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VGP (VGP) investor relations material
VGP H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary21 Aug, 2025
Executive summary
Pre-tax profit reached EUR 208.6 million, up 35% year-over-year, with net profit at EUR 181 million, net asset value growing 10.5% to EUR 2.5 billion, and EPRA NTA per share up 11.5% year-on-year.
EBITDA increased 31.7% to EUR 238.8 million, driven by recurring rental, development, and renewable energy segments.
Record EUR 56.1 million in new and renewed leases, with annualized committed leases at EUR 441.3 million, up 14.7% year-on-year.
846,000 sqm under construction (76% pre-let), 11 projects (264,000 sqm) delivered at 96% occupancy, and portfolio occupancy at 98%.
Portfolio expansion supported by strong demand from logistics, manufacturing, and e-commerce tenants.
Financial highlights
Net profit rose to EUR 180.5 million (+27.5% YoY); operating result up 40% to EUR 211.8 million.
Net rental and renewable energy income increased 24.3% to EUR 40.9 million; gross rental income up 19.6% to EUR 70.95 million.
Net valuation gains on investment properties up 42.8% to EUR 141.5 million, mainly from ongoing developments.
Cash position at EUR 423.6 million, with EUR 500 million in undrawn credit facilities.
Gearing ratio at 37.9%, proportional LTV at 50%.
Outlook and guidance
Strong operational momentum expected to continue in H2 2025, with robust leasing and construction activity.
Plan to transfer EUR 500 million–1 billion of assets to JVs in the next 12 months, depending on project completions.
Confident in maintaining pre-let ratios above 75% for projects under construction by year-end.
Construction costs have returned to pre-pandemic levels, with margins targeted at 30% across regions.
Strategic land acquisitions and further asset disposals planned to enhance growth and balance sheet strength.
What's driving renewable energy income growth?
Discuss outlook for disposals and JV expansion.
Explain the impact of IFRS 18 adoption.
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H2 202519 Feb, 2026
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Frequently asked questions
VGP NV is a real estate company specializing in the development, management, and leasing of logistics and industrial parks across Europe. The company focuses on build-to-suit and multi-tenant properties, catering to logistics, e-commerce, and manufacturing businesses. VGP operates an integrated business model, managing the entire property lifecycle from land acquisition and development to asset management. The company is headquartered in Antwerp, Belgium, and its shares are listed on the Euronext Brussels.
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