Half Year 2025 VGP NV Earnings Call Transcript
Key Points
- VGP SA (VGPBF) reported a pre-tax profit of EUR208.6 million, marking a 35% increase compared to the first half of 2024.
- The company achieved a net asset value growth of 10.5% year on year, reaching EUR2.5 billion.
- EBITDA grew by 31.7%, with significant contributions from recurring rental business activities and development activities.
- VGP SA (VGPBF) signed a record EUR56.1 million in new and renewed leases, with a strong pipeline of lease negotiations ongoing.
- The company has ample liquidity with almost EUR1 billion available and has extended the maturity on outstanding financial indebtedness through the issuance of EUR576 million bonds.
- The vacancy rate continues to climb in some markets, although VGP SA (VGPBF) reports low vacancy rates in its key markets.
- Construction costs have been volatile, although they are reportedly stabilizing at pre-pandemic levels.
- The market for logistics take-up is generally weaker, with less take-up across the market every year since 2021.
- There is uncertainty regarding the promote structure with Allianz, which requires further negotiation to define the payout mechanism.
- The company faces challenges in maintaining high pre-let levels while expanding its development pipeline.
Welcome to the VGP half year 2025 financial results. (Operator Instructions)
Now I will hand the conference over to Jan Van Geet, CEO. Please go ahead.
And welcome to our webcast on the half year financial results of VGP. I will first go through the executive summary. And the building you are seeing here on the picture is our new plant in Pamplona, which we've constructed for Mobis. It's actually a battery producing plant, a brand new, and they are delivering from there out to many car producers in Europe.
I will first go through the highlights of the first half year. So we have a pre-tax profit. We reported a pre-tax profit of EUR208.6 million, which is an increase of 35% versus the first half of 2024. And that while the valuations remain fairly flat. We have a net asset value growth of 10.5% year on year, up to EUR2.5 billion. The EPRA NTA per share increases 4.8% since December and 11.5% year on year.
We have an EBITDA growth of 31.7% with a solid contribution from our recurring
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