Montea N.V.

Interim / Quarterly Report • Aug 20, 2024

Half-year financial report

Highlights – H1 2024

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Summary – H1 2024

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Table of Contents

	1 Manaqement report
1.1	Key fiqures
1.2	Montea's portfolio
1.5	Key events and transactions during H1 2024
	1.4
1.5	Montea share performance
1.6	Significant events after the balance sheet date
	1.7
1:8	Main risks and uncertainties
	2 Declaration in accordance with Article 13 of the Royal Decree of November 14, 2007
	3 Outlook
	4 Forward-looking statement
	5 - Financial calendar
	Annexes
	ANNEX 1: EPRA performance measures
	ANNEX 2: Explanation of the APM calculation applied by Montea
	ANNEX 3: Consolidated income statement as at 06/30/2024
	ANNEX 4: Consolidated balance sheet as at 06/30/2024
	ANNEX 5: Consolidated statement of changes in equity as at 06/30/2024
	ANNEX 6: Summary of consolidated comprehensive income as at 06/30/2024
	ANNEX 7: Summary of the consolidated cash flow statement
	ANNEX 8: Seqment reporting: Consolidated income statement per qeographic reqion as at 06/30/2024
	ANNEX 9: Segment reporting: Consolidated balance sheet per geographic region as at 06/30/202455
	ANNEX 10: Independent property expert report as at 06/30/2024
	ANNEX 11: Auditor's report

1 Management report

1.1 Key figures Consolidated key figures

		BE	FR	NL	DE	06/30/2024 6 months	12/31/2023 12 months	06/30/2023 6 months
Property portfolio
Property portfolio – Buildings (1)
Number of sites		42	18	34	3	97	95	94
Occupancy rate (2)	96	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Total surface area - property portfolio (3)	m²	908,977	214,720	703,076	99,495	1,926,268	1,959,242	1,921,172
Investment value (4)	€K	978,878	256,370	853,562	94,500	2,183,310	2,222,679	2,184,650
Fair value of the property portfolio (5)	€K	1,138,978	254,629	995,715	88,341	2,477,663	2,280,271	2,189,295
Real estate	€K	954,936	239,538	769,668	88,341	2,052,483	2,085,188	2,051,290
Projects under construction	€K	131,548	11,884	195,160	0	338,592	113,707	86,243
Solar panels	€K	52,494	3,208	30,887	0	86,588	81,376	51,762
Total surface area - Landbank	m²					2,224,245	2,225,972	2,345,238
Acquired, valued in property portfolio	m²					1,594,139	1,538,408	1,632,072
of which income generating	%					43%	76%	72%
Under control, not valued in property portfolio	m²					630,106	687,564	713,166
Consolidated results
Results
Net rental income	€K					54,955	106,625	52,031
Property result	€K					59,311	116,139	56,154
Operating result before portfolio result	€K					51,822	102,769	49,452
Operating margin (6)*	%					87.4%	88.5%	88.1%
Financial result (excl. changes in fair value of the financial instruments) (7)*	€K					-6,143	-17,995	-9,725
EPRA earnings (8)	€K					44,928	90,010	42,288
Weighted average number of shares						20,203,993	18,387,740	18,059,302
EPRA earnings per share (9)*	ಕ					2.22	4.90	2.34
Result on disposal of investment properties	€K					0	0	0
Changes in fair value of investment properties	€K					43,700	11,870	-9,547
Deferred taxes on portfolio result	€K					-1,362	30,974	20,747
Portfolio result (10)*	€K					42,338	42,843	11,200
Changes in fair value of the financial instruments (11)	€K					8,367	-14,043	-1,572
Net result (IFRS)	€K					95,632	118,810	51,915
Net result per share	€					4.73	6.46	2.87
Consolidated balance sheet
Balance sheet total	€K					2,571,246	2,433,934	2,280,386
Debts and liabilities for calculation of debt ratio	€K					945,829	871,543	923,430
EPRA LTV (12)*	%					36.3%	33.5%	40.5%
Debt ratio (13)	96					37.3%	36.2%	41.2%
Net debt/EBITDA (adjusted) (14)*	X					7.4	6.8	8.2
Hedge ratio*	%					93.9%	97.3%	97.2%
Average cost of debt*	96					2.3%	2.3%	2.1%
Weighted average maturity of financial debt	Y					6.1	6.6	6.4
Weighted average maturity hedging contracts	Y					6.5	7.0	7.4
IFRS NAV per share (15)*	€					76.87	75.74	71.83
EPRA NRV per share (16)*	€					82.72	81.50	77.86
EPRA NTA per share (17)*	€					75.20	74.38	70.22
EPRA NDV per share (18)*	€					73.00	72.22	66.91
Share price (19)	€					79.10	86.20	70.60
Premium/Discount	96					2.9%	13.8%	-1.7%

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EPRA performance measures

		06/30/2024	06/30/2023
EPRA earnings	€/share	2.22	2.34
EPRA Net Tangible Assets	€/share	75.20	70.22
EPRA Net Reinstatement Value	€/share	82.72	77.86
EPRA Net Disposal Value	€/share	73.00	66.91
EPRA cost ratio* (incl. vacancy charges)	%	13.3	13.1
EPRA cost ratio* (excl. vacancy charges)	%	13.1	12.7

		06/30/2024	12/31/2023
EPRA Loan to value	%	36.3	33.5
EPRA Vacancy Rate*	%	0.0	0.0
EPRA Net Initial Yield*	%	5.1	5.1
EPRA "Topped-up" Net Initial Yield*	%	5.2	5.1

1.2 Montea's portfolio

1.2.1 Acquisitions – H1 2024

Logistics Park in Hamburg (DE)6

Sale & leaseback transaction in Ghent (BE)⁷

1.2.2 Projects under construction

Country	Grey/ Brown/ Green field	Project name	Estimated delivery	Land bank	GLA	Invested 06/30/2024	To invest	Total capex of the project
	Brown	Vorst (Delhaize)	Q3 2024	55,000 m²	21,000 m²	€28 M	€11 M	€38 M
=	Brown	Blue Gate 2 Herfurth & Dries Van Noten)	Q3 2024	26,000 m²	16,000 m²	€13 M	€7 M	€20 M
	Green	Tongeren III – Unit 3	Q4 2024	23,000 m²	14,000 m²	€8 M	€0 M	€8 M
=	Grey	Aalst (Movianto)	Q4 2024	14,000 m²	9,000 m²	€0 M	€7 M	€8 M
D	Green	Waddinxveen (Lekkerland)	Q3 2024	60,000 m²	50,000 m²	€37 M	€7 M	€45 M
4 D	Green	Amsterdam	Q1 2025	11,000 m²	7,000 m²	€5 M	€8 M	€13 M
œ	Grey	Tiel North (Intergamma)	Q3 2025	183,000 m²	91,000 m²	€32 M	€51 M	€83 M
	Under construction			372,000 m²	208,000 m²	€123 M	€91 M	€214 M
	Green	Tongeren III – remainder		66,000 m²	40,000 m²	€9 M	€28 M	€37 M
	Green	Tongeren IIB		95,000 m²	59,000 m²	€12 M	€32 M	€44 M
=	Green	ummen		55,000 m²	32,000 m²	€9 M	€21 M	€29 M
=	Brown	Grimbergen	1 year after pre- let	57,000 m²	30,000 m²	€6 M	€22 M	€28 M
=	Green	Halle		55,000 m²	31,000 m²	€11 M	€23 M	€34 M
D	Grey	Born		89,000 m²	67,000 m²	€21 M	€45 M	€66 M
1	Grey	Tiel South		45,000 m²	25,000 m²	€6 M	€16 M	€22 M
Permit obtained, not yet pre-let				462,000 m²	284,000 m²	€74 M	€186 M	€260 M
D	Grey	Confidential		20,000 m²	17,000 m²	€4 M	€10 M	€14 M
D	Grey	Confidential	1 year after permit	12,000 m²	8,000 m²	€0 M	€6 M	€6 M
=	Grey	Zellik		36,000 m²	14,000 m²	€9 M	€11 M	€20 M
		Pre-let, permit expected in due course	68,000 m²	39,000 m²	€13 M	€27 M	€40 M
Not yet pre-let, permit expected in due course				130,000 m²	69,000 m²	€16 M	€45 M	€61 M
Property developments in the pipeline				1,032,000 m²	600,000 m²	€226 M	€349 M	€575 M
	Average net initial yield on these property developments
		Remaining future development potential		1,380,000 m²

1.2.2.1 Property developments in the pipeline

of our projects involve greyfield and brownfield sites that we remediate

Under construction – 208,000 m²

Development in Tiel (NL) – Tiel North (Intergamma)

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Long-term collaboration with Cordeel, Tongeren III (phase 2) – Building three

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Extension in Aalst (BE)

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Redevelopment of brownfield site, Vorst (BE)⁸

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Blue Gate Phase 2, Antwerp (BE)⁹

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Logistics Park A12, Waddinxveen (Phase 2) (NL)¹⁰

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Amsterdam (NL)

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Other projects in the pipeline – 392,000 m²

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1.2.2.2 Remaining future development potential

1.2.3 Sustainability investments

1.2.3.1 Developments in the PV portfolio

74 MWp total capacity (installed) Energy for 20,700 households Equivalent to 1,200 hectares of forest in terms of CO² uptake

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1.2.3.2 Roll-out of battery energy storage systems

Half-year financial press release – Regulated information 15 / 60

1.3 Key events and transactions during H1 2024

1.3.1 Rental activity

100% occupancy rate and rental activity

1.3.2 Divestment activity

1.3.3 Further strengthening of the financing structure

1.3.3.1 Optional dividend – 60% of shareholders opt for shares

1.3.3.2 New loan agreements

1.3.3.3 Montea awarded its first credit rating by Fitch

1.3.4 Developments regarding Dutch FBI status

Montea's future approach regarding FBI status

	FBI overview			2023	2024	2025
	FBI status accounted for in financial accounts of Montea		×	×	N/A
	Withholding tax rate in financial accounts		ਦਿੱਲੀ	ਦਿੱਲੀ	N/A
Corporate income tax rate in financial accounts/budget				25.8%	25.8%	25.8%
Total tax charges NL in EPRA earnings (accounted/provisioned)				4.1	3.5
EPRA	Potential EPRA earnings impact if FBI status is	GRANTED	€M	+ 3.7	+ 3.1
earnings		NOT GRANTED	€M	0.0	0.0
Portfolio	Potential net result impact (deferred	GRANTED	€M	+ 5.2	+ 1.4
result	ltaxes) if FBI status is	NOT GRANTED	€M	0.0	0.0

1.3.5 ESG update: sustainability strategy

The five pillars of our strategy 3.1 Sustainable value creation 3.2 Moving towards net zero 3.3 Smart logistics chains 3.4 The optimal use of space 3.5 Long-term relationships with our stakeholders

1.3.5.1 Moving towards net zero

Energy-saving measures at existing portfolio properties

1.3.5.2 Long-term relationships with stakeholders

Human capital scan

"We are delighted that our employees are so positive about working at Montea and that we have achieved outstanding results. This demonstrates the strong culture we have built and our commitment to creating a great place to work."

__ Steven Claes, CHRO

Parkinson's charity stair-climb

1.3.6 Other events during H1 2024

1.4 Financial results for the first half-year ended June 30, 2024

1.4.1 Condensed consolidated (analytical) income statement as at June 30, 2024

CONDENSED CONSOLIDATED INCOME STATEMENT (EURX 1,000J ANALYTICAL	06/30/2024 6 MONTHS	06/30/2023 6 MONTHS
CONSOLIDATED RESULTS
NET RENTAL INCOME	54,955	52,031
PROPERTY RESULT	59,331	56,154
Property charges and general corporate expenses	-7,489	-6,702
OPERATING RESULT BEFORE PORTFOLIO RESULT	51,822	49,452
% compared to net rental income	94.3%	95.0%
FINANCIAL RESULT excl. changes in fair value of hedging instruments	-6,143	-9,725
EPRA EARNINGS BEFORE TAXES	45,679	39,727
Tax14	-751	2,560
EPRA EARNINGS	44,928	42,288
per share	2.22	2.34
Result on disposal of investment properties	0	0
Result on disposal of other non-financial assets	0	0
Changes in fair value of investment properties	43,700	-9,547
Deferred taxes on portfolio result	-1,362	20,747
Other portfolio result	0	0
PORTFOLIO RESULT	42,338	11,200
Changes in fair value of financial assets and liabilities	8,367	-1,572
NET RESULT	95,632	51,915
per share	4.73	2.87

1.4.2 Notes to the condensed consolidated (analytical) income statement

1.4.3 Condensed consolidated balance sheet as at June 30, 2024

	CONDENSED CONSOLIDATED BALANCE SHEET (EUR X 1,000)	06/30/2024	12/31/2023
	NON-CURRENT ASSETS	2,512,729	2,312,331
11.	CURRENT ASSETS	58,517	121,603
	TOTAL ASSETS	2,571,246	2,433,934
	SHAREHOLDERS' EQUITY	1,584,365	1,520,777
	Shareholders' equity attributable to the parent company shareholders	1,584,365	1,518,263
	Minority interests	0	2,514
	LIABILITIES	986,881	913,157
	Non-current liabilities	887,844	820,997
11.	Current liabilities	99,037	92,160
	TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	2,571,246	2,433,934

1.4.4 Notes to the consolidated balance sheet as at June 30, 2024

Half-year financial press release – Regulated information

1.4.4.1 Value and composition of the property portfolio as at June 30, 2024

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(in M EUR)		FAIR VALUE 01/01/2024	CAPEX H1 2024	REVALUATION AND DEVELOPMENT MARGIN H1 2024	FAIR VALUE 06/30/2024
	BE	1,063	58	18	1,139
	FR	256		-3	255
C 1	NL	930	33	33	996
0	DE	31	59	- 1	88
		2,280	151	46	2,478

		TOTAL 06/30/2024	BELGIUM	FRANCE	THE NETHERLANDS	GERMANY	TOTAL 12/31/2023	TOTAL 06/30/2023
Property portfolio - Buildings (1)
Number of sites		97	42	18	34	3	95	94
Total surface area - property portfolio	m2	1,926,268	908,977	214,720	703,076	99,495	1,959,242	1,921,172
Annual contractual rents	€K	111,279	50,747	12,694	42,295	5,543	109,650	106,305
Gross yield	96	5.42	5.31	5.30	5.50	6.27	5.26	5.18
Current yield on 100% occupancy	96	5.42	5.31	5.30	5.50	6.27	5.26	5.18
Un-let property area	m²	0	0	0	0	0	0	0
Rental value of un-let property parts (2)	€K	0	0	0	0	0	0	0
Occupancy rate	96	100.0	100.0	100.0	100.0	100.0	100.0	100.0
Investment value	€K	2,183,310	978,878	256,370	853,562	94,500	2,222,678	2,184,650
Fair value	€K	2,052,483	954,936	239,538	769,668	88,341	2,085,188	2,051,290
Property portfolio - Solar panels (3)
Fair value	€K	86,588	52.494	3,208	30,887	0	81,376	51,762
Property portfolio - Developments
Fair value	€K	338,592	131,548	11,884	195,160	0	113,707	86,243
Property portfolio - TOTAL
Fair value	€K	2,477,663	1,138,978	254,629	995,715	88,341	2,280,271	2,189,295

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		TOTAL 06/30/2024	TOTAL %	TOTAL 12/31/2023	TOTAL %
Landbank
Total surface area	m2	2,224,245	100%	2,225,972	100%
Acquired, valued in property portfolio	m2	1,594,139	72%	1,538,408	69%
of which income generating	0/0	43%		76%
Under control, not valued in property portfolio	m²	630,106	28%	687,564	31%
Fair value	€K	339,758	100%	302,039	100%
Acquired, valued in property portfolio	€K	339,758	100%	302,039	100%
Under control, not valued in property portfolio	€K	0	0	0	0

1.4.4.2 Breakdown of equity and liabilities

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The weighted average maturity of the financial liabilities (credit lines, bond loans and lease commitments) was 6.1 years as at June 30, 2024, a decrease compared to December 31, 2023 (6.6 years), due to the passing of time.

The weighted average maturity of the interest rate hedging instruments was 6.5 years at the end of June 2024. The hedge ratio, which reflects the percentage of fixedrate financial liabilities and floating-rate financial liabilities hedged by a hedging instrument, is 94% at the end of June 2024.

Breakdown of financial liabilities by their nature of hedging

The Interest Coverage Ratio* equals 4.5x in H1 2024, and has remained unchanged from the same period last year. This means that Montea more than meets the covenants in terms of the intered into with its financial institutions.

The average annualized cost of financing debt was 2.3% for H1 2024 (compared to 2.1% in the same period last year).

With an EPRA LTV of 36.3% at the end of June 2024 (compared to 33.5% at the end of December 2023) and a Net debt/EBITDA (adjusted)22 of 7.4x, Montea's consolidated balance sheet demonstrates that the company has a high level of solvency. Each investment is assessed against Montea's financing strategy. This strategy consists of financing new investment properties with at least 50% equity and a maximum of 50% debt, which results in a maximum debt ratio of 50% and a Net debt/EBITDA (adjusted) of around 9x.

The EPRA Net Initial Yield was 5.1%, which is stable compared to year-end 2023, with indexation and portfolio changes offsetting each other.

Market performance remains healthy. This is demonstrated by the positive valuation of the existing property portfolio at an EPRA Net hitial Yield of 5.1%, the 100% occupancy rate, the unexpired term of leases to first break date of more than 5.7 years (excluding solar panels) and existing leases currently being 10% below market, in combination with upward pressure on market rents. Montea will continue to focus on prime strategic multi-modal locations as it expands further.

In terms of debt ratio, 2 Montea meets all the covenants it entered institutions, under which Montea may not have a debt ratio of more than 60%.

22 To calculate Adjusted net debt/EBITDA, the net financial liabilities in the numerator are adjusted for current projects under construction multiplied by the debt ratio, as these projects do not yet generate an operating result but are already included under financial liabilities. In addition, the denominator is adjusted impact of external growth.

The debt ratio, calculated in accordance with the Royal Decree of July 13, 2014 on regulated real estate companies, is 37.3% at the end of June 2024.

1.4.5 Valuation approach

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1.5 Montea share performance

STOCK MARKET PERFORMANCE	06/30/2024	12/31/2023	06/30/2023
Share price (€)
At closing	79.10	86.20	70.60
Highest	86.90	88.20	80.30
Lowest	73.70	61.90	67.30
Average	80.42	73.84	75.28
NAV per share (€)
IFRS NAV	76.87	75.74	71.83
EPRA NTA	75.20	74.38	70.22
Premium/discount compared to IFRS NAV (%)	2.9%	13.8%	-1.7%
Dividend yield24 (%)		4.3%
Proposed payout (€)
Gross dividend per share		3.74
Net dividend per share		2.62
Volume (number of securities)
Average daily volume	19,723	18,366	17,818
Period volume	2,485,097	4,683,358	2,262,840
Number of shares outstanding at end of period	20,685,271	20,121,491	18,318,970
Market capitalization (€K)
Market capitalization at closing	1,636,205	1,734,473	1,293,319
Ratios (%)
"Velocity"25	12%	23%	12%

1.6 Significant events after the balance sheet date

Montea acquires multi-purpose site in Beatrixhaven, Maastricht

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1.7 Related party transactions

1.8 Main risks and uncertainties²⁶

2 Declaration in accordance with Article 13 of the Royal Decree of November 14, 2007

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3 Outlook

Result-based targets

Half-year financial press release – Regulated information

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one-off €0,45	potential one-off €0,18	potential one-off €0, 15
	€4,45 €4,55	\$4,75
2023	2024e	2025e

Maintaining strong fundamentals in a volatile macro environment

4 Forward-looking statement

5 Financial calendar

08/20/2024	Half-yearly financial report - results at 06/30/2024 (after-market hours
08/21/2024	Half-year results conference call (11am)
10/24/2024	Interim statement - results at 09/30/2024 (after-market hours)
10/25/2024	Q3 results conference call (11am)
02/11/2025	Annual financial report - results at 12/31/2024 (after-market hours)
02/12/2025	Annual results conference call (11am)
05/08/2025	Interim statement - results at 03/31/2025 lafter-market hours]
05/09/2025	Q1 results conference call (11am)
05/21/2025	General shareholders' meeting FY 2024

Annexes

ANNEX 1: EPRA Performance measures29

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EPRA EARNINGS (IN EUR X 1,000)	06/30/2024	06/30/2023
Net result	95,632	51,915
Changes for calculation of the EPRA earnings
To exclude:
Changes in fair value of investment properties and real estate intended for sale	-43,700	9,659
Result on sale of investment properties	-
Changes in fair value of financial assets and liabilities	-8,367	1,572
Deferred taxes related to EPRA changes	1,362	-20,747
Minority interests with regard to changes above	-	-112
EPRA earnings	44,928	42,288
Weighted average number of shares	20,203,993	18,059,302
EPRA earnings per share (€/share)	2.22	2.34

The EPRA NRV per share is the EPRA NRV based on the number of shares in issue on the balance sheet date.

EPRA NRV (EUR X 1,000)	06/30/2024	06/30/2023
IFRS Equity attributable to the parent company shareholders	1,584,365	1,310,248
NAV per share (€/share) 30	76.87	71.83
I) Hybrid instruments
Diluted NAV at fair value	1,584,365	1,310,248
To exclude:
V. Deferred tax in relation to fair value gains of investment property	6,537	15,402
VI. Fair value of financial instruments	-34,697	-38,801
To include:
XI. Real estate transfer tax	154,844	139,522
NRV	1,711,050	1,426,371
Fully diluted number of shares	20,685,271	18,318,970
NRV per share (€/share)	82.72	77.86

Net Tangible Assets: assumes that entities buy and sell assets, thereby realizing certain levels of deferred taxation. This is the NAY adjusted to include properties and other long-term investments at fair value and to exclude certain items not expected to crystallize in a long-term investment property business model.

The EPRA NTA per share is the EPRA NTA based on the number of shares in issue on the balance sheet date.

EPRA NTA (EUR X 1,000)	06/30/2024	06/30/2023
IFRS Equity attributable to the parent company shareholders	1,584,365	1,310,248
NAV per share (€/share)	76.87	71.83
I) Hybrid instruments
Diluted NAV at fair value	1,584,365	1,310,248
To exclude:
V. Deferred tax in relation to fair value gains of investment property	6,537	15,402
VI. Fair value of financial instruments	-34.697	-38,801
VIII.bJ Intangible fixed assets as per the IFRS balance sheet	-578	-543
NTA	1,555,628	1,286,306
Fully diluted number of shares	20,685,271	18,318,970
NTA per share (€/share)	75.20	70.22

0 The IFRS NAV per share is calculated by dividing the equity according to IFRS by the number of shares on the balance sheet date.

Net Disposal Value: provides the reader with a scenario of the company's assets leading to the realization of deferred taxes, financial instruments, and certain other adjustments for their liability. This scenario assumes that the company sells the assets, leading to the realization of deferred taxes and the liquidation of debt and financial instruments. This NAV should not be viewed as a liquidation NAV, since the fair value is often not equal to the liquidation value.

The EPRA NDV per share is the EPRA NDV based on the number of shares in issue on the balance sheet date.

EPRA NDV (EUR X 1,000)	06/30/2024	06/30/2023
IFRS Equity attributable to the parent company shareholders	1,584,365	1,310,248
NAV per share (€/share)	76.87	71.83
I) Hybrid instruments
Diluted NAV at fair value	1,584,365	1,310,248
To include:
IX. Remeasurements of the fair value of fixed-rate financing	-74,389	-84,588
NDV	1,509,976	1,225,660
Fully diluted number of shares	20,685,271	18,318,970
NDV per share (€/share)	73.00	66.91

EPRA vacancy rate

Definition: used by Montea is calculated on the basis of square meters, whereas the EPRA vacancy rate is calculated on the basis of the estimated rental value.

Purpose: The EPRA vacancy rate in function of the estimated rental value, without taking account of unlettable square meters intended for redevelopment, or the land bank.

Calculation:

	06/30/2024			12/31/2023
	(A)	(B)	(A/B)	(A)	(B)	(A/B)
EPRA VACANCY RATE (EUR x 1,000)	Estimated Rental Value (ERV) of vacant space	Estimated Rental Value (ERV) of the portfolio	EPRA Vacancy	Estimated Rental Value (ERV) of vacant space	Estimated Rental Value (ERV) of the portfolio	EPRA Vacancy
			(in %)			(in %)
Belgium		53,771	0.0		52,669	0.0
France		14,005	0.0		13,884	0.0
The Netherlands		45,363	0.0		44.987	0.0
Germany		4,526	0.0			0.0
TOTAL		117,665	0.0		11,540	0.0

EPRA NIY (EUR X 1,000)		06/30/2024 TOTAL	12/31/2023 TOTAL
Investment properties - 100% ownership		2,382,917	2,200,841
Investment properties - share of JVs/Funds		0	0
Assets for sale		5,577	0
Minus development projects		-338,592	-113,707
Completed property portfolio		2,049,902	2,087,134
Allowance for estimated purchase costs		127,554	134,908
Gross up completed property portfolio valuation	A	2,177,456	2,222,043
Annualized cash passing rental income		118,608	118,416
Property outgoings (incl. concessions)		-6,838	-6,088
Annualized net rents	B	111,770	112,328
Rent-free periods or other lease incentives		886	102
"topped-up" net annualized rent	C	112,656	112,430
EPRA NIY	B/A	5.13%	5.06%
EPRA "topped-up" NIY	C/A	5.17%	5.06%

Half-year financial press release – Regulated information

-

EPRA COST RATIO (EUR X 1,000)	06/30/2024	06/30/2023
(i) Administrative/operating expense line per IFRS income statement	8,152	7,719
(iii) Management fees less actual/estimated profit element	-309	-256
EPRA Costs (including direct vacancy costs) A	7,843	7,464
IX. Direct vacancy costs	-78	-245
B EPRA Costs (excluding direct vacancy costs)	7,764	7,218
(x) Gross Rental Income less ground rents - per IFRS	59,181	56,839
C Gross Rental Income	59,181	56,839
A/C EPRA Cost Ratio (including direct vacancy costs)	13.3%	13.1%
EPRA Cost Ratio (excluding direct vacancy costs) B/C	13.1%	12.7%

Half-year financial press release – Regulated information

EPRA LTV

Purpose:

Calculation:

	06/30/2024					12/31/2023
EPRA LTV (EUR x 1,000)	PROPORTIONATE CONSOLIDATION					PROPORTIONATE CONSOLIDATION
	Group (reported)	Share of Joint Ventures	Share of Material Associates	Minority interests	Combined	Group (reported)	Share of Joint Ventures	Share of Material Associates	Minority interests	Combined
Include
Borrowings from Financial Institutions	€195,082				€195,082	€138,008				€138,008
Commercial paper	€0				€0	€0				€0
Hybrids (including Convertibles, preference shares, debt, options, perpetuals)	€0				€0	€0				€0
Bond Loans	€662,884				€662,884	€662,739				€662,739
Foreign Currency Derivatives (futures, swaps, options and forwards)	€0				€0	€0				€0
Net (trade) payables	€25,903				€25,903	€21,998			-€341	€21,657
Owner-occupied property (debt)	€968				€968	€813				€813
Current accounts (Equity characteristic)	€0				€0	€0				€0
Exclude
Cash and cash equivalents	-€16,357				-€16,357	-€87,604			€2	-€87,602
Net Debt (a)	€868,480	€0	€0	€0	€868,480	€735,955	€0	€0	-€340	€735,616
Include
Owner-occupied property	€2,309				€2,309	€2,122				€2,122
Investment properties at fair value	€2,045,065				€2,045,065	€2,087,875			-€4,795	€2,083,080
Properties held for sale	€5,577				€5,577	€0				€0
Properties under development	€338,592				€338,592	€113,707			-€1,348	€112,359
Intangibles	€578				€578	€548				€548
Net (trade) receivables	€0				€0	€0				€0
Financial assets	€0				€0	€0				€0
Total Property Value (b)	€2,392,121	€0	€0	€0	€2,392,121	€2,204,252	€0	€0	-€6,143	€2,198,109
LTV (a/b)	36.3%			l	36.3%	33.4%			-	33.5%

ANNEX 2: Explanation of the APM calculation applied by Montea³¹

PORTFOLIO RESULT (EUR X 1,000)	06/30/2024	06/30/2023
Result on sale of investment properties	1	1
Changes in fair value of investment properties	43,700	-9.547
Deferred taxes on portfolio result	-1,362	20,747
PORTFOLIO RESULT	42,338	11,200

-

FINANCIAL RESULT excl. changes in fair value of financial instruments (EUR X 1,000)	06/30/2024	06/30/2023
Financial result	2,224	-11,297
To exclude:
Changes in fair value of financial assets & liabilities	-8.367	1.572
FINANCIAL RESULT excl. changes in fair value of financial instruments	-6,143	-9.725

Operating margin

Definition: This is the operating result (before the property portfolio result), divided by the property result.

Purpose:

Calculation:

OPERATING MARGIN (EUR X 1,000)	06/30/2024	06/30/2023
Property result	59,311	56,154
Operating result (before portfolio result)	51,822	49.452
OPERATING MARGIN	87.4%	88.1%

Average cost of debt

Definition: Average financial cost over the current year calculated on the basis of the total financial result relative to the average of the opening and closing balances of the financial liabilities, without taking into account the valuation of the hedging instruments and interest charges of lease commitments recorded in conformity with IFRS 16.

Purpose: The company is partly funded through debt financing. This APM measures the cost of this financing source and the possible impact on the results.

Calculation:

AVERAGE COST OF DEBT (EUR X 1,000)	06/30/2024	06/30/2023
Financial result	2,224	-11,297
To exclude:
Other financial income and expenses	-908	-327
Changes in fair value of financial assets and liabilities	-8,367	1,572
Interest cost related to lease obligations (IFRS 16)	1,259	1,154
Capitalized interests	-4,702	-965
TOTAL FINANCIAL CHARGES (A)	-10.493	-9,863
AVERAGE OUTSTANDING FINANCIAL DEBTS (B)	912,638	938,052
AVERAGE COST OF DEBT (A/B)	2.3%	2.1%

(Adjusted) Net debt/EBITDA

Definition: The net debt/EBITDA is calculated by dividing the net financial liabilities, i.e., long-term financial liabilities minus cash and cash equivalents (numerator), by the EBITDA of the past twelve months (TTM)22 (denominator). EBITDA is considered the operating result before the portfolio result, plus depreciation.

To calculate the Adjusted net debt/EBITDA, the net financial liabilities in the numerator are adjusted for current projects under construction multiplied by the debt ratio, since these projects do not yet generate an operating result but are already included under financial liabilities. In addition, the denominator is adjusted for the annualized impact of external growth.

Purpose: This APM gives an indication of the length of time a company would have to operate at its current level in order to pay off all its liabilities.

Calculation:

(ADJUSTED) NET DEBT / EBITDA (EUR X 1,000)	06/30/2024	12/31/2023
Non-current and current financial debt (IFRS)	917,719	851,490
Cash and cash equivalents (IFRS)	-16,357	-87,604
Net debt (IFRS)	901,362	763,886
- Projects under development x debt ratio	-87,958	-42,375
A Net debt (adjusted)	813,404	721,511
B Operating result (before portfolio result) (IFRS) (TTM)	105,139	102,769
+ Depreciations (TTM)	350	336
Adjustment to normalized EBITDA	4,148	2,513
C EBITDA (adjusted)	109,638	105,618
A/C Net debt / EBITDA (adjusted)	7.4	6.8

NET DEBT / EBITDA (EUR X 1,000)		06/30/2024	12/31/2023
Non-current and current financial debt (IFRS)		917,719	851,490
Cash and cash equivalents (IFRS) -		-16,357	-87,604
Net debt (IFRS)	A	901,362	763,886
Operating result (before portfolio result) (IFRS) (TTM)	B	105,139	102,769
+ Depreciations (TTM)		350	336
EBITDA (IFRS)	C	105,489	103,105
Net debt / EBITDA	A/C	8.5	7.4

® TTM stands for trailing 12 months and means that the calculation is based on financial figures for the past 12 months.

Interest Coverage Ratio

Definition: The interest coverage ratio is calculated by dividing the sum of the operating result before the portfolio result and the financial income by the net interest costs.

Purpose:

Calculation:

INTEREST COVERAGE RATIO (EUR X 1,000)	06/30/2024	06/30/2023
Operating result, before portfolio result	51,822	49,452
Financial income (+)	948	382
TOTAL (A)	52,769	49,835
Net financial charges (-)	11,753	11,017
TOTAL (B)	11,753	11,017
INTEREST COVERAGE RATIO (A/B)	4.5	4.5

Hedge ratio

Definition: notional amount of hedging instruments by the total outstanding financial liabilities at fixed and floating interest rates.

Purpose: This APM indicates the percentage of outstanding debt hedged against fluctuations in interest rates through fixed rate or hedging instruments.

Calculation:

HEDGE RATIO (EUR X 1,000)	06/30/2024	12/31/2023
Financial debt at fixed interest rates	673.886	673.916
Notional amount of hedging instruments	123,500	107,500
TOTAL FINANCIAL DEBTS ON FIXED INTEREST AND HEDGING INSTRUMENTS (A)	806,386	781,416
Non-current and current financial debt (IFRS)	859,186	802,916
TOTAL FINANCIAL DEBT AT BALANCE SHEET DATE (B)	859,189	802,916
HEDGE RATIO (A/B)	93.9%	97.3%

ANNEX 3: Consolidated income statement as at 06/30/202433

	CONSOLIDATED INCOME STATEMENT (EUR x 1,000J	06/30/2024 6 months	12/31/2023 12 months	06/30/2023 6 months
1.	Rental Income	55,008	106,985	52,122
11.	Reversals carried forward and discounted rents	0	0	0
111.	Rental-related expenses	-53	-360	-91
	NET RENTAL INCOME	54,955	106,625	52,031
IV.	Recovery of property charges	0	0	0
V.	Recovery of rental charges and taxes normally borne by the tenant on let properties	6,051	12,468	4,796
VI.	Costs payable by tenants and borne by the landlord for rental damage and refurbishment at the end of the lease	0	0	0
VII.	Rental charges and taxes normally borne by tenants on let properties	-7,043	-14,023	-5,973
VIII.	Other rental-related income and expenses	5,349	11,068	5,300
	PROPERTY RESULT	59,311	116,139	56,154
IX.	Technical costs	3	-67	-63
X.	Commercial costs	-15	-190	-124
XI.	Charges and taxes on non-let properties	-78	-137	-245
XII.	Property management costs	-1,524	-2,658	-1,197
XIII.	Other property charges	-74	-83	-50
	PROPERTY CHARGES	-1,689	-3,135	-1,679
	PROPERTY OPERATING RESULT	57,622	113,004	54,476
XIV.	General corporate expenses	-6,317	-10,077	-5,193
XV.	Other operating income and expenses	517	-157	170
	OPERATING RESULT BEFORE PORTFOLIO RESULT	51,822	102,769	49,452
XVI.	Result on disposal of investment properties	0	0	0
XVII.	Result on disposal of other non-financial assets	0	0	0
XVIII.	Changes in fair value of investment properties	43,700	11,870	-9,547
XIX.	Other portfolio result	0	0	0
	OPERATING RESULT	95,522	114,639	39,905
XX.	Financial income	948	866	382
XXI.	Net interest charges	-7,051	-18,754	-10,052
XXII.	Other financial charges	-40	-107	-55
XXIII.	Changes in fair value of financial assets and liabilities	8,367	-14,043	-1,572
	FINANCIAL RESULT	2,224	-32,038	-11,297
XXIV.	Share in the result of associates and joint ventures	0	0	0
	EARNINGS BEFORE TAXES	97,746	82,601	28,608
XXV.	Corporate income tax	-2,113	36,209	23,307
XXVI.	Exit tax	0	0	0
	TAX	-2,113	36,209	23,307
	NET RESULT	95,632	118,810	51,915
	Attributable to:
	Parent company shareholders	95,632	118,535	51,760
	Minority interests	0	275	155
	Number of shares outstanding at end of period	20,685,271	20,121,491	18,318,970
	Weighted average number of shares	20,203,993	18,387,740	18,059,302
	NET RESULT (ordinary/diluted) per share / weighted average number of shares (EUR)	4 73	6.46	2.87

ANNEX 4: Consolidated balance sheet as at 06/30/202434

CONSOLIDATED BALANCE SHEET (EUR x 1,000)	06/30/2024	12/31/2023	06/30/2023
NON-CURRENT ASSETS	2,512,729	2,312,331	2,232,697
A Goodwill	0	0	0
B Intangible fixed assets	578	548	543
C Investment properties	2,388,548	2,201,758	2,140,262
D Other tangible fixed assets	88,529	82,962	52,860
E Non-current financial assets	34,836	26,825	38,801
F Finance lease receivables	0	0	0
G Trade receivables and other fixed assets	239	239	230
H Deferred taxes (assets)	0	0	0
Investments in associates and joint ventures based on the equity method	0	0	0
CURRENT ASSETS	58,517	121,603	47,689
A Assets held for sale	5,577	0	0
B Current financial assets	0	0	0
C Finance lease receivables	0	0	0
D Trade receivables	29,366	28,331	20,941
E Tax receivables and other current assets	200	780	4,317
F Cash and cash equivalents	16,357	87,604	13,932
G Accruals and deferred income	7,017	4,888	8,499
TOTAL ASSETS	2,571,246	2,433,934	2,280,386
TOTAL SHAREHOLDERS' EQUITY	1,584,365	1,520,777	1,312,831
Shareholders' equity attributable to parent company shareholders	1,584,365	1,518,263	1,310,248
A Capital	406,590	394,914	359,975
B Share premiums	455,802	423,586	334,325
C Reserves	626,341	580,953	564,032
D Net result for the financial year	95,632	118,810	51,915
Minority interests	0	2,514	2,583
LIABILITIES	986,881	913,157	967,555
Non-current liabilities	887,844	820,997	856,768
A Provisions	0	0	0
B Non-current financial debts	881,168	815,327	841,366
a. Credit institutions	162,716	105,488	130,729
b. Financial leasings	428	465	562
c. Other	718,023	709,374	710,075
C Other non-current financial liabilities	139	495	0
D Trade payables and other non-current debts	0	0	0
E Other non-current liabilities	0	0	0
F Deferred taxes - liabilities	6,537	5,175	15,402
Current liabilities	99,037	92,160	110,787
A Provisions	0	0	0
Current financial debts B	36,551	36,162	53,978
a. Credit institutions	33,333	33,333	51,333
b. Financial leasings	125	117	118
c. Other	3,093	2,712	2,527
C Other current financial liabilities	0	0	0
D Trade payables and other current debts	26,702	19,416	26,311
a. Exit tax	1,339	2,738	3,595
b. Other	25,363	16,678	22,716
E Other current liabilities	1,408	637	1,775
F Accruals and deferred income	34,376	35,944	28,722
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	2,571,246	2,433,934	2,280,386

ANNEX 5: Consolidated statement of changes in equity as at 06/30/202435

CHANGES IN EQUITY (EUR x 1,000)	Capital	Share premiums	Reserves	Result	Minority interests	Shareholders equity
as at 12/31/2022	353,244	319,277	420,656	204,458	3,584	1,301,220
Elements immediately recognized as Equity	41,670	104,310	15,352	0	-1,355	159,977
Capital increase	40,907	104,310	0	0	0	145,217
Impact on fair value of estimated transfer rights and costs resulting from hypothetical disposal of investment properties	0	0	0	0	0	0
Positive change in value of solar panels (IAS 16)	0	0	15,428	0	0	15,428
I reasury shares	0	0	0	0	0	0
Shares held for staff option plan	763	0	-248	0	0	515
Minority interests	0	0	172	0	-1,355	-1,183
Corrections	0	0	0	0	0	0
Subtotal	394,914	423,586	436,008	204,458	2,229	1,461,197
Dividends	0	0	-59,230	0	0	-59,230
Retained earnings	0	0	204,458	-204,458	0	0
Result for the financial year	0	0	-285	118,810	285	118,810
As at 12/31/2023	394,914	423,586	580,952	118,810	2,515	1,520,777
Elements immediately recognized as Equity	11,675	32,216	2,112	0	-2,514	43,489
Capital increase	11,328	32,216	0	0	0	43,544
hypothetical disposal of investment properties	0 0		0	0	0	0
Positive change in value of solar panels (IIAS 16)	0	0	2,212	0	0	2,212
Treasury shares	0	0	0	0	0	0
Shares held for staff option plan	347	0	-100	0	0	248
Minority interests	0	0	0	0	-2,514	-2,514
Corrections	0	0	0	0	0	0
Subtotal	406,590	455,802	583,064	118,810	0	1,564,266
Dividends	0	0	-75,533	0	0	-75,533
Retained earnings	0	0	118,810	-118,810	0	0
Result for the financial year	0	0	0	95,632	0	95,632
As at 06/30/2024	406,590	455,802	626,341	95,632	0	1,584,365

ANNEX 6: Summary of consolidated comprehensive income as at 06/30/202436

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME (EUR x 1,000)	06/30/2024 6 months	12/31/2023 12 months	06/30/2023 6 months
Net result	95,632	118,810	51,915
Other items of comprehensive income	2,212	15,428	-1,339
Items included in the result:	0	0	0
Impact on fair value of estimated transfer rights and costs resulting from hypothetical disposal of investment properties	0	0	0
Changes in the effective portion of the fair value of authorized cash flow hedges	0	0	0
Items not included in the result:	2,212	15,428	-1,339
Impact in fair value of solar panels	2,212	15,428	-1,339
Comprehensive income	97,844	134,238	50,576
Attributable to:
Parent company shareholders	97,844	133,963	50,421
Minority interests	0	275	155

ANNEX 7: Summary of the consolidated cash flow statement37

CONSOLIDATED CASH FLOW STATEMENT (EUR X 1,000)	06/30/2024 6 months	06/30/2023 6 months
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR	87,604	67,766
NET CASH FLOW FROM OPERATING ACTIVITIES (A)+(B)+(C) = (A1)	56,162	59,611
Net result	95,632	51,915
Net interest charges	7,051	10,052
Financial income	-948	-382
Tax	2,113	-23,307
Gain (-)/loss (+) on disposal of investment properties	0	0
Cash flow from operating activities before adjustments of non-cash items and working capital (AJ	103,849	38,278
Changes in fair value of hedging instruments	-8,367	1,572
Changes in fair value of investment properties	-43,700	9,547
Equity-settled share-based payment expense	248	430
Depreciation and amortization (addition (+)/reversal (-)) on fixed assets	175	160
Impairment losses on receivables, inventories and other assets	53	91
Adjustments for non-cash items (BJ	-51,591	11,801
Decrease (+)/increase (-) in trade and other receivables	-2,583	10,188
Increase (+)/decrease (-) in trade and other payables	6,488	-656
Increase (+)/decrease (-) in working capital requirement (C)	3,905	9,533
NET CASH FLOW FROM INVESTMENT ACTIVITIES (B1)	-128,385	-27,466
Acquisitions	-128,385	-24,045
Payments regarding acquisitions of real estate investments	-125,866	0
Payments regarding acquisitions of shares in real estate companies	-2,152	-3,265
Purchase of other tangible and intangible fixed assets	-368	-156
Disposals	0	0
Proceeds from sale of investment properties	0	0
Proceeds from sale of buildings held for sale	0	0
Proceeds from sale of shares in real estate companies	0	0
NET FINANCIAL CASH FLOW (C1)	976	-85,980
Net effect of withdrawal and repayment of loans	56,300	-36,000
Capital increase	31,375	21,017
Dividends paid	-75,533	-59,230
Interests paid	-11,166	-11,767
CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR (A1+B1+C1J	16,357	13,932

ANNEX 8: Segment reporting: Consolidated income statement per geographic region as at 06/30/2024³⁸

	(EUR x 1,000)	06/30/2024 BE	06/30/2024 FR	06/30/2024 NL	06/30/2024 DE	06/30/2024 Unallocated.	06/30/2024 Conso
	Rental Income	24,953	6,292	21,801	1,963	0	55,008
1.	Reversals carried forward and discounted rents	0	0	0	0	0	0
	Rental-related expenses	-28	-25	0	0	0	-53
	NET RENTAL INCOME	24,925	6,267	21,801	1,963	0	54,955
V	Recovery of property charges	0	0	0	0	0	0
	Recovery of rental charges and taxes normally borne by the tenant on let properties	2,820	1,298	1,690	243	0	6,051
VI.	Costs payable by tenants and borne by the landlord for rental damage and refurbishment at the end of the lease	0	0	0	0	0	0
VII.	Rental charges and taxes normally borne by tenants on let properties	-3,042	-1,291	-2,468	-243	0	-7,043
VIII.	Other rental-related income and expenses	3,008	1,313	1,001	27	0	5,349
	PROPERTY RESULT	27,711	7,586	22,024	1,990	0	59,311
IX.	Technical costs	0	3	0	0	0	3
X	Commercial costs	0	-10	-4	0	0	-15
XI.	Charges and taxes on non-let properties	-69	-10	0	0	0	-78
XII.	Property management costs	-567	-430	-272	-255	0	-1,524
XIIII.	Other property charges	-70	-5	0	0	0	-74
	PROPERTY CHARGES	-706	-452	-276	-255	0	-1,689
	PROPERTY OPERATING RESULT	27,006	7,134	21,748	1,734	0	57,622
XIV.	General corporate expenses	0	0	0	0	-6,317	-6,317
XV.	Other operating income and expenses	529	-24	0	12	0	517
	OPERATING RESULT BEFORE PORTFOLIO RESULT	27,534	7,110	21,748	1,747	-6,317	51,822
XVI.	Result on disposal of investment properties	0	0	0	0	0	0
	XVII. Result on disposal of other non-financial assets	0	0	0	0	0	0
	XVIII. Changes in fair value of investment properties	15,001	-3,087	33,313	-1,527	0	43,700
XIX.	Other portfolio result	0	0	0	0	0	0
	OPERATING RESULT	42,535	4,022	55,061	220	-6,317	95,522
XX.	Financial income	946	0	1	0	0	948
XXI.	Net interest charges	-9,424	273	2,245	-144	0	-7,051
	XXII. Other financial charges	-29	– 4	-5	-1	0	-40
	XXIII. Changes in fair value of financial assets and liabilities	8,367	0	0	0	0	8,367
	FINANCIAL RESULT	-140	269	2,241	-145	0	2,224
	XXIV. Share in the result of associates and joint ventures	0	0	0	0	0	0
	EARNINGS BEFORE TAX	42,395	4,291	57,302	75	-6,317	97,746
	XXV. Corporate income tax	1,175	93	3,381	0	0	-2,113
	XXVI. Exit tax	0	0	0	0	0	0
	TAX	1,175	93	-3,381	0	0	-2,113
	NET RESULT	43,570	4,384	53,921	75	-6,317	95,632
	EPRA EARNINGS	20,202	7,471	21,970	1,601	-6,317	44,928
	Weighted average number of shares	20,203,993	20,203,993	20,203,993	20,203,993	20,203,993	20,203,993
	NET RESULT PER SHARE	2.16	0.22	2.67	0.00	-0.31	4.73
	EPRA EARNINGS PER SHARE	1.00	0.37	1.09	0.08	-0.31	2.22

ANNEX 9: Segment reporting: Consolidated balance sheet per geographic region as at 06/30/2024³⁹

	(EUR x 1,000)	06/30/2024 BE	06/30/2024 FR	06/30/2024 NL	06/30/2024 DE	06/30/2024 Elim.	06/30/2024 Conso
	NON-CURRENT ASSETS	2,011,711	255,276	996,131	88,533	-838,919	2,512,729
A.	Goodwill	0	0	0	0	0	0
B	Intangible fixed assets	578	0	0	0	0	578
C.	Investment properties	1,083,956	251,422	964,828	88,341	0	2,388,548
D.	Other tangible fixed assets	53,230	3,805	31,303	191	0	88,529
E	Non-current financial assets	873,755	0	0	0	-838,919	34,836
F.	Finance lease receivables	0	0	0	0	0	0
G.	Trade receivables and other fixed assets	193	46	0	0	0	239
H.	Deferred taxes (assets)	0	0	0	0	0	0
l.	Investments in associates and joint ventures based on the equity method	0	0	0	0	0	0
	CURRENT ASSETS	40,800	7,089	5,515	3,824	1,288	58,517
A.	Assets held for sale	5,577	0	0	0	0	5,577
B	Current financial assets	0	0	0	0	0	0
C	Finance lease receivables	0	0	0	0	0	0
D.	Trade receivables	16,745	5,066	10,786	1,700	-4,931	29,366
E.	Tax receivables and other current assets	1,489	-1,315	-6,289	ಶಿಕ	6,218	200
F.	Cash and cash equivalents	14,898	3	53	1,403	0	16,357
ઉં.	Accruals and deferred income	2,091	3,336	966	624	0	7,017
	TOTAL ASSETS	2,052,511	262,363	1,001,646	92 357	-837,631	2,571,246
	SHAREHOLDERS' EQUITY	1,111,367	150,149	534,506	8,485	-220,142	1,584,365
	Shareholders' equity attributable to parent company shareholders	1,111,367	150,149	534,506	8,485	-220,142	1,584,365
A.	Capital	406,590	0	194,604	2,122	-196,126	406,590
B	Share premiums	455,802	0	0	0	0	455,802
C.	Reserves	189,754	149,564	303,132	-7,056	-9,052	626,341
D.	Net result for the financial year	59,221	585	36,771	13,419	-14,363	95,632
	Minority interests	0	0	0	0	0	0
	LIABILITIES	941,144	112,214	467,140	83,873	-617,489	986,881
	Non-current liabilities	865,582	114,590	446,989	75,943	-615,261	887,844
A.	Provisions	0	0	0	0	0	0
B.	Non-current financial debts	865,443	114,590	440,452	75,943	-615,261	881,168
C	Other non-current financial liabilities	139	0	0	0	0	139
D.	Trade payables and other non-current debts	0	0	0	0	0	0
E	Other non-current liabilities	0	0	0	0	0	0
H.	Deferred taxes - liabilities	0	0	6,537	0	0	6,537
	Current liabilities	75,561	-2,376	20,151	7,929	-2,229	99,037
A.	Provisions	0	0	0	0	O	0
B	Current financial debts	35,905	131	280	234	0	35,551
C.	Other current financial liabilities	0	0	0	0	0	0
D.	Trade payables and other current debts	10,018	5,369	12,356	5,090	-6,131	26,702
E.	Other current liabilities	8,467	-11,421	-927	1,553	3,736	1,408
E.	Accruals and deferred income	21,172	3,544	8,441	1,052	166	34,376
	TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 2,052,511		262,363	1,001,646	92,37	-837,631	2,571,246

ANNEX 10: Independent property expert report as at 06/30/2024

To the company administrators

Montea NV

Industriezone III Zuid Industrielaan 27 bus 6 9320 Erembodegem

Belgium

Antwerp, 30th June 2024

Dear Sir, Dear Madam,

In accordance to the article 47 of the law of 12 May 2014 on the Belgian Real Estate Investment Trusts (SIR/GVV), you asked Jones Lang LaSalle (JLL) and Stadim to value the buildings situated in Belgium, France The Netherlands and Germany, belonging to the BE-REIT.

Our mission has been realized in complete independence.

In accordance with established practice, our mission has been realized based on the information communicated by Montea NV regarding rental condition, charges and taxes carried by the lessor, work to be realized, as well as all other elements that might influence the value of the buildings. We suppose this information to be exact and complete. As stated explicitly in our valuation reports, this does not include in any way the valuation of structural and technical quality of the building, nor an analysis of the presence of any harmful material. These elements are known by Montea NV, that manages its portfolio in a professional manner and carries a technical and juridical due diligence before the acquisition of each building.

Every building is known by the experts. They work with different software, such as Argus Enterprise or Microsoft Excel.

Investment Value is defined as the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion."

Investment Value is an appropriate basis for establishing Fair Value under international financial reporting standards (IFRS). In the IFRS the IASB defines fair value as: "The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Montea NV - 30 06 2024

Page 1

The experts have adopted different methods.

JLL have adopted two different methods: the « Term and Reversion » method and the

« Hardcore » method. Besides, they also did a control in terms of price per m2.

According to the « Term and Reversion » method, the capitalization of the revenues considers the actual revenue until the end of the current contract, and then takes the estimated rental value in perpetuity. According to the « Hardcore » method, the estimated rental value is capitalized in perpetuity before looking at adjustments that consider surfaces that are rented below or above their rental value, void, etc.

The method used by Stadim is based on Discounted Cash Flow (DCF), in combination with the capitalisation method when desired. The Stadim approach is characterized by reference prices on the one hand and the factoring in of future earnings on the other.

The yield, used for these methods, represents the expected yield for investors for this kind of properties. It reflects the intrinsic risks of the good and the sector (future void, credit risk, maintenance obligations, etc.). To determine this yield, experts based themselves on the most comparable transactions and current transactions in their investment department.

When there are unusual factors or specific factors applicable to a property, corrections will be applied (important renovations, non-recoverable costs ... ).

The sale of a property is in theory subjected to transaction costs. This amount depends among others on the method of transfer, the type of buyer and the geographic location of the property. This amount is known once the sale is closed. In Belgium, as independent real estate experts we can admit that based on a representative sample of transactions in the market between 2002 and 2005 (and recently revised for the period 2013-2016), the weighted average of the costs (average of the transaction costs) was 2,5% (for goods with a net value superior to 2.500.000 EUR). The Belgian properties are considered as a portfolio. The transaction costs for buildings located is France is 1,8% when the building is less than 5 years old and between 6,9% and 7,5%, depending on the department, in all other case. The transaction costs for buildings located in The Netherlands is 10,4%. The transaction costs for buildings located in Germany depend on region and market value volume.

Montea NV - 30 06 2024

Page 2

Based on the remarks in previous paragraphs, we confirm that the investment value of the real estate portfolio of Montea NV on June 30th, 2024 amounts to:

2.633.184.117 EUR

(Two billion six hundred thirty-three million one hundred eighty-four thousand one hundred seventeen EUR)

This amount takes into account the value attributed to the buildings valuated by the companies, Jones Lang LaSalle and Stadim in the four countries where Montea NV is present.

After deduction of respectively 2,5% for buildings located in Belgium (average rate of transaction costs defined by the experts of the BE-REITS), 1,8% / 6,9%-7,5% for buildings located in France, 10,4%-for buildings located in The Netherlands, and transaction costs depending on the location and volume for buildings in Germany, as transaction cost on the market value, we obtain a Fair Value of Montea NV real estate assets as of June 30th, 2024 at :

2.477.663.281 EUR

(Two billion four hundred seventy-seven million six hundred sixty-three thousand two hundred eightyone EUR)

This amount takes into account the value attributed to the buildings valuated by the companies Jones Lang LaSalle and Stadim in the four countries where Montea NV is present.

We stay at your entire disposition if any questions about the report would remain. In the meantime, we offer you our kind salutations,

Signed by Grut Hip F231D78BF716417 ..

Greet Hex MRICS Director JLL Belgium

Ondertekend door. Medias Jairssens DF316D896865407 ...

Nicolas Janssens Partner Stadim

Montea NV - 30 06 2024

Opinion of Jones Lang LaSalle

Jones Lang LaSalle estimates, for its part of Montea's NV real estate portfolio valued at June 30th, 2024, the investment value at EUR 945.054.974 and the fair value (transaction costs deducted) at EUR 909.838.267.

Signed by: Grut His -F231D78BF716417 ...

Greet Hex MRICS Director JLL Belgium

Opinion of Stadim

Stadim estimates, for its part of Montea NV's real estate portfolio valued at June 30th, 2024, the investment value at EUR 1.688.129.144 and the fair value (transaction costs deducted) at EUR 1.567.825.015.

Ondertekend door: Nicolas Janssens -DF316D896865407 ...

Nicolas Janssens Partner Stadim

Montea NV - 30 06 2024

ANNEX 11: Auditor's report

EY Bedrijfsrevisoren EY Réviseurs d'Entreprises Kouterveldstraat 7 B001 B-1831 Diegem

Tel: +32 (0)2 774 91 11 ey.com

Statutory auditor's report to the board of directors of Montea nv/sa on the review of the condensed consolidated interim financial information as at 30 June 2024 and for the six-month period then ended

Introduction

We have reviewed the accompanying consolidated overview of the balance sheet of Montea nv/sa (the "Company"), and its subsidiaries (collectively referred to as "the Group") as at 30 June 2024, the consolidated overview of the income statement, the overview of the consolidated global result, the consolidated overview of the changes in shareholders' equity and the overview of the consolidated cash flow statement for the six month period then ended, and notes ("the condensed consolidated interim financial information"). The board of directors is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with IAS 34, "Interim Financial Reporting" as adopted by the European Union. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information as at 30 June 2024 and for the six month period then ended is not prepared, in all material respects, in accordance with IAS 34, "Interim Financial Reporting" as adopted by the European Union.

Brussels, 20 August 2024

EY Bedrijfsrevisoren bv/EY Réviseurs d'Entreprises srl Statutory auditor represented by

Christophe
Boschmans
(Signature)

Digitally signed by Christophe
Boschmans (Signature)
DN: cn=Christophe Boschmans (Signature), c=BE
Date: 2024.08.20 09:33:40

Christophe Boschmans* Partner * Acting on behalf of a bv/srl

25CB00026

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