Montea Comm. VA

Montea enters Italy and opens a new chapter in its Western European growth story. Together with Wits Logistics Parks, we are expanding our reach with the same clear focus. Strong logistics locations that create long-term value. Our expansion will unfold in two phases. First, by year end, we will acquire a portfolio of more than 340 million euros comprising 10 assets. Eight in Italy, two in Germany. These assets will strengthen our platform, increase our portfolio by 10% and generate income from day one. We are buying the portfolio from Weerts Logistics Parts, a trusted partner with whom we are already developing Belgium's largest logistics building for Skechers in Liege. And as part of this deal, we will also increase our share in the Skechers project from 40% to 49%. Second, we will launch together a four-year development partnership in Italy. Peerts brings local teams and land. Montea brings expertise and capital. Together, we aim to develop a pipeline that will double Montea's Italian footprint in the coming years. But why Italy? Well, for centuries Italy has connected European industry with Mediterranean trade, making it a natural next step for Montea as we continue to focus on Europe's strongest logistics locations. The market fundamentals in Italy are strong, with high demand, limited qualitative offer, resulting in continued rental growth. We are entering the market from a position of strength, with Weerts as a strong partner offering local development expertise.

The partnership with Weerts Logistics Parks shows a strong vote of confidence in Montea. We will issue new shares significantly above our current share price, at a price reflecting Montea's underlying net asset value. By becoming a significant shareholder, WIRTS is not only partnering with us on growth, it is investing in Montea's long-term future. The issue price of the new shares sends an important signal. For us, growth must always go hand-in-hand with shareholder value. Pricing the new shares above the latest EPRA NTA supports that principle and provides a robust equity base for this transaction. It allows us to take a meaningful strategic step and acquire a prime portfolio with long-term cash flow visibility whilst preserving our financial strength for future growth.

For our shareholders, this creates long-term value. For our clients, it gives them a stronger partner across borders. And for Montea, it adds skill and future growth. More reach, more opportunity. In short, real space for growth. Good morning, ladies and gentlemen, and thank you for joining us this morning for what I would like to call a transformational next step in Montea's growth story. We are entering Italy as our fifth core market with immediate scale, while expanding our partnership with Wirts Logistics Parks to create a new platform for long-term growth. But before diving into this deal, let me first take a step back and put today's transaction into the context of Montea's growth story. Last week, as you know, we celebrated the 20th anniversary of our IPO on Euronext Brussels. We started in 2006 with a €100 million portfolio in Belgium and expanded already in 2007 into France, just one year later along La Dorsale, Lille, Paris, Lyon, Marseille. and over the past decade we have progressively extended to that platform along Europe's key logistics corridors. We expanded along the Rhine-Alpine corridor into the Netherlands and Germany while further strengthening our presence along the Atlantic corridor in France. And today we take the next logical step in that journey. Our entry into Italy extends Montea's footprint further along the Rhine-Alpine corridor, the vital logistics backbone connecting ports and major economic centres across Europe, better known as the Blue Banana. While we also strengthen our presence in Germany, we enter Italy with scale from day one, adding income and experienced local development partner. But before diving into the deal, I would like to dive more into the fundamentals of the Italian market. We see a dynamic occupier demand, with take-up outpacing supply, healthy levels of vacancy , supporting the fundamental strength and exactly the criteria we are looking for when deploying our capital into a new market. Consistent with the other markets along the Blue Banana, prime Italian logistics rents are increasing. And for Italy, the prime rents remain below several of the major Western European markets while continuing to grow. For Mantea, that means we are entering a market where both the occupier fundamentals and the longer-term structural opportunity are attractive. There's another important element. Italy has one of the lowest levels of modern logistics stock per capita in Europe, while planning, land availability and economic constraints continue to limit new developments. At the same time, e-commerce penetration remains relatively low, at around 11% today, and it is expected to rise to 15% by 2030. This provides an additional structural driver for demand for modern logistics space. That combination of limited modern supply and further demand growth is exactly what we as a developer and investor are looking for. Our strategy has always been to build scale in the strongest logistics locations in Europe, and therefore Italy is a natural extension of that strategy. Now, looking at the transaction we are announcing today, I would say that there are three pillars that constitute the backbone of this deal. First of all, we are acquiring a €344 million portfolio. There are 10 assets, around 310,000 square meters, €20 million of net rental income and 100% occupancy or pre-letting. Six assets are already income producing, four of them are pre-let and will be delivered in 2027. With a world of 16 years and a 5.7% average net yield, the portfolio brings immediate earnings alongside exceptional long-term visibility. Geographically, there's roughly 290 million portfolio in Italy that gives an attractive entry point with immediate scale across a number of established logistics locations. Importantly, this is not a single asset entry into a new market. We are establishing a meaningful footprint from day one, particularly across northern Italy's industrial heartland, giving us a strong platform for future growth. In Germany, the 55 million acquisition further strengthens our market position, expanding our portfolio to six assets now. Next to a smaller asset in Hanover, we invest into a significant development on the airport of Leipzig, Europe's fourth largest cargo hub. And as you know, cargo hubs on airports, they have a special place in our heart at Montea. The acquisition also enhances our tenant diversification. We add a strong mix of global and European logistics and industrial customers. MVN is a subsidiary of MSC and becomes our largest tenant at 6.5% of our total rent roll. While our top ten tenants together represent approximately 31% of that total rent roll. So even as the portfolio grows substantially, our rental income remains well diversified across a high quality tenant base. This slide, ladies and gentlemen, illustrates why we are so excited about this deal. On a pro forma basis, our net rental income will increase by 13%. We maintain an exceptional occupancy rate at 99.5% while increasing our vault to over 8 years, providing strong future cash flow visibility. Importantly, the pre-led developments carry an income guarantee from the closing of the transaction until their respective lease commence date. Italy will represent 8% of the new portfolio alongside Belgium, the Netherlands, France and Germany. As a second pillar of our partnership, we have the ambition to further develop Italy with Beerts as our strategic development partner. Where the standing assets provide immediate scale, income and visibility, The strategic upside of this deal lies in what comes next, a significant development opportunity that allows us to build further on this platform. Together with Beerts, we are creating an exclusive Italian development platform through 2030 with the ambition to at least double the Italian portfolio. The partnership gives us immediate access to Weert's local sourcing and execution capabilities, accelerating our ability to scale while we build Montea's own local team and development skills in Italy over time. Importantly, we retain control over when and where we allocate our capital. What makes this deal particularly attractive is that we generate a return on our capital from the moment we acquire the land and throughout the entire development period. At completion, we target at the minimum average net yield on cost of 7.5% for new projects. We share the development margin with Weerts on a 50-50 basis, which can be settled either in Montea shares at Epra NTA or in cash. This gives us an attractive combination of earnings during construction and value creation upon delivery, while maintaining our disciplined return thresholds. As a third pillar of the deal with Wirz, we are increasing our GV participation from 40% to 49%, alongside an expansion of the development to 230,000 m2, driving by Skechers additional space requirements. This represents an additional 39 million investment, while the income guarantee protects our returns until rent commences at the end of 2027. Simply put, we are putting more capital to work in a proven project, on attractive terms and with strong income visibility. With that, I'll hand over to Els to walk you through the transaction structure.