Announcement • May 08
VGP NV has filed a Follow-on Equity Offering in the amount of €250 million. VGP NV has filed a Follow-on Equity Offering in the amount of €250 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Transaction Features: Rule 144A Declared Dividend • Apr 27
Dividend of €2.38 announced Shareholders will receive a dividend of €2.38. Ex-date: 20th May 2026 Payment date: 22nd May 2026 Dividend yield will be 2.6%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (32% earnings payout ratio) but not covered by cash flows (182% cash payout ratio). The dividend has increased by an average of 7.5% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 10
VGP NV, Annual General Meeting, May 08, 2026 VGP NV, Annual General Meeting, May 08, 2026, at 07:00 Romance Standard Time. Location: at the mills, molenstraat 54, 2018 antwerp, Belgium Reported Earnings • Feb 20
Full year 2025 earnings released: EPS: €10.64 (vs €10.52 in FY 2024) Full year 2025 results: EPS: €10.64 (up from €10.52 in FY 2024). Revenue: €192.0m (up 33% from FY 2024). Net income: €290.4m (up 1.2% from FY 2024). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Real Estate industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Feb 20
VGP NV Proposes Ordinary Dividend for the Year Ended December 31, 2025 VGP NV's board of directors proposes an ordinary dividend of €92.8 million (+ 3% versus ordinary dividend of ‘24), or €3.40 per share for the year ended December 31, 2025. Announcement • Nov 08
VGP NV to Report Fiscal Year 2025 Results on Apr 08, 2026 VGP NV announced that they will report fiscal year 2025 results at 9:00 AM, Central European Standard Time on Apr 08, 2026 Reported Earnings • Aug 25
First half 2025 earnings released: EPS: €6.62 (vs €5.19 in 1H 2024) First half 2025 results: EPS: €6.62 (up from €5.19 in 1H 2024). Revenue: €105.5m (up 23% from 1H 2024). Net income: €180.5m (up 28% from 1H 2024). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, while revenues in the Real Estate industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Declared Dividend • May 19
Dividend of €2.31 announced Shareholders will receive a dividend of €2.31. Ex-date: 21st May 2025 Payment date: 23rd May 2025 Dividend yield will be 2.8%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (31% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.2% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 17% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 13
Full year 2024 earnings released: EPS: €10.52 (vs €3.20 in FY 2023) Full year 2024 results: EPS: €10.52 (up from €3.20 in FY 2023). Revenue: €144.6m (down 1.2% from FY 2023). Net income: €287.0m (up 229% from FY 2023). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Real Estate industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. New Risk • Feb 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 4.5% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Announcement • Feb 22
VGP NV Proposes Dividend for Year Ended 31 of December 2024 The board of directors of VGP NV proposed an ordinary dividend of €90 million (+ 12% versus ordinary dividend of ‘24), or €3.30 per share. Reported Earnings • Feb 21
Full year 2024 earnings released: EPS: €10.52 (vs €3.20 in FY 2023) Full year 2024 results: EPS: €10.52 (up from €3.20 in FY 2023). Revenue: €106.4m (down 27% from FY 2023). Net income: €287.0m (up 229% from FY 2023). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Real Estate industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jan 15
Now 22% overvalued Over the last 90 days, the stock has fallen 17% to €74.50. The fair value is estimated to be €60.89, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 1.2% per annum. Earnings are also forecast to grow by 6.7% per annum over the same time period. Reported Earnings • Aug 26
First half 2024 earnings released: EPS: €5.19 (vs €1.27 in 1H 2023) First half 2024 results: EPS: €5.19 (up from €1.27 in 1H 2023). Revenue: €85.6m (up 132% from 1H 2023). Net income: €141.5m (up 308% from 1H 2023). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, while revenues in the Real Estate industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Declared Dividend • May 20
Dividend of €2.59 announced Shareholders will receive a dividend of €2.59. Ex-date: 22nd May 2024 Payment date: 24th May 2024 Dividend yield will be 2.3%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.6% per year over the past 6 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 2.5% to bring the payout ratio under control. EPS is expected to grow by 145% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • May 11
VGP NV Approves Dividend for the Financial Year Ended 31 December 2023, Payable on May 24, 2024 VGP NV held its Annual and Special Shareholders’ Meetings on May 10, 2024. The annual shareholder’s meeting approved the payment of a gross dividend for a total amount of €100,977,854.40 which corresponds to an amount of €3.70 per share in relation to the financial year ending 31 December 2023 and approved to delegate the determination of the payment date as well as all other formalities relating to the payment of the dividend to the board of directors. The dividend payable on May 24, 2024 to the shareholders recorded on May 23, 2024 and Ex-date dividend is May 22, 2024. Reported Earnings • Feb 28
Full year 2023 earnings released Full year 2023 results: Revenue: €146.4m (up 10% from FY 2022). Net income: €87.3m (up €209.8m from FY 2022). Profit margin: 60% (up from net loss in FY 2022). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 3.1% decline forecast for the Real Estate industry in the United Kingdom. Reported Earnings • Aug 26
First half 2023 earnings released: EPS: €1.27 (vs €7.01 in 1H 2022) First half 2023 results: EPS: €1.27 (down from €7.01 in 1H 2022). Revenue: €37.0m (down 40% from 1H 2022). Net income: €34.7m (down 77% from 1H 2022). Profit margin: 94% (down from 248% in 1H 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.0% decline forecast for the Real Estate industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • May 25
VGP NV (ENXTBR:VGP) and Pimco Prime Real Estate agreed to acquire logistics portfolio of 11 buildings from VGP European Logistics 2 S.à r.l. VGP NV (ENXTBR:VGP) and Pimco Prime Real Estate agreed to acquire logistics portfolio of 11 buildings from VGP European Logistics 2 S.à r.l. on May 24, 2023. The transaction with VGP European Logistics 2 will be the 4th closing between VGP and this joint venture and amounts to a value of €253 million with gross proceeds of €197 million. The transaction, which is due to close in the first half of June. Upcoming Dividend • May 17
Upcoming dividend of €1.93 per share at 3.0% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 26 May 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (4.6%). Announcement • May 13
VGP NV Approves Gross Dividend in Relation to the Financial Year Ending 31 December 2022, Payable on May 26, 2023 The Annual Shareholders’ Meeting of VGP NV approved the payment of a gross dividend for a total amount of EUR 75,051,108.00 which corresponds to a gross dividend of EUR 2.75 per share (EUR 1.925 net dividend per share) in relation to the financial year ending 31 December 2022 and approved the delegation of the determination of the payment date as well as all other formalities relating to the payment of the dividend to the Board of Directors. Ex-dividend date is 24 May 2023, Registration date is 25 May 2023, Dividend payment date is 26 May 2023. Reported Earnings • Apr 15
Full year 2022 earnings released: €5.49 loss per share (vs €31.41 profit in FY 2021) Full year 2022 results: €5.49 loss per share (down from €31.41 profit in FY 2021). Revenue: €133.0m (up 236% from FY 2021). Net loss: €122.5m (down 119% from profit in FY 2021). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.1% decline forecast for the Real Estate industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 4% per year. Buying Opportunity • Mar 09
Now 20% undervalued Over the last 90 days, the stock is up 3.7%. The fair value is estimated to be €100, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years, while earnings per share has been flat. Revenue is forecast to decline by 3.7% in a year. Earnings is forecast to grow by 90% in the next year. Reported Earnings • Feb 28
Full year 2022 earnings released: €5.49 loss per share (vs €31.41 profit in FY 2021) Full year 2022 results: €5.49 loss per share (down from €31.41 profit in FY 2021). Revenue: €133.0m (up 241% from FY 2021). Net loss: €122.5m (down 119% from profit in FY 2021). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 6.5% decline forecast for the Real Estate industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 7% per year, which means it is performing significantly worse than earnings. Announcement • Jan 03
VGP Completes Latest Development at Nijmegen Logistics Park VGP announced that it has completed its most recent development of VGP Park Nijmegen, and officially handed it over to its client. This project has circa 62,000 m² gross lettable area, of which circa 59,000 m2 of warehouse space and circa 3,000 m² of space for offices and a mezzanine. The total GLA of VGP Park Nijmegen is around 207,000 m2. Next to this, VGP has an additional land pipeline at the park of 28 ha for new developments. VGP Park Nijmegen, located on Park 15 in Oosterhout (Gld.) is a strategically situated location between the cities of Arnhem and Nijmegen, directly on the A15 motorway and close to the German border. Other major motorways, such as the A73 and A50, are nearby and transport by rail or over the river Waal is also possible due to proximity of BCTN Nijmegen terminal. VGP Park Nijmegen, named after the nearest large city for international recognition, is part of the development known as Bedrijvenpark Park 15 Logistics. The park is built to the latest sustainability standards. It accommodates a rooftop photovoltaic system with a capacity of 17.6 MWp. In addition, the location benefits from a water retention reservoir and other sustainability and biodiversity features in line with BREEAM quality certification. After launching VGP in the Benelux in 2018 with the first land acquisition for the Netherlands, VGP has already developed and delivered over 249,000 m2 GLA of warehouses and offices at their VGP Park Nijmegen (Oosterhout Gld.) and VGP Park Roosendaal. With another fully permitted development of circa 19,500 m2 GLA at VGP Park Nijmegen, a pre-let development of circa 9,250 m² GLA at VGP Park Roosendaal, as well as the upcoming XXL-developments at VGP Park Moerdijk, VGP is building tomorrow. VGP was advised by JLL for the lease agreement, and Willy Naessens Netherlands has constructed the project as general contractor. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Non Executive Independent Director Ann Gaeremynck was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment deteriorated over the past week After last week's 28% share price decline to €69.30, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 11x in the Real Estate industry in the United Kingdom. Total loss to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €78.08 per share. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €105, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Real Estate industry in the United Kingdom. Total returns to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €75.56 per share. Reported Earnings • Aug 26
First half 2022 earnings released: EPS: €7.01 (vs €9.90 in 1H 2021) First half 2022 results: EPS: €7.01 (down from €9.90 in 1H 2021). Revenue: €29.1m (up 83% from 1H 2021). Net income: €153.1m (down 25% from 1H 2021). Over the next year, revenue is forecast to grow 79% compared to a 17% decline forecast for the Real Estate industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Non Executive Independent Director Ann Gaeremynck was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 17
Upcoming dividend of €4.80 per share Eligible shareholders must have bought the stock before 24 May 2022. Payment date: 26 May 2022. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 3.7%. Lower than top quartile of British dividend payers (4.8%). Higher than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorated over the past week After last week's 21% share price decline to €189, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Real Estate industry in the United Kingdom. Total returns to shareholders of 159% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €122 per share. Reported Earnings • Apr 16
Full year 2021 earnings released: EPS: €31.41 (vs €18.58 in FY 2020) Full year 2021 results: EPS: €31.41 (up from €18.58 in FY 2020). Revenue: €39.0m (down 7.3% from FY 2020). Net income: €650.1m (up 75% from FY 2020). Over the next year, revenue is forecast to grow 155% compared to a 10% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 48% per year whereas the company’s share price has increased by 47% per year. Reported Earnings • Feb 28
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €31.41 (up from €18.58 in FY 2020). Revenue: €225.6m (up 437% from FY 2020). Net income: €650.1m (up 75% from FY 2020). Revenue exceeded analyst estimates by 7.2%. Over the next year, revenue is expected to shrink by 56% compared to a 7.6% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 48% per year whereas the company’s share price has increased by 49% per year. Reported Earnings • Sep 02
First half 2021 earnings released: EPS €9.90 (vs €10.19 in 1H 2020) First half 2021 results: Revenue: €15.9m (down 28% from 1H 2020). Net income: €203.8m (up 3.5% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 45% per year whereas the company’s share price has increased by 48% per year. Upcoming Dividend • May 14
Upcoming dividend of €2.56 per share Eligible shareholders must have bought the stock before 21 May 2021. Payment date: 25 May 2021. Trailing yield: 2.5%. Lower than top quartile of British dividend payers (4.1%). In line with average of industry peers (2.6%). Analyst Estimate Surprise Post Earnings • Mar 02
Revenue beats expectations Revenue exceeded analyst estimates by 7.9%. Over the next year, revenue is forecast to grow 80% compared to a 11% decline forecast for the Real Estate industry in the United Kingdom. Reported Earnings • Feb 28
Full year 2020 earnings released Full year 2020 results: Revenue: €26.8m (down 70% from FY 2019). Net income: €370.9m (up 80% from FY 2019). Is New 90 Day High Low • Dec 08
New 90-day low: €65.80 The company is down 45% from its price of €119 on 09 September 2020. The British market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €23.37 per share. Valuation Update With 7 Day Price Move • Dec 07
Market pulls back on stock over the past week After last week's 47% share price decline to €65.80, the stock is trading at a trailing P/E ratio of 7x, down from the previous P/E ratio of 13.2x. This compares to an average P/E of 15x in the Real Estate industry in the United Kingdom. Total returns to shareholders over the past three years are 22%. Valuation Update With 7 Day Price Move • Nov 24
Market pulls back on stock over the past week After last week's 46% share price decline to €65.80, the stock is trading at a trailing P/E ratio of 7.4x, down from the previous P/E ratio of 13.6x. This compares to an average P/E of 14x in the Real Estate industry in the United Kingdom. Total returns to shareholders over the past three years are 24%. 
