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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
LEG Immobilien
LEG Immobilien (LEG) investor relations material
LEG Immobilien Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
9M 2026 recurring NOI rose 5.2% to €607.1m and adjusted EBITDA increased 4.4% to €568.7m; AFFO grew 4.9% to €190.1m.
Net cold rent increased 3.6% to €712.4m, like-for-like rent growth was 3.9%, and vacancy fell to 2.5%.
2026 AFFO guidance was confirmed, while FY 2026 LTV is now expected above 45% amid valuation pressure and lower-than-expected disposals.
Financial highlights
Adjusted EBITDA margin rose 60 bps to 79.8%; FFO I was €370.0m, down 0.2%, while AFFO increased from €181.3m to €190.1m.
Organic rent increases contributed €28.6m to AFFO; disposals reduced net cold rent by €3.9m and higher net cash interest costs reduced AFFO by €17.8m.
AFFO per share rose 2.1% to €2.47; FFO I per share declined 1.6% to €4.87.
Net profit was €381.8m versus €1,130.8m, with 9M 2025 including a €434.6m income tax credit; remeasurement income fell to €138.2m from €228.0m.
Adjusted investments were €292.2m, broadly flat YoY; recurring capex was €179.9m, down 5%.
Outlook and guidance
2026 guidance: AFFO €220m–€240m, FFO I €475m–€495m, adjusted EBITDA margin ~78%, like-for-like rent growth 3.8%–4.0%, and adjusted investment above €35/sqm.
2027 guidance: AFFO €230m–€250m, FFO I €475m–€495m, adjusted EBITDA margin ~78%, like-for-like rent growth 2.9%–3.1%, and adjusted investment ~€35/sqm.
FY 2026 LTV is expected above 45%, versus a previous ~45% ambition; the FY 2027 LTV ambition is ~45%, subject to property values and sales execution.
Rent growth is expected to normalize in 2027; units exiting rent restrictions could add ~1 percentage point to portfolio rent growth in 2028.
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Latest events from LEG Immobilien
- Rent and EBITDA rose, AFFO fell, LTV at 45.5%, guidance and liquidity remain strong.LEG
Q2 2026 - Solid rent and EBITDA growth, lower AFFO, and 2026 guidance reaffirmed.LEGQ1 2026
- Record AFFO, portfolio growth, and digitalisation position for strong 2026 outlook.LEGCompany presentation
- Record AFFO, robust rent growth, and improved leverage drive higher dividend and strong outlook.LEGQ4 2025
- AFFO up 19.3%, net profit €1.13bn, 2025–26 guidance targets growth and LTV at 45%.LEGQ3 2025
- Net profit and AFFO surged in H1 2025, with guidance raised and BCP fully integrated.LEGQ2 2025
- AFFO guidance raised, BCP acquisition boosts outlook, and liquidity and disposals remain strong.LEGQ3 2024
- AFFO guidance raised, portfolio devaluation slowed, and rent growth outlook reaffirmed.LEGQ2 2024
- AFFO up 10.6%, dividend up 10.2%, 2025 growth and ESG targets reaffirmed.LEGQ4 2024
Next LEG Immobilien earnings date
Q4 202626 Feb, 2027
LEG Immobilien
Next LEG Immobilien earnings date
Q4 202626 Feb, 2027
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Frequently asked questions
Germany's Leading Real Estate Company
LEG Immobilien AG is a leading real estate company in Germany that specializes in residential properties. The company focuses on acquiring, managing, and developing high-quality residential properties, offering a diverse menu of housing options to meet the needs of individuals and families. LEG's portfolio includes apartments, townhouses, and commercial units located in attractive urban and suburban areas throughout Germany. The company's commitment to providing comfortable, well-maintained, and affordable housing has earned it a strong reputation and a loyal customer base.
Property ownership and rental management
LEG generates its revenue primarily through rental income from its residential and commercial properties. The company owns and manages a large number of rental units, which are leased to tenants under long-term contracts. LEG's business model revolves around property ownership, rental management, and value creation through property development and portfolio optimization. By continuously investing in property maintenance and modernization, the company aims to provide an appealing living environment for its tenants while maximizing the long-term value of its real estate assets.
Founded in 1970, Düsseldorf
LEG Immobilien was founded in 1970 and is headquartered in Düsseldorf, Germany. The company has a significant presence in the German real estate market, with properties located in key cities and regions across the country. LEG focuses on both urban and suburban areas, catering to a diverse range of residents and lifestyles.
As for its peers, three notable listed companies in the real estate industry are: Vonovia, Deutsche Wohnen, and Aroundtown.