VGP reported net profit of 287 million Euro, up 229 percent in 2024

VGP, a European provider of logistics and semi-industrial real estate, announce the results for the full year ended 31 of December 2024. VGP achieved a net profit of 287 million Euro, marking a 229 percent increase compared to 2023. The company’s net asset value grew by 8.4 percent to 2.4 billion Euro.

EBITDA growth of 57 percent with solid contribution from recurring rental business activities of 204.3 million Euro (+19 percent), from development activities in amount of 144.8 million Euro (+178 percent) and in renewable energy of 5.4 million Euro (+236 percent). A record of 91.6 million Euro of new and renewed leases signed during the year bringing the annualized committed leases at year end to 412.6 million Euro, an increase of + 17.6 percent.

VGP’s development pipeline includes 34 projects under construction across 13 countries, totaling 780,000 sqm. Once completed, these projects will generate an additional 60.4 million Euro in annual rental income. In 2024, 21 projects were successfully delivered, covering 584,000 sqm and generating 36.1 million Euro in new rental income.

The Group’s photovoltaic capacity increased by 53 percent YoY to 155.7 MWp, with an additional 41 MWp under development and 90.9 MWp planned. Additionally, battery energy storage projects are in progress, with the first 6.8 MWh installation under construction, supporting VGP’s commitment to renewable energy solutions.

Romania holds a 10.1 percent share of VGP’s land portfolio, reaffirming its strategic importance alongside Germany (21.8 percent), France (12.5 percent), and Serbia (11.0 percent). The leasing market in Romania remains strong, with VAT Global signing a key lease agreement in VGP Park Arad, while the largest building of 53,000 sqm in VGP Park Brașov has been fully leased by ILS Balkan.

VGP is developing five industrial parks in Romania, located in Arad, Brașov, Bucharest, Timișoara, and Sibiu, covering a total area of 1,787,925 sqm, of which 890,000 sqm are developed and future leasable spaces.