Tag Immobilien Ag · XETR:TEG
Tag Immobilien — H1 2026 Earnings Presentation
42 slides from Tag Immobilien's earnings presentation, August 2026
Slide 1: Conference Call Presentation H1 2026
CONFERENCE CALL PRESENTATION H1 2026
Slide 2: Highlights H1 2026
Highlights 01 01 Financials 02 Highlights H1 2026 German business 03 Polish rental business 04 Polish sales business 05 Guidance 06 Appendix 07 Conference Call Presentation H1 2026 | August 2026 | 2
Slide 3: TAG highlights H1 2026: overview
TAG highlights H1 2026: overview ▪ FFO I in H1 2026 at EUR 100.2m after EUR 91.6m in H1 2025 (+9% Y-o-Y ) FFO I 2026 now expected to Strong earnings growth ▪ Net income from sales Poland of EUR 18.6m in H1 2026 (EUR 16.6m in H1 2025; +12% Y-o-Y) come out at the upper end of in H1 2026 ▪ FFO II in H1
Slide 4: TAG highlights H1 2026: financial performance and German portfolio
TAG highlights H1 2026: financial performance and German portfolio Q2 / 30 Jun-2026 Q1 / 31 Mar-2026 H1 / 30 Jun-2026 H1 / 30 Jun-2025 FY / 31 Dec-2025 ▪ FFO I (EURm) 50.9 49.3 100.2 91.6 181.0 ▪ FFO II (EURm) 56.8 61.8 118.6 107.3 248.2 Financial ▪ EBITDA adjusted rental (EURm) 67.9 64.3 132.2 126.
Slide 5: TAG highlights H1 2026: Polish portfolio
TAG highlights H1 2026: Polish portfolio Q2 / 30 Jun-20261) Q1 / 31 Mar-20262) H1 / 30 Jun-20261) H1 / 30 Jun-20253) FY / 31 Dec-20254) ▪ Net actual rent (EURm) 11.1 7.0 18.0 12.3 25.6 ▪ EBITDA rental adjusted (EURm) 6.7 4.7 11.4 8.1 17.5 Rental business ▪ GAV (EURm) incl. landbank 1,466 818 1,466 7
Slide 6: Financials
Highlights 01 02 Financials 02 Financials German business 03 Polish rental business 04 Polish sales business 05 Guidance 06 Appendix 07 Conference Call Presentation H1 2026 | August 2026 | 6
Slide 7: TAG from net actual rent to FFO I (rental business)
TAG from net actual rent to FFO I (rental business) FFO I in H1 2026 at EUR 100.2m compared to EUR 91.6m in H1 2025 (+9%) (EURm) Q2 2026 Q1 2026 H1 2026 H1 2025 FY 2025 1. EBITDA adjusted increases Q-o-Q by EUR 3.6m mainly due to higher net actual rent (EUR 4.8m; organic 1 rental growth and R4R acqu
Slide 8: TAG from FFO I to FFO II (sales business)
TAG from FFO I to FFO II (sales business) Poland BTS generates EUR 18.6m in H1 2026, driving FFO II to EUR 118.6m (+11%) FFO I to FFO II H1 2026 (EURm) 1 Q2 2026 Q1 2026 H1 2026 H1 2025 FY 2025 EBIT sales Poland1) 14.4 13.7 28.1 19.1 85.6 (EURm) Q2 2026 Q1 2026 H1 2026 H1 2025 FY 2025 Effects from p
Slide 9: TAG EPRA NTA
TAG EPRA NTA EPRA NTA/s continued to show growth reaching EUR 21.38 in H1 2026 (+6% Y-o-Y before positive impact from ROBYG IPO of c. EUR 0.30 p/s) (in EURm) EPRA NTA EPRA NTA EPRA NTA bridge in EUR/share Net tangible assets Net tangible assets +0.33 30 Jun-2026 31 Dec-2025 -0.40 +0.47 Equity (befor
Slide 10: Financing structure
Financing structure LTV currently at 45.4%; pro forma LTV after ROBYG IPO at c. 42.2% and therefore well below LTV target of c. 45% Financing mix1) Fixed vs. variable split 3% 5% Debt volume Ø Interest rate % Fixed rates 21% Bank loans EUR 2,216m 2.8% 96% Σ EUR Corporate bonds EUR 900m 4.0% 100% 2%
Slide 11: Maturity profile
Maturity profile Current cash position on a pro forma basis as at 30 June 2026 at EUR 1,046m1) Maturity profile as of 30 Jun-2026 (in EURm)2); Ø Maturity total financial debt 4.3 yrs 578 595 85 704 768 637 863 Ø 0.90% Ø 2.80% Ø 3.61% Ø 4.04% Ø 3.20% Ø 1.04% Ø 3.31% 30 111 400 63 10 500 430 470 583 5
Slide 12: German business
Highlights 01 03 Financials 02 German business German business 03 Polish rental business 04 Polish sales business 05 Guidance 06 Appendix 07 Conference Call Presentation H1 2026 | August 2026 | 12
Slide 13: German portfolio vacancy reduction and l-f-l rental growth
German portfolio vacancy reduction and l-f-l rental growth Ongoing good rental growth in H1 2026 observed; vacancy rate decreased Y-o-Y by 10 basis points, from 3.9% to 3.8% Vacancy rate residential units 4.0% 3.8% 3.6% 3.6% 3.2% 2023 2024 2025 Q1 2026 H1 2026 L-f-l rental growth excluding and inclu
Slide 14: TAG German portfolio valuation development
TAG German portfolio valuation development Total value increase in H1 2026 at +1.5% within the German Portfolio after +1.4% in H1 2025 and +1.7% in H2 2025 Development of gross yield and portfolio value (EUR/sqm) c. 1,060 c. 1,040 c. 1,060 c. 1,070 c. 1,080 6.6% 6.6% 6.6% 6.6% 6.3% FY 2023 FY 2024 J
Slide 15: TAG German portfolio valuation details
TAG German portfolio valuation details Valuation unchanged at 6.6% gross yield, slight increase in value per sqm to c. EUR 1,080 in Jun-2026 from EUR 1,070 in Dec-2025 Jun-2026 Jun-2026 Jun-2026 Dec-2025 Dec-2025 Dec-2025 Region Fair value (IFRS) Fair value (IFRS) Gross yield Fair value (IFRS) Fair
Slide 16: Polish rental business
Highlights 01 04 Financials 02 Polish rental business German business 03 Polish rental business 04 Polish sales business 05 Guidance 06 Appendix 07 Conference Call Presentation H1 2026 | August 2026 | 16
Slide 17: Polish portfolio rental growth and vacancy development
Polish portfolio rental growth and vacancy development Vacancy remains at low levels, rents continue to grow Vacancy (in units that have been on the market for more than one year)1) 2.2% 2.1% 1.5% 1.3% 2023 2024 2025 H1 2026 L-f-l rental growth (in units that have been on the market for more than on
Slide 18: Acquisition from R4R to accelerate Poland rental portfolio growth
Acquisition from R4R to accelerate Poland rental portfolio growth TAG further expands its rental portfolio across Poland’s largest cities through the acquisition of c. 5,300 new-build apartments Portfolio impressions Portfolio in detail and summary TAG units TAG before TAG after TAG total Region R4R
Slide 19: Polish sales business
Highlights 01 05 Financials 02 Polish sales business German business 03 Polish rental business 04 Polish sales business 05 Guidance 06 Appendix 07 Conference Call Presentation H1 2026 | August 2026 | 19
Slide 20: TAG Polish sales business: sales results
TAG Polish sales business: sales results 1,350 units sold in H1 2026 after 1,158 units in H1 2025; sales prices remain on high level Sold units and sales volume per quarter1) 973 844 1,060 709 636 420 379 501 592 566 815 850 658 692 148 140 130 112 118 116 110 110 107 97 103 94 79 64 Q1 2023 Q2 2023
Slide 21: TAG Poland sales business: revenue recognition
TAG Poland sales business: revenue recognition 652 units handed over in H1 2026 after 516 units in H1 2025 Units handed over and revenue per quarter1) 583 280 638 2,311 821 509 251 1,085 224 292 547 1,014 311 341 33 296 38 157 8 115 7 99 99 95 17 78 11 58 58 63 51 42 32 33 Q1 2023 Q2 2023 Q3 2023 Q4
Slide 22: ROBYG IPO – Accelerating growth across all TAG segments
ROBYG IPO – Accelerating growth across all TAG segments Creating a listed Polish residential developer with additional equity while funding TAG’s next stage of growth in the rental segments in Germany and Poland ▪ IPO of ROBYG completed in June and July 2026; shares listed on the Warsaw Stock Exchan
Slide 23: ROBYG IPO – (Pro forma) impact on TAG
ROBYG IPO – (Pro forma) impact on TAG ROBYG IPO benefits TAG’s balance sheet pro forma by increasing EPRA NTA by c. EUR 55m and reducing LTV to c. 42.2% ▪ IPO increases TAG’s EPRA NTA by c. EUR 0.30/s from 21.38 p/s at 30 Jun-2026. Disposal of ROBYG-shares generates EPRA NTA accretion of c. EUR 55m
Slide 24: Attractive capital market valuation of TAG
Attractive capital market valuation of TAG Implied FFO I yield (at upper end of FY 2026 guidance) at c. 10% based on current capital market valuation of TAG and ROBYG Implied valuation bridge TAG’s 67% share c. EUR 550m in ROBYG1) EUR 187-197m c. 10% FFO I yield c. EUR 2.625m c. EUR 2.075m TAG marke
Slide 25: Guidance
Highlights 01 06 Financials 02 Guidance German business 03 Polish rental business 04 Polish sales business 05 Guidance 06 Appendix 07 Conference Call Presentation H1 2026 | August 2026 | 25
Slide 26: FY 2026 guidance (unchanged)
FY 2026 guidance (unchanged) All Guidance for FY 2026 confirmed; after strong H1 2026 results FFO I 2026e now at upper end of the Guidance range expected Results FY 2025 Guidance 2026e Y-o-Y change EUR 181.0m EUR 187-197m c. +6% FFO I EUR 1.00/s EUR 0.99-1.04/s c. +2% Adjusted net income EUR 68.0m E
Slide 27: Guidance FY 2026: key assumptions
Guidance FY 2026: key assumptions Despite delayed closing of R4R portfolio acquisition (27 May-2026 vs. 31 Mar-2026 as basis for Guidance) results are very well on track FY 2025 FY 2026e Y-o-Y change ▪ EBITDA rental business adjusted (EURm) Germany 230.1 230 – 234 +1% Rental business ▪ EBITDA rental
Slide 28: Appendix
Highlights 01 07 Financials 02 Appendix German business 03 ▪ Financials Polish rental business 04 ▪ German portfolio ▪ ▪ Polish portfolio Share data and coverage Polish sales business 05 ▪ ESG ratings Guidance 06 Appendix 07 Conference Call Presentation H1 2026 | August 2026 | 28
Slide 29: TAG income statement
TAG income statement APPENDIX (in EURm) Q2 2026 Q1 2026 H1 2026 H1 2025 FY 2025 Net rental rent increased by EUR 4.8m Q-o-Q reflecting the ongoing stable l-f-l-development in 1 Germany and Poland supported by the completion of the R4R acquisition on 27 May-2026. Net actual rent1) 1 100.7 95.9 196.6
Slide 30: TAG income statement details Germany and Poland
TAG income statement details Germany and Poland APPENDIX Poland – Total Poland – Poland – Total Poland – Poland – Total Poland – Germany Total Germany Total Germany Total (in EURm) Rental Rental Sales Rental Rental Sales Rental Rental Sales Q2 2026 Q2 2026 Q1 2026 Q1 2026 H1 2026 H1 2026 Q2 2026 Q2
Slide 31: TAG balance sheet
TAG balance sheet APPENDIX (in EURm) 30 Jun-2026 31 Dec-2025 The change in investment properties is primarily attributable to the revaluation for the half year Non-current assets 7,498.9 6,701.3 (EUR 54.9m), capex (EUR 54.8m), and investments in Poland (EUR 55.3m). In addition, properties with a Inv
Slide 32: TAG LTV calculation
TAG LTV calculation APPENDIX (in EURm) 30 Jun-2026 31 Dec-2025 Non-current and current liabilities to banks 2,207.5 2,312.6 Non-current and current liabilities from corporate bonds and other loans 1,114.7 1,116.6 Non-current and current liabilities from convertible bonds 862.4 854.5 Cash and cash eq
Slide 33: TAG net financial result calculation
TAG net financial result calculation APPENDIX (in EURm) Q2 2026 Q1 2026 H1 2026 H1 2025 FY 2025 + Interest income 8.5 10.2 18.7 12.8 32.2 - Interest expenses -28.4 -28.1 -56.4 -47.9 -103.1 + Income from joint ventures 2.1 1.2 3.3 0.7 13.9 + Other financial result1) -0.1 -14.3 -14.5 -36.6 8.5 = Net f
Slide 34: Development of key financing metrics
Development of key financing metrics Strong financial discipline as the basis for future growth APPENDIX Ø cost of debt in % LTV in % 2.7% 47.0% 46.9% 45.4% 2.6% 2.6% 41.0% 2.2% 2023 2024 2025 H1 2026 2023 2024 2025 H1 2026 Interest coverage ratio Net financial debt / EBITDA adjusted 6.5x 6.3x 10.6x
Slide 35: TAG financial covenants overview as of Jun-2026
TAG financial covenants overview as of 30 Jun-2026 All capital market instruments in the TAG group offer ample covenant headroom APPENDIX Instrument Volume1) Covenants Thresholds Current status ▪ Total net debt/ total assets ▪ max. 60% ▪ c. 42.9% Corporate bonds EUR 900m ▪ Secured debt/ total assets
Slide 36: German portfolio details by region
German portfolio details by region Consistently strong rental performance and a resilient portfolio APPENDIX L-f-l rental L-f-l rental growth Mainte- Rentable Net actual Re-letting Capex Region Units Vacancy growth Y-o-Y incl. nance area rent rent H1 (Y-o-Y) vacancy H1 reduction As of H1 2026 # sqm
Slide 37: Polish BTH portfolio details by region
Polish BTH portfolio details by region Continuous strong rental results and a growing portfolio; vacancy in units that have been on the market for more than a year at just 2.1% APPENDIX l-f-l rental Completed Rentable IFRS IFRS Net actual Region Gross yield Vacancy growth4) units area FV1) FV1) rent
Slide 38: Polish BTS portfolio details by region
Polish BTS portfolio details by region Substantial future revenue base across Poland’s largest cities, strong profitability with gross margin exceeding 30% APPENDIX Units under Landbank Area in sqm Region Total units Book value1) construction (possible units) (total units) As of H1 2026 # sqm # # EU
Slide 39: Share data
Share data High daily trading liquidity of TAG shares – around EUR 27m per day in H1 2026 across various trading platforms APPENDIX Shareholder structure as of 30 Jun-2026 Share information as of 30 Jun-2026 Market cap EUR 2.7bn 5.1% BNP Paribas Asset Management Europe, FRA NOSH issued 190.3m 5.1% 5
Slide 40: TAG analyst coverage
TAG analyst coverage1) Positive view of the strength of the business model supported by the fact that all analyst recommendations are “buy” APPENDIX 17-Jul 26 Outperform EUR 18.30 15-Jul 26 Outperform EUR 18.00 08-Jul 26 Buy EUR 20.00 01-Jul 26 Outperform EUR 15.50 25-Jun 26 Buy EUR 18.00 24-Jun 26
Slide 41: TAG ESG ratings
TAG ESG ratings TAG ranks among the top companies in the real estate sector APPENDIX *Not responsive level: rating only based on publicly available information, no participation of TAG in an active rating process Conference Call Presentation H1 2026 | August 2026 | 41
Slide 42: Martin Thiel, Dominique Mann contact details
Martin Thiel Dominique Mann TAG Immobilien AG CFO and Co-CEO Head of Investor & Public Relations Steckelhörn 5 Phone: +49 40 380 32-305 Phone: +49 40 380 32-305 20457 Hamburg ir@tag-ag.com ir@tag-ag.com Phone: +49 40 380 32-0 www.tag-ag.com