Vgp Nv · EURONEXT:VGP
Vgp Nv — Investor Presentation (September 2025)
61 slides from Vgp Nv's investor presentation, September 2025
Slide 1: Company Presentation September 2025
BUILDING VG P TOMORROW TODAY Company. Presentation September 2025 WWW.VGPPARKS.EU
Slide 2: Fully integrated industrial and logistics real-estate company
Fully integrated industrial and logistics real-estate company + Aim for all new buildings to be + EU Taxonomy compliant * certified at least at BREEAM Excellent or DGNB Gold level + VGP shares listed on Euronext Brussels since 2007 + EPRA Nareit Developed Europe Index since 2022 + BELESG Index since
Slide 3: Well diversified portfolio across Continental Europe
Well diversified portfolio across Continental Europe Germany Czech Republic 1. Berlin-Bernau 40. Brno 2. Berlin-Ludwigsfelde 41. CeskéBudéjovice 3, _Berlin-Oberkramer 42, Cesky Ujezd 4. Berlin-Wustermark 43, Chomutov 5. Bingen 44, Hradeknad Nisou 6. Bischofsheim 45. Jeneé 7. BobenheimRoxheim 46. Jos
Slide 4: Fully integrated business model
Fully integrated business model with in-house capabilities and competences Land + Identification of prime locations + Comprehensive due diligence - Technical, legal, environmental * Obtain the zoning and building permit DEVELOPMENT Concept & design + In-house design of buildings based on strict guid
Slide 5: Leasing activities
Slide 6: Committed annualised rental income
Committed Annualised Rental Income And Number Of Tenancy Contracts • Increase in rental income Rolling rental income Number of contracts • € 450 600 € 400 • 500 • Committed annualised rental income € 350 Number of tenancy contracts € 300 400 € 250 300 € 200 € 150 200 € 100 100 € 50 €- 0 2016 2017 20
Slide 7: Majority share of new contracts signed within logistics segment
Majority share of new contracts signed VGP within logistics segment New Lease Agreements Examples H1 2025 (Based On Rent) = FDS LOGISTICS inf WHERE QUALITY IS DELIVERED FAST -uRsus. = EUREKa movianto DP *. EXPRESS ONE ee Heineken > LOGISTICS © Dustin fn: RHENUS Fo LOGISTICS 7 Other Light industrial
Slide 8: E-commerce takes up a significant share in H1 '25 lease activity
E-commerce takes up a significant share in H1 ‘25 lease activity * €26.3 million of new leases signed * Majority in logistics segment (69%) + Equal spread Western-Eastern Europe New Signed Leases (million eur) 53 35 29 22 25 26 23 22 al i | " 2020 2021 2022 2023 miH m2H 2024 2025 Distribution of New
Slide 9: Light industrial, Logistics, E-commerce
• • Light industrial Logistics Image result for magna steyr Image result for Rieck Projekt Kontrakt Logistik Hamburg GmbH Co. KG Image result for ThyssenKrupp Elevadores, S.L.U. Image result for Geis Ersatzteil-Service GmbH E-commerce Other Image result for EGC Energie- und Gebäudetechnik Control Gm
Slide 10: Cash generative leases with potential to grow
€ 376 million of cash generative leases, 7%” €727.0 million with potential to grow to € 727 million —,.4,, 676.9 million e762 milion or ae At share € 528.3 million At share €5 +17% €424.8 million € 374.7 million own ponte Own Portfolio > ae wn Portfolio +7% € 441.3 million € 235.6 million or € 376 m
Slide 11: Market update
Slide 12: Demand | Lease activity remains on go-slow amid uncertainty
Demand | Lease activity remains on go-slow amid uncertainty European logistics take-up 40 Lease activity 3% ahead on the pre- 35 pandemic average in H1 2025 signals resilient logistics demand. 30 25 The U.S.-EU tariff deal only signed halfway through Q2, coupled with 20 escalating geopolitical tensi
Slide 13: Demand | Occupier segments
Note VGP: 69% of new leases were in logistics, whereas 18% (in long time) was signed Demand | Occupier segments with e-commerce and 13% with manufacturing Resilient and emerging manufacturing industries drive accelerating demand from the segment Take-up share by sector, H1 2025 Take-up share by sect
Slide 14: Supply | Vacancy rate continues to climb
Note VGP: Vacancy rate of completed portfolio at 98%, weighted average Supply | Vacancy rate continues to climb age of assets in portfolio amounts to 4.5 years Q2 2025 and historical quarterly average vacancy rates Weighted European logistics vacancy Markets with higher levels of speculative complet
Slide 15: Supply | Supply pipeline stabilizes on lower levels
Supply | Supply pipeline stabilizes on lower levels BTS construction marginally up amid occupier focus on ESG-compliant, energy-efficient space Logistics space under construction 25 New speculative development 20 34% starts limited to select core logistics 43% markets adds to continued Million sq.m
Slide 16: Yields | Europe's prime logistics yields stabilize
Yields | Europe’s prime logistics yields stablize Persisting investor caution pauses yield compression in most Western European markets 6,00% Yield compression started in 5,00% Q2/Q3 2024 for best-in-class assets in prime locations leased to strong covenants. 4,00% Stabilizing yield levels in most m
Slide 17: Development Activities
—- & = Peve lopment Activities a el << MMT 7 F Oe
Slide 18: Deliveries
Slide 19: Delivery of new developments
Delivery of new developments VGP Deliveries Geographical breakdown! * 11 buildings representing 264,000 sqm GLA Slovaria Serbia * € 18 million rental income by 19 new contracts, 96% Romania 28% let * 100% will be rated BREEAM excellent or better? * 49% of deliveries was certified BREEAM Outstanding
Slide 20: Deliveries in the first half of 2025 tending towards logistics
Deliveries in the first half of 2025 tending towards logistics Examples of deliveries H1’25 WAT coal BIS Packaging PASSION. PRECISION. PURITY. Ahold aun Delhaize = bg IYOTA dal 1935 SGM . = Kwizda MATERIAL HANDLING Pharmadistribution — wl BE VGP Park Halle 2, Germany VGP Park Arad, Romania + Based o
Slide 21: VGP Park Martorell
VGP PARK MARTORELL — == Madrid i] Land surface BO) coo km [-] 18,235 me = = = Barcelona GLA of Park =a Gl sokm UN) 10,048 me — a a Zaragoza a 280 km wl q Highway _. Jalsa Port 35 km Airport 25 minutes
Slide 22: VGP Park Valsamoggia
VGP PARK VALSAMOGGIA 2 Bologna f=s Main Tenants al 5km ls} CEl a ain Be sassnsee Gl Yeokm OS S14 me fe Hen" Train station => smin Airport oN 20min Google maps >
Slide 23: Bucharest Timisoara Constanta
Bucharest Timisoara 400 km Constanta →
Slide 24: VGP Park Laxenburg
ra Vienna 25m ra Bratislava 90 km ral Linz 195 km Highway TY 500m Airport 20 min Bus stop 1.5km VGP PARK LAXENBURG Land surface 111,477m? GLA 49,375 m2 Deliveries AUTLAX- B:23,371 m? Kwizda
Slide 25: VGP Park Pamplona - Noain
Pamplona 12km Zaragoza 170 km. Bilbao 170km Highway 1km. Port 150 km Airport 7km VGP PARK 7 cl » PAMPLONA - NOAIN Land surface 147,700 m? GLA of park 73,337 m Delivery ESPNOA= A: 50.061
Slide 26: Timisoara Oradea Bucharest
Timisoara Oradea 120 km Bucharest →
Slide 27: Developments
Q@ntinentals.
Slide 28: Developments
Slide 29: Portfolio under construction represents € 72.8 million of new leases
Portfolio under construction represents € 72.8 million of new leases + As per today, 36 buildings are under construction, representing 846,000 m2 + This equates€ 72.8 million of annualized leases! * The portfolio under construction is 73% pre-let (based on rent) and including pre-lets on development
Slide 30: Developments well spread across our geographical footprint
..and is well spread across our VGP geographical footprint Developments— geographic breakdown (by CARA+ERV) \ VGP Park Lucko, Croatia .
Slide 31: VGP Park Split
VGP PARK SPLIT G ra Ljubljana 7 Land surface I] 135 km [-] 186,677 m2 Rijeka GLA GD tsekm US) 7751 me ral Vienna > Building L367 km al] A: 34,990 me Highway TY Direct acces it A Airport ame 30km. a Fe zg S S
Slide 32: VGP Park Leipzig Flughafen 2
a & 4 Leipzig 20km Stuttgart 100 km Mannheim 30 km Highway 5km Airport 10 min VGP PARK LEIPZIG FLUGHAFEN 2 cl & Land surface 449,392 m? GLA of park 230,445 m? Building UC Building C: 50,698 m2
Slide 33: Bucharest Timisoara Constanta
Bucharest Timisoara 400 km Constanta →
Slide 34: →
→ 34
Slide 35: VGP Park Berlin Bernau
Berlin 30 km = Hamburg 290 km = Magdeburg 190 km = Highway 3km = = Airport 50 km ~ VGP PARK BERLIN BERNAU | cel E> [7] Land surface 144,421 m2 f GLA of park 70,764 mi Building UC ‘A&B: 44,139 m2
Slide 36: VGP Park Nijmegen 3
Rotterdam 103 km Disseldorf 135 km Highway 1km Bus stop 2m Train Station 6km VGP PARK NUMEGEN 3 Land surface 599,672 m2 GLA 365,895 m? Building UC D: 19,104 m? © Dusti Google maps > [eet Ls
Slide 37: VGP Park Parma Morse
VGP PARK PARMA MORSE Reggio Emilia Land surface 30 km. 56,389 m2 Modena GLA 57 km. 28,084 m2 Bologna Building UC 94km A: 14,270 Highway 800m Bus stop 500m Airport 10 min Google maps >
Slide 38: Landbank
~ Landban
Slide 39: Owned and committed land bank
702 (1,170) (720) Owned and committed land bank • •
Slide 40: →
→
Slide 41: VGP Park Vila Nova de Gaia
VGP PARK Vila Nova de Gaia porto) |] Land surface 72,157 m? = Coimbra 110 km eB GLA 33,246m? Highway UN 1km Train station SD 45km bes Airport 30 km.
Slide 42: VGP Park Greve
i. VGP PARK Greve | Ey ry al revecen@ ical Land surface 57,287 m2 aA Roskilde S GLA of park 14km, 19,862 m? a Copenhagen Ll 27km = Highway G TY tkm , Airport 4 oN 301m Bus 4km
Slide 43: OR soar
OR soar Fy eipzig ia 0 i g ray Airpo Google maps > B. Ande 35 20 98 199 = ee 3, Anderund hy
Slide 44: VGP Park Parma Morse
VGP PARK PARMA MORSE ra Reggio Emilia fe Land surface 30 km 33,268 m? Modena GLA al 67km a 14,066 m? ~ Bologna Buildings a 94km a 1 Highway TY 800m Q Bus stop is 500m Y> Airport 10 min Google maps >
Slide 45: Renewable Energy
Slide 46: Total of renewable energy projects reflect MW (+49% YoY)
Total of 271 renewable energy projects reflect 396 MW (+49% YoY) 119 MW 396 MW 2 . @ Bess 9 7 projects pv 90 91 projects 105 MW 69 10 projects 172 MW 36 38 projects 7 2 projects 165 123 projects Installed UC and Pipeline Total Permitting * Total renewable energy generation in H1 25 was 70 GWh (+49%
Slide 47: Update Joint Ventures
Slide 48: No closings in H1 '25; recycled ca. € 1.8 bn of net cash since '22
Number of closings Net cash proceeds (€m) 2 1 1 3 4 1 3 3 4 235 122 290 339 409 50 347 676 809* 2016 2017 2018 2019 2020 2021 2022 2023 2024 932 1098 1098 887 887 887 68 68 68 68 666 666 666 666 666 610 610 610 610 610 610 400 400 400 400 400 400 400 173 173 173 173 173 173 173 173 580 580 580 580 5
Slide 49: Gross asset value of Joint Ventures by country
Rheingold – JV I (Allianz) H1 ’25 H1 ‘24 Aurora – JV II (Allianz) Ymir – JV III (Allianz) Red – JV V (Deka) June ’25 Dec ‘24 Saga – JV VI (Areim) € 5.6 billion Gross asset value of Joint Ventures by country1 1 Gross asset value of completed and transacted portfolio of Rheingold, Aurora, Ymir, RED an
Slide 50: Financial Performance
Slide 51: H1 '25 net profit of € 181 million, up 27.5% versus H1 '24
H1 ’25 net profit of € 181 million, up 27.5% versus H1 ‘24 INCOME STATEMENT (in thousand of €) H1 ’25 H1 ‘24 Delta Revenue 70,953 59,322 19.6% • Gross rental and renewables income 45,561 36,197 25.9% Net property operating expenses (4,617) (3,253) 41.9% Net rental and renewable energy income 40,944
Slide 52: Share in result of Joint Ventures up to € 43.8 mm
Share in result of Joint Ventures up to € 43.8 mm INCOME STATEMENT (in thousand of €) H1 ’25 H1 ’24 Joint venture management fee income 16.114 15.710 • Net valuation gains / (losses) on investment properties 141.490 99.056 Administration expenses (30.608) (27.980) Share in result of Joint Ventures 4
Slide 53: Earning per share increase 28% to 6.6 eur/share
Earning per share increase 28% to 6.6 eur/share INCOME STATEMENT (in thousand of €) H1 ’25 H1 ‘24 Delta Revenue 70.953 59.322 19,6% Gross rental and renewables income 45.561 36.197 25,9% 5.184 170 Net property operating expenses (4.617) (3.253) 41,9% Net rental and renewable energy income 40.944 32.
Slide 54: EBITDA up € 57.4 million y.o.y., Net debt/EBITDA lowers to 6.8x
EBITDA up € 57.4 million y.o.y., or + 32%. Net debt/Ebitda lowers to 6,8x Investment Development Renewable Energy (€mm) H1 ’25 H1 ‘24 (€mm) H1 ’25 H1 ‘24 (€mm) H1 ’25 H1 ‘24 Gross rental and renewable Gross rental and renewable Gross renewable energy 39.1 32.4 – – 6.5 3.8 energy income energy income
Slide 55: € 257 million of capex in investment property
€ 257 million of capex in investment property ASSETS (in thousand of €) 30.06.2025 31.12.2024 Intangible assets 572 724 Investment properties 2.242.294 1.905.411 Property. plant and equipment 127.099 122.309 Investments in joint venture and associates 1.349.315 1.300.874 • Completed portfolio: € 1.1
Slide 56: Equity increases to € 2.5 billion
Equity increases to € 2.5 billion ASSETS (in thousand of €) 30.06.2025 31.12.2024 Intangible assets 572 724 Investment properties 2.242.294 1.905.411 Property. plant and equipment 127.099 122.309 Investments in joint venture and associates 1.349.315 1.300.874 Other non-current receivables 539.756 53
Slide 57: H1 '25 proportional income statement
H1 ‘25 H1 ‘24 Proportional Proportional Own (excl JV at Own (excl JV In thousands EUR income JV at share income JV share) share share) statement statement • Net rental income of € 108.7 mm + 19% • Proportional valuation gains of € 159.5 mm, of majority related to development profits • Operating resu
Slide 58: € 576 m bond issuance and (early) repayments shape cash flow H1 '25
€ 576 m bond issuance and (early) repayments shape cash flow H1 ‘25 Cash flow statement H1 ’25 H1 ‘24 Cash at beginning of period 492.533 209.921 Net cash generated from operating (14.574) (33.393) activities Net cash used in investing activities (253.765) 405.103 Proceeds from disposal 1.697 662.28
Slide 59: € 2,329 mm total debt, 2.7% average cost of debt
3,40% ▪ € 2,329 mm total debt ▪ 2.7% Average cost of debt 3,20% ▪ Significant liquidity 3,00% ▪ € 424 mm Cash ▪ € 500 mm non-utilised Credit Facility 2,80% ▪ Bond maturities: 2,60% ▪ Repaid € 80 mm in 25 ▪ Repurchased € 200 mm in 25 2,40% ▪ Issued € 576 mm in 25 ▪ Expiry of € 190 mm in 26 2,20% 2,00
Slide 60: 4.1 years average debt maturity as at June 25
4.1 years average debt maturity as at June 25 Source: Company information as of May 2025
Slide 61: Disclaimer
Disclaimer VGP 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 v