Slide 1: Building Tomorrow Today: H1 2024 Half Year Financial Results
BUILDING TOMORROW TODAY H1 2024 HALF YEAR FINANCIAL RESULIS WWW.VGPPARKS.EU
Slide 2: =
=
Slide 3: Highlights H1 2024
Highlights H1 2024 e = Apre-tax profit of € 154.6 million (increase of 218% versus H1 '23) ¢ — € 45.6 million worth of signed and renewed lease agreements during H1 '24, bringing total committed annualised rental income to € 384.7 million (+9.7% YTD - +17.3% y.o.y). This includes a record € 28.7 mm
Slide 4: Sm
Sm
Slide 5: Demand: Q2 2024 take up slightly higher than a year ago
Demand | Q2 2024 take up slightly higher than a year ago European logistics take-up 40 35 30 25 Million sqm 20 15 10 5 0 Q1 Q2 Q3 Q4 10 Yrs Average Source: JLL Research, iO Partners Including units of >5,000 sq m (Belgium, Czech Republic, Germany, Hungary, Italy, Netherlands, Poland, Romania, Slovak
Slide 6: Demand | Occupier segments
Demand | Occupier segments Steady 3PL and manufacturing demand as e-commerce activity gradually picks up Take-up share by sector (%) 50 45 -3% YoY 40 35 30 25 -3% YoY 20 15 -23% YoY 10 5 +28% YoY 0 3PL E-Commerce Retail Manufacturing Despite more tender-based contracts, 3PLs remain the most active o
Slide 7: European logistics vacancy rate
Weighted European logistics vacancy Quarterly increase Q.stable Quarterly decline 9.0% rate 16% 8.0% 14% 7.0% 12% 6.0% 10% 5.0% 8% 4.0% 6% 3.0% 4% 2.0% 2% 1.0% 0% 0.0% Stockholm Rotterdam Paris Bucharest Prague Barcelona Poznan Antwerp Gothenburg Glasgow Warsaw Lyon Madrid Budapest London Milan Amst
Slide 8: Logistics space under construction
Logistics space under construction 25 Where next? 20 34% More intense land 43% regulation, high construction Million sq.m 15 42% 39% 36% costs, and developer 29% 25% cautiousness will limit 10 development pipelines 5 A rebound in demand from all occupier groups will put 0 2019 2020 2021 2022 2023 Q1
Slide 9: Rental levels across European cities
Helsinki 114 Stockholm 149 97 Oslo 84 Gothenburg Rotterdam Birmingham Poznan Dublin 105 133 Brussels 53 140 66 102 70 Map Key YoY London 317 Hamburg Warsaw 95 Bratislava Frankfurt 87 Paris 88 128 Stable 75 Munich Prague Budapest 66 Bucharest Lyon Increase 60 69 67 Decrease Milan Lisbon Madrid 67 Bar
Slide 10: Transaction volumes: single asset vs. portfolio deals
Transaction volumes: single asset vs. portfolio deals 100% 90% 80% Total portfolio transactions by Portfolio transactions > 100m volume 2.5 0.30 70% 35 0.14 0.25 60% 30 2 0.12 25 € billion € billion 0.10 0.20 50% 1.5 20 0.08 40% 0.15 15 0.06 1 30% 10 0.04 0.10 5 0.02 0.5 20% 0.05 0 0.00 10% 0 0.00 Q
Slide 11: Leasing Activities
we i <= [éasing Activities
Slide 12: Committed Annualised Rental Income And Number Of Tenancy Contracts
Committed Annualised Rental Income And Number Of Tenancy Contracts • Rolling rental income Increase in rental income Number of contracts € 400 700 • € 350 600 € 300 • 500 Number of tenancy contracts € 250 • 400 € 200 300 € 150 200 € 100 100 € 50 €- 0 2016 2017 2018 2019 2020 2021 2022 2023 1H 2024 S
Slide 13: New Lease Agreements: Examples H1 '24
Light industrial segment remains a driving VGP force in new contracts signed New Lease Agreements (Based On Rent) Examples H1 ‘24 Other 1% Logistics HYUNDAI 29% MOBIS isar aerospace T Light industrial 1% 13
Slide 14: Tenant breakdown by segment
• • Light industrial Logistics E-commerce Other 1As of 30 June 2024; including 100% of JVs’ assets per lettable m2 14
Slide 15: Active annualised rental income growth incl. JVs at 100%
fay ?) U Active annualised rental income growth incl. JV’s at 100% € 384.7 million €57.5 million €109.8 million Own Portfolio € 327.2 million €22.9 million €61.2 million € 304.3 million Own Portfolio € 250 million ona proportional basis €80.8 million Own Portfolio €266 million €275.0 million Joint V
Slide 16: Rental income by year
155,046 107,134 91,647 75,580 70,718 55,256 46,666 43,417 33,490 23,934 2016 2017 2018 2019 2020 2021 2022 2023 1H 2023 1H 2024 16
Slide 17: Weighted average lease length
7.8 years 7.5 years 8.5 years • • • •
Slide 18: Slide 18
Slide 19: Occupancy and delivered lettable area
• • • 1 Based on delivered lettable m2
Slide 20: Examples of deliveries H1 '24
Examples of deliveries H1 ‘24 1 Based on lettable m2
Slide 21: VGP Park Wiesloch-Walldorf
WIESLOCH - WALLDORF ss) om VGP PARK i Frankfurt am Main | Land surface 100 km [Ee] 2tt.064 me Stuttgart GLA of park tookne es) 124970 me SS S ~ SS ~ Mannheim Building deliverea SS tH] s0Km Building C: 25,851 m2 SSS Highway Tenant type cms TK stm £ Logistics ie Railway station Main tenant => oom Picn
Slide 22: VGP Park Gyor Beta
VGP PARK GYOR BETA Budapest =) Land surface 110km 142,294 m2 Vienna GLA of park 110km 71,683 m' Kecskemét Building delivered 210 km Building A: 37,998 m? Highway Tenant type 4km Lightindusrial & Logistics Railway Station S$ Main tenant 5km Appollo tyres, ASMPT. Airport 110km
Slide 23: VGP Park Giessen am alten Flughafen
VGP PARK GIEBEN AM ALTEN FLUGHAFEN GieBen ip.) Land surface 4km Ea 316,866 m? Frankfurt am Main GLA of park J 70 km 2eis0sne Disseldorf Delivered Buildin, - 199 km f@ 28.981 me ° {39,081 ie Highway ) Tenant type | adm E-commerce z* Hotel } Main tenant m4 eS 2km Zalando BD Gas station 2km Google maps
Slide 24: D: 74,044 m2 →
D: 74,044 m2 →
Slide 25: VGP Park Zvolen
VGP PARK ZVOLEN Bratislava 200km Land surface r 102,074 m? - & E Ko8ice 210km GLA of park 82,161 m? me Bf = Ee & 160 km €:8,479 m? = Highway Highy Tenant type Logistics Railway station 3km ic i Budapest fa Delivered Buildings fe Main tenants Packeta BUFAB,SpeDKa Airport 7km nm W EP Google maps >
Slide 26: Portfolio under construction and completed, at share and JVs at 100%
• • 7194 7385 6443 5746 4,828 4,736 4,605 4,084 3842 2771 2,468 1936 1,897 1505 1,355 1195 1,206 947 2016 2017 2018 2019 2020 2021 2022 2023 H1 2024 At share JV's at 100% 26
Slide 27: Portfolio breakdown by country and status
Italy Other Austria € 160mm – 2% € 398mm – 6% € 229mm – 3% Romania Development land € 282mm – 4% € 746mm Under 10% Hungary Construction € 291mm – 4% € 538mm Slovakia 7% € 294mm – 4% Germany € 3,935mm Netherlands 53% Completed € 328mm – 4% € 6,101 mm Spain 83% € 587mm – 8% Czech Republic € 881 mm 12%
Slide 28: Slide 28
Slide 29: Projects under construction as of 30 June 2024
• • • • • As of 30 June 2024 1Calculated on basis of expected rental value and committed rental prices 2 Based on rental value
Slide 30: Developments well spread across geographical footprint
..and is well spread across our geographical footprint Developments — geographic breakdown (by rental value) France Portugal 4% Spain Serbia 4% 14% 5% Slovakia 5% Czech Republic Austria 7% 13% Hungary 10% Italy 13% 12% Romania 13% = VGP Park Rouen, France Ry ay VGP Park Cordoba, Spain
Slide 31: VGP Park Valencia Cheste
VGP PARK VALENCIA CHESTE ew Valencia Land surface 18km 113,104 m2 Madrid GLA of park —s : 337km 65,103m? Zaragoza Buildings UC 332 km fa Gunes Highway Main tenant ¥ oem Jysk = Airport 14km Port 28 km > > & & & B
Slide 32: Bei Hee +
Bei Hee + pat Tbh | id ies 3
Slide 33: → •
→ •
Slide 34: VGP Park Pamplona - Noain
VGP PARK i. PAMPLONA - NOAIN on Pia a Pamplona Land surface km [ed 147,700 me GLA of park a Zaragoza 73,338 m' 170 km Bilbao Building UC 170km aé A: 50,062 m? fr Highway Tenant type tkm Light Industrial p Main tenant Mobis
Slide 35: →
→
Slide 36: VGP Park Legnano
= RP n> WEP VGP PARK LEGNANO Milan 15km Bergamo 65 km Torino 140 km Highway 500m Train station Smin Airport 415 min Land surface ca 49,389 m2 GLA 23,189 m? Building UC A: 23,189 Tenant type Logistics Main tenant MelchioniCarSystems Google maps fal 2
Slide 37: →
→ 37
Slide 38: →
→
Slide 39: VGP Park Bucharest
= 2 & em = - = E a Bb | COi Brasov 186 km Timisoara 594 km) Constanta 251 km Highway 1km Airport 50min Bus station 2km VGP PARK BUCHAREST @>s DO Land surface 248,289m2 GLA of park 119,321 m? Building UC A: 26,967 m? Tenant type Logistics Main tenant DHL, Target Media, ‘Omnia Gusti 39
Slide 40: Slide 40
Slide 41: Owned and committed land bank
8.566 795 375 (497) 8.467 317 (720) 7.724 743 (497) Land owned Acquired Deployed Sold Land Owned Committed Land Owned & Under Dec 2023 H1’24 Committed Committed Option H1’24 H1’24 H1’24 H1’24 H1’24 Owned and committed land bank • •
Slide 42: Geographical breakdown of development land bank
Geographical breakdown of development land bank (based on €) of Geographical breakdown of development land bank (based on m2) of the owned and committed land bank (own and JV) the owned and committed land bank (own and JV)
Slide 43: VGP Park Kecskemet
GP PARK KECSKEMET 2 Budapest ne] Land surface 120K ed ris07 me Vienna GLA of park 110km 37,151 me Bratislava 70km Highway 3km Railway Station 10 minutes Airport 10km Google maps >
Slide 44: Google Maps
Google Maps 44
Slide 45: Slide 45
Slide 46: Slide 46
Slide 47: VGP Park La Naval
VGP PARK LA NAVAL Madrid pe] Land surface 410km. [ed azsrorme Barcelona GLA of Park 600 km. ws) 109,408 me Bilbao Centre Buildings 10km fl 9 Railway station 100m Port 100m
Slide 48: VGP Park Russelsheim
am Taunus VGP PARK RUSSELSHEIM <a >—Raunheim Sa Frankfurt ne] Land surface 30km Ea 702,875 m? Mainz 15km GLA of park 285,710 m? Stuttgart 190 km Highway 1min Bus stop 1 minute Airport
Slide 49: →
→ 49
Slide 50: VGP Park Velizy
mM VGP PARK VELIZY [EA testes? = 5 GLA of park 80,000 m® Highway directconnection Bus stop 5 minutes Airport 14min ~ tH & Fh ul REL PE a
Slide 51: →
→ 51
Slide 52: Slide 52
Slide 53: Renewable energy capacity
• • • • • • • 1 Includes 14 MWp of third-party owned systems.
Slide 54: Slide 54
Slide 55: Closings H1 '24: RED (Deka) – Saga (Areim)
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 2 235 122 290 339 409 50 347 676 662* 2016 2017 2018 2019 2020 2021 2022 2023 2024 718 1098 1098 887 887 68 68 68 68 666 666 666 666 666 610 610 610 610 610 610 400 400 400 400 400 400 40
Slide 56: Joint Venture with Deka completed all acquisitions
◼ Following the Joint Venture agreement with Deka in ‘23, the Joint venture has now completed all acquisitions. The third and last closing occurred in August ‘24 and generated € 68.1 mm of cash proceeds. ◼ Deka has acquired as such a 50% stake in five project companies owned by VGP: Gießen – Am alte
Slide 57: Joint Venture with Areim first closing
◼ In ‘23 VGP agreed with Areim to create a new Joint Venture with the purpose of investing into VGP developed assets in Germany, Czech Republic, Slovakia, Hungary and France. The venture will utilize debt up to an LTV of 35% and the Investor has committed an equity ticket of € 500 mm. ◼ In H1 ‘24, V
Slide 58: Financial Performance
a A \ 7 oe | 47] ff lg \ ,- ! ie Financial Performan
Slide 59: Net rental and renewable energy income is stable
Net rental and renewable energy income is stable at € 33 mm Income Statement (€ thousands) • Significant shift of € 71.3 mm annual lease income to JV’s in H2 ‘23 and H1 ’24 30.6.2024 30.6.2023 Revenue 59,322 59,740 • Including VGP’s share of the joint ventures on a “look-through” basis net rental &
Slide 60: Income Statement details
Income Statement details Administration expenses of (€ 27.9) mm (in thousand of €) 30.6.2024 30.6.2023 Joint venture management fee income 15,710 11,685 • General increase in wages, LTIP and admin costs Net valuation gains / (losses) on investment properties 99,056 45,540 • Stable FTE at 372 Adminis
Slide 61: Investment, Development and Renewable Energy results
Investment Development Renewable Energy (€mm) H1 ‘24 H1 ‘23 (€mm) H1 ‘24 H1 ‘23 (€mm) H1 ‘24 H1 ‘23 Gross rental and renewable energy Gross rental and renewable energy Gross renewable energy 32.4 35.2 – – 3.8 2.9 income income income Property operating expenses (0.2) (0.4) Property operating expense
Slide 62: Investment Properties (own portfolio) grew to € 1,739 mm
Investment Properties (own portfolio) grew to € 1,739 mm Consolidated Balance Sheet – Assets (€ thousands) • Completed portfolio: € 777 mm (‘23: € 1,154 mm) Assets (in thousand of €) 30.6.2024 31.12.2023 • Under construction: € 521 mm (‘23: € 544 mm) Intangible assets 887 1,000 • Development land: €
Slide 63: Shareholders' equity of € 2,254 mm
Consolidated Balance Sheet – Shareholders equity and Shareholders’ equity of € 2,254 mm liability (€ thousand) • Following a net profit of € 141.5 mm Shareholders' Equity And Liabilities (in 30.6.2024 31.12.2023 thousands of €) • And a dividend of € 101 million Share capital 105,676 105,676 Share pr
Slide 64: Average cost of debt
Average cost of debt 3.40% ▪ € 2,118 mm Total Debt 3.20% ▪ 2.25% Average Cost of Debt ▪ Lowered to 2.21% after bond repayment in July ‘24 3.00% ▪ Significant liquidity of + € 1 bn ▪ € 625 mm Cash 2.80% ▪ € 400 mm non-utilised Credit Facility 2.60% ▪ Bond maturities ▪ € 75 mm bond matured in Jul ‘24
Slide 65: Cash flow statement
Cash flow statement 30.6.2024 30.6.2023 Cash at beginning of period 209,921 699,168 Net cash generated from operating activities (33,393) (22,780) Net cash used in investing activities 405,103 (99,449) Proceeds from disposal 662,288 268,217 Capex (198,648) (333,673) Loans to JV (61,146) (37,399) Dis
Slide 66: Maturity profile financial debt
Maturity profile financial debt (€mm) 4.10 years average debt maturity Source: Company information as of June 2024
Slide 67: Covenants and Joint Venture financing
Gearing Ratio1 Debt service cover ratio2 Covenants: <65% Covenants: ≥1.2 Interest Cover Ratio3 Joint Venture financing covenants4 Joint Venture LTV Convenant Covenants: ≥1.2 Rheingold (JV1) 35.9% 65%4 Aurora (JV2) 50.6% 75%5 Ymir (JV3) 3.2% 65% Red (JV5) 21.9% 50% Saga (JV6) 31.7% 47% - 55%6 Pro for
Slide 68: Summary and Outlook
an Summary and Ais sane
Slide 69: Slide 69
Slide 70: Disclaimer VGP
Disclaimer VGP ABOUT VGP VGP is a pan-European owner, manager and developer of high-quality logistics and semi-industrial real estate. VGP operates a fully integrated business model with capabilities and longstanding expertise across the value chain. The company has a development land bank (owned or