Slide 1: Building Tomorrow Today – FY 2024 Financial Results
VG P BUILDING TOMORROW TODAY FY 2024 FINANCIAL \ eee WWW.VG
Slide 2: Executive summary
Slide 3: Highlights 2024
Highlights 2024 = Anet 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 developm
Slide 4: Steady growth of portfolio, committed income and strong EBITDA
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 € 3.30 PER SHARE, +12% 4 1Inc
Slide 5: Market update
Slide 6: 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) 50 45 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-
Slide 7: Supply | Supply pipeline up in response to demand
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 construction drops to 36%. Million sq.m 15 42% 36% 40% 38% 37% 25% 29% 10 Tightening land regu
Slide 8: 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 activity in Q4 increases 55 26 annual level by 23% in 2024 24 % share of total CRE Investment 50 45 2
Slide 9: Yields | European Prime yields
Yields | European Prime yields Risk arbitrage more favorable for investors 8,0 7,0 6,0 EU: 147 bps DE: 207 bps Widening yield/rate gap 5,0 4,0 EU: 518 bps DE: 588 bps • Improved arbitrate with risk-free rates 3,0 EU: 146 bps DE: 276 bps 2,0 • Better for attracting EU: 268 bps 1,0 DE: 257 bps capital
Slide 10: Operational Performance FY 2024
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 600 • € 400 € 350 500 • • Committed annualised rental income € 300 Number of tenancy contracts 400 € 250 300 € 200 € 150 200 € 100 100 € 50 €- 0 2016 2017 2018 201
Slide 13: Majority share of new contracts signed within light industrial segment
Majority share of new contracts signed VGP within light industrial segment New Lease Agreements (Based On Rent) Examples FY 2024 isar aerospace 7 verne HYUNDAI : MOBIS VAT Sr EINMETALL G DEBOER’ Best 4 Tires ))WE DELIVER *’Y Gundlach E-commerce 0.2% Other 0.6% W O U m r Light industrial 65.2% ‘JSYSK
Slide 14: Light industrial, logistics, e-commerce tenant examples
• • 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 15: Committed leases and potential rental income growth
€ 666.5 mm € 413 m committed leases, with +62% : potential to grow to € 667 mm € 520.6 mm At share +18% € 412.6 mm or €253.9mm €370.2 mm €272.2mm Own Portfolio +15% —————*+ € 350 mm at share or €214mm €62.6 mm Gaya Own Portfolio € 304.3 mm at share or € 194.3 mm €45.7 mm €74.6mm at share Own Portfol
Slide 16: Portfolio data by country
189,368 155,046 107,134 70,718 55,256 43,417 46,666 33,490 23,934
Slide 17: Occupancy, WALT and top 10 clients
Occupancy evolution (%)1 Weighted average lease term (WALT) of the portfolio Combined 8.0 years JVs 7.2 years Own 9.7 years 2019 2020 2021 2022 2023 2024 0 2 4 6 8 10 12 14 Own Portfolio Joint Ventures First Break WALT Top 10 clients by lease contract with JVs at 100% • (% of total committed leases)
Slide 18: Deliveries
eliverie — > 2 = SS
Slide 19: Delivery of new developments YTD
fa} G) UV Delivery of new developments YTD Deliveries Geographical breakdown! * 21 buildings representing 584,000 sqm GLA tay 2 Spain 3% 4% * € 36 million rental income by 29 new contracts, 94% Austria cas Germany, 29% let Romania * 100% will be rated BREEAM ‘Very Good’ (or equivalent) or better a —
Slide 20: Deliveries in 2024 tending towards logistics
Deliveries in 2024 tending towards logistics Examples of deliveries FY‘24 Ahold SPEDKA)) RHENUS Delhaize Piroraaieatociies LOGISTICS © Pacts apoui fg S} Sénalia iN nm **¥ BUEAB ad w zalando ASMPT SMPT se + Based on lettable sqm VGP Deliveries Tenant segmentation’ E-commerce 17% Light industrial 15%
Slide 21: Portfolio at-share has grown organically at 23.2% CAGR
The portfolio at-share has grown organically at an VGP 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 5,031 4,828 * Offloaded € 2.9 billion of gross asset value int
Slide 22: Portfolio breakdown by country and status
Italy Other € 201 mm – 3% € 475mm – 6% Austria € 247mm – 3% Development Romania land € 313mm – 4% Under € 669 mm Construction 9% Slovakia € 684 mm € 315mm – 4% 9% Hungary € 320mm – 4% Netherlands Germany € 332mm – 4% € 4,087mm Completed 52% € 6,484 mm Spain 82% € 634mm – 8% Czech Republic € 910 mm 1
Slide 23: Developments
Slide 24: Portfolio under construction represents € 60.4 million of new leases
Portfolio under construction represents VGP € 60.4 million of new leases + As per today, 34 buildings are under construction, representing 780,000 m2 * This equates€ 60.4 million of annualized leases' * The portfolio under construction, including pre-lets on development land, is 80% pre-let + New bu
Slide 25: Developments well spread across geographical footprint
..and is well spread across our geographical footprint Developments — geographic breakdown (by CARA+ERV) France Hungary 3% Serbia Denmark 4% Slovakia 4% Germany 29% Croatia 5% Czech Republic 6% Romania 12% Italy Spain 9% 10% VGP Park Mo: ortugal
Slide 26: Europe: turnkey factories anywhere
Europe Turnkey factory’s. Anywhere.
Slide 27: Industrial facilities
\ dustri facilitie nto state-of-the
Slide 28: NATO Innovation Fund
NATO Innovation Fund *
Slide 29: Hyundai Mobis – VGP Park Pamplona
HYUNDAI GS~_ MOBIS k Pamplona\(Bat Mobis, supplie automotive industry
Slide 30: Development example
26% 20000-VA)
Slide 31: Precision vacuum valves for semiconductor industry
precision vacuum valves for semi- conductor. , industry
Slide 32: Landbank
Slide 33: Owned and committed land bank
823 8,566 702 795 8,726 (1,170) 1,348 (720) 7,383 (497) Land owned Acquired Deployed Sold Land Owned Committed Land Owned & Under Dec Land 2023 owned 2023 Dec 1H Acquired ‘24 24 Dec’24 Deployed Dec’24 Sold Dec’24 Land Owned 31 Aug 24 Dec’24 Committed 1H 24 Committed Committed Owned & committed in 1H
Slide 34: Renewable energy
Cy a4 ov B- Rene
Slide 35: Installed solar power increased by 53% YoY
Installed solar power increased by 53% YoY * Total electricity production over 2024 of 90 GWh (compared to 44 GWh for FY 2023) * Operational roof solar capacity per FY-24 increased to 155.7 MWp (+53% FY23) + A further 39 projects or 41 MWp is under construction * Inaddition, 97 solar power projects
Slide 36: VGP Renewable Energy stepping up investment in storage
fa} ?) U VGP Renewable Energy is stepping up investment in storage 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 BES
Slide 37: Corporate Responsibility
Slide 38: ESG highlights and ratings
EU Taxonomy DGNB Platinum Renewable Energy Green electricity First 6.8MWh (GERLAA-A, power installed up production 90GWh battery project adoption: 50.2%* of GERMUE-B,C,E, F) + 53% YoY to 155.7 (+96% YoY) commissioned + portfolio aligned BREEAM MWp. 83.9MWh pipeline Outstanding Including PV + 43% sel
Slide 39: Update Joint Ventures
Slide 40: Joint venture closings and cash recycling
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 41: Financial Performance
Slide 42: Income Statement (€ thousands)
Income Statement (€ thousands) • 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 43: Income Statement details
Income Statement details FY2024 FY2023 • + € 6.8 mm on remuneration, including LTIP • + € 2.7 mm on depreciation • +€ 1.8 mm general admin • +€ 1.3 mm less capitalised expenses • 380 FTE, increase of 12.5 FTE • Net rental income increased + € 30.1 mm, including indexation at share of € 2.9 mm • Net
Slide 44: 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 Gross rental and renewable Gross renewable energy 65.4 64.7 – – 8.3 4.4 energy income energy income income Property operating expenses (0
Slide 45: Consolidated Balance Sheet – Assets
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) • Development land: € 645 mm (‘23: € 687 mm) • Total capex of € 568 mm • Weighted average yield of 7.22% • Equity c
Slide 46: Consolidated Balance Sheet – Shareholders equity and liability
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 • Financial debts increased following the drawdown of EIB loan in amount of € 135 mm and repayment of € 75 millio
Slide 47: Total debt, cost of debt and liquidity
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% 2.00% 2020 2021 2022 2023 2024 Source: Company information as of DEC 2024
Slide 48: Record proceeds from disposals to Joint Ventures in 2024
Record proceeds from disposals to Joint Ventures in ‘24 VGP In €-million Cash flow statemer (€ thousand) Fy2024 FY2023 86 135 |_| Cash at beginning of period 209,921 699,168 « | Net cash generated from operating (13,950) (27,331) activities Net cash used in investing activities 331,371 (8,078) 462 |
Slide 49: 3.7 years average debt maturity
3.7 years average debt maturity Source: Company information as of December 2024
Slide 50: Summary and Outlook
~~ Summary and Outlook aor a AS - \ x —
Slide 51: Q&A
Slide 52: 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