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

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WEBVTT 00:00:01.077 -- 00:00:05.422 Welcome to the review of VGP's financial results over full year 2025. 00:00:05.422 -- 00:00:10.969 For the first part of the conference call, the participants will be in listen-only mode. 00:00:10.969 -- 00:00:15.814 During the questions and answers session, participants are able to ask questions by dialing 00:00:15.814 -- 00:00:21.381 pound key 5 on their telephone keypad. Now I will hand the conference over to the speakers. 00:00:21.381 -- 00:00:23.842 Please go ahead. 00:00:24.483 -- 00:00:29.732 Good morning everybody and welcome to the presentation of our full year 2025 financial 00:00:29.732 -- 00:00:36.244 results. My name is Jan van Geet and I'm the CEO of VGP, as most of you know I think. 00:00:36.244 -- 00:00:41.409 I'll first start with a little executive summary and the highlights of 2025. 00:00:41.560 -- 00:00:46.568 We recorded a pre-tax profit of $338 million, an increase 00:00:46.568 -- 00:00:50.755 of $19 million or 6% higher than the full year of 2024. 00:00:50.755 -- 00:00:54.882 Our net asset value grew 8.3% 00:00:54.882 -- 00:01:00.191 up to $2.6 billion and that's the EPRA NTA is up 9%. 00:01:00.191 -- 00:01:03.954 We have an EBITDA growth of 28% to $454.7 00:01:04.398 -- 00:01:07.852 million, 13.5% increase. 00:01:07.852 -- 00:01:12.863 And what makes me happy is the historic record of 106.7 million of 00:01:12.863 -- 00:01:15.705 new and renewed leases, 00:01:16.652 -- 00:01:20.620 which I will go to more detail later on. The 00:01:20.620 -- 00:01:24.910 annualized committed leases at the year end sent now at 468.3 00:01:24.910 -- 00:01:30.158 million. We have 1,052,000 square meters under construction and our development 00:01:30.158 -- 00:01:32.961 pipeline is 75% pre-let. 00:01:32.961 -- 00:01:38.167 I ca...