Germany · Delayed Price · Currency is EUR TAG Immobilien AG Earnings Call Transcripts
Fiscal Year 2025
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2025 results exceeded guidance with strong rental and sales growth in Germany and Poland, low vacancy, and robust margins. EPRA NTA rose 10%, LTV improved, and 2026 guidance is confirmed with continued growth expected.
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FFO I and II guidance for 2025 and 2026 were raised, with strong growth expected in both rental and sales businesses, especially in Poland. LTV improved, cash position remains robust, and the Resi4Rent acquisition is set to close in early 2026, supporting further portfolio expansion.
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FFO I and EBITDA grew year-over-year, driven by strong rental and sales performance in Germany and Poland. Portfolio valuations increased, LTV improved, and guidance for 2025 is confirmed, with expectations of stronger H2 sales in Poland.
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Q1 2025 saw strong rental growth and improved financial metrics, with EPRA NTA and LTV both trending positively. Polish sales were seasonally lower but supported by high pre-sale ratios and stable prices, while guidance and dividend were confirmed for 2025.
Fiscal Year 2024
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2024 results confirmed strong operational performance, with FFO1 and Polish sales exceeding guidance. Liquidity is robust, all 2025 guidance is maintained, and significant growth is expected from the Polish rental portfolio, supporting future earnings and dividend increases.
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Operations are on track with stable FFO I, strong Polish sales, and robust rental growth in Germany and Poland. Liquidity is high after a €500M bond, dividend is reinstated, and guidance for 2025 points to stable FFO I and 8% FFO II growth.
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FFO I remained stable at €88.1M in H1 2024, with strong rental growth and improved vacancy rates in both Germany and Poland. Guidance for 2024 is confirmed, LTV is near target, and capital allocation focuses on Polish rental expansion.