VGP (VGP) H2 2025 earnings summary

Executive summary

• Pre-tax profit reached €338 million, up 6% year-over-year, with net asset value rising 8.3% to €2.6 billion and EPRA NTA per share up 9% to €97.33.

• EBITDA grew 28% to €454.7 million, driven by strong operational and segment performance.

• Record €106.7 million in new and renewed leases signed, with annualized committed leases at year-end at €468.3 million, up 13.5%.

• Portfolio occupancy remained high at 98%, with 43 projects under construction and 21 delivered, adding €32.9 million in annual rent.

• Landbank stands at 10.3 million sqm, supporting future organic growth and major land acquisitions in Germany, Portugal, Denmark, and the UK.

Financial highlights

• Total portfolio value increased to €8.7 billion (including JVs at 100%), with Western Europe representing 74% of total value.

• Net rental income (proportionally consolidated) increased 16.7% to €224.4 million; net renewable energy income rose to €8.8 million.

• Net cash recycling of €389 million, with €60.5 million realized profits from JV transactions.

• Ordinary dividend proposed at €92.8 million, up 3% to €3.40 per share.

• Net financial result shifted to a €24 million expense due to higher interest expenses.

Outlook and guidance

• Strong pipeline with over €80 million in new lease agreements expected to be signed in Q1 2026.

• E-commerce and defense sectors driving demand; brownfield developments and data center projects in focus.

• Targeting further material JV closings in H2 2026 and first closing of East Capital fund, aiming for €1.5 billion in assets.

• Plans to start construction on over 340,000 sqm of pre-let projects in 2026.

• No formal quantitative guidance, but management expresses confidence in continued growth and margin improvement.