TAG Immobilien AG successfully starts into 2026; strong operational performance continues

PRESS RELEASE 

TAG Immobilien AG successfully starts into 2026; strong operational performance continues

• Strong rental result (FFO I) of EUR 49.3m (+10% vs. Q1 2025)
• Continued strong like-for-like rental growth in Germany (3.3% p.a.) and Poland (3.2% p.a.)
• FFO II increases to EUR 61.8m after EUR 50.1m in Q1 2025 (+23%)
• Net income from sales in Poland at EUR 12.7m in Q1 2026 significantly above prior-year level of EUR 5.9m
• 658 apartments sold in Poland in the first quarter of 2026 (Q1 2025: 592 apartments)
• EPRA NTA per share at EUR 21.08 and LTV at 41.0% as at 31 March 2026; unchanged positive trend for the next portfolio valuation expected
• Guidance for the 2026 financial year confirmed

Hamburg, 12 May 2026

Overview of the rental business – rental growth in Germany and Poland drives significant increase in FFO I in the first quarter of 2026

The first three months of the 2026 financial year marked a very successful start. FFO I, which comprises the German and Polish rental business, rose to EUR 49.3m in the first quarter of 2026 and was thus significantly higher than in Q1 2025 (EUR 44.9m; +10%). Adjusted EBITDA from the rental business increased to EUR 64.3m in the first quarter of 2026 after EUR 62.8m in the same quarter of the previous year.

A key driver of this development was the good like-for-like rental growth in both of TAG’s markets. In Germany, total rental growth of 3.3% p.a. was achieved, while like-for-like rental growth in Poland was 3.2% p.a. As in the first quarter of previous years, the vacancy rate in the residential units in the German rental business increased slightly from 3.2% at the beginning of the year to 3.6% as at 31 March 2026. In Poland, the vacancy rate for apartments that have been on the market for more than one year was 2.0%, compared to 1.3% at the end of the previous year.

Overview of the sales business – net income from sales in Poland above prior-year level

In the first quarter of 2026, the positive development also continued in the Polish sales business. With 658 apartments sold, the number of units sold was above the level of the prior-year quarter (Q1 2025: 592 apartments). Net income from sales in Poland amounted to EUR 12.7m and was thus significantly above the prior-year figure of EUR 5.0m. At the same time, adjusted EBITDA from the sales business in Poland increased to EUR 16.0m after EUR 5.9m in Q1 2025.

FFO II, which in addition to FFO I also includes net income from sales in Poland, amounted to EUR 61.8m in the first quarter of 2026 after EUR 50.1m in Q1 2025 (+23%).

Claudia Hoyer, COO and Co-CEO of TAG, commented as follows: “We can look back on an extremely successful start to the year in our business in Germany and Poland. With the completion of the acquisition of c. 5,300 rental units in Poland, which is still expected for the second quarter of 2026 and was signed as early as August 2025, we will reach another important milestone in the expansion of our Polish rental business. On this basis, we intend to consistently pursue our value-creating growth in Poland and Germany.”

EPRA NTA per share up 7% year-on-year; financing metrics remain strong

At the end of the first quarter of 2026, EPRA NTA per share amounted to EUR 21.08, slightly above the figure of EUR 20.98 at year-end 2025 and 7% higher than in the prior-year quarter Q1 2025 (EUR 19.75).

At 41.0% as at 31 March 2026, the loan-to-value (LTV) ratio remained unchanged at the low level of year-end 2025. Including the completion of the acquisition of the Polish rental portfolio, this results in a pro forma LTV of around 45.3% and thus a figure in line with the LTV target level of c. 45%. Other financing metrics, such as the interest coverage ratio (ICR) and the ratio of net financial debt to adjusted EBITDA, also remain at a strong level of 6.5x and 8.6x respectively.

Martin Thiel, CFO and Co-CEO of TAG, explains: “Our balance sheet remains very strong in the first quarter of 2026. With an LTV that, including the portfolio acquisition in Poland, is already in line with the target level and a comfortable liquidity position, we have sufficient financial headroom to drive our growth. Against the backdrop of stable gross yields and good rental growth, the next regular portfolio valuation as at 30 June 2026 should again result in a value increase roughly in line with the last two half-year valuations, which also supports our growth prospects.”

Guidance for the 2026 financial year and dividend for the 2025 financial year

All previously published guidance for the 2026 financial year is confirmed and remains unchanged as follows:

• FFO I: EUR 187–197m (c. +6% y-o-y)
• Net income from sales Poland: EUR 92–98m (c. +40% y-o-y)
• FFO II: EUR 279–295m (c. +16% y-o-y)
• Dividend for 2026: 50% of FFO I (c. +28% y-o-y)

As previously announced, the Management Board and Supervisory Board will propose to the next Annual General Meeting on 20 May 2026 a dividend payment of EUR 0.40 per share for the 2025 financial year. This is based on a payout ratio of 40% of FFO I. As in the previous year, shareholders are again to be given the choice between a cash distribution (cash dividend) and new TAG shares (scrip dividend).

Further details on the first quarter of 2026 can be found in the interim statement and in a presentation published today at https://www.tag-ag.com/en/investor-relations/financial-statements/quarterly-reports.

Key financials at a glance

Income statement key figures (in EURm) 01/01/2026- 03/31//2026 01/01/2025- 03/31//2025 Rental income (net actual rent) 95.9 92.0 EBITDA (adjusted) Germany and Poland rental business 64.3 62.8 EBITDA (adjusted) from sales Poland 16.0 5.9 EBITDA (adjusted) total 80.3 68.7 Adjusted net income from sales Poland 12.7 5.0 Consolidated net profit 35.0 39.0 FFO I per share in EUR 0.26 0.26 FFO I 49.3 44.9 FFO II per share in EUR 0.33 0.29 FFO II 61.8 50.1   Balance sheet key figures (in EURm) 03/31/2026 12/31/2025 Total assets 8,934.3 8,951.2 Equity 3,335.6 3,322.0 EPRA NTA per share in EUR 21.08 20.98 LTV in % 41.0 41.0   Portfolio data 03/31/2026 12/31/2025 Units Germany 84,094 83,504 Units Poland (completed rental apartments) 3,707 3,526 Sold units Poland 658 2,823 Handovers Poland 311 2,077 GAV Total (real estate assets, in EURm) 7,020.2 6,971.5 GAV Germany (real estate assets, in EURm) 5,452.6 5,425.2 GAV Poland (real estate assets, in EURm) 1,567.6 1,546.3 Vacancy in % Germany (total portfolio) 4.0 3.5 Vacancy in % Germany (residential units) 3.6 3.2 Vacancy in % Poland (total portfolio) 7.5 4.8 Vacancy in % Poland (units on the market > 1 year) 2.0 1.3 l-f-l rental growth in % Germany 3.0 2.6 l-f-l rental growth in % Germany (incl. vacancy reduction) 3.3 3.0 l-f-l rental growth in % Poland 3.2 3.4   Employees 03/31/2026 12/31/2025 Number of employees 1,907 1,884   Capital market data   Market capitalisation as at 03/31/2026 in EURbn 2.5 Share capital as at 03/31/2026 in EUR 189,034,941.00 WKN/ISIN 830350/DE0008303504 Number of shares as at 03/31/2026 (issued) 189,034,941 Number of shares as at 03/31/2026 (outstanding, excluding treasury shares) 188,976,377 Free float in % (excluding treasury shares) 100 Index MDAX/EPRA

 

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