VGP NV has announced its results for the financial year ended 31 December 2024. During the year, new and renewed leases have been signed at a historically high level and net profit has increased by 229% compared to 2023.
VGP had 34 projects under construction in 2024 with a total area of 780,000 sqm (of which 29 projects with a total area of 589,000 sqm were started during the year) and €60.4 million in additional annual revenues after their completion and leasing. During the year, new and renewed leases were signed at a historically high level of €91.6 million. The annual volume of concluded leases thus reached €412.6 million at the end of the year, which represents an increase of 17.6%.
80% of the projects under construction are pre-leased. 100% of projects launched will be certified and 97% of them will achieve at least BREEAM Excellent certification or equivalent.
During the last year, 21 projects with an area of 584,000 sqm were handed over, representing an additional annual rent of €36.1 million (of which 13 projects with a total area of 319,000 sqm completed during the second half of 2024), with 94% of the area currently leased.
VGP newly acquired 702,000 sqm of development land and 1,170,000 sqm of development land, used to support construction started during the year. The total volume of secured land at the end of 2024 is 8.7 million sqm, representing a development potential of over 3.6 million sqm.
The company's net profit reached €287 million, an increase of €200 million. The net asset value increased by 8.4% to €2.4 billion. EBITDA grew by 57% with solid contributions from recurring rental activities of €204.3 million (up 19%), development activities of €144.8 million (up 178%) and renewable energy activities of €5.4 million (up 236%).
Net rental income thus grew by 20.9% from €159.1 million to €192.4 million on a pro-rata basis, generating cash at year-end of €214.7 million (vs. €194.3 million in 2023 or an increase of 10.5%) on a pro-rata basis. The portfolio of properties with an average building age of 4.2 years is almost fully leased with an occupancy rate of 98%.
Photovoltaic capacity increased by 53% year-on-year and operational capacity reached 155.7 MWp (compared to 101.8 MWp in December 2023). VGP employs approximately 378 people and operates assets in 18 European countries, both directly and through several 50:50 joint ventures. The Board of Directors proposes a regular dividend of €90 million (an increase of 12% compared to the regular dividend in 2024) or €3.3 per share.
