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VGP NV
Earnings Release • Aug 21, 2025
4022_iss_2025-08-21_4bd1daeb-b669-4d71-873e-d46164beacb2.pdf
Earnings Release
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HALF-YEAR FINANCIAL RESULTS PRESS RELEASE
For the period 1 January 2025 – 30 June 2025
Regulated information – Inside information Thursday, 21 August 2025, 7:00 am, CET
www.vgpparks.eu
VGP'S HALF YEAR RESULTS 2025
21 August 2025, 7:00am, Antwerp, Belgium: VGP NV ('VGP' or 'the Group'), a European provider of high-quality logistics and semi-industrial real estate, today announces the results for half-year ended 30 June 2025:
- A pre-tax profit of € 208.6 million (increase of 35% versus H1 '24), reflecting € 40.9 million of net rental and renewable energy income (+ 24.3%), joint venture management fee income of € 16.1 million (+ 2.6%) and € 141.5 million net valuation gains on the portfolio (+42.8%)
- A record of € 56.1 million, or 822,000 sqm, signed and renewed lease agreements during H1 '25, bringing total committed annualised rental income to € 441.3 million (+7% YTD and + 14.7% y.o.y organic growth) 1 . On a look through basis, net rental income increased by 16.4% versus H1 '24 to € 103.92 million
- As at 30 June 2025, a total of 846,000 sqm under construction through 36 projects representing € 72.8 million in additional annual rent once fully built and let
- o 325,000 sqm of projects started up in H1 '25, representing € 29.2 million of rental income once fully built and let
- o Pre-let ratio amounts to 76%3 , assets which are longer than six months under construction are already 80% pre-let
- Delivered 11 projects representing 264,000 sqm during H1 '25, 96.3% let and representing € 17.6 million of rental income
- o 49% of delivered assets are certified BREEAM Outstanding
- o Total completed assets4 cover 6,244,000 sqm or 255 buildings, are 98% let and have an average age of only 4.5 years
- Acquired 633,000 sqm of development land, including the inaugural development in the United Kingdom and strategic expansions in Croatia, Denmark, Romania, Germany, Portugal, Spain, Hungary, Czech Republic and Italy
- o The total secured landbank stands at 9.7 million sqm representing a development potential of more than 4 million sqm or + € 256 million estimated rental value potential
- Total investment property at share increases 8.3% to € 5.4 billion²
- Gross renewables income increased 71.5% YoY to € 6.5 million. Total renewable energy capacity installed at the end of the period increased YoY from 143MW to 177.3MW (+20%) and the capacity of projects under construction or currently under permitting/design increased from 69.7MW to 105.9MW (+52%). Marketable production of renewable energy over the first 6 months of the year increased from 47GWh to 70GWh (+49% YoY)
- Balance sheet total surpasses € 5 bn marker, with available liquidity of € 0.9 billion. Extended maturity on outstanding financial indebtedness through issuance of € 576 million bonds and repurchase of € 200 million on outstanding bonds. In addition a bond of € 80 million has been repaid at maturity in March '25. EPRA NTA increases 4.8% since Dec '24 and 11.5% y.o.y.
- Including disposal of VGP Park Riga in July '25, VGP recycled € 35.6 million as a result of closings with the Deka and Allianz Joint Ventures. The Group foresees further material transactions in H2 '25.
- VGP has obtained an investment grade BBB- rating from Standards & Poor's with stable outlook.
1Compared to 31 December 2024 and June 2024 and inclusive of Joint Ventures at 100%
2 See note 'income statement, proportionally consolidated'
3 Includes pre-let commitments on development land. Pre-let ratio of assets currently under construction amounts to 72.9%
4Of which 4,571,000 sqm, or 194 buildings in JVs and 1,673,000 sqm or 61 buildings in own portfolio
FINANCIAL AND OPERATING HIGHLIGHTS – EXECUTIVE SUMMARY
VGP has three main business segments, being Development, Investment and Renewable Energy. Each reports its own Ebitda and KPI's. Overall, VGP increased its Ebitda to € 238.8 million (versus € 181.4 million in H1 '24), with solid Ebitda growth in each of its business segments.
DEVELOPMENT
Rental activity
At the 30 th of June 2025, the signed and renewed rental income amounted to € 56.1 million1 bringing the total committed annualised rental income to € 441.3 million2 (equivalent to 6.9 million sqm of lettable area) a 7.0 % increase since December 2024. On a proportional look through basis the total committed annualised rental income amounts to € 298.1 million, an increase of € 25.9 million, or 9.5% since December 2024 and an increase of 21.7% year-over-year.
The increase was driven by 353,000 sqm of new lease agreements signed, corresponding to € 26.3 million of new annualised rental income3 , comparing to 349,000 over the same period in 2024. During the same period amendments were made on 84,000 sqm of lease agreements for a total annual income increase of € 1.1 million. Indexation accounted for € 6.2 million over H1'25 (of which € 4.9 million to the joint ventures). Terminations represented a total of € 4.9 million or 91,000 sqm, of which € 4.6 million withing the Joint Ventures' portfolio4 .
From a geographic perspective, Western Europe, accounted for 52% or € 13.8 million of the incremental new lease agreements. The growth in new leases has been mainly driven by customers with the logistics segment. This segment accounted for 69% (€ 18.2 million) of all new lease agreements. Some examples of new lease agreements include Movianto in VGP Park Wiesloch-Waldorf, Germany, Studenac in VGP
1 Of which € 25.4 million to the own and € 30.7 million to the JV's portfolio
2 Including Joint ventures at 100%
3 Of which 266,000 sqm (€ 20.8 million) related to the own portfolio
4 "Joint ventures" refers to VGP European Logistics (the First Joint Venture), VGP European Logistics 2 (the Second Joint Venture) and VGP Park München (the Third Joint Venture), all three joint ventures with Allianz; as well as the Fifth Joint Venture with Deka and the Sixth Joint Venture with Areim
Park Split, Croatia, Dustin in VGP Park Nijmegen, The Netherlands, FDS in VGP Park Magdeburg, Germany and Express One in VGP Park Budapest, Hungary.
A total of 50 lease contracts were concluded in 12 countries. The average size1 of the new lease agreements corresponds to approximately 9,000 sqm.
The weighted average term2 of the leases stands at 8.0 years for the entire portfolio under management, which is 9.6 years in the own portfolio and 7.1 years in the Joint Venture portfolio. Over the first half of '25, VGP has successfully renewed € 22.5 million3 of annualised rental income. Rental levels on reletting4 were on average 11.8% higher in comparison to the last active rental agreement in the respective locations. YTD like for like rental growth5 amounts to 2.4%.
As per June 25, € 376.2 million, or 85% of the annualised rental income has become cash generative as the underlying space has been handed over to the respective tenants. Over the next twelve months another € 42.6 million will become effective as summarized in the table below.
| In € mln | Annualised rental income effective before 30/06/2025 |
Annualised rental income to start within 1 year |
Annualised rental income to start between 1- 5 years |
Annualised rental income to start between 5 -10 years |
|---|---|---|---|---|
| Joint Ventures | 280.7 | 10.8 | - | - |
| Own | 95.5 | 31.8 | 22.6 | - |
| Total | 376.2 | 42.6 | 22.6 | - |
The top ten customers of VGP, including those of the Joint Ventures, represents € 139.2 million of annualised rental income, or 31.5% of the total annualised rental income. They consist of a mix of our
1 Including Joint Ventures and normalized for lease contracts below 250 sqm.
2 Until final maturity. The weighted average term of the leases until first break stands at 7.6 years, of which 9.0 years for the own portfolio and 6.9 years for the Joint Ventures portfolio.
3 € 18.7 million on behalf of the Joint Ventures.
4 Refers to all leases under management, thus including Joint Ventures at 100%.
5 Including Joint Ventures at 100%.
three segments, but the largest are represented by the light industrial and e-commerce category. The weighted average lease term of the top ten customers stands at 10.9 years. Opel and Siemens are tenants currently occupying each a brownfield site, which will, in time, be reconverted into a newly developed state of the art multi-tenant industrial park.
Top 10 tenants of VGP (based on committed annualised rental income)
Construction Activity
A total of 36 projects in 13 countries are under construction as at the 30th of June. This represents an additional 846,000 sqm of future lettable area, representing € 72.8 million of annualised leases once built and fully let – the portfolio under construction is 73% pre-let as at the 30 th June 2025 and including pre-lets on development, the pre-let ratio increases to 76%. Assets longer than six months under construction are 80% pre-let.
A total of 715,000 sqm is under construction in the own portfolio, whereas 131,000 sqm is under construction on behalf of the Joint Ventures. These include assets destined for the First, the Second, Sixth Joint Venture, as well as the last remaining development building in VGP Park Münich, the Third Joint Venture.
| Projects under construction | ||
|---|---|---|
| Own portfolio | VGP Park | sqm |
| Austria | VGP Park Ehrenfeld | 33,000 |
| Croatia | VGP Park Split | 35,000 |
| Croatia | VGP Park Zagreb Lučko | 29,000 |
| Czech Republic | VGP Park České Budějovice | 9,000 |
| Denmark | VGP Park Vejle | 26,000 |
| France | VGP Park Rouen 2 | 35,000 |
| Germany | VGP Park Berlin Bernau | 44,000 |
| Germany | VGP Park Leipzig Flughafen 2 | 75,000 |
| Germany | VGP Park Rostock | 20,000 |
| Germany | VGP Park Rüsselsheim - Areal K | 23,000 |
| Germany | VGP Park Wiesloch-Walldorf | 51,000 |
| Hungary | VGP Park Budapest Aerozone | 12,000 |
| Hungary | VGP Park Kecskemét 2 | 44,000 |
| Italy | VGP Park Legnano | 22,000 |
| Italy | VGP Park Parma Paradigna | 50,000 |
| Italy | VGP Park Parma Morse | 14,000 |
| The Netherlands | VGP Park Nijmegen 3 | 19,000 |
| Portugal | VGP Park Montijo | 33,000 |
| Romania | VGP Park Brașov | 45,000 |
| Romania | VGP Park Bucharest | 26,000 |
| Slovakia | VGP Park Zvolen | 11,000 |
| Spain | VGP Park Alicante | 24,000 |
| Spain | VGP Park Burgos | 28,000 |
| Spain | VGP Park Córdoba | 7,000 |
| Total own portfolio | 715,000 |
During 2025, we have seen, in various countries, favourable construction pricing and 100% of projects started up in 2025 are earmarked for at least 'BREEAM Excellent' or equivalent.
| On behalf of JVs | VGP Park | sqm |
|---|---|---|
| Czech Republic | VGP Park Prostějov | 11,000 |
| Germany | VGP Park Berlin 4 | 5,000 |
| Germany | VGP Park München | 42,000 |
| Slovakia | VGP Park Bratislava | 47,000 |
| Spain | VGP Park Dos Hermanas | 26,000 |
| Total on behalf of JV's | 131,000 | |
| Total under construction | 846,000 |
A substantial part of the projects under construction are scheduled for delivery in the second half of '25. This remains subject to leasing activity and tenant specific fit-out requirements which may influence the actual expected hand-over date of the assets.
Projects delivered during H1 2025
During the first half of the year 11 projects were completed, jointly adding 264,000 sqm of lettable area to the portfolio and representing € 17.6 million of annualised committed leases once fully leased. It concerns 8 buildings for a total surface of 211,000 sqm in the own portfolio and 3 buildings for a total surface area of 53,000 sqm on behalf of the Joint Ventures portfolio. The delivered portfolio of H1 '25 is 96% let. 49% of these assets are certified BREEAM Outstanding.
BREEAM Outstanding 49%
49% of delivered buildings are certified BREEAM Outstanding
| Projects delivered during H1 2025 | |||
|---|---|---|---|
| Own portfolio | VGP Park | sqm | |
| Austria | VGP Park Laxenburg | 23,000 | |
| Germany | VGP Park Koblenz | 33,000 | |
| Italy | VGP Park Valsamoggia 2 (Lunga) | 16,000 | |
| Romania | VGP Park Arad | 20,000 | |
| Romania | VGP Park Brașov | 53,000 | |
| Serbia | VGP Park Belgrade – Dobanovci | 5,000 | |
| Spain | VGP Park Martorell | 10,000 | |
| Spain | VGP Park Pamplona Noain | 50,000 | |
| Total own portfolio | 211,000 |
| On behalf of JVs | VGP Park | sqm |
|---|---|---|
| Czech Republic | VGP Park Ústí nad Labem City | 30,000 |
| Germany | VGP Park Halle 2 | 12,000 |
| Slovakia | VGP Park Bratislava | 12,000 |
| Total on behalf of JVs1 | 53,000 | |
| Total delivered | 264,000 |
1 These assets are legally owned by the Joint Venture but have not been part of a transaction yet with the Joint Venture partner. VGP finances these developments through development loans to the Joint Venture, which are also classified as assets held for sale.
Landbank activity
During the year VGP acquired 633,000 sqm of development land and a further 2,363,000 sqm has been committed, subject to permits, which brings the remaining total owned and committed land bank for development to 9.7 million m², which has a development potential of more than 4.0 million sqm of future lettable area. Given the available space on the development potential and the existing portfolio, VGP has the ability to increase its rental income by € 286 million, up to € 727 million1 . These include an already secured pre-let on development land in amount of € 13.4 million rental income, or 168,000 sqm.
Main acquisitions are located in Great Britain, Croatia, Germany, Portugal and Romania with the largest acquisitions being:
-
VGP Park East Midlands, Great Britain: This 176,000 sqm land plot with a development potential of 78,000 sqm is VGP's first acquisition in the United Kingdom. Located immediately adjacent to the M1 motorway, the park has direct access to Nottingham, Derby and Sheffield to the north and Leicester and the wider East Midlands to the south.
-
VGP Park Split, Croatia: This 107,000 sqm land plot, allowing a 42,000 sqm development and strategically located adjacent to the motorway and close to Split's airport and city center, was acquired in May '25. After signing contracts with Studenac and Atlantic Trade the construction of the first 35,000 sqm have started and the building is expected to be handed over during the first half of ' 26.
-
VGP Park Magdeburg 2, Germany: This 37,000 sqm plot, adjacent to VGP Park Magdeburg, is located strategically just under 10 km from Magdeburg city centre, at the junction of Germany's key A2 (North-West Europe–Berlin–Poland) and A14 (Hanover–Leipzig) motorways.
-
VGP Park Vila Nova de Gaia, Portugal: The 72,000 sqm land plot with a development potential of 30,000 sqm will be VGP's second park in the Porto region. With direct access to key motorways the park offers exceptional connectivity across northern Portugal and beyond. It is also ideally positioned the airport, seaport and within short reach of major urban centers. Furthermore, the Group has options to materially expand the park further.
-
VGP Park Bucharest 2, Romania: This 63,000 m² plot, located at the junction of the E-81 and DJ503 ring road; 20 km from Bucharest's city centre and 35 km from Henri Coandă airport will allow for a further expansion of VGP Park Bucharest 2.
-
VGP Park Parma Morse, Italy: VGP Park Parma Morse is located about 5.0 km from the centre of Parma. The park is approximately 3.0 km from the A1 motorway exit connecting Milan, Reggio Emilia, and Bologna. Situated in a densely populated area with a highly developed industrial base, VGP Park Parma Morse is strategically positioned for the realisation of a logistics or industrial project. A first building is currently pre-let and under construction for a total of 11,000 sqm.
-
VGP Park Greve, Copenhagen, Denmark: Consists of a 57,000 sqm land plot with a development potential of 20,000 sqm that is strategically located near the E20 motorway. It offers excellent connectivity to Copenhagen. The park spans two locations in Greve Main, where Building A is designated for logistics purposes and Building B is tailored for industrial activities. Furthermore, the Group plans to acquire another 76,000 sqm expansion in '25.
1 Including Joint Ventures at 100%
Land bridge (in million sqm)
The land bank is equally geographically spread between Eastern (45%) and Western Europe (55%) in square meters. The largest land positions are held in Germany (17.6%), Romania (12.1%), Serbia (9.8%) and Hungary (7.8%).
VGP now holds 98% of the land bank (owned or committed) in its own portfolio, whereas 2% is in coownership with various Joint Venture partners. It concerns Grekon (34,035 sqm) in Germany and Belartza (145,215 sqm) in Spain.
INVESTMENT
Standing portfolio
The total portfolio, including assets from Joint Ventures under management of the VGP Group, now contain 291 buildings (36 buildings under construction and 255 completed buildings) for a total surface of 7.1 million sqm, spread over 15 countries. These include 2.5 million square meters of assets, or 96 buildings in the own portfolio (of which 1.7 million sqm or 61 buildings are completed assets) and 4.6 million sqm and 195 buildings in the Joint Ventures.
| square meters | Completed buildings | Buildings under | Total buildings | |||
|---|---|---|---|---|---|---|
| construction | ||||||
| Country | Rentable | Number | Rentable | Number | Rentable | Number of |
| space | of | space | of | space | buildings | |
| buildings | buildings | |||||
| Austria | 134,000 | 6 | 33,000 | 1 | 167,000 | 7 |
| Croatia | - | - | 63,000 | 2 | 63,000 | 2 |
| Czech Republic | 800,000 | 52 | 20,000 | 2 | 820,000 | 54 |
| Denmark | - | - | 26,000 | 2 | 26,000 | 2 |
| France | 39,000 | 1 | 35,000 | 1 | 74,000 | 2 |
| Germany | 3,113,000 | 100 | 260,000 | 10 | 3,373,000 | 110 |
| Hungary | 323,000 | 17 | 56,000 | 3 | 379,000 | 20 |
| Italy | 122,000 | 9 | 87,000 | 3 | 209,000 | 12 |
| Latvia | 133,000 | 4 | - | - | 133,000 | 4 |
| Netherlands | 258,000 | 6 | 19,000 | 1 | 277,000 | 7 |
| Portugal | 50,000 | 3 | 33,000 | 1 | 83,000 | 4 |
| Romania | 420,000 | 18 | 71,000 | 3 | 491,000 | 21 |
| Serbia | 82,000 | 3 | - | - | 82,000 | 3 |
| Slovak Republic | 296,000 | 13 | 58,000 | 3 | 354,000 | 16 |
| Spain | 474,000 | 23 | 85,000 | 4 | 559,000 | 27 |
| Total | 6,244,000 | 255 | 846,000 | 36 | 7,090,000 | 291 |
| square meters | Completed buildings | Buildings under | Total buildings | |||
|---|---|---|---|---|---|---|
| construction | ||||||
| Ownership | Rentable | Number | Rentable | Number | Rentable | Number of |
| space | of | space | of | space | buildings | |
| buildings | buildings | |||||
| Own1 | 1,673,000 | 61 | 804,000 | 35 | 2,477,000 | 96 |
| JVs | 4,571,000 | 194 | 42,000 | 1 | 4,613,000 | 195 |
| Total | 6,244,000 | 255 | 846,000 | 36 | 7,090,000 | 291 |
| At share2 | 4,000,000 | 825,000 | 4,825,000 |
1 These include assets under construction on behalf of the Joint Ventures totalling 89,000 square meters. These assets are legally owned by the Joint Venture but have not been part of a transaction yet with the Joint Venture partner. VGP finances these developments through development loans to the Joint Venture, which are also classified as assets held for sale.
2 These include square meters of VGP's assets including its share in the Joint Venture's rentable space.
Update on Joint Ventures
VGP owns a number of Joint Ventures which are reported under equity method in the IFRS statements. These predominantly 50:50 Joint Ventures own mainly completed assets on which VGP Group also retains asset management services. In order to increase transparency and comparability of the Joint Ventures you may find below additional performance measures calculated in accordance with the Best Practices Recommendations of the European Public Real Estate Association (EPRA). These measures are provided at share, in particular for the First, Second, Third, Fifth and the Sixth Joint Venture. The Development Joint Ventures have been excluded as these only contain development land to date.
| in thousands of € | 30.06.2025 | 30.06.2024 |
|---|---|---|
| EPRA Earnings | 30,640 | 27,229 |
| EPRA Cost Ratio (including direct vacancy costs) | 9.7% | 11.1% |
| EPRA Cost Ratio (excluding direct vacancy costs) | 9.4% | 10.9% |
| in thousands of € | 30.06.2025 | 31.12.2024 |
| EPRA Net Tangible Assets (NTA) | 1,497,118 | 1,441,403 |
| EPRA Net Initial Yield (NIY) | 5.04% | 5.04% |
| EPRA 'Topped-up' NIY | 5.12% | 5.10% |
| EPRA Vacancy Rate | 1.2% | 1.8% |
| EPRA Loan to value (LTV) ratio | 30.2% | 31.5% |
EPRA performance measures on the Joint Ventures at share
The Joint Ventures report solid improvements on all of its EPRA ratio's. EPRA earnings increased with 12.5% versus FY'24, whilst EPRA NTA grew 3.9%. EPRA NIY and 'topped-up' NIY remained broadly stable, whereas EPRA vacancy rate dropped 30% and EPRA cost ratio's lowered by 13%.
Furthermore, VGP has been able to recycle € 1.7 million cash on settlements of past transactions with Joint Ventures. Given the Group retains asset management services, these fees have grown to € 16.1 million as in H1 '25 and are expected to increase further in '25 and beyond given the growth of the Joint Ventures. On top of the transaction proceeds, the growing and recurring Joint Venture asset management fee, the Group also received cash distributions from its Joint Ventures in amount of € 7.6 million (through interest payments). In H2 '25 the group expects significant distributions from the Joint Venture's again.
Finally, the Group expects to execute a number of transactions and is looking to expanding its Joint Venture model with new and/or existing Joint Venture partners further in '25.
Partnership with Allianz
Rheingold – the First Joint Venture
The First Joint Venture was established in May 2016 with an objective to build a platform of new, grade A logistics and industrial properties with a key focus on expansion in core German markets and high growth CEE markets (of Hungary, the Czech Republic and the Slovak Republic) with the aim of delivering stable income-driven returns with potential for capital appreciation. The First Joint Venture had a target to increase its portfolio size (i.e. the gross asset value of the acquired income generating assets) to circa € 1.7 billion by May 2021 at the latest, via the contribution to the First Joint Venture of new logistics developments carried out by VGP. The First Joint Venture's strategy is therefore now primarily a hold strategy.
As at 30th June 2025, the First Joint Venture's property portfolio consists of 104 completed buildings representing a total lettable area of over 1.9 million sqm. Although the First Joint Venture reached its expanded investment target, some add-on closings related to existing tenant extension options may still occur in the future. The First Joint Venture will maintain its existing portfolio with VGP continuing to act as property, facility and asset manager.
Finally, VGP may be entitled to a promote payment from the First Joint Venture at (i) a liquidity event or (ii) after the lapse of the initial ten year period, which occurs in H1 '26. The magnitude of the promote distribution is based on the IRR track record of the Joint Venture and is subject to a number of parameters that can only be accurately determined at closing date. Given the remaining variability, eg volatility in asset valuations and pending transactions with the First Joint Venture, the Group is not yet able to accurately forecast the amount or provision at this stage.
Aurora – The Second Joint Venture
The Second Joint Venture was established in July 2019 with the objective to build a platform of core, prime logistic assets in Austria, Italy, the Netherlands, Portugal, Romania and Spain with the aim of delivering stable income-driven returns with potential for capital appreciation.
The Second Joint Venture 's exclusive right of first refusal in relation to acquiring newly built assets in the relevant countries expired as of 31 July 2024. It's strategy is therefore primarily a hold strategy.
As at 30th June 2025, the Second Joint Venture's property portfolio consists of 42 completed buildings representing a total lettable area of over 926,000 sqm.
Although the Second Joint Venture reached its investment period, some add-on closings related to outstanding development assets may still occur in the future.
Ymir – The Third Joint Venture
The Third Joint Venture was established in June 2020 with an objective to develop VGP Park München. Once fully developed, VGP Park München will consist of five logistic buildings, two stand-alone parking houses and one office building for a total gross lettable area of approx. 323,000 sqm. The park is entirely pre-let.
Since its establishment, three closings with the Third Joint Venture have occurred and in H1 '25 the group settled a final purchase price calculation on these closings which contributed to a realized gain of € 16.1 million.
The financing of the development capex of the Third Joint Venture occurs through shareholder loans and/or capital contributions by the shareholders in proportion to their respective shareholding or from bank financing.
Upon completion of the respective building(s), a closing with the Third Joint Venture occurred which allowed the Group to receive the proportional share price allocated to the building(s) from Allianz and to partially/totally recycle its initially invested capital in respect of the building(s) included in such closing through the refinancing of such invested capital by external bank debt.
The park has currently two tenants, KraussMaffei and BMW, that occupy the existing buildings and the last remaining development building, which is to be completed by 2026 will provide 44,000 sqm gross lettable area and has been leased in '24 to the company ISAR Aerospace SE.
Finally, in 2024, VGP Park Munich drew an additional credit facility of € 84.5 million that is currently being used for the financing of the development of the last outstanding building leased to ISAR Aerospace SE, which is well proceeding.
Partnership with Deka
RED - the "Fifth Joint Venture"
VGP has signed as per 21 July 2023 a Joint Venture agreement with Deka Immobilien, a prominent real estate investment company. The joint venture endeavours that two of Deka Immobilien's public funds, Deka Westinvest InterSelect and Deka Immobilien Europa, acquired a 50% stake in five project companies owned by VGP.
These project companies own and operate five strategically located parks in Germany, namely Gießen – Am alten Flughafen, Laatzen, Göttingen 2, Magdeburg and Berlin Oberkrämer. These parks boast a portfolio of 20 buildings, generating a total annualized rental income of € 52.9 million at the time of the transaction, whilst this has grown to € 54.5 million at 30th June 2025.
In H1 '25 the group settled and provisioned final purchase price calculation settlements on previous closings which contributed to a realized net loss of € 4.1 million.
The Fifth Joint Venture will maintain its existing portfolio with VGP continuing to act as property, facility and asset manager.
Partnership with Areim
Saga – The "Sixth Joint Venture"
As per 15 December 2023 VGP entered into a new Joint Venture agreement with AREIM Pan-European Logistics Fund (D) AB, or Areim, on a 50:50 basis, with the purpose of investing into VGP developed assets in Germany, Czech Republic, France, Slovakia and Hungary. The venture will utilize debt up to a loan-to-value of 40%, up from the initial target of 35%. The investor, Areim, has committed a € 500 million equity investment. The investment period lasts until 15 December 2028, with possibilities to extend the Joint Venture by mutual agreement.
As at 30th June 2025, the Sixth Joint Venture's property portfolio consists of 21 completed buildings representing a total lettable area of over 564,000 m².
The joint venture targets a comprehensive ESG strategy, with criteria defined around EU taxonomy compliance, EPC, BREEAM standards, and more. As is the case with similar Joint Ventures, VGP will act as the asset, property and development manager of the Joint Venture.
The Development Joint Ventures
VGP Park Belartza Joint Venture
The VGP Park Belartza Joint Venture was set up as a 50:50 joint venture with VUSA. The objective of this joint venture is to provide an additional source of land to the Group for land plots which would otherwise not be accessible to it. The VGP Park Belartza Joint Venture aims to develop ca. 64,000 sqm of logistics lettable area.
The VGP Park Belartza, located in the vicinity of San Sebastian in the North of Spain, targets the development of a mixed (logistics/commercial) park whereby VGP will lead the logistic development and VUSA will lead the commercial development. The VGP Park Belartza Joint Venture has the right to sell and VGP the right to acquire the logistics income generating assets developed by VGP Park Belartza Joint Venture. VUSA has the right to acquire the commercial income generating assets developed by VGP Park Belartza Joint Venture.
The project is currently proceeding well with obtaining the necessary zoning permits.
VGP Park Siegen Joint Venture
The VGP Park Siegen Joint Venture is set up as a 50:50 joint venture with Revikon. The objective of this joint venture is to convert a brownfield with ca. 21,000 sqm of lettable space located in the vicinity of the city of Siegen, Germany. Further milestones are expected to be reached during 2025.
RENEWABLE ENERGY
Gross renewables income increased 71.5% YoY to € 6.5 million. Total renewable energy capacity installed at the end of the period increased YoY from 143MW to 172.1MW (+20%) and the capacity of projects under construction or currently under permitting/design increased from 69.7MW to 105.9MW (+52%). The Group has a further 98 projects in the pipeline reflecting a further 118.8MW bringing the total renewable capacity installed and in the pipeline to a total of 396.2 MW (+30%) - close to passing the 400MW-mark.
| VGP Renewable Energy capacity |
Photovoltaic | Battery Energy Storage Systems |
Total Renewable Energy capacity |
||||
|---|---|---|---|---|---|---|---|
| Number of projects |
MW(p) | Number of projects |
MW(h) | Number of projects |
MW | ||
| Installed | 123 | 165.3 | 2 | 6.8 | 126 | 172.1 | |
| Under construction/ permitting |
38 | 35.9 | 10 | 69.4 | 47 | 105.3 | |
| Pipeline | 91 | 89.6 | 7 | 29.2 | 98 | 118.8 | |
| Total | 252 | 290.8 | 19 | 105.4 | 271 | 396.2 |
As at the 30th of June 2025 this represents a total aggregate investment amount of € 129 million (incl. current commitments for projects under construction).
Marketable production of renewable energy over the first 6 months of the year increased from 47GWh to 70GWh (+49% YoY).
CAPITAL AND LIQUIDITY POSITION
Total cash balance as at 30th June 2025 stood at € 423.6 million. The group has undrawn revolving credit facilities of € 500 million, providing a liquidity position of € 0.9 billion. The revolving credit facilities have been increased to € 500 million and contain a specific credit facility for guarantees in amount of € 50 million.
During '25 VGP was able to recycle net € 1.7 million from closings with respectively the Third and Fifth Joint venture.
Financial debts increased following the net result of (i) the issuance of a new bond of € 576 million maturing in Jan-31 with a 4.25% coupon, (ii) the repayment of € 80 million bonds in March '25, as well as the repurchase of € 200 million on outstanding bonds.
The gearing ratio amounts to 37.9% (versus 33.6% Dec '24). The Joint Ventures, with stabilized assets, have an LTV of 30.5% and the proportional LTV (with Joint Ventures at share) amounts to 50.3% (versus 48.3% Dec '24). This lowers to 50% following the disposal of VGP Park Riga in July '25.
A dividend of € 90 million has been paid out in May '25.
In July '25, VGP completed the disposal of its VGP Park Riga, Latvia. This led to a cash recycling of € 34 million.
VGP has obtained a BBB- S&P rating with stable outlook.
Outlook
Looking ahead to the second half of the year, VGP expects to maintain the strong operational momentum achieved in the first half, subject to macro-economic developments. Leasing activity is anticipated to remain robust, supported by both new and existing clients across our target markets. Construction activity is set to continue its runrate, with a strong pipeline of projects to meet this demand. Furthermore, we expect to acquire a number of strategic, iconic land plots across the regions in which the Group operates. These acquisitions will consist of both committed transactions already in progress and targeted opportunities under active consideration, aimed at strengthening our future development pipeline and securing prime locations for our clients.
The Group foresees to progress with disposals of assets, in line with our Joint Venture capital recycling strategy, while further exploring opportunities to broaden and diversify our Joint Venture model. These initiatives are aimed at enhancing our growth capacity, strengthening our balance sheet, and expanding our platform to capture long-term value for our stakeholders.
KEY FINANCIAL METRICS
| Operations and results | H1 2025 | H1 2024 | Change (%) |
|---|---|---|---|
| Committed annualised rental income (€mm) | 441.3 | 384.7 | 14.7% |
| IFRS Operating profit (€mm) | 211.8 | 151.7 | 39.6% |
| IFRS net profit (€mm) | 180.5 | 141.5 | 27.6% |
| IFRS earnings (€ per share) | 6.61 | 5.19 | 27.6% |
| Portfolio and balance sheet | 30 Jun 25 | 31 Dec 24 | Change (%) |
| Portfolio value, including joint venture at 100% (€mm) | 8,293 | 7,837 | 5.8% |
| Portfolio value, including joint venture at share (€mm) | 5,448 | 5,031 | 8.3% |
| Occupancy ratio of standing portfolio (%) | 98 | 98 | - |
| EPRA NTA (€ per share)1 | 93.46 | 89.22 | 4.8% |
| IFRS NAV (€ per share) | 91.27 | 87.96 | 3.8% |
| Net financial debt (€ mm) | 1,905 | 1,565 | 21.7% |
| Gearing2 (%) |
37.9% | 33.6% | 12.8% |
WEBCAST FOR INVESTORS AND ANALYSTS
VGP will host a webcast at 10:30 (CET) on 21 August 2025
Webcast link: https://vgp.engagestream.companywebcast.com/H1 2025-results
Click on the link above to attend the presentation from your laptop, tablet or mobile device. The webcast will stream through your selected device.
Please join the event webcast 5-10 minutes prior to the start time
A presentation will be available on VGP website: https://www.vgpparks.eu/en/investors/publications/
CONTACT DETAILS FOR INVESTORS AND MEDIA ENQUIRIES
| Investor Relations | Tel: +32 (0)3 289 1433 |
|---|---|
| [email protected] |
1 See note 9.2
2 Calculated as Net debt / Total equity and liabilities
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 chain. VGP was founded in 1998 as a family-owned Belgian property developer in the Czech Republic and today operates with around 412 full-time employees in 18 European countries directly and through several 50:50 joint ventures. In June 2025, the gross asset value of VGP, including the 100% joint ventures, amounted to € 8.3 billion and the company had a net asset value (EPRA NTA) of € 2.6 billion. VGP is listed on Euronext Brussels (ISIN: BE0003878957).
For more information, please visit: https://www.vgpparks.eu
Forward-looking statements: This press release may contain forward-looking statements. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. VGP is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release considering new information, future events or otherwise. The information in this announcement does not constitute an offer to sell or an invitation to buy securities in VGP or an invitation or inducement to engage in any other investment activities. VGP disclaims any liability for statements made or published by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other press release issued by VGP.
| CONDENSED CONSOLIDATED INCOME STATEMENT | 19 | |
|---|---|---|
| CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 23 |
|
| CONDENSED CONSOLIDATED BALANCE SHEET |
24 | |
| CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
26 | |
| CONDENSED CONSOLIDATED CASH FLOW STATEMENT |
27 | |
| 1. | Basis of preparation | 28 |
| 2. | Material accounting policies | 28 |
| 3. | Critical accounting estimates and judgements and key sources of estimation uncertainty | 30 |
| 4. | Segment reporting |
30 |
| 4.1 | Business lines | 30 |
| 4.2 | Segment balance sheet |
33 |
| 4.3 | Geographical information |
35 |
| 5. | Revenue | 39 |
| 6. | Net valuation gains / (losses) on investment properties | 40 |
| 7. | Investments in Joint Ventures | 41 |
| 7.1 | Profit from Joint Ventures | 41 |
| 7.2 | Summarised balance sheet information in respect of Joint Ventures | 44 |
| 7.3 | Other non-current receivables | 50 |
| 7.4 | Investments in joint ventures and associates | 50 |
| 7.5 | EPRA performance measures on the Joint Ventures at share |
51 |
| 8. | Net financial result | 54 |
| 9. | Earnings per share | 54 |
| 9.1 | Earnings per ordinary share (EPS) | 54 |
| 9.2 | EPRA NAV's – EPRA NAV's per share |
54 |
| 10. | Investment properties |
56 |
| 10.1 | Fair value hierarchy of the Group's investment properties | 57 |
| 10.2 | Property valuation techniques and related quantitative information | 57 |
| 10.3 | Property, Plant and equipment |
62 |
| 11. | Trade and other receivables | 62 |
| 12. | Share capital and other reserves | 62 |
| 12.1 | Share capital | 62 |
| 13. | Current and non-current financial debts | 63 |
| 13.1.1 Bank loans |
65 | |
| 13.1.2 Schuldschein loans |
65 | |
| 13.1.3 Bonds |
66 | |
| 13.1.4 Key terms and covenants |
66 |
| 14. | Assets classified as held for sale and liabilities associated with those assets | 67 |
|---|---|---|
| 15. | Cash flow from disposal of subsidiaries, Joint Ventures and investment properties |
68 |
| 16. | Risk Management | 70 |
| 16.1 | Capital Management |
70 |
| 17. | Contingencies and commitments |
70 |
| 18. | Related parties | 71 |
| 19. | Events after the balance sheet date | 71 |
| SUPPLEMENTARY NOTES NOT PART OF THE CONDENSED INTERIM FINANCIAL INFORMATION |
72 | |
| 1 | INCOME STATEMENT, PROPORTIONALLY CONSOLIDATED | 72 |
| 2 | BALANCE SHEET, PROPORTIONALLY CONSOLIDATED |
73 |
| GLOSSARY | 75 | |
| STATEMENT ON THE INTERIM FINANCIAL REPORT | 79 |
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 1
CONDENSED CONSOLIDATED INCOME STATEMENT
For the six-month period ended 30 June
| INCOME STATEMENT (in thousand of €) | NOTE | 30.06.2025 | 30.06.2024 |
|---|---|---|---|
| Revenue2 | 5 | 70,953 | 59,322 |
| Gross rental and renewable energy income | 5 | 45,561 | 36,197 |
| Net property operating expenses³ | (4,617) | (3,253) | |
| Net rental and renewable energy income3 | 40,944 | 32,944 | |
| Joint Ventures management fee income | 5 | 16,114 | 15,710 |
| Net valuation gains / (losses) on investment properties4 | 6 | 141,490 | 99,056 |
| Administration expenses | (30,608) | (27,980) | |
| Share in result of Joint Ventures | 7.1 | 43,819 | 33,705 |
| Other expenses | - | (1,750) | |
| Operating result | 211,759 | 151,685 | |
| Financial income | 8 | 25,300 | 26,446 |
| Financial expenses | 8 | (28,444) | (23,544) |
| Net financial result | 8 | (3,144) | 2,902 |
| Result before taxes | 208,615 | 154,587 | |
| Taxes | (28,090) | (13,051) | |
| Result for the period | 180,525 | 141,536 | |
| Attributable to: | |||
| Shareholders of VGP NV | 180,525 | 141,536 | |
| Non-controlling interests | - | - | |
| EARNINGS PER SHARE | NOTE | 30.06.2025 | 30.06.2024 |
| Basic earnings per share (in €) | 9 | 6.61 | 5.19 |
| Diluted earnings per share (in €) | 9 | 6.61 | 5.19 |
1 The condensed interim consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union.
2 Revenue is composed of gross rental and renewable energy income, service charge income, property and facility management income and property development income
3 Property operating expenses include recharges to customers and are shown as net operating expenses
4 Includes realized gains on disposals of subsidiaries and joint ventures
Gross and net rental income
Gross rental income of the investment activities increased 21% to € 39.1 million. The increase comes from completed assets that have become revenue generating, as well as disposals of rental income to Joint Ventures in H2 '24. There were no disposals into Joint Ventures in H1 '25.
Committed annualized rental income at Jun '25 stands at 441.3 million (portfolio @ 100%) for 6.9 million square meters of let area, of which € 149.9 million (€ 291.5 million in JV's) and 2.3 million square meters (4.5 million square meters in JV's) is currently owned in full by VGP.
Of the € 149.9 million committed annualized rental income in the own portfolio. € 95.5 million has become income generating, while another € 31.8 million will become income generating within the next twelve months. On a proportional look through basis, € 238.3 (+11% versus dec '24) million committed annualized rental income is at year-end cash generative.
During the first half of 2025, € 26.2 million of annualised rental income including the Joint Ventures at 100%, has become cash generative. Another € 65.3 million, of which € 54.4 million in the own portfolio, is still to be activated (upon delivery of assets). Thereof, € 42.6 million, or € 31.8 million in the own portfolio is expected to become cash generative in the next twelve months.
Net rental income, on a look through basis1 grew with 16.4% from € 89.3 million at H1 '24 to € 103.9 million at H1 '25, knowing that at 30th of June € 238 million (versus € 214 million, or + 11.2%) on a proportional look through basis, has become cash generative.
Gross and net renewable energy income
1 Refer to 'supplementary notes', income statement proportionally consolidated
The net renewable energy income over H1 25 amounted to € 4.7 million compared to € 2.3 million over H1 24. This was driven by an increase of 49% in the effective production sold in H1'25 to 70 GWh at an average higher price compared to the prior period. Margins also improved to 72% (H1 2024: 61%) reflecting a more favourable revenue mix.
Total renewable energy capacity installed at the end of the period increased YoY from 143MW to 172.1MW (+20%) and the capacity of projects under construction or currently under permitting/design increased from 69.7MW to 105.9MW (+52%). As at the 30th of June this represents a total aggregate investment amount of € 129 million (incl. current commitments for projects under construction).
Joint Venture management fee income
The Joint Venture management fee income amounted to € 16.1 million, a 2.5% increase versus H1'24. The Joint Venture management fee income consists of two main components, on the one hand property and facility management income, which increased from € 12.7 million to € 14.5 million and on the other hand development management income, which decreased with € 1.4 million compared to H1' 24 to € 1.6 million in H1 ' 25, the decrease is driven by a lower amount of buildings under construction in the joint ventures.
Net valuation gains on the property portfolio
During the first half of 2025, the net valuation gains on the property portfolio reached € 141.5 million compared to a net valuation gain of € 99 million for the period ended 30 June 2024.
The net valuation gain was mainly driven by: (i) € 121.6 million unrealised valuation gain on the own and disposal group held for sale portfolio, and (ii) € 19.9 million realised valuation gain, mainly as part of the final purchase price agreement with the Third (Allianz) and Fifth Joint Venture (Deka).
The own property portfolio, excluding development land but including the buildings being constructed on behalf of the Joint Ventures, is valued by the valuation expert at 30 June 2025 based on a weighted average yield of 7.27 % (compared to 7.22% as at 31 December 2024) applied to the contractual rents increased by the estimated rental value on unlet space.
The (re)valuation of the own portfolio was based on the appraisal report of the property expert iO Partners, preferred partner of Jones Lang LaSalle.
Administrative expenses
The administrative expenses for the period increased to € 30.6 million compared to € 28.0 million for the period ended 30 June 2024.
The group's headcount of 372 FTE's increased with 40 FTE's, to 412 FTE's compared to H1 2024.
Share in net profit of the joint ventures
Share in result of Joint Ventures increased from € 33.7 million to a gain of € 43.8 million. The main drivers can be summarized as follows:
-
Net rental income at share increased with € 9 million from € 58.7million to € 67.7million, an increase of 15%. This is a result of € 2.5 million indexation at share, as well as additions to the portfolio of Joint Ventures given the transactions in '24 (full year effect).
-
Net valuation Result at share improved from of € 8.6 million to € 17.9 million. The portfolio of the joint ventures, excluding development and the buildings being constructed by VGP on behalf of the Joint Ventures, was valued at a weighted average yield of 5.11% as at 30 June 2025 (compared to 5.05% as at 31 December 2024).
- Net financial result decreased to € 30.3 million at share. This is due to the fact that the debt of the joint ventures increased following transactions with Deka and Saga in '24.
- Taxes decreased with € 2 million at share. This is mainly due to an increase of deferred taxes as a result of the revaluation of the portfolio.
As at June 2025, the Joint Ventures account for € 291.5 million of annualised committed leases representing 4.6 million sqm of lettable area compared to € 285.7 million of annualised committed leases representing 4.6 million sqm at the end of December 2024.
The (re)valuation of all Joint Ventures' portfolios was based on the appraisal report of the property expert iO partners, preferred partner of Jones Lang Lasalle.
Other expenses
VGP has not provisioned a contribution to the VGP Foundation.
Net financial result
Net financial result decreased from a net income of € 2.9 million to an expense of € 3.1 million. The delta can be explained by (i) a € 5.2 m gain on the buy-back of € 200 m on two outstanding bonds, (ii) an increase of capitalized interest of € 170 k (to € 2.4 million), (iii) a reduction of interest income on cash on hand (lower interest rates) of € 3 million, (iv) a reduction of € 3.3 million on interest of JV loans (following repayments and disposals) and (v) an increase of other financial expenses of € 2.1 million. These include reservation fees on unused revolving credit facilities as well as depreciations on bond arrangement fees.
At 30 June 2025 the average cost of debt amounts to 2.72%. The average term of the credit facilities amounts to 4.1 years.
Taxes
The tax expense of € 28.1 million contains a deferred tax cost of € 25.2 million (versus € 8.6million in H1 '24) and an effective tax leakage of € 2.8 million (versus € 4.4 million in H1 '24). The deferred tax expense has increased due to the increased unrealized revaluation on investment property.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the period ended 30 June
| STATEMENT OF COMPREHENSIVE INCOME (in thousand of €) | 30.06.2025 | 30.06.2024 |
|---|---|---|
| Profit for the year | 180,525 | 141,536 |
| Other comprehensive income to be reclassified to profit or loss in subsequent periods |
- | - |
| Other comprehensive income not to be reclassified to profit or loss in subsequent periods |
- | - |
| Other comprehensive income for the period | - | - |
| Total comprehensive income / (loss) of the period | 180,525 | 141,536 |
| Attributable to: | ||
| Shareholders of VGP NV | 180,525 | 141,536 |
| Non-controlling interest | - | - |
CONDENSED CONSOLIDATED BALANCE SHEET
For the period ended 30 June
| ASSETS (in thousands of €) | NOTE | 30.06.2025 | 31.12.2024 |
|---|---|---|---|
| Intangible assets | 572 | 724 | |
| Investment properties | 10 | 2,242,294 | 1,905,411 |
| Property, plant and equipment | 127,099 | 122,309 | |
| Investments in Joint Ventures and associates | 7.2, 7.4 | 1,349,315 | 1,300,874 |
| Other non-current receivables | 7.3 | 539,756 | 538,484 |
| Deferred tax assets | 9,775 | 11,620 | |
| Total non-current assets | 4,268,811 | 3,879,422 | |
| Trade and other receivables | 11 | 96,868 | 83,804 |
| Cash and cash equivalents | 423,632 | 492,533 | |
| Disposal group held for sale | 14 | 240,359 | 198,177 |
| Total current assets | 760,859 | 774,514 | |
| TOTAL ASSETS | 5,029,670 | 4,653,936 |
| SHAREHOLDERS' EQUITY AND LIABILITIES (in thousands of €) |
NOTE | 30.06.2025 | 31.12.2024 |
|---|---|---|---|
| Share capital | 12 | 105,676 | 105,676 |
| Share premium | 12 | 845,579 | 845,579 |
| Retained earnings | 1,539,635 | 1,449,172 | |
| Shareholders' equity | 2,490,890 | 2,400,427 | |
| Non-current financial debt | 13 | 2,119,942 | 1,942,495 |
| Other non-current liabilities | 41,885 | 46,781 | |
| Deferred tax liabilities | 55,424 | 35,652 | |
| Total non-current liabilities | 2,217,251 | 2,024,928 | |
| Current financial debt | 13 | 209,227 | 114,866 |
| Trade debts and other current liabilities | 97,451 | 102,558 | |
| Liabilities related to disposal group held for sale | 14 | 14,851 | 11,157 |
| Total current liabilities | 321,529 | 228,581 | |
| Total liabilities | 2,538,780 | 2,253,509 | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES |
5,029,670 | 4,653,936 |
Balance sheet
Investment properties & disposal group held for sale
Investment properties relate to completed properties, projects under construction as well as land held for development. The disposal group held for sale assets relates to (i) the assets under construction and development land (at fair value) which are being / will be developed by VGP, on behalf of the First and Second Joint Venture and the Sixt Joint Venture, and (ii) VGP Park Riga, which is subject to a call option of its tenant.
As at 30 June 2025 the investment property portfolio, including those reported as group held for sale, consists of 61 completed buildings representing 1,673,000 sqm of lettable area with another 35 buildings under construction representing 804,042 sqm of lettable area.
Including assets reported as group held for sale, the total investment property accounts for € 1,175 million in completed assets, €657 million assets under construction, and € 650 million land.
The Investment Property, including those reported as group held for sale but excluding development land, is valued at an average weighted yield of 7.27%. Total capex on investment property including assets held for sale of € 257 million: € 171.6 million on assets, € 22 million on assets held for sale, € 55 million on land acquisitions, € 8.9 m interests and capitalized rent free.
Property, plant and equipment
Property, plant and equipment increased with € 4.8 million. This reflects a capex of € 9 million, which mainly relates to renewable energy assets and are accounted for at cost and depreciated. Completed installations amount to € 97 million, whereas € 20.4 million relates to renewable energy installations under construction.
Investment in joint ventures and associates
As at 30 June 2025, the investments in the joint ventures and associates increased with € 48.4 million to € 1,349 million.
The investments in joint ventures and associates as at the end of June 2025 reflect the value of the participation in the Allianz Joint Ventures, the Deka Joint Venture, The Saga Joint Venture and the Development Joint Ventures, all of which are accounted for using the equity method.
The investments in joint ventures and associates increased as a result of the appropriation of the share in result of the Joint Ventures in amount of € 43.8 million, as well as the equity correction as a result of final share purchase price settlements with Allianz and Deka in amount of net € 4.6 million.
Total non-current and current financial debt
The non-current and current financial debt increased from € 2,057 million as at 31 December 2024 to € 2,329 million as at 30 June 2025.
Financial debts increased following the net result of (i) the issuance of a new bond of € 576 million maturing in Jan-31 with a 4.25% coupon, (ii) the repayment of € 80 million bonds in March '25, as well as the repurchase of € 200 million on outstanding bonds. The RCF facilities have been increased to € 500 million and are undrawn to date.
The gearing ratio amounts to 37.9% (versus 33.6% Dec '24). The Joint Ventures, with stabilized assets, have an LTV of 30.5% and the proportional LTV (with Joint Ventures at share) amounts to 50.3% (versus 48.3% Dec '24). This lowers to 50% following the disposal of VGP Park Riga in July '25.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period ended 30 June
| STATEMENT OF CHANGES IN EQUITY (in thousands of €) |
Statutory share capital |
Capital reserve |
IFRS share capital |
Other reserves |
Retained earnings |
Total equity |
|---|---|---|---|---|---|---|
| Balance as at 1 January 2024 | 136,092 | (30,416) | 105,676 | 845,579 | 1,263,162 | 2,214,417 |
| Other comprehensive income / (loss) | - | - | - | - | - | - |
| Result of the period | - | - | - | - | 141,536 | 141,536 |
| Effect of disposals | - | - | - | - | - | - |
| Total comprehensive income / | ||||||
| (loss) | - | - | - | - | 141,536 | 141,536 |
| Capital and share premium increase | - | - | - | - | ||
| net of transaction costs | ||||||
| Share capital distribution to | - | - | - | - | - | - |
| shareholders | ||||||
| Dividends | - | - | - | - | (100,979) | (100,979) |
| Balance as at 30 June 2024 | 136,092 | (30,416) | 105,676 | 845,579 | 1,303,719 | 2,254,974 |
| Balance as at 1 January 2025 | ||||||
| 136,092 | (30,416) | 105,676 | 845,579 | 1,449,172 | 2,400,427 | |
| Other comprehensive income / (loss) | - | - | - | - | - | - |
| Result of the period | - | - | - | - | 180,525 | 180,525 |
| Effect of disposals | - | - | - | - | - | - |
| Total comprehensive income / | ||||||
| (loss) | - | - | - | - | 180,525 | 180,525 |
| Capital and share premium increase | ||||||
| net of transaction costs | - | - | - | - | ||
| Share capital distribution to | ||||||
| shareholders | - | - | - | - | - | - |
| Dividends | - | - | - | - | (90,062) | (90,062) |
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
For the period ended 30 June
| CASH FLOW STATEMENT (in thousand of €) | Note | 30.06.2025 | 30.06.2024 |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before taxes | 208,615 | 154,587 | |
| Adjustments for: | |||
| Depreciation | 4,544 | 3,899 | |
| Unrealised (gains) / losses on investment properties | 6 | (121,558) | (35,756) |
| Realised (gains) / losses on disposal of subsidiaries and investment | 6 | (19,932) | (63,300) |
| properties | |||
| Unrealised(gains) / losses on financial instruments and foreign exchange | 8 | 606 | 56 |
| Financial income | 8 | (25,300) | (26,446) |
| Financial expense | 8 | 27,838 | 23,488 |
| Share in (profit) / loss of Joint Venture and associates | 7.1 | (43,819) | (33,705) |
| Operating profit before changes in working capital and provisions | 30,994 | 22,823 | |
| Decrease/(Increase) in trade and other receivables1 | (2,041) | (17,223) | |
| (Decrease)/Increase in trade and other payables1 | (864) | (1,291) | |
| Cash generated from the operations | 28,089 | 4,309 | |
| Interest received | 3,494 | 6,496 | |
| Interest paid | (43.312) | (39,771) | |
| Income taxes paid | (2.845) | (4,427) | |
| Net cash generated from operating activities | (14.574) | (33,393) | |
| Cash flows from investing activities | |||
| Proceeds from disposal of tangible assets and other | 15 | - | 217 |
| Proceeds from disposal of subsidiaries, Joint Ventures and investment | 15 | 1,697 | 662,071 |
| properties | |||
| Investment property and property, plant and equipment | (240,916) | (198,649) | |
| Distribution by / (investment in) Joint Ventures and associates | 7,570 | 2,610 | |
| Loans provided to Joint Ventures and associates | (22,116) | (61,146) | |
| Loans repaid by Joint Ventures and associates | - | - | |
| Net cash used in investing activities | (253,765) | 405,103 | |
| Cash flows from financing activities | |||
| Dividends paid | (90,062) | (100,979) | |
| Proceeds from loans | 13 | 565,083 | 135,000 |
| Loan repayments | 13 | (275,246) | - |
| Net cash used in financing activities | 199,775 | 34,021 | |
| Net increase / (decrease) in cash and cash equivalents | (68.564) | 405,731 | |
| Cash and cash equivalents at the beginning of the period | 492.533 | 209,921 | |
| Effect of exchange rate fluctuations | (145) | (60) | |
| Reclassification to (-) / from held for sale | (192) | 9,424 | |
| Cash and cash equivalents at the end of the period | 423.632 | 625,016 |
1 Includes reclassification of € 20.2 million per June 2025 (- € 34 million per June 2024), of which mainly as a result of asset disposals to Joint Ventures, reclassifications of receivables and payables for assets reported as held for sale
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
For the period ended 30 June
1. Basis of preparation
The condensed interim financial statements have been prepared in accordance with the IAS 34 "Interim Financial Reporting", as adopted by the European Union. The consolidated interim financial information was approved for issue on 20 August 2025 by the Board of Directors.
2. Material accounting policies
The financial statements are prepared on a historic cost basis, with the exception of investment properties and investment property under construction as well as financial derivatives which are stated at fair value. All figures are in thousands of Euros (EUR '000).
The accounting policies adopted are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2024.
A number of new and accounting standards, amendments and interpretations to accounting standards become effective for annual periods beginning after 1 January 2025. The Group has not early adopted any of the forthcoming new or amended accounting standards in preparing these condensed consolidated interim financial statements.
• IFRS 18 Presentation and Disclosure in Financial Statements, issued on 9 April 2024, will replace IAS 1 Presentation of Financial Statements. The new standard introduces the following key new requirements:
(i) Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. (ii) Entities are also required to present newly defined operating profit subtotal. Entities' net profit will not change.
(iii) Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements. (iv) Enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method.
The standard is effective for annual reporting periods beginning on or after 1 January 2027 with early adoption permitted. The standard has not yet been endorsed by the EU. The group will not early adopt the IFRS 18 requirements. Furthermore, the impact of the initial implication of this new IFRS standard is currently still under investigation by the Group, particularly with respect to the structure of the Group's statement of profit or loss, the statement of cash flows and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements, including for items currently labelled as 'other'.
• Amendments to the Classification and Measurement of Financial Instruments—Amendments to IFRS 9 and IFRS 7, issued on 30 May 2024, will address diversity in accounting practice by making the requirements more understandable and consistent. The amendments include: (i) Clarifications on the classification of financial assets with environmental, social and corporate governance (ESG) and similar features—ESG-linked features in loans could affect whether the loans are measured at amortized cost or fair value. To resolve any potential diversity in practice, the amendments clarify how the contractual cash flows on such loans should be assessed. (ii) Clarifications on the date on which a financial asset or financial liability is derecognized. The
IASB also decided to develop an accounting policy option to allow a company to derecognize a financial liability before it delivers cash on the settlement date if specified criteria are met.
The International Accounting Standards Board has also introduced additional disclosure requirements to enhance transparency for investors regarding investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features, for example features tied to ESG-linked targets. The amendments are effective for annual reporting periods beginning on or after 1 January 2026 with early adoption permitted. These amendments have been endorsed by the EU.
• IFRS 19 Subsidiaries without Public Accountability: Disclosures, issued on 9 May 2024, will allow eligible subsidiaries to apply IFRS Accounting Standards with reduced disclosure requirements. A subsidiary will be to apply the new standard in its consolidated, separate or individual financial statements provided that, at the reporting date: it does not have public accountability; and its parent produces consolidated financial statements under IFRS Accounting Standards.
The standard is effective for annual reporting periods beginning on or after 1 January 2027 with early adoption permitted. The standard has not yet been endorsed by the EU.
• Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7, issued on 18 December 2024, will help entities better report on the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements (PPAs). Naturedependent electricity contracts help companies to secure their electricity supply from sources such as wind and solar power. The amount of electricity generated under these contracts can vary based on uncontrollable factors such as weather conditions. Current accounting requirements may not adequately capture how these contracts affect a company's performance. The amendments include: (i) clarifying the application of the 'own use' requirements; (ii) permitting hedge accounting if these contracts are used as hedging instruments; and (iii) adding new disclosure requirements to enable investors to understand the effect of these contracts on a company's financial performance and cash flows.
The amendments are effective for annual reporting periods beginning on or after 1 January 2026 with early adoption permitted. These amendments have been endorsed by the EU.
• Annual Improvements Volume 11, issued on 18 July 2024, include clarifications, simplifications, corrections and changes aimed at improving the consistency of several IFRS Accounting Standards.
The amended Standards are:
- IFRS 1 First-time Adoption of International Financial Reporting Standards;
- IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7;
- IFRS 9 Financial Instruments;
- IFRS 10 Consolidated Financial Statements; and
- IAS 7 Statement of Cash Flows.
- The amendments are effective for annual reporting periods beginning on or after 1 January 2026 with early adoption permitted. These amendments have been endorsed by the EU.
The Group is not planning on early adopting the new or amended accounting standards and the impact of the initial application is not expected to be material, except for IFRS 18.
3. Critical accounting estimates and judgements and key sources of estimation uncertainty
The critical accounting judgements and key sources of estimation uncertainty are consistent with those outlined in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2024 (See Annual Report 2024 – Note 3).
4. Segment reporting
The chief operating decision maker is the person that allocates resources to and assesses the performance of the operating segments. The Group has determined that its chief operating decision-maker is the chief executive officer (CEO) of the Company. He allocates resources to and assesses the performance at business line and country level.
The segmentation for segment reporting within VGP is primarily by business line and secondly by geographical region.
4.1 Business lines
For management purpose, the Group also presents financial information according to management breakdowns, based on these functional allocations of revenues and costs. These amounts are based on a number of assumptions and accordingly are not prepared in accordance with IFRS audited consolidated financial statements of VGP NV for the period June 2025 and 2024. The Group reports three segments as follows:
Investment
The Group's investment or so-called rental business consists of operating profit generated by the completed and leased out projects of the Group's portfolio and the proportional share of the operating profit (excluding net valuation gains) of the completed and leased out projects of the Joint Ventures' portfolio and consolidates as well property and asset management revenue, which include asset management, property management and facility management income.
Revenues and expenses allocated to the rental business unit include 10% of the Group's property operating expenses; other income; other expenses, after deduction of expenses allocated to property development; and share in result of the joint ventures, excluding any revaluation result.
Associated operating, administration and other expenses include directly allocated expenses from the respective asset management, property management and facility management service companies.
Property development
The Group's property development business consists of the net development result on the Group's development activities.
The property development segment includes 80% of the Group's administrative expenses.
Renewable Energy
The Group's Renewable Energy segment includes gross renewables income and its direct attributable operating expenses. The Renewables income is generated through sale of electricity, government grants and/or leasing activities. In addition, 10% of administration expenses are allocated to the Renewable Energy segment.
The Renewable Energy segment leases roofs from other VGP entities. To the extent these are not eliminated in the consolidation perimeter, these have been added back as cost, in favor of a revenue recognition in the Investment segment.
| Breakdown summary of the business lines In thousands of € |
30.06.2024 | |
|---|---|---|
| Investment & Property and Asset Management EBITDA | 118,683 | 99,830 |
| Property development EBITDA | 118,049 | 79,680 |
| Renewable energy EBITDA | 2,116 | 1,917 |
| Total EBITDA | 238,848 | 181,427 |
| In thousands of € | For the period ended 30 June 2025 | ||||
|---|---|---|---|---|---|
| Investment | Development | Renewable energy |
Inter segment eliminations |
Total | |
| Gross rental and renewable energy income |
39,094 | - | 6,515 | (48) | 45,561 |
| Property operating expenses | (573) | (2,300) | (1,792) | 48 | (4,617) |
| Net rental and renewable energy income |
38,521 | (2,300) | 4,723 | - | 40,944 |
| Joint Ventures management fee income | 16,114 | - | - | - | 16,114 |
| Net valuation gains / (losses) on investment properties |
- | 141,490 | - | - | 141,490 |
| Administration expenses | (2,607) | (20,853) | (2,607) | - | (26,067) |
| Share of Joint Venture Ebitda before revaluations1 |
66,367 | - | - | - | 66,367 |
| EBITDA | 118,682 | 118,050 | 2,116 | - | 238,848 |
| Other expenses | - | - | - | - | - |
| Depreciation and amortisation | (383) | (1,531) | (2,627) | - | (4,541) |
| Earnings before interest and taxes | 118,299 | 116,519 | (511) | - | 234,307 |
| Net financial cost - Own | - | - | - | - | (3,144) |
| Net financial cost - Joint Ventures and associates |
- | - | - | - | (30,242) |
| Result before taxes | - | - | - | - | 200,921 |
| Current income taxes - own | - | - | - | - | (2,845) |
| Current income taxes - Joint Ventures and associates |
- | - | - | - | (3,156) |
| Recurrent net income | - | - | - | - | 194,920 |
| Net valuation gains / (losses) on investment properties - Joint Ventures and associates |
- | - | - | - | 17,960 |
| Net fair value gain/(loss) on interest rate swaps and other derivatives |
- | - | - | - | - |
| Net fair value gain/(loss) on interest rate swaps and other derivatives - Joint Ventures and associates |
- | - | - | - | (97) |
| Deferred taxes - own | - | - | - | - | (25,245) |
| Deferred taxes - Joint Ventures and associates |
- | - | - | - | (7,013) |
| Reported result for the period | - | - | - | - | 180,525 |
1 The Share of Joint Venture Ebitda before revaluations reflects the net rental income and administration expenses of the Joint Ventures at share, excluding thus any valuation gain/loss or financial result and tax expenses.
| In thousands of € | For the period ended 30 June 2024 | ||||
|---|---|---|---|---|---|
| Investment | Development | Renewable energy |
Inter segment eliminations |
Total | |
| Gross rental and renewable energy income |
32,429 | - | 3,780 | (12) | 36,197 |
| Property operating expenses | (179) | (1,629) | (1,457) | 12 | (3,253) |
| Net rental and renewable energy income |
32,250 | (1,629) | 2,323 | - | 32,944 |
| Joint Ventures management fee income | 15,710 | - | - | - | 15,710 |
| Net valuation gains / (losses) on investment properties |
- | 99,056 | - | - | 99,056 |
| Administration expenses | (5,928) | (17,747) | (406) | - | (24,081) |
| Share of Joint Venture Ebitda before revaluations 1 |
57,798 | - | - | - | 57,798 |
| EBITDA | 99,830 | 79,680 | 1,917 | - | 181,427 |
| Other expenses | - | - | - | - | (1,750) |
| Depreciation and amortisation | (379) | (1,518) | (2,002) | - | (3,899) |
| Earnings before interest and taxes | 99,451 | 78,162 | (85) | - | 175,778 |
| Net financial cost - Own | - | - | - | - | 2,902 |
| Net financial cost - Joint Ventures and associates |
- | - | - | - | (24,740) |
| Result before taxes | - | - | - | - | 153,940 |
| Current income taxes - own | - | - | - | - | (4,427) |
| Current income taxes - Joint Ventures and associates |
- | - | - | - | (2,793) |
| Recurrent net income | - | - | - | - | 146,721 |
| Net valuation gains / (losses) on investment properties - Joint Ventures and associates |
- | - | - | - | 8,642 |
| Net fair value gain/(loss) on interest rate swaps and other derivatives |
- | - | - | - | - |
| Net fair value gain/(loss) on interest rate swaps and other derivatives - Joint Ventures and associates |
- | - | - | - | 100 |
| Deferred taxes - own | - | - | - | - | (8,624) |
| Deferred taxes - Joint Ventures and associates |
- | - | - | - | (5,303) |
| Reported result for the period | - | - | - | - | 141,536 |
1 The Share of Joint Venture Ebitda before revaluations reflects the net rental income and administration expenses of the Joint Ventures at share, excluding thus any valuation gain/loss or financial and tax expenses
4.2 Segment balance sheet
| In thousands of € | For the period ended 30 June 2025 | |||||
|---|---|---|---|---|---|---|
| Assets | Investment | Development | Renewable energy |
Net financial debt |
Equity | Total |
| Intangible assets | 57 | 458 | 57 | - | - | 572 |
| Investment properties | 1,042,759 | 1,199,535 | - | - | 2,242,294 | |
| Property, plant and equipment |
1,997 | 15,972 | 109,131 | - | - | 127,099 |
| Investments in joint ventures and associates |
1,330,491 | 18,824 | - | - | - | 1,349,315 |
| Other non-current receivables |
512,948 | 26,808 | - | - | - | 539,756 |
| Deferred tax assets | 4,424 | 5,351 | - | - | - | 9,775 |
| Total non-current assets | 2,892,676 | 1,226,948 | 109,188 | - | - | 4,268,811 |
| Trade and other receivables |
21,823 | 68,958 | 6,087 | - | - | 96,868 |
| Cash and cash equivalents | - | - | 21,740 | 401,892 | - | 423,632 |
| Disposal group held for sale |
132,425 | 107,934 | - | - | - | 240,359 |
| Total current assets | 154,248 | 176,892 | 27,827 | 401,892 | - | 760,859 |
| TOTAL ASSETS | 3,046,924 | 1,443,840 | 137,015 | 401,892 | - | 5,029,670 |
| In thousands of € | For the period ended 30 June 2025 | |||||
|---|---|---|---|---|---|---|
| Shareholders equity and liabilities |
Investment | Development | Renewable energy |
Net financial debt |
Equity | Total |
| Share capital | - | - | - | - | 105,676 | 105,676 |
| Share premium | - | - | - | - | 845,579 | 845,579 |
| Retained earnings | - | - | - | - | 1,539,635 | 1,539,635 |
| Shareholders' equity | - | - | - | - | 2,490,890 | 2,490,890 |
| Non-current financial debt | - | - | 134,828 | 1,985,114 | - | 2,119,942 |
| Other non-current liabilities |
10,581 | 21,032 | 10,272 | - | - | 41,885 |
| Deferred tax liabilities | 25,083 | 30,341 | - | - | - | 55,424 |
| Total non-current liabilities |
35,664 | 51,373 | 145,100 | 1,985,114 | - | 2,217,251 |
| Current financial debt | - | - | 2,260 | 260,967 | - | 209,227 |
| Trade debts and other current liabilities |
9,755 | 83,933 | 3,763 | - | - | 97,451 |
| Liabilities related to disposal group held for sale |
598 | 14,253 | - | - | - | 14,851 |
| Total current liabilities | 10,353 | 98,186 | 6,023 | 260,967 | - | 321,529 |
| Total liabilities | 46,018 | 149,559 | 151,122 | 2,192,081 | - | 2,538,780 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES |
46,018 | 149,559 | 151,122 | 2,192,081 | 2,490,890 | 5,029,670 |
| In thousands of € | For the period ended 31 December 2024 | ||||||
|---|---|---|---|---|---|---|---|
| Assets | Investment | Development | Renewable energy |
Net financial debt |
Equity | Total | |
| Intangible assets | 73 | 579 | 72 | - | - | 724 | |
| Investment properties | 803,751 | 1,101,660 | - | - | - | 1,905,411 | |
| Property, plant and equipment |
2,166 | 17,324 | 102,820 | - | - | 122,309 | |
| Investments in joint ventures and associates |
1,281,900 | 18,974 | - | - | - | 1,300,874 | |
| Other non-current receivables |
512,146 | 26,338 | - | - | - | 538,484 | |
| Deferred tax assets | 5,342 | 6,278 | - | - | - | 11,620 | |
| Total non-current assets | 2,605,378 | 1,171,153 | 102,892 | - | - | 3,879,422 | |
| Trade and other receivables |
18,855 | 59,640 | 5,309 | - | - | 83,804 | |
| Cash and cash equivalents | - | - | 28,189 | 464,344 | - | 492,533 | |
| Disposal group held for sale |
31,591 | 166,586 | - | - | - | 198,177 | |
| Total current assets | 50,446 | 226,226 | 33,498 | 464,344 | - | 774,514 | |
| TOTAL ASSETS | 2,655,824 | 1,397,379 | 136,390 | 464,344 | - | 4,653,936 |
| In thousands of € | For the period ended 31 December 2025 | ||||||
|---|---|---|---|---|---|---|---|
| Shareholders equity and liabilities |
Investment | Development | Renewable energy |
Net financial debt |
Equity | Total | |
| Share capital | - | - | - | - | 105,676 | 105,676 | |
| Share premium | - | - | - | - | 845,579 | 845,579 | |
| Retained earnings | - | - | - | - | 1,449,172 | 1,449,172 | |
| Shareholders' equity | - | - | - | - | 2,400,427 | 2,400,427 | |
| Non-current financial debt | - | - | 134,818 | 1,807,677 | - | 1,942,495 | |
| Other non-current liabilities |
9,927 | 25,477 | 11,377 | - | - | 46,781 | |
| Deferred tax liabilities | 16,390 | 19,262 | - | - | - | 35,652 | |
| Total non-current liabilities |
26,317 | 44,739 | 146,195 | 1,807,677 | - | 2,024,928 | |
| Current financial debt | - | - | 2,257 | 112,609 | - | 114,866 | |
| Trade debts and other current liabilities |
8,277 | 91,315 | 2,966 | - | - | 102,558 | |
| Liabilities related to disposal group held for sale |
462 | 10,695 | - | - | - | 11,157 | |
| Total current liabilities | 8,739 | 102,010 | 5,223 | 112,609 | - | 228,581 | |
| Total liabilities | 35,056 | 146,749 | 151,418 | 1,920,286 | - | 2,253,509 | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES |
35,056 | 146,749 | 151,418 | 1,920,286 | 2,400,427 | 4,653,936 |
4.3 Geographical information
This basic segmentation reflects the geographical markets in Europe in which VGP operates, VGP's operations are split into the individual countries where it is active. This segmentation is important for VGP as the nature of the activities and the customers have similar economic characteristics within those segments.
| Gross | Net | ||||||
|---|---|---|---|---|---|---|---|
| 30 June 2025 | rental & | rental& | Operating | Investment | Renewable | Total | Capital |
| In thousands | renewable | renewable | EBITDA | properties | s property, | assets | expenditure |
| of € | income | income | (Incl. JV at | (Incl. JV | plant and | (Incl. JV | 1 |
| (Incl. JV at share) |
(Incl. JV at share) |
share) | at share) | equipment | at share) | ||
| Western Europe | |||||||
| Germany | 56,895 | 52,680 | 147,586 | 2,480,829 | 84,715 | 2,737,007 | 59,012 |
| Spain | 6,519 | 5,987 | 12,633 | 459,422 | - | 476,113 | 25,482 |
| Austria | 4,845 | 4,584 | 5,940 | 239,208 | 196 | 249,705 | 7,447 |
| Netherlands | 4,967 | 4,142 | 12,182 | 201,184 | 15,863 | 223,646 | 342 |
| Italy | 2,587 | 2,052 | 6,293 | 179,452 | 6,915 | 213,931 | 18,673 |
| France | 518 | (844) | 869 | 125,100 | 2,078 | 138,419 | 15,339 |
| Portugal | 1,316 | 1,056 | 1,850 | 96,608 | - | 107,222 | 10,545 |
| Denmark | - | (71) | 66 | 36,507 | - | 44,835 | 13,880 |
| United | - | (128) | (86) | 24,276 | - | 28,770 | 23,908 |
| Kingdom | |||||||
| Luxembourg | - | - | - | - | - | 158,179 | - |
| Belgium | - | - | - | - | - | 730,340 | - |
| 77,647 | 69,458 | 187,333 | 3,842,586 | 109,767 | 5,108,167 | 174,628 | |
| Central and Eastern Europe | |||||||
| Czech | 12,311 | 11,710 | 16,852 | 533,004 | 3,411 | 554,359 | 8,670 |
| Republic | |||||||
| Slovakia | 3,808 | 3,510 | 11,970 | 226,613 | 648 | 237,710 | 11,667 |
| Hungary | 8,724 | 8,496 | 7,473 | 303,323 | - | 325,544 | 16,820 |
| Romania | 9,833 | 9,355 | 4,424 | 292,291 | 3,167 | 315,597 | 22,099 |
| Croatia | - | (61) | (1,904) | 41,704 | - | 52,361 | 12,343 |
| 34,676 | 33,010 | 38,815 | 1,396,935 | 7,226 | 1,485,571 | 71,599 | |
| Baltics and Balkan | |||||||
| Latvia | 3,905 | 3,862 | 4,529 | 102,873 | - | 107,150 | (167) |
| Serbia | 3,003 | 2,647 | 4,610 | 105,895 | - | 113,454 | 2,418 |
| 6,908 | 6,509 | 9,139 | 208,768 | - | 220,604 | 2,251 | |
| Other2 | - | (302) | 3,561 | - | - | 3,240 | - |
| Total | 119,231 | 108,675 | 238,848 | 5,448,289 | 116,993 | 6,817,582 | 248,478 |
1Capital expenditures includes additions and acquisition of investment properties and development land but does not include tenant incentives, letting fees, and capitalised interest. Capital expenditure directly incurred for the own portfolio amounts to € 226.6 million (of which € 55 million relates to land acquisition) and amounts to € 21.9 million on development properties of the First, Second, Fifth and Sixth Joint Venture.
2 Other includes the Group central costs and costs relating to the operational business which are not specifically geographically allocated.
| 30 June 2024 for result and 31 December 2024 for balance items In thousands of € |
Gross rental & renewable income (Incl. JV at share) |
Net rental& renewable income (Incl. JV at share) |
Operating EBITDA (Incl. JV at share) |
Investment properties (Incl. JV at share) |
Renewables property, plant and equipment |
Total assets (Incl. JV at share) |
Capital expenditure 1 |
|---|---|---|---|---|---|---|---|
| Western Europe | |||||||
| Germany | 54,933 | 48,451 | 107,676 | 2,324,201 | 83,981 | 2,559,397 | 56,739 |
| Spain | 5,446 | 4,154 | 17,057 | 416,964 | - | 431,387 | 20,976 |
| Austria | 2,183 | 1,866 | (4,284) | 234,378 | 148 | 249,930 | 29,637 |
| Netherlands | 4,388 | 3,569 | 13,107 | 190,532 | 15,428 | 210,384 | 438 |
| Italy | 1,393 | 867 | 1,981 | 152,631 | 4,866 | 181,738 | 17,548 |
| France | - | (102) | (3,131) | 105,942 | 1,244 | 131,263 | 13,916 |
| Portugal | 1,152 | 1,083 | 3,057 | 85,239 | - | 93,995 | 7,972 |
| Denmark | - | (59) | (468) | 21,381 | - | 25,872 | 8,053 |
| Luxembourg | - | - | - | - | - | 156,173 | - |
| Belgium | - | - | - | - | - | 803,119 | - |
| 69,495 | 59,829 | 134,995 | 3,531,268 | 105,667 | 4,843,258 | 155,279 | |
| Central and Eastern Europe | |||||||
| Czech Republic |
12,768 | 12,349 | 24,632 | 507,926 | 3,410 | 526,253 | 10,999 |
| Slovakia | 4,921 | 4,644 | 6,686 | 202,147 | 5 | 210,218 | 25,011 |
| Hungary | 5,437 | 5,147 | 6,629 | 285,410 | - | 304,607 | 25,004 |
| Romania | 6,038 | 5,902 | 8,635 | 272,215 | 1,710 | 297,112 | 27,363 |
| Croatia | - | (72) | (248) | 29,529 | - | 35,071 | 6,024 |
| 29,164 | 27,970 | 46,334 | 1,297,227 | 5,125 | 1,373,261 | 94,401 | |
| Baltics and Balkan | |||||||
| Latvia | 4,005 | 5,138 | 4,376 | 101,636 | - | 105,531 | 1,076 |
| Serbia | 118 | (133) | (5,984) | 101,013 | 9 | 109,442 | 24,312 |
| 4,123 | 5,005 | (1,608) | 202,649 | 9 | 214,973 | 25,388 | |
| Other2 | - | (1,157) | 1,706 | - | - | 3,566 | - |
| Total | 102,782 | 91,647 | 181,427 | 5,031,144 | 110,801 | 6,435,058 | 275,068 |
1 Capital expenditures includes additions and acquisition of investment properties and development land but does not include tenant incentives, letting fees, and capitalised interest. Capital expenditure directly incurred for the own portfolio amounts to € 219.1 million (of which € 30.5 million relates to land acquisition) and amounts to € 55.9 million on development properties of the First, Second and Fifth Venture.
2 Other includes the Group central costs and costs relating to the operational business which are not specifically geographically located
The table below shows the geographic segmentation, excluding the share in the Joint Ventures.
| 30 June 2025 In thousands of € |
Gross rental and renewable energy income |
Net rental and renewable energy income |
Investment property | Total non-current assets (IP1 , PPE and Intangibles) |
|---|---|---|---|---|
| Western Europe | ||||
| Germany | 13,339 | 12,104 | 599,391 | 685,003 |
| Spain | 566 | 871 | 216,386 | 216,514 |
| Austria | 4,474 | 4,256 | 226,538 | 226,777 |
| Netherlands | 1,138 | 883 | 59,201 | 75,105 |
| Italy | 1,252 | 968 | 129,112 | 136,102 |
| France | - | (1,294) | 104,200 | 106,346 |
| Portugal | 1,005 | 791 | 85,914 | 85,969 |
| Denmark | - | (71) | 36,507 | 36,722 |
| United Kingdom | - | (128) | 24,276 | 24,276 |
| Luxembourg | - | - | - | 32 |
| Belgium | - | - | - | 7,738 |
| 21,774 | 18,380 | 1,481,525 | 1,600,584 | |
| Central and Eastern Europe | ||||
| Czech Republic | 1,139 | 1,046 | 121,477 | 125,496 |
| Slovakia | 288 | 212 | 110,391 | 111,286 |
| Hungary | 7,358 | 7,238 | 267,955 | 268,071 |
| Romania | 8,094 | 7,770 | 250,386 | 253,803 |
| Croatia | - | (61) | 41,704 | 41,713 |
| 16,879 | 16,205 | 791,913 | 800,369 | |
| Baltics and Balkan | ||||
| Latvia | 3,905 | 3,862 | 102,873 | 102,887 |
| Serbia | 3,003 | 2,647 | 105,895 | 106,037 |
| 6,908 | 6,509 | 208,768 | 208,924 | |
| Other | - | (150) | - | - |
| Total | 45,561 | 40,944 | 2,482,206 | 2,609,877 |
1 Including investment properties in assets held for sale
| 36,197 32,944 2,103,313 |
2,226,346 |
|---|---|
| - (266) - |
- |
| 4,123 5,005 202,649 |
202,764 |
| 118 (133) 101,013 |
101,116 |
| 4,005 5,138 101,636 |
101,648 |
| 14,599 14,494 704,844 |
711,242 |
| - (72) 29,529 |
29,536 |
| 4,296 4,295 230,570 |
232,555 |
| 4,056 3,879 250,012 |
250,094 |
| 3,193 3,129 88,581 |
88,851 |
| 3,054 3,263 106,152 |
110,206 |
| Central and Eastern Europe | |
| 17,475 13,711 1,195,820 |
1,312,340 |
| - - - |
9,258 |
| - - - |
35 |
| - (59) 21,381 |
21,611 |
| 841 808 74,545 |
74,600 |
| - (102) 85,891 |
87,212 |
| - (170) 104,341 |
109,298 |
| 651 436 48,886 |
64,361 |
| 1,815 1,546 221,538 |
221,735 |
| - (547) 182,141 |
182,287 |
| 14,168 11,799 457,097 |
541,943 |
| assets (IP1 energy income energy income property |
, PPE and Intangibles) |
| renewable renewable Investment |
Total non-current |
| Gross rental and Net rental and |
|
1 Including investment properties in assets held for sale
5. Revenue
| In thousands of € | 30.06.2025 | 30.06.2024 |
|---|---|---|
| Rental income from investment properties | 36,519 | 28,568 |
| Straight lining of lease incentives | 2,561 | 3,849 |
| Total gross rental income | 39,080 | 32,417 |
| Gross renewable energy income | 6,481 | 3,780 |
| Property and facility management income | 14,487 | 12,670 |
| Development management income | 1,627 | 3,040 |
| Joint Ventures management fee income | 16,114 | 15,710 |
| Service charge income | 9,278 | 7,415 |
| Total revenue | 70,953 | 59,322 |
The Group leases out its investment property under operating leases. The operating leases are generally for terms of more than 5 years.
At the end of June 2025, the Group (including the joint ventures) had annualised committed leases of € 441.3 million1 compared to € 412.6 million 2 as at 31 December 2024.
The breakdown of future lease income for the own portfolio and Joint Ventures at share is as follows:
| 30.06.2025 | |||||||
|---|---|---|---|---|---|---|---|
| In thousands of € | Lease income in < 1 year |
Lease income in < 2 years |
Lease income in < 3 years |
Lease income in < 4 years |
Lease income in < 5 years |
Lease income > 5 years |
TOTAL |
| JV at share – Active Leases |
142,198 | 135,487 | 122,378 | 105,254 | 93,438 | 391,241 | 989,996 |
| JV at share – Committed Leases |
3,261 | 4,448 | 4,448 | 4,448 | 4,445 | 39,890 | 60,940 |
| Total – JV at share | 145,459 | 139,935 | 126,826 | 109,702 | 97,883 | 431,131 | 1,050,936 |
| Own – Active Leases |
94,932 | 86,253 | 77,127 | 70,036 | 60,434 | 326,127 | 714,909 |
| Own – Committed Leases |
19,655 | 34,224 | 38,651 | 51,848 | 53,668 | 532,548 | 730,594 |
| Total - Own | 114,587 | 120,477 | 115,778 | 121,884 | 114,102 | 858,675 | 1,445,503 |
| Total - at share | 260,046 | 260,412 | 242,604 | 231,586 | 211,985 | 1,289,806 | 2,496,439 |
1 € 291.5 million related to the joint ventures' property portfolio and € 149.9 million related to the own property portfolio.
2 € 285.6 million related to the joint ventures' property portfolio and € 127 million related to the own property portfolio.
| 30.06.2024 | |||||||
|---|---|---|---|---|---|---|---|
| In thousands of € | Lease income in < 1 year |
Lease income in < 2 years |
Lease income in < 3 years |
Lease income in < 4 years |
Lease income in < 5 years |
Lease income > 5 years |
TOTAL |
| JV at share – Active Leases |
133,786 | 125,001 | 112,859 | 100,120 | 85,852 | 423,444 | 981,062 |
| JV at share – Committed Leases |
453 | 3,467 | 4,462 | 4,462 | 4,462 | 45,528 | 62,833 |
| Total – JV at share | 134,239 | 128,467 | 117,320 | 104,581 | 90,314 | 468,972 | 1,043,894 |
| Own – Active Leases |
59,666 | 58,261 | 49,837 | 41,133 | 34,453 | 169,183 | 412,533 |
| Own – Committed Leases |
24,563 | 45,014 | 46,633 | 47,256 | 47,449 | 307,247 | 518,161 |
| Total - Own | 84,229 | 103,274 | 96,470 | 88,389 | 81,902 | 476,430 | 930,694 |
| Total - at share | 218,468 | 231,742 | 213,790 | 192,970 | 172,216 | 945,402 | 1,974,588 |
6. Net valuation gains / (losses) on investment properties
| In thousands of € | 30.06.2025 | 30.06.2024 |
|---|---|---|
| Unrealised valuation gains / (losses) on investment properties | 104,432 | 8,733 |
| Unrealised valuation gains / (losses) on disposal group held for sale | 17,126 | 27,023 |
| Realised valuation gains / (losses) on disposal of subsidiaries, Joint Ventures and investment properties |
19,932 | 63,300 |
| Total | 141,490 | 99,056 |
The own property portfolio, excluding development land but including the buildings being constructed on behalf of the Joint Ventures, is valued by the valuation expert at 30 June 2025 based on a weighted average yield of 7.27 % (compared to 7.22% as at 31 December 2024) applied to the contractual rents increased by the estimated rental value on unlet space. A 0.10% variation of this market rate would give rise to a variation of this portfolio value of € 29.7 million.
7. Investments in Joint Ventures
7.1 Profit from Joint Ventures
The table below presents a summary Income Statement of the Group's joint ventures with (i) Allianz: VGP European Logistics (the First Joint Venture), VGP European Logistics 2 (the Second Joint Venture), VGP Park München (the Third Joint Venture); (ii) with Deka (the Fifth Joint Venture); (iii) with Areim (the Sixth Joint Venture) and the associates; (iv) the joint venture with VUSA (Belartza) located in San Sebastian, Spain and (v) the joint venture with Weimer Bau (Siegen) in Germany, all of which are accounted for using the equity method and (iv) and (v) are reported as Development Joint Ventures.
VGP European Logistics and VGP European Logistics 2 are incorporated in Luxembourg. VGP European Logistics owns logistics property assets in Germany, the Czech Republic, Slovakia and Hungary. VGP European Logistics 2 owns logistics property assets in Spain, Austria, the Netherlands, Italy and Romania. VGP Park München is incorporated in München (Germany) and owns and develops the VGP park located in München. The Fifth Joint Venture owns five parks in Germany and the Sixth Joint Venture, VGP European Logistics 4, owns assets in Germany, Czech Republic and Slovakia.
The joint ventures with Vusa and Grekon contain land to be developed jointly with its partner. In H1 '24 VGP acquired an additional 25% stake in the Development Joint Venture Belartza from its Joint Venture partner VUSA.
VGP NV holds circa 50% directly in all joint ventures and holds another 5.1% or 10.1% in the German subsidiaries of the First and Sixth Joint Venture.
| In thousands of € 30 June 2025 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| Gross rental income | 144,856 | 73,670 |
| Property Operating expenses | - | - |
| - underlying property operating expenses | 1,343 | 676 |
| - property management fees | (12,976) | (6,615) |
| Net rental income | 133,223 | 67,731 |
| Net valuation gains / (losses) on investment properties | 36,393 | 17,958 |
| Administration expenses | (2,699) | (1,376) |
| Operating result | 166,917 | 84,313 |
| Net financial result | (59,911) | (30,337) |
| Taxes | (20,195) | (10,157) |
| Result for the period | 86,811 | 43,819 |
| Net rental income In thousands of € 30 June 2025 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| First Joint venture | 55,318 | 28,483 |
| Second Joint Venture | 23,276 | 11,639 |
| Third Joint Venture | 14,846 | 7,423 |
| Fifth Joint Venture | 26,292 | 13,145 |
| Sixth Joint Venture | 13,531 | 7,064 |
| Development Joint Ventures | (40) | (23) |
| Net rental income | 133,223 | 67,731 |
| Operating Result In thousands of € 30 June 2025 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| First Joint venture | 71,047 | 36,325 |
| Second Joint Venture | 42,494 | 21,251 |
| Third Joint Venture | 3,293 | 1,646 |
| Fifth Joint Venture | 35,952 | 17,974 |
| Sixth Joint Venture | 14,172 | 7,141 |
| Development Joint Ventures | (41) | (24) |
| Operating result | 166,917 | 84,313 |
| Result for the period In thousands of € 30 June 2025 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| First Joint venture | 47,345 | 24,227 |
| Second Joint Venture | 28,867 | 14,436 |
| Third Joint Venture | (3,959) | (1,980) |
| Fifth Joint Venture | 8,726 | 4,361 |
| Sixth Joint Venture | 6,042 | 2,925 |
| Development Joint Ventures | (210) | (150) |
| Result for the period | 86,811 | 43,819 |
| In thousands of € 30 June 2024 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| Gross rental income | 131,156 | 66,585 |
| Property Operating expenses | - | - |
| - underlying property operating expenses | (4,307) | (2,190) |
| - property management fees | (11,182) | (5,692) |
| Net rental income | 115,667 | 58,703 |
| Net valuation gains / (losses) on investment properties | 16,968 | 8,642 |
| Administration expenses | (1,786) | (909) |
| Operating result | 130,849 | 66,436 |
| Net financial result | (48,805) | (24,636) |
| Taxes | (15,949) | (8,095) |
| Result for the period | 66,095 | 33,705 |
| Net rental income In thousands of € 30 June 2024 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| First Joint venture | 52,468 | 27,023 |
| Second Joint Venture | 22,110 | 11,052 |
| Third Joint Venture | 16,433 | 8,217 |
| Fifth Joint Venture | 23,549 | 11,775 |
| Sixth Joint Venture | 1,606 | 886 |
| Development Joint Ventures | (499) | (250) |
| Net rental income | 115,667 | 58,703 |
| Operating result In thousands of € 30 June 2024 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| First Joint venture | 59,272 | 30,409 |
| Second Joint Venture | 26,520 | 13,256 |
| Third Joint Venture | 16,182 | 8,092 |
| Fifth Joint Venture | 12,284 | 6,142 |
| Sixth Joint Venture | 17,093 | 8,789 |
| Development Joint Ventures | (502) | (252) |
| Operating result | 130,849 | 66,436 |
| Result for the period In thousands of € 30 June 2024 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| First Joint venture | 40,013 | 20,506 |
| Second Joint Venture | 12,744 | 6,367 |
| Third Joint Venture | 9,963 | 4,982 |
| Fifth Joint Venture | (10,428) | (5,214) |
| Sixth Joint Venture | 11,660 | 5,993 |
| Development Joint Ventures | 2,143 | 1,071 |
| Result for the period | 66,095 | 33,705 |
| Joint Ventures at 100% |
Joint Ventures at share |
|---|---|
| 5,810,447 | 2,966,083 |
| (97) | (46) |
| 5,810,350 | 2,966,037 |
| 30,233 | |
| 140,957 | |
| 171,190 | |
| 6,146,482 | 3,137,227 |
| 1,103,299 | |
| 557 | |
| 50,317 | 25,338 |
| 324,897 | 166,197 |
| 2,558,321 | 1,295,391 |
| 455,349 | |
| 37,172 | |
| 954,956 | 492,521 |
| 1,787,912 | |
| 2,633,205 | 1,349,315 |
| 59,564 276,568 336,132 2,181,994 1,113 882,160 72,796 3,513,277 |
7.2 Summarised balance sheet information in respect of Joint Ventures
| Total non-current assets In thousands of € 30 June 2025 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| First Joint venture | 2,349,462 | 1,213,632 |
| Second Joint Venture | 948,684 | 474,344 |
| Third Joint Venture | 730,841 | 365,421 |
| Fifth Joint Venture | 1,159,217 | 579,608 |
| Sixth Joint Venture | 582,362 | 304,249 |
| Development Joint Ventures | 39,784 | 28,783 |
| Total non-current assets | 5,810,350 | 2,966,037 |
| Total current assets In thousands of € 30 June 2025 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| First Joint venture | 102,113 | 52,721 |
| Second Joint Venture | 41,965 | 20,984 |
| Third Joint Venture | 109,835 | 54,919 |
| Fifth Joint Venture | 35,953 | 17,978 |
| Sixth Joint Venture | 43,556 | 23,195 |
| Development Joint Ventures | 2,710 | 1,393 |
| Total current assets | 336,132 | 171,190 |
| Total assets In thousands of € 30 June 2025 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| First Joint venture | 2,451,575 | 1,266,353 |
| Second Joint Venture | 990,649 | 495,328 |
| Third Joint Venture | 840,676 | 420,340 |
| Fifth Joint Venture | 1,195,170 | 597,586 |
| Sixth Joint Venture | 625,918 | 327,444 |
| Development Joint Ventures | 42,494 | 30,176 |
| Total assets | 6,146,482 | 3,137,227 |
| Total non-current liabilities In thousands of € 30 June 2025 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| First Joint venture | 319,770 | 165,413 |
| Second Joint Venture | 580,690 | 290,347 |
| Third Joint Venture | 463,696 | 231,848 |
| Fifth Joint Venture | 864,024 | 432,013 |
| Sixth Joint Venture | 314,956 | 164,413 |
| Development Joint Ventures | 15,185 | 11,357 |
| Total non-current liabilities | 2,558,321 | 1,295,391 |
| Total current liabilities In thousands of € 30 June 2025 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| First Joint venture | 888,202 | 458,629 |
| Second Joint Venture | 26,112 | 13,056 |
| Third Joint Venture | 11,835 | 5,918 |
| Fifth Joint Venture | 6,848 | 3,424 |
| Sixth Joint Venture | 21,959 | 11,494 |
| Development Joint Ventures | - | - |
| Total current liabilities | 954,956 | 492,521 |
| Total liabilities In thousands of € 30 June 2025 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| First Joint venture | 1,207,972 | 624,042 |
| Second Joint Venture | 606,802 | 303,403 |
| Third Joint Venture | 475,531 | 237,766 |
| Fifth Joint Venture | 870,872 | 435,437 |
| Sixth Joint Venture | 336,915 | 175,907 |
| Development Joint Ventures | 15,185 | 11,357 |
| Total liabilities | 3,513,277 | 1,787,912 |
| Net Assets In thousands of € 30 June 2025 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| First Joint venture | 1,243,603 | 642,311 |
| Second Joint Venture | 383,847 | 191,925 |
| Third Joint Venture | 365,145 | 182,574 |
| Fifth Joint Venture | 324,298 | 162,149 |
| Sixth Joint Venture | 289,003 | 151,537 |
| Development Joint Ventures | 27,309 | 18,819 |
| Net Assets | 2,633,205 | 1,349,315 |
| In thousands of € | Joint Ventures | Joint Ventures |
|---|---|---|
| 31 December 2024 | at 100% | at share |
| Investment properties | 5,733,833 | 2,927,831 |
| Other assets | 1,667 | 835 |
| Total non-current assets | 5,735,500 | 2,928,666 |
| Trade and other receivables | 57,055 | 28,977 |
| Cash and cash equivalents | 245,519 | 124,353 |
| Total current assets | 302,574 | 153,330 |
| Total assets | 6,038,074 | 3,081,996 |
| Non-current financial debt | 3,034,562 | 1,543,184 |
| Other non-current financial liabilities | 1,164 | 582 |
| Other non-current liabilities | 46,794 | 23,575 |
| Deferred tax liabilities | 312,421 | 159,958 |
| Total non-current liabilities | 3,394,941 | 1,727,299 |
| Current financial debt | 42,112 | 21,428 |
| Trade debts and other current liabilities | 63,869 | 32,395 |
| Total current liabilities | 105,981 | 53,823 |
| Total liabilities | 3,500,922 | 1,781,122 |
| Net assets | 2,537,152 | 1,300,874 |
| Total non-current assets In thousands of € 31 December 2024 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| First Joint venture | 2,331,113 | 1,204,460 |
| Second Joint Venture | 927,585 | 463,794 |
| Third Joint Venture | 700,909 | 350,455 |
| Fifth Joint Venture | 1,158,696 | 579,348 |
| Sixth Joint Venture | 577,845 | 302,150 |
| Development Joint Ventures | 39,352 | 28,459 |
| Total non-current assets | 5,735,500 | 2,928,666 |
| Total current assets In thousands of € 31 December 2024 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| First Joint venture | 78,324 | 40,402 |
| Second Joint Venture | 29,534 | 14,769 |
| Third Joint Venture | 120,109 | 60,056 |
| Fifth Joint Venture | 42,194 | 21,099 |
| Sixth Joint Venture | 29,625 | 15,565 |
| Development Joint Ventures | 2,788 | 1,439 |
| Total current assets | 302,574 | 153,330 |
| Total assets In thousands of € 31 December 2024 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| First Joint venture | 2,409,437 | 1,244,862 |
| Second Joint Venture | 957,119 | 478,563 |
| Third Joint Venture | 821,018 | 410,511 |
| Fifth Joint Venture | 1,200,890 | 600,447 |
| Sixth Joint Venture | 607,470 | 317,715 |
| Development Joint Ventures | 42,140 | 29,898 |
| Total assets | 6,038,074 | 3,081,996 |
| Total non-current liabilities In thousands of € 31 December 2024 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| First Joint venture | 1,164,798 | 601,952 |
| Second Joint Venture | 581,453 | 290,728 |
| Third Joint Venture | 456,873 | 228,438 |
| Fifth Joint Venture | 869,048 | 434,524 |
| Sixth Joint Venture | 308,163 | 160,735 |
| Development Joint Ventures | 14,606 | 10,922 |
| Total non-current liabilities | 3,394,941 | 1,727,299 |
| Total current liabilities In thousands of € 31 December 2024 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| First Joint venture | 48,380 | 24,828 |
| Second Joint Venture | 20,685 | 10,343 |
| Third Joint Venture | 10,943 | 5,472 |
| Fifth Joint Venture | 9,616 | 4,808 |
| Sixth Joint Venture | 16,343 | 8,366 |
| Development Joint Ventures | 14 | 6 |
| Total current liabilities | 105,981 | 53,823 |
| Total liabilities In thousands of € 31 December 2024 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| First Joint venture | 1,213,178 | 626,780 |
| Second Joint Venture | 602,138 | 301,071 |
| Third Joint Venture | 467,816 | 233,910 |
| Fifth Joint Venture | 878,664 | 439,332 |
| Sixth Joint Venture | 324,506 | 169,101 |
| Development Joint Ventures | 14,620 | 10,928 |
| Total liabilities | 3,500,922 | 1,781,122 |
| Net Assets In thousands of € 31 December 2024 |
Joint Ventures at 100% |
Joint Ventures at share |
|---|---|---|
| First Joint venture | 1,196,259 | 618,082 |
| Second Joint Venture | 354,981 | 177,492 |
| Third Joint Venture | 353,202 | 176,601 |
| Fifth Joint Venture | 322,226 | 161,115 |
| Sixth Joint Venture | 282,964 | 148,614 |
| Development Joint Ventures | 27,520 | 18,970 |
| Net Assets | 2,537,152 | 1,300,874 |
The Joint Ventures' property portfolio, excluding development land and buildings being constructed by VGP on behalf of the Joint Ventures, is valued at 30 June 2025 based on a weighted average yield of 5.11%1 (compared to 5.05% as at 31 December 2024). A 0.10% variation of this market rate would give rise to a variation of the Joint Venture portfolio value (at 100%) of € 111.3 million.
The (re)valuated assets of the Joint Ventures' portfolio was based on the appraisal report of the property expert iO Partners, preferred partner of Jones Lang LaSalle.
VGP provides certain services, including asset-, property- and development advisory and management, for the Joint Ventures and receives fees from the Joint Ventures for doing so. Those services are carried out on an arms-length basis and do not give VGP any control over the relevant Joint Ventures (nor any unilateral material decision-making rights). Significant transactions and decisions within the Joint Ventures require full Board and/or Shareholder approval, in accordance with the terms of the Joint Venture agreement.
1 The Development Joint Ventures only hold development land and hence has been excluded from the weighted average yield calculation.
7.3 Other non-current receivables
| in thousands of € | 30.06.2025 | 31.12.2024 |
|---|---|---|
| Shareholder loans to First Joint Venture | 41,406 | 40,611 |
| Shareholder loans to Second Joint Venture | 28,529 | 27,982 |
| Shareholder loans to Third Joint Venture | 147,220 | 145,069 |
| Shareholder loans to Development Joint Ventures | 13,286 | 12,715 |
| Shareholder loans to Fifth Joint Venture | 249,146 | 251,924 |
| Shareholder loans to Sixth Joint Venture | 39,040 | 39,040 |
| Shareholder loans to associates (subsidiaries of First Joint Venture) | 4,395 | 4,308 |
| Shareholder loans to associates (subsidiaries of Sixth Joint Venture) | 3,212 | 3,212 |
| Construction and development loans to subsidiaries of First Joint Venture | 28,416 | 23,852 |
| Construction and development loans to subsidiaries of Second Joint Venture |
46,816 | 38,648 |
| Construction and development loans to Fifth Joint Venture | - | - |
| Construction and development loans to subsidiaries of Sixth Joint Venture | 66,314 | 54,143 |
| Construction and development loans reclassified as assets held for sale | (141,546) | (116,643) |
| Other non-current receivables | 13,522 | 13,623 |
| Total | 539,756 | 538,484 |
7.4 Investments in joint ventures and associates
| in thousands of € | 30.06.2025 | 31.12.2024 |
|---|---|---|
| As at 1 January | 1,300,874 | 1,037,228 |
| Additions | 4,622 | 204,416 |
| Result of the year | 43,819 | 92,744 |
| Repayment of equity | - | (3,371) |
| Dividends | - | (11,438) |
| Adjustment from sale of participations | - | (18,705) |
| As at the end of the period | 1,349,315 | 1,300,874 |
7.5 EPRA performance measures on the Joint Ventures at share1
VGP owns a number of Joint Ventures which are reported under equity method in the IFRS statements. These Joint Ventures own mainly completed assets on which VGP Group retains asset management services. In order to increase transparency and comparability of the Joint Ventures you may find below additional performance measures calculated in accordance with the Best Practices Recommendations of the European Public Real Estate Association (EPRA). These measures are provided at share, in particular for the First, Second, Third, Fifth and the recently established Sixth Joint Venture. The Development Joint Ventures have been excluded as these only contain development land to date.
| in thousands of € | 30.06.2025 | 31.12.2024 |
|---|---|---|
| EPRA Net Tangible Assets (NTA) | 1,497,118 | 1,441,403 |
| EPRA Net Initial Yield (NIY) | 5.04% | 5.04% |
| EPRA 'Topped-up' NIY | 5.12% | 5.10% |
| EPRA Vacancy Rate | 1.2% | 1.8% |
| EPRA Loan to value (LTV) ratio | 30.2% | 31.5% |
| in thousands of € | 30.06.2025 | 30.06.2024 |
|---|---|---|
| EPRA Earnings | 30,640 | 27,229 |
| EPRA Cost Ratio (including direct vacancy costs) | 9.7% | 11.1% |
| EPRA Cost Ratio (excluding direct vacancy costs) | 9.4% | 10.9% |
| EPRA NTA – Joint Ventures at share - in thousands of € | 30.06.2025 | 31.12.2024 |
|---|---|---|
| IFRS NAV | 1,330,499 | 1,281,907 |
| IFRS NAV per share (in €) | 48.75 | 46.97 |
| NAV at fair value (after the exercise of options, convertibles and other equity) | 1,330,499 | 1,281,907 |
| To exclude: | ||
| Deferred tax | 166,250 | 159,220 |
| Fair value of financial instruments | 330 | 234 |
| Intangibles as per IFRS balance sheet | 39 | 42 |
| Subtotal | 1,497,118 | 1,441,403 |
| Fair value of fixed interest rate debt | - | - |
| Real estate transfer tax | - | - |
| NAV | 1,497,118 | 1,441,403 |
| Number of shares | 27,291,312 | 27,291,312 |
| NAV per share (in €) | 54.86 | 52.82 |
1 This note with regards to the EPRA KPIs is not part of the reviewed interim IFRS financial statements.
| EPRA Earnings of Joint Ventures at share | ||
|---|---|---|
| in thousands of € | 30.06.2025 | 30.06.2024 |
| Earnings per IFRS income statement | 43,968 | 32,636 |
| Adjustments to calculate EPRA Earnings, exclude: | ||
| Changes in value of investment properties, development properties held for investment and other interests |
(17,960) | (8,641) |
| Profits or losses on disposal of investment properties, development properties held for investment and other interests |
- | - |
| Profits or losses on sales of trading properties including impairment charges in respect of trading properties. |
- | - |
| Tax on profits or losses on disposals | - | - |
| Negative goodwill / goodwill impairment | - | - |
| Changes in fair value of financial instruments and associated close-out costs | 97 | (101) |
| Acquisition costs on share deals and non-controlling joint venture interests | 164 | 1,176 |
| Deferred tax in respect of EPRA adjustments | 4,371 | 2,159 |
| Adjustments (i) to (viii) above in respect of joint ventures (unless already included under proportional consolidation) |
- | - |
| Non-controlling interests in respect of the above | - | - |
| EPRA Earnings | 30,640 | 27,229 |
| EPRA NIY and 'topped-up' NIY of Joint Ventures at share | ||
|---|---|---|
| in thousands of € | 30.06.2025 | 31.12.2024 |
| Investment property – share of Joint Ventures | 3,011,151 | 2,959,086 |
| Trading property | - | - |
| Less: developments | (229,448) | (165,373) |
| Completed property portfolio | 2,781,703 | 2,793,713 |
| Allowance for estimated purchasers' costs | 143,368 | 45,997 |
| Gross up completed property portfolio valuation | 2,925,071 | 2,839,710 |
| Annualised cash passing rental income | 147,261 | 142,762 |
| Property outgoings | 202 | 272 |
| Annualised net rents | 147,463 | 143,034 |
| Add: notional rent expiration of rent free periods or other lease incentives | 2,345 | 1,654 |
| Topped-up net annualised rent | 149,808 | 144,688 |
| EPRA NIY | 5.04% | 5.04% |
| EPRA "topped-up" NIY | 5.12% | 5.10% |
| EPRA Vacancy Rate of Joint Ventures at share | ||
|---|---|---|
| in thousands of € | 30.06.2025 | 31.12.2024 |
| Estimated Rental Value of vacant space | 2,507 | 2,842 |
| Estimated rental value of the whole portfolio | 200,891 | 159,223 |
| EPRA Vacancy Rate | 1.2% | 1.8% |
| EPRA Cost Ratios of Joint Ventures at share | ||
|---|---|---|
| in thousands of € | 30.06.2025 | 30.06.2024 |
| Include: | ||
| Administrative/operating expense line per IFRS income statement | 7,629 | 6,097 |
| Net service charge costs/fees | (62) | 81 |
| Management fees less actual/estimated profit element | - | - |
| Other operating income/recharges intended to cover overhead expenses less any related profits |
429 | (1,191) |
| Exclude (if part of the above): | ||
| Investment property depreciation | 12 | 6 |
| Ground rent costs | - | - |
| Service charge costs recovered through rents but not separately invoiced | - | - |
| EPRA Costs (including direct vacancy costs) | 7,126 | 7,363 |
| Direct vacancy costs | 202 | 127 |
| EPRA Costs (excluding direct vacancy costs) | 6,924 | 7,236 |
| Gross Rental Income less ground rents – per IFRS | 73,674 | 66,586 |
| EPRA Cost Ratio (including direct vacancy costs) | 9.7% | 11.1% |
| EPRA Cost Ratio (excluding direct vacancy costs) | 9.4% | 10.9% |
EPRA LTV Metric of Joint Ventures at share
| in thousands of € | 30.06.2025 | 31.12.2024 |
|---|---|---|
| Include: | ||
| Borrowings from Financial Institutions | 1,034,668 | 991,920 |
| Hybrids (including convertibles, preference shares, debt, options, perpetuals) | - | - |
| Bond loans | - | - |
| Foreign currency derivatives (futures, swaps, options and forwards) | 331 | 235 |
| Net payables | 14,859 | 9,804 |
| Owner-occupied property (debt) | - | - |
| Current accounts (equity characteristic) | - | - |
| Exclude: | ||
| Cash and cash equivalents | (140,429) | (117,015) |
| Net Debt | 909,429 | 884,944 |
| Include: | ||
| Owner-occupied property | 36 | 29 |
| Investment properties at fair value | 3,009,077 | 2,808,938 |
| Properties under development | - | - |
| Intangibles | 39 | 42 |
| Net receivables | - | 694 |
| Financial assets | - | - |
| Total Property Value | 3,009,152 | 2,809,703 |
| LTV | 30.2% | 31.5% |
8. Net financial result
| In thousands of € | 30.06.2025 | 30.06.2024 |
|---|---|---|
| Bank and other interest income | 3,469 | 6,480 |
| Interest income - loans to joint ventures and associates | 16,631 | 19,950 |
| Net foreign exchange gains | - | - |
| Other financial income | 5,200 | 16 |
| Financial income | 25,300 | 26,446 |
| Bond interest expense | (22,804) | (19,977) |
| Bank interest expense | (3,565) | (3,278) |
| Interest capitalised into investment properties | 2,609 | 2,240 |
| Net foreign exchange losses | (606) | (56) |
| Other financial expenses | (4,078) | (2,473) |
| Financial expenses | (28,444) | (23,544) |
| Net financial result | (3,144) | 2,902 |
The Other financial income is a non-recurring gain on the buy-back of € 200 million on two poutstanding bonds (see Note 13).
9. Earnings per share
9.1 Earnings per ordinary share (EPS)
| In number of shares | 30.06.2025 | 30.06.2024 |
|---|---|---|
| Weighted average number of ordinary shares (basic) | 27,291,312 | 27,291,312 |
| Dilution | - | - |
| Weighted average number of ordinary shares (diluted) | 27,291,312 | 27,291,312 |
| In thousands of € | 30.06.2025 | 30.06.2025 |
| Result for the period attributable to the Group and to ordinary shareholders | 180,525 | 141,536 |
| Earnings per share (in €) - basic | 6.61 | 5.19 |
| Earnings per share (in €) - diluted | 6.61 | 5.19 |
9.2 EPRA NAV's – EPRA NAV's per share1
The EPRA NAV metrics make adjustments to the IFRS NAV in order to provide stakeholders with the most relevant information on the fair value of the assets and liabilities. The three different EPRA NAV indicators are calculated on the basis of the following scenarios:
- Net Reinstatement Value: based on the assumption that entities never sell assets and aims to reflect the value needed to build the entity anew. The purpose of this indicator is to reflect what would be required to reconstitute the company through the investment markets based on the current capital and financing structure, including Real Estate Transfer Taxes. EPRA NRV per share refers to the EPRA NRV based on the number of shares in circulation as at the balance sheet date. See www.epra.com.
c This note with regards to the EPRA KPIs is not part of the reviewed interim IFRS financial statements.
-
- Net Tangible Assets: assumes that entities buy and sell assets, thereby realizing certain levels of deferred taxation. This pertains to the NAV adjusted to include property and other investments at fair value and to exclude certain items that are not expected to be firmly established in a business model with long-term investment properties. EPRA NTA per share refers to the EPRA NTA based on the number of shares in circulation as at the balance sheet date. See www.epra.com.
-
- Net Disposal Value: provides the reader with a scenario of the sale of the company's assets leading to the realization of deferred taxes, financial instruments and certain other adjustments. This NAV should not be considered a liquidation NAV as in many cases the fair value is not equal to the liquidation value. The EPRA NDV per share refers to the EPRA NDV based on the number of shares in circulation as at the balance sheet date. See www.epra.com.
| 30 June 2025 | EPRA NRV | EPRA NTA | EPRA | EPRA | EPRA |
|---|---|---|---|---|---|
| NDV | NAV | NNNAV | |||
| In thousands of € | |||||
| IFRS NAV | 2,490,891 | 2,490,891 | 2,490,891 | 2,490,891 | 2,490,891 |
| IFRS NAV per share (in euros) | 91.27 | 91.27 | 91.27 | 91.27 | 91.27 |
| NAV at fair value (after the | |||||
| exercise of options, convertibles and | 2,490,891 | 2,490,891 | 2,490,891 | 2,490,891 | 2,490,891 |
| other equity) | |||||
| To exclude: | |||||
| Deferred tax | 60,364 | 60,364 | - | 60,364 | - |
| Intangibles as per IFRS balance sheet | - | (572) | - | - | - |
| Subtotal | 2,551,255 | 2,550,683 | 2,490,891 | 2,551,255 | 2,490,891 |
| Fair value of fixed interest rate debt | - | - | 87,149 | - | 87,149 |
| Real estate transfer tax | 56,866 | - | - | - | - |
| NAV | 2,608,121 | 2,550,683 | 2,578,040 | 2,551,255 | 2,578,040 |
| Number of shares | 27,291,312 | 27,291,312 | 27,291,312 | 27,291,312 | 27,291,312 |
| NAV / share (in euros) | 95.57 | 93.46 | 94.46 | 93.48 | 94.46 |
| EPRA | EPRA | EPRA | EPRA | ||
| 31 December 2024 | EPRA NRV | NTA | NDV | NAV | NNNAV |
| In thousands of € | |||||
| IFRS NAV | 2,400,427 | 2,400,427 | 2,400,427 | 2,400,427 | 2,400,427 |
| IFRS NAV per share (in euros) | 87.96 | 87.96 | 87.96 | 87.96 | 87.96 |
| NAV at fair value (after the | |||||
| exercise of options, convertibles and | 2,400,427 | 2,400,427 | 2,400,427 | 2,400,427 | 2,400,427 |
| other equity) | |||||
| To exclude: | |||||
| Deferred tax | 35,142 | 35,142 | - | 35,142 | - |
| Intangibles as per IFRS balance sheet | - | (724) | - | - | - |
| Subtotal | 2,435,569 | 2,434,845 | 2,400,426 | 2,435,569 | 2,400,427 |
| Fair value of fixed interest rate debt | - | - | 138,084 | - | 138,084 |
| Real estate transfer tax | 42,688 | - | - | - | - |
| NAV | 2,478,257 | 2,434,845 | 2,538,511 | 2,435,569 | 2,538,511 |
| Number of shares | 27,291,312 | 27,291,312 | 27,291,312 | 27,291,312 | 27,291,312 |
| NAV / share (in euros) | 90.81 | 89.22 | 93.02 | 89.24 | 93.02 |
10. Investment properties
| 30.06.2025 | ||||
|---|---|---|---|---|
| In thousands of € | Completed | Under Construction |
Development land |
Total |
| As at 1 January | 803,751 | 498,368 | 603,292 | 1,905,411 |
| Reclassification from held for sale | - | - | - | - |
| Capex | 50,793 | 102,540 | 18,623 | 171,623 |
| Acquisitions | 377 | 1,315 | 53,274 | 54,966 |
| Capitalised interest | - | 2,428 | 188 | 2,616 |
| Capitalised rent free and agent's fee | 2,702 | 3,511 | 41 | 6,254 |
| Sales and disposal | - | - | - | - |
| Transfer on start-up of development | - | 59,218 | (59,218) | - |
| Transfer on completion of development | 180,552 | (180,552) | - | - |
| Net gain from value adjustments in investment properties1 | 4,963 | 94,891 | 2,307 | 102,161 |
| Reclassification to held for sale | (379) | - | (358) | (737) |
| As at 30 June | 1,042,759 | 581,719 | 617,816 | 2,242,294 |
31.12.2024
| In thousands of € | Completed | Under Construction |
Development land |
Total |
|---|---|---|---|---|
| As at 1 January | 520,445 | 356,231 | 632,308 | 1,508,984 |
| Reclassification from held for sale | 448,579 | 20,750 | 21,964 | 491,293 |
| Capex | 116,119 | 237,460 | 51,488 | 405,067 |
| Acquisitions | 2,025 | 24,529 | 28,146 | 54,700 |
| Capitalised interest | - | 3,126 | 307 | 3,433 |
| Capitalised rent free and agent's fee | 4,383 | 1,615 | 1,359 | 7,357 |
| Sales and disposal | (515,170) | (56,183) | (24,394) | (595,747) |
| Transfer on start-up of development | - | 99,740 | (99,740) | - |
| Transfer on completion of development | 242,250 | (242,250) | - | - |
| Net gain from value adjustments in investment properties | 16,436 | 53,350 | (5,916) | 63,870 |
| Reclassification to (-) / from held for sale | (31,316) | - | (2,230) | (33,546) |
| As at 31 December | 803,751 | 498,368 | 603,292 | 1,905,411 |
1 Differs from note 6 'unrealised valuation gains/(losses) on investment properties due to valuation result on investment properties from Contract Variation Orders and assets held for sale economically owned by VGP NV (for an amount of € 3 million) and the reclassification of VGP Park Riga to valuation gains on disposal group held for sale in amount of € 0.8 million.
10.1 Fair value hierarchy of the Group's investment properties
All of the Group's properties are level 3, as defined by IFRS 13, in the fair value hierarchy as at 30 June 2025 and there were no transfers between levels during the year. Level 3 inputs used in valuing the properties are those which are unobservable, as opposed to level 1 (inputs from quoted prices) and level 2 (observable inputs either directly, i.e. as prices, or indirectly, i.e. derived from prices).
10.2 Property valuation techniques and related quantitative information
(i) Valuation process
The Group's own investment properties and the joint venture's investment properties were valued at 30 June 2025 by iO partners, preferred partner of Jones Lang LaSalle. The valuation process was unchanged compared to the valuation process described in the 2024 Annual Report (page 186-188). VGP Park Riga, which has been disposed in July '25, has been recognized at the agreed fair market value of the sale and building D in VGP Park Münich has been valued at the agreed fair market value between the Group and Allianz. Once the asset will be completed and the development profit will be settled between parties, the asset will be revalued in accordance with the valuation process as described above.
(ii) Quantitative information about fair value measurements using unobservable inputs
The quantitative information in the following tables is taken from the different reports produced by the independent real estate experts, The figures provide the range of values and the weighted average of the assumptions used in the determination of the fair value of investment properties.
| Region | Segment | Fair Value 30 | Valuation | Level 3 - Unobservable inputs | Range |
|---|---|---|---|---|---|
| Jun-25 (€ '000) | technique | ||||
| Czech Republic | IP | 24,640 | Discounted cash flow |
ERV per sqm(in €) | 62-64 |
| Discount rate | 6.00%-6.30% | ||||
| Exit yield | 5.75%-5.80% | ||||
| Weighted average yield | 5.90% | ||||
| Cost to completion (in '000) | 0 | ||||
| Properties valued (aggregate m²) | 23,475 | ||||
| WAULT (until maturity) (in years) | 2.96 | ||||
| WAULT (until first break) (in years) | 2.96 | ||||
| IPUC | 13,200 | Discounted cash flow |
ERV per sqm(in €) | 94 | |
| Discount rate | 6.75% | ||||
| Exit yield | 5.75% | ||||
| Weighted average yield | 6.42% | ||||
| Cost to completion (in '000) | 1,247 | ||||
| Properties valued (aggregate m²) | 9,476 | ||||
| DL | 25,397 | Sales comparison | Price per m² | ||
| Germany | IP | 190,930 | Discounted cash flow |
ERV per sqm(in €) | 64-90 |
| Discount rate * | 6.75%-11.00% | ||||
| Exit yield * | 5.25%-9.00% | ||||
| Weighted average yield | 6.28% | ||||
| Cost to completion (in '000) | 2,706 | ||||
| Properties valued (aggregate m²) | 170,352 | ||||
| WAULT (until maturity) (in years) | 5.23 | ||||
| WAULT (until first break) (in years) | 3.19 | ||||
| IPUC | 221,110 | Discounted cash | ERV per sqm(in €) | 69-345 |
| flow | |||||
|---|---|---|---|---|---|
| Discount rate * | 5.75%-8.00% | ||||
| Exit yield * | 4.50%-5.50% | ||||
| Weighted average yield | 5.53% | ||||
| Cost to completion (in '000) | 191,608 | ||||
| Properties valued (aggregate m²) | 212,870 | ||||
| DL | 159,340 | Sales comparison | Price per m² | ||
| Spain | IP | 65,144 | Discounted cash flow |
ERV per m² (in €) | 71-76 |
| Discount rate * | n/a | ||||
| Exit yield * | 5.10%-6.40% | ||||
| Weighted average yield | 6.46% | ||||
| Cost to completion (in '000) | 96 | ||||
| Properties valued (aggregate m²) | 60,106 | ||||
| WAULT (until maturity) (in years) | 9.88 | ||||
| WAULT (until first break) (in years) | 9.33 | ||||
| IPUC | 22,660 | Discounted cash flow |
ERV per m² (in €) | 44-75 | |
| Discount rate | n/a | ||||
| Exit yield | 5.45%-6.20% | ||||
| Weighted average yield | 6.69% | ||||
| Cost to completion (in '000) | 2,960 | ||||
| Properties valued (aggregate m²) | 17,320 | ||||
| DL | 73,046 | Sales comparison | Price per m² | ||
| Romania | IP | 185,080 | Discounted cash flow |
ERV per m² (in €) | 51-73 |
| Discount rate | 8.35%-10.50% | ||||
| Exit yield | 8.00%-9.25% | ||||
| Weighted average yield | 10.00% | ||||
| Cost to completion (in '000) | 4,264 | ||||
| Properties valued (aggregate m²) | 275,203 | ||||
| WAULT (until maturity) (in years) | 7.58 | ||||
| WAULT (until first break) (in years) | 5.98 | ||||
| IPUC | 26,740 | Discounted cash flow |
ERV per m² (in €) | 54-60 | |
| Discount rate | 8.85%-10.00% | ||||
| Exit yield | 8.00%-8.85% | ||||
| Weighted average yield | 10.31% | ||||
| Cost to completion (in '000) | 14,965 | ||||
| Properties valued (aggregate m²) | 70,585 | ||||
| DL | 38,566 | Sales comparison | Price per m² | ||
| Nederlands | DL | 37,320 | Sales comparison | Price per m² | |
| Italy | IP | 44,900 | Discounted cash flow |
ERV per m² (in €) | 83-85 |
| Discount rate | 8.30%-8.44% | ||||
| Exit yield | 5.80% | ||||
| Weighted average yield | 6.54% | ||||
| Cost to completion (in '000) | - | ||||
| Properties valued (aggregate m²) | 34.614 | ||||
| WAULT (until maturity) (in years) | 9.48 | ||||
| WAULT (until first break) (in years) | 9.25 | ||||
| Italy | IPUC | 65,750 | Discounted cash flow |
ERV per m² (in €) | 59-74 |
| Discount rate | 6.75%-8.55% | ||||
|---|---|---|---|---|---|
| Exit yield | 5.56%-5.60% | ||||
| Weighted average yield | 6.73% | ||||
| Cost to completion (in '000) | 9,592 | ||||
| Properties valued (aggregate m²) | 87,130 | ||||
| DL | 18,462 | Sales comparison | Price per m² | ||
| Austria | IP | 146,820 | Discounted cash flow |
ERV per sqm(in €) | 49-99 |
| Discount rate | 5.30%-5.90% | ||||
| Exit yield | 5.30%-5.45% | ||||
| Weighted average yield | 5.34% | ||||
| Cost to completion (in '000) | 0 | ||||
| Properties valued (aggregate m²) | 117,455 | ||||
| WAULT (until maturity) (in years) | 10.30 | ||||
| WAULT (until first break) (in years) | 10.30 | ||||
| IPUC | 54,860 | Discounted cash flow |
ERV per sqm(in €) | 101 | |
| Discount rate | 6.20%-7.00% | ||||
| Exit yield | 5.50% | ||||
| Weighted average yield | 5.89% | ||||
| Cost to completion (in '000) | 864 | ||||
| Properties valued (aggregate m²) | 33,188 | ||||
| DL | 24,858 | Sales comparison | Price per m² | ||
| Hungary | IP | 195,960 | Discounted cash flow |
ERV per sqm(in €) | 50-63 |
| Discount rate | 7.25%-7.75% | ||||
| Exit yield | 6.75%-7.25% | ||||
| Weighted average yield | 7.89% | ||||
| Cost to completion (in '000) | 2,834 | ||||
| Properties valued (aggregate m²) | 239,975 | ||||
| WAULT (until maturity) (in years) | 5.54 | ||||
| WAULT (until first break) (in years) | 5.27 | ||||
| IPUC | 31,440 | Discounted cash flow |
ERV per sqm(in €) | 54-55 | |
| Discount rate | 7.25%-8.00% | ||||
| Exit yield | 6.75%-7.25% | ||||
| Weighted average yield | 7.32% | ||||
| Cost to completion (in '000) | 12,281 | ||||
| Properties valued (aggregate m²) | 56,008 | ||||
| DL | 38,936 | Sales comparison | Price per m² | ||
| Latvia | IP | 100,285 | Discounted cash flow |
ERV per sqm(in €) | 57-63 |
| Discount rate | 7.90%-8.75% | ||||
| Exit yield | 7.25%-8.25% | ||||
| Weighted average yield | 8.16% | ||||
| Cost to completion (in '000) | 0 | ||||
| Properties valued (aggregate m²) | 133,503 | ||||
| WAULT (until maturity) (in years) | 5.96 | ||||
| WAULT (until first break) (in years) | 5.96 | ||||
| DL | 2,588 | Sales comparison | Price per m² | ||
| Slovakia | IP | 7,740 | Discounted cash flow |
ERV per sqm(in €) | 65 |
| Discount rate | 7.25% | ||||
|---|---|---|---|---|---|
| Exit yield | 7.25% | ||||
| Weighted average yield | 7.74% | ||||
| Cost to completion (in '000) | 500 | ||||
| Properties valued (aggregate m²) | 8,479 | ||||
| WAULT (until maturity) (in years) | 5.09 | ||||
| WAULT (until first break) (in years) | 5.09 | ||||
| IPUC | 7,820 | Discounted cash flow |
ERV per m² (in €) | 65 | |
| Discount rate | 8.15% | ||||
| Exit yield | 7.15% | ||||
| Weighted average yield | 8.27% | ||||
| Cost to completion (in '000) | 999 | ||||
| DL | 40,388 | Sales comparison | Price per m² | ||
| Portugal | IP | 29,685 | Discounted cash flow |
ERV per sqm(in €) | 69 |
| Discount rate | 7.56%-7.73% | ||||
| Exit yield | 5.71%-5.78% | ||||
| Weighted average yield | 5.94% | ||||
| Cost to completion (in '000) | - | ||||
| Properties valued (aggregate m²) | 19,744 | ||||
| WAULT (until maturity) (in years) | 19.20 | ||||
| WAULT (until first break) (in years) | 14.00 | ||||
| IPUC | 36,483 | Discounted cash flow |
ERV per sqm(in €) | 57 | |
| Discount rate | 8.12% | ||||
| Exit yield | 6.27% | ||||
| Weighted average yield | 6.75% | ||||
| Cost to completion (in '000) | - | ||||
| Properties valued (aggregate m²) | 32,695 | ||||
| DL | 19,746 | Sales comparison | Price per m² | ||
| Serbia | IP | 83,270 | Discounted cash flow |
ERV per m² (in €) | 64-101 |
| Discount rate | 9.40%-9.65% | ||||
| Exit yield | 8.40% | ||||
| Weighted average yield | 8.74% | ||||
| Cost to completion (in '000) | 180 | ||||
| Properties valued (aggregate m²) | 82,290 | ||||
| WAULT (until maturity) (in years) | 13.00 | ||||
| WAULT (until first break) (in years) | 12.32 | ||||
| DL | 22,625 | Sales comparison | Price per m² | ||
| Croatia | IPUC | 32,910 | Discounted cash flow |
ERV per m² (in €) | 100-107 |
| Discount rate | 9.25% | ||||
| Exit yield | 8.25% | ||||
| Weighted average yield | 8.58% | ||||
| Cost to completion (in '000) | 44,444 | ||||
| Properties valued (aggregate m²) | 63,581 | ||||
| DL | 8.794 | Sales comparison | Price per m² | ||
| France | IPUC | 27,346 | Discounted cash flow |
ERV per m² (in €) | 55 |
| Discount rate | 7.25% |
| Exit yield | 5.65% | ||||
|---|---|---|---|---|---|
| Weighted average yield | 6.04% | ||||
| Cost to completion (in '000) | 5,354 | ||||
| Properties valued (aggregate m²) | 34,634 | ||||
| DL | 76,854 | Sales comparison | Price per m² | ||
| Denmark | IPUC | 27,300 | Discounted cash flow |
ERV per m² (in €) | 78-80 |
| Discount rate | 6.25%-7.00% | ||||
| Exit yield | 5.50% | ||||
| Weighted average yield | 6.18% | ||||
| Cost to completion (in '000) | 7,075 | ||||
| Properties valued (aggregate m²) | 26,462 | ||||
| DL | 9,207 | Sales comparison | Price per m² | ||
| Great Britain | DL | 24,277 | Sales comparison | Price per m² | |
| Total | 2,276,577 |
Valuation details are including assets reclassified to HFS.
IP= completed investment property
IPUC= investment property under construction
DL= development land
10.3 Property, Plant and equipment
| In thousands of € 30.06.2025 |
31.12.2024 | |
|---|---|---|
| Photovoltaic Equipment - in use (acq. value) | 97,080 | 94,529 |
| Photovoltaic Equipment - in use (acc. deprec.) | (10,309) | (7,939) |
| Photovoltaic Equipment - under construction | 20,363 | 14,064 |
| Leases capitalized under IFRS 16 | 17,018 | 18,661 |
| Other property plant and equipment | 2,947 | 2,994 |
| Total | 127,099 | 122,309 |
11. Trade and other receivables
| In thousands of € 30.06.2025 |
31.12.2024 | |
|---|---|---|
| Trade receivables | 17,502 | 19,672 |
| Tax receivables - VAT | 47,592 | 54,169 |
| Accrued income and deferred charges | 10,408 | 4,492 |
| Other receivables | 21,373 | 5,498 |
| Reclassification to (-) / from held for sale | (7) | (27) |
| Total | 96,868 | 83,804 |
Increase in the other receivables mainly relates to a receivable on the Joint Ventures for final purchase price settlements, from which 2.5 million is settled per August 2025.
12. Share capital and other reserves
12.1 Share capital
| Issued and fully paid | Number of Shares | Par value of Shares (€ 000) |
|---|---|---|
| Ordinary Shares issued at 1 January 2025 | 27,291,312 | 105,676 |
| issue of new shares | - | - |
| Ordinary Shares issued at 30 June 2025 | 27,291,312 | 105,676 |
The statutory share capital of the Company amounts to € 136,092 k. The € 30.4 million capital reserve included in the Statement of Changes in Equity, relates to the elimination of the contribution in kind of the shares of a number of Group companies and the deduction of all costs in relation to the issuing of the new shares and the stock exchange listing of the existing shares from the equity of the company, at the time of the initial public offering ("IPO") in 2007 (see also "Statement of changes in equity").
13. Current and non-current financial debts
The contractual maturities of interest-bearing loans and borrowings (current and non-current) are as follows:
| MATURITY | 30.06.2025 | |||
|---|---|---|---|---|
| In thousands of € | Outstanding balance |
< 1 year | > 1-5 year | > 5 year |
| Non-current | ||||
| Bank borrowings | 134,694 | - | 62,766 | 71,928 |
| Schuldschein Loan | 25,984 | - | 25,984 | - |
| Bonds | ||||
| 1.50% bonds Apr - 29 | 577,233 | - | 577,233 | - |
| 1.625% bonds Jan - 27 | 319,336 | - | 319,336 | - |
| 2.25% bonds Jan - 30 | 497,155 | - | 497,155 | - |
| 4.25% bonds Jan - 31 | 565,540 | - | - | 565,540 |
| Total non-current financial debt | 2,119,942 | - | 1,482,474 | 637,468 |
| Current | ||||
| Bank borrowings | - | - | - | - |
| Schuldschein Loan | - | - | - | - |
| Bonds | ||||
| 3.50% bonds Mar - 26 | 189,842 | 189,842 | - | - |
| Accrued interests | 19,385 | 19,385 | - | - |
| Total current financial debt | 209,227 | 209,227 | - | - |
| Total current and non-current financial debt | 2,329,169 | 209,227 | 1,482,474 | 637,468 |
The accrued interest relates to the 41 issued bonds (€ 16.8 million), the European Investment Bank loan (€ 2.3 million) and the Schuldschein loans (€ 0.3 million).
The coupons of the bonds are payable annually on 19 March for the Mar-26, 8 April for the Apr-29 bond and 17 January for bonds Jan-27 & Jan-30. The interest on the Schuldschein loans are payable on a semi-annual basis on 15 April and 15 October for the variable rate Schuldschein loans and annually on 15 October for the fixed rate Schuldschein loans. The loan from the EIB (shown as Bank Borrowings) matures over a ten year period at a fixed interest rate of 4.15%.
Financial debts increased following the net result of (i) the issuance of a new bond of € 576 million maturing in Jan-31 with a 4.25% coupon, (ii) the repayment of € 80 million bonds in March '25, as well as the repurchase of € 200 million on outstanding bonds.
The Group considers that the fair value of the financial instruments as at 30 June 2025 not materially different from their carrying value, with exception of the bonds.
The Fair Value of the outstanding bonds at 30 June 2025 amounts to € 2.1 bn (compared to their carrying value of € 2.2 bn)
1 The issued bond as per January 10th 2022 has been considered as two bonds, given their dual tranche maturity as well as different cost.
| MATURITY | 31.12.2024 | ||||
|---|---|---|---|---|---|
| In thousands of € | Outstanding balance | < 1 year | > 1-5 year | > 5 year | |
| Non-current | |||||
| Bank borrowings | 134,636 | - | 53,718 | 80,918 | |
| Schuldschein Loan | 25,979 | - | 25,979 | - | |
| Bonds | |||||
| 3.50% bonds Mar - 26 | 189,733 | - | 189,733 | - | |
| 1.50% bonds Apr – 29 | 596,878 | - | 596,878 | - | |
| 1.625% bonds Jan - 27 | 498,424 | - | 498,424 | - | |
| 2.25% bonds Jan – 30 | 496,845 | - | - | 496,845 | |
| Total non-current financial debt | 1,942,495 | - | 1,364,732 | 577,763 | |
| Current | |||||
| Bank borrowings | - | - | - | - | |
| Schuldschein Loan | - | - | - | - | |
| Bonds | |||||
| 3.35% bonds Mar - 25 | 79,987 | 79,987 | - | - | |
| Accrued interests | 34,879 | 34,879 | - | - | |
| Total current financial debt | 114,866 | 114,866 | - | - | |
| Total current and non-current financial debt | 2,057,361 | 114,866 | 1,364,732 | 577,763 |
The Fair Value of the outstanding bonds at 31 December 2024 amounts to € 1.76 bn (compared to their carrying value of € 1.87 bn).
13.1.1 Bank loans
The loans and credit facilities granted to the VGP Group are all denominated in € can be summarised as follows (all figures below are stated excluding capitalised finance costs):
| 30.06.2025 In thousands of € |
Facility amount |
Facility expiry date | Outstanding balance |
< 1 year | > 1-5 year | > 5 year |
|---|---|---|---|---|---|---|
| KBC Bank NV | 100,000 | 31-Dec-27 | - | - | - | - |
| KBC Bank NV1 | 50,000 | 31-Dec-27 | - | - | - | - |
| Belfius Bank NV | 75,000 | 31-Dec-26 | - | - | - | - |
| Belfius Bank NV | 100,000 | 31-Jul-27 | - | - | - | - |
| BNP Paribas Fortis | 50,000 | 21-Mar-28 | - | - | - | - |
| BNP Paribas Fortis | 50,000 | 21-Mar-29 | - | - | - | - |
| JP Morgan SE | 75,000 | 07-Feb-28 | - | - | - | - |
| European Investment Bank | 150,000 | 5-Feb-34 | 135,000 | - | 63,000 | 72,000 |
| Total bank debt | 650,000 | 135,000 | - | 63,000 | 72,000 |
In February 2025, VGP increased its credit facility with JP Morgan SE by € 25 million in conjunction with an extension of the term by 3 years, until 7 February 2028. The RCF of € 75 million with Belfius bank NV has been prolonged with 5 years in August 2025.
| 31.12.2024 | Facility | Outstanding | < 1 year | > 1-5 year | > 5 year | |
|---|---|---|---|---|---|---|
| In thousands of € | amount | Facility expiry date | balance | |||
| KBC Bank NV | 100.000 | 31-Dec-27 | - | - | - | - |
| KBC Bank NV2 | 50.000 | 31-Dec-27 | - | - | - | - |
| Belfius Bank NV | 75.000 | 31-Dec-26 | - | - | - | - |
| Belfius Bank NV | 100.000 | 31-Jul-27 | - | - | - | - |
| BNP Paribas Fortis | 50.000 | 31-Dec-26 | - | - | - | - |
| BNP Paribas Fortis | 50.000 | 31-Dec-26 | - | - | - | - |
| JP Morgan SE | 50.000 | 12-Dec-25 | - | - | - | - |
| European Investment Bank | 150.000 | 5-Feb-34 | 135,000 | - | 54,000 | 81,000 |
| Total bank debt | 625.000 | 135,000 | - | 54,000 | 81,000 |
13.1.2 Schuldschein loans
The Schuldschein loans represents a combination of fixed and floating notes whereby the variable rates represent a nominal amount of € 21 million which is not hedged. The current average interest rate of the entire Schuldschein loan amounts to 4.7% per annum. The loans have a remaining weighted average term of 1.4 years.
1 The Credit Facility of € 50 million from KBC Bank NV is only to be used for bank guarantee commitments within the group towards third parties. Per June 2025, the allocated, yet undrawn bank guarantees from this credit facility amount to € 9.1 million.
2 The Credit Facility of € 50 million from KBC Bank NV is only to be used for bank guarantee commitments within the group towards third parties. Per December 2024, the allocated, yet undrawn bank guarantees from this credit facility amount to € 14.4 million.
| 30.06.2025 In thousands of € |
Facility amount |
Facility expiry date | Outstanding balance |
< 1 year | > 1-5 year | > 5 year |
|---|---|---|---|---|---|---|
| Schuldschein loans | 26,000 | Oct -26 to Oct-27 | 26,000 | - | 26,000 | - |
| 31.12.2024 In thousands of € |
Facility amount |
Facility expiry date | Outstanding balance |
< 1 year > 1-5 year |
> 5 year |
|---|---|---|---|---|---|
| Schuldschein loans | 26,000 | Oct -26 to Oct-27 | 26,000 | - 26,000 |
- |
13.1.3 Bonds
The following four bonds are outstanding at 30 June 2025:
- € 190 million fixed rate bonds due 19 March 2026 carry a coupon of 3.50% per annum. The bonds have been listed on the regulated market of NYSE Euronext Brussels (ISIN Code: BE0002611896). ("Mar-26 Bond")
- € 600 million fixed rate bonds due 8 April 2029 carry a coupon of 1.50% per annum. The bonds have been listed on the Luxembourg Stock Exchange (Euro MTF) (ISIN Code: BE6327721237). ("Apr-29 Bond"), from which VGP NV did a voluntary repurchase for an amount of 20,100,000 euro on 4th of April 2025
- € 1 000 million fixed rate bonds, dual tranche on five- and eight-years due 17 January 2027 and 17 January 2030, carry a coupon of 1.625% and 2.25% per annum. The bonds have been listed on the Luxembourg Stock Exchange (Euro MTF) (ISIN Code: BE6332786449 and BE6332787454). ("Jan-27 and Jan-30 Bond"), from which, on the bond with the due date on January 2027, VGP NV did a voluntary repurchase for an amount of 179,900,000 euro on 4 th of April 2025
- € 576 million fixed rate bonds due 31 January 2031 carry a coupon of 4.25% per annum. The bonds have been listed on the Luxembourg Stock Exchange (Euro MTF) (ISIN Code: BE6362152199). ("Jan-31 Bond")
13.1.4 Key terms and covenants
Please refer to Annual Report 2024 - Note 17.2 Key terms and covenants for further information.
During the first half year of 2025, the Group operated well within its bank loans, schuldschein loans and bond covenants and there were no events of default nor were there any breaches of covenants with respect to loan agreements noted.
| In thousands of € | 30.06.2025 | 31.12.2024 |
|---|---|---|
| Intangible assets | - | - |
| Investment properties | 239,912 | 197,902 |
| Property, plant and equipment | - | - |
| Deferred tax assets | - | - |
| Trade and other receivables | 7 | 27 |
| Cash and cash equivalents | 440 | 248 |
| Disposal group held for sale | 240,359 | 198,177 |
| Non-current financial debt | - | - |
| Other non-current financial liabilities | - | - |
| Other non-current liabilities | - | - |
| Deferred tax liabilities | (14,715) | (11,110) |
| Current financial debt | - | - |
| Trade debts and other current liabilities | (136) | (47) |
| Liabilities associated with assets classified as held for sale | (14,851) | (11,157) |
| TOTAL NET ASSETS | 225,508 | 187,020 |
14. Assets classified as held for sale and liabilities associated with those assets
In order to sustain its growth over the medium term, VGP entered into multiple joint ventures with Allianz (First, Second and third Joint Venture), Deka (the Fifth Joint Venture) and Saga (the Sixth Joint Venture) in respect of acquiring income generating assets developed by VGP. These Joint Ventures act as a take-out vehicle of the income generating assets, allowing VGP to partially recycle its initially invested capital when completed projects are acquired by the Joint Ventures. VGP is then able to reinvest the proceeds in the continued expansion of its development pipeline, including the further expansion of its land bank, allowing VGP to concentrate on its core development activities.
The development pipeline which will be transferred as part of any future acquisition transaction between the Joint Venture and VGP is being developed at VGP's own risk and subsequently acquired and paid for by these joint ventures subject to pre-agreed completion and lease parameters. Consequently, these are reclassified as assets and liabilities held for sale on the balance sheet.
In addition, the tenant of VGP Park Riga has executed its call option right and the park has been disposed in July '25. The asset has been reclassified as group held for sale and has been valued at the call option price. All other assets reported as group held for sale carry a fair value, as appraised by iO Partners.
| In thousands of € | 30.06.2025 | Sixth JV | Fifth JV | Third JV | Other |
|---|---|---|---|---|---|
| Investment property | - | - | - | - | - |
| Equity investments | - | - | - | - | - |
| Trade and other receivables | - | - | - | - | - |
| Cash and cash equivalents | - | - | - | - | - |
| Non-current financial debt | - | - | - | - | - |
| Shareholder Debt | - | - | - | - | - |
| Other non-current financial liabilities |
- | - | - | - | - |
| Deferred tax liabilities | - | - | - | - | - |
| Trade debts and other current liabilities |
- | - | - | - | - |
| Total net assets disposed | - | - | - | - | - |
| Realized valuation gain on sale | 20,035 | 8,444 | (4,272) | 15,902 | (39) |
| Total non-controlling interest retained by VGP |
- | - | - | - | - |
completion of buildings (10,836) (8,444) (2,594) 202 -
closing (2,779) - (2,779) - - Equity contribution (4,723) - 3,329 (8,052) - Total consideration 1,697 - (6,316) 8,052 (39) Consideration to be received - - - - - Consideration paid in cash 1,697 - (6,316) 8,052 (39) Cash disposed - - - - -
1,697 - (6,316) 8,052 (39)
Additional share price due at
Shareholder loans repaid at
Net cash inflow from divestment of subsidiaries and investment
properties
15. Cash flow from disposal of subsidiaries, Joint Ventures and investment properties
| In thousands of € | 31.12.2024 | Second JV | First JV | Fifth JV | Third JV | Other |
|---|---|---|---|---|---|---|
| Investment property | 924,259 | 506,662 | 416,846 | - | - | 751 |
| Equity investments | 17,647 | - | - | 18,704 | - | (1,057) |
| Trade and other receivables | 8,866 | 8,866 | - | - | - | - |
| Cash and cash equivalents | 25,003 | 25,003 | - | - | - | - |
| Non-current financial debt | - | - | - | - | - | - |
| Shareholder Debt | (600,790) | (243,639) | (357,151) | - | - | - |
| Other non-current financial liabilities |
(5,436) | (5,436) | - | - | - | - |
| Deferred tax liabilities | (40,951) | (31,504) | (9,447) | - | - | - |
| Trade debts and other current liabilities |
(20,166) | (20,166) | - | - | - | - |
| Total net assets disposed | 308,432 | 239,786 | 50,248 | 18,704 | - | (306) |
| Realized valuation gain on sale | 92,866 | 20,276 | 47,777 | 10,476 | 13,985 | 352 |
| Total non-controlling interest retained by VGP |
(13,100) | (13,100) | - | - | - | - |
| Additional share price due at completion of buildings |
(13,985) | - | - | - | (13,985) | - |
| Shareholder loans repaid at closing |
635,066 | 252,445 | 240,434 | 142,187 | - | - |
| Equity contribution | (175,618) | (124,881) | (50,737) | - | - | - |
| Total consideration | 833,661 | 374,526 | 287,722 | 171,367 | - | 46 |
| Consideration to be received | - | - | - | - | - | - |
| Consideration paid in cash | 833,661 | 374,526 | 287,722 | 171,367 | - | 46 |
| Cash disposed | (25,003) | (25,003) | - | - | - | - |
| Net cash inflow from divestment of subsidiaries and investment properties |
808,658 | 349,523 | 287,722 | 171,367 | - | 46 |
16. Risk Management
To date, VGP's performance has remained largely unaffected by the broader macroeconomic environment, including the tariffs announced by the Trump administration. Nonetheless, it cannot be excluded that external factors—such as trade policy shifts and other macroeconomic developments may affect the company's future performance. For a broader overview of the principal risks and uncertainties to which VGP is exposed, reference is made to the "Risk Factors" section of the 2024 Annual Report (starting on page 71).
16.1 Capital Management
VGP is continuously optimising its capital structure targeting to maximise shareholder value while keeping the desired flexibility to support its growth. The Group operates within and applies a maximum gearing ratio of net debt / total shareholders' equity and liabilities at 65%.
| In thousands of € | 30.6.2025 | 31.12.2024 | 30.6.2024 |
|---|---|---|---|
| Non-current financial debt | 2,119,942 | 1,942,495 | 1,941,443 |
| Current financial debt | 209,227 | 114,866 | 176,419 |
| Total financial debt | 2,329,169 | 2,057,361 | 2,117,862 |
| Cash and cash equivalents | (423,632) | (492,533) | (625,016) |
| Cash and cash equivalents classified as | (440) | (248) | - |
| disposal group held for sale | |||
| Total net debt (A) | 1,905,097 | 1,564,580 | 1,492,846 |
| Total shareholders 'equity and liabilities (B) | 5,029,670 | 4,653,936 | 4,563,389 |
| Gearing ratio ((A)/(B)) | 37.9% | 33.6% | 32.7% |
As at 30 June 2025 the Group's gearing was as follows:
The gearing ratio amounts to 37.9% and the proportional LTV amounts to 50.3%. Including the disposal of VGP Park Riga in July '25 the proportional LTV lowers to 50%.
17. Contingencies and commitments
| (in thousands of €) | 30.06.2025 | 31.12.2024 |
|---|---|---|
| Contingent liabilities | 17,583 | 18,129 |
| Commitments to purchase land | 152,491 | 112,250 |
| Commitments to develop new projects | 499,745 | 512,366 |
Contingent liabilities mainly relate to bank guarantees linked to land plots and built out of infrastructure on development land.
The commitment to purchase land relates to 2.4 million sqm of land per June 2025. Deposits totaling € 2.9 million have already been paid for these committed land plots per June 2025.
The commitments to develop new projects in amount of € 499.7 million consists of (i) remaining construction costs on current developments for an amount of € 363.9 million (of which € 311.9 million estimated to be spend in the next twelve months), (ii) the estimated construction costs for future projects which are pre-let, for an amount of € 132.3 million (of which € 37.4 million expected to be spend in the next twelve months) and (iii) € 3.6 million on renewable energy projects.
18. Related parties
Outside of two final purchase settlements with respectively the Third and Fifth Joint Venture, there were no related party transactions. The total settlement amounted to 1.7 million of cash proceeds for the Group.
19. Events after the balance sheet date
Since 30 June 2025 a number of events occurred that have a material impact on the Group. These include:
- VGP disposed it's VGP Park Riga to its tenant, which resulted in € 34 million of cash proceeds
- VGP obtained a BBB- with stable outlook rating from S&P
- VGP prolonged its € 75 million RCF with Belfius bank NV in August 2025 for 5 years.
SUPPLEMENTARY NOTES NOT PART OF THE CONDENSED INTERIM FINANCIAL INFORMATION
For the period ended 30 June
1 INCOME STATEMENT, PROPORTIONALLY CONSOLIDATED
The table below includes the proportional consolidated income statement interest of the Group in the Joint Ventures. The interest held directly by the Group (5.1% and 10.1%) in the German asset companies of the Joint Ventures have been included in the 50% Joint Ventures' figures (share of VGP).
| Proportionally consolidated income statement | 30.06.2025 | 30.06.2024 | ||||
|---|---|---|---|---|---|---|
| In thousands of € | Group | Joint Ventures |
Total | Group | Joint Ventures |
Total |
| Gross rental and renewable energy income | 45,561 | 73,670 | 119,231 | 36,197 | 66,585 | 102,782 |
| Property operating expenses | (4,617) | (5,939) | (10,556) | (3,253) | (7,882) | (11,135) |
| Net rental and renewable energy income | 40,944 | 67,731 | 108,675 | 32,944 | 58,703 | 91,647 |
| Joint venture management fee income | 16,114 | - | 16,114 | 15,710 | - | 15,710 |
| Net valuation gains / (losses) on investment properties | 141,490 | 17,958 | 159,448 | 99,056 | 8,642 | 107,698 |
| Administration expenses | (30,608) | (1,376) | (31,984) | (27,980) | (909) | (28,889) |
| Other expenses | - | - | - | (1,750) | - | (1,750) |
| Operating profit / (loss) | 167,940 | 84,313 | 252,253 | 117,980 | 66,436 | 184,416 |
| Net financial result | (3,144) | (30,337) | (33,481) | 2,902 | (24,636) | (21,734) |
| Taxes | (28,090) | (10,157) | (38,247) | (13,051) | (8,095) | (21,146) |
| Profit for the period | 136,706 | 43,819 | 180,525 | 107,831 | 33,705 | 141,536 |
2 BALANCE SHEET, PROPORTIONALLY CONSOLIDATED
The table below includes the proportional consolidated balance sheet interest of the Group in the Joint Ventures. The interest held directly by the Group (5.1% and 10.1%) in the German asset companies of the Joint Ventures have been included in the 50% Joint Ventures' figures (share of VGP).
| Proportionally consolidated balance sheet |
30.06.2025 | 31.12.2024 | ||||
|---|---|---|---|---|---|---|
| In thousands of € | Group | Joint Venture |
Total | Group | Joint Venture |
Total |
| Investment properties | 2,242,294 | 2,966,083 | 5,208,377 | 1,905,411 | 2,927,831 | 4,833,242 |
| Investment properties included in assets held for sale |
239,912 | - | 239,912 | 197,902 | - | 197,902 |
| Total investment properties | 2,482,206 | 2,966,083 | 5,448,289 | 2,103,313 | 2,927,831 | 5,031,144 |
| Non-current receivables | 539,756 | - | 539,756 | 538,484 | - | 538,484 |
| Other non-current assets | 137,446 | (46) | 137,400 | 134,653 | 835 | 135,488 |
| Total non-current assets | 3,159,408 | 2,966,037 | 6,125,445 | 2,776,450 | 2,928,666 | 5,705,116 |
| Trade and other receivables | 96,868 | 30,233 | 127,101 | 83,804 | 28,977 | 112,781 |
| Cash and cash equivalents | 423,632 | 140,957 | 564,589 | 492,533 | 124,353 | 616,886 |
| Disposal group held for sale | 447 | - | 447 | 275 | - | 275 |
| Total current assets | 520,947 | 171,190 | 692,137 | 576,612 | 153,330 | 729,942 |
| Total assets | 3,680,355 | 3,137,227 | 6,817,582 | 3,353,062 | 3,081,996 | 6,435,058 |
| Non-current external financial debts |
2,119,942 | 579,316 | 2,699,258 | 1,942,495 | 1,020,448 | 2,962,943 |
| Non-current Joint Venture Shareholder loans |
- | 523,983 | 523,983 | - | 522,736 | 522,736 |
| Non-current financial debt | 2,119,942 | 1,103,299 | 3,223,241 | 1,942,495 | 1,543,184 | 3,485,679 |
| Other non-current financial liabilities |
- | 557 | 557 | - | 582 | 582 |
| Other non-current liabilities | 41,885 | 25,338 | 67,223 | 46,781 | 23,575 | 70,356 |
| Deferred tax liabilities | 55,424 | 166,197 | 221,621 | 35,652 | 159,958 | 195,610 |
| Total non-current liabilities | 2,217,251 | 1,295,391 | 3,512,642 | 2,024,928 | 1,727,299 | 3,752,227 |
| - | - | |||||
| Current financial debt | 209,227 | 455,349 | 664,576 | 114,866 | 21,428 | 136,294 |
| Trade debts and other current | 97,451 | 37,172 | 134,623 | 102,558 | 32,395 | 134,953 |
| liabilities | ||||||
| Liabilities related to disposal | 14,851 | - | 14,851 | 11,157 | - | 11,157 |
| group held for sale | ||||||
| Total current liabilities | 321,529 | 492,521 | 814,050 | 228,581 | 53,823 | 282,404 |
| Total liabilities | 2,538,780 | 1,787,912 | 4,326,692 | 2,253,509 | 1,781,122 | 4,034,631 |
| Net assets | 1,141,575 | 1,349,315 | 2,490,890 | 1,099,553 | 1,300,874 | 2,400,427 |
Statutory auditor's report to the board of directors of VGP NV on the review of the condensed consolidated interim financial information as at 30 June 2025 and for the 6-month period then ended
Introduction
We have reviewed the accompanying condensed consolidated balance sheet of VGP NV as at 30 June 2025, the condensed consolidated statements of income, comprehensive income, changes in equity and cash flow for the 6-month period then ended, and notes to the interim financial information ("the condensed consolidated interim financial information"). The board of directors is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with IAS 34, "Interim Financial Reporting" as adopted by the European Union. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.
Scope of Review
We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information as at 30 June 2025 and for the 6-month period then ended is not prepared, in all material respects, in accordance with IAS 34, "Interim Financial Reporting" as adopted by the European Union.
Zaventem, 20 August 2025
KPMG Bedrijfsrevisoren - Réviseurs d'Entreprises Statutory Auditor
represented by Frederic
Digitally signed by Frederic Poesen
(Signature)
Poesen
Frederic Poesen Bedrijfsrevisor / Réviseur d'Entreprises (Signature) Date: 2025.08.20 16:59:30 +02'00'
Melissa Carton (Signature)
Digitally signed by Melissa Carton (Signature) Date: 2025.08.20 16:10:41 +02'00'
Melissa Carton Bedrijfsrevisor / Réviseur d'Entreprises
KPMG Bedrijfsrevisoren - KPMG Réviseurs d'Entreprises, a Belgian BV/SRL and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Document Classification: KPMG Public
Zetel - Siège: Luchthaven Brussel Nationaal 1K B-1930 Zaventem
KPMG Bedrijfsrevisoren - KPMG Réviseurs d'Entreprises BV/SRL Ondernemingsnummer / Numéro d'entreprise 0419.122.548 BTW - TVA BE 0419.122.548 RPR Brussel - RPM Bruxelles IBAN : BE 95 0018 4771 0358 BIC : GEBABEBB
GLOSSARY
Allianz
Means, in relation to (i) the First Joint Venture, Allianz AZ Finance VII Luxembourg S.A., SAS Allianz Logistique S.A.S.U. and Allianz Benelux SA taken together; (ii)the Second Joint Venture, Allianz AZ Finance VII Luxembourg S.A., and (iii) the Third Joint Venture, Allianz Pensionskasse AG, Allianz Versorgungskasse Versicherungsverein a.G., Allianz Lebensversicherungs-AG and Allianz Lebensversicherungs AG.
Allianz Joint Ventures or AZ JV
Means the First Joint Venture, the Second Joint Venture and the Third Joint Venture taken together.
AZ JVA(s) or Allianz Joint Venture Agreement(s)
Means either and each of (i) the joint venture agreement made between Allianz and VGP NV in relation to the First Joint Venture; (ii) the joint venture agreement made between Allianz and VGP NV in relation to the Second Joint Venture; and (iii) the joint venture agreement made between Allianz and VGP Logistics S.à r.l. (a 100% subsidiary of VGP NV) in relation to the Third Joint Venture.
Annualised committed leases or annualised rent income
The annualised committed leases or the committed annualised rent income represents the annualised rent income generated or to be generated by executed lease – and future lease agreements, also abbreviated as 'CARA'.
Break
First option to terminate a lease.
Contractual rent
The gross rent as contractually agreed in the lease on the date of signing.
Derivatives
As a borrower, VGP wishes to protect itself from any rise in interest rates. This interest rate risk can be partially hedged by the use of derivatives (such as interest rate swap contracts).
Discounted cash flow
This is a valuation method based on a detailed projected revenue flow that is discounted to a net current value at a given discount rate based on the risk of the assets to be valued.
EPRA
The European Public Real Estate Association, a real estate industry body, which has issued Best Practices Recommendations Guidelines in order to provide consistency and transparency in real estate reporting across Europe.
Equivalent yield (true and nominal)
Is a weighted average of the net initial yield and reversionary yield and represents the return a property will produce based upon the timing of the income received. The true equivalent yield assumes rents are received quarterly in advance. The nominal equivalent assumes rents are received annually in arrears.
Estimated rental value ("ERV")
Estimated rental value (ERV) is the external valuers' opinion as to the open market rent which, on the date of valuation, could reasonably be expected to be obtained on a new letting or rent review of a property.
Exit yield
Is the capitalisation rate applied to the net income at the end of the discounted cash flow model period to provide a capital value or exit value which an entity expects to obtain for an asset after this period.
Fair value
The fair value is defined in IAS 40 as the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm's length transaction. In addition, market value must reflect current rental agreements, the reasonable assumptions in respect of potential rental income and expected costs.
First Joint Venture
Means VGP European Logistics S.à r.l., the 50:50 joint venture between VGP and Allianz, also referred to as "Rheingold"
Fourth Joint Venture
Means VGP European Logistics 3 S.à r.l., the 50:50 joint venture between VGP and Allianz, also referred to as "Europa"
Fifth Joint Venture
Means the 50:50 joint venture between Deka Immobilien, through their funds "Deka Immobilien Europa" and "Deka Westinvest InterSelect" and VGP.
Grekon Joint Venture or Grekon
Means Grekon 11 GmbH, the 50:50 joint venture between VGP and Revikon GmbH, part of Weimar Gruppe
Gearing ratio
Is a ratio calculated as consolidated net financial debt divided by total equity and liabilities or total assets.
IAS/IFRS
International Accounting Standards / International Financial Reporting Standards. The international accounting standards drawn up by the International Accounting Standards Board (IASB), for the preparation of financial statements.
Joint Ventures
Means either and each of (i) the First Joint Venture; (ii) the Second Joint Venture, (iii) the Third Joint Venture, (iv) the LPM Joint Venture, (v) the Grekon Joint Venture; (vi) the Fifth Joint Venture; (vi) the Sixth Joint Venture and (vii) the Belartza Joint Venture.
LPM Joint Venture or LPM
Means LPM Holding B.V., the 50:50 joint venture between VGP and Roozen Landgoederen Beheer.
LPM JVA or LPM Joint Venture Agreement
Means the joint venture agreement made between Roozen Landgoederen Beheer and VGP NV in relation to the LPM Joint Venture.
Lease expiry date
The date on which a lease can be cancelled.
Net asset value
The value of the total assets minus the value of the total liabilities.
Net financial debt
Total financial debt minus cash and cash equivalents. Net Initial Yield
Is the annualised rents generated by an asset, after the deduction of an estimate of annual recurring irrecoverable property outgoings, expressed as a percentage of the asset valuation (after notional purchaser's costs).
Occupancy rate
The occupancy rate is calculated by dividing the total leased out lettable area (m²) by the total lettable area (m²) including any vacant area (m²).
Prime yield
The ratio between the (initial) contractual rent of a purchased property and the acquisition value at a prime location.
Property portfolio
The property investments, including property for lease, property investments in development for lease, assets held for sale and development land.
Reversionary Yield
Is the anticipated yield, which the initial yield will rise to once the rent reaches the ERV and when the property is fully let. It is calculated by dividing the ERV by the valuation.
Roozen or Roozen Landgoederen Beheer
Means in relation to the LPM Joint Venture, Roozen Landgoederen Beheer B.V.
Second Joint Venture
Means VGP European Logistics 2 S.à r.l., the 50:50 joint venture between VGP and Allianz, also referred to as "Aurora"
Third Joint Venture
Means VGP Park München Gmbh, the 50:50 joint venture between VGP and Allianz.
VGP European Logistics or VGP European Logistics joint venture
Means the First Joint Venture.
VGP European Logistics 2 or VGP European Logistics 2 joint venture
Means the Second Joint Venture.
VGP Park Moerdijk
Means the LPM Joint Venture.
VGP Park Belartza Joint Venture
Means Belartza Alto SXXI, S.L., a 50:50 joint venture between VGP en VUSA
VGP Park München or VGP Park München joint venture
Means the Third Joint Venture.
Weighted average term of financial debt
The weighted average term of financial debt is the sum of the current financial debt (loans and bonds) multiplied by the term remaining up to the final maturity of the respective loans and bonds divided by the total outstanding financial debt.
Weighted average term of the leases ("WAULT")
The weighted average term of leases is the sum of the (current rent and committed rent for each lease multiplied by the term remaining up to the final maturity of these leases) divided by the total current rent and committed rent of the portfolio
Weighted average yield
The sum of the contractual rent of a property portfolio to the acquisition price of such property portfolio.
Take-up
Letting of rental spaces to users in the rental market during a specific period.
STATEMENT ON THE INTERIM FINANCIAL REPORT
The undersigned declare that, to the best of their knowledge:
the condensed interim financial statements of VGP NV and its subsidiaries as of 30 June 2025 have been prepared in accordance with the International Financial Reporting Standards, and give a true and fair view of the consolidated assets and liabilities, financial position and consolidated results of the company and of its subsidiaries included in the consolidation for the six month period.
the interim financial management report, in all material respect, gives a true and fair view of all important events and significant transactions with related parties that have occurred in the first six month period and their effects on the interim financial statements, as well as an overview of the most significant risks and uncertainties we are confronted with for the remaining six months of the financial year.
Jan Van Geet Piet Van Geet as permanent representative of as permanent representative of Jan Van Geet s,r,o, Urraco BV CEO CFO