Montea 9m25 Results in line, pipeline pre-letting remains slow
Montea reported broadly in line 9m25 results, with EPRA earnings rising 22% to €83.0m and EPRA earnings per share to €3.61 vs. €3.67 expected (KBCS). EPRA EPS grew 8% excluding FBI impact. Net rental income grew 25% yoy, driven by the NL Intergamma completion, reaching €103.7m. The portfolio maintained a high occupancy of 99.8% and achieved like-for-like rental growth of 3.3% (mainly indexing). The cost of debt declined to 2.1% vs. 2.3% FY24. Montea's financial position remains solid, with LTV at 40.8% and a net debt/EBITDA of 7.4x. Montea repeated its outlook EPRA EPS25 of €4.90 per share, excluding 0.08 FBI windfall. The Track27 program is 78% secured, driven largely by acquisitions. The pipeline of 474k sqm contains the large Skechers 40% JV (86k sqm GLA), while 322k sqm is permitted and awaits pre-letting. EPRA EPS27 repeated at 5.60. We maintain our Accumulate rating. 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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