Montea (MONT) Q1 2026 earnings summary

Executive summary

• EPRA EPS rose 6% year-over-year to €1.13, driven by 2.7% like-for-like rental growth and 99.6% occupancy, with 30,000 m² (re)let at a 20% average rent uplift.

• Track27 investment program is 88% secured, with €70 million invested in Q1 and €90 million in direct yield acquisitions in negotiation at NIY above 6.5%.

• Portfolio value increased 1% quarter-over-quarter to €3.2bn, with high occupancy outperforming market average by 500 bps.

• 79% of 2026 lease maturities already (re)let or extended, supporting rental growth.

Financial highlights

• Net rental income rose 12% year-on-year to €37.3 million, with total property result up 9% to €37.4 million.

• EPRA result reached €26.4 million, up 7% year-on-year; EPS at €1.13, up 6%.

• Operating margin stable at 85%, targeting 88% for 2026 and 90% for 2027.

• Loan-to-value at 37.4%, adjusted net debt/EBITDA at 7.3x, interest cover at 4.1x, and average cost of debt at 2.2%.

• EPRA NTA increased 4.6% year-over-year to €82.97.

Outlook and guidance

• 2026 guidance: EPRA EPS of €5.23 (+7% YoY), dividend of €4.19 (+7% YoY), and minimum 2.5% like-for-like rental growth.

• 2027 guidance: EPRA EPS of €5.60 (+7% vs 2026), €150 million investment volume target.

• Operational margin target of 90% by 2027, average cost of debt not to exceed 2.5%, and occupancy above 98%.