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4 1 2 3 4 1Including JVs portfolio at 100%% STEADY GROWTH OF TOTAL PORTFOLIO VALUE1 CONTINUED STRONG GROWTH IN COMMITTED ANNUALISED RENTAL INCOME1 +17.6% YOY EBITDA INCREASED 57% FOLLOWING SOLID PERFORMANCE IN ALL BUSINESS SEGMENTS INTENTION TO PROPOSE TO THE AGM DISTRIBUTION OF ORDINARY GROSS DIVIDEND OF € 3.30 PER SHARE, +12%
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Demand | Occupier segments 39% 21% 5% 22% 13% 3PL Retail E-commerce Manufacturing Others 40 35 30 25 20 15 10 5 0 Growing manufacturing share of total demand while others show more volatility Take-up share by sector, FY 2024 Take-up share by sector (YoY growth) 50 45 3PL E-Commerce Retail Manufacturing Source: JLL Research, iO Partners Including units of >5,000 sq m (Belgium, Czech Republic, Germany, Hungary, Italy, Netherlands, Poland, Romania, Slovakia, Spain and Sweden; >10,000 sq m in France and UK) Manufacturing taking up significant increase in share in recent years 40% 23% 12% 17%10-yr av.
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Supply | Supply pipeline up in response to demand for new space BTS construction replaces lower levels of speculative development 25% 29% 34% 43% 42% 40% 38% 37% 36% 0 5 10 15 20 25 2019 2020 2021 2022 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Million sq.m Logistics space under construction BTS / pre-let speculative 5 Yrs Av (2019-23) Speculative share of total construction drops to 36%. Tightening land regulation favors BTS construction that accounts for a growing share of total activity. Includingunits of 5,000 sq m and over in Belgium, Czech Republic, France, Germany, Hungary, Italy, Netherlands, Poland, Romania, Slovakia, Spain and Sweden; 10,000 sq m and over in UK Source: JLL, iO Partners 15 | © 2024 Jones Lang LaSalle IP, Inc. All rights reserved.
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© 2025 Jones Lang LaSalle IP, Inc. All rights reserved. Capital Markets | Industrial investment on upward trajectory Increasing capital flows in response to improving financial conditions 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 0 65 60 55 50 45 40 35 30 25 20 15 10 5 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 %shareoftotalCRE Investment € billions Q1 Source: JLL, iO Patners Q2 Q3 Q4 I&L % share of total CRE investment Direct Investment Volumes Strong quarterly transaction activity in Q4 increases annual level by 23% in 2024 • Investment activity returns to pre-pandemic levels. • Core capital returns with its share of total placements on the rise. • Increase in portfolio transactions
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0,0 -1,0 1,0 2,0 3,0 4,0 5,0 6,0 8,0 7,0 EU 5 year swap DE Govt Bond 10y Prime Industrial Yield EU: 518 bps DE: 588 bps Yields | European Prime yields Risk arbitrage more favorable for investors Widening yield/rate gap • Improved arbitrate with risk-free rates • Better for attracting capital to sector EU: 146 bps DE: 276 bps Source: JLL, Refinitiv 30 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved. EU: 147 bps DE: 207 bps EU: 268 bps DE: 257 bps
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• • • • 12 0 100 200 300 400 500 600 € - € 50 € 100 € 150 € 200 € 250 € 300 € 350 € 400 2016 2017 2018 2019 2020 2021 2022 2023 2024 Number of tenancy contracts Committed annualised rental income Committed Annualised Rental Income And Number Of Tenancy Contracts Increase in rental income Rolling rental income Number of contracts New and renewed rental income of € 91.6 million over FY’24 – A RECORD
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• • 14 Light industrial E-commerce Other Logistics Image result for Geis Ersatzteil-Service GmbH Image result for Rieck Projekt Kontrakt Logistik Hamburg GmbH Co. KG Image result for magna steyr Image result for ThyssenKrupp Elevadores, S.L.U. Image result for EGC Energie- und Gebäudetechnik Control GmbH Co. KG
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23,934 33,490 43,417 46,666 55,256 70,718 107,134 155,046 189,368
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• • • • 0 2 4 6 8 10 12 14 Own JVs Combined Weighted average lease term (WALT) of the portfolio First Break WALT MediaMarkt BMW Siemens Drylock Technologies Ahold Delhaize Group Zalando Rhenus Amazon Opel Kraus Maffei Top 10 clients by lease contract with JVs at 100% (% of total committed leases) 2019 2020 2021 2022 2023 2024 Occupancy evolution (%)1 Own Portfolio Joint Ventures 9.7 years 7.2 years 8.0 years
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• • Completed € 6,484 mm 82% Under Construction € 684 mm 9% Development land € 669 mm 9% Germany € 4,087mm 52% Czech Republic € 910 mm 12% Spain € 634mm – 8% Other € 475mm – 6% Slovakia € 315mm – 4% Hungary € 320mm – 4% Netherlands € 332mm – 4% Romania € 313mm – 4% Austria € 247mm – 3% Italy € 201 mm – 3%
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Land owned 2023 Acquired 1H 24 Deployed Sold Land Owned 31 Aug 24 Committed 1H 24 Owned & committed in 1H'24 Under Option Owned and committed land bank Land owned Dec 2023 Deployed Dec’24 Acquired Dec ‘24 Committed • • 8,566 8,726 7,383 (497) Under Option 702 795 (720) (1,170) Sold Dec’24 823 1,348 Land Owned Dec’24 Committed Dec’24 Land Owned & Committed Dec’24
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First 6.8MWh battery project commissioned + 83.9MWh pipeline DGNB Platinum (GERLAA-A, GERMUE-B,C,E, F) + BREEAM Outstanding (ROMBRA-H, ROMBUC -D) achieved EU Taxonomy adoption: 50.2%* of portfolio aligned (realized + ongoing) *based on GAV VGP Academy – 4 sessions with 554 participants in total 100 % of buildings to be certified Renewable Energy power installed up 53% YoY to 155.7 MWp. Including PV + battery pipeline, we are on track for 300MWp 26 % of buildings without gas heating Green electricity production 90GWh (+96% YoY) 43% self- consumption Employee Survey – NPS score of +36.9 GRESB: **** - score of 95/100 MSCI A rating; Sustainalytics 11.7 Member of Euronext BEL 20 ESG Index
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580 580 580 580 580 580 580 580 580 173 173 173 173 173 173 173 173 400 400 400 400 400 400 400 610 610 610 610 610 610 666 666 666 666 666 68 68 68 68 887 887 887 1098 1098 932 2016 2017 2018 2019 2020 2021 2022 2023 2024 2016 2017 2018 2019 2020 2021 2022 2023 2024 235 2 122 1 290 1 339 3 409 4 50 1 347 3 Number of closings Net cash proceeds (€m) 676 3 Closings ’24: RED II + III (Deka) – Saga I+II (Areim) *Including disposal LPM Source: Company information Recycled ca. € 1.8 bn of net cash since ’22 809* 4
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Income Statement (€ thousands) FY2024 FY2023 T • • • • • • • • • 1 Reflects the yield on the own standing property portfolio (excluding JV, but including assets held for sale) . The (re)valuation of the own portfolio was based on the appraisal report of IO, preferred partner of Jones Lang LaSalle
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Income Statement details • + € 6.8 mm on remuneration, including LTIP • + € 2.7 mm on depreciation • +€ 1.8 mm general admin • +€ 1.3 mm less capitalised expenses • 380 FTE, increase of 12.5 FTE • Net rental income increased + € 30.1 mm, including indexation at share of € 2.9 mm • Net valuation gains at share up € 115.7 mm, weighted average yield on JVs portfolio of 5.05% (vs. 5.01% as at 31 Dec ’23)1 • Net financial result decreased due to additional debt of € 294.2 mm, Taxes mainly increased by deferred taxation on valuation gains. Effective tax increased € 1 mm to € 7.3 mm (12% tax rate) • lower interest costs with less debts of € 3.1 mm, increased interest on cash on hand of € 5.8 mm (up to € 12.3 mm), lower capitalised interests of € 10.4 mm and increased interest income from the JV’s of € 10.4 mm • € 268 mm • Equity after profit appropriation € 1.6 bn 1 Reflects the yield on the Joint Ventures’ standing property portfolio (excluding own) . The (re)valuation of the own portfolio was based on the appraisal report of IO, preferred partner of Jones Lang LaSalle FY2024 FY2023 Proportionally Consolidated Income Statement of Joint Ventures FY2024 FY2023
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EBITDA up € 129 mm y.o.y., or + 57% Please note, the 2023 EBITDA figures have been restated with € 9.3 million to include the net valuation gains/(losses) on investment properties in past defined as outside JV perimeters. Investment Development Renewable Energy ◼ Share in result of JVs up € 30 mm YoY, which corresponds to VGP’s share in the result of the JVs excluding any revaluation result ◼ Investment segment represents € 2.6 bn total assets ◼ ‘24 includes € 92.9 mm of realized valuation gains on effectuated transactions in ’24 ◼ Total capex of € 568 mm ◼ Development segment represents € 1.4 bn total assets ◼ Increased capacity of 53% y.o.y. ◼ Total capex of € 13 mm ◼ Includes € 94.5 mm completed and € 14.1 mm assets under construction (€mm) FY ‘24 FY ‘23 Gross rental and renewable energy income 65.4 64.7 Property operating expenses (0.4) (0.5) Net rental and renewable energy income 65.0 64.2 Joint venture management fee income 32.7 26.9 Net valuation gains on investment properties destined to the JVs – – Administration expenses (13.1) (9.5) Share of JVs’ adjusted operating profit after tax 119.7 89.7 EBITDA 204.3 171.4 (€mm) FY ‘24 FY ‘23 Gross rental and renewable energy income – – Property operating expenses (3.3) (4.2) Net rental and renewable energy income (3.3) (4.2) Joint venture management fee income – – Net valuation gains on investment properties destined to the JVs 187.1 88.0 Administration expenses (39.0) (31.6) Share of JVs’ adjusted operating profit after tax – – EBITDA 144.8 52.2 (€mm) FY ‘24 FY ‘23 Gross renewable energy income 8.3 4.4 Property operating expenses (2.4) (0.9) Net renewable energy income 6.0 3.5 Joint venture management fee income – – Net valuation gains on investment properties destined to the JVs – – Administration expenses (0.6) (1.9) Share of JVs’ adjusted operating profit after tax – – EBITDA 5.4 1.6
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• Completed portfolio: € 879 mm (‘23: € 1,154 mm) • Under construction: € 579 mm (‘23: € 544 mm) • Development land: € 645 mm (‘23: € 687 mm) • Total capex of € 568 mm • Weighted average yield of 7.22% • Equity contributions following JV transactions of € 199 mm • Share in result of JV’s of € 92.7 mm • Other € -27.7 mm include equity repayments from JV’s € 15 mm and disposals/acquisitions in Development Joint Ventures • € 97.1 mm increase in shareholder loans to Joint Ventures, net of € 53.4 mm shareholder repayments • € 128.3 mm net reduction of Development Joint Venture loans (mainly LPM) • € 4 mm increase of receivable on AZ relating ongoing development in JV3 • A total of € 500 mm in several multi-year unsecured revolving credit facilities undrawn and available (€ - thousands) 31 Dec ‘24 31 Dec ‘23 Consolidated Balance Sheet – Assets (€ thousands)
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• Following a net profit of € 287 million • And a dividend of € 101 million • Financial debts increased following the drawdown of EIB loan in amount of € 135 mm and repayment of € 75 million bond in July ’24 and Schuldschein tranche of € 3 mm September ‘23. € 80 mm bond on current financial debt as maturity falls in March ‘25 • Average cost of debt of 2.2% as at 31 Dec ‘24 • Increased availability of RCF’s from € 400 mm to € 500 mm, including € 50 mm for guarantees • Proportional LTV of 48.3% (versus 53.4% as per Dec ‘23) • Fitch stable outlook with Rating BBB- Consolidated Balance Sheet – Shareholders equity and liability (€ thousand) (€ thousand) 31 Dec ‘24 31 Dec ‘23
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2.00% 2.20% 2.40% 2.60% 2.80% 3.00% 3.20% 3.40% 2020 2021 2022 2023 2024 Source: Company information as of DEC 2024 ▪ € 2,057 mm total debt ▪ 2.2% Average cost of debt ▪ Significant liquidity ▪ € 493 mm Cash ▪ € 500 mm non-utilised Credit Facility ▪ Bond maturities: ▪ € 80 mm in 25 ▪ € 190 mm in 26
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FY2024 FY2023
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3.7 years average debt maturity Source: Company information as of December 2024
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