Good morning everybody and welcome to the presentation of webcast of our performance in over the first half year. I'll start with an executive summary of what has happened.

The first quarter, the year actually started very well and the second quarter was a little bit subdued through this Operation Epic Fury, which everybody has been following with great interest. It seems now that dust is settling a little bit.

The third quarter has been very well so far, and we have very nice prospects for the rest of the year, especially in new lease signed lease agreements underway. We report a net profit before tax of €141 million, 140.9, that's €120 million net profit after tax, earnings per share of €4.26.

We also report an EBITDA of €186.4 million, and you will be probably pleased to hear that €130.5 million from that is recurring investment segment, recurrent income. We had €128.2 million of net rental and renewable income at share, which is a growth of 17.9% year-on-year on a proportional basis.

Our, at the 30th of June, our committed annualized rent income stood at nearly half a billion at 489, that has grown to 496 meanwhile, and it's 11% year-on-year growth. We will soon break the half a billion barrier, which we've been always looking for, and I hope it will happen in September or I'm sure it will happen in September.

We have €260 million of cash-generative leases at the moment at share, which means handed over, generating lease income already. We initiated 314,000 square meter of new developments and delivered 236,000 square meters in the first half, which were 86% let.

We have our proportional LTV dropped from 50% at year end to 49.3%. We have a consolidated gearing of 35.5%, and we still have a BBB- with a stable outlook, both from Fitch and Standard & Poor's.

Our shareholders' equity is up 10.5% year-to-date after a €247 million net equity raise, and at the moment, we have €9.2 billion assets under management. If you look at our investment property at share, then that is €6.1 billion.

In December, we had €8.7 billion assets under management. We have multiple joint venture closings upcoming.

As our SAGA, our latest joint venture, is momentarily 60% deployed. We foresee to do large transaction both in the end of this year, beginning of next year, and then to start a second SAGA vehicle.

Our East Capital fund is in preparation for 2027. Then I also have some news, which I will talk a little bit about, but mostly in our Capital Markets Day, about our data center deployment.

We've always been very very careful in communicating about it because we wanted to be sure before we say something that we also can deliver. I think the time has come to veal a little bit, to reveal a little bit what we plan to do in the next 2 to 3 years on the data center side.

I'm going to hand over the word to Piet first now for the financial performance.

Thank you, Jan. As always, I've prepared you a set of slides to walk you through to the main changes over the period, albeit this time it's in a bit of a new jacket.

As Jan mentioned, we are happy to report a profit of €120 million or €140 million before taxes with a strong contribution from all of our business segments, resulting also in a €186 million of EBITDA. If we compare a bit year-over-year, then you will see that EBITDA by the segments has grown from €118 to €131 million in the investment segment.

That is mainly as a result of the recurring earnings and the net rental income that has grown significantly, both in our own portfolio as in the joint ventures. I will share a bit more details on that on the next slide.

In the development, we have a decrease of €118 to €52 million. It's not that there is anything outspokenly negative happening in H1, it's just that H1 '25 benefited from some additional revaluation gains as well as transactions with joint ventures, which resulted in a significant realized gain, and we haven't done any joint venture transactions to date.

On the other hand, renewable energy EBITDA doubled from €2.1 million to €4.3 million as a result of a higher output of our solar installations and also the battery systems that are coming online. If we break it down a bit and focus on the different contributing factors, the first and the foremost is our recurring earnings, which have grown significantly organically also, which is at share up with 18% to €128 million, so that's €51.7 million or 26% up in our own portfolio, €76 million in our share in the joint ventures rental income, that's up 13%.

I think it's a testament to the quality of our rental, and as Jan mentioned, we have €489 million of contracted annualized rental income in the entire group at 100%. Out of that, proportionally, €327 million is the contracted income, of which €260 million is already cash generative, the rest is being handed over, of which a majority part will be in the next 12 months delivered.

Solar, as I mentioned, is up 10%, it's mainly production increase from 71 to 78 GWh and also a capacity increase that is exactly linked to it basically, it's 9%, and we have now 170 MW under construction. We also had a good indexation on the portfolio in the first half of this year, and we were also able to relet vacant space with an average 6% increase in the rental price that is compared to the latest rental price that was active in that building and that we now replaced.

It's not just one contract, it's quite spread over the group. All in all, the recurring income, the rental and the renewable energy performed very well.

The valuation gains, they are €65.9 million on our own P&L, and on the joint ventures, there is a €25 million revaluation, at share, the total revaluation at share is €91 million. As you can see, the valuation gains, they are primarily driven by the constructions that have been initiated in the first half of '26.

Just to give you a bit of color on that, how the development gains are coming to be, yeah, I've made the box and whisker graph on the left, which shows with the title Development Gap, which shows on the left side the yield on cost of the developments and on the right side the weighted average yield by the appraisers of these developments. You should always know that these developments that have been initiated, they are at the beginning of their construction period, there might still be some vacancy in.

Up until the moment you stabilize the asset, and the asset becomes completed and fully rented, the weighted average yield, provided there are no real fluctuations in other movements in valuations assumptions, it will come down. As you can see, the yield on cost, we are very enthusiastic about it, and the lowest asset that we have is at a 7.2%, the highest we have is at 11.5%, and on the average, we are around 8.7% yield on cost, fully loaded of course with capitalized interest and development fees, et cetera, whereas you see the weighted average yield of course should be lower, that triggers the margin, is between 5.4 and 9.6, where the average is at the moment 6.5.

That looks very promising also for the future, because we expect this to ramp up further by continuing to develop these assets that have initiated. You can also see this in the average yield of our portfolio on our own balance sheet, that's around 7%, and in joint ventures portfolio, it's very stable at 5.22 to 5.25%.

Also, the joint venture, we have a €25 million contribution at share towards the size of the joint ventures, which you can see on the right side, that is quite a stable revaluation. As Jan was mentioning, we have €9.2 billion assets under management.

The inner circle shows you that 100%, the €2.8 billion is on our own balance sheet, the rest is in the JVs. The outer circle shows actually in the gray bars which are in the joint venture, which is our share.

We own €3.3 billion inside of the joint ventures IP, and 3.1 is of course economically owned and legally owned by our joint venture partners, together €6.1 billion. And 74% of the assets of the €9.2 billion, they are also located in Western Europe.

I think I mentioned already probably most what has happened in our joint ventures. Strong increase in the net rental income with 13%.

Valuation gains I've just described. I'm also very happy to show once the EPRA metrics of our joint ventures, because we always consider our joint ventures a sort of a REIT, they are fully stabilized portfolios, and we try to run them as efficiently as possible, we try to distribute all of the excess cash during the year and different formats.

This results that our EPRA earnings of the joint ventures have increased to its 16.4%, cost ratios are well in check, the valuation yields, they are very stable, the vacancy rate has come down from 2 to 1.2%, very happy to see that, and then the LTV has also come down from 32 to 31.5%. There was also an excellent performance in our Rheingold joint venture, which has a track record in its 10-year existence now of above 12%.

This triggers a promote of €18.4 million. This was also already provisioned at year end, has also been paid out, but the cash was received on 1st of July, you will see that popping up in our cash flow in the second half of this year.

Finally, Rheingold also needed to refinance as the term of the JV came to its maturity, such did its debt, that was €844 million. We have completely been able to refinance that quite easily, even in the volatile market environment, and it's now replaced with a bullet facility with a small top-up of €886 million, which also allowed for the payment of the promote to VGP.

On the balance sheet, I think it's a pretty straightforward story. Our total assets and equity and liabilities have increased from €5.2 billion to €5.8 billion, the shareholders' equity is up to €2.9 billion, the investment property increased from 2.4 to €2.8, it's the equation of €378 million of CapEx and then the revaluation effects.

Our share in the joint ventures, as I showed their performance on the previous slide, that equates an equity participation in value of €1.5 billion. Our consolidated gearing is stable with 35.5%, and our proportional LTV at share came down to 49.4%.

We have a very solid cash position with €599 million and untapped RCF of €500 million, we have a liquidity position of above €1 billion. Maybe to zoom in once on our debt, because we have been quite active in the last 18 months on the debt markets.

Last year, we raised a bond of €576 million. Beginning of January, we raised one of €600 million, which was then used to repay a bond in March of €190 million, and also we bought back €100 million on the January '27 bond outstanding.

As you can see in the graph on the left, that bond is now €220 million. It was 1.5 years ago €500 million, but we have been proactively extending the maturity on these bonds and being repaying them, and very happy that we did so.

The refinancing that we are looking at now until 2029 is very limited, with only one bond remaining in '27 of €220 million. Of course, in the current interest environment, I don't think it will come as a surprise that our interest has come up from 2.7 to 3%, but again, we are looking quite bright to the future as we don't have to do any major refinance in the next years to come.

Revenue is vanity, EBITDA is sanity, but the cash is the reality. It's always good to also look once at the cash flow and see where the money has flown through.

You can see that the net cash from the operating activities went from 28 to €4 million. It's not that our operating cash flow went down, on the contrary, it's mainly the movement on the working capital that has played its part.

It's a bit of an unfortunate that the promote was only received on 1st of July, otherwise this picture would have looked already different, but it's mainly buildups as in some short-term receivables, but nothing out of the ordinary, but that is a good contribution. The net cash used in the investing activities is €331 million.

It's up versus last year, it's mainly driven by a higher CapEx spend of €376 million. We also sold one of our parks in Latvia, which was VGP Park Tīraine.

Last year, we sold VGP Park Riga in the second half of the year, that provided some cash in of €26 million. We had distributions of joint ventures in the first half, up versus last year.

It was €19.2 million. I think we can expect minimum €80 million for the year, but the JV distributions, they usually come in the second half of the year.

Some of them pay it regularly, others we do it in one go. We expect about €80 million at least.

Then in the financing activities, also a big swing versus the previous year. We raised a bond of €600 million, which raised €593 million net of proceeds.

We repaid €190 million bond in January and €100 million proactively, so that's €190 million net. We raised an equity of €250 million, net 247.

We paid out dividend, we paid out the interest on our bonds. The interest that you will see in the P&L is lower than the interest paid, that is because most of our bonds have been raised in the first half of the year, and that is when we also pay the interest, so that's actually less to be expected in the second half, cash flow wise.

I think that will conclude my slides, and I'll give it back to Jan. Thank you very much.

Yes. I will continue with the operational performance.

The park you are seeing on the picture in the presentation is our VGP Park in East Midlands, and we have already leased the first building under construction now to Games Workshop. It was just signed.

It will start generating income at the end of this year, and we are in active negotiations for the second building. On the leasing activity, I will start with the leasing activity.

We just put in this slide once. This is our park in Vélizy, not very far away from Versailles, and as you can see, you can see also the Eiffel Tower, which is here in the back.

It's really 13 km away from the Eiffel Tower. We're very proud on the location.

We think it's absolutely stunning. That's our VGP Park in Vélizy.

Completely demolished meanwhile now, it used to be an R&D facility for Stellantis, and we're signing our first lease agreement on the building right in the corner on top in the coming week. We have a record committed rental income at the 30th of June of €489 million, including the joint ventures at 100%, and our committed annualized rental income has gone up by 7.6 times over the last 10 years.

We've grown considerably. We have 482 tenants, but 693 tenancy contracts, which also shows that we have a lot of repetition clients, a lot of clients who put their faith in us and come again and also over multiple countries.

If somebody talks about a real European platform, we have assets in 16 different countries, I think we are a real European player, also from a shareholding perspective. The bridge of the committed annualized rental income, if you look at it, we started with €468.3 million of leases at year end, we signed €24 million of new leases, meanwhile, that's gone up to €31 million, we have some indexations, €7.6 million, we have amendments to existing lease agreements, people who want something extra and with amendments, €2.2 million, we had €11.3 million of terminations, and we sold one building, which is €1.8 million, and that makes the bridge to €489 million.

Meanwhile, that's gone up to €496 million. We signed €52.7 million in total of rental income signed and renewed during the first half of 2026, roughly in line with our record year of last year.

As Piet already said, the relettings of the vacant space achieved a 6% on average increase in rental price, and that's over total our portfolio, and it's a lot of lease agreements. We have an 84% retention rate at the moment of those leases which come to an end and we need to relet, 84% of the tenants stay.

The new tenant demand is shifting back towards e-commerce. E-commerce has been very off the market since 2022 until 2000 until last year.

We had virtually no e-commerce deals. Now we see them coming back and really coming back big time.

At the moment, as we speak, we have a number of really very large new e-commerce players which are going to sign up with us. We're in final lease negotiations, and I'm very happy that I am going to be able to show you the Zalando building on our Capital Markets Day, because I think it's a reflection of what is going to happen also with robotization and automatization.

You will see the building is incredible, it's fully automated, and it's really impressive. I'm very glad to be able to show you that.

Logistics is the largest part. You can see in the new lease agreements by segments, it's 51% of what we have signed, but e-commerce is growing again.

It will grow a lot bigger in the second half, because these contracts with the e-commerce providers are really very big. We expect to sign some very large new leases.

Light industrial has been 21.6%, and for example, GE, who is as an example here, we also see quite some demand out of the defense sector, which is really picking up. The occupancy of our standing portfolio, it's 98%.

It's compared to the market, where we think the average vacancy is around 5 to 6%, we are performing quite a bit better. We have now €419 million of cash-generative leases.

We have a land bank, as I will come to the land bank later on, which is fully permitted, where we have all the permits in place which we can develop, and we think some of them are now coming to maturity because we are demolishing inside and there are some sale and leasebacks and they are going to come to the end. If we develop all of that, we have a potential to grow our income-generating assets to roughly €800 million per year.

Piet likes to make bridges as always, we started the year with €389.3 million of cash-generative leases, we activated €30.6 million of new leases, we handed over to the customer and they started to pay rent, the cash-generative leases €419.9, €420 million as at the end of June 2026. We have €69 million of signed leases which are under construction, which will be delivered in the next 12 to 18 months, and then the vacancy and the pipeline ERV, what we can still construct and what is not yet leased, together, it's another €310.6 million, that's future music, which we can sit develop, and that would bring the total rental potential to roughly €800 million.

We have added in the first half of 2026 8% of cash-generative rent, and we have 17% from cash-generative to committed annualized rent uptake, and so the growth potential is still 67%. I'll go to the next slide.

On the delivery side, the building you are seeing is in Split, and it's fully let to Studenac and Atlantic Grupa, both are very active, it's in Croatia. We delivered 12 buildings, 236,000 square meters gross lettable area, which was completed in the first half of 2026.

On the right top, you see our park in Alicante, Spain, and then underneath of it, you see once more our park in Split, Croatia. It's €17.1 million of annualized rental income, which it was spread over through 35 new contracts.

It's 86% let at delivery, there are some smaller units which remain to be leased out. The sustainability credentials, which Martijn will talk about a little bit later, all of them are 100% BREEAM Excellent or better, and 39% of the deliveries which we did in the first half year are even BREEAM Outstanding.

Yeah. The deliveries were mostly logistic activities.

We have some examples of customers which you can see there, ID Logistics, Spain, we have, yeah, a little bit everywhere around the group. And 76% of what we delivered was logistics, and e-commerce is growing, and I think it's going to become really a big driver again in the next years to come.

You can also see in the bottom the two pictures of one of our VGP Park in Vejle, Denmark, and then of our new VGP Park Sibiu in Romania, where we are leasing out our last units. All the first half year deliveries are certified sustainable and of which 39% are BREEAM Outstanding.

Then you can see for the rest of the portfolio, virtually everything is now certified, and you can see the split down, BREEAM Outstanding and BREEAM Excellent together, it's almost 70% of our portfolio. Characteristics, a little bit, of our standing portfolio: so, the average building age, we've been growing a lot, as we've shown you that we have done our leasing income times 7.6 over the last 10 years, we've built a lot over the last 10 years also, the average building age is 5.1 years.

74% of our buildings is younger than 10 years, and it's younger than 2 years is even 20%, it's a very young portfolio, very up to date, very well certified. 24,000 square meter is our average building size, and we have a lot of large facilities, and we think that large facilities are going to remain very much coming on, especially with automatization and robotization, we still think that it's going to be large facilities.

Then we have inside these €800 million, if we develop them all, then we will have a completed portfolio of 12 million square meters roughly, of which now the standing assets are 6.6 million square meters, we have 1.1 million under construction, and we have a land bank on which we can still develop quite a lot of square meters, quite still 4.3 million square meters roughly on our standing land bank, which is constantly evolving as we are looking at new opportunities. On the development side, the park you are seeing on this picture is our VGP Park in Nijmegen, where last year we virtually let out everything.

The building you're seeing down here is immediately adjacent to the highway, it's the last building in the park, that's leased to Protempo. In the back, we are building a very big also with a very automated thing for a clothing retailer, I can't disclose the name unfortunately, it's a very big park also, we have 160,000 square meters, of which is now 120,000 square meters under construction, plus the already existing building, the park is quite substantial in Nijmegen.

We're very happy with it, it's performing very well, it did a nice contribution to our profit. We have 44 buildings under construction, which represent €90.6 million of annual rental income once fully let and built.

I have already told you a lot of times, I'm a very big believer in that we should really try and help the reindustrialization of Europe. On the right top side, you see a very nice example of the building D in our VGP Park in Munich, where we have Isar Aerospace, our European answer to SpaceX, I hope, upcoming.

They really did a lot of capital rounds and are now very much supported, and we're very proud to have them. We are going to deliver that building now in September to them, it's virtually ready, they are making rockets inside.

Then underneath, you see the building of the very big clothing retailer which we are constructing in Nijmegen. It's 74% pre-let, our development pipeline.

We're going to remain very careful over the second half year also with our pre-let levels, not too much speculative building, we will remain at the same levels or a bit better. It's very well spread across our geographical footprint.

At the moment, in every country where we are active, we have constructions ongoing. Or almost ongoing, there is only two countries where we are going to start up normally in the second half of the year, all the rest, in 14 countries, we have constructions ongoing.

The largest park under construction are Nijmegen, our Rüsselsheim area, Rouen, and Mulhouse. Rouen is meanwhile also fully let, it's complete, we are constructing the last two buildings.

On our land bank, the picture you are seeing is one of our most iconical parks, it's in Nürnberg. Nürnberg was office site which we bought from Siemens, they are going out later this year, and we are finalizing a very large lease agreement, which we hope to sign October, November this year with a very big e-commerce retailer.

It's right adjacent to the ring road, it can't be a better location. We went with them to the mayor of Nürnberg, and the mayor of Nürnberg and the political side already approved, which is always an advantage if you have a backup, for which we're very grateful, from the politicians to implement this thing at our site in Nürnberg.

It's going to be a very long lease agreement, so that will be a very nice thing to develop. The land bank is now 10.4 million square meter owned and committed.

We started the year with 7.1 million square meters, we acquired 1.2 million square meters, we deployed 600,000, we sold nothing, we own at the end of June 7.7 million square meters. Then we have committed, as we always buy our land subject to receiving the permits through which we can use it for its intended purpose, once we will obtain these permits, we will also buy the 2.7 million of committed square meters, which then brings it to 10.4 million square meter of land which we own or have a commitment on which is binding.

Then we are under option at the moment, we are looking at another 1.4 million square meters. We're very careful in trying to locate really the top-quality assets in the market at reasonable prices.

Our land bank is very well spread across the countries. As I said, we are a truly Pan-European group.

We've been building very carefully at this. You can see the biggest country is also the biggest land bank, of course.

In square meters, the land banks can be varying. For example, Serbia has a very big land bank, but in euros it's small because we only paid a very small price compared to the land bank and the values of land in other countries, but we are constantly looking at expanding it.

CEE is 44% of the land bank today, Western Europe is 56% of the land bank, but that varies every time again when you look at it. Maybe just a small word on some of our most iconical parks, because some of them are now coming really to maturity, some of them have been a sale and leaseback like the Rüsselsheim facility or the Nürnberg facility.

In Rüsselsheim, we have the Green Campus under construction with Opel. It's a very large construction site, and the Opel facility it was a production site of cars since 1864, they have grown over the time, and they have a very big electrical connection.

We, being a partner of Opel and making for them also the Green Campus, we have been able to secure quite a substantial amount of electric capacity directly from the grid and have a nice view on more capacity coming on later in a couple of years. Hence, that's also why we want to develop our first more modest data center development in Rüsselsheim, but I will disclose the details of that only on our Capital Markets Day, you have to come, otherwise you won't know.

Then Vélizy has now been completely demolished and decontaminated, and we are starting construction activity in October this year, and the first building will be completely pre-let, we are working on the last pages of negotiation on the lease agreement. The same goes for Vila Nova de Gaia in Porto, where we are in final negotiations with a very big industrial group for to sign the first building.

We have our park in Hagen, which is also the same story, it's a very big paper mill it used to be, a lot of electric capacity, we have already ordered a very large battery storage thing to be placed there, and we are in negotiations again with two very large tenants for the whole site. We hope to be able to bring you at the year end the two names of the people who are going to lease out, both retailers, in this park in Hagen.

Hagen is right next to Dortmund in the Ruhrgebiet, really nice location. Nürnberg I already explained.

In Reggio Emilia, Gavassa, we already signed a lease agreement with Snoline Del Bene, and the big building at the right side which you're looking at, that is also under lease negotiation at the moment with a very large retailer. Fingers crossed, touch wood, but we have really a lot of activity in the pipeline.

I will hand over the renewable energy topics to Martijn, our specialist in that case. Martijn, go ahead.

Thank you, Jan, and good morning, everybody. On the renewable energy, the story starts to stand more and more on two legs now.

We've always presented the photovoltaic leg as obviously being the most important constituent, and in terms of revenues, that is still the case, but battery starts to become more of an important growth prospect every reporting period. Starting with the photovoltaics, there we've really been able to catch up on the rollout of our existing portfolio.

You see that we now have 284 projects in total on the platform. If you compare that to the number of buildings that we have, which is 319, you see that we really been able to catch up mostly on the rollout of our existing portfolio.

Also in terms of growth, this will start to become more and more aligned with the growth of our overall portfolio, as obviously we will continue to build photovoltaic on our new construction projects, but there is less of a catch-up to do. If you look at the gross renewable income, Piet already touched on it, if you look at the performance of the portfolio and compare it to the portfolio photovoltaic that was operational at the beginning of the year, which was around €105 million worth of investments, the yield is very similar as it was in 2025 and in 2024.

If you annualize that, that gets to around €13.5 million for the full year, because the second half is always a little bit less productive in terms of sunny hours, but yeah, we will also work on adding additional platform through the second half. Then on the battery projects, we've been able to connect the first projects in the first half.

These need to be approved by the local grid operators, et cetera, it takes some time before they start generating revenues, but we anticipate that these will start in the second half to start meaningfully contribute. If you look at the total investments, then the total CapEx that is either spent or committed, which is on the middle of the bullet points, is €170 million now.

Of that, there is already over €30 million that is related to BESS projects. It is, as I said, it really starts to become a meaningful contributor to the investments, and we'll expect to see that in the top and bottom line in the coming periods as well.

We'll talk a little bit more about the BESS rollout at the Capital Markets Day, but with that, I think I'll hand it over to Jan for the joint ventures.

Yes. The building you are seeing on this slide is a small business units in České Budějovice, which is completely let.

Also, Vélizy is more of a small business units, and Sibiu now, which is a new business line also. We achieve higher rents, and it's a bit more volatile in the occupancy, but it's a very nice segment in the market, and it's Segro's flagship.

We are also trying to do more and more of them where we are very urban, it's part of our business line now. Is an update on the joint venture: so, we have a running joint venture, which is SAGA 1, which is now for already 60% deployed.

In 2027 it will be deployed more than 90% with what we have foreseen to transact, which is 2 years earlier than expected, and that's why we have been negotiating on a second joint venture. The memorandum of understanding is signed, the launch is foreseen in 2027.

The joint venture structure is virtually a copy of the one which we had with RM acting as manager for the other 50% stake. The focus is on Western Europe, and that's very complementary to our East Capital Fund Central and Eastern European mandate, which is also running at the moment.

The new one targets at least €600 million of equity, it's going to take us to at least €1.5 billion, but we hope to do a lot more in the second SAGA joint venture. €600 minimum is the minimum equity ticket which we are focusing on.

The capital recycling, because we have now so much income-generating assets on our own balance sheet which are coming to maturity, especially in the beginning of next year and then throughout 2027, '28, and '29, we expect it to pick up in the second half of this year, but then accelerate really a lot into 2027 and the years coming. Yeah.

For a summary and outlook, just once more, what you see in front of you is our Green Campus. You will see it's the building on your left side, which is an office building, high-end office building, completely passive.

It's 10 minutes away from when you come to the Capital Markets Day, you will notice it's only 10 minutes away from Frankfurt Airport, it's really very close to Frankfurt, and this is our cooperation with Opel, which is going very well. Opel is very committed to the site, also Stellantis is very committed to the site to remain there.

Big parts of the other sites around it are going to be sold separately, but that's to other users than we do, it's retail and/or housing, which VGP doesn't want to do, we focus on the industrial part which we have bought out, and we have an exclusivity for the whole Opel site on data center development, which we negotiated when Opel when we bought the site of ours. The outlook: we want to develop further on towards our 12 million square meter targets without putting a fixed date on it when we want to achieve it, but because we want to maintain a very disciplined approach to the development, we prioritize pre-let levels.

I don't want to construct millions of square meters of vacancy, that brings nothing in and certainly not when money is getting a bit more expensive. We are focusing very much on our development margin.

As you've seen from what Piet showed you, that we have very nice development margins, the average yield on total cost is now 8.7%, so that's including also our iconic developments in Germany, in France, in the more mature markets, we're feeling very confident that we have a nice margin. We are very confident, and that's the message that I wanted to give mostly, that we are securing very nice pre-lets on our new brownfield locations, which are now going to initiate development.

The recurring income is for us very important, its income base is expected to continue to expand, and it's accelerated by further growth in renewable energy. It looks that the battery projects which we have are very profitable, and we have some really very nice, big several battery energy storage systems.

Then we are going to, of course, grow the joint ventures, and that will also lead to increased recurrent joint venture management fees besides our share in the rental income, which we get every year. Yeah.

The 12 million square meter equates to €800 million of total rental income per year, which we want to grow to now. Then we're very focused on capital recycling.

As I already said, it's expected to accelerate in 2027 with the launch of new JV initiatives, and then as well as the startup of the development platform for data centers, for which we also have signed a memorandum of understanding with a very reputable company. We acknowledge that it's not easy to develop a data center, and we acknowledge that we want to avoid having to go a long way to build up reputational skills and a good name in the market, and that's why we have chosen to sign a memorandum of understanding with somebody who has a very good standing reputation in the market and a very nice track record, and who will bring its technical expertise and know-how to our JV.

We will do the same from our side, we will bring in our land plots, which are now already feasible, which is virtually two, Paderno and Rüsselsheim, which we have now in the last straight line I would call it in order to be able to start a data center development, which is slower than you would expect, I will tell a lot more about it. Which leads to another €3 billion of gross asset value, not taking into account the data center rollout of transactions, which we have at the moment in MOU.

This is the slide made by AI as it should be. When Europe Needs More Cloud, We Keep It Grounded, it's called.

It's a very heartily invitation to our Capital Markets Day. I will be there and I will join you on the 1st of September 2026.

Just a small word on it: the idea is that we first go to take a visit to our Giessen site, which is roughly 70 km north of Frankfurt. We will foresee all the necessary transportation.

We will get a guided tour through the Zalando facility by the management, by the people who manage the Zalando operations. It's a very fine example of a building in which there is an incredible amount of automatization.

Actually, Zalando made a lot bigger investment inside of the building than we in the building itself. I think it's worthwhile seeing it, because it's the future, it's how things should go, it's so much more efficient in operations than the other buildings which were before for the same purpose.

Then afterwards, we will take you to the Rüsselsheim site. It's our largest brownfield to date, which we bought in the heart of Frankfurt, it's 10 minutes away from Frankfurt Airport.

We will show you the Green Campus, which we are developing for Opel, and we will explain you also, because the Green Campus is only 10 hectares out of 71 hectares, what we are going to do with all the other potential which is there, how it is faced, what is the plans, and I will lift a little bit more the veil on what we have been hiding so far because we wanted to be absolutely sure that we can deliver. If you want to know more about it, please come to the Capital Markets Day.

Don't ask me any questions today, I won't answer them, I want to keep it for that day. Thank you very much for listening to us, and we'll be happy to answer any questions which we can answer on.

Thank you, Jan. Operator, we can open the line.

Yes, good morning and thanks for taking my question. I will limit myself to one as requested.

It will be on the reversion capture on the reletting. If I compare the 6% that you captured in H1 to the 14% in 2025 and even the 18.5% over the first 4 months of 2026, I'm wondering, did you manage to capture the entire reversion or did you accept some concession in the course of Q2 to secure the letting?

Addition to that, can you provide the number of the reversion potential that you have on the standing portfolio? Thank you.

Yes, Vivien, thank you for your question. It's a difficult one to answer because they all have renewable clauses inside through which our tenant can opt to just prolong the lease agreement, and so we can only take the uptake of a new lease agreement at a moment when a lease agreement really ends and we need to release it in the market.

Except for the UK, where this is not totally standard that you have clauses inside where there is a market revision, we have no possibility only when there is a reversion moment which is when a lease agreement stops. I don't think you need to look so much at the 6.6% because it's depending very much on the mix of the buildings which we have to release again.

In some of the markets, in some of the lease agreements, it's a bit more difficult to achieve a higher rent, and in some of the others, older lease agreements where we have very low leases compared to the actual market lease, it's a mix of maybe 20 No, it was I think, yeah, 20 different lease agreements which we have been reletting, and sometimes it will be more, sometimes it will be less, but we still think, and I can't quantify it today, we still think that we have a huge potential of uptake in our buildings. If you look at the average price per square meter of our buildings, it's €1,250 per square meters roughly of the value, the total value, and that's compared to what we see around us, that's still very low, it means also that the underlying rent has a potential to grow a lot.

I can't at the spot here quantify it. I don't know if Piet can quantify it, but I think it's difficult also because all of these leases have different running times, and we are on average still 7.7 year lease, and 84% is retained, the people just until today, the people just prolong, there is limited uptake when they just prolong, it's only at the moment when it is replaced.

As I'm afraid, it's a question which is very difficult to answer upon except for what I just said.

I think you said everything.

Good morning, thank you for the update and taking my question. I know not to touch on the data centers, but I'll save that for the Capital Markets Day.

Could you just provide a bit of color on target deliveries and the quantum of development picking up here? Kind of based on the timeline you're currently looking at, what completions should we be tracking for 2026?

If you then manage to get some of the various e-commerce driven leases agreed over the second half, should we then expect a bit of a ramp-up in the level of development starts over the second half compared to what you reported today? Thank you.

I will answer on the developments which we start. As I said, we're going to be very careful, and there is a lot of big projects in the pipeline.

Some of them are going to be started in this year, and some of them are going to be started in the first half of next year because they still need some fine-tuning and some permit adaptations. I'm not quite sure what we are going to start up in the second half year, it will depend very much on the market environment, but it will be somewhere in the line or more than what we did in the first half year, I think.

We foreseen a lot more, but I'm going to be prudent, I'm also prudent in what I'm answering. It will depend a little bit on how fast we are able now to secure these lease agreements which are under negotiation, our lease negotiations, we have them lined up in four different categories, of which the last two categories we call it DOI 3 and DOI 4.

DOI 4 is lease agreements which we have currently under negotiation where we have exchanged the lease with the people, and DOI 3 is where we have virtually an accepted heads of terms or commercial conditions, and we are still fine-tuning the technical specification of the building. These two together, they represent more than €50 million of rental income, and we are convinced or we are very confident that we can sign quite a lot of them in the next 2 to 3 months.

By the next trading update, we should be able to tell you a little bit more on that. Then on the delivery side, we have 1.1 million under construction, and Piet, you know how much we are going to

I think it will be the same or higher than it was in the first half of this year. I think between 300 and 400,000 square meters would be a good estimate.

It depends a bit on the leasing activity and the finalizations of the buildings, a bit more than in the first half, that would be my best estimate on this.

Great, thank you very much.

You're welcome.

Morning, just one question as you mentioned. At full year '25, you were talking first closing of East Capital, I think in 2026, or that's what was suggested, and today it looks like maybe pushed to 2027.

I just wanted to understand if there's been a shift in terms of investor appetite or their return requirements, potentially linked to some softening in operating fundamentals in Central and Eastern Europe, or is it purely timing?

It's purely timing. We have started this process in April, March, April this year, it's normal that people need a bit of time to set up their things.

It's a regulated fund business, we can't really answer on where they are with it, because that's forbidden to do that, but the sounds we are hearing is that they have very positive feedback and that they are very confident to do something with us. I think it's just we are in August now, we need to do due diligence, they need to do due diligence, we need to do afterwards, we need to agree on the first seed portfolio, we need to do it, it's very unlikely that for the Eastern European part we will be able to still close a transaction before the year end, it will be more first half of next year.

In the SAGA 1, we're aiming for a transaction still in this year with a second one, second part of it, also in the first half of 2027, for which we have identified the buildings, for which we have identified the scope, for which we roughly know what is going to be transacted, and how much it will exactly be in the second half of this year and the first half of next year is depending a little bit on our tempo of completions and the number of lettings which we need to do on some of the buildings still. Was nog iets anders dat ik moest antwoorden?

Nee. Okay.

Hi, good morning, thank you for taking my questions. On leasing metrics, they seem a bit weak in H1, but what about H2?

Where would you expect, for example, pre-letting levels, rent uplifts from relettings, and committed annualized rental income to land by year end? Could we for example see uplift of those metrics in H2?

Something like, I don't know, over 80% pre-lettings delivery and committed annualized rental income growth up 15% a year, is that realistic?

Steven, I don't have a crystal ball. I can't tell you, it also depends on what the market is going to do.

I think throughout the whole presentation, we have given quite some indications about the level of demand which we are seeing. Already in the third quarter, it has been picking up.

Normally, it's very quiet in the months of July and August, everybody is on holidays. Nevertheless, we managed to sign €7.2 million of new rental agreements which have been finished, and so it's already at €496 million now at the moment.

We have quite some heads of terms which have been signed off, where the people have said, "We agree on your commercial terms," and where we are now in exchange of a lease agreement, which should be signed in the second half of the year. As I said, there are these very large transactions which we are trying to finalize now especially in Germany, where we have quite some, but also in France and in Spain, we have some really very nice new ones.

We're confident that we are going to have a strong letting in the second half of 2026. How much it's going to be, I never want to stick to a number where you afterwards are going to say, "Ah, it's a lot more, it's a lot less."

It's also going to depend on what Trump is going to do and which bombs are going to fall, I think. We're doing our best to land all of this, and we are very confident that we will, but I can't glue a number on it.

Maybe I can already tell a little bit more at Capital Markets Day, because it's still in 2 weeks from now and we are really in very advanced negotiations on some of it, but that is at the moment the most I can tell you.

Hi, morning. Just a quick one on the second SAGA JV.

Could you indicate by when should we expect the first closings there?

Hi, Thomas. I think second half of next year.

I think or maybe Q3, but rather maybe second half of next year. I think we will define due diligence by the first half of next year and then launch in the second half.

We will also complete first the SAGA joint venture 1. Makes more sense to first complete that one before we start with another one, and a portfolio is inside to do that, and that will be over multiple closings in this year and next year, and then I think immediately after we will start with the SAGA 2 one.

Just for to make it complete, the SAGA 1 deployment, which we still need to do, is roughly is more than half a billion. It's still quite sizable with the transactions which we need to do in the SAGA 1 in the SAGA 1 portfolio.

Thanks.

Thank you, Thomas.

Hi, good morning. Thanks for taking my question.

Got a question on the market dynamics. Which markets are you currently most enthusiastic about and which ones the least?

Hello, Pieter, and welcome back.

I'm

a truly European, I'm quite enthusiastic about all the markets where we are active in. We see everywhere opportunities.

If I have to pick out two or three which we are currently seeing a lot of activity ongoing, they're actually all performing quite well, but Germany is at the moment very active and it's funny enough, it's not directly the German companies which are very active there, it's from other continents which have people running around everywhere and really leasing out quite some square meters besides, of course, also some German activities. Then we're very positive about the demand which we still see in Spain.

Spain is doing still very well. Also now Italy.

Italy has been taking up. Maybe it was because we didn't have the right land plots before, but now that we have Verona coming online and that we have Reggio Emilia online, we just started the 40,000 square meter development in Mancasale in Reggio Emilia for a tenant, for Gaer, which is a 10-year lease agreement.

The big economies are doing really very well. Also, Eastern Europe is doing very well.

In Eastern Europe, we had to reshuffle a bit our team in Romania, which was a bit of a hassle-up, but we are now fully back on track and we expect we have a lot of demand at the moment, we're very positive also about our Romanian, which is our biggest Eastern European market at the moment, that is going to perform very well in the second half year. I would say difficult markets, the market where it is most difficult at the moment is by far Austria.

It's very silent in Austria, but we don't have a very big exposure to that. We just agreed on one transaction there, a lease transaction.

Then we see a lot of activity also in the UK, we're confident on the UK. We want to grow a bit everywhere.

France, we signed quite some leases over the past year. Then more of my concern is that is sometimes very difficult to keep the growth in some of the countries because of lack of land positions at the moment.

The Netherlands are very difficult, although we're very successful there, but it's not so easy to buy new land in the Netherlands, especially with this nitrogen thing which needs to get solved at some point. I always hear the politicians say that we need to reduce rules, but I have the feeling that we always have more and more rules.

That's a little bit the biggest break on our development, I would say, it's the complexity. It's also the advantage which we have, is the complexity of the permitting.

I hope that answered your question. If not, we see each other maybe on our Capital Markets Day.

Thank you. I'll be there.

Thank you, looking forward to it. Thank you, everybody.

Thank you, Pieter.

I just wanted to thank you all for being on the call. I hope we gave the right color and so that you understand where we are.

We're really doing our best in this market to grow, to keep on growing, to deliver what we have promised, and I'm looking forward to see you on the Capital Markets Day. I'm looking to really be able in person to exchange with you directly about our future plans and about all the exciting things which are ongoing inside of VGP.

Thank you very much.

Thanks.

Speak soon.

Bye-bye.