VGP FY25 results come a bit short, a new JV partner compensates
VGP reported FY25 net profit of EUR €290.4m vs. €373.6m expected, mainly due to non-EPRA financial costs in the JV. The recurrent earnings also came up short with €139m vs. our estimated €180m, mainly on €30m lower realized gains and €22m higher interest costs. Unrealized gains were strong at €183.0m vs. €185.2m expected. This indicates that the FV uplift is related to sound development activity. The NTA per share rose 9.1%. New leases signed amounted to €56.9m. FY25 completions at 494k sqm vs. 614k expected. The pipeline now amounts to 1052k sqm, above our estimate of 976k sqm. Pre-let amounts to 69% on the active pipeline. NTA rose 9.1% to 97.3/share. The net cash recycling amounted to €389m. VGP announced a new JV partner East Capital for a total 1.5bn with a first closing in FY26. Consolidated LTV at 50.0% vs. 48.3% at FY24, but the JV's reported an LTV of 32.6% vs. 31.5%. We Lower our rating from Buy to Accumulate after strong performance. Conf. Call at 10h30 CET.VGP NV is a Belgium-based real estate development company that constructs and develops industrial real estate and ancillary offices, which are rented out to clients on long term lease contracts. The Company operates in three business segments: the Development activities segment is focused on the identification and acquisition of the land and development of the infrastructure, the design of buildings, the coordination of architectural and engineering aspects, the administration to obtain the necessary permits, the tendering and coordination of the construction works, including site management, and the facility management of the real estate portfolio; the Property Management and Leasing services segment is responsible for managing the operation of the buildings, and the Facilities Management services segment is responsible for managing the operation of the buildings and performs all actions, such as maintenance services, waste management services and maintenance greenery, among others.
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