Full Year 2025 VGP NV Earnings Call Transcript
Key Points
- VGP SA (VGPBF) recorded a pre-tax profit of EUR338 million, marking a 6% increase from the previous year.
- The company's net asset value grew by 8.3% to EUR2.6 billion, with an EPRA NTA increase of 9%.
- EBITDA saw a significant growth of 28%, reaching EUR454.7 million.
- VGP SA achieved a historic record of EUR106.7 million in new and renewed leases, with annualized committed leases at EUR468.3 million.
- The development pipeline is robust, with 75% of 1,052,000 square meters under construction being pre-let.
- The vacancy rate in the market has increased from 3% to 6.2%, although VGP's portfolio remains over 98% let.
- There was a devaluation of some German assets due to an increased assumed vacancy period by valuators, despite VGP's strong reletting performance.
- The share in net profit from joint ventures decreased from EUR92.7 million to EUR41.3 million, partly due to valuation changes.
- Net financial results shifted from an income to a cost of EUR24 million, influenced by higher interest costs and reduced interest income.
- The company's gearing ratio stands at 35%, with a proportional LTV of 50%, indicating a significant level of leverage.
Welcome to the review of VGP's financial results over full year 2025. (Operator Instructions) Now I will hand the conference over to the speakers. Please go ahead.
Good morning, everybody, and welcome to the presentation of our full year 2025 financial results. My name is Jan Van Geet, and I'm the CEO of VGP, as most of you know, I think. I'll first start with a little executive summary and the highlights of 2025. We recorded a pre-tax profit of EUR338 million, an increase of EUR19 million or 6% higher than the full year of 2024. Our net asset value grew 8.3% up to EUR2.6 billion, and that's -- the EPRA NTA is up 9%. We have an EBITDA growth of 28% to EUR454.7 million, 13.5% increase.
And what makes me happy is the historic record of EUR106.7 million of new and renewed leases, which I will go to more detail later on. The annualized committed leases at the year-end stand now at EUR468.3 million. We have 1,052
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