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VGP
VGP (VGP) investor relations material
VGP H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary19 Feb, 2026
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.
East Capital fund: expected capital impact?
Brownfield sites: future value creation potential?
BESS projects: scale and strategic importance?
Update on data center development plans
Reconcile German market valuation vs. VGP's view
East Capital JV: structure, scale, and fundraising
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Next VGP earnings date
H1 202620 Aug, 2026
VGP
Next VGP earnings date
H1 202620 Aug, 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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