LEG Immobilien (LEG) Q2 2025 earnings summary

Executive summary

• Net profit for H1 2025 reached €448.1 million, reversing a prior loss, driven by portfolio revaluation and the BCP acquisition.

• AFFO increased 15.4% to €126.6 million, FFO1 up 10.7% to €241.2 million, and EBITDA margin rose to 78.6%.

• Net cold rent rose 7% to €457.8 million, supported by BCP integration and organic growth.

• Portfolio expanded to 171,598 units (+3.5%), with like-for-like rent up 3.2% to €6.93/sqm.

• BCP integration completed ahead of schedule, resulting in full consolidation and a one-time badwill gain.

Financial highlights

• Recurring NOI increased 9.6% to €383.8 million, with NOI margin up to 83.8%.

• Adjusted EBITDA reached €360 million, margin up to 78.6%.

• FFO1 grew 10.7% to €241.2 million; AFFO per share up 14.9% to €1.70.

• Gross proceeds from disposals in H1 totaled €143 million, with ~1,800 units sold.

• Cash and cash equivalents at €763.9 million as of June 2025.

Outlook and guidance

• AFFO guidance for 2025 raised to €215–225 million, reflecting 10% growth year-over-year.

• FFO1 guidance for 2025 set at €470–490 million, a 5% increase over last year.

• Adjusted EBITDA margin outlook increased to ~77%.

• Like-for-like rental growth expected at 3.4–3.6%; investments to exceed €35/sqm.

• LTV medium-term target remains at max. 45%, expected to be reached in 2026.