VGP Trading Update

Core Insights - VGP NV reported a strong trading update for the first four months of 2025, highlighting significant growth in committed leases and ongoing development projects [1][3]. Group 1: Financial Performance - The annualized committed leases for the year to date reached € 431.8 million, an increase of € 19.2 million (+4.7% YTD and +14.8% year-over-year) [3]. - The completed property portfolio maintained a high occupancy rate of 98% as of April 30, 2025, consistent with the end of 2024 [3]. - Of the € 431.8 million in committed annualized rental income, € 364.4 million has become cash generative, reflecting a 15% increase compared to April 30, 2024 [3]. Group 2: Development and Construction - VGP has 36 projects under construction, totaling 837,000 square meters, with an expected additional annual rent of € 65.9 million once fully built and let [3]. - The pipeline under construction is 75% pre-let, increasing to 78.7% when including pre-lets on development land [3]. - The total secured development land bank stands at 8.9 million square meters, representing a development potential of over 3.8 million square meters [3]. Group 3: Strategic Transactions and Liquidity - VGP successfully issued a € 500 million bond maturing in 2031 with a 4.25% coupon and completed a € 200 million liability management transaction to optimize its debt profile [3]. - The company increased and prolonged its Revolving Credit Facilities to € 500 million, which remain fully undrawn [3]. - VGP anticipates generating over € 30 million in gross cash proceeds from the expected disposal of VGP Park Riga in Q3 2025 [3]. Group 4: Operational Capacity and Future Outlook - Operational photovoltaic capacity increased with 115 projects completed, delivering 163.2 MWp, a 4.8% increase year-to-date [3]. - VGP is in advanced negotiations on a significant pipeline of lease agreements, indicating strong future growth potential [3]. - The company will host its annual general shareholders meeting to vote on a € 90 million dividend pay-out and the appointment of a new board member [3].