Montea FY24 Results, geopolitics do not derail Track27
Montea reported EPRA earnings of EUR 99.6m recurring vs. 98.7m expected, +10% YoY (excl. FBI). The NRI rose by 8% to EUR 115.1 million, driven by lfl growth of 3.4% and new property acquisitions. EPRA EPS at 4.73 vs. 4.71 expected. Financial costs declined 29% yoy, thanks to higher capitalized interest. The cost of debt remained stable at 2.3%. The occupancy rate remained high at 99.9%, WAULT stood at 5.9 yrs. Montea's financial position remains very solid, with LTV at 34.8% and a net debt/EBITDA of 6.9x. Last October, they raised EUR 154m through a capital increase to finance the Track27 plan. Montea has invested a third of its plan and refers to a mix of acquisitions, developments as well as potential partnerships. It also plans to double its solar panel capacity and invest in battery energy storage (BES). The portfolio also benefited from a 72m value uplift. Montea guides to EPRA EPS of EUR 4.90 per share in FY25 and 5.60 by FY27. Dividend confirmed at 3.74 p.s. Hybrid analyst meeting 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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