TAG Immobilien (TEG) Q1 2026 earnings summary

Executive summary

• FFO I rose 10% year-over-year to €49.3m in Q1 2026, with strong operational performance and EBITDA from rental business at €64.3m in both Germany and Poland.

• Like-for-like rental growth reached 3.3% in Germany and 3.2% in Poland, with low vacancy rates and robust demand.

• Net income from sales in Poland more than doubled year-over-year to €12.7m, with 658 units sold.

• EPRA NTA per share increased 7% year-over-year to €21.08; LTV stable at 41.0%, with pro forma LTV after Polish acquisition at 45.3%.

• Guidance for 2026 is confirmed, with the Resi4Rent (R4R) acquisition of 5,300 units in Poland expected to close in Q2 2026.

Financial highlights

• FFO I increased to €49.3m in Q1 2026 from €44.9m in Q1 2025, a 10% year-over-year rise.

• Adjusted EBITDA from rental business was €64.3m, up from €62.8m year-over-year.

• Net income from sales in Poland reached €12.7m, up from €5.0m in Q1 2025.

• EPRA NTA per share increased to €21.08, up 7% year-over-year.

• LTV stable at 41.0%, expected to rise to 45.3% post-Resi4Rent acquisition.

Outlook and guidance

• 2026 guidance reaffirmed: FFO I €187–197m (+6% y-o-y), FFO II €279–295m (+16% y-o-y), adjusted net income from sales Poland €92–98m (+40% y-o-y).

• Dividend payout for 2025 set at €0.40 per share (40% of FFO I), with a scrip option; 2026 payout to increase to 50% of FFO I.

• R4R portfolio acquisition expected to close in Q2 2026, contributing to rental EBITDA in H2 2026.

• Portfolio valuation as of June 2026 expected to show further value increase, in line with previous semiannual increases.

• Guidance assumes completion of the R4R acquisition in Q2 2026.