Q1 2026 TAG Immobilien AG Earnings Call Transcript

May 12, 2026 / 10:59 AM GMT

Release Date Price: $18.26

Transcript

Key Points

Positve

TAG Immobilien AG (TAGOF) reported a 10% increase in FFO1, reaching $49.3 million in Q1 2026 compared to the previous year.
The company experienced strong rental growth in both Germany and Poland, with rates of 3.3% and 3.2% per annum, respectively.
Net income from sales in Poland showed improvement, with 658 units sold in Q1 2026 compared to 592 units in Q1 2025.
The company's LTV remains stable at 41%, with expectations to maintain around 45% post-acquisition, aligning with their target.
TAG Immobilien AG (TAGOF) confirmed all guidance for 2026, indicating confidence in achieving financial targets.

Negative

The antitrust approval for the resi-for-end portfolio acquisition in Poland is still pending, causing potential delays.
Vacancy rates in the German portfolio increased by 30-40 basis points in Q1, although this is attributed to seasonal patterns.
The Polish rental portfolio saw a slight increase in vacancy rates from 1.3% to 2%, attributed to tenant turnover.
Higher financing costs of approximately EUR1.3 million partially offset the increase in EBITDA.
The company faces potential challenges with construction cost inflation, which could impact future margins.

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

TEGG.DE - TAG Immobilien AG
Q1 2026 TAG Immobilien AG Earnings Call
May 12, 2026 / NTS GMT

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Presentation
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Unidentified_1 [1]
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Yeah, I mean, thanks, and good morning, all. This is Martin. Welcome to our Q1 2026 earnings call.

Let's start right away with page number three of the presentation, and I'm coming to the highlights.

We think it's fair to say that the first quarter of 2026 was a very good one, just looking at the FF01 that came out in Q1 2026 at $49.3 million.

After $44.9 million in the comparable quarter in the previous year, so that's a 10% increase.

So this is definitely a good start into the year, looking at some operational figures like for the rental growth. In Germany, we came out at 3.3% per annum, which is quite good. And in Poland, like-for-like rental growth also remains quite high at 3.2% per annum.

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