Vgp Nv · EURONEXT:VGP
Vgp Nv — Shareholder Meeting (May 2025)
78 slides from Vgp Nv's shareholder meeting presentation, May 9, 2025
Slide 1: FY 2023 Financial Results
22 February 2024 FY 2023 Financial Results
Slide 2: Performance Highlights
Performance Highlights
Slide 3: Highlights 2024
Highlights 2024 ▪ A net profit of € 287 million, an increase of € 200 million or 229% versus FY’23 ▪ Net asset value growth of 8.4%, up to € 2.4 billion. EPRA NTA is up 7% ▪ EBITDA growth of 57% with solid contribution from recurring rental business activities of € 204.3 million (+19%), from develop
Slide 4: Summary financial results
Summary financial results 1 2 3 4 STEADY GROWTH OF CONTINUED STRONG EBITDA INCREASED 57% 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 +17.6% YOY DIVIDEND OF € 3
Slide 5: Highlights 4M 2025
Highlights 4M 2025 • A record of € 39.5 million of new and renewed leases signed year-to-date bringing the annualised committed leases for the year to date to € 431.8 million (+ € 19.2 million compared to 31 December 2024, which is +4.7% YTD and +14.8% y-o-y). • 36 projects under construction repres
Slide 6: Market update FY '24
Market update FY ‘24
Slide 7: Demand | Occupier segments
Demand | Occupier segments Growing manufacturing share of total demand while others show more volatility Take-up share by sector, FY 2024 Take-up share by sector (YoY growth) 40 13% 35 3PL 30 39% Retail 25 22% E-commerce 20 Manufacturing 15 10 Others 5% 5 0 21% 10-yr av. 40% 23% 12% 17% 3PL E-Commer
Slide 8: Supply | Supply pipeline up in response to demand for new space
Supply | Supply pipeline up in response to demand for new space BTS construction replaces lower levels of speculative development Logistics space under construction 25 20 34% 43% ▪ Speculative share of total 15 42% construction drops to 36%. Million sq.m 40% 36% 38% 37% 25% 29% 10 ▪ Tightening land
Slide 9: Capital Markets | Industrial investment on upward trajectory
Capital Markets | Industrial investment on upward trajectory Increasing capital flows in response to improving financial conditions Direct Investment Volumes 65 30 Strong quarterly transaction 60 28 26 activity in Q4 increases annual level 55 24 by 23% in 2024 % share of total CRE Investment 50 22 4
Slide 10: Yields | European Prime yields
Yields | European Prime yields Risk arbitrage more favorable for investors 8,0 7,0 Widening yield/rate gap 6,0 EU: 147 bps DE: 207 bps • Improved arbitrate with risk- 5,0 free rates EU: 518 bps 4,0 DE: 588 bps • Better for attracting capital to 3,0 EU: 146 bps DE: 276 bps sector 2,0 EU: 268 bps 1,0
Slide 11: Operational Performance
Operational Performance
Slide 12: Leasing activities
Leasing activities
Slide 13: Committed annualised rental income
Record year in committed rental income – including JVs at 100% Committed Annualised Rental Income And Number Of Tenancy Contracts • The group has 426 tenants at 4M, versus 418 at end of ‘24 Increase in rental income Rolling rental income Number of contracts • Committed annualised leases as of 31 Dec
Slide 14: Majority share of new contracts signed within light industrial segment
Majority share of new contracts signed within light industrial segment New Lease Agreements (Based On Rent) FY24 Examples FY 2024 Examples 4M25 Other E-commerce 0.6% 0.2% Logistics 34.0% Light industrial 65.2% 14
Slide 15: VGP Park München
VGP PARK MÜNCHEN Bremen Land surface 140 kilometer 644,158 m² Regensburg GLA of park 130 km 319,933 m² Building D: 43,928 m² München centre Buildings 20 minutes 5 Building D to be developed Highway Tenant type 500 m Industrial S- Bahn Main tenants 600 m Krauss Maffei, BMW and now also ISAR Aerospace
Slide 16: VGP Park Parma
VGP PARK PARMA Reggio Emillia Land surface 30 km 99,487 m² Modena GLA of park 57 km 50,189 m² Bologna Buildings 94 km 1 Highway Tenant type 800 m Industrial Hotel Main tenant 3 min Mutti Airport 10 minutes Google maps → 16 VGPP ARK • Gi eße n Am a lten F lughafe n
Slide 17: VGP Park Pamplona - Noáin
VGP PARK PAMPLONA - NOÁIN Pamplona Land surface 12 km 147,700 m² Zaragoza GLA of park 170 km 73,338 m² Bilbao Buildings 170 km 2 Highway 1 km Port 150 km Airport 7 km Google maps →
Slide 18: VGP Park České Budějovice
VGP PARK ČESKÉ BUDĚJOVICE České Budějovice Land surface 1.5 km 413,791 m² Prague GLA 145 km 131,415 m² Linz Buildings 100 km 7 Highway 200 m Railway station 4 km Bus stop 300 m Google maps → 18
Slide 19: Portfolio leased to a diversified and blue-chip tenant base at FY24
Portfolio leased to a diversified and blue-chip tenant base at FY24 Tenant Portfolio Breakdown – By Industry Segment1 (FY24) • Weighted average lease term of 8.0 years1 • Top 10 tenants represents 31.7% of committed leases and have a combined WALT of 10.7 years Other 2% E-commerce Light industrial L
Slide 20: € 413 m committed leases, with potential to grow to € 667 mm
€ 666.5 mm € 413 m committed leases, with potential to +62% or grow to € 667 mm € 520.6 mm At share +18% € 412.6 mm or €253.9 mm €370.2 mm € 272.2 mm Own Portfolio +15% at share € 350 mm or €127 mm €62.6 mm € 214 mm Own Portfolio € 304.3 mm at share or € 194.3 mm €45.7 mm €74.6 mm at share Own Portf
Slide 21: Net rental and renewable energy income at share has grown y-o-y with 22%
Net rental and renewable energy income at share has grown y-o-y with 22% 189,368 Proportional net rental and renewable energy income ( ‘000 €) 155,046 107,134 70,718 55,256 43,417 46,666 33,490 23,934 2016 2017 2018 2019 2020 2021 2022 2023 2024 Continuous growth expected in ‘25 as a result of deliv
Slide 22: 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 Combined 8.0 years 98.4% 99.3% 98.5% 99.4% 100.0% 99.1% 100.0% 100.0% 99.8% 98.0% 99.3% 96,0% JVs 7.2 years 9.7 years Own 2019 2020 2021 2022 2023 2024 0 2 4 6 8 10 12 14 O
Slide 23: Deliveries
Deliveries
Slide 24: Delivery of new developments
Delivery of new developments Deliveries FY 2024 Geographical breakdown 1 Czech Republic • 21 buildings representing 584,000 sqm GLA Italy 2% Spain 3% • An additional 4 buildings since the start of 2025 representing 84,000 Austria 4% 4% m2 GLA Germany 29% Romania • € 36 million rental income by 29 ne
Slide 25: Deliveries in 2024 tending towards logistics
Deliveries in 2024 tending towards logistics Deliveries FY 2024 Tenant segmentation1 Examples of deliveries FY’24 + 4M ‘25 E-commerce 17% Light industrial 15% Logistics 68% VGP Park Wiesloch- Walldorf, Germany VGP Park Valencia Cheste, Spain 1 Based on lettable sqm
Slide 26: VGP Park Budapest
VGP PARK BUDAPEST Budapest Land surface 120 km 85,272 m² Vienna GLA of park 110 km 35,919 m² Bratislava Buildings A 70 km 29,853 m² Highway 3 km Railway Station 10 minutes Airport 10 km Google maps →
Slide 27: VGP Park Timișoara
v VGP PARK TIMIŞOARA Sibiu Land surface 279 km 346,226 m² Arad GLA of park 53 km 177,239 m² Bucharest Buildings E 576 km 32,768 m² Highway Tenant type 11 m Light Industrial Bus stop Main tenants 400 m Continental Airport 2 km Google maps → 27
Slide 28: VGP Park Belgrade
VGP PARK BELGRADE Novi Sad Land surface 85 km 1,161,243m² Nis GLA of park 240 km 462,847 m² Budapest Buildings 375 km D1: 41,954 m2 C: 35,129 m2 Highway 0m Railway station 10 km Airport 4 km Google maps →
Slide 29: VGP Park Rouen
VGP PARK ROUEN Rouen Land surface 10 km 321,291 m² Le Havre GLA of park 85 km 158,714 m² Paris Building A 100 km 39,424 m2 Highway Tenant type 2 km Logistics Port Main tenants 5 minutes GQ Logistics Airport 90 minutes Google Maps 29
Slide 30: The portfolio at-share has grown organically at an annual compounded growth rate of 23.2%
The portfolio at-share has grown organically at an annual compounded growth rate of 23.2% • The portfolio at-share has shown resilient growth Total investment property (€mm) • Compounded annual growth rate of 23.2% at share since 2016 4,828 5,031 4,605 • Offloaded € 2.9 billion of gross asset value
Slide 31: The portfolio is geographically well diversified and predominantly income generating
The portfolio is geographically well diversified and predominantly income generating Investment Portfolio Breakdown By Country1 Investment Portfolio Breakdown By Status1 Italy Other € 201 mm – 3% € 475mm – 6% Austria € 247mm – 3% Development Romania land € 313mm – 4% € 669 mm Under Construction 9% S
Slide 32: Developments
Developments ae
Slide 33: Portfolio under construction at FY24 represented € 60.4 million of new leases
Portfolio under construction at FY24 represented € 60.4 million of new leases • As at the end of ‘24 • 34 buildings are under construction, representing 780,000 m 2 • This equates € 60.4 million of annualized leases1 • The portfolio under construction, including pre-lets on development VGP Park Arad
Slide 34: …and is well spread across our geographical footprint
…and is well spread across our geographical footprint Developments – geographic breakdown (by CARA+ERV) FY 24 France Hungary 3% Serbia Denmark 4% 1% 4% Portugal 4% Slovakia Germany 4% 29% VGP Park Ehrenfeld, Austria Croatia 5% Czech Republic 6% Austria Romania 9% 12% Italy Spain 9% 10% VGP Park Mont
Slide 35: VGP Park Lučko
VGP PARK LUČKO Ljubljana Land surface 135 km 97,987 m2 Rijeka GLA 156 km 37,238 m2 Vienna Building 367 km A: 28,600 m2 Highway Direct acces Airport 20 min Railway station 10 km Google maps → 35
Slide 36: VGP Park Arad
VGP PARK ARAD Timisoara Land surface 50 km 385.414 m² Oradea GLA of park 120 km 193.552 m² Bucharest Building UC 600 km B: 20.036 m2 Highway 200 m Airport 35 min Bus station 500 m Google maps → 36
Slide 37: VGP Park Berlin-Bernau
VGP PARK BERLIN- BERNAU Berlin Land surface 30 km 144, 421 m² Hamburg 290 km GLA of park 70,990 m² Magdeburg 190 km Buildings 5 Highway 3 km Tenant type Logistics Hotel 7 min Main tenants Socken und Strumpfe, Airport Best4Tires. BerVaTek 50 km 37 VGPP A
Slide 38: VGP Park Split
VGP PARK SPLIT Ljubljana Land surface 135 km 186,677 m2 Rijeka GLA 156 km 77,451 m2 Vienna Buildings 367 km 2 Highway Direct acces Airport 30 km Port 15 km Google maps → 38
Slide 39: VGP Park Alicante
VGP PARK ALICANTE Bilbao Land surface 800 km 41,834 m² Madrid GLA of Park 420 km 24,528 m2 Barcelona Buildings 500 km 1 Highway 300 m Bus Stop 500 m Airport 11 km Google maps → 39
Slide 40: VGP Park Rüsselsheim
VGP PARK RÜSSELSHEIM Frankfurt Land surface 30 km 707,791 m² Mainz GLA of park 15 km 374,000 m² Stuttgart 190 km Highway 1 min Bus stop 1 minute Airport 15 km Google maps → 40
Slide 41: Owned and committed land bank expanded further to support future growth
Owned and committed land bank expanded further to support future growth Land bank ('000 m²) incl JV's at 100% - April '25 1438.279 1495.177 8941.930 357.219 7378.489 7446.753 -288.955 Land Owned Acquired Deployed Owned Landbank Committed Owned and Under option/ Dec 2024 4M '25 4M '25 Committed Pre-c
Slide 42: Landbank geographically well diversified across countries of operations
Landbank geographically well diversified across countries of operations The acquisition of some very iconic land plots, on top of already a prime land bank across the regions in which VGP operates, allows to offer attractive propositions to our clients Land bank¹ – geographic breakdown FY’24 Other 1
Slide 43: VGP Park Midlands
VGP PARK MIDLANDS Birmingham Land surface 70 km 176,000 m² Manchester GLA of Park 120 km 78,000 m2 London Buildings 195 km 9 Suggested as JV pipeline Google maps → 43
Slide 44: VGP Park Greve I
VGP PARK Greve I Greve Centre Land surface 4 km 57,287 m2 Roskilde GLA of park 14 km 20,000 m2 Copenhagen 27 km Highway 1 km Airport 30 km Bus 4 km 44
Slide 45: VGP Park Vila Nova de Gaia
VGP PARK Vila Nova de Gaia Porto Land surface 19 km 254,000 m² Coimbra 110 km GLA 105,000 m² Highway 1 km Train station 4.5 km Airport 30 km Google maps → 45
Slide 46: VGP Park Kecskemét
VGP PARK KECSKEMÉT 2 Budapest Land surface 120 km 123,715 m² Vienna GLA of park 110 km 61,000 m² Bratislava 70 km Highway 3 km Railway Station 10 minutes Airport 10 km Google maps → 46
Slide 47: Datacenter
—— ‘s | Datacen AF Pe,
Slide 48: Datacenter development at its hotspot in Europe
Datacenter development at its hotspot in Europe VGP targets the development of a Hyperscale data center on its VGP Park Rüsselsheim, Frankfurt. Initial conversations are ongoing with potential tenants. 48
Slide 49: Renewable Energy
Renewable Energy
Slide 50: Installed solar power increased by 34% YoY
Installed solar power increased by 34% YoY • Total electricity production over 2024 of 90 GWh (compared to 44 GWh for FY 2023) • Operational roof solar capacity per April ‘25 increased to 163.2 MWp (+4.8% YTD) • A further 42 projects or 37.5 MWp is under construction • In addition, 87 solar power pr
Slide 51: VGP Renewable Energy is stepping up investment in storage
VGP Renewable Energy is stepping up investment in storage VGP Park Nijmegen BESS1 phase I Battery Storage Capacity (MWh) 17 94.8 3.4 MW / 6.8 MWh H1 2025 71 Expected COD ▪ BESS at VGP Park Nijmegen will in first instance provide support to the Dutch grid through frequency regulation 6.8 Under In Des
Slide 52: Marketing campaign
“Marketing campaign
Slide 53: When DPD ordered, we delivered immediately
Slide 54: When REWE expanded its reach, we stocked the shelves
Slide 55: When Macron needed a Campus, we built a winning team
Slide 56: Update Joint Ventures
Update Joint Ventures
Slide 57: 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 58: The JV Cash Recycling Model – Step 1: developing the park
The JV Cash Recycling Model – Step 1: developing the park VGP NV Full consolidation method € 100 100% under IFRS VGP Park X € 100 Land & construction cost € 100 Debt to VGP NV In scope of JV € 130 Fair value Out of scope
Slide 59: 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 Deconsol
Slide 60: 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 61: Joint Venture landscape at the end of '24
Joint Venture landscape at the end of ‘24 EPRA KPI’s of Joint Venture’s at share Rheingold – JV I (Allianz) in thousands of € FY2024 FY2023 Aurora – JV II (Allianz) EPRA Earnings 50,148 43,678 EPRA Cost Ratio (including direct Ymir – JV III (Allianz) 11.5% 10% vacancy costs) EPRA Cost Ratio (excludi
Slide 62: Cash recycling model delivers a record of € 809 million in '24
Cash recycling model delivers a record of € 809 million in ‘24 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 5,423 932 4,482 1098 1098 3,384 2,497 887
Slide 63: ESG Update
ESG Update
Slide 64: Corporate Responsibility Milestones
Corporate Responsibility Milestones EU Taxonomy DGNB Platinum Renewable Energy Green electricity First 6.8MWh battery (GERLAA-A, power installed up production 90GWh project adoption: 50.2%* of GERMUE-B,C,E, F) + 53% YoY to 155.7 (+96% YoY) commissioned + portfolio aligned BREEAM MWp. 83.9MWh pipelin
Slide 65: Financial Performance
Financial Performance
Slide 66: Income statement
Income statement Net rental and renewable energy income is up by 6.6% YoY to €67.7 mm Income Statement (€ thousands) • Gross rental income increases 1% to € 65.4 mm, though different portfolio composition as ’23 FY2024 FY2023 given € 49.4 million annualised rental income disposed to Joint Ventures i
Slide 67: Income statement
Income statement Income Statement details Administration expenses (+ € 12.4) mm (in thousand of €) FY2024 FY2023 • + € 6.8 mm on remuneration, including LTIP Joint venture management fee income 32,666 26,925 • + € 2.7 mm on depreciation Net valuation gains on investment properties 187,056 87,958 • +
Slide 68: EBITDA up € 129 mm y.o.y., or + 57%
EBITDA up € 129 mm y.o.y., or + 57% 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 expenses (0
Slide 69: Balance sheet - assets
Balance sheet - assets Investment Properties (own portfolio) incl. Disposal group held for sale total € 2,104 mm Consolidated Balance Sheet – Assets (€ thousands) • Completed portfolio: € 879 mm (‘23: € 1,154 mm) (€ - thousands) 31 Dec ‘24 31 Dec ‘23 • Under construction: € 579 mm (‘23: € 544 mm) In
Slide 70: Balance sheet – Shareholders' equity and liabilities
Balance sheet – Shareholders’ equity and liabilities Shareholders’ equity of € 2,400 mm Consolidated Balance Sheet – Shareholders equity and liability (€ thousand) • Following a net profit of € 287 million (€ thousand) 31 Dec ‘24 31 Dec ‘23 • And a dividend of € 101 million Shareholders’ equity 2,40
Slide 71: Balance sheet – proportionally
Balance sheet – proportionally Consolidated Balance Sheet – Assets (€ thousands) Own (excl JV Proportional Own (excl JV Proportional (€ - thousands) JV at share (€ - thousands) JV at share share) balance sheet share) balance sheet Investment properties 1.905.411 2.927.831 4.833.242 Non-current finan
Slide 72: Low average cost of debt and significant liquidity
Low average cost of debt and significant liquidity Average cost of debt 3.40% ▪ € 2,057 mm total debt ▪ 2.2% Average cost of debt 3.20% ▪ Significant liquidity 3.00% ▪ € 493 mm Cash ▪ € 500 mm non-utilised Credit Facility 2.80% ▪ Bond maturities: 2.60% ▪ € 80 mm in 25 ▪ € 190 mm in 26 2.40% 2.20% 2.
Slide 73: Record proceeds from disposals to Joint Ventures in '24
Record proceeds from disposals to Joint Ventures in ‘24 In €-million Cash flow statement FY2024 FY2023 (€ thousand) 85.635 135.0 Cash at beginning of period 209,921 699,168 808.658 Net cash generated from operating (13,950) (27,331) activities Net cash used in investing activities 331,371 (8,078) -4
Slide 74: Near term refinancing covered through available cash and cash recycling
Near term refinancing covered through available cash and cash recycling Maturity profile financial debt (€mm) 618 520 518 214 78 80 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 3.7 years average debt maturity Source: Company information as of December 2024
Slide 75: Debt extension through active liability management and new bond issuance of € 500 m
Debt extension through active liability management and new bond issuance of € 500 m with coupon 4.25%. Maturity profile financial debt (€mm) 598 518 518 340 214 80 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 4 years average debt maturity Source: Company information as of May 2025
Slide 76: VGP NV – statutory financials
VGP NV – statutory financials Balance sheet total amounts to € 3,6 bn Condensed balance sheet (€mm) Condensed income statement (€mm) • Non-current assets decreased to 3,4 bn, following In thousands of € 31 Dec ‘24 31 Dec ‘23 In thousands of € FY 2024 FY 2023 mainly investments into development asset
Slide 77: Summary and Outlook
Summary and Outlook
Slide 78: Outlook
Outlook • Tenant demand for high-quality logistics and semi-industrial real estate remains strong despite geopolitical uncertainty • Progressing well with several joint venture transactions, anticipated to conclude later this year • Strategic growth efforts continue, particularly in acquiring land w