Germany · Delayed Price · Currency is EUR LEG Immobilien SE Earnings Call Transcripts
Fiscal Year 2026
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Key financial metrics are tracking within guidance, with strong rent growth, margin expansion, and disciplined capital allocation. LTV improved to 46.2%, and the company remains committed to its 2026 targets despite a subdued transaction market and macro uncertainties.
Fiscal Year 2025
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AFFO reached a record EUR 220.5 million in 2025, up 10%, with strong rent growth and successful BCP integration. LTV improved to 46.8%, and a dividend of EUR 2.92 per share is proposed. 2026 guidance targets further AFFO growth, robust rent increases, and continued deleveraging.
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AFFO grew 19.3% to €181.3 million in the first nine months, with strong rent and EBITDA margin growth. Guidance targets 10% AFFO growth in 2025 and 5% in 2026, with LTV expected to reach 45% through disposals and valuation gains.
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H1 2025 saw strong growth in AFFO, FFO1, and EBITDA margin, with improved guidance for 2025. BCP integration was completed ahead of schedule, supporting earnings, while disposals and refinancing strategies continue to strengthen the balance sheet.
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Strong Q1 performance with 7% bottom line growth, 7.2% rent increase, and 28% AFFO rise, driven by BCP integration and robust operational execution. LTV rose to 48.4% due to BCP, but asset sales and stable financing support a positive outlook.
Fiscal Year 2024
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AFFO rose nearly 11% to EUR 204 million, with strong rent growth and disciplined disposals above book value. 2025 guidance targets >7% AFFO growth, continued deleveraging, and increased investment, while maintaining a focus on cash generation and operational efficiency.
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Strong operational and financial performance was delivered, with 3.2% like-for-like rent growth and AFFO guidance confirmed for 2024. The acquisition of BCP is expected to be AFFO neutral in 2025 and accretive from 2027, while disposals and refinancing support LTV reduction and balance sheet strength.
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AFFO guidance was raised to EUR 190–210 million, with a 10% per share increase expected. Portfolio devaluation eased to 1.6%, LTV is set to fall below 48% by year-end, and rent growth guidance is maintained at 3.2–3.4%.