VGP N.V. reported an 18% increase in recurring income for the first half of 2026, driven by accelerated expansion of its joint venture portfolio across Western and Central Europe.
Net rental and renewable income rose 17.9% year-on-year to €128.2 million, with the company’s own portfolio contributing €51.7 million, up 26.4%, and joint venture income adding €76.4 million, up 12.8%. Gross rental income increased 12.5% to €126.9 million, while earnings per share reached €4.26. Net profit before tax totaled €140.9 million, supported by a 24.3% rise in the share of joint venture results to €54.5 million.
The company’s recurring investment segment generated €130.5 million in EBITDA, up from €118.7 million a year earlier, while development segment EBITDA declined to €51.6 million from €118.1 million. Committed annualized rental income reached €488.9 million as of June 30, with an additional €7 million signed post-period bringing the total to €496 million. Portfolio occupancy remained stable at 98% across 482 tenants and 693 contracts.
VGP’s joint venture strategy continued to expand, with EPRA earnings from joint ventures increasing 16.4% to €35.7 million. The company also signed a memorandum of understanding with Areim for the Saga II joint venture, targeting a minimum equity commitment exceeding €600 million with a 10-year term and Western European focus. The venture will hold a 50% stake with a target leverage of 40%.
Renewable energy capacity grew to 193.4 MWp across 152 projects, with solar electricity sales rising 10% year-on-year to 78 GWh. Operational photovoltaic assets were valued at €120 million, with total operational and committed investments reaching €169 million.
Total assets stood at €5.8 billion, with shareholders’ equity increasing 10.5% to €2.9 billion following a €247 million equity raise. The proportional loan-to-value ratio improved to 49.3% from 50.0% at year-end 2025, while consolidated gearing remained stable at 35.5%. Credit ratings were maintained at BBB- with stable outlooks from both Fitch and S&P.
VGP plans to cross the €500 million committed annualized rental income milestone in September 2026, ahead of its Capital Markets Day scheduled for September 3 in Frankfurt.
