VGP’s Full Year Results 2024

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20 February 2025, 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 2024:

• A net profit of  € 287 million, an increase of € 200 million or 229% versus FY’23. Net asset value growth of 8.4%, up to € 2.4 billion.
• EBITDA growth of 57% with solid contribution from recurring rental business¹ activities of € 204.3 million (+19%), from development activities in amount of € 144.8 million (+178%) and in renewable energy of € 5.4 million (+236%).
• A historic record of € 91.6 million of new and renewed leases signed during the year bringing the annualised committed leases at year end to € 412.6 million², an increase of + 17.6%.
• 34 projects under construction representing 780,000 sqm (of which 29 buildings totalling 589,000 sqm started up during the year) and € 60.4 million of additional annual rent once fully built and let. The development pipeline³ is 80% pre-let. 100% of projects started up will be certified and 97% are to be certified minimum BREEAM Excellent or equivalent.
• 21 projects delivered during the year representing 584,000 sqm or € 36.1 million in additional annual rent (of which 13 projects or 319,000 sqm during 2H 2024), currently 94% let. As a result, Net rental income, on a look through basis⁴ grew with 20.9% from € 159.1 million to € 192.4 million, knowing that at year-end € 214.7 million (versus € 194.3 million at year-end ‘23, or + 10.5%) on a proportional look through basis, has become cash generative.
• 702,000 sqm of new development land acquired⁵ and 1,170,000 sqm deployed to support the developments started up during the year. Total secured landbank stands at 8.7 million sqm at the end of 2024 representing a development potential of over 3.6 million sqm.
• The property portfolio⁵ which has an average building age of 4.2 years, is nearly fully let with occupancy at 98%. The building portfolio is well underway to be 100% sustainably certified, amongst which several are certified BREEAM Outstanding or DGNB Platinum.
• Executed four joint venture closings as well as the disposal of LPM, resulting in a record cash recycling of € 809 million. These led to an additional € 92.9 million realized profits in ’24.
• Photovoltaic capacity grew 53% YoY with operational capacity at 155.7 MWp (vs. 101.8 MWp in Dec-23), 41.00 MWp PV projects under development and a further 90.9 MWp being planned. In addition, a first 6.8MWh battery project is currently under construction while several other substantial larger installations are in advanced planning stages. 
• Solid balance sheet with a liquidity position of € 493 million (vs € 210 million dec ’23), € 500 m undrawn credit facilities, a gearing ratio of 33.6% (vs 40.3% dec ’23) and a proportional LTV⁶ of 48.3% (versus 53.4% dec’ 23). EPRA NTA is up 7%.
• The board of directors proposes an ordinary dividend of € 90 million (+ 12% versus ordinary dividend of ‘24), or € 3.30 per share.

[ For the full press release please see attachment ]

¹ See business segments

² Including Joint Ventures at 100%. As at 31 December 2024 the annualised committed leases of the Joint Ventures stood at € 285.7 million.

³ Includes pre-let on assets under construction (74% pre-let) as well as commitments on development land (95% pre-let)

⁴ Refer to ‘supplementary notes’, income statement proportionally consolidated

⁵ Including Joint ventures at 100%

⁶ Includes Joint Venture’s bank LTV at share

Attachment

• Financial results 2024_English Full Release_Final