Slide 1: VGP business model
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Slide 2: Executive summary
Executive summary VGP NV is a publicly listed, family-driven European real estate group, uniquely positioned at the intersection of logistics and industrial real estate development, long-term investment, and renewable energy solutions. With operations spanning 18 countries, VGP has established a str
Slide 3: Key figures as of 31 December 2024
• • • Source: company information as of 31 December 2024 1Gross Asset Value of VGP, including Owned Portfolio and joint ventures at 100% as of 31 December 2024; 2Weighted average yield of own standing property portfolio as of 31 December 2024; 3 Including JV portfolio at 100%; 4 Refers to WALT of JV
Slide 4: A diversified pan-European business model
VGP a diversified pan-european business model Developer Asset Owner/ Renewable Manager Energy S| @) U
Slide 5: 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 Concept & design + In-house design of buildings basedon strict guidelines for mul
Slide 6: Successful and long-standing track record of geographic expansion
Successful and long-standing track record of geographic VGP expansion and continued delivery across markets... GAV (€mm) 7.837 7.194 Corporate activity 5.746 6.440 @ Capital market activity @ Acduisition / divestment 3.843 @ vs 2701 677. «1-195 1.506 se no 428 2007 225 106 226 — | | @ il © REE © EEE
Slide 7: Well diversified portfolio across Continental Europe
Well diversified portfolio across Continental Europe G 1 2. 3. 4. 5, 6 7 8 9. ermany Berlin-Bernau Berlin-Ludwigsfelde Berlin-Oberkramer Berlin-Wustermark Bingen Bischofsheim Bobenheim-Roxheim, Chemnitz Dresden Einbeck . Erfurt Erfurt-Stotternheim Frankenthal Cz 40. 4. 42. 43. 44, 45. 46. 47. 48. 49
Slide 8: Well diversified portfolio across Continental Europe
Well diversified portfolio across Continental Europe Investment Portfolio Breakdown By Status (in €- million)! Under construction , €684 Development land €669 8% Completed €6.484 83% Investment Portfolio Breakdown By Owner Investment Portfolio Breakdown By Country! Pui Other Italy G0, Romania 3% 3%
Slide 9: Development
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Slide 10: Development - from sourcing land to developing parks
Development - from sourcing land to developing parks Land * Identification of prime locations + Comprehensive due diligence— Technical, legal, environmental * Obtain the zoning and building permit Concept & design + In-house design of buildings basedon strict guidelines for multi- purpose utilisatio
Slide 11: Park development criteria
~ = MULTI MODAL ___ MEETING MINIMUM ematical Fea ee ~~ PROFITRETURN ~ (RAIL, , WATERWAYS,.. STANDARDS™ DIRECT ACCESS TO HIGHWAYS L i: é | = ae SIZEABLE PARKS LAND ACQUISITION ORR Scone | ALLOWING AND CASH FLOW ALWAYS DUE DILIGENCE, > EFFICIENCIES SUBJECT TO OBTAINING INCLUDING STRINGENT OF SCALE NEC
Slide 12: Holistic urban planning
© Holistic urban planning Guided by systems thinking QO Design for maintenance and deconstruction ("rR (a) N, S Continuous material cycles df C Jigital technology Support human well-being and natural systems
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Slide 14: Investment — managing asset portfolio through JV model or full ownership
Investment — managing asset portfolio, either through Joint VGP Venture model or in full ownership Land Concept & design Construction Rent Portfolio Ancillary services * Identification of prime + In-house design of + Actingas a general + Mainly long term lease + Long term developer / + Assisting cli
Slide 15: Tenant segments: 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 16: Lease term (WALT) by portfolio
8.0 years 7.2 years 9.7 years • • • •
Slide 17: Strategic joint venture partnerships
Strategic joint venture partnerships ▪ VGP remains point contact partner for tenants and municipalities throughout the process and beyond ▪ Allianz Real Estate, AREIM and Deka Immobilien are "silent partners“ ▪ The partnership structure provides additional stability and flexibility for our developme
Slide 18: The JV Cash Recycling Model – Step 1: developing the park
The JV Cash Recycling Model – Step 1: developing the park € 100 100% VGP Park X € 100 Land & construction cost € 100 Debt to VGP NV € 130 Fair value
Slide 19: The JV Cash Recycling Model – Step 2: entry of JV partner & refinancing
The JV Cash Recycling Model – Step 2: entry of JV partner & refinancing 50% transfer VGP NV Joint Venture Partner 50% 100% 50% Fund flow VGP development loan: (100) Refinancing by bank: 65 Equity/Shareholder loan payment by partner 32,5 VGP cash recycled 97,5% 50% LTV – € 65 VGP Park X Deconsolidati
Slide 20: The JV Cash Recycling Model – Step 3: asset management
The JV Cash Recycling Model – Step 3: asset management VGP NV Joint Venture Partner VGP Asset Management 50% Asset Management Fee 50% Profit Distributions Profit Distributions Joint Venture recognized under Equity method Interest Amortizations 50% LTV – € 65 VGP Park X € 6.5 Rental income Bank
Slide 21: EPRA KPIs of Joint Ventures at share
EPRA KPI’s of Joint Venture’s at share Rheingold – JV I (Allianz) FY2024 FY2023 Aurora – JV II (Allianz) Ymir – JV III (Allianz) Red – JV V (Deka) 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
Slide 22: Recycled over €3 bn of net cash from JV transactions
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 4 235 122 290 339 409 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 40
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Slide 24: Renewable energy — capturing add-on value
Renewable energy — capturing add-on value Land * Identification of prime locations + Comprehensive due diligence— Technical, legal, environmental * Obtain the zoning and building permit Concept & design + In-house design of buildings basedon strict guidelines for multi- purpose utilisation * Strateg
Slide 25: VGP Renewable Energy N.V. founded in 2020
+ VGP Renewable Energy N.V. was founded in 2020 + Assist our clients in making their businesses more sustainable in a cost-effective way an ability to offer green energy (produced on or off site) smart energy management (including use of batteries and smart local grids) facilitate our clients in the
Slide 26: Corporate PPA long term energy contract
• • Corporate PPA long term energy contract Green energy flow Wholesale Renewables credits market (via utility) Cash flows VGP client (green energy offtaker)
Slide 27: Renewable energy installed capacity
• • • 1 Includes 14 MWp of third-party owned systems.
Slide 28: VGP Renewable Energy is stepping up investment in storage
VGP Renewable Energy is stepping up investment in storage VGP VGP Park Nijmegen BESS" phase | a ~) 3.4 MW / 6.8 MWh H1 2025 Expected COD = BESS at VGP Park Nijmegen will in first instance provide support to the Dutch grid through frequency regulation VGP markets currently being assessed for BESS sys
Slide 29: Financial performance
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Slide 30: Consolidation perimeter
S| @) U Consolidation perimeter - j : : Participation Hl Intra group financing through equity v share and shareholder loans Renewables Development External Bank Financi Full consolidation method under IFRS GAAP Equity consolidation method IFRS GAAP
Slide 31: Income Statement (€ thousands)
Income Statement (€ thousands) Notes FY2024 FY2023 • • T 1 Reflects the yield on the own standing property portfolio (excluding JV, but including assets held for sale) . The (re)valuation of the own portfolio was based on the appraisal report of IO, preferred partner of Jones Lang LaSalle
Slide 32: Income Statement (€ thousands)
Income Statement (€ thousands) Notes FY2024 FY2023 T
Slide 33: Income Statement (€ thousands)
Income Statement (€ thousands) Notes FY2024 FY2023 T
Slide 34: Income Statement (€ thousands)
Income Statement (€ thousands) Notes FY2024 FY2023 T
Slide 35: Income Statement (proportional)
Income Statement (€ thousands) Proportional FY ‘24 Own (excl JV at income In thousands EUR JV share) share statement T
Slide 36: Proportional EBITDA split by business segment
Proportional Ebitda split by business segment Investment Development Renewable Energy (€mm) FY ‘24 FY ‘23 (€mm) FY ‘24 FY ‘23 (€mm) FY ‘24 FY ‘23 Gross rental and renewable energy Gross rental and renewable energy Gross renewable energy 65.4 64.7 – – 8.3 4.4 income income income Property operating e
Slide 37: Consolidated Balance Sheet – Assets
Consolidated Balance Sheet – Assets (€ thousands) (€ - thousands) Notes 31 Dec ‘24 31 Dec ‘23
Slide 38: Consolidated Balance Sheet – Assets
Consolidated Balance Sheet – Assets (€ thousands) (€ - thousands) Notes 31 Dec ‘24 31 Dec ‘23
Slide 39: Consolidated Balance Sheet – Assets
Consolidated Balance Sheet – Assets (€ thousands) (€ - thousands) Notes 31 Dec ‘24 31 Dec ‘23
Slide 40: Consolidated Balance Sheet – Shareholders equity and liability
Consolidated Balance Sheet – Shareholders equity and liability (€ thousand) (€ thousand) Notes 31 Dec ‘24 31 Dec ‘23
Slide 41: Consolidated Balance Sheet – Shareholders equity and liability
Consolidated Balance Sheet – Shareholders equity and liability (€ thousand) (€ thousand) Notes 31 Dec ‘24 31 Dec ‘23
Slide 42: Proportional Balance Sheet – Assets
Consolidated Balance Sheet – Assets (€ thousands) Proportional Proportional Own (excl JV Own (excl JV (€ - thousands) JV at share income (€ - thousands) JV at share income share) share) statement statement
Slide 43: Cash flow statement — where it all comes together
Cash flow statement — where it all comes together VGP In €-million Cash flow stateme: (€ thousand) Notes Fy2024 FY2023 1. Proceeds from disposal As indicated on previous slides, VGP undertakes regular closings with its joint ventures. Cash at beginning of period 209,921 699,168 These are reported as
Slide 44: 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