TAG Immobilien (TEG) Q2 2026 earnings summary

Executive summary

• FFO I rose 9% year-over-year to EUR 100.2 million and FFO II increased 11% to EUR 118.6 million, driven by robust operational performance and portfolio growth in Germany and Poland.

• The Resi4Rent (R4R) acquisition in Poland closed in May 2026, adding over 5,300 rental units and expanding the Polish portfolio to more than 9,100 units.

• The IPO of Polish subsidiary ROBYG in June/July 2026 generated EUR 282 million in gross proceeds, strengthening liquidity, reducing pro forma LTV to 42.2%, and retaining a 67% stake.

• Consolidated net income for H1 2026 was EUR 114.5 million, down from EUR 151.1 million year-over-year, mainly due to lower valuation gains despite higher rental and sales results.

• Management Board contract for Claudia Hoyer extended by five years; Supervisory Board elections completed.

Financial highlights

• Rental income (net actual rent) increased to EUR 196.6 million from EUR 184.2 million year-over-year.

• Adjusted EBITDA from rental business rose to EUR 132.2 million (+5% year-over-year); adjusted EBITDA from sales reached EUR 23.9 million.

• EPRA NTA per share increased 6% year-over-year to EUR 21.38, even after dividend payment.

• LTV at 45.4% as of June 2026, reduced to 42.2% pro forma post-ROBYG IPO.

• Pro forma cash position exceeds EUR 1 billion after IPO and refinancing activities.

Outlook and guidance

• Guidance for FFO I and FFO II for 2026 confirmed; FFO I expected at the upper end of EUR 187–197 million.

• Adjusted net income from Polish sales guided at EUR 92–98 million (+40% year-over-year).

• FFO II guidance for FY 2026 is EUR 279–295 million (+16% year-over-year).

• Dividend payout policy remains at 50% of FFO I.

• Strong sales and handovers in Poland expected in H2, with most apartments already sold and revenue recognition weighted to Q4.