Q2 2026 TAG Immobilien AG Earnings Call Transcript
Key Points
- FFO I increased 9% year-over-year to EUR100.2 million in H1 2026, with FFO II up 11%.
- Like-for-like rental growth was strong at 3% in Germany and 2.4% in Poland (excluding Resi4Rent).
- The Resi4Rent acquisition closed successfully, adding over 9,100 units and showing a 7% value uplift.
- The ROBYG IPO generated EUR282 million in gross proceeds, reducing pro forma LTV to 42.2% and providing capital for growth.
- Portfolio valuations continued to rise, with a 1.5% increase in Germany and a positive trend in Poland.
- Polish like-for-like rental growth slowed to 2.4% from 3.4% due to longer-term contracts linked to lower inflation.
- Vacancy rate in the German portfolio increased to 3.8% from the start of the year, though expected to improve.
- Valuation results in Poland were lower than the previous year due to moderating sales price growth.
- Financing costs are rising due to higher risk-free rates, with new five-year debt at just below 4%.
- The ROBYG IPO will lead to a dilutive impact on Polish sales results in 2027 due to minority interest deductions.
Good morning, everyone. This is Martin from TAG. Thank you for dialing in for our H1 2026 conference call.
Let's start right away with the highlights slide, and I'm on page 3 of the presentation. I think it's fair to say that H1 2026 was a very strong half year with results strongly up. So in absolute terms, FFO I was 9% above the previous year level, came out at EUR100.2 million. Also, our net income from sales Poland was strongly up by 12% and FFO II consisting of the FFO I and the net income from sales in Poland saw quite strong growth at an 11% increase year on year.
And perhaps you've already seen it in our press release that led us to narrow the guidance for FFO I 2026 at the upper end of the guidance range. So therefore, we expect FFO I more to come at the upper end of the previously announced range.
Operations were well on track, and we saw increasing portfolio values with the half year valuation. So like-for-like rental growth in Germany was quite strong
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