TAG Immobilien (TEG) CMD 2025 Presentation summary

Strategic direction and growth plans

• Targeting over 10,000 rental units in Poland by end of 2028, expanding into new cities and maintaining a stable land bank.

• Focus on best locations in major Polish cities, with 10,014 units in operation, under construction, or in preparation as of March 2025.

• ROBYG aims to presell over 2,800 residential units in 2025, with continued expansion in Wrocław, Tricity, and Łódź.

• Vantage Rent to expand rental offer to additional Polish cities and strengthen cooperation with ROBYG Group.

• Ongoing realization of ESG strategies, including ecological solutions and community support.

Portfolio and operational performance

• Vantage Rent portfolio reached 3,350 units in operation by March 2025, with a total pipeline of 10,014 units by 2028.

• In-place yield for rental portfolio at 5.8%, with an average vacancy rate of 6.3% and net rent averaging €14.4/sqm.

• Major cities with active projects include Wrocław, Poznań, Łódź, Gdańsk, and Warsaw, focusing on high-demand urban areas.

• 5,800 units completed in 2024 and 5,700 units planned for 2025 in the Polish PRS sector, reflecting over 36% annual growth.

• Vantage Rent properties feature high occupancy rates, with most projects showing vacancy below 3%.

Market environment and financial outlook

• Polish housing market supported by a structural housing gap of 700,000 units and strong migration to large cities.

• Apartment prices stabilized since mid-2024, with developers using non-price incentives to stimulate sales.

• Mortgage loan market projected to grow 17% YoY in 2025, reaching PLN 100b, driven by lower inflation and potential government support.

• GDP growth in Poland forecast at 3.8% for 2025, with inflation expected to fall below 3% and further interest rate cuts likely.

• mBank's residential developer loan portfolio remains high quality, with 81% of loans repaid in less than 24 months.