VGP (VGP) H1 2026 earnings summary

Executive summary

• Net profit before tax reached €141 million, with net profit after tax at €120 million and EPS of €4.26; EBITDA totaled €186.4 million, with €130.5 million from recurring investment segment.

• Committed annualized rent income rose 11% year-on-year to €489 million as of June, growing to €496 million post-June.

• Assets under management reached €9.2 billion, with shareholders' equity up 10.5% year-to-date after a €247 million net equity raise.

• Robust leasing activity with €52.7 million in new and renewed leases signed and 44 projects under construction, supporting future rental income potential exceeding €800 million.

• Major joint venture initiatives include new funds with East Capital and SAGA, and a pan-European data centre platform.

Financial highlights

• Net rental and renewable income at share grew 17.9% year-on-year to €128.2 million; gross rental and renewable income for own portfolio increased 26.4%.

• Net valuation gains at share totaled €91 million, mainly from development margin on 314,000 sqm initiated.

• Share in Joint Venture result rose 24% to €54 million; EPRA earnings of stabilized JVs up 16% year-on-year.

• Portfolio value (including JV at 100%) reached €9.2 billion (+5.7% vs. Dec 2025); occupancy ratio stable at 98%.

• Cash position of €599 million and €500 million undrawn credit facilities, totaling over €1 billion in liquidity.

Outlook and guidance

• Strong prospects for the remainder of the year, with significant lease agreements in negotiation and expected to close in the coming months.

• Disciplined development approach prioritizing pre-let levels and development margin; recurring income base expected to expand, driven by lease activations, pipeline negotiations, and renewable energy growth.

• Capital recycling via joint ventures to accelerate in 2027, with new JV initiatives and data centre platform launch.

• Targeting 12 million sqm portfolio and €800 million annual rental income.