Vgp N.V. (0HM0) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the review of VGP's financial results over full year 2025. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now I will hand the conference over to the speakers. Please go ahead. Good morning everybody and welcome to the presentation of our full year 2025 financial results. My name is Jan van Geet and I'm the CEO of VGP, as most of you know I think. I'll first start with a little executive summary and the highlights of 2025. We recorded a pre-tax profit of $338 million, an increase of $19 million or 6% higher than the full year of 2024. Our net asset value grew 8.3% up to $2.6 billion and that's the EPRA NTA is up 9%. We have an EBITDA growth of 28% to $454.7 million, 13.5% increase. And what makes me happy is the historic record of 106.7 million of new and renewed leases, which I will go to more detail later on. The annualized committed leases at the year end sent now at 468.3 million. We have 1,052,000 square meters under construction and our development pipeline is 75% pre-let. I can add to that that we have signed a lot of LOIs which are in final negotiation. We think that by the end of the first quarter most of them will translate into new lease agreements and if they do, and we expect they do because we are finalizing the lease agreements with them, we will have a new record of more than 80 million of signed lease agreements to be started up in the new year. So we are having a solid pipeline to be started up already, which is fully pre-LED. We delivered almost 500,000 square meters last year, 99% LED, and the last unit has just been agreed upon. It's a small unit in Koblenz with some...