VGP NV Overview
VGP is a vertically integrated, founder-controlled pan-European developer, owner and asset manager of grade-A logistics and semi-industrial real estate, operating in 18 European countries with a portfolio of 307 buildings and 7.5 million sqm (JVs at 100%, December 2025). Its economic engine is "develop-to-recycle": VGP buys land, permits, builds and leases parks largely pre-let, books the valuation uplift, and then sells stabilised assets into 50:50 joint ventures with institutional partners (Allianz Real Estate, Deka, Areim, and prospectively East Capital), recycling capital while retaining recurring asset-, property- and facility-management fees. A 10.3 million sqm landbank, an average portfolio age under five years and 98% occupancy underpin growth. Adjacent platforms — rooftop solar, battery storage and, from 2026, a data-centre JV — leverage the group's powered land. The stock trades at a deep discount to NTA, reflecting leverage, JV-dependence and CEE-weighted valuation yields.
Company's own description
In its 2026 releases VGP describes itself as "a pan-European owner, manager and developer of high-quality logistics and semi-industrial properties as well as a provider of renewable energy solutions" with "a fully integrated business model with extensive expertise and many years of experience along the entire value chain." For management purposes it reports three operating segments — Investment, Property Development and Renewable Energy — each with its own EBITDA and KPIs (FY2025 Annual Results, note 3).
What the company does
VGP's activity spans the full real-estate value chain in-house:
Land sourcing and permitting: Acquisition of greenfield and, increasingly, brownfield sites near motorway junctions and urban catchments (e.g., former Kabel Premium Pulp & Paper site in Hagen, Germany; brownfield redevelopments in Paris, Frankfurt, Nürnberg and Bilbao referenced in the FY2025 outlook). Total owned and committed landbank: 10.3 million sqm at end-2025 (development potential >4.3 million sqm); 10.0 million sqm at end-April 2026.
Design and construction: VGP designs and coordinates construction itself; 43 projects (1,052,000 sqm) were under construction at end-2025, all targeting at least BREEAM Excellent or equivalent.
Leasing: Long-term leases (weighted average term to final maturity 7.8 years overall; 9.6 years in the own portfolio; 7.1 years in JVs, December 2025) to logistics, light-industrial and e-commerce tenants. 96% of 2025's new leases included green-lease provisions.
Capital recycling via JVs: Completed, stabilised assets are sold into 50:50 JVs; VGP retains a 50% equity stake plus asset, property, facility and development management mandates.
Asset and property management: Fee income from JVs reached €52.1m in FY2025 (incl. an €18.4m promote provision on the First JV).
Renewable energy: Rooftop photovoltaic (PV) installations on VGP and JV buildings selling electricity to tenants/grid, plus battery energy storage systems (BESS).
Data centres (new, 2026): A 50:50 development platform with a specialist partner (memorandum of understanding announced August 2026).
Business and revenue model
| Revenue/value stream (FY2025, IFRS, EUR K) | Amount | Nature |
|---|---|---|
| Rental income from investment properties | 82,811 | Recurring rental (own portfolio) |
| Straight-lining of lease incentives | 3,926 | Accounting adjustment |
| Gross renewable energy income | 11,907 | Electricity sales / incentives |
| Property and facility management income | 49,579 | Recurring fees from JVs (incl. €18.4m promote) |
| Development management income | 2,479 | Fees from JVs |
| Total revenue (company definition, excl. service charges) | 150,702 | — |
| Net valuation gains on investment properties | 243,624 | Development value creation (unrealised €183.1m; realised €60.5m) |
| Share in result of JVs | 41,285 | Equity-accounted JV earnings |
VGP's IFRS "revenue" understates the economic scale of the business because most completed assets sit in equity-accounted JVs and development profit is recognised as fair-value gains rather than revenue.
Source: FY2025 Annual Results, notes 4 and 6.
Mix characterisation (analyst view): Using FY2025 total revenue of €150.7m, rental-type income represents c.58%, JV fee income c.35% and renewable energy c.8%. However, the dominant value driver is development (FY2025 Development EBITDA €199.3m of €454.7m group EBITDA). Management stated at the 2026 Capital Markets Day that recurring segments (Investment and Renewable Energy) now represent 72% of group EBITDA. There is no product, subscription or licensing revenue.
Value-chain position, customers and end-markets
| Rank | Tenant (Dec 2025) | Share of ACL |
|---|---|---|
| 1 | BMW | 6.0% |
| 2 | Isar Aerospace | 5.1% |
| 3 | Drylock Technologies | 3.5% |
| 4 | Ahold Delhaize | 3.3% |
| 5 | REWE | 3.0% |
| 6 | Zalando | 2.1% |
| 7 | Rhenus | 2.0% |
| 8 | Amazon | 1.9% |
| 9 | Opel | 1.6% |
| 10 | Krauss Maffei | 1.2% |
VGP sits upstream (land/development) and midstream (ownership/asset management) of the logistics real-estate chain, but not in third-party fund management at scale (East Capital fund would change this partially). Customers are corporate occupiers: the ten largest tenants (including JVs) represent €139.3m, or 29.7% of ACL, with a weighted remaining lease term of 10.5 years (December 2025):
Note: the release lists tenant names and percentages in sequence; the mapping above follows that sequence (FY2025 Annual Results, p.5). The top-10 is 81% Germany-based and 78% held in JVs; by area it is 52% light industrial, 29% e-commerce and 19% logistics.
New 2025 leases by end-market: logistics 67.9%, e-commerce 16.5%, light industrial 14.0%, other 1.6% (€56.9m of new annualised rent). Management highlighted a rebound in e-commerce demand and new interest from defence-sector occupiers in early 2026.
Independent characterisation
VGP is best understood as a merchant developer with a growing annuity tail. Its competitive edge lies in land access, speed of execution and an asset-light balance sheet enabled by JV recycling (€2.2bn recycled since 2022 per CMD 2026). Its vulnerabilities are equally structural: earnings are lumpy and valuation-driven, cash flow from operations is small relative to capex (FY2025 operating cash flow €50.9m vs. €641.9m investment-property and PP&E capex), and the model depends on institutional partners' appetite to buy assets at acceptable yields. The 2026 pivot towards multi-investor funds and a data-centre JV is an attempt to diversify that dependence.
Strategy
Stated strategy (themes from FY2025 report and CMD 2026)
-
Evolution of the JV model into a broader capital platform. "In 2026, VGP expects to take major steps forward in the evolution of its joint-venture model" (FY2025 outlook). CMD 2026 described a transition from single-investor JVs to multi-investor vehicles and multiple funds, with €3.6bn+ of GAV available for transactions.
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Land-led growth. 10.4m sqm landbank (CMD) supporting 4–5 years of growth; €311m theoretical rental value from the current landbank; 11 landmark sites (1.24m sqm lettable) entering execution within 6–12 months.
-
Recurring income build. Asset-management fees targeted to grow from €33.7m (2025, recurring basis) to €80–100m by 2030 (18% CAGR since 2020); recurring segments 72% of EBITDA.
-
Adjacent platforms on powered land. Renewables (PV and fivefold growth in storage) and data centres (c.225 MW opportunity).
-
Sustainability by design. 100% sustainable certification ambition; DGNB Gold/Platinum and BREEAM Excellent/Outstanding targets; automation and robotics-ready buildings.
Initiatives announced in the last 24 months
| Initiative | Date | Description | Targets / status |
|---|---|---|---|
| East Capital pan-European fund (Luxembourg RAIF) | Announced Feb 2026 | VGP 50% stake; East Capital AIFM; VGP Asset Management and East Capital Real Estate as advisers; CEE emphasis | ≥€1.5bn GAV (management sees c.€2bn possible); first seed closing slipped from 2026 to 2027 (H1 2026 call) |
| Saga JV expansion | 2025–2026 | Scope expanded to Portugal, Spain, Italy, Austria, Denmark; LTV allowance raised to 40% | Material fourth closing targeted H2 2026 (>€500m pipeline; some reports cite c.€1bn) |
| VGP Park München final closing (Allianz) | H2 2026 | Last building (42,000 sqm, Isar Aerospace) | Closing based on €150m GAV |
| Data-centre JV | MoU Aug 2026; CMD Sep 2026 | 50:50 platform with specialist partner | Partner identity expected end-2026; first cash flow c.2030 |
| BESS platform | 2025–2026 | 14 BESS projects (106.6 MWh) under construction/permitting | First grid connections H1 2026 |
| UK and Nordic market entry | 2,025 | East Midlands, Sheffield; Køge, Greve | Development under way |
| Brownfield reconversion programme | Ongoing | Paris, Frankfurt, Nürnberg, Bilbao, Hagen | Phased redevelopment |
| Liability management | 2025–2026 | €1,176m bonds issued since Dec-24; €300m tendered on 2027/2029 bonds | Cost of debt 3.0% pro forma |
| €250m equity raise | May 2026 | Accelerated bookbuild at €81.80 | Supports growth while closings pending |
| Sustainable Finance Framework update | 2,025 | Added EU Taxonomy criteria | Completed |
Medium-term targets/guidance (management)
| Item | Guidance | Source |
|---|---|---|
| Annual development capex | €500–750m | CMD 2026 |
| ACL milestone | >€500m expected in September 2026 | H1 2026 call |
| Asset management fees | €80–100m by 2030 | CMD 2026 |
| H2 2026 completions | 300,000–400,000 sqm | H1 2026 call |
| 2026 construction starts | >340,000 sqm pre-let visibility | FY2025 outlook |
| Data-centre yield on cost | Well above 10% | CMD 2026 |
| Dividend policy | Stable, based on growing recurring income | CMD 2026 |
| Leverage | No explicit numeric LTV target found in reviewed documents | — |
Products & Services
VGP does not sell products; its "catalogue" consists of real-estate formats, platforms and services. Pricing (rents) is not disclosed per asset.
Investment / leasing products
| Offering | Description and specifications | Target customer | Notes / flagships |
|---|---|---|---|
| Grade-A logistics warehouses | Large-box distribution centres; average completed building 24,000 sqm; 47% of completed portfolio larger than 30,000 sqm; average age 4.8 years | 3PLs, retailers, grocers (Rhenus, REWE, Ahold Delhaize, Aldi Süd) | 67.9% of 2025 new leases |
| Semi-industrial / light-industrial buildings | Production-capable buildings with higher power and floor loads, often built-to-suit | Automotive, aerospace, manufacturing (BMW, Krauss Maffei, Isar Aerospace, Drylock, Fuyao Glass) | VGP Park München (BMW, Krauss Maffei, Isar Aerospace) |
| E-commerce fulfilment and last-mile | Multi-level or urban-catchment fulfilment centres | Zalando, Amazon | 16.5% of 2025 new leases |
| Business and industrial parks | Multi-tenant parks branded "VGP Park [location]" (c.140 parks per 2026 company presentation) | Mixed occupiers | 307 buildings, 7.5m sqm (Dec 2025) |
| Brownfield reconversion | Redevelopment of former industrial sites into modern parks | Industrial and logistics occupiers | Paris, Frankfurt, Nürnberg, Bilbao, Hagen, Sheffield; Opel brownfield (Rüsselsheim) |
| Parking structures ("Parkhouse") | Stand-alone parking facilities within parks | Park tenants | VGP Park München; Saga third closing included one Parkhouse |
| Green leases | 96% of new leases include "dark green" clauses requiring renewable electricity procurement where reasonably possible | All tenants | Supports EU Taxonomy alignment |
Development services
| Offering | Description | Customer | Latest data |
|---|---|---|---|
| Speculative and pre-let development | In-house design and construction; BREEAM Excellent minimum; 7% of pipeline targets BREEAM Outstanding; 95% expected to qualify under EU Taxonomy "new construction" | Own portfolio, JVs | 43 projects / 1,052,000 sqm under construction (Dec 2025); 75.1% pre-let |
| Build-to-suit for JVs | Development on behalf of JVs (e.g., VGP Park München, Bratislava, Prostějov, Berlin 4) | Allianz, Areim JVs | 106,000 sqm under construction for JVs (Dec 2025) |
| Development management | Fee-based development management for JVs | JVs | €2.5m income FY2025 (down from €5.7m) |
Asset, property and facility management
| Offering | Description | Customer | Scale |
|---|---|---|---|
| Asset management | Corporate administration, financing, business planning, reporting, tax/legal, controlling for JVs | Allianz, Deka, Areim JVs; East Capital RAIF (planned) | €6.7bn of assets managed across 213 buildings in 13 countries (CMD 2026) |
| Property and facility management | Maintenance, waste management, greenery, tenant services | JV and own tenants | Property & facility management income €49.6m FY2025 |
| Promote / performance fees | Carried-interest-style promote on JV IRR outperformance | Rheingold (First JV) | €18.4m provision at FY2025 based on 12.4% net IRR vs 11.5% target |
Renewable energy platform (VGP Renewable Energy)
| Product | Specification (latest) | Customer | Status |
|---|---|---|---|
| Rooftop solar PV | 152 projects, 193.4 MWp operational, gross book value €117.0m (30 June 2026); 78 GWh sold in H1 2026 (+10%) | Tenants, grid | PV gross yield >10% per management |
| Battery Energy Storage Systems (BESS) | 14 projects / 106.6 MWh under construction or permitting; 6 projects / 54.3 MWh in pipeline (Dec 2025); first BESS grid-connected H1 2026 | Grid services / energy markets | Revenue expected from H2 2026 |
| Smart energy management and green mobility | EV charging and energy management in parks | Tenants | Ancillary; revenue not separately disclosed |
| Category | PV projects | PV MW(p) | BESS projects | BESS MW(h) |
|---|---|---|---|---|
| Installed | 130 | 170.5 | 3 | 12.0 |
| Under construction / permitting | 37 | 34.6 | 14 | 106.6 |
| Pipeline | 91 | 96.4 | 6 | 54.3 |
| Total | 258 | 301.4 | 23 | 172.9 |
Renewable capacity overview (December 2025):
Data-centre platform (new segment, 2026)
| Element | Detail |
|---|---|
| Structure | 50:50 JV for both operating company and asset-owning company with a specialist partner (unnamed; identity expected by end-2026 per KBC Securities commentary) |
| Identified opportunity | c.225 MW; gross implied platform capex €2.0–2.5bn (CMD 2026) |
| Flagship sites | Rüsselsheim near Frankfurt (50 MW grid connection secured); Paderno near Milan (120 MW grid connection) |
| Economics | Yield on cost "well above 10%"; first cash flows from Rüsselsheim c.2030, Milan c.two years later; sites contributed to JV at market value |
| Equity flexibility | VGP may dilute from 50% to 25% to limit its equity need (KBC: VGP may ultimately fund c.25% of equity) |
Financial Narrative
Income statement and key operating metrics
Sources: FY2025 Annual Results; FY2024, FY2023, FY2022 results; Simply Wall St summary for FY2022/FY2021 EPS. FY2021 net profit (€650.1m) is consistent with the reported FY2021 EPS and the -119% swing to FY2022 but was not read directly from the FY2021 filing. FY2023 EBITDA derived. FY2023 dividend of €3.70 comprised an ordinary €80.5m plus a €20.5m extraordinary top-up (total €101m). "Gross profit" is not a reported concept; net rental and renewable income is the closest proxy. FY2023 "revenue" of €146.4m reported by third-party aggregators uses a different (service-charge-inclusive) definition and is not comparable, so it is excluded.
Margin analysis. Conventional margins are distorting for VGP: FY2025 operating result (€362.3m) is 240% of total revenue, and net profit is 193% of revenue, because value creation flows through fair-value gains and JV equity income. More meaningful ratios are:
Growth/CAGR (derived). ACL CAGR FY2021–FY2025: 16.3%. Proportionally consolidated net rental income CAGR FY2022–FY2025: 27.8%. Company-reported recurring EPS FY2025 €3.76 (+33%; per Investing.com summary of results, 6% above consensus).
Commentary. The five-year record shows two distinct regimes. FY2021 was a pandemic-era peak in which yield compression produced a €650m profit. FY2022's €122.5m loss reflects the abrupt repricing of logistics yields as interest rates rose; VGP still realised €87.2m of gains on JV disposals that year, demonstrating that the transaction channel stayed open. FY2023 (net €87.3m) and FY2024 (€287.0m) mark the recovery, driven by record leasing (€91.6m new/renewed in 2024), strong development EBITDA (+178% in 2024) and a return to positive JV revaluations (€54.5m at share in 2024). FY2025 net profit was flat (+1.2%) despite EBITDA +28%: the drivers were a €10.4m negative JV revaluation at share (German yield expansion in H2 2025), a swing in net financial result from +€2.4m to -€23.9m (more bond interest, less cash interest income), and higher deferred tax (€37.4m). Underlying recurring earnings, however, rose sharply. The FY2025 net profit of €290m was 23% below consensus per the Investing.com summary, which frames the "mixed" market reception.
Half-year 2026 snapshot
Sources: VGP H1 2026 results; RTTNews; Quartr H1 2025 summary; StockAnalysis transcript summary. The H1 2026 decline in headline profit reflects lower development valuation gains and the absence of large JV closings in the half (closings slated for H2 2026), while recurring income grew strongly.
Balance sheet
Sources: FY2025 Annual Results (FY2024 restated); FY2023 results; FY2022 boilerplate (GAV €6.44bn). Working capital derived (current assets minus current liabilities). At 30 June 2026: cash €599m, proportional LTV 49.4%, gearing 35.5%, shareholders' equity +10.5% YTD after a €247m net equity raise, EPRA NTA €2.9bn.
Commentary. The balance sheet has grown steadily, with equity compounding via retained earnings (no equity issuance in 2024–2025) until the May 2026 raise. The proportional LTV of c.50% is high for a European logistics landlord (SEGRO 31%, Montea 40%) and is the core reason for rating-agency and investor caution. The company emphasises that JVs (with stabilised assets) carry a lower 32.8% LTV, while the own portfolio carries development land and construction. Liquidity is robust: over €1bn including €500m undrawn RCFs at both end-2025 and mid-2026.
Cash flow
Sources: FY2025 Annual Results cash-flow statement (FY2024 restated, with interest paid reclassified to financing); FY2022 results for 2022 JV profit distributions. Free cash flow derived.
Commentary. Standard free cash flow is structurally negative because development capex is funded by asset recycling rather than operating cash. The appropriate "self-funding" test is OCF plus disposal proceeds plus JV distributions versus capex plus dividends: in FY2025 this was €522.3m inflow vs. €732.0m outflow (shortfall funded by net bond issuance); in FY2024 it was €927.2m vs. €650.8m (surplus). The swing explains the rise in net debt during 2025 and the decision to raise equity in May 2026 while JV closings slipped into H2 2026.
Ratios
Inflections: the cost of debt is rising as legacy low-coupon bonds (issued 2021–2022) are refinanced at 4.00–4.25%; this is the single largest structural headwind to recurring EPS growth.
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Segment Overview
| Segment | What it contains | Admin cost allocation (2025) |
|---|---|---|
Investment (rental / asset management) | Rental income from completed own assets; property, asset and facility management income from JVs; VGP's share of JVs' adjusted EBITDA (excl. revaluations) | 15% of property operating and admin costs |
Property Development | Land, permitting, construction, delivery; net fair-value movements on own development and completed properties; realised gains on disposals to JVs | c.80% of admin costs |
Renewable Energy | Rooftop PV and related infrastructure, BESS; electricity sales, incentives | c.5% of admin costs |
Segment EBITDA (EUR Mn)
| Segment EBITDA (EUR Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Investment and Property and Asset Management | — | 204.3 | 249.0 |
Property Development | — | 144.8 | 199.3 |
Renewable Energy | — | 5.4 | 6.5 |
Total Group EBITDA | 225.5 | 354.5 | 454.7 |
Segment Revenue
| Segment | FY2025 EBITDA | YoY growth | Share of group EBITDA FY2024 | Share of group EBITDA FY2025 |
|---|---|---|---|---|
Investment | €249.0m | +21.9% | 57.6% | 54.8% |
Development | €199.3m | +37.6% | 40.8% | 43.8% |
Renewable Energy | €6.5m | +20.2% | 1.5% | 1.4% |
Segment Revenue — Gross rental and renewable income
| Line item | Investment | Development | Renewable Energy | Eliminations | Total |
|---|---|---|---|---|---|
Gross rental and renewable income | 86,762 | 0 | 12,268 | -386 | 98,644 |
Property operating expenses | -4,888 | -2,276 | -3,159 | 386 | -9,937 |
Net rental and renewable income | 81,874 | -2,276 | 9,109 | 0 | 88,707 |
JV fee income | 52,058 | 0 | 0 | 0 | 52,058 |
Net valuation gains | 0 | 243,624 | 0 | 0 | 243,624 |
Administration expenses (ex-D&A) | -7,890 | -42,081 | -2,630 | 0 | -52,601 |
Share of JVs' adjusted EBITDA | 122,914 | 0 | 0 | 0 | 122,914 |
EBITDA | 248,956 | 199,267 | 6,479 | 0 | 454,702 |
EBIT | 247,982 | 194,902 | 932 | 0 | 443,816 |
Segment Revenue — Investment properties
| Item | Investment | Development | Renewable Energy |
|---|---|---|---|
Investment properties | 888,497 | 1,504,902 | 0 |
PP&E | 2,579 | 20,631 | 117,477 |
Investments in JVs and associates | 1,391,262 | 18,596 | 0 |
Other non-current receivables (mainly JV loans) | 552,383 | 14,335 | 0 |
Total segment assets | 2,890,613 | 1,667,687 | 147,666 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Committed annualised rental income incl JVs at 100% (EUR Mn) | 256.1 | 303.2 | 350.8 | 412.6 | 468.3 |
Total revenue company definition (EUR Mn) | — | — | — | 106.4 | 150.7 |
Gross rental and renewable energy income IFRS (EUR Mn) | — | — | — | 73.7 | 98.6 |
Net rental and renewable energy income IFRS (EUR Mn) | — | — | — | 67.7 | 88.7 |
Net rental income proportionally consolidated (EUR Mn) | — | 107.4 | 159.1 | 192.4 | 224.4 |
JV fee income (EUR Mn) | — | — | — | 32.7 | 52.1 |
Net valuation gains on investment properties (EUR Mn) | — | — | — | 187.1 | 243.6 |
Operating result IFRS (EUR Mn) | — | -115.6 | 118.8 | 317.1 | 362.3 |
EBITDA company definition (EUR Mn) | — | — | 225.5 | 354.5 | 454.7 |
Pre-tax profit (EUR Mn) | — | — | — | 319.5 | 338.4 |
Net profit (EUR Mn) | 650.1 | -122.5 | 87.3 | 287.0 | 290.4 |
EPS basic (EUR) | 31.41 | -5.49 | 3.20 | 10.52 | 10.64 |
EPS diluted (EUR) | — | — | — | 10.52 | 10.64 |
Dividend per share gross (EUR) | — | 2.75 | 3.70 | 3.30 | 3.40 |
Income Statement and Margin Analysis (%)
| Ratio (derived) | FY2024 | FY2025 |
|---|---|---|
Net rental and renewable income / gross rental and renewable income | 91.8% | 89.9% |
Admin expenses / total revenue | 57.6% | 42.0% |
Recurring net income (company "recurrent net income", EUR Mn) | 270.1 | 346.1 |
Effective tax rate (taxes / pre-tax) | 10.2% | 14.2% |
Effective current tax rate (company-normalised) | 8.2% | 9.3% |
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View Subscription PlansIncome Statement and Per-Share Data (Half-Yearly)
| Metric | H1 2025 | H1 2026 | Change |
|---|---|---|---|
Revenue (RTT definition, EUR Mn) | 61.7 | 68.0 | +10.2% |
EBITDA (EUR Mn) | 238.8 | 186.4 | -21.9% |
Pre-tax profit (EUR Mn) | 208.6 | 140.9 | -32.5% |
Net profit (EUR Mn) | 180.5 | 119.8 | -33.6% |
EPS (EUR) | 6.61 | 4.26 | -35.6% |
Net rental and renewable income at share (EUR Mn) | — | 128.2 | +17.9% |
ACL at period end (EUR Mn) | 441.3 | 488.9 | +10.8% |
Cash (EUR Mn) | — | 599 | vs 524 at Dec-25 |
Balance Sheet and Per-Share Data
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Total assets (EUR Mn) | — | — | 4,653.9 | 5,204.1 |
Investment properties (EUR Mn) | — | — | 2,069.8 | 2,393.4 |
Investments in JVs and associates (EUR Mn) | — | — | 1,300.9 | 1,409.9 |
Cash and equivalents (EUR Mn) | — | 209.9 | 492.5 | 523.1 |
Current financial debt (EUR Mn) | — | — | 114.9 | 262.0 |
Non-current financial debt (EUR Mn) | — | — | 1,942.5 | 2,097.8 |
Total financial debt (EUR Mn) | — | — | 2,057.4 | 2,359.8 |
Net financial debt (EUR Mn) | — | — | 1,565 | 1,836 |
Shareholders equity (EUR Mn) | — | 2,214.4 | 2,400.4 | 2,600.8 |
Goodwill and intangibles (EUR Mn) | — | — | 0.7 | 0.5 |
Working capital (EUR Mn) | — | — | 391.9 | 297.4 |
IFRS NAV per share (EUR) | 80.69 | 81.14 | 87.96 | 95.30 |
EPRA NTA per share (EUR) | 84.35 | 83.10 | 89.22 | 97.33 |
Portfolio value incl JVs at 100% (EUR Mn) | 6,440 | — | 7,837 | 8,715 |
Gearing net debt to total equity and liabilities (%) | — | — | 33.6 | 35.3 |
Proportional LTV (%) | — | — | 48.3 | 50.0 |
Cash Flow
| Metric | FY2022 | FY2024 | FY2025 |
|---|---|---|---|
Net cash from operating activities (EUR Mn) | — | 33.0 | 50.9 |
Investment property and PP&E capex (EUR Mn) | — | 549.8 | 641.9 |
Free cash flow OCF minus capex (EUR Mn) | — | -516.8 | -591.0 |
Disposal proceeds subsidiaries JVs and properties (EUR Mn) | — | 808.6 | 388.7 |
Distributions received from JVs (EUR Mn) | 60 | 85.6 | 82.7 |
Dividends paid (EUR Mn) | — | 101.0 | 90.1 |
Share buybacks (EUR Mn) | — | 0 | 0 |
Proceeds from new loans and bonds (EUR Mn) | — | 135.0 | 565.1 |
Loan repayments (EUR Mn) | — | 78.0 | 275.2 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2024 | FY2025 | Basis |
|---|---|---|---|
ROE (net profit / average equity) | 12.4% | 11.6% | Derived |
ROA (net profit / average total assets) | — | 5.9% | Derived |
ROIC (EBIT after effective tax / equity plus net debt) | 7.2% | 7.0% | Derived, operating result used as EBIT |
Current ratio | 2.80x | 1.77x | Derived |
Debt / equity (gross financial debt) | 0.86x | 0.91x | Derived |
Net debt / EBITDA (company-reported) | 7.0x | 6.3x | Company definition (proportional) |
Net debt / EBITDA (IFRS net debt / company EBITDA) | 4.4x | 4.0x | Derived; EBITDA includes valuation gains |
Interest coverage (operating result / financial expenses) | 6.6x | 6.0x | Derived |
Interest coverage (EBITDA / financial expenses) | 7.4x | 7.5x | Derived |
Asset turnover (revenue / average assets) | — | 0.03x | Derived; not meaningful for a developer |
Average cost of debt | — | 2.7% (3.0% pro forma Jan-26 bond) | Company |
Average debt maturity | — | 3.6 years (4.2 years pro forma) | Company |
Region gross rental and renewable income incl JV at share (EUR Mn)
| Region gross rental and renewable income incl JV at share (EUR Mn) | FY2024 | FY2025 |
|---|---|---|
Western Europe | 140.2 | 162.7 |
Central and Eastern Europe | 61.2 | 72.0 |
Baltics and Balkans | 9.9 | 12.7 |
Total | 211.3 | 247.4 |
Revenue by Region (%)
| Region (%) | FY2025 YoY growth (derived) | Share of FY2025 total |
|---|---|---|
Western Europe | +16.0% | 65.8% |
Central and Eastern Europe | +17.6% | 29.1% |
Baltics and Balkans | +29.1% | 5.1% |
Country gross rental and renewable income incl JV at share (EUR Mn)
| Country gross rental and renewable income incl JV at share (EUR Mn) | FY2024 | FY2025 |
|---|---|---|
Germany | 109.5 | 114.5 |
Czech Republic | 25.1 | 24.7 |
Romania | 15.0 | 21.4 |
Hungary | 12.6 | 17.8 |
Spain | 10.8 | 15.2 |
Netherlands | 8.7 | 10.0 |
Austria | 5.6 | 10.0 |
Slovakia | 8.5 | 8.1 |
Italy | 3.1 | 7.8 |
Latvia | 7.9 | 6.4 |
Serbia | 1.9 | 6.3 |
Portugal | 2.3 | 3.8 |
France | 0.2 | 1.2 |
Denmark | 0 | 0.3 |
United Kingdom | 0 | 0 |
Croatia | 0 | 0 |
Geographic Revenue
| Country | Operating EBITDA FY2024 (EUR Mn) | Operating EBITDA FY2025 (EUR Mn) | Capex FY2025 (EUR Mn) | Investment property at share FY2025 (EUR Mn) |
|---|---|---|---|---|
Germany | 162.2 | 225.7 | 171.4 | 2,573.7 |
Czech Republic | 43.9 | 42.5 | 22.9 | 544.6 |
Italy | 12.5 | 27.8 | 31.7 | 152.1 |
Hungary | 23.3 | 23.3 | 41.2 | 335.7 |
Spain | 28.7 | 22.7 | 42.8 | 445.8 |
France | -4.9 | 22.4 | 37.2 | 170.2 |
Netherlands | 16.0 | 21.0 | 1.6 | 207.4 |
Portugal | 6.8 | 13.8 | 25.6 | 87.4 |
Slovakia | 14.0 | 13.1 | 27.1 | 232.4 |
Austria | 3.9 | 11.2 | 19.4 | 175.9 |
Serbia | 1.5 | 8.2 | 0.1 | 105.2 |
Romania | 17.4 | 7.9 | 71.6 | 336.3 |
Latvia | 9.1 | 6.5 | 5.3 | 73.8 |
Croatia | 9.6 | -0.9 | 42.2 | 72.3 |
Denmark | 5.0 | -1.2 | 40.4 | 62.7 |
United Kingdom | 0 | -6.3 | 60.1 | 55.0 |
Other (central) | 5.5 | 17.3 | 0 | 0 |
Total | 354.5 | 454.7 | 640.6 | 5,630.6 |
Share Price History
| Date | Close / price | Source |
|---|---|---|
25 Jun 2026 | 84.30 | Trivano |
10 Jul 2026 | 81.40 | Test-Aankoop |
14 Aug 2026 | 79.80 | Trivano |
31 Aug 2026 | 80.80 (1-year change -17.13%; 52-week range 75.60–111.20) | StockAnalysis |
4 Sep 2026 | 79.30 | Trivano |
11 Sep 2026 | 71.40 | Trivano |
23 Sep 2026 | 70.50 | Beleggen.nl |
30 Sep 2026 | 68.00 (intraday) | Beursgenoten |
5 Oct 2026 | 64.40 | Trivano |
9 Oct 2026 | 63.80 | Trivano |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
Market capitalisation | €1.94bn | 30,347,546 shares |
P/E (IFRS FY2025 EPS €10.64) | 6.0x | Trailing |
P/E (recurring FY2025 EPS €3.76) | 17.0x | Trailing |
P/EPRA NTA (Dec-25 €97.33) | 0.66x | Pre-raise NTA/share |
P/EPRA NTA (Jun-26 €2.9bn / 30.35m shares ≈ €95.6) | 0.67x | Post-raise |
P/B (IFRS NAV/share €95.30, Dec-25) | 0.67x | — |
EV (market cap + IFRS net debt Dec-25 €1,836m) | €3.77bn | Not adjusted for May 2026 raise |
EV/EBITDA (FY2025 €454.7m) | 8.3x | EBITDA includes valuation gains |
EV/Sales (FY2025 total revenue €150.7m) | 25.0x | Not meaningful |
Dividend yield (€3.40) | 5.3% | — |
Analyst Ratings & Targets
| Broker | Date | Rating | Target (EUR) |
|---|---|---|---|
KBC Securities | 4 Sep 2026 | Buy / Accumulate | 125 |
Kepler Cheuvreux | 4 Sep 2026 | Buy | 108 |
Jefferies | 4 Sep 2026 | Buy | 92 |
Degroof Petercam | 4 Sep 2026 | Hold | 88 |
Oddo BHF | Aug 2026 | Neutral (downgraded from Outperform) | 90 |
Deutsche Bank | 25 Jun 2026 | Buy | 100 |
ING | 19 Jun 2026 | Buy | 105 |
Barclays | 30 Mar 2026 | Underweight | 75 |
Consensus average | Sep 2026 | Buy / Moderate Buy | 99.75 (Trivano); 101.75 (StockAnalysis) |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Gross dividend per share (EUR) | 2.75 | 3.70 | 3.30 | 3.40 |
Total dividend declared (EUR Mn) | 75.1 | 101.0 | 90.0 | 92.8 |
Credit Ratings
| Agency | Rating | Outlook | Date |
|---|---|---|---|
S&P Global | BBB- | Stable | Assigned 2025 |
Fitch Ratings | BBB- | Stable | Re-affirmed 2025 |
Moody's | Not rated | — | — |
Capital Instruments
| Instrument | Amount outstanding | Coupon | Maturity |
|---|---|---|---|
Bond (Jan-2027) | €220.1m (from €500m after 2025–26 tenders) | 1.625% | Jan 2027 |
Bond (Jan-2029) | — | — | Jan 2029 |
Bond (Jan-2031) | €576m | 4.25% | Jan 2031 |
Bond (Jan-2032) | €600m | 4.00% | Jan 2032 |
Bond repaid | €190m | — | Matured Mar 2026 |
Bank term facility | €135m drawn | 4.15% | 10-year from Feb 2024 |
RCFs | €500m undrawn (incl. €50m guarantee line) | — | JP Morgan to Feb 2028; others extended |
Analyst Conclusions
Management guidance
-
ACL to exceed €500m (expected September 2026); H2 2026 completions of 300,000–400,000 sqm; construction starts visibility >340,000 sqm pre-let for 2026.
-
Material JV closings in H2 2026: Saga fourth closing; Allianz VGP Park München final (€150m GAV); East Capital seed closing now expected 2027.
-
Development capex €500–750m p.a.; asset-management fees €80–100m by 2030.
-
Data-centre partner identity expected around end-2026; first cash flow c.2030.
-
Dividend: stable, rising with recurring income.
Consensus expectations
Consensus target price c.€100 (September 2026) implies >50% upside from €63.80; detailed EPS/EBITDA consensus figures were not available in reviewed sources (Parqet/aggregators show no consensus dataset). Recurring EPS grew 33% in FY2025 to €3.76.
Bull case
-
Deep NTA discount with growing recurring income: shares at c.0.67x EPRA NTA while recurring EPS rose 33% in 2025 and net rental income at share rose 17.9% in H1 2026.
-
Visible rent growth: €69m of signed-but-not-yet-paying rent (CMD), a 75% pre-let pipeline with record €80.9m secured, and re-letting uplifts of 6–21%.
-
Optionality on powered land: 170 MW of secured DC grid connections and a fivefold storage expansion could re-rate the platform, with partner capital limiting VGP's equity need to as little as 25%.
Bear case
-
Leverage and cost of debt: proportional LTV c.50% with new debt at 4.00–4.25% versus 2.7% average; interest-cost drag offsets rental growth.
-
Recycling timing risk: East Capital slipped to 2027; any further delay in Saga or other closings forces more equity or slower development — the May 2026 raise is now c.22% under water.
-
Valuation sensitivity: own-portfolio yields at 7.48% and JV portfolios already marked down in Germany; a 25bp outward move would cut own-portfolio value by c.€68m (derived from €27.2m per 10bp), eroding NTA.
Catalysts and monitorables (next 12 months)
-
Saga fourth closing and München final closing (size, pricing vs book, cash released).
-
East Capital seed closing timing and pricing.
-
Naming and terms of the data-centre partner.
-
FY2026 results (February 2027): recurring EPS, NTA, DPS, LTV trajectory.
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Refinancing of €220.1m Jan-2027 bond.
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Rheingold promote crystallisation (vs €18m provisioned).
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German logistics valuation trends; occupancy (98% baseline); re-letting spreads.
-
Any new transparency notifications post-capital increase.
Analyst verdict
VGP enters late 2026 as a business whose operating fundamentals and market valuation have decoupled. Operationally, the evidence is strong: committed rent has compounded at roughly 16% a year since 2021 to nearly €500m, occupancy is 98%, the building stock is among the youngest in Europe, and the development pipeline is three-quarters pre-let at record secured rent. Recurring earnings — rent, renewables and an expanding fee annuity from €6.7bn of managed JV assets — now account for 72% of EBITDA, and management credibly targets a doubling-plus of fee income by 2030. Powered land, both for batteries and data centres, is an underappreciated strategic asset in a grid-constrained Europe.
The market, however, is pricing the funding model rather than the assets. With proportional LTV around 50%, structurally negative free cash flow and a refinancing curve moving from sub-2% to 4%+ coupons, VGP depends on a steady cadence of JV closings to self-fund growth. The 2026 slippage of the East Capital fund, the €250m equity raise at €81.80 and the subsequent slide to the low €60s show how quickly investors penalise timing uncertainty. Founder control with double voting rights adds a persistent governance discount, though it also aligns management economically with shareholders.
On balance, at roughly two-thirds of NTA, a trailing recurring P/E near 17x and a 5.3% dividend yield, the risk-reward appears asymmetric to the upside provided the H2 2026 closings materialise near book value and the data-centre JV is signed with a credible partner. Those two events are binary near-term catalysts; failure on either would validate the bear thesis on leverage. We would characterise the shares as a high-conviction, event-dependent value opportunity.
FY2021–FY2023 detailed IFRS line items, full remuneration report data, institutional holder lists, ESG ratings and complete bond schedule should be validated against VGP's annual reports at vgpparks.eu/investors before reliance. Derived ratios are analyst computations from reported figures and may differ from company-defined metrics.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure / background | Birth year (if disclosed) |
|---|---|---|---|
Jan Van Geet | Founder, CEO and Executive Director | Founded VGP 1998; director since 2007; CEO of listed group since 2008 | 1971 |
Piet Van Geet | Chief Financial Officer | Presents results with CEO since at least 2024 | 1985 |
Tomas Van Geet | Chief Commercial Officer | Not further disclosed | 1976 |
Miquel-David Martinez | Chief Technical Officer | Not further disclosed | 1978 |
Matthias Sander | COO Eastern Europe | Not further disclosed | 1970 |
Jonathan Watkins | COO Western Europe | Not further disclosed | 1975 |
Martijn Vlutters | VP Business Development and Investor Relations | Appointed October 2018 | 1979 |
Sarah Wilkinson | Head of Data Centres | Appointed 2025; previously Microsoft (Regional Lead Land Acquisitions EMEA), CBRE, Colliers | — |
Karen Huybrechts | Head of Marketing | Not further disclosed | — |
Dirk Stoop | Company Secretary | Not further disclosed | 1961 |
“—” = not publicly disclosed.
Board of Directors
| Director | Role | Since | Independence | Notes |
|---|---|---|---|---|
Bart Van Malderen (perm. rep. of VM Invest NV) | Non-executive Chairman | Board 2007; Chair since May 2019 | Non-independent (reference shareholder) | Replaced Marek Šebesťák as chair |
Jan Van Geet | CEO, Executive Director | 2007 | Executive | Founder and controlling shareholder |
Ann Gaeremynck | Non-executive, independent | 2019 | Independent | Chairs audit committee per 2019 appointment release |
Vera Gäde-Butzlaff | Non-executive, independent | 2019 | Independent | Former CEO of GASAG (2015–2018) and of Berlin city cleaning company BSR |
Katherina Reiche | Non-executive, independent | 2019 | Independent | — |
Major Shareholders
| Holder | Voting rights | % of voting rights at notification | Notification date / denominator |
|---|---|---|---|
Jan Van Geet via Little Rock Sàrl | 16,184,780 | 37.85% | 30 Nov 2024 / 42,765,308 |
Jan Van Geet via Tomanvi SCA | 1,259,428 | 2.94% | 30 Nov 2024 / 42,765,308 |
Jan Van Geet total | 17,444,208 | 40.79% | — |
Bart Van Malderen via VM Invest NV | 7,895,179 | 24.30% | 1 Dec 2021 / 32,486,418 |
LVM & Family NV and Griet Van Malderen (concert) | 1,740,910 | 4.39% | 30 Nov 2022 / 39,611,782 |
Competitive Landscape
Key Competitors
| Competitor | Type | Overlap with VGP | Key data (latest verified) |
|---|---|---|---|
CTP N.V. | Listed developer-owner (Euronext Amsterdam) | CEE (CZ, RO, HU, SK, Serbia), Germany, Netherlands | FY2025 gross rental income €759.8m; annualised rent €839.7m; EPRA NTA/share €20.39; €1bn rent target by 2027 |
SEGRO plc | Listed REIT (LSE/Euronext Paris) | Germany, Netherlands, CEE, Spain, Italy, France; data centres | FY2025 adjusted PBT £509m; LTV 31%; net debt/EBITDA 8.4x; DPS 31.1p |
Prologis (European business) | Listed REIT (NYSE) | Pan-European logistics, fund management | — |
WDP | Listed Belgian REIT | Benelux, Romania, Germany, France | FY2025 EPRA EPS €1.53; 2026 guide €1.60 |
Montea | Listed Belgian REIT | Benelux, France, Germany | FY2025 rental income €139.8m; EPRA earnings €112.8m; LTV 40.0%; EPRA NTA €81.6 |
P3 Logistic Parks | Private (GIC-owned) | CEE and Western Europe | — |
Panattoni | Private developer | Pan-European speculative development | — |
Goodman Group (Europe) | Listed (ASX) developer/fund manager | Germany, Netherlands, France, CEE | — |
GLP / Logicor (Blackstone) | Private owners | Pan-European standing logistics | — |
Garbe Industrial Real Estate | Private developer/manager | Germany and Western/Central Europe | — |
“—” = not publicly disclosed.
Peer Comparison FY2025
| Metric | VGP (FY2025) | CTP (FY2025) | SEGRO (FY2025) | Montea (FY2025) |
|---|---|---|---|---|
Rent metric | ACL €468.3m (JVs 100%); gross rent at share €247.4m | Gross rental income €759.8m | Net rental income: FY2024 £628m, +8.6% in 2025 (c.£682m derived) | Rental income €139.8m |
Rent growth | ACL +13.5% | GRI +14.4%; LfL +4.5% | LfL NRI +6.0% | +21.4% |
Leverage | Proportional LTV 50% | — | LTV 31% | LTV 40.0% |
NTA per share growth | +9.1% | +12.8% | IFRS NAV +1.9% (906p vs 889p) | — |
Business model | Develop-to-JV; c.67% of managed assets in JVs | Develop-to-hold | Hold plus develop | Hold plus develop (REIT) |
