LEG Immobilien (LEG) Q2 2026 earnings summary

Executive summary

• Net cold rent rose 3.4% year-over-year to €473.4 million, driven by 3.7% like-for-like rent growth and positive cost rent impacts.

• Adjusted EBITDA increased 2.3% to €368.1 million, with a margin of 77.8%.

• AFFO declined 12.7% to €110.5 million, mainly due to higher investments and interest costs, but full-year guidance of €220–240 million is reiterated.

• Portfolio valuation increased by 0.7%, with EPRA vacancy at 2.3% and portfolio size at 170,880 units after disposals.

• LTV improved to 45.5%, close to the target, supported by disposals and scrip dividend.

Financial highlights

• Net cold rent for H1 was €473.4 million, with like-for-like growth of 3.7%.

• Adjusted EBITDA margin was 77.8%, on track for the 78% full-year target.

• FFO I came in at €230.5 million, down 4.4% year-over-year, with full-year guidance of €475–495 million confirmed.

• Cash and cash equivalents were €473.9 million, down from €816.8 million at FY-2025.

• EPRA NTA per share rose 1.4% to €139.04.

Outlook and guidance

• Full-year AFFO guidance of €220–240 million and FFO I guidance of €475–495 million are confirmed.

• H2 is expected to be stronger due to lower investments and anticipated subsidies of around €10 million.

• Like-for-like rent growth is expected to remain within the 3.8–4.0% range for the full year.

• LTV target of around 45% is expected to be reached by year-end, despite a temporary Q3 uptick from dividend payout.

• Environmental target to save 7,600 tonnes of CO2 in 2026.