20 August 2026, 7:00 am, 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 the half year ended 30 June 2026:
- A pre-tax profit of € 141 million, net asset value growth of 10.5%, up to € 2.9 billion. EBITDA performance of € 186 million, reflecting solid contributions of all business segments and continuous growth in recurring earnings.
- € 52.7 million of new and renewed leases signed during the first half of the year bringing the annualised committed leases at the end of the period to € 488.9 million1, an organic increase of + 10.8% y.o.y. VGP was able to re-let vacant space at a 6% average rental price increase in ’26. Since June 30th, VGP has been able to conclude an additional € 7 million of annualised rental income, bringing the total annualised committed leases to € 496 million.
- 44 projects under construction representing 1,140,000 sqm (and 13 buildings totalling 314,000 sqm started up during the first half) and € 90.6 million of additional annual rent once fully built and let. The total development pipeline2 is 74% pre-let, representing € 77.1 million in secured annual rental commitments from tenants.
- 12 projects delivered during the year representing 236,000 sqm or € 17.1 million in additional annual rent, currently 86% let. As a result, net rental income, on a proportionally consolidated basis3 grew by 18% to € 122.8 million, knowing that at the end of June € 260 million (+ 9% growth y.o.y.) on a proportionally consolidated basis, has become Cash Generative.
- 1.2 million sqm of new development land acquired and 590,000 sqm of development land deployed to support the developments started up during the year. Total secured land bank stands at 10.4 million sqm at the end of June ‘26 representing a development potential of over 4.3 million sqm, or + € 275 million of potential rental income.
- The completed property portfolio4 of 6.6 million sqm (+ 6% y.o.y.), which has an average building age of 5.1 years, is nearly fully let with occupancy at 98% and has an annualised rental income of € 411 million4. This represents a solid y.o.y. growth of 10% in rental income.
- The group has taken major steps in the broadening of its joint venture model by:
- Working with East Capital on the development of a Pan-European fund that would target the acquisition of at least € 1.5 billion of gross asset value developed by VGP, with an emphasis on Central and Eastern Europe;
- Concluding a memorandum of understanding on launching an enlarged continuation vehicle of the Saga Joint Venture targeting at least € 1.5 bn of gross asset value. Closings with Saga I are targeted in H2 ’26 and H1 ’27 which will in turn substantially complete the Joint Venture’s target well in advance of its original targeted deadline.
- Concluded a memorandum of understanding to establish a pan-European data centre development platform with a specialized partner.
- VGP’s renewable energy activities generated gross income of € 7.2 million in H1 2026, up from € 6.5 million in H1 2025, driven by a 10% increase in solar electricity sold to 78 GWh and higher operational photovoltaic capacity. At 30 June 2026, VGP operated 152 photovoltaic projects with a combined capacity of 193.4 MWp and a gross book value of € 117.0 million. The first battery energy storage system projects were connected to the grid during the period and are expected to contribute to revenue in the second half of 2026.
- Solid balance sheet with a cash position of € 599 million (vs € 524 million Dec ’25) besides € 500 million undrawn credit facilities, the proportional LTV amounts to 49.4% (versus 50% at year-end ’25) and the gearing ratio remains stable at 35.5% (versus 35.3% at year-end ’24). The proportional net debt over LTM Ebitda amounts to 7.6x (versus 6.3x in ’25).
- Since December ’25, the group has successfully issued € 600 million of bonds at a historical low spread for the Group, whilst repaying a € 190 million bond in March ’26 and successfully tendering € 100 million on the outstanding Jan-27 bonds. In May ’26, the group issued € 250 million of equity to support further growth.
1 Including Joint Ventures at 100%. As of 30 June 2026, the annualised committed leases of the Joint Ventures stood at € 328.4 million.
2 Includes pre-let on assets under construction (70% pre-let) as well as commitments on development land (96% pre-let)
3 Refer to ‘supplementary notes’, income statement proportionally consolidated
4 Including Joint ventures at 100%
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