Press Release Half-yearly financial report

Announcement of Track'24 plan for growth

From the sole director for the period from 01/01/2021 to 30/06/2021

REGULATED INFORMATION EMBARGO UNTIL 19/08/2021 – 6:00 PM

Highlights of Track'24 - plan for growth

Portfolio growth to € 2.2 billion by the end of 2024 (> 60% or > € 800 million increase compared with Q4 2020)
Focus on sustainable and versatile logistics real estate:
o Strategic top locations
o Multimodal sites
o Multifunctional buildings
o Best use of space brownfield redevelopment
EPRA earnings per share to rise to € 4.30 in 2024 (> 20% increase compared with 2020)
Dividend per share to rise to € 3.45 in 2024, based on a pay-out ratio of 80% (> 20% increase compared with 2020)
Montea aspires to reduce the CO² emissions from its own operations by 50% by the end of 2024 in line with the 2030 target, i.e. full COշ neutrality without offset
Montea aspires to reduce the CO² emissions from its buildings by 20% by 2024 in line with the 2050 target, i.e. to bring emissions in line with the targets of the Paris climate conference (Paris Proof)

Highlights H1 2021

❑ Upward adjustment of expected growth in EPRA earnings for 2021: from € 3.68 per share to € 3.74 per share (growth of 7%, previously 5%, compared with 2020)
❑ Upward adjustment of dividend per share for 2021: from € 2.96 per share to € 3.02 per share (growth of 7%, previously 5%, compared with 2020)
❑ By the end of 2021, the portfolio will grow to € 1.6 billion
❑ H1 2021 EPRA earnings: € 1.96 per share, an increase of 14% compared with the same period in 2020, taking account of the one-off payment received in Q1 2021 whereby Montea waives a preemptive right to a possible sale of a plot with buildings in Tilburg. If the one-off payment is not taken into account, the EPRA earnings per share grew by 7% compared with the same period in 2020

❑ Strong fundamentals:

Controlled debt ratio of 36.9%
High occupancy rate of 99.7%
Remaining term of the lease to first expiry of 7.5 years exclusive of solar panels
Qualitative and diversified client portfolio
❑ Launch of ESG report: our medium-term sustainability strategy with the ambition to make our own operations carbon neutral in 2021, through offsetting.
❑ Elaboration and implementation of a Green Finance Framework
❑ A € 235 million Green Bond issue via US Private Placement

Summary

❑ Montea presents Track'24: its ambitions to be achieved in the years 2021 to 2024:

✓ Further growth of the real estate portfolio to € 2.2 billion by the end of 2024 ( > 60% or > € 800 million increase compared with Q4 2020)
✓ Focus on sustainable and versatile logistics real estate:
Strategic top locations
Multimodal sites
Multifunctional buildings
Best use of space brownfield redevelopment
✓ Growth of EPRA earnings per share to € 4.30 in 2024 (> 20% increase compared with 2020)
✓ Increase in dividend per share to € 3.45 in 2024, based on a pay-out ratio of 80% (> 20% increase compared with 2020)
✓ Montea aspires to reduce the CO2 emissions from its own operations by 50% by the end of 2024 in line with the 2030 target, i.e. full COշ neutrality without offset
✓ Montea aspires to reduce to CO2 emissions from its buildings by 20% by the end of 2024 in line with the 2050 target, i.e. to bring the emissions in line with the targets of the Paris climate conference (Paris Proof)

❑ Montea is setting the bar high with the announcement of this plan for growth but is more than ever ready to live up to its ambitions. With many new projects in the pipeline, a large land reserve of approx. 2,000,000 m² and professional teams in the four countries where it is active, Montea is ready to respond to the strong market demand. These factors will constitute the foundation for the achievement of Track'24.

❑ Montea is off to a strong start on its newly announced plan for growth, having generated EPRA earnings of € 31.4 million in the first half of 2021, an increase of € 4.1 million compared with the same period in 2020 (€ 27.3 million), taking into account a one-off payment received in 2021, whereby Montea waives a preemptive right to a possible sale of a plot of land with buildings in Tilburg. If the one-off payment is not taken into account, the EPRA earnings grew by € 2.1 million compared with the same period in 2020. The EPRA earnings per share for the first half of 2021 amounts to € 1.96, an increase of 14% compared to 2020.Without the one-off compensation, the EPRA result per share grew by 7% compared with the same period in 2020.

❑ An additional portfolio volume of € 142.3 million (including latent capital gains on completed projects and increase in fair value of the existing portfolio) was generated in the first half of 2021. As a result, the fair value of the real estate portfolio including developments and solar panels increased by 10% (€ 1,364.5 million at the end of 2020 compared with € 1,506.8 million at the end of the first half of 2021).

❑ The occupancy rate is 99.7% on 30 June 2021 and has increased with 0.3% compared with the end of 2020. The average remaining term of the leases until their first expiry is 7.5 years (exclusive of solar panels).

❑ With a debt ratio of 36.9% on 30 June 2021 (compared to 38.0% at the end of 2020), Montea's consolidated balance sheet shows strong solvency. The issuance of € 235 million Green Bonds in the first quarter - with start dates in Q2 2021 and Q1 2022 - has also strengthened Montea's liquidity position significantly.

❑ Montea reaffirms, in line with Track'24, to get its real estate portfolio to grow to € 1.6 billion - including the recent upgrades of the existing portfolio - by the end of 2021. This represents an increase of 17% compared with 2020.

❑ Montea is adjusting its result-related objectives for 2021 upwards:

✓ Growth in EPRA earnings per share of € 3.68 to € 3.74 (+ 7% compared with 2020)
✓ Increase of dividend per share of € 2.96 to € 3.02 (+ 7% compared with 2020)
✓ Maintaining the occupancy rate above 97%
✓ A debt ratio lower than 50%

❑ Montea has also raised its ambitions in terms of sustainability. It launched its first ESG report¹ in the first half of 2021. The main objective is to continue to use its expertise in logistics real estate to achieve sustainable long-term investments with added value for clients, shareholders, employees and other stakeholders. Montea has further developed its sustainability vision for the future, linked to the 4Ps approach (People, Planet, Profit and Policy), through a Strategic Plan 2030/2050.

❑ In the first half of 2021, Montea developed and implemented a Green Finance Framework with the intention of issuing green financing instruments. These financing instruments include, among other things, the issuance of bond loans and credit agreements with banks in order to (re)finance sustainable projects with a clear benefit to the environment and society.

❑ An important step was taken in early 2021 within the Green Finance Framework: Montea successfully completed its first US Private Placement² by issuing € 235 million in Green Bonds. The bonds are split into four tranches:

€ 50 million 10-year term (maturity date: 27/04/2031) coupon 1.28%
€ 30 million 10-year term (maturity date: 23/06/2031) coupon 1.28%
€ 85 million 12-year term (maturity date: 04/01/2034) coupon 1.42%
€ 70 million 15-year term (maturity date: 23/06/2036) coupon 1.44%

❑ Montea's ambition is to make its own operations COշ-neutral by means of compensation by the end of the year by reducing COշ emissions (e.g. by stimulating the use of public transport and electric cars), improving energy efficiency (e.g. energy monitoring) and using renewable energy sources (e.g. solar panels and heat pump applications). A partnership with CO2logic was established to guide and certify the process. Montea joins the Science Based Targets initiative to underscore its ambition and commitment in the fight against climate change.

¹ See press release of 16/04/2021 or go to www.montea.com for more information. ² See press release of 13/04/2021 or go to www.montea.com for more information.

1 Management Report

1.1. Key figures
1.2. Significant events and transactions during the first half of 2021
1.3. Summary of the condensed consolidated financial statements of the first half of the year closed on 30/06/2021
1.4. Performance of the Montea share on the stock exchange
1.5. Significant events after the balance sheet date
1.6. Transactions between affiliated parties
1.7. Principal risks and uncertainties
1.8. Corporate responsibility and sustainable entrepreneurship
2 Statement according to Article 13 of the Royal Decree of 14 November 2007
3 EPRA Performance Measures
4 Details on the calculation of the APMs used by Montea
5 Outlook
5.1. New plan for growth: Track'24
5.2. Outlook 2021
6 Forward-looking statements
7 Financial calendar

Annexes:

1. Consolidated overview of the income statement on 30/06/2021
1. Consolidated overview of the balance sheet on 30/06/2021
1. Consolidated overview of the changes in shareholders' equity
1. Overview of the consolidated global result
1. Overview of the consolidated cash flow statement
1. Fair value hierarchy
1. Consolidated overview of the income statement on 30/06/2021 per geographic region
1. Consolidated overview of the balance sheet on 30/06/2021 per geographic region
1. Report of the independent real estate expert on 30/06/2021
1. Report of the statutory auditor

1 Management Report

1.1 Key figures

		BE	FR	N L	DE	30/06/2021	31/12/2020	30/06/2020


						6 months	12 months	6 months
Real estate portfolio
Real estate portfolio - Buildings (1)
Number of sites		35	17	23	0	75	74	71
Surface of the real estate portfolio
Logistics and semi-industrial warehouses	sqm	668.565	183.607	342.074	0	1.194.247	1.162.118	1.115.558
Offices Land - rent	sqm	67.096 6.512	17.183 0	31.598 180.345	0 0	115.877 186.858	114.096 186.858	104.637 163.010
Total surface - real estate portfolio (sqm)	sqm sqm	742.173	200.790	554.018	0	1.496.981	1.463.071	1.383.206

Development potential (sqm) - rent	sqm	32.562	0	840.216	0	872.778	872.778	753.542
Development potential (sqm) - portfolio	sqm	152.207	121.433	100.120	0	373.760	404.331	344.231
Development potential (sqm) - in due diligence Development potential (sqm) - in option	sqm	0 196.958	0 150.539	0 0	0 227.859	0 575.356	70.000 79.137	70.000 199.137
Total surface - development potential (sqm)	sqm sqm	381.727	271.972	940.336	227.859	1.821.894	1.426.246	1.366.910

Value of the real estate portfolio
Fair value (2) Investment value (3)	K€ K€	672.536 689.457	196.710 210.577	552.877 602.349	0 0	1.422.123 1.502.383	1.280.108 1.351.828	1.147.166 1.203.252
Occupancy Rate (4)	%	99,4%	99,5%	100,0%	0,0%	99,7%	99,4%	99,3%
Real estate portfolio - Solar panels
Fair value	K€	24.731	0	8.952	0	33.683	29.755	26.237

Real estate portfolio - Projects under construction Fair value (2)	K€	12.297	3.786	34.873	0	50.956	54.590	42.195

Consolidated results
Results
Net rental result	K€					38.118	69.597	34.177
Property result	K€					44.204	74.374	36.575
Operating result before the porfolio result	K€					40.031	67.635	32.778
Operating margin (5)*	%					90,6%	90,9%	89,6%
Financial result (excl. Variations in fair value of the financial
instruments) (6)*	K€					-5.920	-10.950	-5.125
EPRA result (7)*	K €					31.425	55.778	27.267
Weighted average number of shares EPRA result per share (8)*	€					16.044.884 1,96	15.916.319 3,50	15.807.764 1,72

Result on disposals of investment properties	K€					1.110	0	0
Changes in fair value of investment properties Deferred taxes on the result on the portfolio	K€ K€					105.257 -15.780	107.308 0	28.406 0
Result on the portfolio (9)	K€					90.587	107.308	28.406
Variations in fair value of the financial instruments (10)	K€					6.447	-8.077	-7.713
Net result (IFRS)	K €					128.458	155.009	47.960
Net result per share	€					8,01	9,74	3,03
Consolidated balance sheet

IFRS NAV (excl. minority participations) (11)	K€					916.451	815.311	708.197
EPRA NRV (12)*	K€					1.031.681	911.747	788.636
EPRA NTA (13)*	K€					956.105	845.722	738.352
EPRA NDV (14)*	K€					917.327	817.356	711.074
Debts and liabilities for calculation of debt ratio	K€					570.953	531.279	495.860
Balance sheet total	K€					1.547.115	1.398.921	1.253.328
Debt ratio (15)	%					36,9%	38,0%	39,6%
IFRS NAV per share	€					56,52	50,88	44,20
EPRA NRV per share (16)*	€					63,62	56,90	49,22
EPRA NTA per share (17)*	€					58,96	52,78	46,08
EPRA NDV per share (18)*	€					56,57	51,01	44,38
Share price (19) Premium	€ %					99,20	93,10	89,20
						75,5%	83,0%	101,8%

1) Inclusive of real estate intended for sale.
2) Accounting value according to the IAS/IFRS rules, exclusive of real estate intended for own use.
3) Value of the portfolio without deduction of the transaction costs.
4) The occupancy rate is calculated on the basis of sqm. When calculating this occupancy rate, neither the numerator nor the denominator was taken into account for the unleased sqm intended for redevelopment and the land bank.
5) * The operating margin is obtained by dividing the operating result before the result on the property portfolio by the property result. See section 4.
6) *Financial result (exclusive of variations 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 section 4.
7) *EPRA earnings: this concerns the underlying earnings from the core activities and indicates the degree to which the current dividend payments are supported by the profit. These earnings are calculated as the net result (IFRS) exclusive of the result on the portfolio and the variations in the fair value of financial instruments. Cf. www.epra.com and section 3.
8) *EPRA earnings per share concerns the EPRA earnings on the basis of the weighted average number of shares. Cf. www.epra.com and section 3.
9) *Result on the portfolio: this concerns the negative and/or positive variations in the fair value of the real estate portfolio, plus any capital gains or losses from the sale of real estate. See section 4.
10) Variations in the fair value of financial hedging instruments: this concerns the negative and/or positive variations in the fair value of the interest hedging instruments according to IFRS 9.
11) IFRS NAV: Net Asset Value of intrinsic value before profit distribution for the current financial year in accordance with the IFRS balance sheet. The IFRS NAV per share is calculated by dividing the equity capital according to IFRS by the number of shares entitled to dividends on the balance sheet date.
12) * 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. Cf. www.epra.com and section 3.
13) * EPRA Net Tangible Assets assumes that entities buy and sell assets, thereby crystallizing certain levels of unavoidable 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. Cf. www.epra.com and section 3.
14) * 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.
15) Debt ratio according to the Royal Decree of 13 July 2014 on regulated real estate investment companies. Cf. www.epra.com and section 3.
16) * EPRA NRV per share: EPRA NRV per share is calculated by dividing the EPRA NRV by the number of shares outstanding at period end. Cf. www.epra.com and section 3.
17) * EPRA NTA per share: EPRA NTA per share is calculated by dividing the EPRA NTA by the number of shares outstanding at period end. Cf. www.epra.com and section 3.
18) * EPRA NDV per share: EPRA NDV per share is calculated by dividing the EPRA NDV by the number of shares outstanding at period end. Cf. www.epra.com and section 3.
19) Stock market price at the end of the period.

		Definition	Purpose	30/06/2021	30/06/2020
A)	EPRA earnings	Recurring earnings from the core	A key measure of a company's		In € x 1000:
		operational activities.	underlying operating results from its	31.425	27.267
			property rental business and an indicator of the extent to which current	In € / aandeel:
			dividend payments are supported by
			earnings.	1,96	1,72
B)	EPRA Net	The EPRA NAV set of metrics make	The objective of the EPRA NRV measure		In € x 1000:
	Reinstatement Value	adjustments to the NAV per the IFRS	is to highlight the value of net assets on	1.031.681	788.636
		financial statements to provide stakeholders with the most relevant	a long-term basis. Assets and liabilities that are not expected to crystallize in
		information on the fair value of the	normal circumstances such as the fair		In € / aandeel:
		assets and liabilities of a real estate	value movements on financial
		investment company, under different	derivatives and deferred taxes on
		scenarios. The Net Reinstatement Value assumes that entities never sell	property valuation surpluses are therefore excluded. Since the aim of the
		assets and aims to represent the value	metric is to also reflect what would be
		required to rebuild the entity.	needed to recreate the company through	63,62	49,22
			the investment markets based on its
			current capital and financing structure, related costs such as real estate
			transfer taxes should be included.
		The Net Tangible Assets assumes that	The underlying assumption behind the
C)	EPRA Net Tangible	entities buy and sell assets, thereby	EPRA Net Tangible Assets calculation		In € x 1000:
	Assets	crystallising certain levels of	assumes entities buy and sell assets,	956.105	738.352
		unavoidable deferred tax.	thereby crystallizing certain levels of		In € / aandeel:
			deferred tax liability.	58,96	46,08
D)	EPRA Net	Represents the shareholders' value	The EPRA NDV provides the reader with		In € x 1000:
	DisposalValue	under a disposal scenario, where deferred tax, financial instruments and	a scenario where deferred tax, financial instruments, and certain other	917.327	711.074
		certain other adjustments are	adjustments are calculated as to the		In € / aandeel:
		calculated to the full extent of their	full extent of their liability, including tax
		liability, net of any resulting tax.	exposure not reflected in the Balance
			Sheet, net of any resulting tax. This measure should not be viewed as a	56,57	44,38
			"liquidation NAV" because, in many
			cases, fair values do not represent
			liquidation values.
E)	EPRA cost ratio	Administrative and operational charges (including vacancy charges), divided by		10,3%	9,4%
	(incl. vacancy charges)	rental income.
F)	EPRA cost ratio	Administrative and operational charges
	(excl. vacancy charges)	(excluding vacancy charges), divided by rental income.		9,6%	9,0%
		Definition	Purpose	30/06/2021	31/12/2020
		G ) EPRA VACANCY RATE Estimated rental value (ERV) of vacant	A pure, financial measurement of
		space, divided by the ERV of the entire	vacancy (in %).	0,5%	1,0%
		portfolio.
H)		EPRA Net Initial Yield Annualized rental income based on the steady rent collected on the balance	A comparable benchmark for portfolio valuations in Europe
		sheet date, minus the non-recoverable
		property operating costs, divided by the		5,2%	5,5%
		market value of the property, plus the
		(estimated) acquisition costs.
I)	EPRA "Topped-up"	This benchmark integrates an	A comparable measure around Europe
	Net Initial Yield	adjustment of the EPRA NIY before the	for portfolio valuations.
		expiry of rent-free periods (or other non due rental incentives such as		5,2%	5,5%
		discounted and tiered rent).

1.2 Significant events and transactions in the first half of 2021

1.2.1 Rental activity

Occupancy rate of 99.7%

On 30 June 2021 the occupancy rate amounted to 99.7%, up by 0.4% from the same period in the previous year. The increase is due to the rental of a vacant unit in Le Mesnil-Amelot (FR) to Espace Phone SARL and Antavia SAS. Of the 9% leases which are due to expire in 2021, 58% have already been extended.

The limited vacancy is in Le Mesnil-Amelot (FR) previously let to Autoclick.

1.2.2 Acquisitions

A total volume worth ca. € 19 million has been acquired in the first half of 2021. All acquisitions were acquired at an investment value lower or in line with the value determined by the independent real estate expert. Montea generated a net initial year of 6.5%, exclusive of land reserve, on these investments. Inclusive of the land reserve, the net initial yield amounted to 6.3%.

1.2.2.1 Overview of acquisitions

Montea invests in multimodal urban logistics, Brussels (BE)³

Montea and the Port of Brussels signed a land concession agreement for a fixed term of 30 years (extendable by periods of 10 years) for a site of ca. 35,000 m². This site is located on the Vilvoordselaan and is immediately adjacent to the TTB terminal (Trimodal Terminal Brussels) of Brussels. This means that, in addition to the access road to the centre of Brussels, the site boasts exceptional multimodal possibilities for rail and canal traffic.

Montea and DSV signed a purchase agreement for a distribution centre of ca. 20,000 m², located on the aforementioned concession land in the

Port of Brussels. This transaction has an investment value of ca. € 7 million and was accompanied by JLL. In terms of sustainable value growth, Montea will also take further steps to make the site sustainable by means of charging stations, LED lighting, solar panels, etc...

The former DSV site has as of 01/05/2021 been leased to Van Moer Logistics (www.vanmoer.com) for a fixed term of ten years. Van Moer Logistics was urgently looking for additional capacity for its waterbound goods flows to Brussels. The acquisition of the TTB by Van Moer Logistics some time ago was also part of this plan. Van Moer Logistics will also reactivate the adjacent tracks and thus make the hub fully trimodal.

³ See press release of 12/04/2021 or go to www.montea.com for more information.

Sale & lease back of logistics building, Ridderkerk (NL)⁴

On 26 May 2021, Montea purchased a distribution centre of ca. 6,750 m² in Ridderkerk from VDH Forwarding & Warehousing B.V.. VDH arranges transport from A to B, but also the journey from A to Z: from forwarding work to delivery at the final destination.

Further steps will be taken to modernize the site sustainably by installing charging stations, LED

lighting and solar panels. Once the work is completed, the premises will once again comply fully with current sustainability standards.

The lease with VDH Forwarding & Warehousing B.V. has a term of 10 years, with an initial termination option after 7 years.

Development site, Senlis (FR)

Montea acquired in 2019 a site of ca. 71,000 m² in a prime location at the A1 exit in Senlis, on the Lille-Paris axis. In the first half of 2021, Montea took an option on 11 associated sites, representing a total area of ca. 99,000 m², which will increase the total area of the business park to approximately 17 ha.

At the end of the second quarter, Montea exercised 3 of the 11 options (approx. 19,000 m² for a total investment value of ca. € 0.5 million). Montea expects to be able to start developing the business park by early 2024 at the latest.

⁴ See press release of 03/06/2021 or go to www.montea.com for more information.

1.2.3 Development activities

1.2.3.1 Projects delivered in 2021

Circular and climate-neutral business park Blue Gate in Antwerp, Belgium⁵

The distribution centre on the circular and climate-neutral business park Blue Gate in Antwerp, developed for DHL Express, was delivered in the first quarter of 2021:

o Start of development: Q4 2019
o Completion: 08/01/2021
o Surface area: ca. 4,250 m² distribution centre (urban distribution with electric vehicles & cargo bikes)
o 15-year fixed lease to DHL Express
o Investment value: ca. € 10 million

Schiphol Airport – parking plot 2 (NL)

The second parking plot at Schiphol was delivered in the second quarter of 2021:

o Acquisition of land: Q4 2020
o Start of construction: Q4 2020
o Completion parking/Start of lease contract: 23/04/2021
o Surface area: 4,400 m² (60 parking spaces)
o 10-year fixed lease to Amazon Logistics
o Investment value: ca. € 2 million

1.2.3.2 Identified projects in progress in 2021

In addition, Montea has identified projects for a total investment budget of ca. € 162 million⁶ that will contribute to the achievement of the newly announced Track'24 plan for growth. These are mainly projects under development as well as sites that Montea has under control and for which, given the unique location and the current rental market, a customer is expected to be found in the short term and, therefore, for construction work to get started thereafter.

Logistics Park A12, Waddinxveen (NL)

In the first quarter of 2021, the first phase (50% of the land purchased in 2020) of the development of a distribution centre in Waddinxveen in the Netherlands had already got under way. This development has been fully pre-let to HBM Machines B.V. for a fixed period of 10 years. The construction works of the second phase will commence at a minimum of 50% pre-letting.

o Surface area: 120,000 m²
o Acquisition of land: Q3 2020
o Estimated investment budget for site + development: ca. € 80 million

⁵ See press release of 19/12/2019 or go to www.montea.com for more information.

⁶ Of which € 35.7 million was already invested on 30/06/2021

o Development phase 1:
Storage floor space: ca. 50.000 m²
Start of development: Q1 2021
Completion: Q1 2022
Tenant: HBM Machines B.V.⁷ for a fixed term of 10 years
o Development phase 2:
Expected storage floor space: ca. 50.000 m²
Start of development: after pre-letting (< Q4 2021)

Cleantech recycling and distribution centre, Tiel (NL)⁸

Montea also managed to start the construction of a 9,700 m² recycling and distribution centre for Re-match in the second quarter of 2021. The recycling and distribution centre will be built on an approximately 48-hectare site in Tiel, which Montea purchased in September 2018. Upon completion of this development for Re-match, there are still 45 hectares of earmarked land on the site available for development which in the meantime remains leased to Recycling Kombinatie REKO B.V. (for storage and processing of residual waste) and Struyk Verwo Infra B.V.

o Acquisition of leased land: Q3 2018
o Surface area of leased land: 479,000 m² of which 31,800 m² will be released for the construction of a distribution centre; the remaining part will remain leased to Recycling Kombinatie REKO B.V. (for the storage and processing of residual waste) and Struyk Verwo Infra B.V.
o Surface area distribution centre: 9,700 m²
o Start of development: Q2 2021
o Completion of development: Q1 2022
o 20-year fixed lease to Re-Match
o Investment value: ca. € 12 million

Vosdonk Industrial Estate, Etten-Leur (NL) ⁹

In the second quarter of 2021, Montea also managed to sign an eight-year lease with Bas Service Oriented for the development of a new distribution centre of ca. 26,500 m² on the Vosdonk industrial estate in Etten-Leur. Montea already signed the purchase agreement for this 37,520 m² brownfield in 2019. In the meantime, this site has been completely rehabilitated and the environmental permit has been irrevocably granted.

o Acquisition of land (37,500 m²) in 2019
o Start of development: Q3 2021
o Start of lease: 01/07/2022
o Expected surface area of distribution centre: ca. 26,500 m²
o Estimated investment budget for land + development: ca. € 19 million

⁷ See press release of 21/12/2020 or go to www.montea.com for more information

⁸ See press release of 26/04/2021 or go to www.montea.com for more information

⁹ See press release of 03/06/2021 or go to www.montea.com for more information

Extension + parking, De Hulst, Willebroek (BE)

In addition, work got under way in the second quarter of 2021 on the extension and construction of the car park on the industrial in Willebroek. This extension is firmly leased to Dachser Belgium NV and has an investment value of ca. € 2.5 million.

o Start of construction: Q2 2021
o Start of lease: Q4 2021
o Surface area of car park: 7,250 m² (75 parking spaces and 76 truck parking spaces)
o Surface area cross dock: ca. 2,000 m²
o 15.5-year fixed lease to Dachser Belgium NV
o Investment value: ca. € 2.5 million

Montea then expects inter alia the acquisition, completion and start of the following projects in the second half of 2021:

Lumineus, Lummen (BE)
o Acquisition of land (55,000 m²) in 2019
o Start of development: after pre-letting (< Q4 2021)
o Expected surface area of distribution centre: ca 30,000 m²
o Estimated investment budget for land + development: ca. € 27 million
Renovation projects for existing sites (BE)¹⁰
o Start of renovation: at the end of the lease (< Q4 2021)
o Estimated investment budget: ca. € 15 million
St-Priest industrial estate (FR)
o Acquisition of land (70,000 m²) in 2022
o Investment budget for land: ca. € 7 million

¹⁰ Montea decided to review the previously planned redevelopments in Aalst and Vorst as part of its sustainability strategy. In Aalst, the decision was taken to reinstate the building as it meets today's structural requirements. A first phase has already been carried out by renovating the roof and adapting the insulation so that it complies with contemporary standards. Also in Vorst, where initially the two buildings, rented to Unilever, were to be redeveloped, the strategy was changed. It was decided to upgrade the current building, where until recently Lipton tea was produced, to a future-proof location, while the second building will be demolished to make way for a new state-of-the-art warehouse..

1.2.3.3 Developments in the PV portfolio

The recent investments in PV installations have brought the total capacity of solar panels to approximately 40 MWp at the end of June 2021, good for a generation of approximately 36,000 MWh, comparable to the energy consumption of approximately 10,400 families or an equivalent COշ reduction of approximately 600 hectares of forest. For the time being, Montea has installed PV installations on the roofs of its Belgian and Dutch portfolio. The first PV installations in the second half of 2021 will be carried out on the roofs of the French portfolio.

Completed projects in the first half of 2021

One new PV plant, representing a total investment cost of about € 0.2 million, was put into operation on the roofs of the Belgian portfolio in the first half of 2021. With this new installation, the PV plants in Belgium generate ca. 23,000 MWh, which is the equivalent of the annual energy consumption of ca. 6,600 households.

Two new PV plants were installed in the Netherlands, representing a total investment cost of € 3.9 million. This will bring generation in the Netherlands to a level of ca. 13,000 MWh, which is needed to cover the annual consumption of approximately 3,800 households.

Planned projects for 2021

Montea has effectively equipped some 82% of all the roofs of its warehouses in Belgium with PV installations. The aim is to increase this percentage to 95%, the maximum technical capacity of the current portfolio. An investment budget of ca. € 2.7 million is provided for this purpose.

In the meantime, 56% of the portfolio of warehouses in the Netherlands has already been fitted with solar panels. This percentage will be increased to 75% by the end of 2021. An investment budget of ca. € 9 million is provided for this purpose.

In addition to Belgium and the Netherlands, PV installations will also be provided in France from 2021. An investment budget of ca. € 4 million is provided for this purpose.

1.2.4 Divestment activity in Q2 2021

Divestment of building in St-Laurent-Blangy (FR)

Montea proceeded with the sale of a 13,500 m² building in St-Laurent-Blangy in Q2 2021 as part of the dynamic management of its real estate portfolio. The transaction was carried out for an amount of ca. € 7.8 million. The sale amount was € 1.2 million more than the fair value of the site as determined by the independent real estate expert at 31/03/2021.

1.2.5 Launch of ESG report:¹¹ our sustainability strategy

Environmental

Montea proudly presented its first ESG report in the first half of the year, the main objective being to continue to use its expertise in logistics real estate in order to realize sustainable long-term solutions with added value for customers, shareholders, employees and other stakeholders. Sustainable entrepreneurship has always been in Montea's DNA. The track record of the past few years is the purest evidence of our pursuit of sustainable value growth rather than short-term profit. Montea has now taken essential steps to convert the Montea DNA into a clear vision and sustainability strategy for the medium and long term (2030 and 2050 respectively). Montea carried out a baseline measurement to determine concrete actions and objectives. In addition, a Group Energy & Sustainability Manager was appointed to steer all concrete actions in the right direction and help Montea achieve all ambitious objectives.

Montea aspires to make its own operations carbonneutral by the end of 2021. Montea will purchase electricity only from local renewable sources as of the second quarter of 2021. Together with its own production of green power, Montea is thus taking a major step towards making its operations COշneutral. In the same vein, it was decided to make the car fleet greener. Montea is skipping the step of plug-in hybrids and is going straight for all-electric mobility.

Montea also aspires to make its portfolio of buildings Paris Proof by 2050. A "Client Engagement Programme" has been set up to that end, whereby Montea helps its clients to reduce their greenhouse gas emissions and lower their energy costs. After an initial analysis and benchmarking of the current energy consumption, efforts will be made to ensure that each asset meets the targets. To lend its weight to this endeavour, Montea has signed the Paris Proof Commitment of the Dutch Green Building Council (DGBC) Foundation.

¹¹ See press release of 16/04/2021 or go to www.montea.com for more information

To increase the sustainability of its portfolio further, Montea is continuing its tried and tested recipe: focus on sustainable and versatile logistics real estate at strategic locations; multimodal sites; multifunctional buildings and maximum use of space (brownfield redevelopment).

Social

To achieve this goal, Montea can count on a fantastic team of employees, the Monteaneers. As an organization, Montea has an eye for the health and well-being of its own employees through in particular:

✓ Access to a training platform covering a wide range of topics
✓ online 'stay connected & in good shape' work- outs
✓ online team moments
✓ a fully digital working environment
✓ an annual team building event to guarantee the connection across the four countries

Furthermore, Montea wants to share its extensive expertise with as many partners as possible and therefore organizes interesting seminars and inspiration days regularly at its own initiative and sometimes in cooperation with partners. Montea is also a regular guest speaker at seminars organized specifically for the real estate sector.

In addition, Montea encourages its employees to make an active contribution to socially relevant initiatives apart from their work. A number of Montea employees took part in the Wings for Life World Run, a running competition held in May where 100% of the money raised goes to spinal cord research. In August, two Montea teams will participate in the 24h Trail Run of Kampenhoeve Ster VZW, a donkey and horse centre for asinotherapy. In turn, Montea supports several local charitable organizations. Since Montea is firmly convinced that its employees, together with their families, are the cornerstones of the company, Montea also regularly organizes events for the entire family.

Governance

Montea is committed to a culture in which equality, diversity and non-discrimination take centre stage. Employee diversity ensures good dynamics and balanced decision-making and has already contributed greatly to Montea's growth.

Sufficient diversity is also sought on the Board of Directors, where diversity refers to the gender of the directors, but also to other criteria such as skills, experience and knowledge, which will contribute to balanced decision-making.

In addition, a number of policies were updated in the second quarter of 2021 as a result of the charted ESG strategy.

A detailed description of the vision, strategic focus, objectives and achievements is available in the ESG report (ESG report\_ENG ).

1.2.6 Green Finance Framework ¹²

To lend force to its sustainability ambitions, Montea has set up a Green Finance Framework. With this framework, Montea intends to issue green financing instruments. These financing instruments include issuing bond loans and credit agreements with banks in order to (re)finance sustainable projects with a clear benefit to the environment and society. Sustainalytics (Second Party Opinion Provider) confirmed that this financing programme is in line with the Green Bond Principles and Green Loan Principles. The Framework covers the following issues:

Use of proceeds
Process for project evaluation and selection
Management of the proceeds
Reporting
External reviews

The Green Finance Framework is posted on https://montea.com/investor-relations/

1.2.7 US Private Placement: issue of € 235 million in Green Bonds¹³

An important step was taken in the Green Finance Framework in early 2021: Montea successfully completed its first US Private Placement by issuing € 235 million in Green Bonds. The bonds are divided into four tranches:

€ 50 million 10-year term (maturity date: 27/04/2031) coupon 1.28%;
€ 30 million 10-year term (maturity date: 23/06/2031) coupon 1.28%;
€ 85 million 12-year term (maturity date: 04/01/2034) coupon 1.42%;
€ 70 million 15-year term (maturity date: 23/06/2036) coupon 1.44%.

The bonds were placed through an US private placement with six internationally renowned investors. The issue was extremely well received: the target amount was exceeded several times over, thereby confirming the market's confidence in Montea's solid credit profile. The finance structure is strengthened by the diversification and unique maturities: the average maturity of the debts was extended considerably at an average coupon well below the current cost of debt.

The bonds were issued through the new Green Finance Framework. The proceeds will be used exclusively to (re)finance qualifying sustainable assets such as certified buildings, renewable energy, energy-efficiency programmes, etc., in accordance with the criteria set out in the Framework.

1.2.8 Further strengthening of the financing structure

Result of the optional dividend – 52% of shareholders support Montea's growth by opting for shares¹⁴

To support its further growth, Montea offered its shareholders again an optional dividend. A total of 52% of coupons No. 23 (representing the dividend for financial year 2020) were surrendered against new shares. 191,762 new shares were issued for a total issue amount of € 16,326,616.68 (€ 3,908,109.56 in capital and € 12,418,507.12 in issue premium) under the authorized capital. The newly created shares were admitted to trading on Euronext Brussels and Euronext Paris as of 14 June 2021. The Montea share capital represents 16,215,456 shares.

¹² See press release of 09/06/2021 or go to www.montea.com for more information.

¹³ See press release of 14/04/2021 or go to www.montea.com for more information

¹⁴ See press release of 09/06/2021 or go to www.montea.com for more information.

1.2.9 Policy developments concerning the Dutch REIT status

Application for FBI status for Montea Nederland NV and its subsidiaries

In September 2013, Montea submitted a request for the application of the 'Fiscale Beleggingsinstelling' (FBI) [tax investment institutions] regime as referred to in Article 28 of the Corporate Tax Act of 1969 for the realization of its real estate investments in the Netherlands. Up to now, the Company's Dutch subsidiary, Montea Nederland NV and its subsidiaries, still do not have a final decision from the Dutch tax authorities in which the FBI status was approved.

In 2016, with reference to certain case law of the Dutch Supreme court, the Dutch tax authorities developed a new view in their policy concerning what the shareholder test will entail. As a shareholder of its FBI (foreign investment institution) subsidiary Montea Nederland BV, the Company would have to show that it can itself be considered as an FBI. Only then can the Company be considered as a qualified shareholder under the FBI regime in the view of the Dutch tax authorities.

In this context, consultations are held between the Dutch tax authorities, the Dutch Ministry of Finance and the Company to see how this can be put into practice in concrete terms. In January 2020, the ministry officially announced that this interpretation cannot be given concrete form for the time being, particularly because it depends on the outcome of ongoing lawsuits between the Dutch tax authorities and foreign investment funds regarding the refund of dividend tax, which the ministry does not wish to anticipate. Pursuant to the judgment of the European Court of Justice of 30 January 2020 (in the Köln-Aktienfonds Deka case), a foreign party that wishes to avail itself of the Dutch FBI regime must meet similar requirements. This must be interpreted in relation to the (underlying) purpose of the FBI requirements in question.

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 with FBI status. Such contacts are geared to obtaining FBI status for Montea Nederland NV and its subsidiaries.

Future of the FBI regime

Apart from this, the Dutch government is looking into whether an adjustment of the FBI regime in general and for real estate funds in particular is necessary, possible and feasible in the long run. Possible changes to the policy are not expected before 2022.

Accounting treatment and financial impact up to 2020

Despite the fact that Montea does not yet have the approval of the Dutch tax administration for FBI status, it has kept its accounts until the end of 2020 as if it already had the FBI status. After all, the Ministry has already indicated in the past that it will act within the framework of the general principles of good administration regarding the obtaining of a level playing field ('equal cases will be treated equally'). This is intended to ensure that Montea will not be treated worse by the Dutch tax authorities than other sufficiently comparable Belgian REITs with existing agreements concerning the FBI status.

Montea Nederland NV¹⁵ has taken the position in its corporate tax returns for 2015 to 2019 that it qualifies for FBI status as a result of which its corporate tax is nihil. The Dutch tax inspector has however imposed a (provisional) assessment for 2015 to 2019 taking into account the regular corporate tax rate. In view of the applicable tax rate (basically 8%), Montea has opted to pay these provisional assessments (i.e. a total amount of € 8.2 million for these 5 years).

¹⁵ And its Dutch subsidiaries.

For 2015 and 2016, Montea has received final corporate tax assessments (the response time for the Dutch tax authorities would expire for these years, for that matter). For 2015, said assessment was € 0.1 million higher than the submitted tax return. Montea has filed an objection to the final assessments for 2015 and 2016.

Montea has also entered the same total amount (€ 8.2 million) as a receivable in its accounts. If the FBI status is granted, this full amount will be reimbursed. If the FBI status is refused, however, the assessments were rightly paid and the receivable must be written off, which could have a material negative impact on Montea's profitability. Montea Nederland NV¹⁶ has complied with the obligation to pay out a dividend under the FBI regime every year and has consequently paid out € 1.6 million in dividend tax owed for the period 2015 to 2019. Requests for automatic reduction have been filed for the dividend tax payments in 2016, 2017 and 2018. An objection has been lodged against the dividend tax payments in 2019 and 2020. The dividend tax may possibly be recovered if the FBI status should be refused after all. The total impact with regard to years 2015 to 2019 would therefore amount to € 6.7 million or € 0.42 per share (12% with the EPRA earnings for 2020).

Unless events occur that show that a different course of action should be taken, Montea intends to apply the same methods for 2020. An amount of approximately € 3.5 million will be paid by way of the provisional corporate income tax assessment for 2020. The figures for 2020 include a debt of € 3.5 million and a receivable of € 3.5 million. An amount of approximately € 0.7 million will be paid in respect of the dividend tax due once the distribution obligation has been fulfilled. The impact of not obtaining FBI status for 2020 would therefore be € 2.8 million or € 0.17 per share, i.e. the amount of the expected provisional assessment for 2020 less the amount of dividend tax.

Accounting treatment and financial impact for 2021

Despite the fact that Montea has not yet obtained approval from the Dutch tax authorities concerning FBI status, it has kept its accounts up to 2020 as if had already obtained said status. The basis for this can be found in the 'level playing field' principle with other sufficiently comparable Belgian REITs that already have agreements concerning the FBI status.

In line with new developments (withdrawal of tax ruling handed down as of 1 January 2021 in the event of sufficiently comparable Belgian REITs), Montea has, for the sake of prudence, taken into account in its 2021 forecasts the possibility that the FBI status could be refused for the period starting on 1 January 2021. A provision of € 3.5 million was consequently included in the outlook of 2021 via the income statement (the difference between the fiscally transparent FBI status and the regular taxed sphere).

Supported by European law, Montea's efforts remain focused nonetheless on being able to apply the FBI status in the Netherlands as of 2021. The 2021 tax return will therefore be filed as an FBI since Montea continues to believe that it fulfils all the conditions to qualify for FBI status.

¹⁶ And its Dutch subsidiaries

1.3 Summary of the condensed consolidated financial statements for the first half of the year closed on 30/06/2021

1.3.1 Condensed consolidated (analytical) income statement of 30 June 2021

CONSOLIDATED RESULTS NET RENTAL RESULT 38.118 34.177 PROPERTY RESULT 44.204 36.575 % compared to net rental result 116,0% 107,0% TOTAL PROPERTY CHARGES -1.419 -1.115 OPERATING PROPERTY RESULT 42.785 35.460 General corporate expenses -2.926 -2.646 Other operating income and expenses 172 -36 OPERATING RESULT BEFORE THE PORTFOLIO RESULT 40.031 32.778 % compared to net rental result 105,0% 89,6% FINANCIAL RESULT excl. Variations in fair value of the hedging instruments -5.920 -5.125 EPRA RESULT FOR TAXES 34.111 27.653 -2.686 -387 Taxes EPRA Earnings 31.425 27.267 per share 1,96 1,72 Result on disposals of investment properties 1.110 0 Result on disposals of other non-financial assets 0 0 Changes in fair value of investment properties 105.257 28.406 Deferred taxes on the result on the portfolio -15.780 0 Other portfolio result 0 0 PORTFOLIO RESULT 90.587 28.406 Changes in fair value of financial assets and liabilities 6.447 -7.713 RESULT IN FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES 6.447 -7.713 NET RESULT 128.458 47.960 per share 8,01 3,03 30/06/2021 31/12/2020 30/06/2020 KEY RATIO'S Key ratio's (€) EPRA result per share (1) 1,96 3,50 Result on the portfolio per share (1) 5,65 6,74 Variations in the fair value of financial instruments per share (1) 0,40 -0,51 Net result (IFRS) per share (1) 8,01 9,74 EPRA result per share (2) 1,94 3,48 Proposed distribution Payment percentage (compared with EPRA result) (3) 81% Gross dividend per share 2,83 Net dividend per share 1,98 Weighted average number of shares 16.044.884 15.916.319 16.023.694	ABBREVIATED CONSOLIDATED PROFIT & LOSS ACCOUNT (K EUR) Analytical		30/06/2020 6 months
















1,72 1,80 -0,49 3,03 1,70 15.807.764























	Number of shares outstanding at period end	16.215.456	16.023.694

(1) Calculation based on the weighted average number of shares.

(2) Calculation based on the number of shares in circulation on the balance sheet date.

(3) The pay-out ratio is calculated in absolute figures based on the consolidated EPRA result. The effective payment of the dividend is based on the statutory result available for distribution of Montea NV.

1.3.2 Notes to the condensed consolidated (analytical) income statement

❑ Summary

The EPRA earnings increased by € 4.1 million from € 27.3 million in the first 6 months in 2020 to € 31.4 million for the same period in 2021. The EPRA earnings per share amounted to € 1.96 for the first 6 months of 2021, an increase of 14% compared with the same period last year (€ 1.72), taking into account the 2% increase in the weighted average number of shares.

The increase in the EPRA earnings is due mainly to the strong growth of the real estate portfolio in 2020 and 2021, with operating and financial costs being closely monitored and managed as such. In addition, Montea received a one-off payment in the first quarter of 2021 under an agreement where Montea waived a pre-emptive right on a possible sale of a plot of land with buildings in Tilburg.

❑ The operating result for the result on the real estate portfolio amounted to € 40.0 million in the second quarter of 2021, an increase of 22% compared to the same period last year (€ 32.8 million).
The net rental result amounted to € 38.1 million for H1 2021, an increase of 12% (or € 3.9 million) compared with the same period in 2020 (€ 34.2 million). This increase is due mainly to the recent 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 the two comparative periods), the level of rental income increased by 1.3%, driven mainly by indexation of rental contracts (+0.9%), re-letting of vacant buildings (+0.2%) and renegotiation of existing contracts (+0.1%).
The property result for H1 2021 amounts to € 44.2 million and increases by € 7.6 million (or 21%) compared with the same period last year (€ 36.6 million) mainly linked to the increase in net rental income (€ 3.9 million), an increase in solar panel income (€ 1.2 million) and the one-off payment (described above) received.
The property costs and overheads increased with € 0.4 million in the first 6 months of 2021 compared with the same period in 2020 as a result of portfolio growth and the increase in subscription fees. Despite this slight increase, the operating property result before the result on the portfolio increases with € 7.3 million or 22% compared with the same period last year (from € 32.8 million in Q2 2020 to € 40.0 million in Q2 2021).
The operating margin17* amounts to 90.6% for the first 6 months of 2021 compared with 89.6% for the same period last year, due mainly to the increase in the property earnings.
❑ The financial result excluding changes in the fair value of financial instruments amounts to € -5.9 million for the first 6 months of 2021, an increase of € 0.8 million compared with the same period last year (€ -5.1 million). The increase is due to higher debt drawn down during the first 6 months of 2021 (€ 497.7 million) compared with the same period last year (€ 418.5 million).

The average financing cost¹⁸ calculated on average financial debt is 1.9% for the first 6 months of 2021 compared with 2.1% for the same period in 2020.

¹⁷ The operating margin is obtained by dividing the operating result before the result on the property portfolio by the property result. 18 This financial cost is a prorated average and is calculated on the basis of the total financial cost for the period compared to the average financial debt over the past 12 months, without taking into account the valuation of the hedging instruments which does not constitute an actual financing cost of the company.

❑ Taxes

Despite the fact that Montea does not yet have approval from the Dutch tax administration regarding FBI [financial investment institution] status, it conducted its accounting through 2020 as if it had already obtained such status. The basis for this can be found in the 'level playing field' principle with other sufficiently comparable Belgian REITs existing agreements regarding the FBI status.

Based on new facts (withdrawal of the tax ruling granted as of 1 January 2021 for sufficiently comparable Belgian REITs) Montea has, for the sake of caution, taken into consideration in the income statement, the possibility that the FBI status could be refused for the period as of 1 January 2021. In this sense, a provision of € 1.9 million was maintained in the income statement of the second quarter of 2021, the difference between the fiscally transparent status of FBI and the regular taxed sphere. Supported by European law, however, Montea's efforts remain focused on being able to apply the FBI status in the Netherlands as of 2021. The 2021 tax return will therefore be filed as FBI since Montea continues to believe that it meets all the conditions for claiming FBI status.

❑ EPRA earnings

The EPRA earnings for the first 6 months of 2021 amounted to € 31.4 million, an increase of € 4.1 million compared with the same period last year. The EPRA earnings per share increased by 14% to € 1.96 for H1 2021.

❑ Result on the real estate portfolio19*

The result on the real estate portfolio for the first 6 months of 2021 amounted to € 90.6 million (compared with € 28.4 million for the same period last year). The increase is explained mainly by a rise in the fair value of the existing real estate portfolio, linked to the market development, including latent capital gains on completed projects (€ 105.3 million) as well as the capital gain on the sale of the Saint-Laurent-Blangy site in France (€ 1.1 million). The increase is partly offset (- € 15.8 million) by a provision for deferred taxes on the Dutch portfolio result of H1 2021, which was accounted for as a matter of prudence (failure to obtain FBI status, see Taxes section).

The result on the real estate portfolio is a non-cash item and has no impact whatsoever on the EPRA earnings.

❑ Change in the fair value of financial instruments

The positive change in the fair value of financial instruments amounted to € 6.4 million at the end of Q2 2021 (compared with a negative change of - € 7.7 million in the same period 2020). The positive impact arises from the change in the fair value of closed interest rate hedges at the end of June 2021 as a result of slightly increased long-term interest rates in 2021.

The changes in the fair value of financial instruments are a non-cash item and do not have any impact whatsoever on the EPRA earnings.

❑ Net result (IFRS)

The net result consists of the EPRA earnings, the result on the portfolio, the changes in fair value of financial instruments partly offset by a provision for deferred tax on the Dutch portfolio result that was accounted for on the basis of a prudence principle (failure to obtain FBI status, see section "Taxes").

¹⁹ *The result on the real estate portfolio pertains to the negative and/or positive changes in the fair value of the real estate portfolio, plus any losses or gains resulting from the realization of property.

The net result in the first half of 2021 (€ 128.5 million) increased with € 80.5 million compared with the same period last year, mainly due to the recognized result on the real estate portfolio in 2021 compared with 2020.

The net result (IFRS) per share²⁰ amounted to € 8,01 (€ 3,03 at the end of Q2 2020).

Half-yearly financial report - 25 / 58 EMBARGO until 19/08/2021 – 6:00 PM

²⁰ Calculated on the basis of the weighted average number of shares.

	CONSOLIDATED BALANCE SHEET (EUR)	30/06/2021 Conso	31/12/2020 Conso	30/06/2020 Conso
I.	NON-CURRENT ASSETS	1.509.099.404	1.360.538.550	1.217.746.768
II.	CURRENT ASSETS	38.015.428	38.382.025	35.581.352
	TOTAL ASSETS	1.547.114.832	1.398.920.575	1.253.328.121
	SHAREHOLDERS' EQUITY	916.451.301	815.310.611	708.196.762
I.	Shareholders' equity attributable to shareholders of the parent company	916.451.301	815.310.611	708.196.762
II.	Minority interests	0	0	0
	LIABILITIES	630.663.531	583.609.964	545.131.359
I.	Non-current liabilities	542.036.674	477.806.518	437.472.501
II.	Current liabilities	88.626.857	105.803.445	107.658.859
	TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	1.547.114.832	1.398.920.575	1.253.328.121

1.3.3 Condensed consolidated balance sheet as at 30 June 2021

1.3.4 Notes to the consolidated balance sheet as at 30 June 2021

❑ The total assets (€ 1,547.1 million) as at 30/06/21 consist mainly of investment properties (92% of the total), solar panels (2% of the total), and developments (3% of the total). The remaining amount of the assets (3% of the total) consisted of the other tangible and financial fixed assets, including assets intended for own use and current assets including cash investments, trade and tax receivables.

The fair value of Montea's total real estate portfolio pursuant to IAS 40 amounted to € 1,506.8 million on 30 June 2021²¹ , consisting of the valuation of the real estate portfolio-buildings, including the buildings held for sale (€ 1,422.1 million), the fair value of the ongoing developments (€ 51.0 million) and the fair value of the solar panels (€ 33.7 million).

	Total 30/06/2021	Belgium	France	The Netherlands	Germany	Total 31/12/2020	Total 30/06/2020

Real estate portfolio - Buildings (0)
Number of sites	75	35	17	23	0	74	71
Warehouse space (sqm)	1.194.247	668.565	183.607	342.074	0	1.162.118	1.115.558
Office space (sqm)	115.877	67.096	17.183	31.598	0	114.096	104.637
Land space - rent (sqm) (1)	186.858	6.512	0	180.345	0	186.858	163.010
Total space (sqm) - real estate portfolio	1.496.981	742.173	200.790	554.018	0	1.463.071	1.383.206
Real estate portfolio - land reserve
Development potential (sqm) - leased	872.778	32.562	0	840.216	0	872.778	753.542
Development potential (sqm) - portfolio	373.760	152.207	121.433	100.120	0	404.331	344.231
Development potential (sqm) - in due diligence	0	0	0	0	0	70.000	70.000
Development potential (sqm) - in option	575.356	196.958	150.539	0	227.859	79.137	199.137
Total surface - development potential (sqm) (1)	1.821.894	381.727	271.972	940.336	227.859	1.426.246	1.366.910
Fair value (K EUR)	1.422.123	672.536	196.710	552.877	0	1.280.108	1.147.166
Investment value (K EUR)	1.502.383	689.457	210.577	602.349	0	1.351.828	1.203.252

Annual contractual rents (K EUR)	75.598	36.203	10.836	28.558	0	72.867	70.112
Gross yield (%)	5,32%	5,38%	5,51%	5,17%	0,00%	5,69%	6,11%
Current yield on 100% occupancy (%)	5,40%	5,52%	5,56%	5,21%	0,00%	5,75%	6,18%
Un-let property (sqm) (2)	5.161	4.135	1.026	0	0	8.149	9.170
Rental value of un-let property (K EUR) (2)	368	275	93	0	0	734	836
Occupancy rate	99,7%	99,4%	99,5%	100,0%	0,0%	99,4%	99,3%
Real estate portfolio - Solar panels (3)

Fair value (K EUR)	33.683	24.731	0	8.952	0	29.755	26.237
Real estate portfolio - Developments
Fair value (K EUR)	50.956	12.297	3.786	34.873	0	54.590	42.195

(0) Including buildings held for sale

(1) Surface area of leased land included for 20% of the total floor space; as the rental value of a land is ca. 20% of the floor space; the rental value of a plot of land is approximately 20% of the rental value of a logistics building.

(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 under heading "D" of the fixed assets in the balance sheet.

²¹ As determined by the independent real estate experts, JLL and Stadim.

❑ The total surface area of the real estate portfolio buildings is 1,496,981 m², spread over 75 sites of which 35 are in Belgium, 17 in France and 23 in the Netherlands.
❑ Montea has a total land bank of 1,821,894 m², of which 872,778 m² of leased land in portfolio, 373,760 m² of unleased land in portfolio and 575,356 m² in option. This land bank is expected to result in ca. 50% rentable surface area on average (> 900,000 m²).
❑ The gross property yield on the total investment properties-buildings is 5.4% based on a fully leased portfolio, compared with 5.5% at 31/03/2021. The gross yield, taking into account the current vacancy rate, amounts to 5.3%.
❑ The contractual annual rental income (excluding rental guarantees) amounts to € 75.6 million, an increase of 8% compared with 30/06/2020, due mainly to the growth of the real estate portfolio.

The occupancy rate amounted to 99.7% as at 30/06/2021, an increase of 0.3% compared with the end of March 2021. The increase is due to leasing of a vacant unit in Le Mesnil-Amelot (FR) to Espace Phone SARL and Antavia SAS.

❑ The fair value of the ongoing developments amounts to € 51.0 million and consists of:
the site located in Lummen (BE)
the extension potential located in Bornem (BE)
the site located in Senlis (FR)
the rehabilitated land located in Etten-Leur (NL)
the site located in Waddinxveen (NL)
solar panels under construction (BE + NL + FR)
❑ The fair value of the solar panels of € 33.7 million pertains to 35 solar panel projects spread over Belgium and the Netherlands.
❑ The total liabilities (€ 1,547.1 million) consist of equity of € 916.5 million and total debt of € 630.7 million.
o The shareholders' equity (IFRS) amounts to € 916.5 million as at 30 June 2021, compared to € 815.3 million at the end of 2020.
o The total debt (€ 630.7 million) consist of:
- € 297.7 million of credit lines taken up from 8 financial institutions. Montea had € 471.7 million in contracted credit lines on 30 June 2021 and an undrawn capacity of € 174.0 million;
- € 200.0 million in bond issues concluded by Montea in 2015 and 2021 (US Private Placement);
- a current leasing debt of € 46.5 million, consisting mainly of a lease obligation which pertains to the concession land (entry into force of IFRS 16) and of the financing of the solar panels on the site in Aalst;
- the negative value of the current hedging instruments amounting to € 24.6 million;
- € 15.8 million in deferred taxes; and
- other debts and accrued charges²² for an amount of € 46.1 million.

²² The accrued charges comprise largely the rent invoiced in advance for the subsequent quarter.

The weighted average maturity of financial debts (credit lines, bonds and leasing obligations) amounts to 6.4 years as at 30 June 2021, an increase of more than 2 years following the contracted US private placement in Q2 2021.

The weighted average term of interest rate hedging is 5.9 years as at the end of June 2021. The hedge ratio, which measures the percentage of financial debt at a fixed or a floating interest rate, subsequently hedged by a hedging instrument, amounted to 91%.

The Interest Coverage Ratio was equal to 6.8 in the first half of 2021 compared with 6.4 for the same period last year.

The average cost of debt financing is 1.9% for the first 6 months of 2021 (2.1% for the same period last year).

❑ The debt ratio²³ of Montea amounted to 36.9% at the end of Q2 2021 (compared with 38.0% at the end of 2020).

Montea complies with all covenants (in terms of debt ratio) that it has concluded with its financial institutions, under the terms of which Montea's debt ratio may not exceed 60%.

²³ Calculated in accordance with the Royal Decree of 13 July 2014 on regulated real estate investment companies.

Half-yearly financial report - 29 / 58 EMBARGO until 19/08/2021 – 6:00 PM

1.3.5 Valuation rules

These interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and with the legal and regulatory requirements applicable in Belgium. The accounting methods have been consistently applied to the financial years presented.

o New or amended standards and interpretations effective for the financial year, beginning 1 January 2021.

Unless stated otherwise, Montea has not availed itself of these standards. These standards, amended by the IASB, and interpretations issued by the IFRIC have no significant impact on the presentation, the explanatory notes or the results of the company:

Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark reform – Phase 2
Amendments to IFRS 16 Leases: COVID-19 related rent concessions beyond 30 June 2021 (applicable for accounting years beginning on 1 April 2021, but not yet approved within the European Union)
o New or amended standards and interpretations that have been issued but are not yet in force for the financial year beginning on 1 January 2021

A number of new standards, amendments to standards and interpretations are not yet applicable in 2021, but may be applied earlier. Unless indicated otherwise, Montea has not availed itself of these standards, as amended by the IASB, and interpretations issued by the IFRIC do not have a material impact on the presentation, the explanatory notes or the results of the company:

Amendment to IFRS 10 and IAS 28 Sale or contribution of assets between an investor and its associate or joint venture (effective date postponed indefinitely; consequently, approval within the European Union has also been postponed)
IFRS 14 Deferred Financial Statements relating to Price Regulation (applicable for financial years beginning on or after 1 January 2016, but not yet approved in the European Union)
IFRS 17 Insurance contracts (effective date postponed to 2023; consequently, approval within the European Union has also been postponed).
Amendments to IAS 1 Presentation of Financial Statements Classification of Liabilities as Current or Non-current (effective 1 January 2023)
Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies (effective 1 January 2023)
Amendments to IAS 16 Property, Plant and Equipment Proceeds before intended use (effective 1 January 2022, but not yet approved in the European Union)
Amendments to IAS 37 Provisions, Contingent Liabilities and Continent Assets onerous contracts – cost of fulfilling a contract (effective 1 January 2022, but not yet approved in the European Union) 1 . M A N A G E M E N T R E P O R T
Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (effective 1 January 2023)
Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective 1 January 2023)
Amendments to IFRS 3 Business combinations References to the conceptual framework (effective 1 January 2022)

1.4 Performance of the Montea share on the stock exchange

The closing price on 30/06/2021 (€ 99.20) is 11.2% higher than the closing price one year ago (€ 89.20) and 6.6% higher than at the end of 2020 (€ 93.10).

STOCK MARKET PERFORMANCE	30/06/2021	31/12/2020	30/06/2020

Share price (€)
At closing	99,20	93,10	89,20
Highest	105,40	107,80	100,40
Lowest	86,60	53,00	53,00
Average	94,98	90,69	84,88
Net asset value per share (€)
IFRS NAV	56,52	50,88	44,20
EPRA NRV	63,62	56,90	49,22
EPRA NTA	58,96	52,78	46,08
EPRA NDV	56,57	51,01	44,38
Premium (%)	75,5%	83,0%	101,8%
Dividend return (%)		3,0%
Dividend (€)
Gross		2,83
Net		1,98
Volume (number of securities)
Average daily volume	16.000	12.889	16.025
Volume of the period	2.015.954	3.312.481	2.019.182
Number of shares	16.215.456	16.023.694	16.023.694
Market capitalisation (K €)
Market capitalisation at closing	1.608.573	1.491.806	1.429.314
Ratios (%)	12%	21%	13%
Velocity

1.5 Significant events after the balance sheet date

There are no significant events after the balance sheet date.

1.6 Transactions between affiliated parties

There were no transactions between affiliated parties in the first half of 2021, with the exception of those carried out under market conditions and as customary when carrying out Montea's activities.

1.7 Main risks and uncertainties

1.7.1 Main risks and uncertainties²⁴

The board of directors of Montea's sole director and the management are fully aware of the importance of developing and maintaining sound management and consequently preserving a quality portfolio. Montea applies clear and strict standards for (i) optimising and improving the existing buildings, (ii) the commercial management, (iii) the technical management of the buildings, and (iv) any investments in the existing buildings. The purpose of these criteria is to limit vacancies as well as to have the value of the property assets increase sustainably to the maximum.

The main risks and uncertainties with which the company may be confronted, the possible impact thereof, and the strategy to limit such impact are described in the Annual Financial Report 2020.

²⁴ For more information about the strategy implemented by Montea, please see the Annual Report of 2020. Where necessary, Montea's policy will be adjusted based on the risk factors described.

2 Statement pursuant to Article 13 of the Royal Decree of 14 November 2007

Pursuant to Article 13, paragraph 2 of the Royal Decree of 14 November 2007, Montea's sole director, Montea Management NV, represented by its permanent representative, Jo De Wolf, declares that, to the best of its knowledge:

❑ The condensed financial statements, drawn up according to the applicable standards for annual accounts, provide a faithful picture of the assets, financial situation and results of Montea and the companies included in the consolidation;
❑ The interim report provides a faithful overview of the information required pursuant to Article 13, §5 and §6 of the Royal Decree of 14 November 2007 concerning the bonds by issuers of financial instruments authorised to trade on a regulated market.

3 EPRA Performance measures²⁵

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. The EPRA earnings measure the net result from the core activities per share.

Calculation:

(in EUR X 1 000)	30/06/2021	30/06/2020

Net result (IFRS)	128.458	47.960
Changes for calculation of the EPRA earnings
To exclude:
Variations in fair value of the investment properties and properties for sale	-105.257	-28.406
Result on sale of investment properties	-1.110	-
Variations in fair value of the financial assets and liabilities	-6.447	7.713
Deferred taxes related to EPRA changes	15.780	-

EPRA earnings	31.425	27.267
Weighted average number of shares	16.044.884	15.807.764
EPRA earnings per share (€/share)	1,96	1,72

²⁵ The auditor has performed a review (ISRE 2410) of the EPRA standards included in this section

EPRA NAVs – EPRA NAVs per share

In October 2019, EPRA published its new Best Practice Recommendations which set out the financial indicators listed real estate companies should disclose so as to provide more transparency across the European listed sector. For example, the EPRA NAV and EPRA NNNAV were consequently replaced by three new Net Asset Value indicators: Net Reinstatement Value (NRV), Net Tangible Assets (NTA) and Net Disposal Value (NDV).

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: 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.

EPRA NRV per share refers to the EPRA NRV based on the number of shares in circulation as at the balance sheet date. See www.epra.com.

(in EUR X 1 000)	30/06/2021 30/06/2020
IFRS Equity attributable to shareholders	916.451	708.197
NAV per share (€/share)	56,52	44,20
I) Hybrid instruments
Diluted NAV at fair value	916.451	708.197
Exclude:
V. Deferred tax in relation to fair value gains of investment property	15.780	-
VI. Fair value of financial instruments	24.554	30.637
Include:
XI. Real estate transfer tax	74.895	49.802
NRV	1.031.681	788.636
Fully diluted number of shares	16.215.456	16.023.694
NRV per share (€/share)	63,62	49,22

Net Tangible Assets: assumes that entities buy and sell assets, thereby realising certain levels of deferred taxation. This pertains to the NAV adjusted to include property and other 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.

EPRA NTA per share refers to the EPRA NTA based on the number of shares in circulation as at the balance sheet date. See www.epra.com.

(in EUR X 1 000)	30/06/2021 30/06/2020
IFRS Equity attributable to shareholders	916.451	708.197
NAV per share (€/share)	56,52	44,20
I) Hybrid instruments
Diluted NAV at fair value	916.451	708.197
Exclude:
V. Deferred tax in relation to fair value gains of investment property	15.780	-
VI. Fair value of financial instruments	24.554	30.637
VIII.b) Intangibles as per the IFRS balance sheet	-681	-481
NTA	956.105	738.352
Fully diluted number of shares	16.215.456	16.023.694
NTA per share (€/share)	58,96	46,08

Net Disposal Value: provides the reader with a scenario of the sale of the company's assets leading to the realization of deferred taxes, financial instruments and certain other adjustments. 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 refers to the EPRA NDV based on the number of shares in circulation as at the

balance sheet date. See www.epra.com.

(in EUR X 1 000)	30/06/2021 30/06/2020
IFRS Equity attributable to shareholders	916.451	708.197
NAV per share (€/share)	56,52	44,20
I) Hybrid instruments
Diluted NAV at fair value	916.451	708.197
Include:
IX. Fair value of fixed interest rate debt	875	2.878
NDV	917.327	711.074
Fully diluted number of shares	16.215.456	16.023.694
NDV per share (€/share)	56,57	44,38

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 metres whereas the EPRA vacancy is calculated on the basis of the estimated rental value.
Purpose: The EPRA vacancy measures the vacancy percentage as a function of the estimated value without taking account of non-rentable m², intended for redevelopment, and of the land bank.

(in EUR X 1 000)	(A) Estimated rental value (ERV) for vacancy	(B) Estimated rental value portfolio (ERV)	(A/B) EPRA Vacancy rate	(A) Estimated rental value (ERV) for vacancy	(B) Estimated rental value portfolio (ERV)	(A/B) EPRA Vacancy rate
	30/06/2021	30/06/2021	(in %) 30/06/2021	31/12/2020	31/12/2020	(in %) 31/12/2020
Belgium France The Netherlands	275 93 -	35.573 10.962 26.993	0,8% 0,9% 0,0%	177 557 -	33.760 11.494 26.132	0,5% 4,8% 0,0%
Total	368	73.528	0,5%	734	71.386	1,0%

3 . E P R A

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, increased with (estimated) purchase costs.

Purpose: Introduce a comparable benchmark for portfolio valuations. See also www.epra.com.

EPRA NIY	30/06/2021	31/12/2020
( in EUR x 1000)
Investment property – wholly owned	1.436.716	1.301.836
Investment property – share of JVs/Funds	0	0
Assets for sale	0	0
Minus developments	-50.956	-54.590
Completed property portfolio	1.385.760	1.247.246
Allowance for estimated purchasers' costs	78.508	70.154
Gross up completed property portfolio valuation B	1.464.269	1.317.400
Annualised cash passing rental income	80.232	76.049
Property outgoings (incl. ground rents)	-3.994	-3.718
A Annualised net rents	76.238	72.331
Rent free periods or other lease incentives	0	29
C Topped-up net annualised rent	76.238	72.360
A/B EPRA NIY	5,2%	5,5%

C/B EPRA "topped-up" NIY	5,2%	5,5%

3 . E P R A

EPRA Cost ratio

Definition: The EPRA Cost ratio are administrative and operational charges (including vacancy charges), divided by gross rental income. See also www.epra.com.
Purpose: The EPRA Cost ratios are intended to provide a consistent basis from which companies can provide more information about the costs where necessary. See also www.epra.com.

EPRA Cost Ratio
( in EUR x 1000)		30/06/2021	30/06/2020

(i) Administrative/operating expense line per IFRS income statement		4.397	3.582
(iii) Management fees less actual/estimated profit element		-198	-198
EPRA Costs (including direct vacancy costs)	A	4.199	3.384
(ix) Direct vacancy costs		-249	-134
EPRA Costs (excluding direct vacancy costs)	B	3.950	3.250
(x) Gross Rental Income less ground rents – per IFRS		40.967	36.045
Gross Rental Income	C	40.967	36.045
EPRA Cost Ratio (including direct vacancy costs)	A/C	10,3%	9,4%
EPRA Cost Ratio (excluding direct vacancy costs)	B/C	9,6%	9,0%

4 Detail on the calculation of APMs used by Montea²⁶

Result on the portfolio

Definition:	This concerns the positive and/or negative changes in the fair value of the real estate portfolio plus any capital gains or losses resulting from the realization of real estate.
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	30/06/2021	30/06/2020
(in EUR X 1 000)

Result on sale of property investments	1.110	-
Variations in the fair value of property investments	105.257	28.406
Deferred taxes on the result on the portfolio	-15.780	-

RESULT ON PORTFOLIO	90.587	28.406

Financial result exclusive of 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, exclusive of the change in the real value of the financial instruments.
Purpose: This APM indicates the actual financing cost of the company.

FINANCIAL RESULT excl. variations in fair value of financial instruments (in EUR X 1 000)	30/06/2021	30/06/2020

Financial result To exclude:	527	-12.837
Variations in fair value of financial assets & liabilities	-6.447	7.713
FINANCIAL RESULT excl. variation in fair value of financial instruments	-5.920	-5.125

²⁶ Exclusive of EPRA indicators, some which are considered as an APM and are calculated under Chapter 2: EPRA Performance measures.

Operating margin

Definition: This is the operating result before the result of the real estate 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	30/06/2021	30/06/2020
(in EUR X 1 000)


Property result	44.204	36.575
Operating result (before the result on the portfolio)	40.031	32.778

OPERATING MARGIN	90,6%	89,6%

Average cost of debt

Definition: Average financial cost over the entire year calculated on the basis of the total financial result with regard 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.

AVERAGE COST OF DEBT	30/06/2021	30/06/2020
(in EUR X 1 000)
Financial result To exclude:	527	-12.837
Other financial income and charges	38	-92
Variations in fair value of financial assets and liabilities	-6.447	7.713
Interest charges related to leasing liabilities (IFRS 16)	1.059	1.053
Capitalised Interests	-408	-784

TOTAL FINANCIAL CHARGES (A)	-5.231	-4.948

AVERAGE FINANCIAL DEBTS (B)	540.353	478.383

AVERAGE COST OF DEBT (A/B) (*)	1,9%	2,1%

4 . A P M ' s

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.

INTEREST COVERAGE RATIO	30/06/2021	30/06/2020
(en EUR X 1 000)


Operational result, before result on portfolio	40.031	32.778
Financial income (+)	6	92
TOTAL (A)	40.036	32.870

Net financial charges (-)	5.882	5.176
TOTAL (B)	5.882	5.176

INTEREST COVERAGE RATIO (A/B)	6,8	6,4

5 Outlook

5.1 Track'24

Ambitious portfolio growth

Montea presents Track'24: its ambitions to be achieved in the years 2021 to 2024. Over a period of four years, Montea aims to attain growth of over € 800 million (or + 60% compared with 2020), which will increase the real estate portfolio to € 2.2 billion by the end of 2024.

The focus will be on sustainable and versatile logistics real estate:

✓ Strategic top locations
✓ Multimodal sites
✓ Multifunctional buildings
✓ Best use of space brownfield redevelopment

An eye for long-term profitability

Based on Montea's strong financial basis, its low debt ratio and its high occupancy rate at its sites, Montea's aims for 2024 are:

✓ growth of the EPRA earnings per share to € 4.30
(> 20% increase compared with 2020)
✓ increase of the dividend per share to € 3.45
(> 20% increase compared with 2020)

Montea is setting the bar high with the announcement of this plan for growth but is more than ever ready to live up to its ambitions. With many new projects in the pipeline, a large land reserve of approx. 2,000,000 m² and professional teams in the four countries where it is active, Montea is ready to respond to the strong market demand. These factors will constitute the foundation for the achievement of Track'24.

Focus on sustainability

Montea aspires to reduce the COշ emissions from its own operations by 50% by the end of 2024 – in line with the 2030 target, i.e. full COշ neutrality without compensation.

Montea aspires to reduce the COշ emissions from its buildings by 20% by the end of 2024 – in line with the 2050 target, i.e. to bring the emissions in line with the targets of the Paris climate conference (Paris Proof).

5.2 Outlook 2021

Strong start of Track'24

Montea is making a strong start to its newly announced plan for growth and is raising its results-related targets:

✓ growth of the EPRA earnings per share from € 3.68 to € 3.74 (+ 7% compared with 2020)
✓ increase of the dividend per share from € 2.96 to € 3.02 (+ 7% compared with 2020)
✓ maintaining the occupancy rate above 97%
✓ a debt ratio lower than 50%.

Montea reaffirms, in line with Track'24, to get its real estate portfolio to grow to € 1.6 billion - including the recent upgrades of the existing portfolio - by the end of 2021. This represents an increase of 17% compared with Q4 2020.

Strong fundamentals

In 2021, Montea is also sticking to its strategy of subjecting its portfolio to continuous arbitrage. This strategy results in exceptional property-related performance indicators such as occupancy rate (99.7% on 30/06/2021), average remaining term of leases until first termination option (7.5 years on 30/06/2021) and average age of buildings (8.6 years on 30/06/2021). Thanks to its focus on the type of client and their activity (such as the health care sector, recycling sector, etc.) as well as on strategic locations with high added value (such as airports, water locations, etc.), Montea has succeeded in expanding its real estate portfolio in optimal fashion. Montea therefore expects to be able to maintain the occupancy rate at least above 97%.

Sustainability

Montea's ambition is to make its own operations COշ-neutral by means of compensation by the end of the year by reducing COշ emissions (e.g. by stimulating the use of public transport and electric cars), improving energy efficiency (e.g. energy monitoring) and using renewable energy sources (e.g. solar panels and heat pump applications). A partnership with CO2logic was established to guide and certify the process. Montea joins the Science Based Targets initiative to underscore its ambition and commitment in the fight against climate change.

Montea has achieved its objective of developing and implementing a Green Finance Framework by 2021. Montea has established this Green Finance Framework to issue green finance instruments, which can include bonds, loans, private placements and all other green finance instruments so as to finance and/or refinance sustainable projects with a clear environmental and social benefit.

An important step was taken within the Green Finance Framework at the beginning of 2021: Montea successfully completed its first US Private Placement ²⁷ by issuing € 235 million in Green Bonds.

²⁷ See press release of 13/04/2021 or go to www.montea.com for more information.

6 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 statutory sole directors, the directors of Montea Management NV, 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.

7 Financial calendar

29/10/2021 Interim statement – results as at 30/09/2021 (before opening of trading)

This information is also available on our website www.montea.com.

ABOUT MONTEA "SPACE FOR GROWTH"

Montea NV is a public regulated real estate company (SIRP – SIIC) under Belgian law, specializing in logistical property in Belgium, France and the Netherlands. The company is a leading player on this market. Montea literally offers its customers space for growth by providing versatile, innovative property solutions. This enables Montea to create value for its shareholders. As at 30/06/2021, Montea's real estate portfolio represented total floor space of 1,496,981 m², spread over 75 locations. Montea NV has been listed on NYSE Euronext Brussels (MON) and Paris (MONTP) since 2006.

PRESS CONTACT FOR MORE INFORMATION

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

	CONSOLIDATED PROFIT & LOSS ACCOUNT (EUR x 1.000)		31/12/2020	30/06/2020
		6 months	12 months	6 months
I .	Rental income	37.708	70.061	34.177
II.	Write-back of lease payments sold and discounted	0	0	0
III.	Rental-related expenses	409	-465	0
	NET RENTAL RESULT	38.118	69.597	34.177
IV.	Recovery of property charges	0	0	0
V.	Recovery of charges and taxes normally payable by tenants on let properties	3.559	7.466	2.753
VI.	Costs payable by tenants and borne by the landlord for rental damage and refurbishment	0	0	0
	at end of lease
VII.	Charges and taxes normally payable by tenants on let properties	-3.910	-7.762	-2.869
VIII.	Other rental-related income and expenses	6.438	5.074	2.514
	PROPERTY RESULT	44.204	74.374	36.575
IX.	Technical costs	-1	-17	-12
X.	Commercial costs	-171	-95	-22
XI.	Charges and taxes of un-let properties	-249	-156	-134
XII.	Property management costs	-983	-1.913	-919
XIII.	Other property charges	-16	-48	-28
	PROPERTY CHARGES	-1.419	-2.229	-1.115
	PROPERTY OPERATING RESULT	42.785	72.145	35.460
XIV.	General corporate expenses	-2.926	-4.378	-2.646
XV.	Other operating income and expenses	172	-133	-36
	OPERATING RESULT BEFORE PORTFOLIO RESULT	40.031	67.635	32.778
XVI.	Result on disposal of investment properties	1.110	0	0
XVII.	Result on disposal of other non-financial assets	0	0	0
	XVIII. Changes in fair value of investment properties	105.257	107.308	28.406
XIX.	Deferred taxes on the result on the portfolio	-15.780	0
XX.	Other portfolio result	0	0	0
	OPERATING RESULT	130.617	174.943	61.184
XXI.	Financial income	6	94	92
XXII.	Net interest charges	-5.882	-10.938	-5.176
	XXIII. Other financial charges	-44	-107	-41
	XXIV. Change in fair value of financial assets & liabilities	6.447	-8.077	-7.713
	FINANCIAL RESULT	527	-19.027	-12.837
XXV.	Share in the result of associates and joint ventures	0	0	0
	PRE-TAX RESULT	131.145	155.915	48.346
	XXVI. Corporation tax	-2.686	-906	-387
	XXVII. Exit tax	0	0	0
	TAXES	-2.686	-906	-387
	NET RESULT	128.458	B I J L A G E N 155.009	47.960
	Attributable to:
	Shareholders of the parent company	128.458	155.009	47.960
	Minority interests	0	0	0
	Number of shares in circulation at the end of the period	16.215.456	16.023.694	16.023.694
	Weighted average of number of shares of the period	16.044.884	15.916.319	15.807.764
	NET RESULT per share (EUR)	8,01	9,74	3,03

Annex 1: Consolidated overview of the income statement on 30/06/2021 28

²⁸ The condensed financial statements have been subject to a limited review by the Auditor.

	CONSOLIDATED BALANCE SHEET (EUR x 1,000)	30/06/2021	31/12/2020	30/06/2020
I.	NON-CURRENT ASSETS	1.509.099	1.360.539	1.217.747
	A. Goodwill	-	-	-
	B. Intangible assets	681	589	481
	C. Investment properties	1.473.404	1.328.823	1.189.726
	D. Other tangible assets	34.705	30.842	27.358
	E. Non-current financial assets	88	64	147
	F. Finance lease receivables	-	-	-
	G. Trade receivables and other non-current assets	222	221	35
	H. Deferred taxes (assets)	-	-	-
	I . Participations in associates and joint ventures according to the equity method	-	-	-
II.	CURRENT ASSETS	38.015	38.382	35.581
	A. Assets held for sale	- 0	6.221	-
	B. Current financial assets	-	-	-
	C. Finance lease receivables	-	-	-
	D. Trade receivables	13.270	13.374	12.821
	E. Tax receivables and other current assets	11.959	9.646	8.068
	F. Cash and cash equivalents	7.503	5.057	10.976
	G. Deferred charges and accrued income	5.283	4.085	3.716
	TOTAL ASSETS	1.547.115	1.398.921	1.253.328
	TOTAL SHAREHOLDERS' EQUITY	916.451	815.311	708.197
I.	Shareholders' equity attributable to shareholders of the parent company	916.451	815.311	708.197
	A. Share capital	323.743	319.812	319.848
	B. Share premiums	234.693	222.274	222.274
	C. Reserves	229.557	118.216	118.114
	D. Net result of the financial year	128.458	155.009	47.960
II.	Minority interests	-	-	-
	LIABILITIES	630.664	583.610	545.131
I.	Non-current liabilities	542.037	477.807	437.473
	A. Provisions	-	-	-
	B. Non-current financial debts	501.614	446.742	406.689
	a. Credit institutions	256.691	351.874	310.922
	b. Financial leasings	807	833	919
	c. Other	244.116	94.035	94.848
	C. Other non-current financial liabilities	24.642	31.065	30.783
	D. Trade debts and other non-current debts	-	-	-
	E. Other non-current liabilities	-	-	-
	F. Deferred taxes - liabilities	15.780	-	-
II.	Current liabilities	88.627	105.803	107.659
	A. Provisions	-	-	-
	B. Current financial debts	44.545	61.794	61.344
	a. Credit institutions	42.500	30.000	29.600
	b. Financial leasings	105	98	99
	c. Other	1.940	31.696	31.645
	C. Other current financial liabilities	-	-	-
	D. Trade debts and other current debts	19.316	17.966	23.052
	a. Exit taks	202	147	278
	b. Other	19.114	17.819	22.774
	E. Other current liabilities	5.477	4.778	4.775
	F. Accrued charges and deferred income	19.288	21.266	18.488
	TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	1.547.115	1.398.921	1.253.328

Annex 2: Consolidated overview of the balance sheet on 30/06/2021 29

²⁹ The condensed financial statements have been subject to a limited review by the Auditor.

Annex 3: Consolidated overview of the changes in shareholders' equity³⁰

STATEMENT OF CHANGES CHANGES IN SHAREHOLDER EQUITY IN SHAREHOLDERS' EQUITY (EUR x 1.000)	Share capital	Share premiums	Reserves	Result	Deduction of transfer rights and costs	Minority interests	Shareholders' equity
(EUR x 1.000) Explanation	29	29	30	31	30	32
ON 31/12/2019	314.983	209.183	47.397	108.465	0	0	680.029

Elements directly recognized as equity	4.829	13.091	2.402	0	0	0	20.322
Capital increase	4.829	13.091	0	0	0	0	17.919
Impact on fair value of estimated transfer rights and costs resulting from hypothetical disposal of investment properties	0	0	0	0	0	0	0
Positive change in value of solar panels (IAS 16)	0	0	2.402	0	0	0	2.402
Own shares	0	0	0	0	0	0	0
Own shares held for employee option plan	0	0	0	0	0	0	0
Minority interests	0	0	0	0	0	0	0
Corrections	0	0	0	0	0	0	0
Subtotal	319.812	222.274	49.799	108.465	0	0	700.351
Dividends	0	0	-40.049	0	0	0	-40.049
Result carried forward	0	0	108.465	-108.465	0	0	0
Result for the financial year	0	0	0	155.009	0	0	155.009
ON 31/12/2020	319.812	222.274	118.215	155.009	0	0	815.311

Elements directly recognized as equity	3.931	12.419	1.640	0	0	0	17.990
Capital increase	3.815	12.419	0	0	0	0	16.233
Impact on fair value of estimated transfer rights and costs resulting from	0	0	0	0	0	0	0
hypothetical disposal of investment properties
Positive change in value of solar panels (IAS 16)	0	0	1.626	0	0	0	1.626
Own shares	0	0	0	0	0	0	0
Own shares held for employee option plan	116	0	15	0	0	0	131
Minority interests Corrections	0 0	0 0	0 0	0 0	0 0	0 0	0 0
Subtotal	323.743	234.693	119.856	155.009	0	0	833.301
Dividends	0	0	-45.308	0	0	0	-45.308
Result carried forward	0	0	155.009	-155.009	0	0	0
Result for the financial year	0	0	0	128.458	0	0	128.458

ON 30/06/2021	323.743	234.693	229.557	128.458	0	0	916.451

³⁰ The condensed financial statements have been subject to a limited review by the Auditor.

Half-yearly financial report - 48 / 58 EMBARGO until 19/08/2021 – 6:00 PM

A N N E X E S

Annex 4: Overview of the consolidated global result³¹

ABBREVIATED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR x 1.000)	30/06/2021	31/12/2020	30/06/2020
	6 months	12 months	6 months
Net result	128.458	155.009	47.960
Other items of the comprehensive income	1.626	2.402	2.301
Items taken in the result	0	0	0
Impact on fair value of estimated transfer rights and costs resulting from hypothetical disposal of investments properties	0	0	0
Changes in the effective part of the fair value of authorized cash flow hedges	0	0	0
Items not taken in the result Impact of changes in fair value of solar panels	1.626 1.626	2.402 2.402	2.301 2.301
Comprehensive income	130.084	157.411	50.260
Attributable to:
Shareholders of the parent company Minority interests	130.084 € 0	157.411 € 0	50.260 € 0

³¹ The condensed financial statements have been subject to a limited review by the Auditor.

Half-yearly financial report - 49 / 58 EMBARGO until 19/08/2021 – 6:00 PM

Annex 5: Overview of the consolidated cash flow statement³²

CONSOLIDATED CASH FLOW STATEMENT (EUR x 1.000)	30/06/2021	31/12/2020
	6 months	12 months
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR (A)	5.057	7.690
Net result	128.458	155.009
Financial cash elements (not deductible of the net profit) to become the operating result	5.920	10.950
Received interests	-6	-94
Payed interests on finances	5.926	11.045
Received dividends	0	0
Taxes (deducted from the net result) to become the operating result	2.686	906
Non-cash elements to be added to / deducted from the result	-96.711	-99.395
Depreciations and write-downs	324	743
Depreciations/write-downs (or write-back) on intangible and tangible assets (+/-)	163	278
Write-downs on current assets (+)	-124	465
Write-back of write-downs on current assets (-)	285	0
Other non-cash elements	-97.035	-100.138
Changes in fair value of investment properties (+/-)	-105.257	-107.308
IFRS 9 impact (+/-)	-6.447	8.077
Other elements	0	0
Realized gain on disposal of investment properties	-1.110	0
Provisions	-1	-1
Taxes	15.780	-906
NET CASH FROM OPERATING ACTIVITIES BEFORE CHANGE IN WORKING	40.354	67.470
CAPITAL REQUIREMENTS (B)
Change in working capital requirements (C)	-3.336	1.791
Movements in asset items	-3.408	-2.663
Trade receivables	0	-186
Other long-term non-current assets	103	31
Other current assets	-2.313	-460
Deferred charges and accrued income	-1.199	-2.048
Movements in liability items	72	4.454
Trade debts	-566	3.079
Taxes, social charges and salary debts	1.916	673
Other current liabilities	699	-30
Accrued charges and deferred income	-1.978	732
NET CASH FLOW FROM OPERATING ACTIVITIES (A)+(B)+(C) = (A1)	42.075	76.951
Investment activities	-37.642	-98.695
Acquisition of intangible assets	-196	-327
Investment properties and development projects	-34.805 -27	-82.611 -29
Other tangible assets	-3.724	-15.728
Solar panels Disposal of investment properties	1.110	0
Disposal of superficy	0	0
NET CASH FLOW FROM INVESTMENT ACTIVITIES (B1)	-37.642	-98.695
FREE CASH FLOW (A1+B1)	4.433	-21.744
Change in financial liabilities and financial debts	36.439	57.479
Change in other liabilities	0	0
Change in shareholders' equity	-27.449	-19.727
Dividend paid (+ profit-sharing scheme)	0	0
Financial cash elements	-5.920	-10.950
NET FINANCIAL CASH FLOW (C1)	3.071	26.801
	7.504	5.057
CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR (A1+B1+C1)

³² The condensed financial statements have been subject to a limited review by the Auditor.

Annex 6: Fair Value Hierarchy³³

		Fair value hierarchy	30/06/2021	30/06/2021	30/06/2021	30/06/2021
		(EUR x 1.000)	Booking value	Level 1 (1)	Level 2 (2)	Level 3 (3)
I.		NON-CURRENT ASSETS	1.509.099	0	991	1.508.109
	A.	Goodwill	0	0	0	0
	B.	Intangible assets	681	0	681	0
	C.	Investment properties	1.473.404	0	0	1.473.404
	D.	Other tangible assets	34.705	0	0	34.705
	E.	Non-current financial assets	88	0	88	0
	F.	Finance lease receivables	0	0	0	0
	G.	Trade receivables and other non-current assets	222	0	222	0
	H.	Deferred taxes (assets)	0	0	0	0
	I .	Participations in associates and joint ventures according to the	0	0	0	0
II.		CURRENT ASSETS	38.015	7.503	30.512	0
	A.	Assets held for sale	0	0	0	0
	B.	Current financial assets	0	0	0	0
	C.	Finance lease receivables	0	0	0	0
	D.	Trade receivables	13.270	0	13.270	0
	E.	Tax receivables and other current assets	11.959	0	11.959	0
	F.	Cash and cash equivalents	7.503	7.503	0	0
	G.	Deferred charges and accrued income	5.283	0	5.283	0
		TOTAL ASSETS	1.547.115	7.503	31.503	1.508.109
		LIABILITIES	630.664	0	631.539	0
I.		Non-current liabilities	542.037	0	542.912	0
	A.	Provisions	0	0	0	0
	B.	Non-current financial debts	501.614	0	502.490	0
		1. Bancaire schulden	256.691	0	256.691	0
		2. Obligatieleningen	244.116	0	244.991	0
		3. Diverse langlopende financiële schulden (borgtochten, waarborgen,)	807	0	807	0
	C.	Other non-current financial liabilities	24.642	0	24.642	0
	D.	Trade debts and other non-current debts	0	0	0	0
	E.	Other non-current liabilities	0	0	0	0
	F.	Deferred taxes - liabilities	15.780	0	15.780	0
II.		Current liabilities	88.627	0	88.627	0
	A.	Provisions	0	0	0	0
	B.	Current financial debts	44.545	0	44.545	0
		1. Bank debt	42.500	0	42.500	0
		2. Leasing	105	0	105	0
		3. Autres	1.940	0	1.940	0
	C.	Other current financial liabilities	0	0	0	0
	D.	Trade debts and other current debts	19.316	0	19.316	0
	E.	Other current liabilities	5.477	0	5.477	0
	F.	Accrued charges and deferred income	19.288	0	19.288	0
		TOTAL LIABILITIES	630.664	0	631.539	0

³³ The condensed financial statements have been subject to a limited review by the Auditor.

A N N E X E S

	(EUR x 1.000)	30/06/2021	30/06/2021	30/06/2021	30/06/2021	30/06/2021
		BE	FR	NL	Elim.	6 months
I .	Rental income	18.018	5.722	13.969	0	37.708
II.	Write-back of lease payments sold and discounted	0	0	0	0	0
III.	Rental-related charges	132	153	124	0	409
	NET RENTAL INCOME	18.150	5.875	14.093	0	38.118
IV.	Recovery of property charges	0	0	0	0	0
V.	Recovery of charges and taxes normally borne by tenants on let properties	1.939	826	795	0	3.559
VI.	Costs payable by tenants and borne by the landlord for rental damage and	0	0	0	0	0
	refurbishment at end of lease
VII.	Charges and taxes normally borne by tenants on let properties	-1.992	-844	-1.074	0	-3.910
VIII.	Other rental-related income and expenses	5.595	29	813	0	6.438
	PROPERTY RESULT	23.692	5.886	14.627	0	44.204
IX.	Technical costs	0	-1	0	0	-1
X.	Commercial costs	-39	-74	-58	0	-171
XI.	Charges and taxes of un-let properties	-141	-108	0	0	-249
XII.	Property management costs	-644	-339	0	0	-983
XIII.	Other property charges	-15	-1	0	0	-16
	PROPERTY CHARGES	-839	-523	-58	0	-1.419
	PROPERTY OPERATING RESULT	22.853	5.363	14.569	0	42.785
XIV.	General costs of the company	-2.634	-227	-65	0	-2.926
XV.	Other operating income and expenses	214	-40	-2	0	172
	OPERATING RESULT BEFORE RESULT ON THE PORTFOLIO	20.433	5.096	14.502	0	40.031
XVI.	Result on disposal of investment properties	0	1.110	0	0	1.110
XVII.	Result on disposal of other non-financial assets	0	0	0	0	0
XVIII.	Changes in fair value of investment properties	43.569	4.123	57.565	0	105.257
	Deferred taxes on the result on the portfolio	0	0	-15.780	0	-15.780
XIX.	Other portfolio result	0	0	0	0	0
	OPERATING RESULT	64.002	10.329	56.286	0	130.617
XX.	Financial income	2.560	1	0	-2.555	6
XXI.	Net interest charges	-5.886	-758	-1.793	2.555	-5.882
XXII.	Other financial charges	-35	-7	-2	0	-44
XXIII.	Changes in fair value of financial assets and liabilites	6.447	0	0	0	6.447
	FINANCIAL RESULT	3.086	-764	-1.795	0	527
XXIV.	Share in the result of associates and joint ventures	0	0	0	0	0
	PRE-TAX RESULT	67.088	9.565	54.491	0	131.145
XXV.	Corporate taxes	-110	-142	-2.434	0	-2.686
XXVI.	Exit tax	0	0	0	0	0
	TAXES	-110	-142	-2.434	0	-2.686
	NET RESULT	66.978	9.423	52.057	0	128.458
	EPRA RESULT	16.962	4.190	10.273	0	31.425
	Weighted average number of shares	16.045	16.045	16.045	0	16.045
	NET RESULT PER SHARE	4,17	0,59	3,24	0,00	8,01
	EPRA RESULT PER SHARE	1,06	0,26	0,64	0,00	1,96

Annex 7: Consolidated overview of the income statement on 30/06/2021 per geographic region³⁴

³⁴ The condensed financial statements have been subject to a limited review by the Auditor.

Half-yearly financial report - 52 / 58 EMBARGO until 19/08/2021 – 6:00 PM

		(EUR x 1.000)	30/06/2021	30/06/2021	30/06/2021	30/06/2021	30/06/2021
			BE	FR	NL	Elim.	Conso
I.		NON-CURRENT ASSETS	926.472	201.118	561.984	-180.475	1.509.099
	A.	Goodwill	0	0	0	0	0
	B.	Intangible assets	681	0	0	0	681
	C.	Investment properties	719.959	200.495	552.950	0	1.473.404
	D.	Other tangible assets	25.081	590	9.034	0	34.705
	E.	Non-current financial assets	180.563	0	0	-180.475	88
	F.	Finance lease receivables	0	0	0	0	0
	G.	Trade receivables and other non-current assets	188	33	0	0	222
	H.	Deffered taxes (assets)	0	0	0	0	0
	I .	Participations in associates and joint ventures according to the equity method	0	0	0	0	0
II.		CURRENT ASSETS	281.255	5.082	17.314	-265.635	38.015
	A.	Assets held for sale	0	0	0	0	0
	B.	Current financial assets	0	0	0	0	0
	C.	Finance lease receivables	0	0	0	0	0
	D.	Trade receivables	7.211	2.668	4.491	-1.100	13.270
	E.	Tax receivables and other current assets	264.690	0	11.804	-264.535	11.959
	F.	Cash and cash equivalents	5.337	1.209	958	0	7.503
	G.	Deffered charges and accrued income	4.016	1.205	62	0	5.283
		TOTAL ASSETS	1.207.727	206.200	579.298	-446.110	1.547.115
		TOTAL SHAREHOLDERS' EQUITY	623.256	108.008	362.146	-176.958	916.451
I.		Shareholders' equity attributable to the shareholders of the parent	623.256	108.008	362.146	-176.958	916.451
		company
	A.	Share capital	323.743	0	117.045	-117.045	323.743
	B.	Share premiums	234.693	0	0	0	234.693
	C.	Reserves	-2.158	98.585	193.044	-59.914	229.557
	D.	Net result of the financial year	66.978	9.423	52.057	0	128.458
II.		Minority interests	0	0	0	0	0
		LIABILITIES	584.471	98.192	217.152	-269.152	630.664
I.		Non-current liabilities	524.756	1.464	15.816	0	542.037
	A.	Provisions	0	0	0	0	0
	B.	Non-current financial debts	500.114	1.464	36	0	501.614
	C.	Other non-current financial liabilities	24.642	0	0	0	24.642
	D.	Trade debts and other non-current debts	0	0	B I J L A G E N 0	0	0
	E.	Other non-current liabilities	0	0	0	0	0
	F.	Deferred taxes - liabilities	0	0	15.780	0	15.780
II.		Current liabilities	59.715	96.728	201.336	-269.152	88.627
	A.	Provisions	0	0	0	0	0
	B.	Current financial debts	44.433	77	35	0	44.545
	C.	Other current financial liabilities	0	0	0	0	0
	D.	Trade debts and other current debts	4.378	3.166	12.980	-1.207	19.316
	E.	Other current liabilities	771	90.371	182.498	-268.163	5.477
	F.	Accrued charges and deferred income	10.133	3.113	5.823	219	19.288
		TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	1.207.727	206.200	579.298	-446.110	1.547.115

Annex 8: Consolidated overview of the balance sheet on 30/06/2021 per geographic region.³⁵

³⁵ The condensed financial statements have been subject to a limited review by the Auditor.

AI assistant

Montea N.V. — Interim / Quarterly Report 2021

3978_ir_2021-08-19_1e618448-6d68-4beb-bff8-4553c58d8ca3.pdf

Press Release Half-yearly financial report

Highlights of Track'24 - plan for growth

Highlights H1 2021

❑ Strong fundamentals:

Summary

Table of Contents

1 Management Report

Annexes:

1 Management Report

1.1 Key figures

1.2 Significant events and transactions in the first half of 2021

1.2.1 Rental activity

Occupancy rate of 99.7%

1.2.2 Acquisitions

1.2.2.1 Overview of acquisitions

Montea invests in multimodal urban logistics, Brussels (BE)3

Sale & lease back of logistics building, Ridderkerk (NL)4

Development site, Senlis (FR)

1.2.3 Development activities

1.2.3.1 Projects delivered in 2021

Circular and climate-neutral business park Blue Gate in Antwerp, Belgium5

Schiphol Airport – parking plot 2 (NL)

1.2.3.2 Identified projects in progress in 2021

Logistics Park A12, Waddinxveen (NL)

Cleantech recycling and distribution centre, Tiel (NL)8

Vosdonk Industrial Estate, Etten-Leur (NL) 9

Extension + parking, De Hulst, Willebroek (BE)

1.2.3.3 Developments in the PV portfolio

Completed projects in the first half of 2021

Planned projects for 2021

1.2.4 Divestment activity in Q2 2021

Divestment of building in St-Laurent-Blangy (FR)

1.2.5 Launch of ESG report:11 our sustainability strategy

Environmental

Social

Governance

1.2.6 Green Finance Framework 12

1.2.7 US Private Placement: issue of € 235 million in Green Bonds13

1.2.8 Further strengthening of the financing structure

Result of the optional dividend – 52% of shareholders support Montea's growth by opting for shares14

1.2.9 Policy developments concerning the Dutch REIT status

Application for FBI status for Montea Nederland NV and its subsidiaries

Future of the FBI regime

Accounting treatment and financial impact up to 2020

Accounting treatment and financial impact for 2021

1.3 Summary of the condensed consolidated financial statements for the first half of the year closed on 30/06/2021

1.3.1 Condensed consolidated (analytical) income statement of 30 June 2021

1.3.2 Notes to the condensed consolidated (analytical) income statement

❑ Summary

❑ Taxes

❑ EPRA earnings

1.3.3 Condensed consolidated balance sheet as at 30 June 2021

1.3.4 Notes to the consolidated balance sheet as at 30 June 2021

1.3.5 Valuation rules

o New or amended standards and interpretations effective for the financial year, beginning 1 January 2021.

1.4 Performance of the Montea share on the stock exchange

1.5 Significant events after the balance sheet date

1.6 Transactions between affiliated parties

1.7 Main risks and uncertainties

1.7.1 Main risks and uncertainties24

2 Statement pursuant to Article 13 of the Royal Decree of 14 November 2007

3 EPRA Performance measures25

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

4 Detail on the calculation of APMs used by Montea26

Result on the portfolio

Financial result exclusive of changes in the fair value of financial instruments

Operating margin

Average cost of debt

Interest coverage ratio

5 Outlook

5.1 Track'24

Ambitious portfolio growth

Montea N.V. Interim / Quarterly Report 2021

Montea invests in multimodal urban logistics, Brussels (BE)³

Sale & lease back of logistics building, Ridderkerk (NL)⁴

Circular and climate-neutral business park Blue Gate in Antwerp, Belgium⁵

Cleantech recycling and distribution centre, Tiel (NL)⁸

Vosdonk Industrial Estate, Etten-Leur (NL) ⁹

1.2.5 Launch of ESG report:¹¹ our sustainability strategy

1.2.6 Green Finance Framework ¹²

1.2.7 US Private Placement: issue of € 235 million in Green Bonds¹³

Result of the optional dividend – 52% of shareholders support Montea's growth by opting for shares¹⁴

1.7.1 Main risks and uncertainties²⁴

3 EPRA Performance measures²⁵

4 Detail on the calculation of APMs used by Montea²⁶

Annex 3: Consolidated overview of the changes in shareholders' equity³⁰

Annex 4: Overview of the consolidated global result³¹

Annex 5: Overview of the consolidated cash flow statement³²

Annex 6: Fair Value Hierarchy³³

Annex 7: Consolidated overview of the income statement on 30/06/2021 per geographic region³⁴

Annex 8: Consolidated overview of the balance sheet on 30/06/2021 per geographic region.³⁵