LEG Immobilien (LEG) Q2 2025 earnings summary

Executive summary

• Net cold rent rose 7.0% year-over-year to €457.8m, driven by BCP acquisition and organic rent growth.

• Adjusted EBITDA increased 11.1% to €360.0m, with margin expansion to 78.6%.

• FFO I grew 10.7% to €241.2m; AFFO up 15.4% to €126.6m, reflecting strong operational performance.

• Portfolio expanded to 171,598 units (+3.5%), mainly from BCP integration.

• Net profit for H1 2025 reached €448.1m, a turnaround from a €85.5m loss in H1 2024, driven by portfolio revaluation and BCP acquisition.

Financial highlights

• NOI (recurring) up 9.6% to €383.8m; NOI margin improved to 83.8%.

• Net debt increased 5.3% to €9,223.5m; LTV improved to 47.6%.

• Equity ratio at 37.6%; average debt maturity 5.5 years; average interest cost 1.54%.

• EPRA NTA per share (diluted) rose 3.9% to €130.87.

• Cash and cash equivalents at €633.6m as of 30 June 2025.

Outlook and guidance

• 2025 AFFO guidance raised to €215–225m (previously €205–225m); FFO I indicated at €470–490m.

• Adj. EBITDA margin expected at ~77% for 2025; rent growth guidance 3.4–3.6%.

• LTV medium-term target at max. 45%; dividend policy: 100% AFFO plus part of disposal proceeds.

• Investments to exceed €35/sqm in 2025.