VGP (VGP) Corporate presentation summary

Business model and value creation

• Acquires land, develops properties, and retains ownership or enters 50% joint ventures, managing assets and integrating renewable energy solutions.

• Value is created through construction, leasing, and fair value gains recognized during development, with cash realized upon transfer to joint ventures.

• Three business lines: Property Development (construction and letting), Investment (ownership and management), and Renewable Energy (solar, storage, EV charging).

• Every step from land acquisition to energy supply is managed in-house, ensuring control and efficiency.

• Recurring income streams include rent, management fees, JV results, and renewable energy income.

Financial performance and portfolio

• Gross asset value at €9.2bn (100% basis), with €6.1bn at proportional share; shareholders' equity at €2.9bn, up 10.5% since December.

• Committed annualized rent totals €489m (100%), with €327m at share and €420m already cash generative.

• Segment EBITDA for 2025 reached €455m, with €255m from Investment and Renewable Energy.

• Completed portfolio spans 6.6 million m² across 275 buildings, 98% let, with an average building age of 5.1 years.

• Weighted average lease term is 7.7 years; top ten tenants account for 29% of rent.

Joint ventures and cash recycling

• Completed assets are transferred into JVs, typically at 50% ownership, recycling up to 97.5% of original investment as cash for new projects.

• JV structure allows for recurring income via management fees, shareholder loan interest, and share of JV results.

• In 2025, €389m was recycled from closings and settlements, with €83m received as JV distributions.

• JV debt is non-recourse to the group, with proportional LTV at 49.4% and consolidated gearing at 35.5%.

• Five active JVs with major institutional partners; new platforms for data centers and pan-European funds are in development.