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TAG Immobilien (TEG) investor relations material
TAG Immobilien Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
FFO I increased 4% year-over-year to €91.6m in H1 2025, driven by strong rental growth in Germany and Poland and higher net income from Polish sales.
Adjusted EBITDA from rental business rose 5% year-over-year to €126.4m in H1 2025.
EPRA NTA per share climbed 10% year-over-year to €20.18, reflecting positive valuation results and robust cash flow.
LTV reduced to 45.3% in H1 2025, with improved liquidity and strong financing metrics.
Moody’s upgraded outlook from stable to positive for the Baa3 investment grade rating.
Financial highlights
FFO I for H1 2025 reached €91.6m, tracking well against full-year guidance of €172–176m.
Adjusted EBITDA from rental business in H1 2025 was €126.4m (H1 2024: €120.1m).
Net income for H1 2025 was €151.1m, a turnaround from a €7.1m loss in H1 2024, mainly due to property valuation gains.
EPRA NTA per share increased to €20.18 at 30 June 2025 (Dec 2024: €19.15).
Cash and cash equivalents rose to €870m, with €215m in unused credit facilities.
Outlook and guidance
Full-year 2025 guidance reaffirmed: FFO I expected at €172–176m, FFO II at €233–243m, and adjusted net income from Polish sales at €61–67m.
Adjusted EBITDA (rental business) forecasted at €224–228m (one source: €240–246m).
Like-for-like rental growth in Germany expected at 2.5–3.0% and in Poland at 3.0–3.5% for 2025.
Most revenue recognition in Poland is expected in Q4, with higher sales and handovers in H2.
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