Montea 1Q25 Results, tariffs do not derail Track27
Montea reported strong 1Q25 results, with EPRA earnings rising 25% to €24.6 million and a 9% increase in EPRA earnings per share to €1.07 vs. 1.05 expected (KBCS). The portfolio maintained a high occupancy of 99.9% and achieved like-for-like rental growth of 3.6% (mainly indexing). The cost of debt declined to 2.1% vs. 2.3% FY24. Montea's financial position remains solid, with LTV at 34.9% and a net debt/EBITDA of 6.9x. Montea repeated its outlook EPRA EPS25 of € 4.90 per share, excluding the windfall from FY24 FBI status of 0.08 (was 0.09). The Track27 program continued its pace, driven mainly by acquisitions. Developments increased with the addition of the large Skechers project (84k sqm GLA). Also the permitted GLA without pre-let grew. Montea now expects an average yield on cost of 6.8% on developments. That is a slight decrease from the 7.0% as the large Skechers project is guided to minimum 6.0%. EPRA EPS27 repeated at 5.60. Dividend FY25 guided to 3.90 p.s. plus 80% of the FBI windfall. Analyst call at 11h00.Montea Comm VA, formerly Montea CVA, is a Belgium-based real estate investment trust specialized in logistics and semi-industrial real estate in Belgium, the Netherlands and France. The Company's property portfolio represents approximately a surface of 584,694 Square meters (m2) across 37 sites. Its group companies include, among others, Montea Management NV, Montea Comm. VA, Acer Park NV, Montea Nederland NV, Montea Almere NV, Montea Rotterdam NV, SCI Actipole Cambrai, SCI Sagittaire, SCI Saxo, SCI Sevigne, SCI Socrate and SCI 3R. In addition, the Company also partners with Decathlon.
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