VGP NV has announced the results for the first half of 2025. The company has booked an increase in pre-tax profit and a record number of rental contracts.
Profit before tax reached €208.6 million (up 35% from 1H 2024), representing €40.9 million of net rental and renewable income (+ 24.3%), joint venture management fee income of €16.1 million (+ 2.6%) and €141.5 million of net portfolio valuation gain (+ 42.8%).
Lease contracts were signed and extended at a record amount of €56.1 million, i.e. 822,000 sqm, during the first half of 2025. Net rental income increased by 16.4% compared to the first half of 2024 to €103.9 million.
As of June 30, 2025, a total of 846,000 sqm was under construction within 36 projects, which represent €72.8 million in additional annual rent after delivery and rental. The ratio of pre-leased area is 76%, and assets that have been under construction for more than six months are already 80% pre-leased.
In the first half of 2025, 11 projects with a total area of 264,000 sqm were completed, 96.3% of which were leased, generating €17.6 million in rental income.
The company acquired 633,000 sqm of development land, including its first development project in Great Britain, as well as strategic expansions in Croatia, Denmark, Romania, Germany, Portugal, Spain, Hungary, the Czech Republic, and Italy. VGP received an investment rating of BBB- from Standard & Poor's with a stable outlook.
