TAG Immobilien (TEG) Company presentation summary

H1 performance and outlook

• H1 FFO I was €100.2m, up 9% YoY; FFO II was €118.6m, up 11% YoY. Adjusted rental EBITDA reached €132.2m and adjusted sales EBITDA €23.9m.

• FY 2026 guidance was confirmed: FFO I €187–197m, FFO II €279–295m, adjusted net income from Polish sales €92–98m, and dividend of 50% of FFO I; FFO I expected at the upper end of guidance.

• FY 2026 guidance includes adjusted rental EBITDA of €264–286m and adjusted Polish sales EBITDA of €120–130m; expected handovers are ~3,200 and sales volume €480–500m.

• Recurring cash flows combine German and Polish rental income with Polish sales; FY 2026 FFO I guidance is €187–197m and Polish sales contribution to FFO II is €92–98m.

German rental business

• Portfolio comprised 84,073 units, with 3.0% like-for-like rental growth, 3.8% residential vacancy, 6.6% valuation gross yield and €6.07/sqm/month net actual rent.

• H1 residential like-for-like rental growth was 2.9% YoY, or 3.0% including vacancy reduction; annualised net actual rent was €357.4m.

• 63% of residential units had energy efficiency certification C or better; the decarbonisation pathway targets emissions below 7 kg CO₂e/sqm by 2045.

• 894 units were acquired or agreed since Q1 2026 for €51.6m, at an average 14.1x multiple or 7.1% gross yield; closing was expected in H2 2026 or by year-end.

Polish rental business

• Rental portfolio had 9,119 completed units, 2.4% like-for-like rental growth, 2.1% vacancy for units marketed over one year, and 6.3% valuation gross yield; ~1,080 units were under construction.

• The R4R acquisition closed 27 May 2026, adding 5,344 new-build units for PLN 2,437m (~€575m); expected 2026 gross yield was ~7.5%.

• Combined completed portfolio reached 9,119 units, with 5.4% total vacancy; Polish rental adjusted EBITDA was €11.4m in H1, up from €8.1m in H1 2025.