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TAG Immobilien AG
XMUN:TEG

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TAG Immobilien AG
XMUN:TEG
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Price: 13.09 EUR 2.75%
Market Cap: €3.7B

TAG Immobilien AG
Investor Relations

TAG Immobilien AG is a German residential property company. It buys, owns, rents, and manages apartment buildings, mainly serving private tenants who need long-term housing. Its core business is straightforward: collect rent, maintain the buildings, and keep apartments occupied and in good condition. The company makes most of its money from rental income. It also earns money when it sells selected apartments, often from its own portfolio, to owner-occupiers or investors. This gives it two linked revenue streams: steady cash flow from renting and occasional extra income from selling units. What makes TAG different is that it is not a general property developer or a commercial landlord. Its focus is mostly on ordinary rental housing, which makes it a bet on everyday residential demand rather than offices or shopping centers. That gives it a business model built around long-term tenant relationships, local property management, and careful portfolio ownership.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
May 12, 2026
AI Summary
Q1 2026

Strong quarter: TAG Immobilien said Q1 2026 was a very good start to the year, with FFO I up 10% year on year to EUR 49.3 million.

Rental growth: Like-for-like rental growth was solid in both markets, at 3.3% in Germany and 3.2% in Poland.

Poland growth: The Polish sales business performed well, with net income from sales rising to EUR 12.7 million and units sold increasing to 658 from 592 a year ago.

Resi4Rent pending: Management still expects the Polish Resi4Rent acquisition to close in Q2 2026 and remains confident it will get unconditional antitrust approval.

Guidance intact: The company confirmed all 2026 guidance, though management said FFO I now looks like it could land closer to the midpoint of the range than the low end.

Capital allocation: TAG said it is not considering share buybacks at this time and prefers to use capital for growth in Polish rental and selective German acquisitions.

Key Financials
FFO I
EUR 49.3 million
Like-for-like rental growth, Germany
3.3% per annum
Like-for-like rental growth, Poland
3.2% per annum
Net income from sales, Poland
EUR 12.7 million
Units sold, Poland
658 units
Units handed over, Poland
311 units
EPRA NTA
more or less flat quarter on quarter; up 7% year on year
LTV
41.0%
Net financial debt / EBITDA
8.6x
Interest coverage ratio
more than 6x
Cash position
nearly EUR 1.3 billion
Resi4Rent purchase price
around EUR 565 million
Convertible bond due August 2026
EUR 470 million
Dividend for financial year 2025
EUR 0.40 per share
Dividend payout ratio for financial year 2026
50% of FFO I
German vacancy
3.2% at the start of the year
Polish stabilized vacancy
2.0%
New rental construction starts
roughly 2,000 apartments
Polish institutional rental market size
around 30,000 apartments
Polish rental market share of homes rented
around 15%
German rental market share of homes rented
roughly 50%
Resi4Rent portfolio size
5,300 units
TAG Poland units after acquisition
a little more than 9,000 units
Polish sales gross margin
close to 35%
Resi4Rent expected gross yield
around 7.5%
Resi4Rent incremental EBITDA margin
80%
Earnings Call Recording
Other Earnings Calls

Management

Ms. Dominique Mann
Head of Investor & Public Relations
No Bio Available

Contacts

Address
HAMBURG
Hamburg
Steckelhoern 5
Contacts
+4940380320.0
www.tag-ag.com
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