VGP N.V. reported a net profit before tax of €140.9 million for the first half of 2026, up 14% from €123.6 million in the same period of 2025. Net profit after tax reached €120 million, while earnings per share rose to €4.26, according to the company’s earnings call transcript.
The logistics property developer’s EBITDA totaled €186.4 million, with recurring investment segment income accounting for €130.5 million. Development EBITDA declined to €52 million from €118 million a year earlier, while renewable energy EBITDA doubled to €4.3 million. Net rental and renewable income at share increased 17.9% year-over-year to €128.2 million.
Committed annualized rental income reached €489 million as of June 30, an 11% increase from the prior-year period. The figure subsequently rose to €496 million, with management expecting it to surpass €500 million by September. Contracted proportional income stood at €327 million, of which €260 million is already cash-generative. Total assets expanded to €5.8 billion from €5.2 billion, while shareholders’ equity grew 10.5% to €2.9 billion following a €247 million equity raise.
VGP’s investment property portfolio on its balance sheet increased to €2.8 billion from €2.4 billion, with total investment property at share totaling €6.1 billion. Assets under management rose to €9.2 billion from €8.7 billion at the end of 2025. The company maintained a strong liquidity position with €599 million in cash and an untapped €500 million revolving credit facility, bringing total liquidity to over €1 billion.
The company’s proportional loan-to-value ratio improved to 49.3%, down from 50% at year-end, while consolidated gearing stood at 35.5%. VGP retained its BBB- credit rating with a stable outlook from both Fitch and Standard & Poor’s. The gross profit margin remained elevated at 94.8%, though the average interest rate on debt rose to 3.0% from 2.7%.
Operational performance remained robust, with portfolio occupancy at 98% and joint venture vacancy rates declining to 1.2%. A total of 84% of expiring leases were renewed by existing tenants, while reletting vacant space achieved an average 6% increase in rental prices. Development activity accelerated, with 314,000 square meters of new projects initiated and 236,000 square meters delivered in the first half, 86% of which were leased. H2 2026 deliveries are expected to range between 300,000 and 400,000 square meters.
CEO Jan Van Geel noted that while the second quarter was impacted by geopolitical tensions, the third quarter had shown strong performance. The company’s committed rental income reached a record €489 million as of June 30, including joint ventures at 100%. CFO Piet Haerens emphasized the company’s focus on cash generation, stating, "Revenue is vanity, EBITDA is sanity, but the cash is the reality."
