LEG Immobilien (LEG) Q1 2026 earnings summary

Executive summary

• Net cold rent rose 3.3% year-over-year to €237.1 million, driven by 3.7% like-for-like rent growth and positive cost rent impact, with EBITDA margin up 180 bps to 77.4%.

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

• Operating cash flow increased 14.5% year-over-year, while net profit fell to €79.2 million due to prior-year one-off gains.

• Portfolio comprised 171,116 residential units and 1,585 commercial units, with vacancy rate stable at 2.4%.

• 2026 guidance confirmed: AFFO €220–240 million, FFO I €475–495 million, adjusted EBITDA margin ~78%, LTV target c.45%.

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.

• FFO I was stable at €114.7 million (+0.3%), while AFFO margin decreased to 24.7% from 27.2% year-over-year.

• Operating cash flow rose 14.5% year-over-year to €126.3 million.

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

• Cash and cash equivalents at €508 million at Q1 end, down from €816.8 million at year-end 2025.

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 to be flat to slightly positive (up to +1%), with momentum potentially softening due to subdued transaction volumes.

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

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