Vgp announces the main financial results for the half-year ended 30 June 2026

Vgp, a European developer and manager of high-quality logistics and semi-industrial real estate, has announced the financial results for the first half of 2026.

Key figures

The Group recorded a profit before tax of 141 million euros, with growth in net asset value of 10,5%, rising to 2,9 billion euros. EBITDA reached 186 million euros, reflecting the solid contribution of all business segments and continued growth in recurring income.

During the first half of the year, lease agreements were signed and renewed 52,7 million euros, bringing total annualised rental income at the end of the period to 488,9 million euros (+10,8% organic growth year on year). In 2026, Vgp successfully re-let the available space at an average increase in rent of 6% and since 30 June it signed additional contracts worth 7 million euros, bringing total annualised rental income to 496 million euros.

The projects

The projects under construction amount to 44 totalling 1.140.000 sq m (of which 13 buildings totalling 314.000 sq m commenced during the first half of the year), representing 90,6 million euros of additional annual rental income once completed and let. The overall development portfolio² is pre-let at 74%, totalling 77,1 million euros of annual rental commitments secured from tenants. During the first half of 2026 were delivered 12 projects, totalling 236.000 sq m, representing 17,1 million euros of additional annual rental income, currently leased at86%.

The acquisitions

Vgp has acquired 1,2 million sq m of development land and 590.000 sq m of development land to support developments launched during the year. The total secured land bank amounted to 10,4 million sq m at the end of June 2026, with development potential of over 4,3 million sq m, equivalent to over 275 million euros of potential rental income.

The completed property portfolio, covering a total of 6,6 million sq m (+6% year on year), has an average building age of 5,1 years, is almost fully let, with an occupancy rate of 98%, and generates annualised rental income of 411 million euros. This represents solid growth of 10% year on year in rental income.

Green activities

Vgp's activities in the renewable energy sector generated a gross income of 7,2 million euros in the first half of 2026, up from 6,5 million in the first half of 2025, thanks to an increase of 10% in solar electricity sold, amounting to 78 GWh, and increased operating photovoltaic capacity. As at 30 June 2026, Vgp managed 152 photovoltaic projects, with a total capacity of 193,4 MWp and a gross book value of 117,0 million euros. The first battery energy storage system projects were connected to the grid during the period and are expected to contribute to revenue in the second half of 2026.

Italy at the heart of the European development strategy

The main acquisitions in the first half of 2026 are concentrated in Italy, Romania, Germany and Latvia, with Italy representing one of the key markets for the Group's growth.

Among the main acquisitions in Italy is Vgp Park Reggio Emilia Gavassa: the site, covering 161.000 sq m with a development potential of 72.000 sq m, is located approximately 10 km from the A1 motorway exit, along a strategic route connecting Milan, Reggio Emilia and Bologna. The location is particularly strategic, in a dynamic and densely populated area characterised by a strong industrial vocation and providing easy access to the main urban centres of Emilia-Romagna.

This article was translated from the original Italian version with the assistance of artificial intelligence. In case of discrepancies, please refer to the original Italian version.