LEG Immobilien (LEG) Q3 2026 earnings summary

Executive summary

• 9M 2026 recurring NOI rose 5.2% to €607.1m and adjusted EBITDA increased 4.4% to €568.7m; AFFO grew 4.9% to €190.1m.

• Net cold rent increased 3.6% to €712.4m, like-for-like rent growth was 3.9%, and vacancy fell to 2.5%.

• 2026 AFFO guidance was confirmed, while FY 2026 LTV is now expected above 45% amid valuation pressure and lower-than-expected disposals.

Financial highlights

• Adjusted EBITDA margin rose 60 bps to 79.8%; FFO I was €370.0m, down 0.2%, while AFFO increased from €181.3m to €190.1m.

• Organic rent increases contributed €28.6m to AFFO; disposals reduced net cold rent by €3.9m and higher net cash interest costs reduced AFFO by €17.8m.

• AFFO per share rose 2.1% to €2.47; FFO I per share declined 1.6% to €4.87.

• Net profit was €381.8m versus €1,130.8m, with 9M 2025 including a €434.6m income tax credit; remeasurement income fell to €138.2m from €228.0m.

• Adjusted investments were €292.2m, broadly flat YoY; recurring capex was €179.9m, down 5%.

Outlook and guidance

• 2026 guidance: AFFO €220m–€240m, FFO I €475m–€495m, adjusted EBITDA margin ~78%, like-for-like rent growth 3.8%–4.0%, and adjusted investment above €35/sqm.

• 2027 guidance: AFFO €230m–€250m, FFO I €475m–€495m, adjusted EBITDA margin ~78%, like-for-like rent growth 2.9%–3.1%, and adjusted investment ~€35/sqm.

• FY 2026 LTV is expected above 45%, versus a previous ~45% ambition; the FY 2027 LTV ambition is ~45%, subject to property values and sales execution.

• Rent growth is expected to normalize in 2027; units exiting rent restrictions could add ~1 percentage point to portfolio rent growth in 2028.