TAG Immobilien AG
/ Key word(s): Quarterly / Interim Statement/Forecast
Significant increase in earnings as at 30 September 2026: FFO I guidance for 2026 raised; initial guidance for 2027 points to further growth; LTV remains low
10.11.2026 / 06:55 CET/CEST
The issuer is solely responsible for the content of this announcement.
PRESS RELEASE
Significant increase in earnings as at 30 September 2026: FFO I guidance for 2026 raised; initial guidance for 2027 points to further growth; LTV remains low
FFO I increased to EUR 152.7m in the first nine months to 30 September 2026 (+12% vs. 9M 2025)
Net income from sales Poland amounted to EUR 29.6m (9M 2025: EUR 34.2m). FFO II (FFO I plus net income from sales Poland) increased to EUR 181.9m (+7% vs. 9M 2025)
2,152 residential units sold in Poland in 9M 2026 (9M 2025: 1,973 units)
Clarification in the context of the current debate: TAG has only a small residential portfolio in Berlin and would not be affected by socialisation
ROBYG IPO strengthens the balance sheet: EPRA NTA increased by EUR 62m,
LTV reduced by around 3 percentage points to 42.6%
Convertible bonds of EUR 470m repaid from existing cash in August 2026
FFO I guidance for 2026 raised to EUR 195–200m (previously: EUR 187–197m); guidance for net income from sales Poland and FFO II for 2026 confirmed
Initial guidance for 2027:
FFO I: EUR 200–210m (c. +4% y-o-y)
Net income from sales Poland: EUR 50–60m (c. -40% y-o-y, mainly due to the 33% reduction in TAG's stake in ROBYG following the IPO, which changes the accounting treatment)
FFO II: EUR 250–270m (c. -9% y-o-y, mainly due to the 33% reduction in TAG's stake in ROBYG) Hamburg, 10 November 2026
Strong growth in the rental business: FFO I increases by 12% in the first nine months
TAG Immobilien AG (TAG) continued its very positive operating performance in the first nine months of the 2026 financial year. FFO I, which reflects the rental business in Germany and Poland, increased to EUR 152.7m from EUR 135.8m in the prior-year period, a rise of 12%. EBITDA from the rental business increased by 9% to EUR 205.9m (9M 2025: EUR 188.4m).
Net actual rent amounted to EUR 304.3m, around 10% higher than the prior-year figure of EUR 277.1m. In Germany, like-for-like rental growth was 3.1% p.a., or 3.0% including changes in vacancy (2.3% and 2.6%, respectively, in the prior-year period). The vacancy rate in German residential units was 3.9% as at 30 September 2026, compared with 3.8% as at 30 September 2025.
The rental business in Poland also continued to develop positively. Following the closing of an acquisition of c. 5,300 rental apartments at the end of May 2026, the portfolio comprised around 9,100 apartments as at the reporting date. Like-for-like rental growth was 1.7% (30 September 2025: 3.4%), while the vacancy rate was 2.4%, unchanged from the prior-year period.
In light of the current debate about a socialisation of residential companies in Berlin, TAG reiterates that its residential portfolio in Berlin comprises fewer than 200 apartments and that TAG would therefore not be affected by any socialisation. In some press reports and analyses published in recent months, apartments located in the state of Brandenburg were incorrectly included in TAG's Berlin residential portfolio.
Polish sales business: more residential units sold; earnings developing as expected
In the first nine months of 2026, a total of 2,152 apartments were sold in the Polish sales business (9M 2025: 1,973). In the third quarter of 2026, 802 apartments were sold (Q2 2026: 692). Sales volume increased to EUR 355m from EUR 327m in the first nine months of the previous year.
During the reporting period, 1,272 apartments were handed over to buyers (9M 2025: 1,063), resulting in the recognition of earnings in the financial statements. Net income from sales Poland amounted to EUR 29.6m (9M 2025: EUR 34.2m), in line with expectations. As a higher number of apartment handovers is expected in Q4 2026, a significant increase in net income from sales Poland is anticipated, as in the previous year.
FFO II, which comprises FFO I and the result from the Polish sales business, increased to EUR 181.9m from EUR 169.3m in the prior-year period.
Claudia Hoyer, COO and Co-CEO of TAG, commented:“Our results developed very well in the first nine months of the 2026 financial year, with our rental business performing even better than expected. We are therefore pleased to be able to raise our FFO I guidance for the 2026 financial year. At the same time, we are consistently pursuing our growth strategy by further developing our existing portfolio in Germany, expanding our Polish rental portfolio and selectively acquiring portfolios where these can create long-term value.”
ROBYG IPO strengthens TAG's balance sheet; property valuation expected to remain largely stable for the full year 2026
The successful initial public offering (IPO) of TAG's Polish subsidiary ROBYG in July 2026 further strengthened the Group's balance sheet and financial flexibility. The IPO generated gross proceeds of around EUR 282m for the Group (c. EUR 188m from the sale of shares by TAG and c. EUR 94m from capital increases at ROBYG level).
Following the IPO, TAG remains ROBYG's majority shareholder with a 67% stake and therefore continues to participate in the long-term growth of the Polish sales business. This also gives rise to a base effect in TAG's financial reporting, as ROBYG's results are now recognised in proportion to TAG's 67% stake, compared with 100% previously.
Following the ROBYG IPO, TAG reduced its LTV significantly to 42.6% as at 30 September 2026, from 45.4% as at 30 June 2026, bucking the trend among listed real estate companies. This left the ratio comfortably below the target of around 45%.
In August 2026, TAG repaid convertible bonds of EUR 470m in full using existing cash. As at the reporting date, the interest coverage ratio (ICR) was 5.8x, while net financial debt to EBITDA stood at a low 9.9x. These strong debt metrics compared with the sector are also reflected in the investment-grade ratings upgraded during the year: Baa2 from Moody's and BBB from S&P Global, both with a stable outlook.
EPRA NTA per share reached EUR 21.79 as at 30 September 2026, up from EUR 20.98 at year-end 2025 (+8% y-o-y). Positive effects from the ROBYG IPO accounted for an increase of EUR 62m, or EUR 0.32 per share.
After the German portfolio recorded an increase in value of around 1.5% in the first half of 2026, a decline in values is expected in the second half of the year. This is expected to result in a broadly stable valuation for the full year 2026. The decline is driven by the significant rise in interest rates in recent months, which is leading to higher gross yields in the valuation and, in turn, lower property values despite the very positive rental growth. The valuation of the Polish portfolio is expected to remain largely unchanged in the second half of 2026.
Disciplined capital allocation focused on value-creating growth
TAG follows a return-oriented approach to capital allocation, deploying capital where it can generate the highest long-term value per share. A key criterion is the expected net yields from alternative investments. The current priority remains growth in the rental business through the construction of rental apartments on TAG-owned land in Poland, supplemented by selective acquisitions in Germany and Poland where these are expected to create sustainable value. At the same time, TAG remains committed to maintaining a solid balance sheet and a LTV close to its target of around 45%.
Martin Thiel, CFO and Co-CEO of TAG, added:“We assess all capital allocation options within a disciplined framework, while taking the economic environment into account. The decisive factor is that the capital deployed creates the highest long-term value per share for our shareholders and is consistent with our leverage targets. In addition to investing in our rental business, share buybacks may also be an option if they are attractive compared with other uses of capital. We continuously review these options. Given the challenging market environment resulting from higher interest rates, such decisions must currently be made with particular care.”
Guidance for 2026 and 2027 points to further growth
Based on the positive performance in the first nine months, guidance for the 2026 financial year is raised or confirmed as follows:
FFO I 2026: EUR 195–200m, or EUR 1.03–1.05 per share (c. +9% and c. +4% y-o-y, respectively; previous guidance: EUR 187–197m, or EUR 0.99–1.04 per share)
Net income from sales Poland 2026: EUR 92–98m (c. +40% y-o-y; unchanged)
FFO II 2026: EUR 279–295m, or EUR 1.48–1.56 per share (c. +16% and c. +10%
y-o-y, respectively; unchanged) Initial guidance for the 2027 financial year is as follows:
FFO I 2027: EUR 200–210m (c. +4% y-o-y)
Net income from sales Poland 2027: EUR 50–60m (c. -40% y-o-y, mainly due to the 33% reduction in TAG's stake in ROBYG as part of the IPO, which also had a positive effect of EUR 62m on EPRA NTA)
FFO II 2027: EUR 250–270m, or EUR 1.31–1.42 per share (c. -9% and c. -10% y-o-y, respectively; mainly due to TAG's 33% reduced stake in ROBYG) Despite higher financing costs, TAG's rental business, as reflected in FFO I, is expected to continue growing, with increases of +9% in 2026 and +4% in 2027.
Following a decline in net income from sales Poland in 2027, earnings attributable to TAG from sales in Poland are expected to return to around the level planned for 2026 in the 2028 financial year, despite TAG's reduced 67% stake in ROBYG. Apartment sales in Poland are also planned to increase to around 3,700–3,900 in 2027, from c. 2,900–3,100 expected in 2026, supporting future earnings growth.
Regarding the dividend, the communicated payout ratio of 50% of FFO I applies. However, unlike in the previous two years, TAG currently does not plan to offer a scrip dividend for the next dividend payment, given the decline in the share price and the intention to avoid greater dilution.
Further details on the first nine months of 2026 can be found in the interim statement published today and in a presentation at .
Key financials at a glance
| Income statement key figures (in EURm) |
01/01/2026- 09/30/2026 |
01/01/2025- 09/30/2025 | | Net actual rent total |
304.3 |
277.1 | | EBITDA (adjusted) Germany and Poland rental business |
205.9 |
188.4 | | EBITDA (adjusted) from sales Poland |
38.2 |
41.8 | | EBITDA (adjusted) total |
244.1 |
230.2 | | Adjusted net income from sales Poland |
29.6 |
34.2 | | Consolidated net profit |
156.4 |
306.0 | | FFO I per share in EUR |
0.81 |
0.76 | | FFO I |
152.7 |
135.8 | | FFO II per share in EUR |
0.96 |
0.95 | | FFO II |
181.9 |
169.3 | | Balance sheet key figures (in EURm) |
09/30/2026 |
12/31/2025 | | Total assets |
8,919.0 |
8,951.2 | | Equity |
3,626.8 |
3,322.0 | | EPRA NTA per share in EUR |
21.79 |
20.98 | | LTV in % |
42.6 |
41.0 | | | | Portfolio data |
09/30/2026 |
12/31/2025 | | Units Germany |
84,675 |
83,504 | | Units Poland (completed rental apartments) |
9,131 |
3,526 | | Sold units Poland |
2,152 |
2,823 | | Handovers Poland |
1,272 |
2,077 | | GAV Total (real estate assets, in EURm) |
7,884.9 |
6,971.5 | | GAV Germany (real estate assets, in EURm) |
5,571.6 |
5,425.2 | | GAV Poland (real estate assets, in EURm) |
2,313.3 |
1,546.3 | | Vacancy in % Germany (total portfolio) |
4.3 |
3.5 | | Vacancy in % Germany (residential units) |
3.9 |
3.2 | | Vacancy in % Poland (total portfolio) |
4.4 |
4.8 | | Vacancy in % Poland (units on the market > 1 year) |
2.4 |
1.3 | | l-f-l rental growth in % Germany |
3.1 |
2.6 | | l-f-l rental growth in % Germany (incl. vacancy reduction) |
3.0 |
3.0 | | l-f-l rental growth in % Poland |
1.7 |
3.4 | | Employees |
09/30/2026 |
09/30/2025 | | Number of employees |
2,035 |
1,928 | | | Capital market data |
| | Market capitalisation as of 09/30/2026 in EURbn |
2.1 | | Share capital as of 09/30/2026 in EUR |
190,328,340.00 | | WKN/ISIN |
830350/ DE0008303504 | | Number of shares as of 09/30/2026 (issued) |
190,328,340 | | Number of shares as of 09/30/2026 (outstanding, excluding treasury shares) |
190,269,776 | | Free float in % (excluding treasury shares) |
100 | | Index |
MDAX/EPRA |
Contact
TAG Immobilien AG
Dominique Mann
Head of Investor & Public Relations
Tel. +49 (0) 40 380 32 305
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10.11.2026 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group.
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