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Montea (MONT) investor relations material
Montea Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved strong performance in European logistics real estate, with 265,000 m² (re)let YTD, 115,000 m² in Q3, and a 99.8% occupancy rate, supporting ambitious Track27 growth targets.
Nine-month EPRA result reached €83 million, up 22% year-over-year, with recurring EPS of €3.61 (+8%) despite a 13% rise in share count.
Net result for the period was €150 million, including a €21.2 million positive portfolio revaluation, and net rental income rose 25% year-over-year to €103.7 million.
Over 78% of the Track27 growth target is secured, supporting 2025 and 2027 earnings guidance.
Maintains a robust liquidity position with €231 million in available funding and a BBB+ Fitch credit rating.
Financial highlights
Operating result before portfolio result increased to €98.1 million, with an improved operating margin of 88.7%.
Financial charges rose 46% to €13.2 million due to new debt for growth financing.
Loan-to-value stood at 38.8%, adjusted net debt/EBITDA at 7.4x, and interest cover at 4.5x.
Portfolio value grew by €256 million YTD (+9.2%), with a 5.0% EPRA NIY and €3.05 billion total portfolio value.
No debt maturities until 2027, with cost of debt stable at 2.1% and €231 million in liquidity.
Outlook and guidance
2025 guidance: EPRA EPS of €4.90 (+8% YoY, excluding potential €0.08 one-off), dividend of €3.90 (+8% YoY, 80% payout).
2027 EPS target set at €5.60, implying a 6% annual growth rate.
Operating margin expected to reach 90% by 2027, with leverage to remain under 8x net debt/EBITDA.
Available investment capacity of €455 million before reaching 8x net debt/EBITDA.
Dividend guidance for 2025 is €3.90 per share, with a possible extraordinary dividend if the FBI effect materializes.
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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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