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LEG Immobilien (LEG) investor relations material
LEG Immobilien Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net profit for the period reached €448.1 million for H1 2025, a significant turnaround from a €85.5 million loss in H1 2024, driven by portfolio revaluation and the BCP acquisition.
Portfolio expanded to 171,598 residential units, with in-place rent up 3.2% year-over-year to €6.93/sqm (like-for-like).
AFFO increased by 15.4% year-over-year to €126.6 million for H1 2025, reflecting higher rental income and portfolio growth.
Acquisition of Brack Capital Properties (BCP) completed, resulting in full consolidation and a one-time badwill gain.
Financial highlights
Net cold rent rose 7.0% year-over-year to €457.8 million for H1 2025.
Adjusted EBITDA grew 11.1% to €360.0 million, with margin improving to 78.6% (from 75.7%).
Net income from remeasurement of investment properties was €222.1 million (H1 2024: €-293.4 million).
FFO I increased 10.7% to €241.2 million; AFFO per share up 14.9% to €1.70.
Cash and cash equivalents at €633.6 million as of 30 June 2025.
Outlook and guidance
AFFO guidance for 2025 raised to €215–225 million (previously €205–225 million).
Adjusted EBITDA margin outlook increased to ~77% (from ~76%).
Like-for-like rental growth expected at 3.4–3.6%; total investments (adjusted) to exceed €35/sqm.
Medium-term LTV target remains at max. 45%.
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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.
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