VGP (VGP) Company presentation summary

Financial performance and growth

• Net profit reached €287 million in 2024, up 229% year-over-year, with EBITDA growing 57% to €350.8 million, driven by recurring rental, development, and renewable energy activities.

• Net asset value increased 8.4% to €2.4 billion, and EPRA NTA rose 7%.

• Ordinary dividend proposed at €3.30 per share, a 12% increase.

• Investment property portfolio grew to €7.8 billion, up 9% YoY, with Western Europe representing 73% of total value.

• Proportional LTV improved to 48.3%, and gearing ratio decreased to 33.6%.

Operational highlights

• Record €91.6 million in new and renewed leases in 2024, with annualised committed leases at €412.6 million (+17.6% YoY).

• 584,000 sqm delivered in 2024 (94% let), and 780,000 sqm under construction (80% pre-let).

• Portfolio occupancy rate at 98%, with a weighted average lease term of 8.0 years.

• Tenant base is diversified, with top 10 tenants accounting for 31.7% of leases and a combined WALT of 10.7 years.

• Majority of new contracts signed in the light industrial segment (65.2%).

Development and land bank

• 36 projects under construction totaling 837,000 sqm, with 75% pre-let.

• Land bank expanded to 8.9 million sqm, supporting over 3.7 million sqm of future development.

• Geographic diversification across Germany, Czech Republic, Spain, Romania, and other European countries.