VGP 1H25 Results show strong leasing activity and NTA growth
VGP reported 1H25 net profit of EUR 180.5m vs. 122.3m expected, mainly driven by 141.5m valuation gains vs. 98.6m expected. Unrealized gains were strong at 121.6m. The own portfolio valuation yield increased slightly from 7.22% to 7.27%. New leases signed increased 14.7% ys. 56.1m. This indicates that the FV uplift is related to sound development activity. 1H25 completions at 264k sqm, pipeline now amounts to 846k sqm, close to our estimate of 830k sqm. Pre-let amounts to 72.9% vs. 70.0% at 1H24. NTA rose 11.5% to 93.5/share. The cash recycling amounted to 35.6m, while the company hints at new JV potential in the outlook. Gearing now stands at 37.9%. Consolidated LTV at 50.3% vs. 48.3% at FY24, but the JV's reported a lower LTV (30.2% vs. 31.5%). VGP received an investment grade BBB- rating from S&P with stable outlook (Fitch BBB-). We maintain a Buy recommendation. Conf. Call at 10h30 CET link.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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