Slide 1: FY 2025 Company Presentation
FY 2025 Company Presentation 22 February 2024 FY 2023 March 2026 Financial Results
Slide 2: Fully integrated industrial and logistics real-estate company
Fully integrated industrial and logistics real -estate company • Aim for all new buildings to be • EU Taxonomy compliant €8.71 billion 18 131 264 • certified at least at BREEAM Total GAV 1 Countries Parks Completed Buildings Excellent or DGNB Gold level • VGP shares listed on Euronext Brussels since
Slide 3: We are where you need to be
We are where you need to be Germany Czech Republic Latvia Portugal 1. Berlin -Bernau 46. Brno 84. Dreilini 122. Loures 2. Berlin -Ludwigsfelde 47. České Budějovice 85. Kekava 123. Loures II 86. Kekava 2 124. Montijo 3. Berlin -Oberkrämer 48. Český Újezd 87. Riga Airport 125. Santa Maria de Feira 4.
Slide 4: Fully integrated business model with in-house capabilities and competences
Fully integrated business model with in-house capabilities and competences Land Concept & design Construction Rent Portfolio Ancillary services • Identification of prime • In-house design of • Acting as a general • Mainly long term lease • Long term developer / • Assisting clients with locations bui
Slide 5: Operational Performance FY 2025
Operational Performance FY 2025
Slide 6: Leasing activities
Leasing activities
Slide 7: Record year in committed rental income
Record year in committed rental income – including JVs at 100% Committed Annualised Rental Income And Number Of Tenancy Contracts • The group has 465 tenants Increase in rental income Rolling rental income Number of contracts • Committed annualised leases as of 31 December of € 468.3 million 1 (FY24
Slide 8: Majority share of new contracts signed within logistics segment
Majority share of new contracts signed within logistics segment New Lease Agreements (Based On Rent) Examples FY 2025 Other 1,6% E -commerce 16,5% Light industrial 14,0% Logistics 67,9% 8
Slide 9: Portfolio leased to a diversified and blue-chip tenant base
Portfolio leased to a diversified and blue - chip tenant base Tenant Portfolio Breakdown – By Industry Segment 1 • Weighted average lease term of 7.8 years 1 • Top 10 tenants represents 29.7% of committed leases and have a combined WAULT of 10.5 years Other 1% Light industrial Logistics E -commerce
Slide 10: €389 million of cash generative leases, with potential to grow to €766 million
€ 766 million € 389 million of cash generative leases, +64% Or with potential to grow to € 766 million € 602 million At share +18% € 468 million or € 298 million € 432.7 million € 310 million Own Portfolio +11% at share € 389 million or € 146.6 million € 79 million € 236 million Own Portfolio € 350
Slide 11: Accelerating development activity drives second-strongest EBITDA
Accelerating development activity drives second -strongest EBITDA in our history Deliveries and start -ups in square meters (‘000 m 2 ), split between West - and Eastern Europe, compared to EBITDA ( € million ) per year since 2020 634 455 407 820 West 789 354 215 East 459 171 250 394 EBITDA 456 366
Slide 12: Net rental and renewable energy income at share grew 18% in 2025
Net rental and renewable energy income at share has grown y-o-y with 18% in ‘25 Proportional net rental and renewable energy income ( ‘000 €) 223,384 189,368 155,046 107,134 70,718 55,256 46,666 43,417 33,490 23,934 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Continuous growth expected in ‘26
Slide 13: Portfolio virtually fully let on a long-term basis
Portfolio virtually fully let on a long -term basis Occupancy evolution (%) 1 Weighted average lease term (WALT) of the portfolio 98.4% Combined 7.8 years 98.5% 99.1% 99.4% 98.0% 99.8% 100.0% 100.0% 100.0% 99.3% 98.0% 96.0% 99.3% 97.0% JVs 7.1 years Own 9.6 years 2019 2020 2021 2022 2023 2024 2025 0
Slide 14: Deliveries
Deliveries
Slide 15: Delivery of new developments YTD
Delivery of new developments YTD Deliveries Geographical breakdown 1 Denmark Serbia • 21 buildings representing 494,000 sqm GLA 2% Austria Slovakia 2% 1% Spain Czech 5% • € 32.9 million rental income by 39 new contracts, 99% let Republic 19% 6% • 100% will be rated BREEAM ‘Very Good’ (or equivalent)
Slide 16: Deliveries in 2025 tending towards logistics
Deliveries in 2025 tending towards logistics Deliveries 1 Tenant segmentation Examples of deliveries FY‘25 E -commerce 6% Light industrial 36% Logistics 58% VGP Park Montijo , Portugal VGP Park Cordoba, Spain 16 1 Based on lettable sqm
Slide 17: Portfolio at share has grown at a compounded annual growth rate of 21.9%
The portfolio at -share has grown organically at an annual compounded growth rate of 21.9% • The portfolio at -share has shown resilient growth Total investment property ( €mm) • Compounded annual growth rate of 21.9% at share 5.631 since 2016 5.031 4.828 4.605 • Offloaded € 3.4 billion of gross ass
Slide 18: Portfolio geographically well diversified and predominantly income generating
The portfolio is geographically well diversified and predominantly income generating Investment Portfolio Breakdown By Country 1 Investment Portfolio Breakdown By Status 1 Other € 695mm – 8% Austria € 262mm – 3% Italy Development € 271 mm – 3% land € 768 mm The Netherlands Under 9% € 350mm – 4% Cons
Slide 19: Developments
Developments
Slide 20: Portfolio under construction represents €85.3 million of new leases
Portfolio under construction represents € 85.3 million of new leases • As per today, 43 buildings are under construction, representing 1,052,000 m 2 • This equates € 85.3 million of annualized leases 1 • The portfolio under construction is 75% pre -let including pre -lets on development land VGP Par
Slide 21: Developments well spread across our geographical footprint
…and is well spread across our geographical footprint Developments – geographic breakdown (by CARA+ERV) Portugal Netherlands 2% Denmark Italy 3% Spain 2% 1% 4% Austria 4% Hungary 4% Germany United Kingdom 36% 4% Slovakia 4% Czech Republic 5% Croatia 8% Romania France 11% 11% VGP Park Berlin Bernau,
Slide 22: Landbank
Landbank
Slide 23: Owned and committed land bank to support future growth
Owned and committed land bank to support future growth Land bridge (in million m²) 1,51 3,15 10,25 1,37 7,38 7,09 -1,63 -0,03 Owned and committed land bank • Land bank (owned and committed, post LPM sale) of 10.3 million m 2 • Over 4.3 million m² of development potential embedded in the total land b
Slide 24: Landbank geographically well diversified across countries of operations
Landbank geographically well diversified across countries of operations Land bank – geographic breakdown In €- value Other Italy 8% 3% Denmark 3% Germany Czech Republic 27% 4% United Kingdom 4% Hungary 5% Austria 5% Romania Spain 5% 15% Netherlands 5% Slovakia France 6% 10% Geographical breakdown of
Slide 25: Renewable Energy
Renewable Energy
Slide 26: Renewable Energy Overview
Renewable Energy Overview • Total 281 Renewable Energy infrastructure projects with scale equivalent to 474 MW • Photovoltaic (PV) power production capacity including pipeline of 301 MWp • Battery Energy Storage Systems (BESS) energy capacity including pipeline of 173 MWh • Total investment of € 110
Slide 27: Installed solar power increased by 13% YoY
Installed solar power increased by 13% YoY • Booked marketable electricity production over FY25 of 132 GWh (compared to 89 GWh for FY24), 48% YoY • 70GWh booked already as of 1H25 (typically 54% of FY) • Projects under construction will add ca. 33 GWh annually • Operational roof solar capacity per D
Slide 28: Corporate Responsibility
Corporate Responsibility
Slide 29: ESG achievements 2025
ESG achievements 2025 VGP Academy – 31% of all delivered 5 sessions with 690 assets as of FY25 Green electricity have been certified CDP: B rating production est. participants in with "BREEAM 132GWh (+48% YoY) total Outstanding“ Set up EU 67% of assets is Taxonomy aligned 42 % of parks with 32 % of
Slide 30: Update Joint Ventures
Update Joint Ventures
Slide 31: Geographic expansion of Saga led to +€500 million transaction
Geographic expansion of Saga led to + € 500 million transaction 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 1 235 122 290 339 409 50 347 676 809* 389** 5,932 5,423 509 941 941 4,482 2025 1098 1098 1098 2024 2023 3,384 2022 887 88
Slide 32: Saga is 60% deployed, targets identified for remainder
Saga is 60% deployed – +600 GAV remaining Targets identified to fulfill remainder Spain Austria Original Scope 6% 13% Added to scope Slovakia Czech Republic 20% 12% 989.000 sqm 39 Assets France Portugal 4% 6% Italy Germany 11% 28% Spain Austria 6% 13% Slovakia 32 15% Czech Republic 14% Portugal % of
Slide 33: Partnership with East Capital
Partnership with East Capital • VGP & East Capital set up a partnership to launch a Luxembourg -based RAIF focused on European industrial and logistics real estate, with emphasis on Central & Eastern European countries • Target GAV : €1.5bn+ |First closing : 2026 • Structure : VGP up to 50 % , remai
Slide 34: Financial Performance
Financial Performance
Slide 35: Income statement
Income statement Net rental and renewable energy income is up by 31% YoY to €88.7 mm Income Statement (€ thousands) • Gross rental income increases 32 .7% to € 86 .7 mm, grew at share from € 203 to 235 .5 FY2025 FY2024 • Gross renewable income increases 42 .8% to 11 .9 mm . This was driven by an inc
Slide 36: Income statement details
Income statement Income Statement details Administration expenses (€ 2.1) mm (in thousand of €) FY2025 FY2024 • + € 1.6 mm on remuneration, including LTIP Joint venture fee income 52,058 32,666 • + € 2.2 mm on depreciation Net valuation gains on investment properties 243,624 187,056 • +€ 5 mm genera
Slide 37: EBITDA up €100 million y.o.y. to €454.7 million
EBITDA up € 100 million y.o.y. to € 454.7 million, + 28%. Solid contribution and growth in all segments reported Investment Development Renewable Energy (€mm) FY ’25 FY ‘24 (€mm) FY’25 FY ‘24 (€mm) FY’25 FY ‘24 Gross rental and renewable energy Gross rental and renewable energy Gross renewable energ
Slide 38: Balance sheet - assets
Balance sheet - assets Investment Properties (own portfolio) incl. Disposal group held for sale total € 2,4 bn Consolidated Balance Sheet – Assets (€ thousands) • Completed portfolio: € 915mm (‘24: € 879 mm) (€ - thousands) 31 Dec ‘25 31 Dec ‘24 • Under construction: € 777 mm (‘24: € 579 mm) Intangi
Slide 39: Balance sheet – Shareholders' equity and liabilities
Balance sheet – Shareholders’ equity and liabilities Shareholders’ equity of € 2,600 mm Consolidated Balance Sheet – Shareholders equity and liability (€ thousand) • Following a net profit of € 290 million (€ thousand) 31 Dec ‘25 31 Dec ‘24 • And a dividend of € 90 million Shareholders’ equity 2,600
Slide 40: Low average cost of debt and significant liquidity
Low average cost of debt and significant liquidity Average cost of debt 3,40% ▪ € 2,360 mm total debt ▪ 2.7% Average cost of debt 3,20% ▪ Significant liquidity 3,00% ▪ € 523 mm Cash ▪ € 500 mm non-utilised Credit Facility 2,80% ▪ Bond maturities: 2,60% ▪ € 190 mm in ’26 ▪ € 220 mm in ’27 (following
Slide 41: Cash flow statement
Cash flow statement FY ’25 FY ‘24 Cash flow statement Cash at beginning of period 492,533 699,168 Net cash generated from operating 50.890 50,890 32,974 82.734 50.890 activities 82.734 388.757 388.757 Net cash used in investing activities (171,339) (331,371) Proceeds from disposal 388,757 808,658 56
Slide 42: Debt extension through active liability management
Debt extension through active liability management bond issuance of € 576 m at 4.25% and € 600 m at 4% in Jan ‘26 Maturity profile financial debt (€mm) 18 18 18 18 2 24 580 18 576 600 500 190 220 18 18 9 2026 2027 2028 2029 2030 2031 2032 2033 2034 4.2 years average debt maturity as at Dec 25 – pro
Slide 43: Summary and Outlook
Summary and Outlook
Slide 44: Q&A
Q&A
Slide 45: Disclaimer
Disclaimer 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 value