VGP NV: Full Year Results 2025
19 February 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 full year ended 31 of December 2025:
- A pre-tax profit of € 338 million, an increase of € 19 million or 6% versus FY’24. Net asset value growth of 8.3%, up to € 2.6 billion. EPRA NTA is up 9%. EBITDA growth of 28% to € 454.7 million, surpassed only by 2021, which benefited from exceptionally strong logistics demand during the pandemic.
- A historic record of € 106.7 million of new and renewed leases signed during the year bringing the annualised committed leases at year end to € 468.3 million1, an increase of + 13.5%. VGP was able to re-let vacant space at a 14% average rental price increase in ’25 and continues to see in the first months of ‘26 a strong order book, with e-commerce demand for new space returning and defence companies becoming increasingly active.
- 43 projects under construction representing 1,052,000 sqm (and 30 buildings totalling 761,000 sqm started up during the year) and € 85 million of additional annual rent once fully built and let. The total development pipeline2 is 75% pre-let, representing a record € 80.9 million in secured annual rental commitments from tenants — the highest level ever achieved by the Group.
- 21 projects delivered during the year representing 494,000 sqm or € 32.9 million in additional annual rent (of which 10 projects or 229,000 sqm during 2H 2025), currently 99% let. As a result, net rental income, on a proportionally consolidated basis3 grew with 16.7% to € 224.4 million, knowing that at year-end € 236.5 million (versus € 214.7 million at year-end ‘24, or + 10%) on a proportionally consolidated basis, has become Cash Generative.
- 1,372,000 sqm of new development land acquired including iconic new parks in Hagen4, Germany, Loures II, Portugal, Køge, Denmark and East Midlands, Great Britain and 1,625,000 sqm deployed to support the developments started up during the year. Total secured landbank stands at 10.3 million sqm at the end of 2025 representing a development potential of over 4.3 million sqm.
- The property portfolio5 which has an average building age of 4.8 years, is nearly fully let with occupancy at 98%. The building portfolio is well underway to be 100% sustainably certified, amongst which 11% are or will be certified BREEAM Outstanding or DGNB Platinum, including a delivered building in Arad, Romania which has been certified with the highest BREEAM score for an industrial building globally.
- Executed several joint venture closings and disposals, resulting in a net cash recycling of € 389 million. These led to an additional € 60.5 million realized profits in ’25. The Group targets a material closing with the Saga Joint Venture in H2 ’26.
- VGP and East Capital have agreed to set up a Pan-European fund targeting the acquisition of at least € 1.5 bn of gross asset value developed by VGP with an emphasis on Central and Eastern Europe. The fund is an evolution of VGP’s joint venture model and VGP intends, as in its current Joint Ventures, to retain a 50% stake. The Group is targeting a first closing with the fund in 2026.
- Photovoltaic energy production grew 47% YoY with operational capacity at 170.5 MWp at the end of 2025. Of the 141.2 MW of projects VGP Renewable Energy currently has under construction or permitting 106.6MW are related to 14 projects for Battery Energy Storage Systems.
- Solid balance sheet with a cash position of € 524 million (vs € 492 million Dec ’24) besides € 500 million undrawn credit facilities, the proportional LTV amounts to 50% (versus 48.3% at year-end ’24) and the gearing ratio amounts to 35.3% (versus 33.6% at year-end ’24). The net debt over Ebitda lowered from 7x in ’24 to 6.3x in ’25.
- Since December ’24, the group has successfully issued € 1,176 million of bonds, including € 600 million in January ’26 which was issued at a historical low spread for the Group, whilst repaying an € 80 million bond in March ’25, as well as successfully tendering € 300 million on the outstanding Jan-27 and Jan-29 bonds.
- VGP obtained an investment grade BBB- with stable outlook rating from S&P Global and Fitch reaffirmed its rating.
- The board of directors proposes an ordinary dividend of € 92.8 million (+ 3% versus ordinary dividend of ‘24), or € 3.40 per share.
1 Including Joint Ventures at 100%. As of 31 December 2025, the annualised committed leases of the Joint Ventures stood at € 321.7 million.
2 Includes pre-let on assets under construction (69% pre-let) as well as commitments on development land (98% pre-let)
3 Refer to ‘supplementary notes’, income statement proportionally consolidated
4 Transaction closed in January ‘26
5 Including Joint ventures at 100%
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