Montea (MONT) Q4 2025 earnings summary

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%.