TAG Immobilien (TEG) Q2 2025 earnings summary

Executive summary

• FFO I increased 4% year-over-year to EUR 91.6m in H1 2025, driven by strong rental growth in Germany and Poland and higher net income from Polish sales.

• Adjusted EBITDA from rental business rose 5% year-over-year to EUR 126.4m in H1 2025.

• EPRA NTA per share climbed 10% year-over-year to EUR 20.18, even after a EUR 0.40 dividend payment.

• Consolidated net income reached EUR 151.1m in H1 2025, a turnaround from EUR -7.1m in H1 2024, mainly due to positive property valuation results.

• LTV reduced to 45.3% in H1 2025, with improved liquidity and strong credit ratings.

Financial highlights

• FFO I for H1 2025 reached EUR 91.6m, with Q2 at EUR 46.7m, tracking well against full-year guidance.

• Adjusted EBITDA from rental business in H1 2025 was EUR 126.4m (H1 2024: EUR 120.1m).

• Net income from Polish sales in H1 2025 was EUR 16.6m, with 1,158 units sold.

• EPRA NTA per share increased to EUR 20.18 at 30 June 2025 (Dec 2024: EUR 19.15).

• Cash and cash equivalents rose to EUR 870m, supported by new bond issuances and strong cash generation.

Outlook and guidance

• Full-year 2025 guidance confirmed: FFO I expected at EUR 172–176m, FFO II at EUR 233–243m, and adjusted net income from Polish sales at EUR 61–67m.

• Adjusted EBITDA (rental business) forecasted at EUR 224–246m.

• Like-for-like rental growth in 2025 expected at 2.5–3.0% in Germany and 3.0–3.5% in Poland.

• Expectation of stronger sales and revenue recognition in H2 2025, especially in Q4 due to apartment handovers in Poland.

• Conservative approach to guidance due to seasonality in maintenance and tax volatility.