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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.
TAG Immobilien
TAG Immobilien (TEG) investor relations material
TAG Immobilien Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary10 Nov, 2026
Executive summary
9M 2026 FFO I rose 12.4% YoY to EUR 152.7m; rental EBITDA increased 9% to EUR 205.9m, and FY26 FFO I guidance was raised to EUR 195m–EUR 200m.
The July ROBYG IPO generated EUR 282m gross proceeds, with a 67% stake retained; LTV fell to 42.6%, and FY27 FFO I guidance indicates ~4% growth.
Financial highlights
Net actual rent rose to EUR 304.3m from EUR 277.1m; adjusted rental EBITDA reached EUR 205.9m versus EUR 188.4m.
FFO I was EUR 152.7m versus EUR 135.8m; FFO II rose 7% to EUR 181.9m, and AFFO increased to EUR 69.1m from EUR 59.2m.
Adjusted net income from Polish sales was EUR 29.6m versus EUR 34.2m; consolidated net income fell to EUR 156.4m from EUR 306.0m as valuation gains declined to EUR 54.0m from EUR 122.9m.
Rental EBITDA margin was 67.7% versus 68.0%; FFO I per share was EUR 0.81 versus EUR 0.76.
Outlook and guidance
FY26 FFO I guidance rose to EUR 195m–EUR 200m, implying ~9% YoY growth; FY27 guidance is EUR 200m–EUR 210m, implying ~4% growth.
FY27 adjusted Polish sales income is guided at EUR 50m–EUR 60m and FFO II at EUR 250m–EUR 270m, reflecting the reduced ROBYG stake; sales EBITDA guidance is EUR 120m–EUR 130m.
FY27 adjusted rental EBITDA is guided at EUR 288m–EUR 297m; rental growth guidance is 2.8%–3.2% in Germany and 1.5%–3.0% in Poland.
FY26 Polish sales income guidance is EUR 92m–EUR 98m; FY27 Polish handovers are guided at ~3,200–3,400 units.
Dividend payout guidance is 50% of FFO I for FY26 and FY27; FY27 guidance includes no acquisitions.
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Latest events from TAG Immobilien
- H1 cash flows grew, while the ROBYG IPO funded rental expansion and cut pro forma LTV to ~42.2%.TEG
Company presentation - Recurring cash flow and portfolio growth in Germany and Poland drive strong financial and ESG results.TEGCompany presentation
- FFO I and FFO II rose 9% and 11%, with portfolio growth and improved liquidity from the ROBYG IPO.TEGQ2 2026
- Ambitious ESG targets drive energy efficiency, social impact, and top-rated transparency.TEGESG presentation
- Double-digit FFO growth, robust rental gains, and major Polish acquisition set for Q2 close.TEGQ1 2026
- Recurring cash flows and portfolio growth drive higher returns and increased dividends.TEGCompany presentation
- Exceeded 2025 guidance with strong growth, improved margins, and positive 2026 outlook.TEGQ4 2025
- Strong rental growth, high liquidity, and dividend resumption support a positive 2025 outlook.TEGQ3 2024
- Stable FFO, strong Polish sales, lower LTV, and improved credit ratings in H1 2024.TEGQ2 2024
Next TAG Immobilien earnings date
Q4 202616 Mar, 2027
TAG Immobilien
Next TAG Immobilien earnings date
Q4 202616 Mar, 2027
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Frequently asked questions
TAG Immobilien AG is a Germany-based real estate company. It operates through three segments: residential, project development and office. In the Residential segment, the Company manages its own real estate portfolio of approximately 64,000 units in the federal states of Mecklenburg-Western Pomerania, Saxony, Saxony-Anhalt, Thuringia, Lower Saxony and Schleswig-Holstein.
The Project Development segment takes charge of the construction of residential buildings and houses for TAG Immobilien portfolio as well as third parties. The Office segment focuses on the letting of office building in Hamburg with a floor area of 14,100 square meters and a fully leased office building with a floor area of 2,340 square meters in Hanover. TAG Immobilien AG was founded in 1882 and is headquartered in Hamburg, Germany.