Slide 1: Building Tomorrow Today – H1 2025 Half Year Financial Results
BUILDING TOMORROW TODAY H1 2025 HALF YEAR FINANCIAL R ESULIS WWW.VGPPARKS.EU
Slide 2: Executive summary
Slide 3: Highlights H1 ‘25
Highlights H1 ‘25 A pre-tax profit of € 208.6 million (increase of 35% versus H1 '24) Net asset value (per share) growth of 10.5% y.o.y, up to € 2.5 billion. EPRA NTA (per share) increases 4.8% since Dec '24 and 11.5% y.oy. EBITDA growth of 31.7% with solid contribution from recurring rental busines
Slide 4: Market update
Slide 5: 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 6: Demand | Occupier segments
Note VGP: Demand | Occupier segments 69% of new leases were in logistics, whereas 18% (in long time) was signed 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 7: Supply | Vacancy rate continues to climb
Note VGP: Supply | Vacancy rate continues to climb Vacancy rate of completed portfolio at 98%, weighted average 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 8: 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 9: 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 10: Operational Performance H1 2025
Wit. (5) =I Operational Performance H1 2025
Slide 11: Leasing activities
Slide 12: 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 13: Majority share of new contracts signed within logistics segment
Majority share of new contracts signed within logistics segment Examples H1 2025 FDS LOGISTICS si] rier DUOMED oem aursus. EUREKA FARMOL moviantoy “) * ; EXPRESS ONE eee Heineken vt LOGISTICS © Dustin RHENUS LOGISTICS ta = & > & VGP New Lease Agreements (Based On Rent) Other Light industrial 0% 13%
Slide 14: 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 15: 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: Cash generative leases with potential to grow to € 727 million
€ 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 17: a UT Din z aon tanner —— —-
a y | = a UT Din z aon tanner —— —- MBE Ui a 3 J VL ‘al KS
Slide 18: Delivery of new developments VGP
Delivery of new developments VGP Deliveries Geographical breakdown! * 11 buildings representing 264,000 sqm GLA Slovaria Serbia Italy * € 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 Outsta
Slide 19: 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 PASSION. PRECISION. PURITY. XSIPLA WAT cole BIS Ahold Bauun @ Delhaize MATERIAL HANDLING VGP Park Arad, Romania + Based on lettable sqm BSARSAN (aes als = = ow 9a | BS VGP Park Halle 2, Germany Deliveries Ten
Slide 20: VGP Park Martorell
VGP PARK MARTORELL == Madrid i] Land surface BO) coo km [-] 18,235 me = = = Barcelona GLA of Park =e Gl sokm UN) 10,048 me =— a mM Zaragoza a 280 km pce q Highway _. Jalsa & Sn 35 km A Airport 25 minutes
Slide 21: 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 22: Bucharest, Timisoara, Constanta
Bucharest Timisoara 400 km Constanta →
Slide 23: VGP Park Laxenburg
-3 5 VGP PARK ; a « LAXENBURG Vienna = i] ~ |] Land surface dN 25m [el 111,477m? ra Bratislava (\) GLA 90 km —~ 49,375 m2 ral Hee f@ Deliveries : ws —~ i m AUTLAX~ B:23,371 mi ~_ = SSS SSS Highway ~ 4 ZY 500m Kwizda’ = SS Airport a Eos Lf 20 min f =] ¢ « ? Bus stop r 1.5km
Slide 24: VGP Park Pamplona - Noain
VGP PARK PAMPLONA - NOAIN Pied Pamplona i Land surface erie [=] 147,700 me £ == Zaragoza GLA of park = 170Ke IN) 73,337 ns Pi eibao Deliver 170 km fl ESPNOA” A: 50.061 Highwa\ wh im" fay FA O Airport 7km
Slide 25: Timisoara, Oradea, Bucharest
Timisoara Oradea 120 km Bucharest →
Slide 26: Continental
@ntinental.
Slide 27: Developments
ace Pe 3 ao “AE t i at (peep eposes / r , ee ieee 4 Developme ts
Slide 28: 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 29: ..and is well spread across our geographical footprint
..and is well spread across our VGP geographical footprint Developments— geographic breakdown (by CARA*ERV) N * VGP Park Lucko, Croatia \
Slide 30: VGP Park Split
VGP PARK : SPLIT z G = ra Ljubljana 7 Land surface I] 135 km [-] 186,677 m2 Rijeka GLA GD tsekm US) 7751 me ral Vienna > _ Building L367 km Fal] A: 34,990 me Highway TY Direct acces — ze G4 ee S Port
Slide 31: VGP Park Leipzig Flughafen
—< BI UV VGP PARK LEIPZIG FLUGHAFEN 2 Eso Fal Land surface ~*~. GLA of park 230,445 m? Stuttgart 100 ne gj Mannheim Building UC 30km Building C: 50,693 m? . Highway ~~ 5km = a Airport 10 min » a &
Slide 32: Bucharest, Timisoara, Constanta
Bucharest Timisoara 400 km Constanta →
Slide 33: VGP Park Rüsselsheim
VGP PARK RUSSELSHEIM ra Frankfurt i] Land surface i] 30km [-] 702,875 m2 Mainz GLA of park ED isikm A) 257100 qj Stuttgart (fq) Building UC L] t90km fl) Goo: 25508 me Highway 1 min = = Bus stop 1 minute oO Airport 15km a se } ' >. ae Ly ene
Slide 34: VGP Park Berlin Bernau
VGP PARK BERLIN BERNAU Gl stn" [A tanvetne A) Bete" (SS) resmP Gg teen"? cole fis fie Airport ~ 50 km
Slide 35: VGP Park Nijmegen 3
= Nijmegen 410 km 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?
Slide 36: VGP Park Parma Msse
VGP PARK PARMA MORSE ra Reggio Emilia ic Land surface 30 km. 56,389 m2 Modena GLA a 57 km. 28,084 m2 ay Bologna a Building UC HW 94km A: 14,270 Highway TY 800m Q Bus stop 500m eN Airport 10 min Google maps >
Slide 37: Landbank
~ Landbank
Slide 38: Owned and committed land bank
702 (1,170) (720) Owned and committed land bank • •
Slide 39: →
→
Slide 40: 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 he Airport 30 km.
Slide 41: VGP Park Greve
VGP PARK Greve | F., Gist cone Land surface cal 57,287 m2 gj Roskilde S GLA of park 14km, 19,862 m? —™ Copenhagen Ll 27km
Slide 42: VGP Park Magdeburg
OR coven AGDEBUR \ yl ove and surface wen EEL] 150 [x] s SMD = Aofpa eipzig HH 120 Hl in g ray } 14 = zos\\ 207 Airpo Google maps > t i NS a g. Ande > 8s 201 2 198 38 199
Slide 43: VGP Park Parma Msse
VGP PARK PARMA MORSE ra Reggio Emilia al Land surface 30 km 33,268 m? Modena GLA al 67km a 14,066 m? ~ Bologna Buildings a 94km al 1 Highway TY 800m Q Bus stop is 500m Y> Airport 10 min Google maps >
Slide 44: Renewable Energy
Slide 45: Total of renewable energy projects reflect MW (+30% YoY)
Total of 271 renewable energy projects reflect 396 MW (+30% YoY) 119 MW 396 MW 29 7 projects 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 y.o,y.) * Gros
Slide 46: Update Joint Ventures
Slide 47: 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 48: 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 49: Financial Performance
Slide 50: 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 51: 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 52: 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 53: 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 54: € 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 55: 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 56: 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 57: € 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 58: Total debt, average cost of debt and liquidity
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 59: 3.7 years average debt maturity
3.7 years average debt maturity Source: Company information as of December 2024
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: Summary and Outlook
Slide 62: Q&A
Slide 63: Disclaimer VGP
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