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TAG Immobilien (TEG) investor relations material
TAG Immobilien Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
FFO I for the first nine months of 2025 rose 4.1% year-over-year to €135.8 million, driven by higher EBITDA from rental operations in Germany and Poland.
Net actual rent increased by 3.3% year-over-year to €277.1 million, with consolidated net income surging to €306.0 million from €30.2 million, mainly due to higher operating results and positive property revaluations.
Polish sales results slightly decreased to €34.2 million, but unit sales rose to 1,973 from 1,435 year-over-year.
LTV dropped to 42.3% due to a €186 million capital increase and operational improvements; pro forma LTV post-Resi4Rent acquisition is 46.1%.
Strong cash position of €1.35 billion, with €565 million earmarked for the Resi4Rent acquisition and €470 million for convertible bond repayment in 2026.
Financial highlights
FFO I guidance for 2025 raised to €174–179 million; 2026 guidance set at €187–197 million, a 9% increase in absolute terms and 4% per share.
FFO II guidance for 2026 is €279–295 million, up 19% in absolute terms and 14% per share.
Dividend payout ratio to increase from 40% to 50% of FFO I for 2026, implying nearly 28–30% dividend growth.
EPRA NTA per share improved to €20.19, and German portfolio value increased 1.4% in H1 2025.
Adjusted EBITDA from rental business in Germany and Poland grew to €188.4 million from €178.3 million year-over-year.
Outlook and guidance
Expecting further vacancy reduction and rental growth in both Germany and Poland in 2026.
Polish sales volume for 2026 projected near €0.5 billion, with 2,900 units expected to be sold at high margins above 30%.
Construction of 2,300 new rental units in Poland planned for 2026, with further growth targeted.
High pre-sale ratio (~80%) for 2026 handovers in Poland, providing strong visibility on results.
R4R acquisition expected to add €14 million to FFO I in 2026 (full-year impact €17 million).
Poland sales revenue decline vs 2026 outlook
Rationale for 2026 dividend payout increase
Germany portfolio strategy and capex focus
What sustains Polish sales margins above 30%?
What is the maximum German acquisition allocation?
What is the risk of further R4R delay or conditions?
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Next TAG Immobilien earnings date
Q4 202518 Mar, 2026
Next TAG Immobilien earnings date
Q4 202518 Mar, 2026
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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.
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