Slide 1: FY 2025 Financial Results
FY 2025 22 February 2024 FY 2023 Financial Results
Slide 2: Executive summary
Executive summary
Slide 3: Highlights 2025
Highlights 2025 • A pre -tax profit of € 338 million, an increase of € 19 million or 6% vs FY’24 • Net asset value growth of 8.3%, up to € 2.6 billion. EPRA NTA is up 9% • EBITDA growth of 28% to € 454.7 million, + 13.5%, • A historic record of € 106.7 million of new and renewed leases • Annualised
Slide 4: Summary financial results
Summary financial results 1 2 3 4 STEADY GROWTH OF CONTINUED STRONG EBITDA INCREASED 28% INTENTION TO PROPOSE TOTAL PORTFOLIO GROWTH IN COMMITTED FOLLOWING SOLID TO THE AGM VALUE1 ANNUALISED RENTAL PERFORMANCE IN ALL DISTRIBUTION OF INCOME1 BUSINESS SEGMENTS ORDINARY GROSS +13.5% YOY DIVIDEND OF € 3
Slide 5: Market Update
Market Update
Slide 6: Demand | Occupier segments
Demand | Occupier segments 3PL and e -commerce activity rebounding, manufacturing maintains strong level Take-up share by sector, 2025 Take-up share by sector (YoY growth) 50 45 9% 40 35 30 25 21% 3PL 20 43% Retail 15 E-commerce 10 Manufacturing 5 Others 0 7% 20% 40% 22% 12% 17% 3PL E-Commerce Retai
Slide 7: Supply | Vacancy rate has likely peaked
Supply |Vacancy rate has likely peaked Improving lease activity coupled with less new speculative supply contributes to stabilization Weighted European logistics vacancy rate 7% 16% 6.2% 6% 14% 12% 5% 10% 4% 8% 3% 6% 2% 4% 1% 2% 0% 0% Q2 2022 Q2 2016 Q4 2016 Q2 2017 Q4 2017 Q2 2018 Q4 2018 Q2 2019 Q
Slide 8: Supply | Supply pipeline at lowest level in 5 years
Supply |Supply pipeline at lowest level in 5 years New development starts driven by BTS, speculative supply drops further • Totalling to 16.2 million sqm, space under construction dropped to the lowest level in the past five years. Logistics space under construction 25 • New development starts are i
Slide 9: Capital Markets | Industrial investment up 11% in 2025
Capital Markets |Industrial investment up 11% in 2025 Full-year volumes return to highest level on record except for pandemic years • Strongest Q4 volume on record except for 2021 pushes FY transactions to nearly € 40 billion. This marks the strongest annual 65 performance except for the two 24 60 p
Slide 10: Yields | Prime logistics yields at Q4 2025
Yields |Prime logistics yields at Q4 2025 European yield movements Q4 2025 yield by market vs latest trough (Q1/Q2 7% 2024) 9 6% 8 7 5% 6 % 5 4% 4 3% 3 Europe Western Europe CEE Source: JLL, iO Partners compression stable decompression 10
Slide 11: Operational Performance FY 2025
Operational Performance FY 2025
Slide 12: Leasing activities
Leasing activities
Slide 13: Record year in committed rental income
Record year in committed rental income – including JVs at 100% Committed Annualised Rental Income And Number Of Tenancy Contracts • The group has 465 tenants Increase in rental income Rolling rental income Number of contracts • Committed annualised leases as of 31 December of € 468.3 million 1 (FY24
Slide 14: Majority share of new contracts signed within logistics segment
Majority share of new contracts signed within logistics segment New Lease Agreements (Based On Rent) Examples FY 2025 Other 1.6% E -commerce 16.5% Light industrial 14.0% Logistics 67.9% 14
Slide 15: Portfolio leased to a diversified and blue-chip tenant base
Portfolio leased to a diversified and blue - chip tenant base Tenant Portfolio Breakdown – By Industry Segment 1 • Weighted average lease term of 7.8 years 1 • Top 10 tenants represents 29.7% of committed leases and have a combined WAULT of 10.5 years Other 2% E -commerce Light industrial Logistics
Slide 16: €389 million of cash generative leases, potential to grow to €766 million
€ 766 million € 389 million of cash generative leases, +64% Or with potential to grow to € 766 million € 602 million At share +18% € 468 million or € 298 million € 432.7 million € 310 million Own Portfolio +11% at share € 389 million or € 146.6 million € 79 million € 236 million Own Portfolio € 350
Slide 17: Accelerating development activity drives second-strongest EBITDA
Accelerating development activity drives second -strongest EBITDA in our history Deliveries and start -ups in square meters (‘000 m 2 ), split between West - and Eastern Europe, compared to EBITDA ( € million ) per year since 2020 634 455 407 820 West 789 354 215 East 459 171 250 394 EBITDA 456 366
Slide 18: Net rental and renewable energy income at share up 18%
Net rental and renewable energy income at share has grown y-o-y with 18% in ‘25 Proportional net rental and renewable energy income ( ‘000 €) 223,384 189,368 155,046 107,134 70,718 55,256 46,666 43,417 33,490 23,934 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Continuous growth expected in ‘26
Slide 19: Portfolio virtually fully let on a long-term basis
Portfolio virtually fully let on a long -term basis Occupancy evolution (%) 1 Weighted average lease term (WALT) of the portfolio 98.4% Combined 7.8 years 98.5% 99.1% 99.4% 98.0% 99.8% 100.0% 100.0% 100.0% 99.3% 98.0% 96.0% 99.3% 97.0% JVs 7.1 years Own 9.6 years 2019 2020 2021 2022 2023 2024 2025 0
Slide 20: Deliveries
Deliveries
Slide 21: Delivery of new developments
Delivery of new developments YTD Deliveries Geographical breakdown 1 Denmark Serbia • 21 buildings representing 494,000 sqm GLA 2% Austria Slovakia 2% 1% Spain Czech 5% • € 32.9 million rental income by 39 new contracts, 99% let Republic 19% 6% • 100% will be rated BREEAM ‘Very Good’ (or equivalent)
Slide 22: Deliveries in 2025 tending towards logistics
Deliveries in 2025 tending towards logistics Deliveries 1 Tenant segmentation Examples of deliveries FY‘25 E -commerce 6% Light industrial 36% Logistics 58% VGP Park Montijo , Portugal VGP Park Cordoba, Spain 22 1 Based on lettable sqm
Slide 23: Portfolio at share has grown at 21.9% CAGR
The portfolio at -share has grown organically at an annual compounded growth rate of 21.9% • The portfolio at -share has shown resilient growth Total investment property ( €mm) • Compounded annual growth rate of 21.9% at share 5.631 since 2016 5.031 4.828 4.605 • Offloaded € 3.4 billion of gross ass
Slide 24: Portfolio geographically diversified and predominantly income generating
The portfolio is geographically well diversified and predominantly income generating Investment Portfolio Breakdown By Country 1 Investment Portfolio Breakdown By Status 1 Other € 695mm – 8% Austria € 262mm – 3% Italy Development € 271 mm – 3% land € 768 mm The Netherlands Under 9% € 350mm – 4% Cons
Slide 25: Developments
Developments
Slide 26: Portfolio under construction represents €85.3 million of new leases
Portfolio under construction represents € 85.3 million of new leases • As per today, 43 buildings are under construction, representing 1,052,000 m 2 • This equates € 85.3 million of annualized leases 1 • The portfolio under construction is 75% pre -let including pre -lets on development land VGP Par
Slide 27: Well spread across our geographical footprint
…and is well spread across our geographical footprint Developments – geographic breakdown (by CARA+ERV) Portugal Netherlands 2% Denmark Italy 3% Spain 2% 1% 4% Austria 4% Hungary 4% Germany United Kingdom 36% 4% Slovakia 4% Czech Republic 5% Croatia 8% Romania France 11% 11% VGP Park Berlin Bernau,
Slide 28: Landbank
Landbank
Slide 29: Owned and committed land bank to support future growth
Owned and committed land bank to support future growth Land bridge (in million m²) 0,02 0,03 0,10 0,01 0,07 0,07 -0,02 0,00 Owned and committed land bank • Land bank (owned and committed, post LPM sale) of 10.3 million m 2 • Over 4.3 million m² of development potential embedded in the total land ban
Slide 30: Landbank geographically well diversified
Landbank geographically well diversified across countries of operations Land bank – geographic breakdown In €- value Other Italy 8% 3% Denmark 3% Germany Czech Republic 27% 4% United Kingdom 4% Hungary 5% Austria 5% Romania Spain 5% 15% Netherlands 5% Slovakia France 6% 10% Geographical breakdown of
Slide 31: Renewable Energy
Renewable Energy
Slide 32: Renewable Energy Overview
Renewable Energy Overview • Total 281 Renewable Energy infrastructure projects with scale equivalent to 474 MW • Photovoltaic (PV) power production capacity including pipeline of 301 MWp • Battery Energy Storage Systems (BESS) energy capacity including pipeline of 173 MWh • Total investment of € 110
Slide 33: Installed solar power increased by 13% YoY
Installed solar power increased by 13% YoY • Booked marketable electricity production over FY25 of 132 GWh (compared to 89 GWh for FY24), 48% YoY • 70GWh booked already as of 1H25 (typically 54% of FY) • Projects under construction will add ca. 33 GWh annually • Operational roof solar capacity per D
Slide 34: Corporate Responsibility
Corporate Responsibility@ ~~
Slide 35: ESG achievements 2025
ESG achievements 2025 VGP Academy – 31% of all delivered 5 sessions with 690 assets as of FY25 Green electricity have been certified CDP: B rating production est. participants in with "BREEAM 132GWh (+48% YoY) total Outstanding“ Set up EU 67% of assets is Taxonomy aligned 42 % of parks with 32 % of
Slide 36: Update Joint Ventures
Update Joint Ventures
Slide 37: Geographic expansion of Saga led to +€500 million transaction
Geographic expansion of Saga led to + € 500 million transaction Gross Asset Value from closings per year with JVs (€m) Number of closings Net cash proceeds (€m) 2 1 1 3 4 1 3 3 4 1 235 122 290 339 409 50 347 676 809* 389** 5,932 5,423 509 941 941 4,482 2025 1098 1098 1098 2024 2023 3,384 2022 887 88
Slide 38: Saga is 60% deployed
Saga is 60% deployed – +600 GAV remaining Targets identified to fulfill remainder Spain Austria Original Scope 6% 13% Added to scope Slovakia Czech Republic 20% 12% 989.000 sqm 39 Assets France Portugal 4% 6% Italy Germany 11% 28% Spain Austria 6% 13% Slovakia 38 15% Czech Republic 14% Portugal % of
Slide 39: Partnership with East Capital
Partnership with East Capital • VGP & East Capital set up a partnership to launch a Luxembourg -based RAIF focused on European industrial and logistics real estate, with emphasis on Central & Eastern European countries • Target GAV : €1.5bn+ |First closing : 2026 • Structure : VGP up to 50 % , remai
Slide 40: Financial Performance
Financial Performance
Slide 41: Income statement
Income statement Net rental and renewable energy income is up by 31% YoY to €88.7 mm Income Statement (€ thousands) • Gross rental income increases 32 .7% to € 86 .7 mm, grew at share from € 203 to 235 .5 FY2025 FY2024 • Gross renewable income increases 42 .8% to 11 .9 mm . This was driven by an inc
Slide 42: Income statement
Income statement Income Statement details Administration expenses (€ 2.1) mm (in thousand of €) FY2025 FY2024 • + € 1.6 mm on remuneration, including LTIP Joint venture fee income 52,058 32,666 • + € 2.2 mm on depreciation Net valuation gains on investment properties 243,624 187,056 • +€ 5 mm genera
Slide 43: EBITDA up €100 million to €454.7 million, +28%
EBITDA up € 100 million y.o.y. to € 454.7 million, + 28%. Solid contribution and growth in all segments reported Investment Development Renewable Energy (€mm) FY ’25 FY ‘24 (€mm) FY’25 FY ‘24 (€mm) FY’25 FY ‘24 Gross rental and renewable energy Gross rental and renewable energy Gross renewable energ
Slide 44: Balance sheet - assets
Balance sheet - assets Investment Properties (own portfolio) incl. Disposal group held for sale total € 2,4 bn Consolidated Balance Sheet – Assets (€ thousands) • Completed portfolio: € 915mm (‘24: € 879 mm) (€ - thousands) 31 Dec ‘25 31 Dec ‘24 • Under construction: € 777 mm (‘24: € 579 mm) Intangi
Slide 45: Balance sheet – Shareholders' equity and liabilities
Balance sheet – Shareholders’ equity and liabilities Shareholders’ equity of € 2,600 mm Consolidated Balance Sheet – Shareholders equity and liability (€ thousand) • Following a net profit of € 290 million (€ thousand) 31 Dec ‘25 31 Dec ‘24 • And a dividend of € 90 million Shareholders’ equity 2,600
Slide 46: Low average cost of debt and significant liquidity
Low average cost of debt and significant liquidity Average cost of debt 3.40% ▪ € 2,360 mm total debt ▪ 2.7% Average cost of debt 3.20% ▪ Significant liquidity 3.00% ▪ € 523 mm Cash ▪ € 500 mm non-utilised Credit Facility 2.80% ▪ Bond maturities: 2.60% ▪ € 190 mm in ’26 ▪ € 220 mm in ’27 (following
Slide 47: Cash flow statement
Cash flow statement FY ’25 FY ‘24 Cash flow statement Cash at beginning of period 492,533 699,168 Net cash generated from operating 50.890 50,890 32,974 82.734 50890.0 activities 82734.0 388.757 388757.0 Net cash used in investing activities (171,339) (331,371) Proceeds from disposal 388,757 808,658
Slide 48: Debt extension through active liability management
Debt extension through active liability management bond issuance of € 576 m at 4.25% and € 600 m at 4% in Jan ‘26 Maturity profile financial debt (€mm) 18 18 18 18 2 24 580 18 576 600 500 190 220 18 18 9 2026 2027 2028 2029 2030 2031 2032 2033 2034 4.2 years average debt maturity as at Dec 25 – pro
Slide 49: Summary and Outlook
Summary and Outlook
Slide 50: Q&A
Q&A
Slide 51: Disclaimer
Disclaimer ABOUT VGP VGP is a pan-European owner, manager and developer of high-quality logistics and semi-industrial properties as well as a provider of renewable energy solutions. VGP has a fully integrated business model with extensive expertise and many years of experience along the entire value