LEG Immobilien (LEG) Company presentation summary

Financial performance and highlights

• AFFO reached a record €220.5m in 2025, up 10%, with a proposed dividend of €2.92 per share, reflecting a 100% payout of AFFO.

• Net cold rent increased 7% to €919.9m, and adjusted EBITDA rose 7.3% to €718.3m, with FFO I up 5.2% to €481.5m.

• Loan-to-value improved to 46.8%, and equity ratio strengthened to 41.6%.

• Sale of 3,100 units for over €250m completed or agreed, supporting portfolio streamlining.

• 2026 guidance confirmed: AFFO €220–240m, FFO I €475–495m, investments >€35/sqm, LTV ~45%.

Portfolio and operations

• Portfolio grew to 171,360 residential units, mainly in North Rhine-Westphalia (79%).

• In-place rent averaged €7.04/sqm/month, with 3.5% like-for-like rent growth.

• EPRA vacancy rate remained low at 2.3%.

• Significant investments of €36.11/sqm, with recurring capex of €261m.

• BCP integration drove portfolio expansion and higher investment properties value.

Growth drivers and strategy

• Long-term growth expected from subsidised units coming off restriction from 2028, with >12% rent increase potential.

• Digitalisation and tech investments to drive efficiency and bottom-line impact from 2028 onward.

• Value-add services, including energy, refurbishment, and digital solutions, contributed €31m to FFO I in 2025.

• Focus on affordable housing, cash neutrality, and selective investments.