Press Release Interim Statement

Press release - Regulated information of the sole director with regard to the period from 01/01/2023 to 31/03/2023

Highlights Q1 2023

EPRA earnings of € 17.1 million, an increase by 14% compared to the same period in 2022, or EPRA earnings of € 0,95 per share (an increase by 2% compared to the same period last year taking into account 11% additional outstanding shares due to strengthening of the capital in 2022)
Occupancy rate of 100%, a great achievement on top of the historically high occupancy rate which, since 2018, has consistently exceeded 99%
Access to the FBI-regime for the period 2015 to 2019, as a result of which € 8.1 million will be recovered¹

Healthy market dynamics

Stable valuation of existing portfolio
Average lease term² of 7.1 years to first maturity
Property portfolio located on strategic, multimodal, prime locations
Rising market rents for logistics property
Inflation-resistant cash flow profile (rental income indexed to inflation), as evidenced by a like-for-like rental growth of 6.1%

Strong fundamentals in volatile macro environment

Controlled EPRA LTV of 39.5% and Net debt/EBITDA (adjusted) of 8.0x
Despite increasing interest rates, the average prorated cost of debt amounts to 2.2%
Long-term credit contracts (average remaining maturity of ca. 7.0 year) and hedging contracts (average remaining maturity of ca. 7.5 years)
Strong liquidity position with ca. € 250 million of immediately available funding

¹ This event has no impact on the EPRA earnings, more info can be found under section "1.3 Important events and transactions during Q1 2023". 2 Excluding solar panels.

Outlook

Proposed guidance for 2023:

Growth of the EPRA earnings with 13% to € 76.4 million leading to EPRA earnings per share of €4.20 per share
Growth of the dividend per share for 2023 to € 3.38
An investment volume to be realised of ca. €160 million at an average initial yield of at least 6%, consisting of € 130 million of new developments, mainly on own land positions and € 30 million of sustainability investments

Montea is convinced that she can play a crucial role in reducing the carbon footprint and energy costs of its clients. With general flat roofs, logistics real estate is the ideal building form to install solar panels, more than half of the planned sustainability investments are therefore allocated to new PV installations. In addition, Montea also focuses on energy improvements to the existing portfolio, for example by disconnecting sites from the gas grid and switching to heat pumps, renewing and additionally insulating roofs and providing (additional) charging points.

Reconfirmation of Track'24:

EPRA earnings per share to grow to € 4.30 in 2024
Dividend per share to grow to € 3.45 in 2024
An investment volume of more than € 800 million over the period 2021-2024
Expected average cost of debt of 2.3%
Montea aspires to reduce CO2 emissions from its own operations with 50% by the end of 2024 - in line with the 2030 COշ net-zero target
Montea aspires to reduce CO2 emissions from its buildings with 20% by the end of 2024 consistent with the 2050 target of bringing emissions into line with the targets of the Paris climate conference (Paris Proof)

Since the beginning of 2021 Montea has an identified³ investment volume of € 609 million, € 543 million already realised and € 66 million in execution, at an average net initial yield of 5.5% excluding the land bank⁴ :

5.0% on standing investments
6.7% on development and extension projects

³ The identified investment volume consists of the investment amount invested during 2021, 2022 and the first quarter of 2023 and ongoing

projects in execution. 4 Including the land bank, the net initial yield amounts to 4.9%.

Montea aims to maintain its strong fundamentals. Thanks to its focus on type of customer and their activity as well as on strategic locations with high added value, Montea manages to optimally develop its property portfolio.

Demand for additional storage space remains high. Logistics is gaining in importance due to key trends such as the uncertain global supply chain, building larger strategic inventories and reshoring. Demand is also compounded by the continued growth of the e-commerce sector. Montea tries to respond to these challenges by offering innovative real estate solutions. Furthermore, Montea is also noticing upward pressure on market rents due to land scarcity in various markets.

Profitability, a controlled balance sheet and a strong liquidity position remain the focus in the further roll-out of Track'24 despite increased market volatility, a weakening macroeconomic outlook and higher interest rates. By bringing part of its spacious land bank of ca. 2.3 million m² into development, Montea has a substantial in-house potential that can be developed at an average initial yield of at least 6% based on current construction costs and rental prices. Profitable investments in making our property portfolio more sustainable are also at the core of our investment policy.

Summary

Montea's EPRA earnings amount to € 17,1 million for the first three months of 2023, an increase of 14% compared to the same period in 2022 (€ 15.0 million). The EPRA earnings per share amount to € 0.95 per share, an increase of 2% compared to the EPRA-earnings per share during the first quarter of 2022 (€ 0.93 per share), taking into account 11% additional outstanding shares due to strengthening of the capital in 2022.
In the first quarter, Montea succeeded in achieving an occupancy rate of 100%. The limited vacancy at the end of 2022 could be successfully let during the first quarter of 2023. The high occupancy rate is a measure of the quality and good locations of the buildings in Montea's portfolio. Of the 9% of leases maturing in 2023, 61% could already be renewed or extended.
Recently, the Dutch tax authorities have recognised that Montea meets the FBI requirements for the financial years 2015 to 2019 and therefore no corporate income tax was due for this period. This decision has no impact on the EPRA earnings. Since Montea did pay the regular corporate tax for that period as a matter of prudence, € 8.1 million will be recoverable. Montea remains of the opinion that it also meets all the conditions for claiming FBI status for the subsequent years (at least until 2024).
During the first quarter of 2023, the portfolio volume remains stable at €2.2 billion. Compared to year-end 2022, an investment volume of €8.8 million was realised, this in combination with negative revaluations of the existing portfolio of €12.6 million. This limited negative revaluation of the existing portfolio is mainly driven by an upward yield shift of 13 bps (input yield used by the real estate expert), offset by a 0.6% increase of estimated market rental values. The EPRA Net Initial Yield increases from 2022 with 16 bps to 4.99%. This output yield is only marginally (2bps) affected by portfolio devaluation. It is mainly the achievement of 100% occupancy and indexation that explains the 14bps increase.
Market dynamics remain healthy. This is evidenced by the stable valuation of the existing property portfolio at an EPRA Net Initial Yield of 5.0%, the occupancy rate of 100%, the remaining term of the leases to first maturity of 7.1 years (excluding solar panels) and the upward pressure on market rents. Montea will continue to focus on strategic top multimodal locations as part of its further expansion.

Logistics real estate is one of the few sectors that is able to pass on a large part of the current inflation to the customers through the automatic indexation of lease agreements. With a weighted average inflation forecast of 4.4% in 2023, Montea expects to be able to pass on almost 5% to customers on average and this following a deferred indexation effect as leases do not index until anniversary. The effect of passing on indexation in the 2023 like-for-like rental income of Q1 2023 (6.1%) amounts to 5.4%.

With an EPRA LTV of 39.5% and Net Debt/ EBITDA (adjusted)⁵ of 8.0x at the end of the first quarter of 2023, Montea's consolidated balance sheet demonstrates strong solvency. The average prorated cost of debt at 31 March 2023 is 2.2% compared to 1.9% at the end of December 2022. The average remaining maturity of the credit facilities is approximately 7 years. At the end of the first quarter of 2023, the debt is 99.3% hedged against increased interest rates and this on a long-term basis (average remaining maturity of approx. 7.5 years).
Montea has a large liquidity buffer of € 250 million. Montea's liquidity position was strengthened in 2022 mainly by the issue of €380 million in green unsecured notes via US Private Placement and by strengthening the equity. By doing so, an additional buffer has been established to continue the Track'24 growth plan.

8. Proposed guidance for 2023:

Growth of EPRA earnings with 13% to € 76.4 million leading to EPRA earnings per share of €4.20 per share
Growth of the dividend per share to € 3.38
Realisation of an investment volume of ca. € 160 million at an average initial yield of at least 6%, mainly through new developments on own land positions and the realisation of sustainability projects

9. Reconfirmation of Track'24

Montea remains on track to realise the guidance set for 2023 and to meet the outlook for Track'24. Since the beginning of 2021 Montea has an identified⁶ investment volume of € 609 million, € 543 million already realised and € 66 million in execution, at an average net initial yield of 5.5% excluding the land bank⁷

5.0% on standing investments
6.7% on development and extension projects
EPRA earnings per share to grow to €4.30 in 2024
Dividend per share to grow to €3.45 in 2024
An investment volume of more than €800 million over the period 2021-2024
Expected average cost of debt of 2.3%
Montea aspires to reduce CO2 emissions from its own operations with 50% by the end of 2024 in line with the 2030 COշ net-zero target
Montea aspires to reduce CO2 emissions from its buildings with 20% by the end of 2024 consistent with the 2050 target of bringing emissions into line with the targets of the Paris climate conference (Paris Proof)

6 The identified investment volume consists of the investment amount in 2021, 2022 and the first quarter of 2023 and ongoing projects in execution.

⁵ To calculate Adjusted Net Debt/EBITDA, the net financial debt is adjusted for ongoing projects in execution in the numerator multiplied by the debt ratio, as these projects are not yet generating operational results but are already included in financial debt. In addition, there is also an adjustment in the denominator for the annualised impact of external growth.

1	Management Report 8
1.1	Key figures 8
1.2	Status Track'24 (at portfolio level) 11
1.3	Important events and transactions during Q1 2023 17
1.4	Financial results of 31 March 2023 20
1.5	Important events after the balance sheet date 28
1.6	Transactions between related parties 28
2	Forward looking statements 29
3	Financial calendar 30
	ANNEX 1: EPRA Performance measures 31
	ANNEX 2: Detail on the calculation of APMs used by Montea 36

1 Management Report

1.1 Key figures⁸

1 Management Report

Key figures8 1.1
		BE	FR	NL	DE	31/03/2023 3 months	31/12/2022 12 months	31/03/2022 3 months
Property portfolio
Property portfolio - Buildings (1) Number of sites		38	18	34	2	92	92	84
Occupancy Rate (2)	%	100,0%	100,0%	100,0%	100,0%	100,0%	99,4%	98,8%
Total surface - property portfolio (3)	m²	826.074	213.454	813.561	35.965	1.889.054	1.890.029	1.712.561
Investment value (4) Fair value of the property portfolio (5)	K€ K€	908.563 993.752	245.280 244.083	953.783 896.622	35.349 33.060	2.142.975 2.167.517	2.151.050 2.171.024	1.851.773 1.874.071
Real estate Projects under construction Solar panels	K€ K€ K€	888.251 78.191 27.311	229.157 11.503 3.423	860.800 13.308 22.514	33.060 0 0	2.011.267 103.002 53.247	2.019.489 102.338 49.197	1.749.988 88.428 35.655
Total surface - Landbank Acquired, valued in property portfolio	m²	m²				2.345.238 1.632.072	2.401.318 1.688.152	1.943.662 1.465.964
of which income generating Under control, not valued in property portfolio	% m²					72% 713.166	73% 713.166	66% 477.698
Consolidated results
Results Net rental result	K€					25.694	90.889	20.688
Property result Operating result before the porfolio result	K€	K€				27.295 23.549	99.913 91.020	21.900 19.143
Operating margin (6)* Financial result (excl. changes in fair value of the financial	%					86,3%	91,1%	87,4%
instruments) (7) EPRA result (8)	K€ K€					-4.797 17.058	-17.948 67.738	-3.111 15.001
Weighted average number of shares EPRA result per share (9)*	€					18.025.220 0,95	16.538.273 4,10	16.215.456 0,93
Result on disposals of investment properties Changes in fair value of investment properties	K€ K€					0 -14.343	19 92.864	19 46.702
Deferred taxes on the result on the portfolio Result on the portfolio (10)*	K€	K€				945 -13.398	-14.570 78.312	-5.548 41.173
Changes in fair value of the financial instruments (11) Net result (IFRS) Net result per share	K€ K€ €					-3.237 423 0,02	58.408 204.458 12,36	22.581 78.754 4,86

Consolidated balance sheet Balance sheet total	K€					2.276.267	2.327.712	1.934.936
Debts and liabilities for calculation of debt ratio EPRA LTV (12)*	K€ %					909.276 39,5%	963.636 39,7%	794.557 40,0%
Debt ratio (13) Net debt/EBITDA (adjusted)	% x					40,6% 8,0	42,1% 8,4	41,2% 8,7
Hedge ratio Average cost of debt	% %					99,3% 2,2%	96,0% 1,9%	95,6% 1,8%
Weighted average maturity of financial debt Weighted average maturity hedging contracts	Y Y					6,9 7,4	6,9 7,6	5,7 6,9
IFRS NAV per share (14) EPRA NRV per share (15)	€ €					72,26 79,43	72,32 79,33	67,27 74,79
EPRA NTA per share (16) EPRA NDV per share (17)	€ €					71,81 67,26	71,72 66,75	68,27 65,48
Share price (18) Premium/Discount	€ %					74,50 3,1%	66,60 -7,9%	118,00 75,4%

8 In accordance with the guidelines issued by the ESMA (European Securities and Markets Authority), the APMs (Alternative Performance Measures)
used by Montea, including the EPRA performance indicators, are indicated in this press release with an asterisk (*), informing the reader that the definition concerns an APM. Performance indicators defined by IFRS rules or by law, as well as those not based on balance sheet or income statement headings, are not considered APMs. The detailed calculation of the EPRA performance indicators and of other APMs used by Montea is
shown in annex to this press release.

1) Including real estate intended for sale.
2) The occupancy rate is calculated on the basis of m². When calculating this occupancy rate, neither the numerator nor the denominator takes into account the unleased m² intended for redevelopment and the land bank.
3) Surface of leased land (yielding landbank) is included for 20% of the total surface; after all, the average rental value of a site is about 20% of the rental value of a logistic building.
4) Value of the portfolio without deduction of the transaction costs.
5) Accounting value according to the IAS/IFRS rules, excluding real estate intended for own use.
6) The operating margin is obtained by dividing the operating result before the result on the property portfolio by the property result. See annex 2.
7) Financial result (excluding changes in the fair value of the financial instruments): this is the financial result in accordance with the Royal Decree of 13 July 2014 on regulated real estate investment companies excluding the variation in the fair value of the financial instruments and reflects the actual funding cost of the company. See annex 2.
8) EPRA earnings: this is the net result (after incorporation of the operating result before the portfolio result, minus the financial results and corporation tax, excluding deferred taxes), minus the changes in fair value of investment properties and properties held for sale, minus the result on sale of investment properties and plus the changes in fair value of financial assets and liabilities. See also annex 1.
9) EPRA earnings per share refers to the EPRA earnings based on the weighted average number of shares. See also annex 1.
10) Result on the portfolio: this concerns the negative and/or positive changes in the fair value of the property portfolio, plus any capital gains or losses from the sale of real estate. See annex 2.
11) Changes in the fair value of financial hedging instruments: this concerns the negative and/or positive changes in the fair value of the interest hedging instruments according to IFRS 9.
12) EPRA LTV or EPRA Loan to value is an important measure to determine the percentage of debt to assessed property value and is calculated by dividing net debt by total property value (including solar panels).
13) Debt ratio according to the Royal Decree of 13 July 2014 on regulated real estate companies. See also annex 2.
14) IFRS NAV: Net Asset Value or intrinsic value before profit distribution for the current financial year in accordance with the IFRS balance sheet (excl. minority shareholdings). The IFRS NAV per share is calculated by dividing the equity according to IFRS by the number of shares entitled to dividends on the balance sheet date.
15) EPRA Net Reinstatement Value: NRV assumes that entities never sell assets and aims to represent the value required to rebuild the entity. The aim of the metric is to also reflect what would be needed to recreate the company through the investment markets based on its current capital and financing structure, including Real Estate Transfer Taxes. EPRA NRV per share refers to the EPRA NRV based on the number of shares in circulation on the balance sheet date. See also annex 1.
16) EPRA Net Tangible Assets assumes that entities buy and sell assets, thereby crystallizing certain levels of deferred tax. The NTA is the NAV adjusted to include real estate and other investments at their fair value and exclude certain line items that are not expected to take shape in a business model with investment properties over the long term. EPRA NTA per share refers to the EPRA NTA based on the number of shares in circulation on the balance sheet date. See also annex 1.
17) EPRA Net Disposal Value provides the reader with a scenario of the disposal of the company's assets resulting in the settlement of deferred taxes and the liquidation of debt and financial instruments. EPRA NDV per share refers to the EPRA NDV based on the number of shares in circulation on the balance sheet date. See also annex 1.
18) Stock market price at the end of the period.

1.1.1 EPRA performance measures

		31/03/2023	31/03/2022
EPRA result	€/share	0.95	0.93
EPRA Net Reinvestment Value	€/share	79 43	7479
EPRA Net Tangible Assets	€/share	71.81	68.27
EPRA Net Disposal Value	€/share	67.26	65.48
EPRA cost ratio (incl. vacancy costs)	0/0	16.7%	14 1%
EPRA cost ratio (excl. vacancy costs)	9/0	15.8%	12.5%
		31/03/2023	31/12/2022
EPRA Loan to value	0/0	39.5%	39 7%
EPRA Rental Vacancy	0/0	0 0%	0.8%
EPRA Net Initial Yield	0/0	4 99%	4.83%
EPRA Topped-up Net Initial Yield	0/0	5.00%	4.85%

Press Release: Interim Statement – Regulated information

1.2 Status Track'24 (at portfolio level)

Since the beginning of 2021, Montea has an identified⁹ investment volume of € 609 million, with € 543 million already realised and € 66 million in execution. Montea expects to generate an average net initial yield of 5.5 % on these identified investments, excluding the land bank. Including the land bank, Montea expects the net initial yield to be 4.9%.

At the beginning of 2023, Montea is thus ahead of schedule to achieve the targeted investment volume of more than €800 million over the period from 2021 to 2024. Despite increased market volatility, a weakening macroeconomic outlook and rising interest rates, the focus of the Track'24 rollout remains on profitability, a controlled balance sheet and a strong liquidity position. By bringing part of its extensive land bank (approximately 2.3 million m²) into development, Montea disposes of significant in-house development potential that can be developed at an average initial yield of at least 6% based on current construction costs and rental prices. In addition, profitable investments in further sustainability of our property portfolio are at the heart of our investment policy.

1.2.1 Acquisitions

1.2.1.1 Overview of acquisitions to be completed in 2023¹⁰

Signing purchase promise development site, Toury (FR)

At the end of 2022 Montea signed a purchase promise for a development site of ca. 545,000 m² in Toury, located between Orléans and the Île de France region. Montea expects to purchase the site during the second quarter of 2023. The investment budget for this site is ca. €21.5 million. Montea expects to start developing the site in the course of 2024.

⁹ The identified investment volume consists of the investment amount invested during 2021, 2022 & the first quarter of 2023 and ongoing projects in execution. The identified investment volume does not yet include the development in Tiel for Intergamma as not all conditions precedent have been fulfilled yet.

¹⁰ Included in the investment volume "in execution" on 31/03/2023.

1.2.2 Development and extension projects

1.2.2.1 Projects in execution¹¹

Montea started two projects during 2022 that will be delivered during the second quarter of 2023, namely the development of two distribution centres in Tongeren (phase 2) and Vilvoorde with an area of ca. 20,000 m² and ca. 10,000 m² respectively. In addition, during the first quarter of 2023, the development of a second distribution centre of ca. 33,500 m² was started in Tongeren (phase 2). The total investment budget for these projects amounts to € 56,8 million.

Structural cooperation with Cordeel, Tongeren (phase 2) & Vilvoorde (BE)¹²

During the fourth quarter of 2022, as part of the second phase of the structural cooperation with Cordeel, Montea acquired a site of ca. 187,000 m² in Tongeren. During 2022, the development of a first building of about 20,000 m² was started. During the first quarter of 2023, Montea was also able to start the development of a second building of approximately 33,500 m²:

Tongeren development phase 2 – first building (20,000m²):

o Acquisition of the land: Q4 2022
o Surface area: ca. 42,000 m²
o Surface area of distribution centre: ca. 20,000 m²
o Start construction: Q3 2022
o Completion: 18/04/2023
o Fixed lease of 6 years
o Estimated investment budget for land + development: ca. € 18 million

Tongeren development phase 2 – second building (33,500m²)

o Acquisition of the land: Q4 2022
o Surface area: ca. 56,000 m²
o Surface area of distribution centre: ca. 33,500 m²
o Start construction: Q1 2023
o Expected completion: Q4 2023
o Tenant: BayWa r.e. Solar Systems for a fixed period of 6 years
o Estimated investment budget for land + development: ca. € 26 million

In addition, at the end of 2022 a plot of land of ca. 22,000 m² located in Vilvoorde was acquired. On this site, the development of a building of ca. 10,000 m² was already started during 2022:

Vilvoorde:

o Acquisition of the land: Q4 2022
o Surface area: ca. 22,000 m²
o Surface area of distribution centre: ca. 10,000 m²
o Start construction: Q3 2022
o Expected completion: Q2 2023
o Tenant: Storopack Benelux NV for a fixed period of 10 years
o Estimated investment budget for land + development: ca. € 13 million

¹¹ Partly included in the investment volume on 31/03/2023 and partly included in the investment volume "in execution" on 31/03/2023. 12 See press release of 04/01/2022 or www.montea.com for more information.

EMBARGO TOT 19/08/2021 – 18u00

Press Release: Interim Statement – Regulated information

1.2.3 Sustainability investments

1.2.3.1 Developments in the PV-portfolio

With their generally flat roofs, logistics buildings are ideally suited for installing solar panels. Montea is therefore convinced that it can play a crucial role in reducing its customers' carbon footprint and energy costs through the installation of solar panels. Therefore, Montea also foresees the necessary investment budgets in the field of PV installations in the course of 2023, along with some other sustainability-related investments.

Montea's ambition in 2023 is to increase the total capacity of its PV installations in Belgium, the Netherlands and France by 26 MWp, bringing total future capacity to 78 MWp. To this end, Montea anticipates an investment budget of around € 17.0 million.

In Belgium, Montea expects to increase the capacity of the PV installations by 13 MWp, bringing total future capacity to 47 MWp. Montea anticipates an investment budget of around € 8.5 million for this.

In addition, Montea expects to increase capacity from its PV installations in the Netherlands by 12 MWp, bringing total future capacity to 29 MWp. With the completion of two new PV installations during the first quarter of 2023, 7 MWp has already been realised. Montea plans an annual investment budget of around € 8.0 million for solar panels in the Netherlands.

Finally, Montea expects to increase the capacity of the PV installations in France to a total capacity of 2 MWp. Due to deliveries during the first quarter of 2023, this ambition could already be realised for 2023, via the additional investment of around € 0.5 million.

Based on our Montea Blue label ambitions, we also intend to make additional sustainability investments in other areas at our ongoing developments. In addition, at the new development in Tongeren, in addition to the usual installation of solar panels, a 300 kWh energy storage with battery will be provided. This will help optimise our own consumption of locally generated green energy from the solar panels, as well as contribute to much-needed measures for stability services for the Belgian electricity network.

1.2.3.2 Energy saving measures of the existing portfolio

In addition, Montea also takes action on existing sites wherever possible to save as much energy as possible. To this end an investment budget of ca. € 13.0 million will be allocated in 2023.

For instance, buildings can be heated and/or cooled in a more sustainable way with heat pumps (i.e., without fossil fuels). The aim is to disconnect half of the sites in our portfolio from the gas grid and switch to heat pumps by 2030.

Meanwhile, Montea is continuing the relighting program in its warehouses. Lighting in all older buildings will be replaced with energy-efficient LEDs. 23% of our sites had energy-efficient lighting in place at the end of 2022. The goal is to increase this to 100% by 2030.

Because of the energy efficiency benefits, Montea thinks it is important to also invest in the facades and roofs of the buildings in our portfolio. A well-insulated roof helps to optimise the indoor climate and reduce our customers' energy bills, so we put a high priority on replacing roofs and installing (more) insulation.

At the end of 2022, 44% of the sites had EV charging capabilities. Montea installs charging stations at all new construction projects, but investments in EV-charging are also being made at the existing portfolio to support customers in their energy transition. Montea aims to equip at least 60% of its sites with charging capabilities by the end of 2023. Montea is also investigating options for installing charging facilities for electric trucks.

There are many other opportunities to save energy, thereby incorporating the output of the energy audits in France and the ideas of the sustainability coach who visited our tenants in the Netherlands as an end-of-year gift. Those energy-saving measures will be integrated into the multi-year maintenance plans drawn up for all sites.

1.2.4 Development potential – land bank

At the end of the first quarter of 2023, Montea has a land bank of ca. 2,345,000 m², an extensive reserve to further realise its ambitions in the years to come. During the first three months of 2023 in Belgium the development started at a land plot in Tongeren of ca. 56,000 m² (cfr. 1.2.2.1).

Press Release: Interim Statement – Regulated information

1.2.5 Overview of identified projects

	Country	Location	Land- bank	Land (sqm)	GLA(sqm)	Delivery	Tenant	Lease duration	CAPEX TRACK '24 2021-2024
	BE	Antwerp		13.000 m2	4.300 m2	Q1 '21	DHL Express	15 y	11 ME
	NL	Schiphol		4.400 m2	4.400 m2	Q1 '21	Amazon Logistics	10 y	1 ME
	BE	Willebroek		7 500 m2	2 000 m²	Q4 '21	Dachser	15 y	3 ME
	NL	Waddinxveen		60.000 m²	50.000 m²	Q1 .22	HBM Machines	10 y	28 ME
	NL	Tiel		31.800 m²	9.700 m²	Q1 '22	Re-Match	20 y	9 ME
	NL	Etten-Leur		37.520 m²	26.500 m²	Q2 .22	Raben Netherlands B.V.	8 y	15 ME
	BE	Antwerp		38.000 m2	8.500 m²	Q3 '22	Amazon Logistics	15 y	41 ME
Developments & Land Positions	DE	Mannheim	x	83.000 m²			FDT Flachdach	9 y	34 ME
	DE	Leverkusen	x	28.000 m²			TMD Friction Services	2 y	10 ME	45%
	BE	Tongeren	×	95.000 m²			tbc	N.A.	11 ME
	BE	Tongeren	x	89.000 m²			tbc	N.A.	11 ME
	BE	Lembeek	X	55.000 m²			tbc	N.A.	10 ME
	BE	Vorst	x	6.000 m²			tbc	NA	2 ME
	FR	St - Priest	x	70.000 m²			toc	N.A.	7 ME
	FR	Toury	x	545.000 m²			toc	N.A.	27 ME
	Solar panels								30 ME
	Other								15 ME

	NL	Ridderkerk		12.400 m²	6.800 m²	Q2 '21	VDH Forwarding & Warehousing	7 V	11 ME
	BE	Brussels		35.000 m²	20.000 m2	Q2 '21	Van Moer Logistics	10 y	10 ME
	BE	Ghent		15.500 m²	9.400 m2	Q4 21	Publiganda	3 y	8 ME
	BE	Tongeren		40.000 m²	20.000 m2	Q4 21	XPO	3 y	20 ME
	BE	longeren		44.000 m²	20.000 m²	Q4 '22	lailormade Logistics	6 y	24 ME
	BF	Tongeren		42.000 m²	20.000 m²	01 '23	Confidential	6 y	18 ME
	BE	Tongeren		56.000 m2	33.500 m²	Q4 '23	BayWa r.e. Solar Systems	6 y	26 ME
nvestments	BE	Vilvoorde		22.000 m²	10.000 m²	Q1 '23	Storopack Benelux	10 y	13 ME
Standing	NL	Zwolle		60.000 m²	33.000 m2	Q1 .22	PostNL	8 y	35 ME	55%
	NL	s Hertogenbosch		50.000 m2	27.000 m2	Q1 .22	PostNL	4 y	30 ME
	NL	Tilburg		20.000 m²	6.000 m²	Q1 '22	Barsan	9 y	9 ME
	NL	Alkmaar		8.000 m²	6.000 m²	Q1 22	GVT Transport & Logistics	10 y	7 ME
	BE	Ghent		46.000 m²	27.000 m2	Q1 '22	TransUniverse Forwarding	6y	17 ME
	NL	Berkel & Rodenrijs		9.000 m²	4.000 m2	Q2 .22	GVT Transport & Logistics	10 y	7 ME
	NL	Almere		35.800 m2	25,800 m2	Q2 .22	Confidential	18 y
	NL	Catharijne		7.500 m2	4.000 m2	Q2 '22	Confidential	10 y	62 ME
	NL	Zeewolde		54.000 m²	36.600 m²	Q2 .22	Confidential	10 y
	NL	Echt		13.000 m²	6.000 m²	Q3 '22	GVT Transport & Logistics	10 y	8 ME
	NL	Zwijndrecht		64.000 m²	25.700 m²	03 .22	Jiffy Products International	14 y	30 ME
	FR	Avignon		26.500 m²	12.700 m²	Q3 .22	Rozenbal	3 y	10 ME
	Total			1,823,920 m²	458.900 m2				609 ME

1.3 Important events and transactions during Q1 2023

1.3.1 Rental activity

Occupancy rate of 100%

The occupancy rate on 31 March 2023 amounted to 100% compared to 99.4% at the end of 2022. The calculation of this occupancy rate does not take into account the unlet m² intended for redevelopment and the land bank.

Of the 9% of leases due in 2023, 61% has already been renewed or extended to date.

1.3.2 Divestment activity

No divestments took place during the first quarter of 2023.

1.3.3 Developments concerning the Dutch REIT status

As concerns the realization of its real estate investments in the Netherlands, Montea, in September 2013, submitted a request for the application of the 'Fiscale Beleggingsinstelling' (FBI) regime (as referred to in Article 28 of the Corporate Tax Act of 1969) for Montea Nederland N.V. and its subsidiaries.

Montea maintains ongoing constructive contacts with the Dutch tax authorities and the Dutch Ministry on the concrete application of the judgments already published and on the comparability of Montea with Dutch institutions having the FBI status. Recently, the Dutch tax authorities have recognised for the financial years 2015 to 2019 that Montea meets the FBI requirements and therefore no corporate income tax was due for this period. Appeals and requests for the financial years after 2019 are still pending.

Accounting treatment & impact 2015 to 2019

Montea Nederland N.V.¹³ has taken the position in its 2015 to 2019 corporate income tax returns that it qualifies for FBI status making its corporate income tax liability nil. Despite the absence of an agreement, Montea has also conducted its accounting as if it had obtained the FBI status. Meanwhile, this practice was also confirmed by the Dutch tax administration. This implies that this decision has no impact on the EPRA earnings.

However, the Dutch inspector had imposed assessments in the period 2015 to 2019 taking into account the regular corporate income tax rate. Given the applicable tax interest rate (in principle 8%), Montea opted to pay these provisional assessments in each case (totalling € 8.1 million for these 5 years). By granting FBI status in respect of the years 2015 to 2019, € 8.1 million can thus be recovered.

Montea Nederland N.V.¹⁴ respected the distribution obligation under the FBI regime each year, thus remitting €1.6 million in dividend tax due for the period 2015 to 2019. Requests for ex officio reduction were submitted against the dividend tax remittances in 2016, 2017 and 2018. The 2019 dividend tax remittance has been appealed. These can now be withdrawn as they were rightly paid.

Accounting treatment & impact 2020 to 2022

Despite the absence of an agreement, Montea also maintained its accounts as FBI for fiscal year 2020 and filed its corporate tax returns as qualifying FBI. For 2020, the provisional tax return amounting to € 3.6 million was received and paid by Montea, taking into account the applicable tax interest rate. As the distribution obligation was also met in 2020, € 0.7 million of dividend tax was paid (and simultaneously appealed).

¹⁴ And its Dutch subsidiaries.

Press Release: Interim Statement – Regulated information EMBARGO TOT 19/08/2021 – 18u00

Therefore, if FBI status were granted for the 2020 period, there would be no impact on the EPRA result, but € 3.6 million could be recovered. Refusal of the FBI status would have a negative EPRA impact of € 2.8 million.

As of 2021, Montea has, for the sake of caution, taken into account in her results the possibility that the FBI status could be refused, further to the withdrawal of the granted fiscal ruling as of 1 January 2021 for sufficiently similar Belgian REITs. In that sense an additional tax provision¹⁵ was set up of € 4.0 million for 2021 and € 4.4 million for 2022.

In this way, the refusal of the FBI status, with respect to the years 2021 and 2022, would have no impact on the EPRA result. In contrast, the granting of the FBI status, with respect to the years 2021 and 2022, would have a positive impact of € 8.4 million (or €0.47 per share¹⁶) on the EPRA result as well as a positive impact of € 40.7 million (or € 2.26 per share) on the portfolio result via reversal of the anticipated deferred tax on the property.

Expected financial impact Track'24 (2023 and 2024)

Also in the forecasts for 2023 and 2024, Montea cautiously takes into account the possibility that the FBI status could be refused. In this sense, an additional tax provision of € 5.8 million for 2023 and € 6.1 million for 2024 was included in the estimated EPRA results for 2023 and 2024 respectively, being in each case the difference between the FBI tax status and the regularly taxed sphere.

In summary, with respect to the years 2023 and 2024, granting FBI status would have a positive impact on the EPRA result for the corresponding amounts. A refusal of admission to the status would have no impact on the estimated EPRA result for the 2023-2024 periods.

Montea's future approach to FBI

Supported by European law and the granting of the status for the years 2015 to 2019, Montea's commitment remains to be able to apply the FBI status in the Netherlands also from 2020. Tax returns will therefore be filed as FBI (at least until 2024) as Montea remains of the opinion that it still meets all conditions to claim FBI status.

Due to the announcement that a so-called real estate measure will be introduced in corporate income tax, FBIs will no longer be able to invest directly in real estate from 2025. Montea Nederland N.V. and its subsidiaries would therefore no longer be able to claim FBI status as of 2025. Real estate FBIs are expected to restructure before 2025. The cabinet response also indicated that flanking measures will be taken in 2024 to facilitate the restructuring of real estate FBI's.

¹⁵ Being the difference between the FBI tax status and the regularly taxed sphere.

¹⁶ Based on a weighted number of shares of 18,025,220 for the first three months of 2023.

1.3.4 Other events in Q1 2023

Montea appoints Patrick Abel as Country Director Germany¹⁷

In 2020, Montea decided to enter the German market after Belgium, France and the Netherlands so as to increase its international presence. To this end, Montea entered into a partnership with the German IMPEC Group GmbH. This collaboration led to the purchase of two development sites at strategic locations in Mannheim and Leverkusen.

Today Montea wishes to strengthen its presence and clout, with the recruitment of Patrick Abel, as Country Director Germany. In line with Montea's growth strategy in the other countries where Montea is active, Patrick will develop his own team around logistics property management with the aim of further growing the portfolio through in-house developments, acquisitions and strategic partnerships.

Patrick Abel has 20 years of experience in the German real estate sector. For the past 5 years, he was a member of the board of directors of Palmira Capital Partners with a clear focus on the Pan-European logistics sector. Patrick studied economics and business administration and earned a postgraduate degree in Real Estate Asset Management. He is well established in the sector and can build on a network of developers, property owners, brokers, lawyers and consultancies. In short, he is the perfect man to shape Montea's strong growth story in Germany as well.

The new Country Director Germany will perform his duties as of January from Frankfurt, where he will build up a local Montea team and help support the Track'24 growth plan.

Montea appoints Xavier Van Reeth as Country Director Belgium¹⁸

¹⁷ See press release of 03/01/2023 or www.montea.com for more information. 18 See press release of 02/03/2023 or www.montea.com for more information.

As from April, Xavier Van Reeth joined the Montea team as Country Director Belgium. In this role, he will lead the Belgian team that's responsible for managing existing clients as well as the further growth of the property portfolio in Belgium.

As regards managing the existing portfolio, the focus will be on maintaining the strong results through delivering optimal service and a thorough customer care service. With regard to growth, the focus will be on further expanding the portfolio through in-house developments, sale-and-leasebacks and strategic partnerships with both landowners and developers.

With the arrival of Xavier Van Reeth, Montea brings on board more than 15 years of experience in the logistics real estate sector. For the past 10 years, Xavier has worked as Head of Industrial & Logistics at CBRE, which will continue to be a leading real estate partner. Xavier has an excellent reputation as a team player and has a vast experience in servicing logistics players. This makes him a perfect fit with Montea's DNA and reputation.

1.4 Financial results of 31 March 2023

1.4.1 Condensed consolidated income statement (analytical) as at 31 March 2023

1.4 Financial results of 31 March 2023
1.4.1 Condensed consolidated income statement (analytical) as at 31
March 2023


CONDENSED CONSOLIDATED	31/03/2023	31/03/2022
INCOME STATEMENT (K EUR) Analytical	3 months	3 months


CONSOLIDATED RESULTS NET RENTAL RESULT	25.694	20.688
PROPERTY RESULT	27.295	21.900
% compared to net rental result	106,2%	105,9%
TOTAL PROPERTY CHARGES	-119	-729
OPERATING PROPERTY RESULT	27.176	21.170
General corporate expenses	-3.713	-2.106
Other operating income and expenses	86	79
OPERATING RESULT BEFORE THE PORTFOLIO RESULT % compared to net rental result	23.549 91,7%	19.143 92,5%
FINANCIAL RESULT excl. changes in fair value of the hedging instruments	-4.797	-3.111
EPRA RESULT BEFORE TAXES	18.752	16.033
Taxes	-1.694	-1.032

EPRA Earnings per share	17.058 0,95	15.001 0,93

	0	19
Result on disposal of investment properties	0	0
Result on disposal of other non-financial assets	-14.343	46.702
Changes in fair value of investment properties		-5.548
Deferred taxes on portfolio result	945
Other portfolio result	0	0
PORTFOLIO RESULT	-13.398	41.173
Changes in fair value of financial assets and liabilities RESULT IN FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES	-3.237 -3.237	22.581 22.581
NET RESULT	423	78.754

1.4.2 Notes to the condensed consolidated income statement (analytical)

Net rental income

The net rental income amounted to € 25.7 million in the first quarter of 2023 and increased with 24% (or € 5.0 million) compared to the same period in 2022 (€ 20.7 million). This increase is mainly due to the acquisitions of new properties, leased land and completed projects, which generate additional rental income. With an unchanged portfolio (and therefore excluding new acquisitions, sales and project developments between both comparative periods) the level of rental income increased by 6.1%, mainly driven by indexation of leases (5.4%) and the reletting of vacant units in Le Mesnil-Amelot (France) and Aalsmeer (The Netherlands) (0.7%).

Property result

The property result amounts to € 27.3 million at the end of the first quarter in 2023, an increase of € 5.4 million (or 25%) compared to the same period last year (€ 21.9 million). The increase of the net rental result of € 5.0 million is further reinforced by an increase in other rent-related revenues compared to 2022 following the structural cooperation with Cordeel.

Operating result before result on property portfolio

Property costs, overheads and other operating income and expenses, which are part of the operating result before the result on property portfolio, were up by € 1.0 million during the first 3 months of 2023 compared to the same period in 2022. This is due to the growth of the portfolio and the team. Nevertheless, the increase in the property result continues in a proportionate increase in the operational property result before the result on the portfolio by 23% compared to the same period last year (from € 19.1 million in 2022 to € 23.5 million in 2023).

The exploitation or operating margin19 is 86,3% for the first three months of 2023, compared to 87.4% for the first three months in 2022. In terms of the 2023 outlook, the operating margin will remain under control (approx. 90%). The EPRA cost ratio, traditionally higher in the first quarter because of IFRIC 21, increases compared to 2022. For year-end 2023, it is estimated to land at ±11%, compared to 8.8% on 31/12/2022. Indeed, to ensure future growth, Montea is investing substantially in business development in France and Germany and corporate services. In a market where Montea focuses strongly on in-house developments, these investments in the teams will bear fruit in terms of rental income in the coming years, albeit at a slower pace. Thus, the EPRA cost ratio is expected to gradually decline again in the coming years.

Financial result

The negative financial result excluding variations in the fair value of hedge instruments amounts to € - 4.8 million, compared to € -3,1 million in the same period last year, an increase of 54% (€ 1.7 million), which is mainly due to a higher recorded debt in 2023 to finance recent realised investments.

The total financial debt (including bond loans and leasing debts, including the recurring cost of land under concession) on 31 March 2023 is covered for 99.3%.

Calculated on the basis of the average financial debt, the average financing cost²⁰*, amounts to 2,2% at the end of the first three months of the financial year 2023 compared to 1.8% at the end of the financial year 2022.

Taxes

Despite the absence of an agreement of the FBI-status²¹, Montea also maintained its accounts until 2020 as if it had become the FBI status. As of 2021, Montea has, for the sake of caution, taken into account in her results the possibility that the FBI status could be refused, further to the withdrawal of the granted fiscal ruling as of 1 January 2021 of sufficiently similar Belgian REITs. In that sense an additional tax provision of € 1.2 million was recorded in the income statement for the first three months of 2023, being the difference between the FBI transparent tax status and the regularly taxed sphere.

therefore no corporate income tax was due for this period.

¹⁹ The exploitation or operating margin is obtained by dividing the operating result before the result on the property portfolio by the property result.

²⁰ This financial cost is an average over the last 5 quarters and is based on the total financial result compared to the average of the opening and closing balance of the financial debt without taking into account the valuation of the hedging instruments and interest costs related to leasing obligations booked in accordance with IFRS 16. 21 Recently, the Dutch tax authorities have recognised for the financial years 2015 to 2019 that Montea meets the FBI requirements and

EPRA earnings

The EPRA earnings amount to € 17.1 million in Q1 2023, an increase of € 2.1 million or 14% compared to the same period in 2022 (€ 15.0 million). The increase in the EPRA earnings is due mainly to the strong growth of the property portfolio, whereby operating and financial costs are closely monitored and managed as such.

The EPRA earnings per share for Q1 2023 amounts to € 0.95 per share for 2022, an increase of 2% compared to the EPRA earnings per share for Q1 2022 (€ 0.93 per share), taking into account an 11% increase in the weighted average number of shares, following the strengthening of the capital during 2022.

Result on the property portfolio²²

The result on the property portfolio for the first three months of 2023 amounts to € -13.4 million or € - 0.74 per share²³, down € 54.6 million compared to the same period in 2022 (€ 41.2 million). In 2022 the positive result of € 46.7 million was mainly due to an increase in estimated market rental values by 4.1%, in combination with a yield shift decrease of 6 bps. In 2023, the slightly negative revaluations of the existing portfolio are mainly driven by an upward yield shift of 13 bps, but these are offset by a 0.6% increase in estimated market rental values. The provision for deferred taxes on the Dutch portfolio result, constructed on the basis of a principle of prudence (non-granted FBI status, see section "Taxes"), dropped with € 6.5 million in the first quarter of 2023 compared to the same period in 2022.

The result on the property portfolio is no cash item and has no impact on the EPRA earnings.

Changes in the fair value of financial instruments

The negative change in the fair value of financial instruments amounts to € 3.2 million or € -0,18 per share at the end of the first quarter in 2023, compared to a positive change of € 22,6 million at the end of the first quarter in 2022.The negative change of € 25.8 million arises from the change of the fair value of the concluded interest rate hedges at the end of March 2023 as a result of decreasing long term interest rates during 2022 and 2023.

The changes in the fair value of financial instruments are not a cash item and have no impact on the EPRA earnings.

Net result (IFRS)

The net result consists of the EPRA earnings, the result on the property portfolio and the changes in fair value of financial instruments partly offset by a provision for deferred tax on the Dutch portfolio result that was processed based on a principle of caution (not obtaining FBI status, see section "Taxes").

The net result for the first quarter of 2023 (€ 0.4 million) was down by € 78.3 million compared to the same period last year, mainly as a result of the drop in the booked result of the property portfolio and the increase in changes in the fair value of financial instruments in 2023 compared to 2022.

The net result (IFRS) per share²⁴ amounts to € 0.02 per share compared to € 4.86 per share in 2022.

²² Result on the property portfolio: this is the negative and/or positive change in the fair value of the property portfolio

⁺ any loss or gain resulting from the disposal of property, taking into account any deferred taxes. ²³ Calculated as the result on the property portfolio based on the weighted average number of shares.

²⁴ Calculated on the basis of the weighted average number of shares.

	1.4.3 Condensed consolidated balance sheet as at 31 March 2023	31/03/2023 31/12/2022












	CONDENSED CONSOLIDATED BALANCE SHEET (EUR)	Conso

				Conso
I.	NON-CURRENT ASSETS			2.209.301.540	2.215.999.976
II.	CURRENT ASSETS	66.965.057			111.711.946
	TOTAL ASSETS			2.276.266.596	2.327.711.922
	SHAREHOLDERS' EQUITY			1.299.150.020	1.301.220.020
I.			Shareholders' equity attributable to shareholders of the parent company	1.296.907.854	1.297.636.079
II.	Minority interests	2.242.166			3.583.941
	LIABILITIES	977.116.577			1.026.491.902
I.	Non-current liabilities	877.100.972			909.109.354
II.	Current liabilities	100.015.605			117.382.548









	TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES			2.276.266.596	2.327.711.922

1.4.3 Condensed consolidated balance sheet as at 31 March 2023

1.4.4 Notes to the consolidated balance sheet as at 31 March 2023

As at 31/03/2023 the total assets (€ 2,276.3 million) consist mainly of investment property (88% of the total), solar panels (2% of the total), and developments (5% of the total). The remaining amount of the assets (5% of the total) consists of the other tangible and financial fixed assets including assets for own use and current assets containing the cash investments, trade and tax receivables.

1.4.4.1 Value and composition of the property portfolio as at 31 March 2023

The total area of the property portfolio buildings amounts to 1,889,054 m², spread across 92 sites, composed of 38 sites in Belgium, 18 sites in France, 34 sites in the Netherlands and 2 sites in Germany.
The occupancy rate amounts to 100% as at 31/03/2023 compared to 99.4% at the end of 2022. Both the site at Le Mesnil-Amelot (FR) and the one in Aalsmeer (NL) could be leased during the first quarter of 2023.
At the end of the first quarter, Montea's total property portfolio amounts to € 2,167.5 million, consisting of the valuation of the property portfolio-buildings (€ 2,011.3 million), the fair value of ongoing developments (€ 103.0 million) and the fair value of solar panels (€ 53.2 million). Compared to year-end 2022, the fair value of the property portfolio remained stable, with a limited decrease of €3.5 million, mainly due to a negative revaluation of € 12.6 million, partially offset by an additional investment volume of €8.8 million.

		Total 31/03/2023	Belgium	France	The Netherlands	Germany	Total 31/12/2022

Property portfolio - Buildings (1)
Number of sites		92	38	18	34	2	92
Total area - property portfolio	m²	1.889.054	826.074	213.454	813.561	35.965	1.890.029
Annual contractual rents Gross yield	K€ %	103.019 5,12%					100.136 4,96%
Current yield on 100% occupancy	%	5,11%					4,98%
Un-let property area Rental value of un-let property parts (2)	m² K€ %	0 0 100,0%	0 0 100,0%	0 0 100,0%	0 0 100,0%	0 0 100,0%	11.110 831 99,4%
		2.142.975	908.563	245.280	953.783	35.349	2.151.050
Occupancy rate				229.157	860.800	33.060	2.019.489
Investment value Fair value	K€	K€ 2.011.267	888.251
Property portfolio - Solar panels (3)
Fair value		K€ 53.247	27.311	3.423	22.514	0	49.197
Property portfolio - Developments
Fair value		K€ 103.002	78.191	11.503	13.308	0	102.338
Property portfolio - TOTAL
Fair value		K€ 2.167.517	993.752	244.083	896.622	33.060	2.171.024

(1) Including buildings held for sale.

(2) Excluding the estimated rental value of projects under construction and/or renovation.

(3) The fair value of the investment in solar panels is included in item "D" of fixed assets in the balance sheet.

The yield on the total investment properties buildings amounts to 5.11% based on a fully let portfolio, compared to 4.98% as at 31/12/2022. The gross yield amounts to 5.12%, compared to 4.96% on 31/12/2022.
The contractual annual rental income (excluding rental guarantees) amounts to € 103.0 million, up by 3% compared to 31 December 2022, mainly due to the growth of the property portfolio.
The fair value of the ongoing developments amounts to € 103.0 million and consists of:
- the ongoing project development and the acquired land plot in Tongeren (BE) cfr. 1.2.2.1
- the ongoing project development in Vilvoorde (BE) cfr. 1.2.2.1
- the land located Lembeek (BE)
- the land located in Lummen (BE)
- the phase 2 land in Waddinxveen (NL)
- the land located in Senlis (FR)
- the land located in Saint-Priest (FR)
- solar panels under construction (BE + NL) cfr. 1.2.3.1
The fair value of the solar panels of € 53.2 million concerns 50 solar panel projects spread across Belgium, France and the Netherlands.
Montea has a total land bank of 2,345,238 m² that will lead to a future development potential of 1,170,000 m².

immediate return of 5.8% on average. contracted partnership agreements.	Approximately 1.6 million m² (or ca. 70% of the total land bank) of this land bank has been purchased and is valued in the real estate portfolio for a total of € 307.4 million. Moreover, 72% of this land reserve yields an In addition, Montea has about 0.7 million m² (or 30% of the total land bank) under control by means of
			Total 31/03/2023	Total %	Total 31/12/2022	Total %
Landbank
Total surface		m²	2.345.238	100%	2.401.318	100%
Acquired, valued in property portfolio of which income generating	Under control, not valued in property portfolio	m² m²	1.632.072 % 72% 713.166	70% 30%	1.688.152 73% 713.166	70% 30%
Fair value		K€	307.426	100%	315.336	100%
Acquired, valued in propery portfolio of which income generating	Under control, not valued in property portfolio	K€ K€	307.426 % 72% 0	100% 0%	315.336 73% 0	100% 0%
1.4.4.2 The total liabilities consist of shareholders' equity of € 1,299.2 million and a total debt of € 977.1 million.	Composition of equity and liabilities

1.4.4.2 Composition of equity and liabilities

o The equity attributable to shareholders of the parent company (IFRS) amounts to € 1,296.9 million as at 31 March 2023 compared to € 1,297.6 million as at the end of 2022. The portion of minority interests (IFRS) amounts to € 2.2 million as at 31 March 2023 compared to € 3.6 million as at the end of 2022. These minority interests arise from the set-up of the cooperation with the Cordeel Group.
o The total liabilities of € 977.1 million consist of:
- Financial liabilities
  - € 162.7 million in lines of credit taken out with 6 financial institutions. Montea has € 394.2 million of contracted credit lines as at 31 March 2023 and an undrawn capacity of € 231.5 million;
  - € 665.0 million of contracted bond loans, which were fully drawn down, including € 235.0 million of Green Bonds that Montea concluded in 2021 (US Private Placement) and € 380 million of Green unsecured notes concluded in 2022 (US Private Placement);
  - 58% of the outstanding financing (or € 615.0 million) has now been issued under the Green Finance Framework.
- Other liabilities:
  - a current lease liability of € 51,3 million, mainly formed by the recognition of a lease liability relating to the concession land (entry into force of IFRS 16), and for the financing of the solar panels on the Aalst site;
  - € 35,2 million in deferred taxes; and
  - other debts and accruals²⁵for an amount of € 62.9 million.

²⁵ Accruals and deferred income largely comprise rent already invoiced in advance for the subsequent quarter.

The weighted average maturity of the financial debts (credit lines, bond loans and leasing obligations) amounted to 6.9 years on 31 March 2023, which remains stable compared to 31 December 2022 (6.9 years).

The weighted average maturity of interest rate hedging instruments is 7.4 years at the end of March 2023. The hedge ratio, which represents the percentage of financial debt with a fixed interest rate or with a floating interest rate then hedged by a hedging instrument, amounts to 99.3% at the end of March 2023.

The Interest Coverage Ratio* is 4,8x in the first quarter of 2023 compared to 6,2x for the same period last year. Montea thus amply complies with the covenants on the interest coverage ratio that it has concluded with its financial institutions.

The average prorated cost of debt financing is 2.2% for the first quarter of 2023 (compared to 1.8% in the same period last year), mainly due to the costs associated with the closing of the contracted bond loans entered into during 2022, partially offset by lower debt following the capital increase in November 2022.

With an EPRA LTV of 39.5% at the end of March 2023 (compared to 40.0% at the end of March 2022) and an improved Net Debt/ EBITDA (adjusted) of 8.0x at the end of March 2023, Montea's consolidated balance sheet demonstrates strong solvency. The EPRA Net Initial Yield is 4.99%, up (+ 16 bps) from end-2022 following the achievement of 100% occupancy and indexation (+14 bps), combined with limited portfolio write-downs (+ 2 bps).

Montea complies with all the covenants on debt ratios²⁶ that it has concluded with its financial institutions, under which Montea is not allowed to have a debt ratio higher than 60%.

26 The debt ratio calculated in accordance with the Royal Decree of 13 July 2014 on REITs is 40.6% end March 2023.

1.5 Important events after the balance sheet date

Qualitative growth of the portfolio with signing of new agreement.

In 2017, Montea acquired a building leased to Metro Delivery Services at MG Park De Hulst in Willebroek. As a result of the recent bankruptcy of Metro Belgium, Montea went in search of a new tenant and fairly quickly found catering wholesaler Hanos as a new user for the building. Given Hanos' similar wholesale activity, a restart in the building is possible. With this rapid leasing, Montea succeeds in maintaining the occupancy rate of 100% in Belgium.

1.6 Transactions between related parties

In the first quarter of 2023 there were no related party transactions, except for those at market conditions and as is customary in the conduct of Montea's business.

2 Forward looking statements

This press release contains, inter alia, forecasts, opinions and estimates made by Montea with regard to the future performance of Montea and of the market in which Montea operates ("outlook").

Although prepared with the utmost care, such an outlook is based on Montea's estimates and forecasts and is by nature subject to unknown risks, uncertain elements, and other factors. These could lead to results, financial conditions, performance, and final achievements that differ from those expressed or implied in these forward-looking statements. Some events are difficult to predict and may depend on factors beyond Montea's control. In view of such uncertainties, Montea cannot give any guarantees on these forecasts.

Statements in this press release that pertain to past activities, achievements, performance, or trends should not be considered as a statement or guarantee that they will continue in the future.

Furthermore, the outlook is only valid as of the date of this press release.

Unless it is legally required to do so, Montea in no way undertakes to update or change these forecasts, even if there are changes in the expectations, events, conditions, assumptions or circumstances on which such forecasts are based. Nor does Montea, its sole director, the directors of the sole director, members of Montea's management or advisors guarantee that the assumptions on which the outlook is based are free from error, and none of them can state, guarantee or predict that the results expected by such outlook will actually be achieved.

3 Financial calendar

16/05/2023	General shareholders' meeting
17/08/2023	Half-yearly financial report – results at 30/06/2023 (after market hours)
18/08/2023	Analysts' meeting (11:00 a.m.)
27/10/2023	Interim statement – results at 30/09/2023 (before market opening)
27/10/2023	Analysts' meeting (11:00 a.m.)

This information is also available on Montea's website: www.montea.com.

ABOUT MONTEA "SPACE FOR GROWTH"

Montea NV is a public regulated real estate company under Belgian law (GVV/SIR) that specialises in logistical property in Belgium, the Netherlands, France, and Germany. The company is a benchmark player in this market. Montea literally offers its customers the space they need to grow through versatile and innovative property solutions. In this way, Montea creates value for its shareholders. As of 31/03/2023 the property portfolio represented a total space of 1,889,054 m² spread across 92 locations. Montea NV has been listed on Euronext Brussels (MONT) and Euronext Paris (MONTP) since the end of 2006.

PRESS CONTACT MORE INFO

Jo De Wolf | +32 53 82 62 62 | [email protected] www.montea.com

Press Release: Interim Statement – Regulated information EMBARGO TOT 19/08/2021 – 18u00

Annexes ANNEX 1: EPRA Performance measures²⁷

EPRA earnings – EPRA earnings per share

Definition: The EPRA earnings concern the net earnings (after processing of the operating result before the result on the portfolio, minus the financial results and corporate tax, excluding deferred taxes), minus the changes in the fair value of property investments and real estate intended for sale, minus the result from the sale of investment properties, plus changes in the fair value of the financial assets and liabilities. The EPRA earnings per share are the EPRA earnings divided by the weighted average number of shares for the financial year.
Purpose: The EPRA earnings measure the operational profitability of the company after the financial result and after taxes on the operational result. It is an important measure of the underlying operational results generated by a company from letting real estate. It indicates the extent to which current dividend payments are supported by earnings. The EPRA earnings per share measure the net result from the core activities per share.

Calculation:

	ANNEX 1: EPRA Performance measures27
	EPRA earnings – EPRA earnings per share
Definition:	The EPRA earnings concern the net earnings (after processing of the operating result before the result on the portfolio, minus the financial results and corporate tax, excluding deferred taxes), minus the changes in the fair value of property investments and real estate intended for sale, minus the result from the sale of investment properties, plus changes in the fair value of the financial assets and liabilities. The EPRA earnings per share are the EPRA earnings divided by the weighted average number of shares for the financial year.
Purpose:	The EPRA earnings measure the operational profitability of the company after the financial result and after taxes on the operational result. It is an important measure of the underlying operational results generated by a company from letting real estate. It indicates the extent to which current dividend payments are supported by earnings. The EPRA earnings per share measure the net result from the core activities per share.
Calculation:
(in EUR X 1 000)		31/03/2023	31/03/2022
Net result (IFRS)		423	78.754
	Changes for calculation of the EPRA earnings
To exclude:
	Changes in fair value of the investment properties and properties for sale	14.343	-46.700
	Result on sale of investment properties Changes in fair value of the financial assets and liabilities	- 3.237	-19 -22.581
	Deferred taxes related to EPRA changes	-945	5.548
	Minority interests with regard to changes above	0	-2

EPRA earnings		17.058	15.001
	Weighted average number of shares	18.025.220	16.215.456
	EPRA earnings per share (€/share)	0,95	0,93

EPRA NAVs – EPRA NAVs per share

The EPRA NAV indicators are obtained by correcting the IFRS NAV in such a way that stakeholders get the most relevant information about the fair value of assets and liabilities. The three different EPRA NAV indicators are calculated on the basis of the following scenarios:

Net Reinstatement Value: is based on the assumption that entities never sell assets and aims to reflect the value needed to rebuild the entity. The purpose of this indicator is to reflect what would be required to reconstitute the company through the investment markets based on the current capital and financing structure, including Real Estate Transfer Taxes.

De EPRA NRV per share concerns the EPRA NRV based on the number of shares in circulation on the balance sheet date.

²⁷ The auditor carried out a review (ISRE 2410) of the EPRA measures included in this section.

(in EUR X 1 000)	31/03/2023	31/03/2022
IFRS Equity attributable to shareholders of the parent company	1.296.908	1.085.235
NAV per share (€/share)	72,26	67,27
I) Hybrid instruments
Diluted NAV at fair value To exclude:	1.296.908	1.085.235
V. Deferred tax in relation to fair value gains of investment property	35.204	27.127
VI. Fair value of financial instruments	-37.137	-4.547
To include: XI. Real estate transfer tax	136.729	104.972
NRV	1.431.704	1.212.788
Fully diluted number of shares	18.025.220	16.215.456
NRV per share (€/share)	79,43	74,79

Net Tangible Assets: assumes that entities buy and sell assets, thereby realizing certain levels of deferred taxation. This pertains to the NAV adjusted to include property and other long-term investments at fair value and to exclude certain items that are not expected to be firmly established in a business model with long term investment properties.
De EPRA NTA concerns the EPRA NTA based on the number of shares in circulation on the balance sheet date.
(in EUR X 1 000)	31/03/2023	31/03/2022
IFRS Equity attributable to shareholders of the parent company	1.296.908	1.085.235
NAV per share (€/share)	72,26	67,27
I) Hybrid instruments Diluted NAV at fair value To exclude:	1.296.908	1.085.235

To include:
XI. Real estate transfer tax	136.729	104.972
NRV	1.431.704	1.212.788
Fully diluted number of shares	18.025.220	16.215.456

Net Tangible Assets: assumes that entities buy and sell assets, thereby realizing certain levels of deferred taxation. This pertains to the NAV adjusted to include property and other long-term investments at fair value and to exclude certain items that are not expected to be firmly established in a business model with long term investment properties. De EPRA NTA concerns the EPRA NTA based on the number of shares in circulation on the balance sheet date.

(in EUR X 1 000)	31/03/2023	31/03/2022
IFRS Equity attributable to shareholders of the parent company	1.296.908	1.085.235
NAV per share (€/share) I) Hybrid instruments Diluted NAV at fair value To exclude:	72,26 1.296.908	67,27 1.085.235
V. Deferred tax in relation to fair value gains of investment property	35.204	27.127
VI. Fair value of financial instruments	-37.137	-4.547
VIII.b) Intangible fixed assets as per the IFRS balance sheet	-524	-711
NTA	1.294.451	1.107.104
Fully diluted number of shares NTA per share (€/share)	18.025.220 71,81	16.215.456 68,27

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

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

³⁰ Adjustment compared to Q1 2022 press release, due to update in calculation method on deferred taxes (+0.77€/share).

²⁸ IFRS NAV per share is calculated by dividing IFRS equity by the number of shares entitled to dividend on the balance sheet date.

²⁹ Adjustment compared to Q1 2022 press release, due to update in calculation method on deferred taxes (+0.77€/share).

(in EUR X 1 000)			31/03/2023	31/03/2022
	IFRS Equity attributable to shareholders of the parent company		1.296.908	1.085.235
NAV per share (€/share)					72,26	67,27
I) Hybrid instruments
Diluted NAV at fair value			1.296.908	1.085.235
To include:
	IX. Remeasurements of the fair value of fixed-rate financing				-84.554	-23.525
NDV Fully diluted number of shares					1.212.354 18.025.220	1.061.710 16.215.456
NDV per share (€/share)			67,26	65,48


EPRA-rental vacancy rate

Definition:			The EPRA vacancy corresponds to the complement of "Occupancy rate" with the difference
			that the occupancy rate used by Montea is calculated on the basis of square meters whereas the EPRA vacancy is calculated on the basis of the estimated rental value.

Purpose:			The EPRA vacancy measures the vacancy percentage in function of the estimated rental
			value without taking account of non-rentable m² intended for redevelopment and of the
	land bank.
Calculation:
		31/03/2023			31/12/2022
(in EUR X 1 000)	Estimated rental value (ERV) for	(A) (B) Estimated rental value portfolio	(A/B) ERPA Vacancy rate	(A) Estimated rental value (ERV) for	(B) Estimated rental value portfolio	(A/B) ERPA Vacancy rate
		vacancy (ERV)		vacancy	(ERV)
			(in %)			(in %)
			- 45.629	0,0%

EPRA-rental vacancy rate

Definition: The EPRA vacancy corresponds to the complement of "Occupancy rate" with the difference that the occupancy rate used by Montea is calculated on the basis of square meters whereas the EPRA vacancy is calculated on the basis of the estimated rental value.
Purpose: The EPRA vacancy measures the vacancy percentage in function of the estimated rental value without taking account of non-rentable m² intended for redevelopment and of the land bank.

Diluted NAV at fair value			1.296.908	1.085.235
To include:

NDV					1.212.354	1.061.710
Fully diluted number of shares					18.025.220	16.215.456




EPRA-rental vacancy rate

Definition:	The EPRA vacancy corresponds to the complement of "Occupancy rate" with the difference that the occupancy rate used by Montea is calculated on the basis of square meters whereas

	the EPRA vacancy is calculated on the basis of the estimated rental value.

Purpose:	The EPRA vacancy measures the vacancy percentage in function of the estimated rental
	value without taking account of non-rentable m² intended for redevelopment and of the
	land bank.
Calculation:
			31/12/2022
(in EUR X 1 000)	(A)	31/03/2023 (B)	(A/B)	(A)	(B)	(A/B)
	Estimated rental value (ERV) for	Estimated rental value portfolio	ERPA Vacancy rate	Estimated rental value (ERV) for	Estimated rental value portfolio	ERPA Vacancy rate
	vacancy	(ERV)		vacancy	(ERV)
			(in %)			(in %)

Belgium	-	46.147	0,0%	-	45.629	0,0%
France	-	12.228	0,0%	118	12.215	1,0%
The Netherlands	-	47.719	0,0%	714	47.696	1,5%
Germany	-	-	0,0%	-	-	0,0%
TOTAL	-	106.094	0,0%	831	105.540	0,8%

EPRA NIY & EPRA 'topped-up' NIY

Definition: The EPRA NIY is an annualised rental income based on the cash rents passing at the balance sheet date, minus non-recoverable property operating expenses, divided by the market value of the property, plus (estimated) acquisition costs. The EPRA 'topped-up' NIY integrates an adjustment to the EPRA NIY for the expiry of rent-free periods (or other nonexpired rent incentives such as discounted rent or stepped rents).

Purpose: Introduce a comparable benchmark for portfolio valuations within Europe.

Calculation:

	31/03/2023	31/12/2022

		2.086.512
		0
		0
		-102.338 1.984.174
		131.561
		2.115.735
		107.318
	-5.463	-5.181
A	105.403	102.136
	91	555
C	105.494	102.691
A/B	4,99%	4,83%
		4,85%




	The EPRA Cost ratio is calculated by dividing administrative and operational charges
	B C/B	2.083.246 0 0 -103.002 1.980.243 131.708 2.111.951 110.865 5,00%

EPRA cost ratio

Calculation:

EPRA cost ratio
Definition	The EPRA Cost ratio is calculated by dividing administrative and operational charges (including or excluding direct vacancy charges), by gross rental income.
Purpose:	The EPRA Cost ratios are intended to provide a consistent basis pursuant to which companies can provide more information about the costs where necessary. It is an important measure to enable meaningful measurement of changes in a company's operating costs.
Calculation:
EPRA Cost Ratio (in EUR x 1000)		31/03/2023	31/03/2022
(i) Administrative/operating expense line per IFRS income statement			3.212
(iii) Management fees less actual/estimated profit element			-106
EPRA Costs (including direct vacancy costs) A			3.106
(ix) Direct vacancy costs			-353
EPRA Costs (excluding direct vacancy costs) B			2.753
(x) Gross Rental Income less ground rents – per IFRS			22.051
Gross Rental Income C			22.051
EPRA Cost Ratio (including direct vacancy costs) A/C		16,7%	14,1%
	EPRA Cost Ratio (excluding direct vacancy costs) B/C

EPRA LTV

Calculation:

		31/03/2023					31/12/2022

Group (reported)	Share of Joint Ventures	Share of Material Associates	Non- controlling Interests	Combined	Group (reported)	Share of Joint Ventures	Share of Material Associates	Non- controlling Interests	Combined
163.175 €				163.175 €	217.719 €				217.719 €
									0 €
662.521 €				662.521 €	662.450 €				0 € 662.450 €
									0 € 12.719 €
831 €				831 €	885 €				885 €
									0 €
-31.082 €			5 €	-31.077 €	-67.766 €			8 €	-67.758 € 826.014 €

1.995 €				1.995 €	1.996 €				1.996 €
									1.980.885 € 0 €
103.002 €			-3.303 €	99.699 €	102.338 €			-4.387 €	97.951 €
0 €				0 €	0 €				567 € 0 €
0 €				0 €	0 €				0 €

2.086.504 €	0 €	0 €	-3.303 €	2.083.201 €	2.089.815 €	0 €	0 €	-8.416 €	2.081.399 €
	0 € 0 € 0 € 28.164 € 0 € 823.609 € 1.980.984 € 0 € 524 €	0 €	0 €	Proportionate Consolidation -1.066 € -1.061 €	0 € 0 € 0 € 27.098 € 0 € 822.548 € 1.980.984 € 0 € 524 €	0 € 0 € 0 € 13.518 € 0 € 826.805 € 1.984.914 € 0 € 567 €	The EPRA LTV ratio is calculated by dividing net debt by total property value (solar panels included). The EPRA LTV is an important measure to determine the percentage of debt to assessed value of properties. 0 €	0 €	Proportionate Consolidation -799 € -791 € -4.029 €

Press Release: Interim Statement – Regulated information

ANNEX 2: Detail on the calculation of APMs used by Montea³¹

Result on the portfolio

Definition:	This concerns the positive and/or negative changes in the fair value of the property portfolio
	plus any capital gains or losses from the construction of properties.

Calculation:

	ANNEX 2: Detail on the calculation of APMs used by Montea31
Result on the portfolio
Definition:	This concerns the positive and/or negative changes in the fair value of the property portfolio plus any capital gains or losses from the construction of properties.
Purpose:	This APM indicates the positive and/or negative changes in the fair value of the property portfolio plus any capital gains or losses from the construction of properties.
Calculation:
RESULT ON PORTFOLIO (in EUR X 1 000)		31/03/2023	31/03/2022
	Result on sale of investment properties	-	19
Changes in the fair value of investment properties		-14.343	46.702
	Deferred taxes on the portfolio result	945	-5.548
RESULT ON PORTFOLIO		-13.398	41.173

	Financial result excluding changes in the fair value of financial instruments
Definition:	This is the financial result pursuant to the Royal Decree of 13 July 2014 on regulated real estate companies, excluding the change in the real value of the financial instruments.

Financial result excluding changes in the fair value of financial instruments

RESULT ON PORTFOLIO		31/03/2022
(in EUR X 1 000)





	Financial result excluding changes in the fair value of financial instruments
Definition:	This is the financial result pursuant to the Royal Decree of 13 July 2014 on regulated real estate companies, excluding the change in the real value of the financial instruments.
Purpose:	This APM indicates the actual financing cost of the company.
Calculation:
(in EUR X 1 000)	FINANCIAL RESULT excl. changes in fair value of financial instruments	31/03/2023		31/03/2022
Financial result			-8.033	19.470
To exclude:	Changes in fair value of financial assets & liabilities		3.237	-22.581
	FINANCIAL RESULT excl. changes in fair value of financial instruments		-4.797	-3.111

³¹ Excluding EPRA indicators some of which are considered as an APM and are calculated under annex 2 EPRA Performance measures. The allocation performance measures have been the subject of a limited review by the statutory auditor.

Operating margin

Operating margin
Definition:	This is the operating result before the result of the property portfolio, divided by the property result.
Purpose:	This APM measures the operational profitability of the company as a percentage of the property result.
Calculation:
OPERATING MARGIN (in EUR X 1 000)		31/03/2023	31/03/2022

Property result	Operating result (before the portfolio result)	27.295 23.549	21.900 19.143
OPERATING MARGIN		86,3%	87,4%

Average cost of debt
Definition:	Average financial cost over the ongoing year calculated on the basis of the total financial result compared to the average of the initial balance and end balance of the financial debt

Average cost of debt

Definition: Average financial cost over the ongoing year calculated on the basis of the total financial result compared to the average of the initial balance and end balance of the financial debt burden without taking into account the valuation of the hedging instruments and interest charges of leasing debts in respect of IFRS 16.
Purpose: The company finances itself partially through debt financing. This APM measures the cost of this source of financing and the possible impact on the results.

Calculation:

Average cost of debt
Definition:	Average financial cost over the ongoing year calculated on the basis of the total financial result compared to the average of the initial balance and end balance of the financial debt burden without taking into account the valuation of the hedging instruments and interest charges of leasing debts in respect of IFRS 16.
Purpose:	The company finances itself partially through debt financing. This APM measures the cost of this source of financing and the possible impact on the results.
Calculation:
AVERAGE COST OF DEBT (in EUR X 1 000)		31/03/2023	31/03/2022
Financial result		-8.033
To exclude:	Other financial income and charges	-0
	Changes in fair value of financial assets and liabilities	3.237
	Interest cost related to lease obligations (IFRS 16) Activated interest charges	580 -716
	TOTAL FINANCIAL CHARGES (A)	-4.933
	AVERAGE OUTSTANDING FINANCIAL DEBTS (B)	912.277
	AVERAGE COST OF DEBT (A/B) (*)	2,2%

(Adjusted) Net debt/EBITDA

Calculation:

	(Adjusted) Net debt/EBITDA
Definition:	The net debt/EBITDA is calculated by dividing net financial debts, i.e., long-term and current financial debts minus cash and cash equivalents (numerator) by the EBITDA of the past twelve months (TTM32) (denominator). EBITDA is considered to be the operating result before portfolio result plus depreciation.
	To calculate the Adjusted net debt/EBITDA, the net financial debts in the numerator are adjusted for ongoing projects in execution multiplied by the debt ratio as these projects do not yet generate an operational result but are already included in financial debts. In addition, there is also an adjustment in the denominator for the annualized impact of external growth.
Purpose:	This APM gives an indication of how long a company would have to operate at its current level to pay off all its debts.
Calculation:
(Adjusted) NET DEBT / EBITDA (in EUR X 1 000)			31/03/2023	31/12/2022
	Non-current and current financial debt (IFRS)		877.866	932.886
	- Cash and cash equivalents (IFRS)		-31.082	-67.766
Net debt (IFRS)			846.784	865.120
	- Projects under development x debt ratio		-46.556	-41.621
Net debt (adjusted)			800.227	823.499

	Operating result (before the portfolio result) (IFRS) (TTM) (1)		95.426	91.020
+ Depreciations			418	432
	Adjustment to normalized EBITDA		4.678	6.752
EBITDA (adjusted)			100.521	98.204

Net debt / EBITDA (adjusted)			8,0	8,4

NET DEBT / EBITDA (in EUR X 1 000)			31/03/2023	31/12/2022
	Non-current and current financial debt (IFRS)		877.866	932.886
	- Cash and cash equivalents (IFRS)		-31.082	-67.766
Net debt (IFRS)		A	846.784	865.120

	Operating result (before the portfolio result) (IFRS) (TTM) (1)	B	95.426	91.020

(in EUR X 1 000)

Non-current and current financial debt (IFRS)		877.866	932.886
- Cash and cash equivalents (IFRS)		-31.082	-67.766
Net debt (IFRS)	A	846.784	865.120

Operating result (before the portfolio result) (IFRS) (TTM) (1)	B	95.426	91.020
+ Depreciations (1)		418	432
EBITDA (IFRS)	C	95.843	91.452

	A/C	8,8	9,5

Purpose: This APM gives an indication of how long a company would have to operate at its current level to pay off all its debts.

³² TTM stands for trailing 12 months and means the calculation is based on figures from the past 12 months.

Interest Coverage Ratio

Interest Coverage Ratio
Definition:	The interest coverage ratio is calculated by the sum of the operating result before the result on the portfolio, together with the financial income, divided by the net interest costs.
Purpose:	This APM indicates how many times the company earns its interest charges
Calculation:
	INTEREST COVERAGE RATIO	31/03/2023	31/03/2022
(in EUR X 1 000)
Operating result, before portfolio result		23.549	19.143
Financial income (+)		176	12
TOTAL (A)		23.725	19.156
Net financial charges (-)		4.941	3.091
TOTAL (B)		4.941	3.091
	INTEREST COVERAGE RATIO (A/B)	4,80	6,20

AI Terminal

Montea N.V.

3978_10-q_2023-05-11_a4f84d0a-8558-4bef-9b8d-c404c0b1b947.pdf

Press Release Interim Statement

Highlights Q1 2023

Healthy market dynamics

Strong fundamentals in volatile macro environment

Outlook

Proposed guidance for 2023:

Reconfirmation of Track'24:

Summary

8. Proposed guidance for 2023:

9. Reconfirmation of Track'24

1 Management Report

1.1 Key figures8

1.1.1 EPRA performance measures

1.2 Status Track'24 (at portfolio level)

1.2.1 Acquisitions

1.2.1.1 Overview of acquisitions to be completed in 202310

Signing purchase promise development site, Toury (FR)

1.2.2 Development and extension projects

1.2.2.1 Projects in execution11

Structural cooperation with Cordeel, Tongeren (phase 2) & Vilvoorde (BE)12

Tongeren development phase 2 – first building (20,000m²):

Tongeren development phase 2 – second building (33,500m²)

Vilvoorde:

1.2.3 Sustainability investments

1.2.3.1 Developments in the PV-portfolio

1.2.3.2 Energy saving measures of the existing portfolio

1.2.4 Development potential – land bank

1.2.5 Overview of identified projects

1.3 Important events and transactions during Q1 2023

1.3.1 Rental activity

Occupancy rate of 100%

1.3.2 Divestment activity

1.3.3 Developments concerning the Dutch REIT status

Accounting treatment & impact 2015 to 2019

Accounting treatment & impact 2020 to 2022

Expected financial impact Track'24 (2023 and 2024)

Montea's future approach to FBI

1.3.4 Other events in Q1 2023

Montea appoints Patrick Abel as Country Director Germany17

Montea appoints Xavier Van Reeth as Country Director Belgium18

1.4 Financial results of 31 March 2023

1.4.1 Condensed consolidated income statement (analytical) as at 31 March 2023

1.4.2 Notes to the condensed consolidated income statement (analytical)

Net rental income

Property result

Operating result before result on property portfolio

Taxes

1.4.3 Condensed consolidated balance sheet as at 31 March 2023

1.4.4 Notes to the consolidated balance sheet as at 31 March 2023

1.4.4.1 Value and composition of the property portfolio as at 31 March 2023

1.4.4.2 Composition of equity and liabilities

The weighted average maturity of the financial debts (credit lines, bond loans and leasing obligations) amounted to 6.9 years on 31 March 2023, which remains stable compared to 31 December 2022 (6.9 years).

1.5 Important events after the balance sheet date

1.6 Transactions between related parties

2 Forward looking statements

3 Financial calendar

ABOUT MONTEA "SPACE FOR GROWTH"

PRESS CONTACT MORE INFO

Annexes ANNEX 1: EPRA Performance measures27

EPRA earnings – EPRA earnings per share

Calculation:

EPRA NAVs – EPRA NAVs per share

EPRA-rental vacancy rate

EPRA NIY & EPRA 'topped-up' NIY

EPRA cost ratio

Calculation:

EPRA LTV

Calculation:

ANNEX 2: Detail on the calculation of APMs used by Montea31

Result on the portfolio

Calculation:

Financial result excluding changes in the fair value of financial instruments

Operating margin

Average cost of debt

Calculation:

(Adjusted) Net debt/EBITDA

Interest Coverage Ratio

1.1 Key figures⁸

1.2.1.1 Overview of acquisitions to be completed in 2023¹⁰

1.2.2.1 Projects in execution¹¹

Structural cooperation with Cordeel, Tongeren (phase 2) & Vilvoorde (BE)¹²

Montea appoints Patrick Abel as Country Director Germany¹⁷

Montea appoints Xavier Van Reeth as Country Director Belgium¹⁸

Annexes ANNEX 1: EPRA Performance measures²⁷

ANNEX 2: Detail on the calculation of APMs used by Montea³¹