VGP’s Half Year Results 2025

VGP NV

21 August 2025, 7:00am, 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 half-year ended 30 June 2025:

A pre-tax profit of € 208.6 million (increase of 35% versus H1 ’24), reflecting € 40.9 million of net rental and renewable energy income (+ 24.3%), joint venture management fee income of € 16.1 million (+ 2.6%) and € 141.5 million net valuation gains on the portfolio (+42.8%) A record of € 56.1million, or 822,000 sqm, signed and renewed lease agreements during H1 '25, bringing total committed annualised rental income to €441.3 million (+7% YTD and + 14.7% y.o.y organicgrowth)1. On a look through basis, net rental income increased by 16.4% versus H1 ‘24 to € 103.92 million As at 30 June 2025, a total of 846,000 sqm under construction through 36 projects representing € 72.8 million in additional annual rent once fully built and let

325,000 sqm of projects started up in H1 ’25, representing € 29.2 million of rental income once fully built and let Pre-let ratio amounts to 76%3, assets which are longer than six months under construction are already 80% pre-let Delivered 11 projects representing 264,000 sqm during H1 ’25, 96.3% let and representing € 17.6 million of rental income

49% of delivered assets are certified BREEAM Outstanding Total completed assets4 cover 6,244,000sqm or 255 buildings, are 98% let and have an average age of only 4.5 years Acquired 633,000 sqm of development land, including the inaugural development in the United Kingdom and strategic expansions in Croatia, Denmark, Romania, Germany, Portugal, Spain, Hungary, Czech Republic and Italy

The total secured landbank stands at 9.7 million sqm representing a development potential of more than 4 million sqm or + € 256 million estimated rental value potential Total investment property at share increases 8.3% to € 5.4 billion² Gross renewables income increased 71.5% YoY to € 6.5 million. Total renewable energy capacity installed at the end of the period increased YoY from 143MW to 177.3MW (+20%) and the capacity of projects under construction or currently under permitting/design increased from 69.7MW to 105.9MW (+52%).  Marketable production of renewable energy over the first 6 months of the year increased from 47GWh to 70GWh (+49% YoY) Balance sheet total surpasses €5 bn marker, with available liquidity of € 0.9 billion. Extended maturity on outstanding financial indebtedness through issuance of € 576 million bonds and repurchase of € 200 million on outstanding bonds. In addition a bond of € 80 million has been repaid at maturity in March ’25. EPRA NTA increases 4.8% since Dec ’24 and 11.5% y.o.y. Including disposal of VGP Park Riga in July ’25, VGP recycled € 35.6 million as a result of closings with the Deka and Allianz Joint Ventures. The Group foresees further material transactions in H2 ’25. VGP has obtained an investment grade BBB- rating from Standards & Poor’s with stable outlook.

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[Please see the full press release in the attachment]

1 Compared to 31 December 2024 and June 2024 and inclusive of Joint Ventures at 100%

2 See note ‘income statement, proportionally consolidated’

3 Includes pre-let commitments on development land. Pre-let ratio of assets currently under construction amounts to 72.9%

4 Of which 4,571,000 sqm, or 194 buildings in JVs and 1,673,000 sqm or 61 buildings in own portfolio

Attachment

VGP_Press_Release_1H2025-ENG-FINAL

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