TAG Immobilien (TEG) Company presentation summary

Business model and segment overview

• Operates in Germany and Poland with rental (build-to-hold) and sales (build-to-sell) segments, focusing on multifamily residential properties in major cities.

• Recurring cash flows are generated from both rental income and recurring sales, with a growing presence in both markets.

• Polish rental portfolio expanded significantly through the acquisition of 5,300 new-build apartments, increasing total Polish GAV to around EUR 2bn.

Financial performance and guidance

• FY 2025 FFO I rose 3% YoY to EUR 181.0m, FFO II up 4% to EUR 248.2m, both exceeding guidance.

• Dividend payout ratio to increase from 40% to 50% of FFO I in FY 2026, reflecting strong cash flow and accretive acquisitions.

• EPRA NTA per share grew 10% YoY to EUR 20.98, with valuation gains and capital increase supporting growth.

Operational highlights Germany

• German rental portfolio comprises 83,503 units with a 3.2% vacancy rate and 2.6% like-for-like rental growth.

• Gross yield stands at 6.6%, with moderate capex investments driving rental growth and portfolio value.

• 63% of units achieve energy efficiency certification (C or better), supporting decarbonisation goals.