LEG Immobilien SE (XSWX:LEG)

Q1 2026 LEG Immobilien SE Earnings Call Transcript

May 13, 2026 / 08:00 AM GMT

Release Date Price: CHF54.21

Transcript

Key Points

Positve

LEG Immobilien SE (LEGIF) is on track to meet its 2026 targets, with key metrics such as rent growth, EBITDA margin, AFFO, and LTV moving within or towards guidance.
The company reported a like-for-like rent growth of 3.7%, approaching the guidance corridor of 3.8% to 4%.
EBITDA margin expanded by 180 basis points to 77.4%, demonstrating strong operational leverage.
AFFO came in at EUR58.6 million, confirming the full-year guidance range, with operating cash flow rising by 14.5% year-on-year.
The balance sheet is resilient, with a hedging ratio of around 98% and an interest coverage ratio of 4.2 times, comfortably above covenant requirements.

Negative

AFFO is slightly below last year due to timing and phasing effects, including a more linear CapEx profile and a modest step-up in cash interest.
Transaction volumes remain subdued, with buyers on the sidelines, potentially softening valuation momentum.
The company's 45% LTV target has become more ambitious in the current environment, with challenges in precise timing.
There is a reluctance from financing banks to finalize term sheets, causing delays in deal processes.
The German residential transaction market is characterized by fewer large volume deals and limited international investor activity, impacting disposal plans.

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

LEGn.DE - LEG Immobilien SE
Q1 2026 LEG Immobilien SE Earnings Call
May 13, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, everyone, from Dusseldorf. Welcome to our call for our Q1 2026 results, and thank you for your participation.

We have in the call, as always, our entire management team with our CEO, Lars van Nachum, our CFO, Katrin Kurling, as well as our COO, Volker Wiegel.

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, which you'll find on Page 2 of our presentation.

And without further ado, I hand it over to you, Lars.

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Unidentified_2 [2]
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