Belgium's VGP H1 rental income rises 18% on leasing activity
Belgium's VGP H1 rental income rises 18% on leasing activity
Overview
Belgium logistics real estate provider's H1 pretax profit reached €141 mln, net asset value up 10.5%
Net rental income for H1 rose 18% yr/yr to €122.8 mln, driven by higher leasing activity
Outlook
Company expects battery energy storage system projects to contribute to revenue in H2 2026
VGP targets closings with Saga I joint venture in H2 ’26 and H1 ’27
Company sees continued high occupancy in completed property portfolio with 98% let
Result Drivers
LEASING ACTIVITY - Co cited €52.7 mln of new and renewed leases signed in H1, with organic committed lease growth of 10.8% yr/yr and re-letting of vacant space at a 6% average rental price increase
PROJECT DELIVERIES - 12 projects delivered in H1 added €17.1 mln in annual rent, with 86% occupancy, supporting rental income growth
RENEWABLE ENERGY - Renewable energy activities generated €7.2 mln in gross income, up from €6.5 mln in H1 2025, driven by higher solar electricity sales and increased photovoltaic capacity
Company press release: ID:nGNE6SF4jT
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
H1 Committed Annualized Rental Income |
| EUR 496 mln |
|
H1 Net Asset Value |
| EUR 2.90 bln |
|
H1 Pretax Profit |
| EUR 141 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the real estate rental, development & operations peer group is "buy"
Wall Street's median 12-month price target for VGP NV is €102.00, about 28.3% above its August 19 closing price of €79.50
The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 12 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)