Montea (MONT) Q2 2026 earnings summary

Executive summary

• Achieved 5% year-on-year EPRA EPS growth to €2.47, supported by 2.8% rental growth, strong leasing momentum, and disciplined cost control, with 255,000 m² let or relet and an average rental uplift of 16%.

• Secured 95% of the €1.15 billion Track27 investment plan, with over €800 million invested, €180 million completed or secured in 2026, and the pipeline fully funded.

• Maintained near full occupancy at 99.4%, outperforming the market average and spanning a diversified portfolio across four countries.

• Strategic land bank expanded to nearly 4 million m², with 500,000 m² added in Q2, mainly in France, supporting future growth.

• Portfolio value reached €3.2 billion, with significant acquisitions and developments, including a Brussels asset and pre-let projects for major clients.

Financial highlights

• Net rental income rose 10% year-on-year to €74.6 million; total property result up 8% to €78.0 million.

• EPRA EPS increased by 5% to €2.47; EPRA NTA up 4% to €80.4.

• Operating margin at 87.5%; EPRA cost ratio among the top 10 in the EPRA universe, with a 2027 target of 90%.

• Loan-to-value at 39.8%; adjusted net debt/EBITDA at 7.7x; hedge ratio at 98%.

• Average cost of debt maintained at 2.2%, below the 2.5% guidance.

Outlook and guidance

• Guidance for 2026 and 2027 reaffirmed, targeting 7% annual EPS growth, with 2026 EPS at €5.23 and 2027 EPS at €5.60.

• Dividend per share targeted at €4.19 for 2026 (+7% YoY).

• Like-for-like rental growth target above 2.5% for 2026.

• Growth pipeline fully funded, with no debt maturing before 2028 and average debt maturity extended to 5.5 years.

• 7% of rent potential remains to be captured, indicating further rental growth ahead.