Regulated information – inside information

August 23, 2024, 7:00 a.m., Antwerp, Belgium: VGP NV (“VGP” or “the Group”), a European provider of high-quality logistics and semi-industrial real estate, today announces its results for the six months ended 30 June 2024:

• A pre-tax profit of 154.6 million € (up 218% compared to H1 2023), reflecting €33 million in net rental and renewable energy income, €15.7 million in joint venture management fee income and €99.1 million in net portfolio valuation gains
• 45,6 € million In the value of signed and renewed leases in the first half of 2024, the total agreed annual rental income amounted to € 384.7 million (+9.7% since the beginning of the year)¹
  • A record of 28.8 million euros of the newly concluded rental contracts, + 47% compared to H1 ’23
  • On a look-through basis, net rental and renewable energy revenues increased by 21% compared to the first half of 2023 to 91,6 €² million
• As of June 30, 2024, total 835,000 sqm under construction by 34 projects that
  €56.8 million additional annual rent after completion and letting
  • 326,000 sqm Projects launched in the first half of 2024, representing rental revenue of €21.6 million once fully completed and leased
  • Pre-letting rate is 70.1%, after several significant leases have already been signed. Plants with a construction period of more than six months will be 74.2% pre-let
• 8 projects implemented, which 264,000 sqm 100% leased in the first half of 2024, corresponding to rental revenue of €17.2 million
  • Total completed plants³ represent 5,632,000 m² or 229 buildings, are 99% rented and have an average age of only 4.0 years
• The total land area is 8.5 million m², corresponding to a development potential of 3.7 million m², following the acquisition of 375,000 m² of new development land and the sale of VGP’s share in the LPM development joint venture in the first half of 2024
• Gross revenues from renewable energies increased 31% year-on-year to 3.8 million euros, despite significantly lower energy prices, driven by a photovoltaic (PV) Capacity increase of 115% compared to the previous year with an operating capacity of 143.3 MWp (compared to 66.6 MWp in June 23). 29.7 MWp PV projects in development and a further 92.6 MWp are planned. A first 6.8 MWh battery project is planned to increase self-consumption and alleviate grid capacity issues. Further battery projects are planned.
• Solid balance sheet with Total liquidity of €625 million and an undrawn credit facility of EUR 400 million. VGP has drawn EUR 135 million of the EUR 150 million European Investment Bank credit facility granted in February this year.
• Net cash recycling of €662.1 million as a result of the deals with the joint ventures Deka and Areim and the sale of the development joint venture LPM Moerdijk. A third deal with Deka in August 24 generated additional gross proceeds of €68 million
• After the balance sheet date, VGP repaid the €75 million bond due in July 2024, thereby reducing the Debt costs from 2.25% in the first half of 2024 to 2.21% after repayment.

The full press release can be found in the appendix.

¹ Compared to December 31, 2023 and including joint ventures at 100%

² See explanation “Profit and loss statement, proportionately consolidated”

³ Of which 4,410,000 m²or 190 buildings in JVs and 1,222,000 m² or 39 buildings in our own portfolio

• VGP_Press Release_1H2024 ENG