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VGP’s Half Year Results 2025

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

21 August 2025, 7:00am, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the Group’), a European provider of high-quality logistics and semi-industrial real estate, today announces the results for half-year ended 30 June 2025:

  • A pre-tax profit of € 208.6 million (increase of 35% versus H1 ’24), reflecting € 40.9 million of net rental and renewable energy income (+ 24.3%), joint venture management fee income of € 16.1 million (+ 2.6%) and € 141.5 million net valuation gains on the portfolio (+42.8%)
  • A record of € 56.1 million, or 822,000 sqm, signed and renewed lease agreements during H1 ’25, bringing total committed annualised rental income to € 441.3 million (+7% YTD and + 14.7% y.o.y organic growth)1. On a look through basis, net rental income increased by 16.4% versus H1 ‘24 to € 103.92 million
  • As at 30 June 2025, a total of 846,000 sqm under construction through 36 projects representing € 72.8 million in additional annual rent once fully built and let
    • 325,000 sqm of projects started up in H1 ’25, representing € 29.2 million of rental income once fully built and let
    • Pre-let ratio amounts to 76%3, assets which are longer than six months under construction are already 80% pre-let
  • Delivered 11 projects representing 264,000 sqm during H1 ’25, 96.3% let and representing € 17.6 million of rental income
    • 49% of delivered assets are certified BREEAM Outstanding
    • Total completed assets4 cover 6,244,000 sqm or 255 buildings, are 98% let and have an average age of only 4.5 years
  • Acquired 633,000 sqm of development land, including the inaugural development in the United Kingdom and strategic expansions in Croatia, Denmark, Romania, Germany, Portugal, Spain, Hungary, Czech Republic and Italy
    • The total secured landbank stands at 9.7 million sqm representing a development potential of more than 4 million sqm or + € 256 million estimated rental value potential
  • Total investment property at share increases 8.3% to € 5.4 billion²
  • Gross renewables income increased 71.5% YoY to € 6.5 million. Total renewable energy capacity installed at the end of the period increased YoY from 143MW to 177.3MW (+20%) and the capacity of projects under construction or currently under permitting/design increased from 69.7MW to 105.9MW (+52%).  Marketable production of renewable energy over the first 6 months of the year increased from 47GWh to 70GWh (+49% YoY)
  • Balance sheet total surpasses € 5 bn marker, with available liquidity of € 0.9 billion. Extended maturity on outstanding financial indebtedness through issuance of € 576 million bonds and repurchase of € 200 million on outstanding bonds. In addition a bond of € 80 million has been repaid at maturity in March ’25.  EPRA NTA increases 4.8% since Dec ’24 and 11.5% y.o.y.
  • Including disposal of VGP Park Riga in July ’25, VGP recycled € 35.6 million as a result of closings with the Deka and Allianz Joint Ventures. The Group foresees further material transactions in H2 ’25.
  • VGP has obtained an investment grade BBB- rating from Standards & Poor’s with stable outlook.

 [Please see the full press release in the attachment]

1 Compared to 31 December 2024 and June 2024 and inclusive of Joint Ventures at 100%

2 See note ‘income statement, proportionally consolidated’

3 Includes pre-let commitments on development land. Pre-let ratio of assets currently under construction amounts to 72.9%

4  Of which 4,571,000 sqm, or 194 buildings in JVs and 1,673,000 sqm or 61 buildings in own portfolio

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