Montea
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Montea (MONT) investor relations material

Montea Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved strong leasing momentum in 2025, letting or renewing over 285,000 sq m at an average rent uplift of 9%, maintaining a 99.8% occupancy rate.

  • Delivered on 2025 earnings guidance with recurring EPRA EPS up 8% year-on-year to €4.90 per share and net result of €163 million.

  • Portfolio value increased by 13% year-on-year to €3.2 billion, supported by over €300 million invested at a 6.5% average yield.

  • EPRA earnings rose 18% year-on-year to €112.8 million, driven by like-for-like rent increases, new acquisitions, and cost control.

  • Dividend per share proposed at €3.93, up 9% year-on-year from recurring activities.

Financial highlights

  • Net rental income rose 21% year-on-year to €140 million, driven by portfolio expansion and 3.2% like-for-like rental growth.

  • EPRA result reached €113 million, up 18% year-on-year; net result per share at €7.09.

  • Operating margin stood at 88.9%; EPRA cost ratio at 11.3%.

  • Loan-to-value at 38.1%; adjusted net debt/EBITDA at 7.3x; interest cover ratio at 4.5x.

  • EPRA NTA per share: €81.63; average cost of debt: 2.1%; hedge ratio: 99.7%.

Outlook and guidance

  • 2026 guidance: minimum 2.5% like-for-like rental growth, €250 million investment, 7% EPS growth to €5.23 per share, and 7% dividend increase to €4.19.

  • 2027 guidance: EPRA EPS target of €5.60 per share (+7% vs. 2026), €150 million investment, and portfolio value projected to exceed €3.5 billion.

  • Track27 growth plan on track, with €400 million investments fully covered by available capacity and net debt/EBITDA limit of ca. 8x.

  • CO2 emissions reduction target of 45% by 2027 (vs. 2019 baseline).

  • Average cost of debt not to exceed 2.5%; occupancy rate to remain above 98%.

Explain renewable energy target adjustment
Impact of NL FBI status change on future tax
Clarify land bank methodology revision impact
Impact of shift to yielding acquisitions on development margins?
Germany market entry challenges and strategic response?
How will the land bank's EUR 330M value be realized?
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Frequently asked questions

Montea Comm. VA is a Belgium-based real estate investment company (REIT) focused on the development and management of logistics and industrial properties. The company specializes in acquiring, leasing, and managing warehouses, distribution centers, and other facilities that support supply chain operations. Montea operates across Belgium, the Netherlands, and France, catering to the needs of e-commerce, retail, and logistics industries. The company is headquartered in Aalst, Belgium, and its shares are listed on Euronext Brussels (EBR).

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