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 EUR 300 million in investments at a 6.5% average yield, supporting 8% year-on-year EPS growth to EUR 4.90.

• Portfolio value increased by 13% year-on-year to EUR 3.2 billion, driven by revaluation, acquisitions, and development gains.

• Net result for 2025 reached EUR 163 million, with a net result per share of EUR 7.09.

• Dividend per share proposed at EUR 3.93, up 9% year-on-year from recurring activities.

Financial highlights

• Recurring EPRA EPS rose 8% year-on-year to EUR 4.90, despite a 10% increase in shares.

• Net rental income grew 21% to EUR 139.8 million, with like-for-like rental growth of 3.2%.

• Operating margin stood at 88.9%, with an EPRA cost ratio of 11.3%.

• Loan-to-value at 38.1%, adjusted net debt/EBITDA at 7.3x, and interest cover ratio at 4.5x.

• EPRA NTA increased 4.6% year-on-year to EUR 81.63 per share.

Outlook and guidance

• 2026 guidance: minimum 2.5% like-for-like rental growth, EUR 250 million investment volume, and 7% EPS growth to EUR 5.23 per share.

• Dividend expected to increase 7% to EUR 4.19 per share, with 80% payout ratio.

• 2027 guidance reconfirmed: EPRA EPS target of EUR 5.60 (+7% vs. 2026), EUR 150 million investment volume, and portfolio value projected to exceed EUR 3.5 billion.

• Operating margin targeted to reach 90% by 2027, with EPRA cost ratio below 11%.

• CO2 emissions reduction target of 45% by 2027 (vs. 2019 baseline).