Half Year 2025 LEG Immobilien SE Earnings Call Transcript
Key Points
- AFFO increased by more than 15%, and FFO 1 by almost 11%, indicating strong financial performance.
- EBITDA margin improved to 78.6%, showcasing enhanced profitability.
- Successful integration of BCP faster than expected, contributing positively to EBITDA, FFO 1, and AFFO.
- Like-for-like rental growth gained momentum at 3.2%, with expectations to reach 3.4% to 3.6% by year-end.
- Strong liquidity position with EUR764 million in cash and cash equivalents, plus undrawn credit facilities.
- LTV remains high at 47.6%, with a target to reduce it to 45% by 2026, indicating ongoing leverage concerns.
- Second quarter sales were muted due to negative macro and geopolitical volatility, impacting disposals.
- Higher investments in BCP will impact FFO 1 and AFFO, despite positive contributions.
- The transaction market weakened, with lower volumes due to increased interest rates and geopolitical uncertainty.
- Prolongation of rental break regulation until 2029 poses a headwind, affecting rental growth potential.
Ladies and gentlemen, welcome to the LEG Immobilien Q2 2025 conference call and live webcast. I'm [Miruna], the course call operator. (Operator Instructions) and the conference is being recorded. The presentation will be followed by a Q&A session. (Operator Instructions) The conference must not be recorded for publication or broadcast.
At this time it's my pleasure to hand over to Mr. Frank Kopfinger, Head of Investor Relations. Please go ahead, sir..
Thank you, Miruna, and good morning everyone from Dusseldorf. Welcome to our call for our H1 resigns 2025 and thank you for your participation. As our COO Volker Wiegel is today in his well deserved summer holidays, you have today and they call our CEO, Lars Von Lackum; as well as our CFO, Kathrin Kohling, who will guide you through the presentation.
You'll find the presentation document as well as the quarterly report and documents within the IR section of our homepage. Please note that there is also a disclaimer
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