Vgp Nv · EURONEXT:VGP
Vgp Nv — Investor Day (September 2026)
40 slides from Vgp Nv's investor day presentation, Sep 3, 2026
Slide 1: VGP Capital Markets Day 2026
Frankfurt · 3 September 2026 VGP Capital Markets Day 2026 Building the next phase of growth VGP Park Rüsselsheim aerial (architectural visualisation)
Slide 2: Agenda
VGP CAPITAL MARKETS DAY 2026 Agenda Three chapters: the inflection point, the three segments, and a new pillar. 1 2 3 VGP approaching a new growth How VGP converts growth into Data centres: a new pillar for inflection point earnings VGP’s operations I Secular tailwinds: demand is changing I Property
Slide 3: VGP approaching a new growth inflection point
1 VGP approaching a new growth inflection point
Slide 4: Three things are converging at once
A NEW GROWTH INFLECTION POINT Three things are converging at once Stronger structural demand, landmark sites becoming executable, and a broadening capital platform. I II III Demand is changing what A cohort of VGP landmark VGP’s capital platform is tenants need sites is activating broadening Automat
Slide 5: Secular tailwinds
CHAPTER 1 · A NEW GROWTH INFLECTION POINT SECTION I IN THIS SECTION Secular tailwinds Automation is changing the building itself Five structural drivers, one requirement Demand is changing what tenants need — and the building requirements with it. Why VGP can capture this demand VGP Capital Markets
Slide 6: Automation is changing the building requirement itself
A NEW GROWTH INFLECTION POINT · I — DEMAND Automation is changing the building requirement itself You saw it at Zalando this morning. Robotics has moved from niche use cases into core industrial processes. THE SCALE 542,000 industrial robots installed globally in 2024 more than double the number ten
Slide 7: Automation is raising the specification of the building
A NEW GROWTH INFLECTION POINT · I — DEMAND Automation is raising the specification of the building Why automated operations favour purpose-built space GENERIC SHELL Precision floor & structure Power & MEP capacity Racking, forklifts, a standard floor. The Superflat, high-load floors; heights and Lar
Slide 8: Demand is changing what tenants need
A NEW GROWTH INFLECTION POINT · I — DEMAND Demand is changing what tenants need Automation is one of five structural drivers. They converge on the same requirement. AUTOMATION & DEFENCE SUPPLY-CHAIN ADVANCED E-COMMERCE & ROBOTICS RESTRUCTURING MANUFACTURING DISTRIBUTION 542,000 1.5% 10% 30% 19.5% in
Slide 9: Why VGP can capture this changing and automation-driven demand
A NEW GROWTH INFLECTION POINT · I — DEMAND Why VGP can capture this changing and automation-driven demand Across advanced manufacturing and fulfilment — with the land, the specification capability and the power to take on more. KraussMaffei | VGP Park München Zalando | VGP Park Gießen Active Ants |
Slide 10: Six more examples across five countries
A NEW GROWTH INFLECTION POINT · I — DEMAND Six more examples across five countries From battery R&D and aerospace 3D printing to fulfilment, retail distribution and parcel sorting. BMW | VGP Park München Isar Aerospace | VGP Park München 100 KUKA robots in the battery cell R&D centre at Laser powder
Slide 11: A new phase of development growth
CHAPTER 1 · A NEW GROWTH INFLECTION POINT SECTION II IN THIS SECTION A new phase of development Eleven positions entering execution together growth Scarce land positions, difficult to recreate A cohort of landmark sites is activating inside the same window. Scarcity turning into tenant pull VGP Capi
Slide 12: A landmark cohort is entering execution together
A NEW GROWTH INFLECTION POINT · II — DEVELOPMENT A landmark cohort is entering execution together Many iconic positions assembled over years, activating inside the same 6–12 month window. THE COHORT 1,238,000 m² of potential lettable area across the eleven sites 29% of the 4.3 m m² of development po
Slide 13: These are land positions that would be difficult to recreate today
A NEW GROWTH INFLECTION POINT · II — DEVELOPMENT These are land positions that would be difficult to recreate today One hard location fact and one scarcity fact per site — not the word “iconic”. Rüsselsheim Vélizy La Naval Nürnberg Frankfurt, Germany · 683,000 m² Paris, France · 196,000 m² Bilbao, S
Slide 14: Scarcity is turning into tenant pull and near-term starts
A NEW GROWTH INFLECTION POINT · II — DEVELOPMENT Scarcity is turning into tenant pull and near-term starts Acquisition and permitting move together — a purchase is usually conditional on the zoning permit. ACQUISITION & PERMITTING TENANT ENGAGEMENT CONSTRUCTION Verona Vila Nova de Gaia Vélizy (Paris
Slide 15: Scaling capital recycling
CHAPTER 1 · A NEW GROWTH INFLECTION POINT SECTION III IN THIS SECTION Scaling capital recycling European investment activity is recovering From transactions to Capital platform From individual transactions to a repeatable platform. VGP Capital Markets Day 2026 · 15
Slide 16: European logistics direct asset investment activity is recovering
A NEW GROWTH INFLECTION POINT · III — CAPITAL European logistics direct asset investment activity is recovering H1 2026 transaction volumes are 13% up on last year and well above the pre-pandemic H1 average. H1 2026 €18.8bn of direct industrial and logistics investment +13% year on year, the second
Slide 17: From transactions to a Capital Platform
A NEW GROWTH INFLECTION POINT · III — CAPITAL From transactions to a Capital Platform The recycling model is proven. What changes now is the architecture around it. GROSS ASSET VALUE THAT CAN BE TRANSACTED WHAT CHANGES THE MODEL WORKS €3.5bn €3.6bn+ across an expanding range of fund and JV structure
Slide 18: How VGP converts growth into earnings
2 How VGP converts growth into earnings
Slide 19: The recurring earnings base is growing
HOW VGP CONVERTS GROWTH INTO EARNINGS · THREE SEGMENTS The recurring earnings base is growing Development still creates the value. What has changed is how much of the result recurs. QUALITY OF EARNINGS +12% in Investment and Renewable Energy combined group EBITDA Segment EBITDA, € million PROPERTY D
Slide 20: Property Development
CHAPTER 2 · HOW VGP CONVERTS GROWTH INTO EARNINGS SECTION I IN THIS SECTION Property Development Land bank into buildings — four to five years in hand How the land bank converts, and where the margin comes from. VGP Capital Markets Day 2026 · 20
Slide 21: How the land bank converts into buildings
HOW VGP CONVERTS GROWTH INTO EARNINGS · PROPERTY DEVELOPMENT How the land bank converts into buildings Four to five years of development at current rates, without acquiring another plot of land. LAND OWNED DEVELOPABLE CAPITAL EXPENDITURE RENT 10.4m m² 4.3m m² €2.7bn +€311m of land bank, owned or of
Slide 22: Investment
CHAPTER 2 · HOW VGP CONVERTS GROWTH INTO EARNINGS SECTION II IN THIS SECTION Investment What the contracted rent base grows into Asset Management monetises the growth to be delivered The contracted rent base, and the fee income earned on the platform. VGP Capital Markets Day 2026 · 22
Slide 23: The contracted rent base provides a visible growth runway
HOW VGP CONVERTS GROWTH INTO EARNINGS · INVESTMENT The contracted rent base provides a visible growth runway Signed leases and the development pipeline provide substantial embedded growth in rent and EBITDA. A meaningful part is already contracted € 69m of rent has already been signed but is not yet
Slide 24: Asset Management grows to scale
HOW VGP CONVERTS GROWTH INTO EARNINGS · INVESTMENT Asset Management growths to scale Joint Venture fee income has compounded at 18% since 2020 WHAT THE FEE ACTUALLY IS Property and facility management was €16.5m in H1 2026, up €2.1m — the recurring core. Development management added €1.7m. THE PLATF
Slide 25: Renewable Energy
CHAPTER 2 · HOW VGP CONVERTS GROWTH INTO EARNINGS SECTION III IN THIS SECTION Renewable Energy Solar — €140m invested at a 10%+ gross yield Storage — the platform grows fivefold on committed projects Solar at scale, storage compounding on top of it. VGP Capital Markets Day 2026 · 25
Slide 26: Solar: €140 million invested at a 10%+ gross yield
HOW VGP CONVERTS GROWTH INTO EARNINGS · RENEWABLE ENERGY Solar: €140 million invested at a 10%+ gross yield The mature pillar of the renewable energy segment — 193.4 MWp operating, and roof arrives with every new development. CAPITAL AND RETURN PLATFORM BUILD-OUT · 300.8 MWp ACROSS 284 PROJECTS 10%+
Slide 27: Storage: the platform grows fivefold on committed projects
HOW VGP CONVERTS GROWTH INTO EARNINGS · RENEWABLE ENERGY Storage: the platform grows fivefold on committed projects Grid-connected storage in parks VGP already owns, next to solar VGP already built CAPITAL AND RETURN PLATFORM BUILD-OUT · 250.9 MWh ACROSS 25 PROJECTS 10%+ gross projected yield Instal
Slide 28: Data Centres: a new pillar for VGP’s operations
3 Data Centres : a new pillar for VGP’s operations
Slide 29: Why data centres fit VGP
CHAPTER 3 · NEW PILLAR DATA CENTRES SECTION I IN THIS SECTION Why data centres fit VGP why powered land matters where the European market is moving The market is increasingly constrained by power and ready-to-build land — why VGP’s footprint overlaps with that opportunity exactly where VGP has an ed
Slide 30: 30
30
Slide 31: Why data centres fit what VGP already does
DATA CENTRES Why data centres fit what VGP already does Data centres monetise powered land. It is an adjacency to existing capability, not a new business. WHAT THE MARKET IS SHORT OF WHAT VGP ALREADY HAS The constraint has moved from capital to power and Every one of those constraints is something V
Slide 32: Data centre growth is moving to where the power is
DATA CENTRES Data centre growth is moving to where the power is Scarcity in the established hubs is pushing new capacity into Tier 2 and emerging markets. CORE HUBS 7–10 years Typical grid connection waiting time in the FLAP-D markets. Demand is not the constraint; delivery certainty and power acces
Slide 33: Building the platform
CHAPTER 3 · NEW PILLAR DATA CENTRES SECTION II IN THIS SECTION Building the platform Frankfurt and Milan screening funnel / identified pipeline From two concrete sites to a scalable platform — gated by power, tenant/operator capital phasing commitments and aligned capital partnering for scale VGP Ca
Slide 34: First opportunities: Frankfurt and Milan
DATA CENTRES First opportunities: Frankfurt and Milan Both convert VGP land and permitting into a power-led opportunity, subject to gating work. Frankfurt 190 MVA Milan 120 MVA Rüsselsheim, Germany Grid / power plant Paderno Dugnano, Italy grid connection 65 MVA grid (of which 50 MVA DC allocated).
Slide 35: Rüsselsheim already has the infrastructure behind “powered land”
DATA CENTRES Rüsselsheim already has the infrastructure behind “powered land” Existing on-site power infrastructure is a key reason the site screens as a credible data-centre location. Brownfield with room to reconfigure Existing on-site power infrastructure Redundant grid connection at the site and
Slide 36: Turning the footprint into a qualified pipeline
DATA CENTRES Turning the footprint into a qualified pipeline A staged screen converts existing land into a pipeline without committing capital early. 1 Long list 2 Power check 3 Commercial validation Screen VGP parks and the land bank against Secure utility confirmation or a credible behind- Validat
Slide 37: From two plots to a c.225 MW identified opportunity
DATA CENTRES From two plots to a c.225 MW identified opportunity Indicative grid capacity already inside VGP’s footprint, and what it would imply for capital. IDENTIFIED OPPORTUNITY c.225 MW of customer IT power, from 300+ MVA of grid capacity1 c.€10m+ / MW implied capex per MW of IT power €2.0–2.5b
Slide 38: Partnering for scale
DATA CENTRES Partnering for scale An MoU has been signed to add specialist design, operating and fund capability to VGP’s land. PROPOSED STRUCTURE VGP contributes The partner contributes Pan-European development platform ✓ Land, permitting, power and construction ✓ Specialist data centre design and
Slide 39: Questions & discussion
BUILDING THE NEXT PHASE OF GROWTH Questions & discussion From strategy back to the site — questions before we continue the Rüsselsheim visit. Drinks and optional site tour to follow · Departure 17:30
Slide 40: Important notice
Important notice Purpose of this presentation Basis of preparation This presentation has been prepared by VGP NV solely for information purposes in connection Unless stated otherwise, financial information is unaudited and derived from VGP’s H1 2026 with its Capital Markets Day held on 3 September 2