The 57% EBITDA growth was supported by recurring rental activities of €204.3 million (+19%), development activities of €144.8 million (+178%) and renewable energy of €5.4 million (+236%).
A record €91.6 million in new and renewed leases was signed during the year, bringing annualized committed income at year-end to €412.6 million, an increase of 17.6%. The balance sheet remains solid, with a liquidity position of €493 million, €500 million in unused credit facilities and a low gearing ratio of 33.6%.
VGP’s development portfolio remains strong, with 34 projects under construction in 13 countries, totaling 780,000 sq m.
Once completed, these projects will generate €60.4 million in additional annual rental income. In 2024, 21 projects were completed, covering 584,000 sq m and generating €36.1 million in new rental income.
Sustainability remains central to VGP’s growth strategy. 100% of new projects will be certified sustainable, and 97% will achieve at least BREEAM Excellent. The Group’s photovoltaic capacity increased by 53% YoY, reaching 155.7 MWp, with 41 MWp under development and 90.9 MWp planned. In addition, battery energy storage projects are ongoing, with the first 6.8 MWh facility under construction, supporting VGP’s commitment to renewable energy solutions.
Romania holds a 10.1% share of VGP’s land portfolio, reaffirming its strategic importance alongside Germany (21.8%), France (12.5%) and Serbia (11.0%). The Romanian rental market remains strong, with VAT Global signing a major lease in VGP Park Arad, and the largest building of 53,000 m² in VGP Park Brașov being fully leased by ILS Balkan. VGP is developing five industrial parks in Romania in Arad, Brașov, Bucharest, Timișoara and Sibiu, with a total area of 1,787,925 m², of which 890,000 m² are developed and intended for rent. VGP projects go beyond traditional warehousing spaces, integrating advanced technology, sustainable solutions and adaptable design for operational efficiency and cost optimization.In addition, heat pumps have become standard in VGP buildings, eliminating gas for heating, reducing operating costs and reinforcing the company’s commitment to sustainability.
VGP is a pan-European owner, manager and developer of high-quality logistics and semi-industrial spaces, as well as a provider of renewable energy solutions. VGP has a fully integrated business model with extensive experience across the entire value chain. Founded in 1998 in the Czech Republic as a Belgian family-owned real estate development company, VGP is currently active with approximately 378.4 full-time equivalents in 18 European countries, directly and through several 50:50 joint ventures. As of December 2024, VGP's gross asset value, including 100% joint ventures, amounted to EUR 7.8 billion and the company had a net asset value (EPRA NTA) of EUR 2.4 billion. VGP is listed on Euronext Brussels (ISIN: BE0003878957).
