Tag Immobilien Ag · XETR:TEG
Tag Immobilien — FY 2025 Earnings Presentation
42 slides from Tag Immobilien's earnings presentation, Mar 18, 2026
Slide 1: Conference Call Presentation FY 2025
CONFERENCE CALL PRESENTATION FY 2025
Slide 2: Highlights FY 2025 agenda
Highlights 01 01 Financials 02 Highlights FY 2025 German business 03 Polish business 04 Guidance 05 Appendix 06 Conference Call Presentation FY 2025 | March 2026 | 2
Slide 3: TAG highlights FY 2025: overview
TAG highlights FY 2025: overview ▪ FFO I in 2025 at EUR 181.0m (+3% Y-o-Y) above increased Guidance from Nov-2025 of EUR 174-179m; EBITDA total rental business in 2025 at EUR 247.6m (+4% Y-o-Y) Strong results from rental FFO I in 2025 above Guidance operations in Germany ▪ L-f-l rental growth German
Slide 4: TAG highlights FY 2025: financial performance and German portfolio
TAG highlights FY 2025: financial performance and German portfolio FY / 31 Dec-2025 FY / 31 Dec-2024 Q4 / 31 Dec-2025 Q3 / 30 Sep-2025 ▪ FFO I (EURm) 181.0 175.1 45.2 44.2 ▪ FFO II (EURm) 248.2 239.4 78.9 62.0 Financial ▪ EBITDA adjusted rental (EURm) 247.6 238.5 59.2 62.0 performance ▪ EBITDA adjus
Slide 5: TAG highlights FY 2025: Polish portfolio
TAG highlights FY 2025: Polish portfolio FY 20251) FY 20242) Q4 20251) Q3 20253) ▪ Net actual rent (EURm) 25.6 19.2 6.7 6.5 ▪ EBITDA rental adjusted (EURm) 17.5 12.2 4.3 4.9 Rental business ▪ GAV (EURm) incl. landbank 770 668 770 729 performance (BTH) ▪ Units (completed rental apartments) 3,526 3,21
Slide 6: Financials
Highlights 01 02 Financials 02 Financials German business 03 Polish business 04 Guidance 05 Appendix 06 Conference Call Presentation FY 2025 | March 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 FY 2025 at EUR 181.0m compared to EUR 175.1m in FY 2024 (+3%) (EURm) FY 2025 FY 2024 Q4 2025 Q3 2025 1. 1 EBITDA adjusted decreased Q-o-Q by EUR 2.8m despite higher net actual rent due to higher cost Net actual rent1) 371.1 360.2 94.0 92.8
Slide 8: TAG from FFO I to FFO II (sales business)
TAG from FFO I to FFO II (sales business) Poland BTS generates EUR 68.0m, driving FFO II to EUR 248.2m (+4% Y-o-Y); strong performance in Q4 2025 (+91% Q-o-Q) FFO I to FFO II FY 2025 (EURm) 1 FY 2025 FY 2024 Q4 2025 Q3 2025 EBIT sales Poland2) 85.6 60.4 56.3 10.2 (EURm) FY 2025 FY 2024 Q4 2025 Q3 20
Slide 9: TAG EPRA NTA
TAG EPRA NTA Despite the dividend payout and the capital increase in Aug-2025, EPRA NTA/s showed strong growth reaching EUR 20.98 in FY 2025 (+10%) (in EURm) EPRA NTA EPRA NTA EPRA NTA bridge in EUR/share Net tangible assets Net tangible assets 31 Dec-2025 31 Dec-2024 -0.35 +1.60 -0.40 +0.98 Equity
Slide 10: Financing structure
Financing structure LTV down to 41.0% after 46.9% at YE 2024, pro forma after R4R portfolio acquisition at c. 45.3% Financing mix1) Fixed vs. variable split 4% 6% Debt volume Ø Interest rate % Fixed rates 21% Bank loans EUR 2,332m 2.6% 98% Σ EUR Corporate bonds EUR 800m 4.0% 100% 4,325m 3% 54% Promi
Slide 11: Maturity profile
Maturity profile Current cash position of c. EUR 1,350m1) a.o. available for purchase price of R4R portfolio (c. EUR 565m) and repayment of Convertible (EUR 470m) in 2026 Maturity profile as of 31 Dec-2025 (in EURm)2); Ø Maturity total financial debt 4.5 yrs 881 572 11 710 771 621 759 Ø 1.53% Ø 2.55
Slide 12: German business
Highlights 01 03 Financials 02 German business German business 03 Polish business 04 Guidance 05 Appendix 06 Conference Call Presentation FY 2025 | March 2026 | 12
Slide 13: German portfolio vacancy reduction and l-f-l rental growth
German portfolio vacancy reduction and l-f-l rental growth Driving portfolio value through vacancy reduction and rental growth Vacancy rate residential units 4.4% 4.0% 3.9% 3.9% 3.8% 3.6% 3.2% 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 L-f-l rental growth excluding and including vacancy reductio
Slide 14: TAG German portfolio valuation development
TAG German portfolio valuation development Total value increase in FY 2025 at +3.1% within the German Portfolio after +1.4% in H1 2025 Development of gross yield and portfolio value (EUR/sqm) c. 1,200 c. 1,060 c. 1,040 c. 1,060 c. 1,070 6.6% 6.6% 6.6% 6.3% 5.4% 2022 2023 2024 Jun 2025 Dec 2025 Ein B
Slide 15: Polish business
Highlights 01 04 Financials 02 Polish business German business 03 Polish business 04 Guidance 05 Appendix 06 Conference Call Presentation FY 2025 | March 2026 | 15
Slide 16: Polish portfolio rental growth and vacancy development
Polish portfolio rental growth and vacancy development Vacancy remains at low levels, rents continue to increase despite the strong growth in 2022 and 2023 Vacancy in units that have been on the market for more than one year 3.9% 2.2% 2.4% 1.9% 2.1% 1.5% 1.3% 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 Q
Slide 17: TAG Polish sales business: sales results
TAG Polish sales business: sales results 2,823 units sold in 2025 after 1,936 units in 2024; sales prices remain on high level Sold units and sales volume per quarter 1) 706 527 441 715 973 844 1,060 709 636 420 379 501 592 566 815 850 148 140 130 112 118 110 110 97 103 94 75 76 79 61 64 53 Q1 2022
Slide 18: TAG Poland sales business: revenue recognition
TAG Poland sales business: revenue recognition 1,014 units handed over in Q4 2025 after 547 units in Q3 2025 Units handed over and revenue per quarter 1) 339 538 401 2,510 583 280 638 2,311 821 509 251 1,085 224 292 547 1,014 33 196 38 157 139 115 99 99 95 7 78 11 58 58 51 58 35 33 32 33 Q1 2022 Q2
Slide 19: Guidance
Highlights 01 05 Financials 02 Guidance German business 03 Polish business 04 Guidance 05 Appendix 06 Conference Call Presentation FY 2025 | March 2026 | 19
Slide 20: FY 2025 guidance vs. results; FY 2026 guidance (unchanged)
FY 2025 guidance vs. results; FY 2026 guidance (unchanged) Results above guidance range across all metrics – increased dividend payout ratio in FY 2026 2025 Guidance Results Y-o-Y change 2026e Guidance Y-o-Y change EUR 174-179m EUR 181.0m +3% EUR 187-197m c. +6% FFO I FFO I EUR 0.96-0.99/s EUR 1.00/
Slide 21: Guidance FY 2026: key assumptions and FY 2025 results
Guidance FY 2026: key assumptions and FY 2025 results R4R portfolio acquisition is expected to increase rental EBITDA by c. EUR 24m assuming a closing at 31 Mar-2026; full year impact would be at c. EUR 33m FY 2025 Y-o-Y change FY 2026e Y-o-Y change ▪ EBITDA rental business adjusted (EURm) Germany 2
Slide 22: Appendix
Highlights 01 06 Financials 02 Appendix German business 03 ▪ Financials ▪ ▪ German portfolio Polish portfolio Polish business 04 ▪ Polish rental and sales market ▪ Share data and coverage ▪ ESG ratings Guidance 05 Appendix 06 Conference Call Presentation FY 2025 | March 2026 | 22
Slide 23: TAG income statement
TAG income statement APPENDIX Total net actual rent Q-o-Q above pre-quarter level (EUR 1.2m) due to growing rents in Germany (in EURm) FY 2025 FY 2024 Q4 2025 Q3 2025 1 and in Poland. Net actual rent1) 1 371.1 360.2 94.0 92.8 Net rental income in Q-o-Q slightly below pre-quarter level, mainly due to
Slide 24: 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 Q4 2025 Q4 2025 FY 2025 FY 2025 FY 2024 FY 2024 Q4 2025 Q4
Slide 25: TAG balance sheet
TAG balance sheet APPENDIX (in EURm) 31 Dec-2025 31 Dec-2024 The change in investment properties is mainly due to the valuation result (EUR 183.3m), capex in 1 Germany (EUR 106.3m) and investments in Poland (EUR 69.5m). Furthermore, properties/land bank with Non-current assets 6,701.3 6,269.9 a book
Slide 26: TAG EPRA NAV calculations
TAG EPRA NAV calculations APPENDIX (in EURm) EPRA NRV EPRA NTA EPRA NDV Net reinstatement value Net tangible assets Net disposal value 31 Dec-2025 31 Dec-2025 31 Dec-2025 Equity (before minorities) 3,262.0 3,262.2 3,262.2 Difference between fair value and book value for properties valued at cost 62.
Slide 27: TAG LTV calculation
TAG LTV calculation APPENDIX (in EURm) 31 Dec-2025 31 Dec-2024 Non-current and current liabilities to banks 2,312.6 2,358.3 Non-current and current liabilities from corporate bonds and other loans 1,116.6 893.8 Non-current and current liabilities from convertible bonds 854.5 466.3 Cash and cash equi
Slide 28: TAG net financial result calculation
TAG net financial result calculation APPENDIX (in EURm) FY 2025 FY 2024 Q4 2025 Q3 2025 + Interest income 32.2 17.3 11.9 7.6 - Interest expenses -103.1 -72.6 -28.6 -26.6 + Income from joint ventures 13.9 1.6 5.4 7.8 + Other financial result1) 8.5 3.4 31.6 13.5 = Net financial result -48.5 -50.3 20.3
Slide 29: 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 % 46.7% 47.0% 46.9% 2.6% 2.6% 43.2% 41.0% 2.1% 2.2% 1.4% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Interest coverage ratio Net financial debt / EBITDA adjusted
Slide 30: TAG financial covenants overview as of Dec-2025
TAG financial covenants overview as of 31 Dec-2025 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. 38.6% Corporate bonds EUR 800m ▪ Secured debt/ total assets
Slide 31: 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 Region Units Vacancy growth Y-o-Y incl. nance Capex p.a. area rent rent (Y-o-Y) vacancy p.a. reduction As of FY 2025 #
Slide 32: TAG German portfolio valuation details
TAG German portfolio valuation details APPENDIX Dec-2024 Dec-2025 Dec-2025 Dec-2025 Dec-2024 Dec-2024 Region Fair value Fair value (IFRS) Fair value Gross yield Fair value Gross yield (IFRS BV) As of FY 2025 EURm EUR/sqm % EURm EUR/sqm % Berlin/Brandenburg 758.0 1,355 5.7% 767.9 1,328 5.6% Chemnitz
Slide 33: TAG services business – FFO contribution 2025
TAG services business – FFO contribution 2025 EUR 15.7m of FFO generated from services business APPENDIX (in EURm) Σ Craftsmen 1) Multimedia Condominium Facility management Energy services 1) Others Services services services management business Revenues 22.7 6.0 46.8 2.7 2.7 4.3 85.2 Rental expense
Slide 34: TAG return on capex German portfolio 2025
TAG return on capex German portfolio 2025 Efficient capex strategy leads to high returns on investment APPENDIX Total capex1) (EUR 106.2m) Equity financed (EUR 37.9m) Equity + debt financed (EUR 68.3m) Modernisation of flats Large modernisation measures ▪ Share of total capex: c. 36% ▪ Share of tota
Slide 35: TAG's ongoing expansion in Poland's rental sector
TAG’s ongoing expansion in Poland’s rental sector TAG further expands its rental portfolio across Poland’s six largest cities; construction start for c. 2,000 units in FY 2026 planned APPENDIX TAG‘s Polish build-to-hold portfolio post R4R portfolio transaction c. 2,000 Future location Gdańsk c. 800
Slide 36: 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 APPENDIX Portfolio Summary Gdańsk 23 ▪ Acquisition of c. 5,300 new-build rental units from R4R for a purc
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 1.3% 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 FY 2025 # sqm # # EU
Slide 39: Share data
Share data High daily trading liquidity of TAG shares – around EUR 20m per day in 2025 across various stock exchanges APPENDIX Shareholder structure as of 31 Dec-2025 Share information as of 31 Dec-2025 Market cap EUR 2.5bn 6.0% BlackRock Inc., USA NOSH issued 189.0m 6.0% 4.4% NOSH outstanding 4.3%
Slide 40: TAG analyst coverage
TAG analyst coverage Positive view on the strength of the business model supported by analysts “buy” propositions APPENDIX 04-Feb 26 Outperform EUR 17.40 23-Jan 26 Buy EUR 19.00 15-Jan 26 Outperform EUR 16.00 9% 13-Jan 26 Buy EUR 17.50 08-Jan 26 Buy EUR 21.60 08-Jan 26 Buy EUR 17.00 22-Dec 25 Add EU
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 FY 2025 | March 2026 | 41
Slide 42: Contact: Martin Thiel and Dominique Mann
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