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TAG Immobilien AG
XBER:TEG

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TAG Immobilien AG
XBER:TEG
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Price: 13.18 EUR Market Closed
Market Cap: €3.8B

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
Q2 2025
Call Date
Aug 12, 2025
AI Summary
Q2 2025

FFO I Growth: FFO I rose 4% year-on-year and reached EUR 46.7 million in Q2 2025, with strong operational momentum.

Guidance Confirmed: Management reaffirmed full-year 2025 guidance for FFO I and sales, expressing high confidence in achieving targets.

German & Polish Portfolio Gains: German portfolio values increased by 1.4% in H1 2025, and the Polish portfolio saw a notable uplift due to higher sales prices.

Strong Sales Outlook: TAG expects a significant uptick in Polish apartment handovers and revenue in Q4, with most units for 2025 already sold.

LTV Reduction: Loan-to-value improved to 45.3% from 46.9%, reaching the company’s target, driven by valuation gains and operational cash flow.

Rental Market Resilience: Rental growth in Germany remained robust at 2.9%, and Poland saw 3.3% growth with low vacancy rates.

Financing & Liquidity: Liquidity remains solid with EUR 870 million in cash and EUR 215 million in undrawn credit lines; no refinancing issues foreseen.

Key Financials
FFO I (Q2 2025)
EUR 46.7 million
FFO I (H1 2025)
EUR 91.6 million
Rental Growth (Germany)
2.9%
Rental Growth (Poland)
3.3%
Sales Result (Poland, Q2 2025)
EUR 11.6 million
German Portfolio Valuation Change
1.4% increase in H1 2025
Polish Portfolio Valuation Uplift
EUR 91 million
Like-for-like Sales Price Growth (Poland)
7% year-on-year
Polish Gross Yield (Rental Portfolio)
5.2%
German Gross Yield (Rental Portfolio)
6.6%
German Portfolio Value per Square Meter
EUR 1,050
Polish Portfolio Value per Square Meter
EUR 3,200
Dividend per Share
EUR 0.40
Loan-to-Value (LTV)
45.3%
Vacancy Rate (Germany, H1 2025)
3.9%
Vacancy Rate (Poland, stabilized units)
2.1%
Cash Position
EUR 870 million
Unused Credit Facilities
EUR 215 million
Average Interest Rate (Financial Debt)
2.5%
Interest Coverage Ratio (ICR)
5.6x
Net Debt to EBITDA
10.4x
Moody’s Rating Outlook
Upgraded from stable to positive for Baa3 rating in June
Number of Completed Polish Rental Units
3,349
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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