TAG Immobilien (TEG) Company presentation summary

Business model and segment overview

• Operates in Germany and Poland with three main segments: German rental, Polish rental (build-to-hold), and Polish sales (build-to-sell).

• Generates recurring cash flow from both rental income and recurring sales, with a focus on sustainable growth.

• Polish rental portfolio is rapidly expanding, including a major acquisition of 5,300 new-build apartments from R4R.

• Polish sales business is highly cash-generative, with a landbank supporting future growth.

Financial performance and guidance

• FFO I increased by 10% and FFO II by 23% year-over-year in Q1 2026.

• FY 2026 guidance expects FFO I of EUR 187-197m and FFO II of EUR 279-295m, with a 50% dividend payout ratio.

• EPRA NTA per share rose 7% year-over-year to EUR 21.08 in Q1 2026.

• Net financial debt/EBITDA improved to 8.6x, and LTV remains stable at 41.0%.

German rental business

• Portfolio of 84,094 units, mainly in Northern and Eastern Germany, with a 3.6% vacancy rate.

• Like-for-like rental growth at 3.3% including vacancy reduction; gross yield at 6.6%.

• 63% of units have energy efficiency certification C or better, supporting decarbonisation goals.

• Capex strategy yields high returns, with modernisation of vacant flats achieving up to 50% yield on cost.