LEG Immobilien (LEG) Q1 2026 earnings summary

Executive summary

• On track to deliver 2026 targets with key metrics (rent growth, EBITDA margin, AFFO, LTV) moving within or toward guidance ranges.

• Net cold rent rose 3.3% year-over-year to €237.1m, driven by 3.7% like-for-like rent growth and positive cost rent impact.

• Adjusted EBITDA increased 5.9% to €183.6m, with margin up 180bps to 77.4% due to operating leverage.

• AFFO declined 5.9% to €58.6m, reflecting higher recurring capex and maintenance, but remains on track for full-year guidance.

• Portfolio comprised 171,116 residential units and 1,585 commercial units, with average rent per sqm increasing 3.7% year-over-year.

Financial highlights

• Net cold rent increased by 3.3% to €237.1 million; adjusted EBITDA rose 5.9% to €183.6 million year-over-year.

• Operating cash flow increased 14.5% year-over-year.

• FFO I was stable at €114.7 million (+0.3%), while AFFO declined 5.9% to €58.6 million.

• Equity ratio improved to 42.5% from 41.6% at year-end.

• EPRA NTA per share increased to €138.29 from €137.14 at year-end.

Outlook and guidance

• 2026 guidance confirmed: AFFO €220–240 million, FFO I €475–495 million, adjusted EBITDA margin ~78%.

• Like-for-like rental growth expected at 3.8–4.0%, LTV target around 45%.

• H1 valuation expected flat to slightly positive (up to +1%), with momentum potentially softening.

• More even distribution of investments and AFFO expected throughout 2026.

• Environmental target: 7,600 tonnes of CO2 savings.