Montea Comm. VA

Good morning, ladies and gentlemen. Thank you all for joining our Q3 analyst and investor call hosted from the Starship Enterprise at Euronext Brussels. As every quarter, I'm joined this morning by my two colleagues, Elsford Vake, our CFO, and Ina Mazlova, our investor relations manager. Europe's logistics real estate sector continues to perform strongly and Mantea's results stand out within this dynamic sector. With solid leasing activity, a very high occupancy rate and healthy rent levels, we're delivering on our promise and moving firmly towards our ambitious Track 27 goals. Here's the agenda for this morning. Els will start by sharing the nine-month results. I will then give you an update on our growth and Ina will walk you through both our portfolio and our markets. Els will return with an outlook and I will close with an update on the progress of our ESG targets. Finally, as always, we look forward to your questions. Ina will lead us through the Q&A session at the end of the call. Els, the floor is yours.

Thank you very much, Jo. We are well on track with an EPRA result for the nine month period of 83 million euro, an increase of 15% year on year, resulting into an EPS of 3.61 euro per share, representing a 2% increase year on year, or an 8% increase on a recurring basis. And this despite a 13% increase in the weighted average number of shares. The net result for that same period of 9 months 2025 amounts to €150 million and includes, besides the EPRA result, a positive portfolio revaluation of €21.2 million. Per share, the net result amounts to €4.99. Driven by a positive like-for-like rental growth of 3.3%, The top line driven by a like-for-like rental growth of 3% and a strong portfolio expansion, our top line increased by 25% year-on-year to a level of 103.7 million euro of net rental income. The operating result before portfolio result increased at the same pace to a level of 98.1 million euro. The operating margin improved compared to last year to 88.7%. The financial charges increased by 46% to 13.2 million and reflect the expected increased interest charges that are due to new debt that is taken out to finance our growth plan. All of this leads to an APRA result of 83 million euro, a 15% year-on-year increase, Per share, this results into an EPS of 3.61 euro, an 8% increase on a recurring basis. Moving on to the balance sheet, healthy fundamentals will enable our further growth with a loan-to-value of 38.8%, an adjusted net debt on EBITDA of 7.4 times and an interest cover of 4.5 times. You all know that we have a BBB Plus investment grade credit rating by Fitch. This investment grade credit rating has been achieved thanks to our solid business and financial profile with long-term funding, strong liquidity position of €231 million of immediately available funding and a hedge ratio that stood at 98% at the end of the third quarter. There is no debt that is maturing in 2025 nor in 2026, so the first debt that will come to maturity is in 2027 and is limited to 75 million euro. Cost of debt is stable and will remain stable throughout 2026 at an average cost of debt level of 2.1%. It's always been part of our strategy to keep the healthy balance sheet prudent approach. And looking back at the last couple of years, the net debt on EBITDA adjusted has never exceeded the eight times. Interest cover has never been below 4.5 times and loan to value has never exceeded 40%. Funding is long term, as I already mentioned, average of maturity both for financing and hedging around six years and diversified with 53% that is coming from bilateral credit line facilities and 46% from the private placement market. Over to you, Jo.

Thank you very much, Els. It's a pleasure to give you an update on our growth strategy. As you know, it is based on four pillars, in-house developments, partnerships with seasoned developers, solid acquisitions, mainly sale and rendex, and of course, our green investments. Today, our total investments over the first nine months stand at 235 million of investments, well spread over those four months. categories. This means that when we look at everything we have done since the start of track 27 in 24, we have now 78% of the total volume we wanted to achieve, the 1.2 billion growth is now identified. 670 million has already been invested, another 60 million is in execution, and we have another 200 million in exclusive negotiations. Looking at the 235 million we are doing in this year, we do that as an average net yield of 6.6%. 156 million comes from developments and partnerships, 67 million comes from acquisitions, and 12 million comes from our sustainability investments, being solar panels and battery projects. In execution, we have today 66 million, 57 million is coming from projects under development at yields above 6.5%, and another 9 million from solar panels and battery energy hubs at an IRR of roughly 8%. Under exclusive negotiation, we have another 100 million of yielding investments, 50 million of solar panels and battery projects in Belgium and Holland, and another 45 million of non-yielding land bank that after development would also yield at at least 6.5%. When we look at the prelets, 155,000 square meters are in the pipeline. This is our 40% share in the GV with Weerts for Skechers in Liege. Development in Oss in Holland for Vos Logistics. two projects in Halle and Zelik where we hope or we expect that's better than hope we expect to start in the development in Q1 2026 so we expect to obtain all permits by the end of this year and a new project that we signed recently a small project with 4000 square meters GLA in Tiel, where we also expect to receive the building permit in due course. We signed an LOI for 30,000 square meters, but this is the same LOI as we already announced in the Q2 figures. So, pre-lets are doing pretty well. As I told you last time, we've done also some standing investments at Blue Gate, in Zaltbommel and in Zeewolde. this means that our development pipeline in execution today is roughly 100 000 square meter that is still in execution os and liege 100 pre-let and an average lease duration of 19 years and then of course another 300 000 square meters yielding we expect that average 6.8 percent where now three leases are signed but are waiting for the building permit, mainly Halle, Zelik and Tiel. You know where our land plots are for those projects. They are in Belgium, in Liege, in Halle, in Tongeren, in Zellig, in Grimbergen, and in Leumen. And in Holland, we have the project for Vos in Oz, of course, the Thiel project. And we have Born also in the Netherlands. Our land bank today is roughly 3.1 million square meters. I want to repeat that this is 100% zoned land. So this is not speculative land. This is real investment. Total value of that portfolio is 466 million today or roughly 200 euros per square meter. 60% of that land bank is yielding today on average at a yield of 5.7%. This gives us a huge opportunity potential. We want to capture 30% of our growth by 2027. And after that, there remains another 74% of rental growth based on the potential of this land bank. So very important part of our growth strategy. We estimate today that another 330 million of value creation is still hidden in this land bank. It is really, and I can't repeat it enough, the cornerstone of our growth strategy. This brings me to the portfolio update that I would like Ina to present to you. Ina.