{"success":true,"data":{"pressRelease":{"id":"123405","rtpr_id":"nGNE6SF4jT","ticker":"VGP1","exchange":"","all_tickers":["VGP1"],"title":"REG-VGP’S Half Year Results 2026","author":"Globe Newswire","published_at":"2026-08-20T05:00:00.131Z","article_body":"20 August 2026, 7:00 am, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the\nGroup’), a European provider of high-quality logistics and semi-industrial\nreal estate, today announces the results for the half year ended 30 June 2026:\n* A pre-tax profit of € 141 million, net asset value growth of 10.5%, up to\n€ 2.9 billion. EBITDA performance of € 186 million, reflecting solid\ncontributions of all business segments and continuous growth in recurring\nearnings.\n* € 52.7 million of new and renewed leases signed during the first half of\nthe year bringing the annualised committed leases at the end of the period to\n€ 488.9 million(1), an organic increase of + 10.8% y.o.y. VGP was able to\nre-let vacant space at a 6% average rental price increase in ’26. Since June\n30(th), VGP has been able to conclude an additional € 7 million of\nannualised rental income, bringing the total annualised committed leases to\n€ 496 million.\n* 44 projects under construction representing 1,140,000 sqm (and 13 buildings\ntotalling 314,000 sqm started up during the first half) and € 90.6 million\nof additional annual rent once fully built and let. The total development\npipeline(2) is 74% pre-let, representing € 77.1 million in secured annual\nrental commitments from tenants.\n* 12 projects delivered during the year representing 236,000 sqm or € 17.1\nmillion in additional annual rent, currently 86% let. As a result, net rental\nincome, on a proportionally consolidated basis(3) grew by 18% to € 122.8\nmillion, knowing that at the end of June € 260 million (+ 9% growth y.o.y.)\non a proportionally consolidated basis, has become Cash Generative.\n* 1.2 million sqm of new development land acquired and 590,000 sqm of\ndevelopment land deployed to support the developments started up during the\nyear. Total secured land bank stands at 10.4 million sqm at the end of June\n‘26 representing a development potential of over 4.3 million sqm, or + €\n275 million of potential rental income. \n* The completed property portfolio(4) of 6.6 million sqm (+ 6% y.o.y.), which\nhas an average building age of 5.1 years, is nearly fully let with occupancy\nat 98% and has an annualised rental income of € 411 million(4). This\nrepresents a solid y.o.y. growth of 10% in rental income.\n* The group has taken major steps in the broadening of its joint venture model\nby: * Working with East Capital on the development of a Pan-European fund that\nwould target the acquisition of at least € 1.5 billion of gross asset value\ndeveloped by VGP, with an emphasis on Central and Eastern Europe;\n* Concluding a memorandum of understanding on launching an enlarged\ncontinuation vehicle of the Saga Joint Venture targeting at least € 1.5 bn\nof gross asset value. Closings with Saga I are targeted in H2 ’26 and H1\n’27 which will in turn substantially complete the Joint Venture’s target\nwell in advance of its original targeted deadline.\n* Concluded a memorandum of understanding to establish a pan-European data\ncentre development platform with a specialized partner.\n \n * VGP’s renewable energy activities generated gross income of € 7.2\nmillion in H1 2026, up from € 6.5 million in H1 2025, driven by a 10%\nincrease in solar electricity sold to 78 GWh and higher operational\nphotovoltaic capacity. At 30 June 2026, VGP operated 152 photovoltaic projects\nwith a combined capacity of 193.4 MWp and a gross book value of € 117.0\nmillion. The first battery energy storage system projects were connected to\nthe grid during the period and are expected to contribute to revenue in the\nsecond half of 2026.\n* Solid balance sheet with a cash position of € 599 million (vs € 524\nmillion Dec ’25) besides € 500 million undrawn credit facilities, the\nproportional LTV amounts to 49.4% (versus 50% at year-end ’25) and the\ngearing ratio remains stable at 35.5% (versus 35.3% at year-end ’24). The\nproportional net debt over LTM Ebitda amounts to 7.6x (versus 6.3x in ’25).\n* Since December ’25, the group has successfully issued € 600 million of\nbonds at a historical low spread for the Group, whilst repaying a € 190\nmillion bond in March ’26 and successfully tendering € 100 million on the\noutstanding Jan-27 bonds. In May ’26, the group issued € 250 million of\nequity to support further growth.\n\n\n(1) Including Joint Ventures at 100%. As of 30 June 2026, the annualised\ncommitted leases of the Joint Ventures stood at € 328.4 million.\n\n(2) Includes pre-let on assets under construction (70% pre-let) as well as\ncommitments on development land (96% pre-let)\n\n(3) Refer to ‘supplementary notes’, income statement proportionally\nconsolidated\n\n(4) Including Joint ventures at 100%\n\n\n\nAttachment\n*     VGP_Press_Release_H1 26_ENG\n(https://ml-eu.globenewswire.com/Resource/Download/7e9437c8-f7b2-44f0-9525-d2bc5813fd67)","article_body_html":"","raw_payload":{"data":{"id":"nGNE6SF4jT","title":"REG-VGP’S Half Year Results 2026","author":"Globe Newswire","ticker":"VGP1","created":"2026-08-20T05:00:00.131Z","tickers":["VGP1"],"exchange":"","article_body":"20 August 2026, 7:00 am, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the\nGroup’), a European provider of high-quality logistics and semi-industrial\nreal estate, today announces the results for the half year ended 30 June 2026:\n* A pre-tax profit of € 141 million, net asset value growth of 10.5%, up to\n€ 2.9 billion. EBITDA performance of € 186 million, reflecting solid\ncontributions of all business segments and continuous growth in recurring\nearnings.\n* € 52.7 million of new and renewed leases signed during the first half of\nthe year bringing the annualised committed leases at the end of the period to\n€ 488.9 million(1), an organic increase of + 10.8% y.o.y. VGP was able to\nre-let vacant space at a 6% average rental price increase in ’26. Since June\n30(th), VGP has been able to conclude an additional € 7 million of\nannualised rental income, bringing the total annualised committed leases to\n€ 496 million.\n* 44 projects under construction representing 1,140,000 sqm (and 13 buildings\ntotalling 314,000 sqm started up during the first half) and € 90.6 million\nof additional annual rent once fully built and let. The total development\npipeline(2) is 74% pre-let, representing € 77.1 million in secured annual\nrental commitments from tenants.\n* 12 projects delivered during the year representing 236,000 sqm or € 17.1\nmillion in additional annual rent, currently 86% let. As a result, net rental\nincome, on a proportionally consolidated basis(3) grew by 18% to € 122.8\nmillion, knowing that at the end of June € 260 million (+ 9% growth y.o.y.)\non a proportionally consolidated basis, has become Cash Generative.\n* 1.2 million sqm of new development land acquired and 590,000 sqm of\ndevelopment land deployed to support the developments started up during the\nyear. Total secured land bank stands at 10.4 million sqm at the end of June\n‘26 representing a development potential of over 4.3 million sqm, or + €\n275 million of potential rental income. \n* The completed property portfolio(4) of 6.6 million sqm (+ 6% y.o.y.), which\nhas an average building age of 5.1 years, is nearly fully let with occupancy\nat 98% and has an annualised rental income of € 411 million(4). This\nrepresents a solid y.o.y. growth of 10% in rental income.\n* The group has taken major steps in the broadening of its joint venture model\nby: * Working with East Capital on the development of a Pan-European fund that\nwould target the acquisition of at least € 1.5 billion of gross asset value\ndeveloped by VGP, with an emphasis on Central and Eastern Europe;\n* Concluding a memorandum of understanding on launching an enlarged\ncontinuation vehicle of the Saga Joint Venture targeting at least € 1.5 bn\nof gross asset value. Closings with Saga I are targeted in H2 ’26 and H1\n’27 which will in turn substantially complete the Joint Venture’s target\nwell in advance of its original targeted deadline.\n* Concluded a memorandum of understanding to establish a pan-European data\ncentre development platform with a specialized partner.\n \n * VGP’s renewable energy activities generated gross income of € 7.2\nmillion in H1 2026, up from € 6.5 million in H1 2025, driven by a 10%\nincrease in solar electricity sold to 78 GWh and higher operational\nphotovoltaic capacity. At 30 June 2026, VGP operated 152 photovoltaic projects\nwith a combined capacity of 193.4 MWp and a gross book value of € 117.0\nmillion. The first battery energy storage system projects were connected to\nthe grid during the period and are expected to contribute to revenue in the\nsecond half of 2026.\n* Solid balance sheet with a cash position of € 599 million (vs € 524\nmillion Dec ’25) besides € 500 million undrawn credit facilities, the\nproportional LTV amounts to 49.4% (versus 50% at year-end ’25) and the\ngearing ratio remains stable at 35.5% (versus 35.3% at year-end ’24). The\nproportional net debt over LTM Ebitda amounts to 7.6x (versus 6.3x in ’25).\n* Since December ’25, the group has successfully issued € 600 million of\nbonds at a historical low spread for the Group, whilst repaying a € 190\nmillion bond in March ’26 and successfully tendering € 100 million on the\noutstanding Jan-27 bonds. In May ’26, the group issued € 250 million of\nequity to support further growth.\n\n\n(1) Including Joint Ventures at 100%. As of 30 June 2026, the annualised\ncommitted leases of the Joint Ventures stood at € 328.4 million.\n\n(2) Includes pre-let on assets under construction (70% pre-let) as well as\ncommitments on development land (96% pre-let)\n\n(3) Refer to ‘supplementary notes’, income statement proportionally\nconsolidated\n\n(4) Including Joint ventures at 100%\n\n\n\nAttachment\n*     VGP_Press_Release_H1 26_ENG\n(https://ml-eu.globenewswire.com/Resource/Download/7e9437c8-f7b2-44f0-9525-d2bc5813fd67)"},"type":"article","timestamp":"2026-08-20T05:00:00.229473624Z","server_sent_at_ms":1787202000229},"received_at":"2026-08-20T05:00:00.332Z","source_url":null},"analysis":{"id":"112383","press_release_id":"123405","analysis_json":{"industry":{"label":"Real Estate Management & Development","sector":"Real Estate"},"redFlags":["proportional net debt over LTM Ebitda increased to 7.6x from 6.3x"],"eventType":"earnings","narrative":"VGP reported a pre-tax profit of €141 million and grew net asset value by 10.5% to €2.9 billion in H1 2026, driven by solid EBITDA of €186 million.\n\nThe company signed €52.7 million in new and renewed leases, pushing annualised committed leases up 10.8% year-over-year to €488.9 million, while occupancy held at 98%.\n\nThe balance sheet remains robust with €599 million in cash and €500 million in undrawn facilities, though net debt to EBITDA ticked up to 7.6x.","sentiment":"bullish","agentHooks":{"shouldPost":false,"suggestedAngle":"Solid H1 results with NAV growth and leasing momentum, though leverage ticked higher."},"keyFigures":{"revenue":122800000,"guidance":"","revenueYoy":"18%","customDimensions":{"ltv":"49.4%","ebitda":186000000,"nav_growth":"10.5%","cash_position":599000000,"gearing_ratio":"35.5%","occupancy_rate":"98%","pre_tax_profit":141000000,"net_asset_value":"€ 2.9 billion","net_debt_ebitda":"7.6x","undrawn_facilities":500000000,"annualised_rental_income":411000000,"annualised_committed_leases":488900000,"annualised_committed_leases_growth":"10.8%"}},"quotedText":"A pre-tax profit of € 141 million, net asset value growth of 10.5%, up to € 2.9 billion","namedEntities":{"people":[],"products":[],"companies":[{"name":"VGP NV","ticker":"VGP1"},{"name":"East Capital","relationship":"partner"}],"dollarAmounts":[{"amount":"€ 141 million","context":"pre-tax profit"},{"amount":"€ 2.9 billion","context":"net asset value"},{"amount":"€ 186 million","context":"EBITDA"},{"amount":"€ 52.7 million","context":"new and renewed leases signed"},{"amount":"€ 488.9 million","context":"annualised committed leases"},{"amount":"€ 90.6 million","context":"additional annual rent (projects under construction)"},{"amount":"€ 17.1 million","context":"additional annual rent (projects delivered)"},{"amount":"€ 122.8 million","context":"net rental income"},{"amount":"€ 411 million","context":"annualised rental income (completed portfolio)"},{"amount":"€ 1.5 billion","context":"gross asset value target (East Capital fund)"},{"amount":"€ 599 million","context":"cash position"},{"amount":"€ 500 million","context":"undrawn credit facilities"},{"amount":"€ 600 million","context":"bonds issued"},{"amount":"€ 250 million","context":"equity issued"}]},"materialImpact":{"score":3,"reasoning":"Strong half-year results with significant NAV growth (10.5%), solid EBITDA of €186 million, and double-digit leasing growth. While materially positive, H1 reports typically score lower than full-year earnings unless they contain major surprises."},"tickerRelevance":{"others":[],"primary":"VGP1"},"globalImportance":25,"audienceRelevance":15,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"small-mid-cap","eventGravity":"routine-earnings","sectorWeight":"real-estate","geographicFocus":"Europe"}},"event_type":"earnings","event_type_secondary":null,"sentiment":"bullish","material_impact_score":3,"narrative":"VGP reported a pre-tax profit of €141 million and grew net asset value by 10.5% to €2.9 billion in H1 2026, driven by solid EBITDA of €186 million.\n\nThe company signed €52.7 million in new and renewed leases, pushing annualised committed leases up 10.8% year-over-year to €488.9 million, while occupancy held at 98%.\n\nThe balance sheet remains robust with €599 million in cash and €500 million in undrawn facilities, though net debt to EBITDA ticked up to 7.6x.","key_figures":{"revenue":122800000,"guidance":"","revenueYoy":"18%","customDimensions":{"ltv":"49.4%","ebitda":186000000,"nav_growth":"10.5%","cash_position":599000000,"gearing_ratio":"35.5%","occupancy_rate":"98%","pre_tax_profit":141000000,"net_asset_value":"€ 2.9 billion","net_debt_ebitda":"7.6x","undrawn_facilities":500000000,"annualised_rental_income":411000000,"annualised_committed_leases":488900000,"annualised_committed_leases_growth":"10.8%"}},"named_entities":{"people":[],"products":[],"companies":[{"name":"VGP NV","ticker":"VGP1"},{"name":"East Capital","relationship":"partner"}],"dollarAmounts":[{"amount":"€ 141 million","context":"pre-tax profit"},{"amount":"€ 2.9 billion","context":"net asset value"},{"amount":"€ 186 million","context":"EBITDA"},{"amount":"€ 52.7 million","context":"new and renewed leases signed"},{"amount":"€ 488.9 million","context":"annualised committed leases"},{"amount":"€ 90.6 million","context":"additional annual rent (projects under construction)"},{"amount":"€ 17.1 million","context":"additional annual rent (projects delivered)"},{"amount":"€ 122.8 million","context":"net rental income"},{"amount":"€ 411 million","context":"annualised rental income (completed portfolio)"},{"amount":"€ 1.5 billion","context":"gross asset value target (East Capital fund)"},{"amount":"€ 599 million","context":"cash position"},{"amount":"€ 500 million","context":"undrawn credit facilities"},{"amount":"€ 600 million","context":"bonds issued"},{"amount":"€ 250 million","context":"equity issued"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-08-20T05:01:02.883Z","global_importance":25,"audience_relevance":15,"importance_components":{"tickerTier":"small-mid-cap","eventGravity":"routine-earnings","sectorWeight":"real-estate","geographicFocus":"Europe"}},"durationMs":62537,"modelName":"glm-4.7"}}