Slide 1: Company Presentation September 2024
Company Presentation September 2024
Slide 2: VGP at a glance
• • • • • • • • • • Source: company information as of 30 June 2024 1Gross Asset Value of VGP, including Owned Portfolio and joint ventures at 100% as of 30 June 2024; 2Weighted average yield of own standing property portfolio as of 30 June 2024; 3 Including JV portfolio at 100%; 4 Refers to WALT of
Slide 3: Well diversified portfolio across Continental Europe
Well diversified portfolio across Continental Europe Investment Portfolio Breakdown By Status (in €- million)! Under construction me, " Completed €6,101 83% Investment Portfolio Breakdown By Owner (in € billion)’ Development land €746 10% Investment Portfolio Breakdown By Country! Austria Other Roma
Slide 4: Well diversified portfolio across Continental Europe
Well diversified portfolio across Continental Europe Germany Czech Republic Latvia Portugal li 69, Kekava 102, Loures b Cota pe eo dj 70, Riga 103, Montijo 2. Berlin-Ludwigsfelde 41, Ceské Buddjovice » Hs a oneta 3, Berlin-Oberkrémer 42, Cesky Ujezd TAB TELS heme 4, Berlin-Wustermark 43, Chomutov Sp
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) 7.194 7.385 Corporate activity 5.746 6.440 @ Capital market activity @ Acduisition / divestment 3.843 @ vs 2771 6771-195 1.506 ti on 428 200 225 106 226 — | | e@ EL © EEE © EEE ©
Slide 7: Committed Annualised Rental Income And Number Of Tenancy Contracts
Committed Annualised Rental Income And Number Of Tenancy Contracts • Rolling rental income Increase in rental income Number of contracts € 400 700 • € 350 600 € 300 500 Number of tenancy contracts € 250 400 € 200 300 € 150 200 € 100 100 € 50 €- 0 2016 2017 2018 2019 2020 2021 2022 2023 1H 2024 Signe
Slide 8: Active annualised rental income growth incl. JV's at 100%
S| @) U Active annualised rental income growth incl. JV’s at 100% € 384.7 million €57.5 million €109.8 million Own Portfolio € 327.2 million €22.9 million €61.2 million € 304.3 million Own Portfolio € 250 million ona proportional basis €80.8 million Own Portfolio €266 million €275.0 million Joint Ve
Slide 9: Weighted average lease term
7.8 years 7.5 years 8.5 years • • • •
Slide 10: Tenant breakdown by sector
Light industrial Logistics E-commerce Other 1As of 30 June 2024; including 100% of JVs’ assets per lettable m2 10
Slide 11: Development Activities
Slide 12: 35% increase in new developments over running 12 months
• 35% increase in new developments over running 12 months compared to the prior 12 months • Speculative start-ups supported by significantly lowered construction prices • Non-pre-let space of 250k split over 9 countries with no concentration and several discussions ongoing • A substantial part of pr
Slide 13: Development pipeline as of 30 June 2024
• • • • • As of 30 June 2024 1Calculated on basis of expected rental value and committed rental prices 2 Based on rental value
Slide 14: Developments well spread across geographical footprint
..and is well spread across our geographical footprint Developments — geographic breakdown (by rental value) France Portugal 4% Spain Serbia 4% 14% 5% Slovakia 5% Czech Republic Austria 7% 13% Hungary 10% Italy 13% 12% Romania 13% es | VGP Park Rouen, France Ry ay VGP Park Cordoba, Spain
Slide 15: Deliveries based on delivered lettable m2
• • • 1 Based on delivered lettable m2
Slide 16: Examples of deliveries H1 '24
Examples of deliveries H1 ‘24 1 Based on lettable m2
Slide 17: Build-up of Land bank incl JV's at 100%
Build-up of Land bank (‘000 m²) incl JV’s at 100% 8.566 795 375 (497) 8.467 317 (720) 7.724 743 (497) Land owned Acquired Deployed Sold Land Owned Committed Land Owned & Under Dec 2023 H1’24 H1’24 H1’24 Committed Committed Option H1’24 H1’24 H1’24 Owned and committed land bank • Geographical breakdo
Slide 18: Renewable Energy
Slide 19: Renewable energy capacity
• • • • • • • 1 Includes 14 MWp of third-party owned systems.
Slide 20: Corporate Responsibility
Slide 21: ESG Strategy: Building Tomorrow Today Together
ESG Strategy: Building Tomorrow Today Together Protect ecosystem and address climate change Integrated ESG risk management and governance 21
Slide 22: ESG key achievements and targets
Strengthen Empowering our Protect and improve Address climate change Sustainable buildings workforce Improve eco-efficiency communities biodiversity • 34% • • 1,440 • 100% • 548,000 m2 • 23.3% Scope 1 and 2 emissions GRESB Developer score Volunteering hours by VGP of employees offered to Total size
Slide 23: Promote Green Energy Adoption and Expansion of Renewable Energy
Promote Green Energy Carbon Pricing, Supplier EU Taxonomy and Employee Development Recognition Adoption and Expansion Engagement and CRREM Enhanced Green Bonds Initiatives of Renewable Energy Pathway Allocation Initiatives • Utility status in Germany • Initiatives identified to achieve • Additional
Slide 24: Financial Performance
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Slide 25: Net rental and renewable energy income stable at €33 mm
Net rental and renewable energy income is stable at € 33 mm Income Statement (€ thousands) • Significant shift of € 71.3 mm annual lease income to JV’s in H2 ‘23 and H1 ’24 30.6.2024 30.6.2023 Revenue 59,322 59,740 • Including VGP’s share of the joint ventures on a “look-through” basis net rental &
Slide 26: Income Statement details
Income Statement details Administration expenses of (€ 27.9) mm (in thousand of €) 30.6.2024 30.6.2023 Joint venture management fee income 15,710 11,685 • General increase in wages, LTIP and admin costs Net valuation gains / (losses) on investment properties 99,056 45,540 • Stable FTE at 372 Adminis
Slide 27: Results by Investment, Development and Renewable Energy
Investment Development Renewable Energy (€mm) H1 ‘24 H1 ‘23 (€mm) H1 ‘24 H1 ‘23 (€mm) H1 ‘24 H1 ‘23 Gross rental and renewable energy Gross rental and renewable energy Gross renewable energy 32.4 35.2 – – 3.8 2.9 income income income Property operating expenses (0.2) (0.4) Property operating expense
Slide 28: Investment Properties grew to €1,739 mm
Investment Properties (own portfolio) grew to € 1,739 mm Consolidated Balance Sheet – Assets (€ thousands) • Completed portfolio: € 777 mm (‘23: € 1,154 mm) Assets (in thousand of €) 30.6.2024 31.12.2023 • Under construction: € 521 mm (‘23: € 544 mm) Intangible assets 887 1,000 • Development land: €
Slide 29: Shareholders' equity of €2,254 mm
Consolidated Balance Sheet – Shareholders equity and Shareholders’ equity of € 2,254 mm liability (€ thousand) • Following a net profit of € 141.5 mm Shareholders' Equity And Liabilities (in 30.6.2024 31.12.2023 thousands of €) • And a dividend of € 101 million Share capital 105,676 105,676 Share pr
Slide 30: Average cost of debt
Average cost of debt 3.40% ▪ € 2,118 mm Total Debt 3.20% ▪ 2.25% Average Cost of Debt ▪ Lowered to 2.21% after bond repayment in July ‘24 3.00% ▪ Significant liquidity of + € 1 bn ▪ € 625 mm Cash 2.80% ▪ € 400 mm non-utilised Credit Facility 2.60% ▪ Bond maturities ▪ € 75 mm bond matured in Jul ‘24
Slide 31: Cash flow statement
Cash flow statement 30.6.2024 30.6.2023 Cash at beginning of period 209,921 699,168 Net cash generated from operating activities (33,393) (22,780) Net cash used in investing activities 405,103 (99,449) Proceeds from disposal 662,288 268,217 Capex (198,648) (333,673) Loans to JV (61,146) (37,399) Dis
Slide 32: 4.10 years average debt maturity
Maturity profile financial debt (€mm) 4.10 years average debt maturity Source: Company information as of June 2024
Slide 33: Financial covenants and Joint Venture LTV
Gearing Ratio1 Debt service cover ratio2 Covenants: <65% Covenants: ≥1.2 Interest Cover Ratio3 Joint Venture financing covenants4 Joint Venture LTV Convenant Covenants: ≥1.2 Rheingold (JV1) 35.9% 65%4 Aurora (JV2) 50.6% 75%5 Ymir (JV3) 3.2% 65% Red (JV5) 21.9% 50% Saga (JV6) 31.7% 47% - 55%6 Proport
Slide 34: Joint Ventures
Slide 35: Closings H1 '24: RED (Deka) – Saga (Areim)
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 2 235 122 290 339 409 50 347 676 662* 2016 2017 2018 2019 2020 2021 2022 2023 2024 718 1098 1098 887 887 68 68 68 68 666 666 666 666 666 610 610 610 610 610 610 400 400 400 400 400 400 40
Slide 36: Joint Venture with Deka completed
• Following the Joint Venture agreement with Deka in ‘23, the Joint venture has now completed all acquisitions. The third and last closing occurred in August ‘24 and generated € 68.1 mm of cash proceeds. • Deka has acquired as such a 50% stake in five project companies owned by VGP: Gießen – Am alte
Slide 37: New Joint Venture Saga on track in H1 '24
New Joint Venture Saga on track in H1 ‘24 VGP + In ‘23 VGP agreed with Areim to create a new Joint Venture with the purpose of investing into VGP developed assets in Germany, Czech Republic, Slovakia, Hungary and France. The venture will utilize debt up to an LTV of 35% and the Investor has committe
Slide 38: Disclaimer
Disclaimer VGP ABOUT VGP VGP is a pan-European owner, manager and developer of high-quality logistics and semi-industrial real estate. VGP operates a fully integrated business model with capabilities and longstanding expertise across the value chain. The company has a development land bank (owned or