Q3 2025 TAG Immobilien AG Earnings Call Transcript

Nov 11, 2025 / 10:59 AM GMT

Release Date Price: $17.49

Transcript

Key Points

Positve

TAG Immobilien AG (TAGOF) reported a 4% increase in FFO1 for the first nine months of 2025, driven by a 6% increase in EBDR contribution from its rental business in Germany and Poland.
The company achieved a significant reduction in its Loan-to-Value (LTV) ratio to 42.3%, aided by a capital increase and operational improvements.
TAG Immobilien AG (TAGOF) anticipates a strong increase in sales results in Poland for Q4 2025, with a large number of apartment handovers expected.
The company has set a robust FFO1 guidance for 2026, predicting a 9% growth in absolute terms and 4% on a per-share basis.
TAG Immobilien AG (TAGOF) plans to increase its dividend payout ratio to 50% of FFO1 for the financial year 2026, translating to a nearly 30% growth in dividends.

Negative

Sales results in Poland for the first nine months of 2025 were slightly reduced compared to the previous year, with a sales result of 34 million compared to 38 million.
The closing of the R4R acquisition in Poland has been delayed due to extended review by the Polish antitrust authority, potentially impacting timelines.
The company expects a weaker FFO1 result in Q4 2025 due to increased maintenance activities in its German business.
TAG Immobilien AG (TAGOF) faces potential risks with the delayed closing of the acquisition in Poland, which could lead to additional requirements or further delays.
The company's like-for-like rental growth in Germany was reduced to 2.3% in the first nine months of 2025, compared to previous years.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TEGG.DE - TAG Immobilien AG
Q3 2025 TAG Immobilien AG Earnings Call
Nov 11, 2025 / NTS GMT

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Presentation
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Unidentified_1 [1]
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Good morning all and a very warm welcome from our side. Many thanks for diving in for Q3 results.

As always, let's start on page 3 of the presentation, which shows a comprehensive overview about our results in the 1st 9 months and also gives the first outlook on the guidance for 2026.

Let's start with the operational development first in the 1st 9 months of 2025. FfoO1 in the 1st 9 months of 2025 came in at roughly 136 million compared to the previous year, that's a 4% increase, and that's important to point out that this increase was mainly driven by a higher EBDR contribution from our rental business in Germany and in Poland, which increased by 6% year on year.

Looking at the sales result in Poland, we had a

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