Slides
Page 1
The VGP Capital Markets Day 2026 Presentation will start momentarily …
Page 2
Frankfurt · 3 September 2026 VGP Capital Markets Day 2026 Building the next phase of growth VGP Park Rüsselsheim aerial (architectural visualisation)
Page 3
VGP CAPITAL MARKETS DAY 2026 Agenda Three chapters: the inflection point, the three segments, and a new pillar. 1 VGP approaching a new growth inflection point I Secular tailwinds: demand is changing what tenants need II A new phase of development growth: a cohort of landmark sites is activating III Scaling capital recycling: from transactions to platforms 2 How VGP converts growth into earnings I Property Development: 4.3 million sqm of development embedded in the land bank II Investment: contracted rent growth and a scaling asset-management platform III Renewable Energy: solar at scale, with storage compounding on top 3 Data centres: a new pillar for VGP’s operations I Why data centres fit powered land II Where the European market is going III First opportunities and the identified pipeline IV Partnering for scale VGP Capital Markets Day 2026 · 2
Page 4
VGP approaching a new growth inflection point 1
Page 5
A NEW GROWTH INFLECTION POINT Three things are converging at once Stronger structural demand, landmark sites becoming executable, and a broadening capital platform. I Demand is changing what tenants need Automation, defence, supply-chain restructuring, advanced manufacturing and e-commerce converge on one requirement: modern, increasingly specialised space. II A cohort of VGP landmark sites is activating Rüsselsheim, Verona, La Naval, Vélizy, Nürnberg, Hagen, Vila Nova de Gaia, Reggio Emilia and others — years of land assembly, remediation and zoning now becoming executable. III VGP’s capital platform is broadening From a small number of joint ventures to multiple funds and structures, with €3.6bn+ of gross asset value that can be transacted1. Neither the land bank nor capital recycling is new. What is new is that all three are moving at the same time: structural demand is strengthening, several unusually large sites are finally executable, and a broader capital platform can recycle the resulting assets and fund the next cycle. This is what makes the coming phase different from ordinary annual growth. 1 Remaining under current JV and fund agreements based on initial target size VGP Capital Markets Day 2026 · 4
Page 6
CHAPTER 1 · A NEW GROWTH INFLECTION POINT SECTION I Secular tailwinds Demand is changing what tenants need — and the building requirements with it. IN THIS SECTION Automation is changing the building itself Five structural drivers, one requirement Why VGP can capture this demand VGP Capital Markets Day 2026 · 5
Page 7
A NEW GROWTH INFLECTION POINT · I — DEMAND Automation is changing the building requirement itself You saw it at Zalando this morning. Robotics has moved from niche use cases into core industrial processes. THE SCALE 542,000 industrial robots installed globally in 2024 more than double the number ten years ago 2 million operational robots in China alone the installed base keeps compounding — and all of it sits inside a building WHERE IT MATTERS FOR VGP 10 of 22 of the most robot-dense economies are VGP markets — Germany ranks 3rd Western Europe is the most automated region in the world — and VGP’s footprint sits inside it. Source: International Federation of Robotics, World Robotics World Book 2025. Robot density is a manufacturing measure and excludes warehouse robotics. VGP Capital Markets Day 2026 · 6
Page 8
Automation is raising the specification of the building Why automated operations favour purpose-built space GENERIC SHELL Racking, forklifts, a standard floor. The building is a container for the operation. PURPOSE-BUILT ENVELOPE AS/RS, conveyors, robotics, high-density storage. The building becomes part of the production system — and its specification becomes an advantage. Precision floor & structure Superflat, high-load floors; heights and column grids set by the equipment. Power & MEP capacity Larger electrical demand, charging, cooling and resilient systems. Integrated fire & safety concept Sprinklers, compartments and egress fitted to the process. Process integration Conveyor penetrations, pits and AS/RS interfaces planned as one system. Economics. Automation capex can dwarf the shell — customers optimise the total system, not the rent. Retrofits happen, but into modern stock. Older buildings rarely meet the floor, height and power spec. As automation intensity rises, demand shifts from “available space” towards “the right building”. Specification requirements as encountered in VGP build-to-suit projects. VGP Capital Markets Day 2026 · 7 A NEW GROWTH INFLECTION POINT · I — DEMAND
Page 9
A NEW GROWTH INFLECTION POINT · I — DEMAND Demand is changing what tenants need Automation is one of five structural drivers. They converge on the same requirement. AUTOMATION & ROBOTICS 542,000 industrial robots installed globally in 2024, double the level of ten years ago IN VGP’S PORTFOLIO Zalando, BMW, Amazon, Hyundai Mobis, Lidl, DPD and VAT: seven examples across six countries, plus many others DEFENCE 1.5% of GDP earmarked by NATO allies for defence- related infrastructure IN VGP’S PORTFOLIO Established defence and dual-use tenant base, including Bundeswehr, Rheinmetall, GE Vernova, Magna Steyr and NATO- backed Isar Aerospace, a.o. SUPPLY-CHAIN RESTRUCTURING 10% of VGP’s committed rent – non- European groups producing inside Europe, 88% of it in the west IN VGP’S PORTFOLIO Ten groups, €48m of rent: CATL, Hyundai Mobis, GE Vernova, KraussMaffei, Lear and Fuyao among them ADVANCED MANUFACTURING 30% of contracted rent comes from tenants manufacturing or assembling on site IN VGP’S PORTFOLIO €150m across 96 tenant groups in 13 countries: Isar Aerospace, BMW battery cells, VAT and Hyundai Mobis at the frontier E-COMMERCE & DISTRIBUTION 19.5% of EU enterprise turnover came from e-sales in 2024 — and 19% of VGP’s rent IN VGP’S PORTFOLIO €91m from 43 tenant groups in 11 countries: Amazon in five parks, plus Zalando, Picnic, Cainiao and 4PX Different structural drivers, one common requirement: modern, increasingly specialised industrial and logistics space. Sources: IFR World Robotics World Book 2025; NATO Hague Summit Declaration 2025; Eurostat, 2024; VGP development split. VGP Capital Markets Day 2026 · 8
Page 10
Why VGP can capture this changing and automation-driven demand Across advanced manufacturing and fulfilment — with the land, the specification capability and the power to take on more. KraussMaffei | VGP Park München Robotics embedded in advanced manufacturing Zalando | VGP Park Gießen AI-driven picking and complex item handling Active Ants | VGP Park Roosendaal Autonomous mobile robots in fulfilment WHY VGP CAN CAPTURE THIS DEMAND 10.4 million m² land bank, able to aggregate sizeable plots 1.1 million m² under construction across 44 buildings, 76% pre-let 551.6 MW renewable capacity to integrate power, PV, BESS and charging In-house permitting, technical design, procurement and construction, and long-term ownership Automation does not make the building less important — it makes the right building more important. Group figures per VGP’s June 2026 investor presentation. Images: copyright KraussMaffei, Zalando, Active Ants respectively. VGP Capital Markets Day 2026 · 9 A NEW GROWTH INFLECTION POINT · I — DEMAND
Page 11
A NEW GROWTH INFLECTION POINT · I — DEMAND Six more examples across five countries From battery R&D and aerospace 3D printing to fulfilment, retail distribution and parcel sorting. BMW | VGP Park München 100 KUKA robots in the battery cell R&D centre at Parsdorf. Isar Aerospace | VGP Park München Laser powder bed fusion 3D printing for launch- vehicle components. Amazon | five VGP parks Berlin Oberkrämer, Frankenthal, Göttingen, Graz and Sevilla. Frankenthal is a full fulfilment centre — drive-unit robots and some 18 km of conveyor across two levels. Hyundai Mobis | VGP Park Pamplona Six-axis robots with 3D vision systems assembling wiring harnesses on battery-pack lines. Intercars | VGP Park Brasov Brasov warehouse in Romania is nearly fully robotized through a state-of-the-art Skypod® automated storage and retrieval system DPD | VGP Park Loures A € 30 million cross-belt sorter, 405 m long, handling over 10,000 parcels an hour for Greater Lisbon. Automation is not a single-tenant story — it runs across sectors, countries and building types. Images illustrate the technology in use and are not all photographed at the park named. Images copyright; BMW, Amazon, Lild, Isar Aerospace, HyundaiMobis, DPD VGP Capital Markets Day 2026 · 10
Page 12
CHAPTER 1 · A NEW GROWTH INFLECTION POINT SECTION II A new phase of development growth A cohort of landmark sites is activating inside the same window. IN THIS SECTION Eleven positions entering execution together Scarce land positions, difficult to recreate Scarcity turning into tenant pull VGP Capital Markets Day 2026 · 11
Page 13
A NEW GROWTH INFLECTION POINT · II — DEVELOPMENT A landmark cohort is entering execution together Many iconic positions assembled over years, activating inside the same 6–12 month window. THE COHORT 1,238,000 m² of potential lettable area across the eleven sites 29% of the 4.3 m m² of development potential in the land bank 6–12 months the window in which all eleven move into execution The process is familiar. The concentration, scale and timing of the output are not. Lettable areas, not land. Rüsselsheim excludes c.100,000 m² under construction; Gavassa includes land committed but not yet acquired. VGP Capital Markets Day 2026 · 12
Page 14
A NEW GROWTH INFLECTION POINT · II — DEVELOPMENT These are land positions that would be difficult to recreate today One hard location fact and one scarcity fact per site — not the word “iconic”. Rüsselsheim Frankfurt, Germany · 683,000 m² Fifteen minutes from Frankfurt Airport, with the A60 and A671 inside four minutes. A consolidated brownfield of this size inside the Rhein-Main core cannot be assembled twice. Vélizy Paris, France · 196,000 m² On the junction of the A86 outer ring and the N118, minutes from central Paris and beside Paris-Saclay. Former Stellantis R&D land inside the Paris ring. No comparable plot comes to market. La Naval Bilbao, Spain · 218,000 m² Sestao on the Bilbao estuary, 10 km from the centre, with rail and port access. A former shipyard with two protected warehouses — the heritage consent alone took years to secure. Nürnberg Germany · 383,000 m² The A6 at the Nürnberg-Langwasser exit, in a Bavarian city of 520,000 people. A former Siemens site acquired by sale-and-leaseback, in a structurally undersupplied market. Scarce, city-edge positions — the reason the cohort is not repeatable by anyone else. Park images are renders. Four representative locations; the map on the previous page establishes that the cohort is broader. VGP Capital Markets Day 2026 · 13
Page 15
A NEW GROWTH INFLECTION POINT · II — DEVELOPMENT Scarcity is turning into tenant pull and near-term starts Acquisition and permitting move together — a purchase is usually conditional on the zoning permit. ACQUISITION & PERMITTING TENANT ENGAGEMENT CONSTRUCTION Verona Signed years ago; the permit is only now arriving, completing the purchase. Bordeaux 526,000 m² committed; acquisition expected in H2 2026. Vila Nova de Gaia (Porto) Phase 1 approved, Construction licence targeted for Dec 2026. Odense · Greve North (Copenhagen) Permitting in progress on 576,000 m² of Danish land. Vélizy (Paris) Construction starting, with tenant interest on the 131,000 m² programme. Nürnberg City sign-off secured; anchor discussions advanced. Hagen (Dortmund) High interest, and a 100 MWh battery already ordered for the site. Rüsselsheim (Frankfurt) Three areas moving into construction — 230,000 m² of potential GLA. A cohort moving together creates a step-up in development starts, capital deployment and future rental income — rather than the steady annual addition the land bank has produced until now. We did the difficult work over many years. What changes now is that it becomes executable at once. Status at 30 Aug 2026, subject to permitting and pre-lets. Tenant names withheld where discussions are not public. VGP Capital Markets Day 2026 · 14 Reggio Emilia (Gavassa) Marketing launched over summer; first pre-let signed. La Naval (Bilbao) Zoning approved; urbanisation works and first construction being started.
Page 16
CHAPTER 1 · A NEW GROWTH INFLECTION POINT SECTION III Scaling capital recycling From individual transactions to a repeatable platform. IN THIS SECTION European investment activity is recovering From transactions to Capital platform VGP Capital Markets Day 2026 · 15
Page 17
A NEW GROWTH INFLECTION POINT · III — CAPITAL European logistics direct asset investment activity is recovering H1 2026 transaction volumes are 13% up on last year and well above the pre-pandemic H1 average. Total direct European industrial and logistics transaction volumes, first half of each year H1 2026 €18.8bn of direct industrial and logistics investment +13% year on year, the second consecutive H1 increase +57% versus the €12.0bn average H1 of 2016–2019 A more constructive backdrop for recycling, at the same time as VGP broadens its own capital platform. Source: JLL Research, 2026. Half-year splits derived from the JLL quarterly series and anchored on H1 2026 of €18.8bn. VGP Capital Markets Day 2026 · 16
Page 18
A NEW GROWTH INFLECTION POINT · III — CAPITAL From transactions to a Capital Platform The recycling model is proven. What changes now is the architecture around it. THE MODEL WORKS €3.5bn of JV closings since 2022 €2.2bn of net cash returned to VGP over the same period GROSS ASSET VALUE THAT CAN BE TRANSACTED €3.6bn+ across an expanding range of fund and JV structures Saga I €0.6bn remaining Saga II €1.5bn+ target East Capital €1.5bn+ target Plus further specialised structures. Different investor pools, strategies, geographies and asset types — with scope for more fund and asset management to sit inside VGP. WHAT CHANGES UNTIL NOW Individual asset and JV closings with a small number of partners. NEXT PHASE Multiple scalable investment vehicles, each with its own capital pool — operated alongside the development business. Faster recycling More vehicles means more places to put a completed asset, shortening the gap between delivery and cash back. A broader investor base Different pools with different risk appetites, geographies and asset types, rather than a handful of partners. More economics retained Scope for fund and asset management fees to sit inside VGP. VGP moves from recycling assets through a few joint ventures to operating a broader ecosystem of investment vehicles each with its own defined pipeline and products Gross asset value that can be transacted, not equity or capital commitments. Saga II and East Capital are target sizes VGP Capital Markets Day 2026 · 17
Page 19
How VGP converts growth into earnings 2
Page 20
HOW VGP CONVERTS GROWTH INTO EARNINGS · THREE SEGMENTS The recurring earnings base is growing Segment EBITDA, € million QUALITY OF EARNINGS +12% in Investment and Renewable Energy combined group EBITDA PROPERTY DEVELOPMENT · €51.6m A 30%+ mark-up on 4.3m m² Lumpy by design — value is recognised throughout the development and on transfer to JV. RENEWABLE ENERGY · €4.3m Committed projects, already funded EBITDA doubled. 107 MWp of solar and 219 MWh of storage still to come. Segment EBITDA per the H1 2026 interim financial statements, note Recurring = Investment + Renewable Energy. VGP Capital Markets Day 2026 · 19 INVESTMENT · €130.5m Rent that is already contracted €69m signed but not yet paying; a further €311m of potential rental income in the pipeline Development still creates the value. What has changed is how much of the result recurs.
Page 21
CHAPTER 2 · HOW VGP CONVERTS GROWTH INTO EARNINGS SECTION I Property Development How the land bank converts, and where the margin comes from. IN THIS SECTION Land bank into buildings — four to five years in hand VGP Capital Markets Day 2026 · 20
Page 22
HOW VGP CONVERTS GROWTH INTO EARNINGS · PROPERTY DEVELOPMENT How the land bank converts into buildings Four to five years of development at current rates, without acquiring another plot of land. LAND OWNED 10.4m m² of land bank, owned or committed, including the Joint Ventures DEVELOPABLE 4.3m m² of lettable area embedded in it — no new land required CAPITAL EXPENDITURE €2.7bn of construction cost at €630 per m², excluding land RENT +€311m of potential annual rental income, once built and let DEPLOYED A YEAR €500–750m The recent and planned run-rate of development capital. DEVELOPMENT IN HAND €311m Development growth embedded HOW IT IS FUNDED Cash Recycling Model Completed assets transfer into JVs and Funds, and the proceeds finance the next cohort. Today’s land bank already supports four to five years of development growth Land bank at 30 June 2026 including JVs; land under option or pre-contract excluded. Construction cost at €630/m². Rent potential is including vacancy (€36m) VGP Capital Markets Day 2026 · 21
Page 23
CHAPTER 2 · HOW VGP CONVERTS GROWTH INTO EARNINGS SECTION II Investment The contracted rent base, and the fee income earned on the platform. IN THIS SECTION What the contracted rent base grows into Asset Management monetises the growth to be delivered VGP Capital Markets Day 2026 · 22
Page 24
HOW VGP CONVERTS GROWTH INTO EARNINGS · INVESTMENT The contracted rent base provides a visible growth runway Signed leases and the development pipeline provide substantial embedded growth in rent and EBITDA. Annualised rental income, Joint Ventures at 100%. Not at VGP share. RECURRING INVESTMENT EBITDA €232m H1 2026 annualised €293m on rent already signed+€61m A meaningful part is already contracted € 69m of rent has already been signed but is not yet rent-paying. Conversion into income depends primarily on completion and tenant occupation, rather than on further leasing. Recycling changes the earnings mix As completed assets transfer into Joint Ventures and funds, part of the underlying rent converts into development profit and recurring management income. The next slide shows how that fee-income base grows. A substantial part of the next leg of Investment growth is already contracted; the remainder sits in VGP’s existing portfolio and development pipeline. Rental income at 30 June 2026, Joint Ventures at 100%. EBITDA is VGP’s share. Of the €311m of ERV pipeline potential, €13.4m is pre-let and shown separately VGP Capital Markets Day 2026 · 23
Page 25
HOW VGP CONVERTS GROWTH INTO EARNINGS · INVESTMENT Asset Management growths to scale Joint Venture fee income has compounded at 18% since 2020 Beyond the annual fee. The €18.4m Rheingold promote sits outside this line. WHAT THE FEE ACTUALLY IS Property and facility management was €16.5m in H1 2026, up €2.1m — the recurring core. Development management added €1.7m. THE PLATFORM THE FEE IS EARNED ON €6.7bn assets under management 5.0m m² lettable area 213 buildings 13 countries 7 vehicles 11 institutional investors The fee scales with vehicles, investors and assets under management — not with VGP’s balance sheet. Capital-light and recurring: the platform grows without consuming VGP’s own equity. Fee income 2020 and 2025 actual; 2030 indicative based on Capital platform roll-out. Platform statistics are the Joint Venture portfolio at 100% at 30 June 2026. VGP Capital Markets Day 2026 · 24
Page 26
CHAPTER 2 · HOW VGP CONVERTS GROWTH INTO EARNINGS SECTION III Renewable Energy Solar at scale, storage compounding on top of it. IN THIS SECTION Solar — €140m invested at a 10%+ gross yield Storage — the platform grows fivefold on committed projects VGP Capital Markets Day 2026 · 25
Page 27
HOW VGP CONVERTS GROWTH INTO EARNINGS · RENEWABLE ENERGY Solar: €140 million invested at a 10%+ gross yield The mature pillar of the renewable energy segment — 193.4 MWp operating, and roof arrives with every new development. CAPITAL AND RETURN 10%+ gross projected yield €140m of operational and committed investment PLATFORM BUILD-OUT · 300.8 MWp ACROSS 284 PROJECTS Installed Installed 193.4 MWp · 152 projects Construction / permitting 32.5 MWp · 38 projects Pipeline 74.8 MWp · 94 projects 64% of the identified platform is already live. A further 107.3 MWp sits in construction, permitting or pipeline — a 55% uplift on the operating base, without acquiring a single new park. Embedded in every development Roof comes with the building. 284 PV projects sit on a portfolio VGP develops, owns and manages anyway. Operating proof 78 GWh of solar electricity sold in 1H 2026, up 10% year on year, generating €7.2m of gross renewable energy income. Mature does not mean ex-growth Every new development adds roof, and tenant electrification keeps raising on-site demand for the power. Solar is the proven foundation of the renewable energy segment — scaled, operating and increasingly paired with storage. Figures at 30 June 2026. Solar capacity is stated in MWp and storage in MWh; the two are not added. VGP Capital Markets Day 2026 · 26
Page 28
HOW VGP CONVERTS GROWTH INTO EARNINGS · RENEWABLE ENERGY Storage: the platform grows fivefold on committed projects Grid-connected storage in parks VGP already owns, next to solar VGP already built CAPITAL AND RETURN 10%+ gross projected yield €50m of committed and pipeline investment PLATFORM BUILD-OUT · 250.9 MWh ACROSS 25 PROJECTS Construction / permitting Installed 31.5 MWh · 11 projects Construction / permitting 140.4 MWh · 4 projects Pipeline 79.0 MWh · 10 projects Front of the meter today, flexible for tomorrow Storage sits next to solar VGP already built, in buildings VGP already owns — same land, same grid connection. We already sell the power VGP acts as an energy supplier to its tenants in Germany, and can optimise renewable output across locations. The 10–25 MWh sweet spot Large enough for attractive standalone economics, small enough to stay modular and repeatable across local grid conditions. Storage adds a flexible second revenue layer today, while preserving optionality for future tenant and park requirements Figures at 30 June 2026. VGP Capital Markets Day 2026 · 27
Page 29
Data Centres : a new pillar for VGP’s operations 3
Page 30
CHAPTER 3 · NEW PILLAR DATA CENTRES SECTION I Why data centres fit VGP The market is increasingly constrained by power and ready-to-build land — exactly where VGP has an edge IN THIS SECTION why powered land matters where the European market is moving why VGP’s footprint overlaps with that opportunity VGP Capital Markets Day 2026 · 29
Page 31
30
Page 32
DATA CENTRES Why data centres fit what VGP already does Data centres monetise powered land. It is an adjacency to existing capability, not a new business. WHAT THE MARKET IS SHORT OF The constraint has moved from capital to power and land ✓ AI and cloud demand is increasingly constrained by insufficient power and ready-to-build land ✓ Data centre economics are driven by MW capacity and delivery certainty, not by rent per m² ✓ Long leases with creditworthy anchors produce infrastructure-like cash flows WHAT VGP ALREADY HAS Every one of those constraints is something VGP does for a living ✓ Powered land procurement, permitting, construction and renewable energy — in house, today ✓ On large brownfields, VGP can offer a municipality one holistic redevelopment solution across real assets and infrastructure (data centres and renewable energy generation and storage) ✓ An 18 country footprint as a repeatable screening universe for powered land Powered land is the asset: VGP turns land, permitting and energy capability into digital exposure. No change to segment reporting is implied. Data centres are reported separately from Renewable Energy. VGP Capital Markets Day 2026 · 31
Page 33
DATA CENTRES Data centre growth is moving to where the power is Scarcity in the established hubs is pushing new capacity into Tier 2 and emerging markets. Red rings: FLAP-D core markets. Blue rings: Tier 2 and emerging markets. Pins: existing data centre sites. CORE HUBS 7–10 years Typical grid connection waiting time in the FLAP-D markets. Demand is not the constraint; delivery certainty and power access are. WHERE GROWTH IS GOING Tier 2 and emerging New capacity increasingly follows power availability, scalable land and delivery certainty rather than the traditional hubs. VGP FOOTPRINT OVERLAP 18 countries VGP is already present across several established and emerging data centre markets — a repeatable screening universe for powered land. Power scarcity in the hubs is what creates the opening for powered land elsewhere. Base map: VGP Academy, June 2026. Grid connection waiting times per the IFC data centre market review, July 2026. VGP Capital Markets Day 2026 · 32
Page 34
CHAPTER 3 · NEW PILLAR DATA CENTRES SECTION II Building the platform From two concrete sites to a scalable platform — gated by power, tenant/operator commitments and aligned capital IN THIS SECTION Frankfurt and Milan screening funnel / identified pipeline capital phasing partnering for scale VGP Capital Markets Day 2026 · 33
Page 35
DATA CENTRES First opportunities: Frankfurt and Milan Both convert VGP land and permitting into a power-led opportunity, subject to gating work. Frankfurt Rüsselsheim, Germany 190 MVA Grid / power plant 65 MVA grid (of which 50 MVA DC allocated). A further 140 MVA available from the on-site power plant, subject to confirming its reliability and suitability, and/or alternatively from grid European Tier 1 market✓ Inside a hyperscaler cloud availability zone✓ ✓ Brownfield redevelopment CURRENT WORKSTREAMS Zoning and permitting Secure power to scale Land remediation Milan Paderno Dugnano, Italy 120 MVA grid connection campus, grid connection secured ✓ Tier 2 market with high growth ✓ Inside a hyperscaler cloud availability zone ✓ 120 MVA confirmed at STMG ✓ Brownfield redevelopment CURRENT WORKSTREAMS Zoning and permitting Power to substation Land remediation Two concrete sites — and neither is committed capital until the gates clear. MVA denotes grid connection capacity. Both sites remain subject to final investment approval. VGP Capital Markets Day 2026 · 34 Existing on-site power infrastructure✓
Page 36
DATA CENTRES Rüsselsheim already has the infrastructure behind “powered land” Existing on-site power infrastructure is a key reason the site screens as a credible data-centre location. Existing on-site power infrastructure Industrial-scale electrical infrastructure already forms part of the site. Redundant grid connection at the site The current connection supports the first phase, with further power required for later phases. Brownfield with room to reconfigure and expand Existing industrial infrastructure can be integrated into the wider redevelopment. The power infrastructure is what turns Rüsselsheim from a land opportunity into a powered -land opportunity. Photographs of the power plant at VGP Park Rüsselsheim VGP Capital Markets Day 2026 · 35
Page 37
DATA CENTRES Turning the footprint into a qualified pipeline A staged screen converts existing land into a pipeline without committing capital early. 1 Long list Screen VGP parks and the land bank against power, fibre, permitting and proximity. 2 Power check Secure utility confirmation or a credible behind- the-meter path; assess redundancy and timing. 3 Commercial validation Validate occupier demand before any material capital is committed. WHERE THE OPPORTUNITIES EMERGE A Tier 1 / Tier 2 adjacency In or beside established markets. Amsterdam · Berlin · Copenhagen · Frankfurt · Madrid · Marseille · Milan · Munich · Paris · Vienna B Power-led regional nodes Where grid, renewables or BESS differentiate. Iberia · Denmark · CEE · selected French, German and Italian sites C Edge and enterprise Fibre-rich parks, 10–30 MW blocks. Enterprise · public sector · industrial automation · disaster recovery NEXT STEPS ✓ Advance Frankfurt and Milan through the power and permitting gates. ✓ Develop the partner and operator dialogue across design, operations and customer access. ✓ Launch a broader screen for smaller formats and power-led regional nodes. Scale the pipeline only where demand, power, bankability and policy all clear the gate. Screening universe as at June 2026. VGP Capital Markets Day 2026 · 36
Page 38
DATA CENTRES From two plots to a c.225 MW identified opportunity Indicative grid capacity already inside VGP’s footprint, and what it would imply for capital. Grid connection capacity, MVA. Further upside: other screened sites span France, Denmark , Germany, Romania and Spain. IDENTIFIED OPPORTUNITY c.225 MW of customer IT power, from 300+ MVA of grid capacity1 c.€10m+ / MW implied capex per MW of IT power €2.0–2.5bn gross implied platform capex 25% VGP’s equity share — 50/50 JV at 50% LTV c.€0.5–0.7bn indicative VGP look-through equity investment (not taking into account capital recycling) No capital is committed. Every MW here is subject to power, permitting, anchor and final approval. 1) MVA to MW conversion assumes a 0.9 power factor and a 1.2 PUE. Composition of the further pipeline to be confirmed. VGP Capital Markets Day 2026 · 37
Page 39
DATA CENTRES Partnering for scale An MoU has been signed to add specialist design, operating and fund capability to VGP’s land. VGP contributes ✓ Land, permitting, power and construction across an 18 country footprint ✓ The development pipeline, contributed at market value ✓ Seed projects: Frankfurt (Rüsselsheim) and Milan (Paderno Dugnano) ✓ Both seed projects already progressing in power and permitting The partner contributes ✓ Specialist data centre design and operating expertise ✓ Investment management capability ✓ Establishment of a vehicle to raise additional equity ✓ Operating know-how for a pan-European platform PROPOSED STRUCTURE Pan-European development platform Operating company development and platform management Asset-holding joint venture ownership of the data centre assets VGP 50% Partner 50% Current intention: VGP retains 50% of both entities Combine strengths, share the capital and the risk, and keep the option to scale. Subject to final agreement and documentation. Structure and ownership reflect current intentions; economics and performance fees to be confirmed. VGP Capital Markets Day 2026 · 38 Built to recycle. VGP can sell down asset stakes over time and recycle the proceeds into subsequent phases, while development economics remain intended 50/50 — reducing the new equity needed to fund the platform.
Page 40
BUILDING THE NEXT PHASE OF GROWTH Questions & discussion From strategy back to the site — questions before we continue the Rüsselsheim visit. Drinks and optional site tour to follow · Departure 17:30
Page 41
Important notice Purpose of this presentation This presentation has been prepared by VGP NV solely for information purposes in connection with its Capital Markets Day held on 3 September 2026. It does not constitute or form part of any offer or invitation to sell, issue, purchase or subscribe for any securities, nor any recommendation or investment advice, in any jurisdiction, and it is not a prospectus within the meaning of Regulation (EU) 2017/1129. Forward-looking statements This presentation contains forward-looking statements, including statements regarding strategy, development and investment plans, the land bank and project pipeline, capital deployment, rental and fee income, renewable energy and data centre capacity, and expected returns. These reflect management’s current views and assumptions and are subject to known and unknown risks and uncertainties, including permitting and zoning outcomes, construction cost and timing, tenant demand and creditworthiness, letting progress, grid connection and power availability, property valuations and yields, interest rates, and the availability of debt and third-party capital. Actual results may differ materially from those expressed or implied. No representation is given that any forward-looking statement will be achieved. Not committed capital, and not guidance Project, pipeline and capacity figures describe opportunities identified by VGP. They do not represent committed capital, approved investment or contractual obligations, and remain subject to permitting, power confirmation, anchor commitment and final investment approval. Figures derived from VGP’s internal business plan are planning assumptions prepared for internal purposes and do not constitute guidance, a forecast or a target. Basis of preparation Unless stated otherwise, financial information is unaudited and derived from VGP’s H1 2026 interim financial statements, and portfolio, rent, land, renewable energy and pipeline figures are stated as at 30 June 2026. Joint venture information is presented at 100% where indicated and does not represent VGP’s proportionate share. Certain measures used in this presentation — including annualised committed rent, potential rental income, segment EBITDA, yield on cost and gross asset value — are not defined by IFRS, may not be comparable with similarly titled measures reported by others, and should not be regarded as substitutes for IFRS measures. Third-party and market information Market and industry data has been obtained from third-party sources that VGP believes to be reliable, including the International Federation of Robotics, Eurostat, JLL and independent valuers. VGP has not independently verified such information and accepts no responsibility for its accuracy or completeness. Rounding, liability and updates Certain figures have been rounded and totals may therefore not sum precisely. Neither VGP NV nor any of its directors, officers, employees or advisers accepts any liability for any loss howsoever arising from the use of this presentation or its contents. VGP undertakes no obligation to update or revise any information or forward-looking statement contained in it, whether as a result of new information, future events or otherwise, except as required by law. © 2026 VGP NV. All rights reserved. VGP Capital Markets Day 2026