VGP (VGP) Company presentation summary

Business overview and portfolio

• Operates a fully integrated industrial and logistics real estate platform with 242 completed buildings across 18 countries and 113 parks, totaling €7.84 billion in gross asset value as of December 2024.

• Portfolio is diversified geographically, with Germany representing 52% of value, and 75% of assets held in joint ventures.

• Maintains a high occupancy rate of 98% and a weighted average lease term (WALT) of 8.0 years, with over 418 tenants and more than 599 tenant contracts.

• Focuses on long-term leases with blue-chip tenants, with the top 10 customers accounting for 31% of total portfolio and a combined WALT of 10.7 years.

• All new developments target BREEAM Excellent or DGNB Gold certification and EU Taxonomy compliance.

Financial performance

• Achieved €412.6 million in committed annualized rental income at year-end 2024, up from €351 million in 2023, with a record €91.6 million in new and renewed rental income.

• Net profit reached €287 million, with shareholders' equity at €2.4 billion and a gearing ratio of 33.6%.

• Net rental and renewable energy income rose 6.6% year-over-year to €67.7 million, and net valuation gains on investment properties totaled €187.1 million.

• EBITDA increased by €129 million year-over-year (+57%), driven by higher rental income, valuation gains, and joint venture results.

• Maintains a BBB- Fitch rating with a stable outlook and an average cost of debt of 2.2%.

Development and growth

• 34 buildings under construction totaling 780,000 m², representing €60.4 million in annualized leases, with 80% pre-let.

• Delivered 21 buildings (584,000 m² GLA) in 2024, generating €36 million in rental income from 29 new contracts, 94% let.

• Land bank (owned and committed) stands at 8.7 million m², supporting future growth, with over 3.6 million m² of development potential.

• Cash recycling model generated a record €809 million from disposals to joint ventures in 2024, recycling €1.8 billion since 2022.

• Expansion continues across Europe, with recent entries into Denmark, Croatia, and new joint ventures with Deka Immobilien and Areim.