Montea CVA reported a 5% increase in EPRA earnings per share for the first half of 2026, falling slightly short of its annual Track27 target of 7% growth. The Belgian logistics real estate group also posted a 2.8% year-on-year rise in rental income, while average rental growth since 2022 reached 4%. Shares advanced 3.3% to $68.20 following the earnings update.
Occupancy remained robust at 99.4%, exceeding broader market levels by more than 500 basis points. The company renewed or signed 255,000 square meters of leases in the period, with 72% of new leases in the existing portfolio going to new tenants. Large-unit leases exceeding 25,000 square meters accounted for over half of the volume. Management noted that 95% of leases maturing in 2026 have already been let or relet, leaving just 0.6% to renegotiate in the second half.
Average rental uplift on new and renewed leases reached 16%, driven by real rent reversion potential rather than pricing concessions, according to Chief Executive Officer Jo. The company maintained its average cost of debt at 2.2%, below the 2.5% guidance ceiling, with an average debt maturity of 5.5 years. All debt due in 2027 was refinanced, and Fitch reaffirmed Montea’s BBB+ investment-grade rating with a stable outlook, assigning an F1 short-term credit rating for the first time.
Montea secured EUR 207 million in funding and refinancing during the first half, with 95% of its EUR 1.15 billion Track27 investment plan now committed. Over EUR 800 million has been invested, EUR 90 million is under execution, and EUR 180 million is in exclusive negotiations. The company’s land bank totals nearly 4 million square meters, including 500,000 square meters of land under option in France. Future development potential includes 1.4 million square meters within the current portfolio and a target of 500,000 square meters of permitted land in France by the end of 2027.
Management reaffirmed its 2026 and 2027 guidance, keeping the 2027 EPRA EPS target of EUR 5.60 within reach. Notable developments include an 188,000 square meter project in Halle for Colruyt Group, a 67,000 square meter development in Tiel pre-let 70% to BSH Hausgeräte, and a 40% joint venture with Weerts in Liège targeting 220,000 square meters of near-term development.
