Slide 1: Company Presentation March 2025
Company Presentation March 2025
Slide 2: VGP key facts
• • • PIMCO Prime Real Estate (formerly Allianz Real Estate) 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
Slide 3: Well diversified portfolio across Continental Europe
Well diversified portfolio across Continental Europe Investment Portfolio Breakdown By Status (in €- million)! Under construction , €684 €669 8% Completed €6,484 83% Investment Portfolio Breakdown By Owner (in € billion)’ Development land Investment Portfolio Breakdown By Country! Pui Other Italy G0
Slide 4: Well diversified portfolio across Continental Europe
Well diversified portfolio across Continental Europe Germany Czech Republic Latvia Portugal 1. Berlin-Bernau 40. Brno 69. Kekava 103, Loures 2. Berlin-Ludwigsfelde 41. Ceské Budéjovice i tie CEE ace 3, Berlin-Oberkrémer 42, Cesky Ujezd TAB UTES Tee Suis Tien cra 4, Berlin-Wustermark 43, Chomutov P .
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 A 7.194 Corporate activity 5.746 6.440 @ Capital market activity @ Acduisition / divestment 3.843 @ vs 2771 6771-195 1.506 ti no 428 2007 225 106 226 — | | © ll © REE © REE
Slide 7: Committed annualised rental income and number of tenancy contracts
Committed Annualised Rental Income And Number Of Tenancy Contracts • Increase in rental income Rolling rental income Number of contracts 600 • € 400 Committed annualised rental income € 350 500 • Number of tenancy contracts € 300 • 400 € 250 300 € 200 € 150 200 € 100 100 € 50 €- 0 2016 2017 2018 201
Slide 8: Committed leases with potential to grow to €667 mm
€ 666.5 mm € 413 m committed leases, with +62% : potential to grow to € 667 mm € 520.6 mm At share +18% €412.6mm or €370.2 mm €272.2mm Own Portfolio +15% ———* € 350 mm at share or €214mm €62.6 mm Giavmmn Own Portfolio € 304.3 mm at share or € 194.3 mm €45.7 mm. €74.6 mm at share Own Portfolio €80.8
Slide 9: Occupancy evolution and WALT
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 10: Tenant sectors: 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 11: Market
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Slide 12: 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 13: 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 14: 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 15: 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 16: Development Activities
Slide 17: Development pipeline
• • • • 1Calculated on basis of expected rental value and committed rental prices
Slide 18: Developments well spread across geographical footprint
..and is well spread across our geographical footprint Developments - geographic breakdown (by CARA+ERV) France Serbia Hungary 39 1% Denmark go, 4% Portugal 4% Slovakia Germany 4% 29% Croatia 5% Czech Republic BS 6% Romania 12% VGP Park Montijo, Portugal
Slide 19: Deliveries based on delivered lettable sqm
• • • 1 Based on delivered lettable sqm
Slide 20: Examples of deliveries FY'24
Examples of deliveries FY‘24 1 Based on lettable sqm
Slide 21: Build-up of land bank
Build-up of Land bank (‘000 m²) incl JV’s at 100% 823 8,566 702 795 8,726 (1,170) 1,348 (720) 7,383 (497) Land owned Acquired Acquired 1H 24 Deployed Sold Sold Land Owned Committed Committed 1H 24 Land Owned & Under Under Option LandDec owned 2023 2023 Dec ‘24 Deployed Dec’24 Dec’24 Land Owned 31 Au
Slide 22: VGP Park Russelsheim
watt) 2 BE EB ~ O VGP PARK RUSSELSHEIM Land surface Frankfurt ical Popes 30 km Mainz 15km GLA of park 285,720 m? Stuttgart 200 km Brownfield Highway 1 min Bus stop 1 min Airport 15km OPEL ee ae Data Centre possibilities being assessed am Taunus: = “= Florsheim ‘an Main.
Slide 23: VGP Park Russelsheim: from old production location to a thriving hub
VGP Park Russelsheim: from old production location to a thriving VGP hub of innovation and economic activity Location: * Brownfield on the former Opel location * Excellent trimodal connectivity * The international finance centre of Frankfurt, Wiesbaden or Mainz can be reached within 20 minutes * On-
Slide 24: VGP Park Vélizy
Slide 25: VGP Park Vélizy: brownfield on prime location
VGP Park Vélizy: brownfield on prime location VGP Location: * Aunique brownfield location * Former Stellantis R&D site * Located on the junction of the outer ring road of Paris (A86) and N118 motorways * Just a few minutes from the capital * Located in the immediate vicinity of Paris-Saclay, a leadi
Slide 26: Corporate Responsibility
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Slide 27: 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 28: Solar installations
Slide 29: Renewable energy power installed up 53% YoY
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 30: Financial Performance
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Slide 31: Financial Performance
Slide 32: Net rental and renewable energy income up 6.6% YoY
Net rental and renewable energy income is up by 6.6% YoY to €67.7 mm Income Statement (€ thousands) • FY2024 FY2023 • • Joint Venture management fee + € 5.8 mm • • • Positive net valuation gains + € 99.1 mm • T • • 1 Reflects the yield on the own standing property portfolio (excluding JV, but includ
Slide 33: Income Statement details
Income Statement details Administration expenses (€ 12.4) mm 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 Share of profit from JV’s and associates + € 103.5 mm a
Slide 34: EBITDA up y.o.y.
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 35: Investment Properties (own portfolio) total €2,104 mm
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) • Development land: € 645
Slide 36: Shareholders' equity of €2,400 mm
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 Total liabilities of € 2,254 mm (Dec 2023: € 2,196 mm) • Financial debts incre
Slide 37: Total debt, cost of debt and 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% 2.00% 2020 2021 2022 2023 2024 Source: Company inform
Slide 38: Record proceeds from disposals to Joint Ventures in '24
Record proceeds from disposals to Joint Ventures in ‘24 VGP In €-million Cash flow statement 86 (€ thousand) FY2024 FY2023 135 [i Cash at beginning of period 209,921 699,168 809 Net cash generated from operating (13,950) (27,331) activities -452 | | Net cash used in investing activities 331,371 (8,0
Slide 39: 3.7 years average debt maturity
Maturity profile financial debt (€mm) 3.7 years average debt maturity Source: Company information as of December 2024
Slide 40: Update Joint Ventures
Slide 41: Closings '24 and gross asset value from closings
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
Slide 42: Client Cases
Slide 43: VGP Park München, Germany
GP Park Munchen Germany
Slide 44: VGP Park München — BMW: battery competence centre
VGP Park Miinchen — BMW: battery competence centre VGP BMW : Pilot plant - competence centre for batteries supporting the transition to sustainable transport + Surface: 64.000 m? * R&D centre with highly qualified engineers - New battery cell samples are being produced at BMW Cell Manufacturing Comp
Slide 45: Video about BMW Group activities in VGP Park Munich
Video about BMW Group activities in VGP Park Munich
Slide 46: VGP Park München - Isar Aerospace: a satellite launch provider
VGP Park Miinchen - Isar Aerospace: a satelite launch provider - lsar Aerospace, based in Munich, develops and builds launch vehicles for transporting small and medium-sized satellites as well as satellite constellations into Earth's orbit. * The company was founded in 2018 as a spin-off of Technica
Slide 47: Spain
Spain
Slide 48: VGP Park Pamplona - Noain
VGP PARK i. Pamplona - Noain od ry 7 = Land surface fg Pamplona 147,700 m? 12km GLA of park Zaragoza 170K 73,338 m' Bilbao Building UC 170 km fa A 50,065 Highway 1km Tenant type Light Industrial Main tenant Mobis
Slide 49: VGP Park Pamplona Noain - Mobis
; HYUNDAI VGP VGP Park Pamplona Noain MOBIS +=" + Built To Suit project for Mobis, a global mobility solutions provider + Navarra is located in the northernmost part of Spain, the region is known as Europe's second-largest automotive manufacturing base after Germany, it is strategically located with
Slide 50: VGP Park Zagreb, Croatia
VGP Park Zagreb Croatia
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Slide 52: VGP Park Zagreb
VGP Park Zagreb + Built To Suit project for Verne + 28.500 m? for an autonomous vehicle production facility + Extension possibilities for further expansion + Urban autonomous mobility ecosystem project * Sustainable building design * Technical features to fit the complex and high-tech needs of the c
Slide 53: VGP Park Arad, Romania
VGP Park Arad Romania
Slide 54: VGP Park Arad VAT
VGP Park Arad WAT + The new 21,000 m? facility for VAT will feature state-of-the-art manufacturing technologies and corporate offices + The new location is designed to accommodate the mid-term growth projections and meets the increasing demand and technical complexity of the product portfolio + The
Slide 55: 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