Slide 1: Financial Results Presentation
FINANCIAL RESULTS Presentation 23 February 2022
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Slide 3: Pan-European expansion and stronghold Germany lead to record leasing and construction activity
Pan-European expansion and stronghold Germany lead to record leasing- and construction activity, and underpin strong FY2021 financial performance VGP = Record net profit of €650.1 million, an 75.2% YoY increase = Strong business growth across the portfolio = Signed and renewed rental income of €79.7
Slide 4: Key figures: portfolio, rental income, net profit, EPS
◼ €5,746m €3,843m +50% 2020 2021 ◼ €256.1m €185.2m +38% 2020 2021 €650.1m ◼ €370.9m +75% 2020 2021 €6.85 €3.65 ◼ +88% 2020 2021 1 Including JVs portfolio at 100% 4
Slide 5: Pan-European corporate solar energy deal
◼ 1 2 ◼ ◼ 3 ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ 1https://www.vgpparks.eu/en/newsroom/investor-news/vgp-announces-pan-european-corporate-solar-energy-deal-to-power-alll-vgp-offices-with-100-renewable-electricity/ 5
Slide 6: Key ESG achievements & highlights of VGP in 2021
Key ESG achievements & highlights of VGP in 2021 Governance = Implemented principles 3.19 of the Belgian Code on Corporate Governance by appointing Company Secretary = Updating charter and various policies and guidelines to demonstrate highest standards of business conduct and integrity 0 Diversity
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Slide 8: Rolling rental income, increase and number of contracts
€300 450 400 €250 350 €200 300 250 €150 200 €100 150 100 €50 50 €- 0 2016 2017 2018 2019 2020 2021 Rolling rental income Increase in rental income Number of contracts ◼ ◼ 1 Including € 151.2million through the Joint Ventures 2 Including 100% of JVs’ assets 8
Slide 9: Portfolio growth: own portfolio and JVs
5,746 6,000 Own portfolio ◼ JVs-related1 5,000 3,843 3,492 4,000 2,771 3,000 ◼ 1,936 2,923 1,506 2,000 1,978 1,360 2,254 878 1,000 793 920 628 576 - 2017 2018 2019 2020 2021 Capital expenditure €261.0m €352.7m €539.5m €479.8m €743.2m €2,375m Net cash inflow from divestments to JVs2 €155.7m €438.4m €
Slide 10: Portfolio as of December 2021
◼ ◼ As of 31 December 2021 1 Including 100% of JVs assets 10
Slide 11: Weighted average lease term (WALT) of the portfolio
Weighted average lease term (WALT) of the portfolio As of 31 December 2021 11
Slide 12: TBU
TBU 0.0% 2.0% 4.0% 6.0% 8.0% 10.0%12.0% As of 31 December 2021 12
Slide 13: VGP Park Göttingen 2, Valencia, Zaragoza
◼ ◼ ◼ VGP Park Göttingen 2, Germany VGP Park Valencia, Spain VGP Park Zaragoza, Spain ◼ ◼ ◼ VGP Park Nijmegen, Netherlands VGP Park Calcio, Italy VGP Park Olomouc, Czech Republic 13
Slide 14: VGP Park Laatzen, Halle, Magdeburg
◼ ◼ ◼ ◼ VGP Park Laatzen, Germany VGP Park Halle, Germany VGP Park Magdeburg, Germany As of 31 December 2021 1 Calculated on basis of expected rental value 14
Slide 15: Land bank and geographical breakdown
Land owned Deployed Acquired Committed Letters of Dec 2020 2021 2021 intent 1 Geographical breakdown of development potential (m2) of the owned and committed land bank (own and JV) ◼ ◼ As of 31 Dec 2021 15
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Slide 17: Operating profit up €279.1mm to €650.0mm
◼ Operating profit up €279.1mm to €650.0mm ◼ Increase driven by higher net valuation gain (up €243.9mm) and Joint-Venture contribution (up €123.4 mm) compensating higher admin expenses (up €19.3mm) ◼ On a “look-through”- basis 1 net rental is up by € 15.4 mm YoY to €70.7mm ◼ Net valuation gains on t
Slide 18: Segment reporting and operating EBITDA
◼ ◼ ◼ ◼ ◼ Please note the segment reporting disclosure in the notes of our FY 2021 condensed consolidated interim financial statements press release for overview of adjustments to operating EBITDA 18
Slide 19: Investment properties and joint ventures
◼ Investment Properties (own portfolio) incl Disposal group held for sale total €2,354mm ◼ Completed portfolio €563mm (’20: €166mm) ◼ Under Construction €855mm (‘20: €457mm) ◼ Development land €435mm (‘20: €297mm) ◼ Disposals held for sale contains assets that are envisaged to be disposed of to the
Slide 20: Shareholders' equity of €2,176 mm, total liabilities and gearing
◼ Shareholders’ equity of €2,176 mm, up €870 mm since Dec ’20 ◼ Includes effect of the €300 mm capital increase in Nov 2021 ◼ Total liabilities of €1,707 mm (2020: €922 mm) ◼ Financial debt of €1,385 mm (2020: €783 mm) due to the issue of a green bond of €600 mm ◼ Post balance sheet date a further €
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Slide 22: Summary and Outlook
Summary ◼ ◼ ◼ ◼ ◼ ◼ Outlook ◼ ◼ ◼ ◼ ◼ ◼ 22
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Slide 24: Track record of the joint ventures
Track record of the joint ventures VG P First JV: VGP European Logistics Second JV: VGP European Logistics 2. Third JV: VGP Park Miinchen Fourth JV: Agreed with Allianz G 7 5 G ry es Czech Republic Republic Hungary Hungary Slovakia Slovakia GZ Austria Italy Netherlands Portugal Romania SE Sin ye 3 a
Slide 25: Disclaimer
Disclaimer ABOUT VGP VGP is a pan-European developer, manager and owner 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 com