Tuesday, 3 March 2026
VGP NV reported solid financial and operational growth for the year ended December 31, 2025, supported by leasing activity, project completions and continued expansion of its development land bank.
The group recorded taxable profit of €338 million, up 6 percent compared with 2024. Net asset value increased by 8.3 percent to €2.6 billion, while EPRA net tangible assets rose by 9 percent. EBITDA reached €454.7 million, representing a 28 percent year-on-year increase and marking one of the company’s strongest performances to date, second only to the exceptional logistics demand seen in 2021.
Leasing activity reached a record level during the year, with €106.7 million in new and renewed leases signed. Annualized revenue from closed and future leases stood at €468.3 million at year-end, an increase of 13.5 percent. The company reported that vacant space was re-let at rents averaging 14 percent higher than previous levels, and noted continued demand in early 2026, particularly from e-commerce and defense-related occupiers.
Development activity remained robust, with 43 projects under construction at year-end, representing more than 1 million sqm. Of these, 75 percent were pre-leased, securing €80.9 million in future annual rental income, the highest level of pre-leasing commitments in the company’s history. During 2025, VGP completed 21 projects totaling nearly 494,000 sqm, which are currently 99 percent leased and are expected to generate €32.9 million in additional annual rent. As a result, proportionately consolidated net rental income increased by 16.7 percent to €224.4 million.
Land acquisitions continued to support future growth. VGP secured 1.37 million sqm of new development land during the year, including sites in Germany, Portugal, Denmark and the United Kingdom. At the same time, 1.63 million sqm of land was allocated to projects launched in 2025. The group’s total secured land bank reached 10.3 million sqm, offering development potential exceeding 4.3 million sqm.
The standing portfolio, with an average building age of 4.8 years, maintained an occupancy rate of 98 percent. The company stated that its portfolio is progressing toward full sustainability certification, with 11 percent already holding or targeted to achieve top-tier certifications such as BREEAM Outstanding or DGNB Platinum. Among recent completions, a building in Arad, Romania, achieved what the company described as the highest BREEAM score globally for an industrial asset.
During the year, VGP concluded several joint venture and sale agreements, resulting in a net cash inflow of €389 million and realized gains of €60.5 million. In parallel, the company agreed with East Capital to establish a new pan-European fund focused on acquiring at least €1.5 billion in gross asset value from VGP, with a particular emphasis on Central and Eastern Europe. VGP intends to retain a 50 percent stake in the vehicle and aims to complete its first transaction with the fund in 2026.
Renewable energy capacity also expanded. Photovoltaic production capacity increased by 47 percent year-on-year to 170.5 MWp. In addition, the group has 141.2 MW of renewable projects under construction or in the permitting phase, including 14 battery storage projects totaling 106.6 MW.
The balance sheet remained stable, with cash of €524 million at year-end and a further €500 million in undrawn credit facilities. The proportional loan-to-value ratio stood at 50 percent, while net debt to EBITDA improved from 7 times in 2024 to 6.3 times in 2025. During the reporting period, the group issued bonds totaling €1.176 billion and repaid or repurchased €380 million of outstanding debt. In January 2026, it placed €600 million in bonds at what it described as the lowest risk premium in its history. VGP also received a BBB- investment grade rating with stable outlook from S&P Global, while Fitch reaffirmed its rating.
The board has proposed a regular dividend of €92.8 million, equivalent to €3.40 per share, representing a 3 percent increase compared with the previous year’s regular dividend.
Overall, VGP’s 2025 results reflect continued expansion of its logistics platform, strong leasing momentum and an active capital markets strategy, while maintaining high occupancy levels and advancing its sustainability objectives.
