Montea (MONT) Q1 2025 earnings summary

Executive summary

• EPRA earnings rose 25% year-over-year to €24.6m, with EPS up 9% to €1.07, driven by organic rental growth, new acquisitions, and cost control.

• Portfolio value increased by €118m to €2.9bn, with Dutch portfolio surpassing €1bn and 90,000 m² let in Q1.

• 99.9% occupancy maintained, with c. 90,000 m² of leases signed and 194,000 m² under construction, all pre-let.

• Strong financial profile with loan-to-value at 34.9%, cost of debt at 2.1%, and 97% hedge ratio.

• Joined BEL 20 and BEL® ESG Index, reflecting market leadership and sustainability focus.

Financial highlights

• Net rental income rose 23% year-over-year to €33.4m, with 3.6% like-for-like rental growth.

• Operating margin improved to 85.2% from 84.1% year-over-year.

• Net result reached €37.2m, including €9.2m positive property revaluation.

• EPRA NTA increased 3.9% year-over-year to €78.91 per share.

• Weighted average shares outstanding increased by 14% year-over-year.

Outlook and guidance

• 2025 guidance: EPRA EPS of €4.90 (+8% YoY) and dividend of €3.90 (+8% YoY), with potential €0.08 upside and extraordinary dividend if Dutch FBI status is granted.

• 2027 guidance: EPRA EPS of €5.60, representing a 6% CAGR from 2023.

• Investment capacity of €600m available, covering over 90% of remaining Track27 volume.

• Leverage to remain under control, with max adj. net debt/EBITDA of 8x and cost of debt capped at 2.5%.

• Sustainability targets: 45% CO2 reduction by 2027, doubling solar panel capacity to 135 MWp, €50m investment in battery storage.