VGP Trading Update
PRESS RELEASE
Regulated Information
6 November 2025, 7:00 am, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the Group’) today published its trading update for the first ten months of ‘25:
- A record of € 89.0 million new and renewed leases has been signed during the first ten months of ‘25 (of which € 32.9 million was signed during the past 4 months) bringing the annualised committed leases for the first ten months to € 461.3 million1 (+ € 48.7 million compared to 31 December 2024, which is +11.8% YTD).
- 47 projects under construction representing 1,123,000 sqm (of which 29 projects totalling 747,000 sqm started up during the year) and € 90.9 million in additional annual rent once fully built and let. Additionally, reflecting sustained tenant demand, the group has already pre-let commitments on 281,000 square meters of to be developed assets, which are to date 93% pre-let. The total pre-let pipeline is 72% pre-let2 as of 31 October ’25.
- 16 projects delivered during first ten months representing 409,000 sqm, or € 27 million in additional annual rent (of which 5 projects totalling 145,000 sqm delivered since the 1st of July 2025), currently 98% let. Furthermore, 31% of the completed buildings were certified with the BREEAM Outstanding label.
- 1,368,000 sqm of new development land acquired during the year (of which 735,000 sqm during 2H 2025) and 1,583,000 sqm of development land deployed to support the new developments started up during the year. Total owned and committed development land bank stands at 10.0 million sqm at the end of October 2025 representing a development potential of more than 4.3 million sqm.
- Property portfolio3 virtually fully let with occupancy at 98% as of 31 October 2025 (compared to 98% as at 30 June 2025). Of the € 461.3 million committed annualised rental income, € 384.5 million has become cash generative, an increase of 10% versus December 2024. Another € 39.1 million of rental income is expected to start within the next twelve months.
- Solid treasury position as strengthened by:
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- Distributions of Joint Ventures expected of approximately € 80 million in ’25;
- Following principle agreement with Saga Joint Venture on geographic expansion, a third closing, exceeding € 500 million gross asset value, is targeted to close before year-end and is currently under due diligence;
- Disposed of VGP Park Riga, allowing for + € 34.5 million cash recycling;
- Reiteration of VGP’s investment grade rating by Fitch with stable outlook and obtained new investment grade “BBB- stable outlook” by S&P Global Ratings.
- Total renewable energy capacity installed at the end of the period increased YoY from 143MW to 180.8 MW (+26%) and the capacity of projects under construction or currently under permitting/design increased from 69.7MW to 115.7 MW (+66%). The Group has a further 93 projects in the pipeline reflecting a further 167.4 MW bringing the total renewable capacity installed and in the pipeline to a total of 463.9 MW.
[For the full trading update please see the press release in the attachment]
1 Including Joint Ventures at 100%. As at 31 October 2025 the annualised committed leases of the Joint Ventures stood at €291.2 million.
2 Includes pre-lets on development land. Pre-let of the pipeline under construction is 67% pre-let.
3 Including Joint Ventures at 100%.
Attachment
