, for example, the first ring is the area inside the circular areas formed by the M-30/M-40 ring road. The second ring is between the first ring and the boundary of the region (20-30 km). Finally, the third ring starts from the second ring (30 km) and ends at 70 km. GAV: Gross Asset Value. NOI (Net Operating Income): The earnings produced by a property solely from its operation, before deducting any debts or taxes (operating income – operating expenses). NTA: EPRA NAV calculated as consolidated equity in accordance with IFRS minus goodwill on consolidation, plus revaluation adjustments (derivatives), plus deferred tax liabilities (net of deferred tax assets). Prime: This refers to locations or products that are deemed outstanding for buying or renting purposes. Rent: The amount of money paid on a regular basis to rent a property. It can be stated as a monthly or annual amount and is expressed as the rent per m²/month. GLA (Gross Leasable Area): The total number of square metres of a property that can be rented out to generate income. Stock: Vacant or unoccupied square metres in the market that are available for rent. Occupancy/Vacancy Rate: This refers to the percentage of property in the market that is occupied/unoccupied. TVPI (Total Value Paid-In): An indicator that measures the total value generated by an investment compared to the capital contributed by investors (NTA + aggregate distribution) / capital contributed. Yield : Rate of return on an investment property, calculated as the agreed rent for the assets divided by the total investment made in them. YoC (Yield on Cost): Rate of return on developments, calculated as the agreed rent for the assets divided by the total investment made in them (including the price paid for the land and the total cost of construction). WAULB: Weighted average unexpired lease break. WAULT: Weighted average unexpired lease term. 29 Q4 / 2025
Page 30
Montepino Logística SOCIMI, S.A. Disclaimer _ 30 This document has been drawn up by MONTEPINO LOGÍSTICA SOCIMI, S.A. (the "Company") for information purposes only. The information contained in it does not purport to be comprehensive or to contain all the information that may be wanted or required by potential purchasers of the Company's securities in order to inform their decision as to whether or not to buy such securities. MONTEPINO LOGÍSTICA SOCIMI, S.A. is a Spanish public limited company operating under the special SOCIMI regime (Law 11/2009, of 26 October, as amended by Law 16/2012), whose shares are listed on Euronext Access. The information provided in this document has not been independently verified, is not regulated and has not been subject to any prior registration or control by a regulatory body. The financial and operating information provided in the document is taken from the Company's internal and accounting records and may not have been audited. Such information may be audited or subjected to a limited review or any other control by an auditor or independent third party in the future. All the opinions and estimates contained in this document reflect the expert view on its date of issue and are subject to change without notice in the future. The Company does not undertake to report such changes or update the content of this document. Although the information has been taken from sources considered to be reliable by the Company, neither it nor its advisers or representatives give any warranties as to the comprehensiveness, impartiality or accuracy of the information or opinions contained herein. Furthermore, they accept no liability of any kind for any loss or damage that may arise from the use of this document or its content. This document includes statements, forward-looking representations and predictions that may be based on internal analyses carried out by the Company and assumptions regarding its current and future business strategies and the environment in which it operates. The said statements are value judgements that have not been verified by an independent source and are subject to risks, uncertainties and other factors that are either unknown or were not taken into account when preparing this document or at the time of its publication and that may cause the actual results, performance or achievements to be materially different from those expressed or implied in these forward- looking statements. Neither the Company nor any of its advisers or agents accept any liability of any kind for any potential deviations from the estimates, predictions or forward-looking forecasts used in this document. This document does not constitute advice or an offer to sell or issue, or an invitation to buy or subscribe for, securities in the Company. This presentation may not be considered a recommendation by the Company, Valfondo Gestión, S.L., Bankinter Investment SGEIC, S.A.U. or their representatives to buy or subscribe for any securities in the Company. The information provided in this presentation is subject to, and must be read together with, all the information available to the public. Any person who acquires securities in the Company does so at their own risk and discretion. Neither the Company nor any of its advisers or representatives accept any liability of any kind for any loss or damage that may arise from any use of this document or its content. By reviewing this document, you accept and agree to the above limits and restrictions. Q4 / 2025
Page 31
Proud to build a legacy for a better future