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LEG Immobilien (LEG) investor relations material
LEG Immobilien Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
AFFO increased 19.3% to €181.3 million for the first nine months of 2025, with FFO I up 12.6% and strong rental growth driven by BCP integration.
Portfolio expanded to 171,781 residential units, with average rent at €7.01/sqm and like-for-like rent up 3.1%.
Moody's confirmed Baa2 rating and revised outlook to positive, reflecting balance sheet strength and cash-focused management.
Over 2,200 units sold for €190 million at or above book value, with further disposals expected in Q4.
Major BCP acquisition completed and fully consolidated, significantly impacting financials and portfolio size.
Financial highlights
Net cold rent increased by 6.8% to €687.7 million year-over-year, driven by BCP integration and organic growth.
Adjusted EBITDA rose 10.8% to €544.9 million, with margin at 79.2% for the first nine months; full-year guidance at 77%.
AFFO for the first nine months reached €181.3 million; full-year expected between €215–225 million.
Like-for-like rental growth at 3.1% as of Q3, with confidence to reach 3.4–3.6% for the full year.
Net profit for the period reached €1,130.8 million, driven by positive revaluation and tax effects.
Outlook and guidance
2025 guidance: AFFO €215–225 million, FFO I €470–490 million, adjusted EBITDA margin ~77%, and like-for-like rent growth of 3.4–3.6%.
2026 guidance: AFFO to grow by 5% to €220–240 million, FFO I €475–495 million, rent growth of 3.8–4%, and EBITDA margin ~78%.
LTV targeted at 45% in 2026, driven by disposals and valuation effects.
Investments to remain above €35 per square meter, in line with current year.
Environmental targets for CO2 savings included in medium-term outlook.
Quantify BCP acquisition's badwill impact
Clarify short-term debt increase drivers
Assess 2026 rent-restricted unit adjustment impact
Rationale for AFFO as core KPI?
Cost rent adjustment impact on 2026 LFL growth?
Provide color on Q4 2025 disposal pipeline
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Next LEG Immobilien earnings date
Q4 20255 Mar, 2026
Next LEG Immobilien earnings date
Q4 20255 Mar, 2026
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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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