TAG Immobilien (TEG) Q3 2026 earnings summary

Executive summary

• 9M 2026 FFO I rose 12.4% YoY to EUR 152.7m; rental EBITDA increased 9% to EUR 205.9m, and FY26 FFO I guidance was raised to EUR 195m–EUR 200m.

• The July ROBYG IPO generated EUR 282m gross proceeds, with a 67% stake retained; LTV fell to 42.6%, and FY27 FFO I guidance indicates ~4% growth.

Financial highlights

• Net actual rent rose to EUR 304.3m from EUR 277.1m; adjusted rental EBITDA reached EUR 205.9m versus EUR 188.4m.

• FFO I was EUR 152.7m versus EUR 135.8m; FFO II rose 7% to EUR 181.9m, and AFFO increased to EUR 69.1m from EUR 59.2m.

• Adjusted net income from Polish sales was EUR 29.6m versus EUR 34.2m; consolidated net income fell to EUR 156.4m from EUR 306.0m as valuation gains declined to EUR 54.0m from EUR 122.9m.

• Rental EBITDA margin was 67.7% versus 68.0%; FFO I per share was EUR 0.81 versus EUR 0.76.

Outlook and guidance

• FY26 FFO I guidance rose to EUR 195m–EUR 200m, implying ~9% YoY growth; FY27 guidance is EUR 200m–EUR 210m, implying ~4% growth.

• FY27 adjusted Polish sales income is guided at EUR 50m–EUR 60m and FFO II at EUR 250m–EUR 270m, reflecting the reduced ROBYG stake; sales EBITDA guidance is EUR 120m–EUR 130m.

• FY27 adjusted rental EBITDA is guided at EUR 288m–EUR 297m; rental growth guidance is 2.8%–3.2% in Germany and 1.5%–3.0% in Poland.

• FY26 Polish sales income guidance is EUR 92m–EUR 98m; FY27 Polish handovers are guided at ~3,200–3,400 units.

• Dividend payout guidance is 50% of FFO I for FY26 and FY27; FY27 guidance includes no acquisitions.