Belgium's VGP reports 6% rise in pre-tax profit on strong logistics demand

VGP NV

19/02/2026 06:10

Overview

Belgium's logistics real estate firm reported a 6% rise in pre-tax profit for 2025

EBITDA grew 28% to €454.7 mln, driven by strong logistics demand

Company signed €106.7 mln in new leases, boosting annualized commitments by 13.5%

Outlook

VGP targets first closing of Pan-European fund in 2026

Company sees strong e-commerce demand for new space in early 2026

VGP plans material closing with Saga Joint Venture in H2 2026

Result Drivers

LEASES AND RENTAL INCOME - VGP signed €106.7 mln in new and renewed leases, increasing annualized committed leases by 13.5%

DEVELOPMENT PIPELINE - 43 projects under construction with 75% pre-let, securing €80.9 mln in annual rental commitments

LAND ACQUISITION - Acquired 1,372,000 sqm of new development land, expanding potential for future projects

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
FY Committed Annualized Rental Income
EUR 224.40 mln
FY Net Asset Value
EUR 2.60 bln
FY Pretax Profit
EUR 338 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 3 "hold" and 2 "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 €115.00, about 4.5% above its February 18 closing price of €110.00

The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 18 three months ago

Press Release: ID:nGNE7X7J4Q

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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.)