Tag Immobilien Ag · XETR:TEG
Tag Immobilien — Q1 2025 Earnings Presentation
46 slides from Tag Immobilien's earnings presentation, May 2025
Slide 1: Conference Call Presentation Q1 2025
Conference Call Presentation Q1 2025
Slide 2: Content
Content I. TAG highlights Q1 2025 3 II. TAG financials Q1 2025 7 III. TAG German portfolio Q1 2025 12 IV. TAG Polish portfolio Q1 2025 15 V. TAG guidance FY 2025 19 VI. Appendix 21 – 45 ▪ Strategy ▪ Income statement, balance sheet, EPRA NAV calculations ▪ German portfolio details by region, German p
Slide 3: TAG highlights Q1 2025
TAG highlights Q1 2025 TAG Immobilien AG | May 2025 | 3
Slide 4: TAG highlights Q1 2025: overview
TAG highlights Q1 2025: overview 44 1 ▪ FFO I in Q1 2025 at EUR 44.9m, slightly above the levels from the previous quarter (EUR 44.6m in Q4 2024) Rental result (FFO I) slightly increased, and on a Y-o-Y comparison (EUR 44.6m in Q1 2024) Good l-f-l rental growth stronger growth in operational rental
Slide 5: TAG highlights Q1 2025: financial performance and German portfolio
TAG highlights Q1 2025: financial performance and German portfolio 55 Q1 2025 Q4 2024 FY 2024 ▪ FFO I (EURm) 44.9 44.6 175.1 ▪ FFO II (EURm) 50.1 71.9 239.4 ▪ EBITDA adjusted rental (EURm) 62.8 60.3 238.5 Financial ▪ EBITDA adjusted sales (EURm) 5.9 33.1 76.6 performance ▪ EBIDTA adjusted total (EUR
Slide 6: TAG highlights Q1 2025: Polish portfolio
TAG highlights Q1 2025: Polish portfolio 66 Rental business performance (BTH) Sales business perfomance (BTS) Q1 2025 1) Q4 2024 2) FY 2024 2) Q1 2025 1) Q4 2024 2) FY 2024 2) ▪ Sales revenues (EURm) 33.3 94.8 387.3 ▪ Net actual rent (EURm) 6.1 6.0 19.2 ▪ EBITDA sales adjusted (EURm) 5.9 33.1 76.6 ▪
Slide 7: TAG financials Q1 2025
TAG financials Q1 2025 TAG Immobilien AG | May 2025 | 7
Slide 8: TAG EBITDA, FFO and AFFO calculation
TAG EBITDA, FFO and AFFO calculation Improved EBITDA adjusted Q-o-Q by EUR 2.5m driven by German business (mainly (in EURm) Q1 2025 Q4 2024 FY 2024 because of continuously good rental growth lower maintenance costs). Poland rental 1 EBITDA also improved by EUR 1.0m mainly due to further portfolio gr
Slide 9: TAG EPRA NTA calculation
TAG EPRA NTA calculation EPRA NTA/s increased by 3% in Q1 2025 resulting from strong cash generation in the operational business EPRA Net Tangible Assets (in EURm) 31 Mar-2025 31 Dec-2024 Equity (without minorities) 3,093.6 3,019.6 + Deferred taxes on investment properties and 565.3 557.1 financial
Slide 10: TAG financing structure
TAG financing structure 10 10 Two stable investment grade ratings confirm strong and reliable financing structure Financing Mix Debt volume Ø interest rate % fixed rates 3% 3% 20% Bank loans EUR 2,365m 2.5% 97% Σ EUR Corporate bonds EUR 625m 3.8% 100% 5% 4,106m 57% Promissory notes EUR 195m 2.8% 77%
Slide 11: TAG maturity profile
TAG maturity profile 11 11 High cash position of c. EUR 1.0bn at 31 Mar-2025 covers all upcoming capital market debt in the next years Maturity profile as of 31 Mar-2025 (in EURm) 431 883 578 8 564 776 865 Total: Ø 2.41% Ø 1.70% Ø 2.67% Ø 2.87% Ø 3.72% Ø 3.18% Ø 1.66% 22 30 332 470 24 60 63 10 500 1
Slide 12: TAG German portfolio Q1 2025
TAG German portfolio Q1 2025 TAG Immobilien AG | May 2025 | 12
Slide 13: TAG German portfolio rental growth and capex allocation
TAG German portfolio rental growth and capex allocation Rental growth achieved with moderate capex investments due to strong underlying fundamentals Rental growth achieved with moderate investments Maintenance & capex development (in EUR/sqm/year) 24.6 25.2 25.4 21.1 ▪ TAG creates attractive rental
Slide 14: TAG German portfolio vacancy reduction residential units
TAG German portfolio vacancy reduction residential units Strong track record of vacancy reduction leads to significant value creation Acquisitions +0.1% 5.7% 5.5% 1) Acquisitions 5.2% Disposals +0.1% Acquisitions Acquisitions 4.8% 4.7% +0.1% 4.7% 4.6% 4.4% 4.5% 1) +/-0.0% 4.3% +/-0.0% 4.2% 4.2% 4.1%
Slide 15: TAG Polish portfolio Q1 2025
TAG Polish portfolio Q1 2025 TAG Immobilien AG | May 2025 | 15
Slide 16: TAG Polish rental business: portfolio data
TAG Polish rental business: portfolio data Continuous strong rental results and a growing portfolio; vacancy in units that have been on the market for more than a year at just 1.9% Rentable Fair value (IFRS) Units In-place Vacancy Vacancy Net actual rent l-f-l rental growth Region area EURm 1) # yie
Slide 17: TAG Polish sales business: sales results
TAG Polish sales business: sales results 592 units sold in Q1 2025 after 636 units in Q1 2024; sales prices remain on high level Sold units and sales volume per quarter 706 527 441 715 973 844 1,060 709 636 420 379 501 592 200 150 100 148 110 112 110 118 50 97 103 75 76 79 61 64 53 0 Q1 2022 Q2 2022
Slide 18: TAG Poland sales business: revenue recognition
TAG Poland sales business: revenue recognition 224 units handed over in Q1 2025 after 821 units in Q1 2024; increasing number of hand overs expected for the next quarters Units handed over and revenue per quarter 1) 339 538 401 2,510 583 280 638 2,311 821 509 251 1,085 224 296 239 115 99 99 95 78 58
Slide 19: TAG guidance FY 2025
TAG guidance FY 2025 TAG Immobilien AG | May 2025 | 19
Slide 20: TAG EBITDA and FFO guidance FY 2025 (unchanged)
TAG EBITDA and FFO guidance FY 2025 (unchanged) 2025e EUR 172-176m +/-0% FFO I Total EUR 240-246m +2% Y-o-Y EUR 0.99/s Y-o-Y EUR 224-228m +/-0% Y-o-Y Adjusted net income -5% EUR 61-67m EBITDA from sales Poland Y-o-Y Rental Business EUR 16-18m +4% Y-o-Y EUR 233-243m +/-0% FFO II EUR 1.36/s Y-o-Y EBIT
Slide 21: Appendix
Appendix TAG Immobilien AG | May 2025 | 21
Slide 22: TAG strategy: three segments – two countries – one company
TAG strategy: three segments – two countries – one company Cash and value orientated portfolio strategy APPENDIX Affordable housing rental business Build-to-hold (BTH) Build-to-sell (BTS) ▪ One of the biggest landlords in Poland focused on the ▪ Construction focus on Polish A cities ▪ TAG’s core bus
Slide 23: TAG income statement
TAG income statement APPENDIX (in EURm) Q1 2025 Q4 2024 FY 2024 Total net actual rent Q-o-Q on pre-quarter level despite portfolio sales in Germany in the last 1 quarters. Net actual rent 1) 1 92.0 92.0 360.2 2 Net rental income in Q1 EUR 5.3m above pre-quarter level, mainly due to lower maintenance
Slide 24: TAG income statement details Germany and Poland
TAG income statement details Germany and Poland APPENDIX Poland – Poland – Poland – Poland – Poland – Poland – Germany Poland Total Germany Poland Total Germany Poland Total (in EURm) Rental Sales Rental Sales Rental Sales Q1 2025 Q1 2025 Q1 2025 Q4 2024 Q4 2024 Q4 2024 FY 2024 FY 2024 FY 2024 Q1 20
Slide 25: TAG balance sheet
TAG balance sheet APPENDIX (in EURm) 31 Mar-2025 31 Dec-2024 The change in investment properties is mainly due to the CAPEX for the current financial year Non-current assets 6,373.9 6,269.9 (EUR 16.9m) and investments in Poland (EUR 15.3m). In addition, properties with a carrying Investment property
Slide 26: TAG EPRA NAV calculations
TAG EPRA NAV calculations APPENDIX EPRA NRV EPRA NTA EPRA NDV Net reinstatement value Net tangible assets Net disposal value (in EURm) 31 Mar-2025 31 Mar-2025 31 Mar-2025 Equity (before minorities) 3,093.6 3,093.6 3,093.6 Difference between fair value and book value for properties valued at cost 60.
Slide 27: TAG German portfolio details by region
TAG German portfolio details by region Region Units Rentable IFRS BV Gross Vacancy Vacancy Net actual Re-letting l-f-l rental l-f-l rental growth Mainte- Capex # area EURm yield Mar- Dec- rent rent growth Y-o-Y incl. nance EUR/sqm sqm Mar- 2025 2024 EUR/ EUR/ Y-o-Y vacancy EUR/sqm APPENDIX 2025 sqm/
Slide 28: TAG German portfolio vacancy reduction and rental growth
TAG German portfolio vacancy reduction and rental growth Strong l-f-l rental growth of 3% p.a. and vacany rate under 4% in residential portfolio APPENDIX Vacancy development Q1 2025 1) l-f-l rental growth (Y-o-Y) Q1 2025 4.7% Salzgitter from 4.6% to 4.5% -0.1% Leipzig 4.1% Berlin from 2.1% to 2.1% +
Slide 29: TAG portfolio valuation overview Germany
TAG portfolio valuation overview Germany German portfolio shows stabilised values Development of gross yield Development of portfolio value (EUR/sqm) c. 1,270 6.5% 6.6% c. 1,200 c. 1,200 c. 1,100 c. 1,100 6.3% c. 1,030 c. 1,060 c. 1,040 c. 1,040 6.1% 5.7% 5.9% 5.3% 5.4% 5.1% Dec 19 Dec 20 Dec 21 Jun
Slide 30: TAG German portfolio valuation details
TAG German portfolio valuation details Mar-2025 Dec-2024 Dec-2024 Region Mar-2025 Mar-2025 Q1 2025 Dec-2024 Fair value Fair value Fair value APPENDIX (in EURm) Fair value (IFRS) Implied multiple Valuation result Implied multiple (EUR/sqm) (IFRS BV) EURm (EUR/sqm) Berlin 732.9 1,310.5 17.5x -0.5 767.
Slide 31: TAG Polish portfolio overview
TAG Polish portfolio overview Established Polish build-to-sell and build-to-hold platform, based on the fully integrated Vantage and ROBYG businesses APPENDIX Portfolio strategy and geographic breakdown Key portfolio metrics 31 Mar-2025 ▪ Building a portfolio of residential properties via own projec
Slide 32: TAG Polish BTH portfolio mid-term development
TAG Polish BTH portfolio mid-term development 32 32 TAG well on track with the ramp up of it’s BTH portfolio Expected development of BTH portfolio Mid-term target FY 2028 FY 2029 # units on the market c. 8,000 c. 10,000 Net actual rent p.a. c. EUR 70m c. EUR 85m c.10,000 c.8,000 EBITDA margin c. 75-
Slide 33: Poland macroeconomic fundamentals (1/2)
Poland macroeconomic fundamentals (1/2) Poland at a glance APPENDIX A medium-sized EU country Conservative fiscal policy Relevant characteristics Country GDP in tn (LHS) Total population in m (RHS) Deposit rate and gov. yield in % (LHS) General government debt in % (RHS) ▪ Absolute size of Polish ma
Slide 34: Poland macroeconomic fundamentals (2/2)
Poland macroeconomic fundamentals (2/2) Comparison of key indicators with the EU-27 APPENDIX Comments Strong real GDP and real wage growth in Poland (vs. EU-27) 2.3% 2.1% 1.1% 2.4% 4.1% 2.7% 3.6% 0.6% 1.8% (0.3%) 1.9% 2.1% 1.3% ▪ Poland’s economy has demonstrated remarkable resilience, consistently
Slide 35: Overview of Polish residential rental market
Overview of Polish residential rental market Increasing rent levels Y-o-Y in Q1 2025 observable Over the past few years, there has been high demand for rental apartments throughout Poland. ▪ Robust rent levels were observed in 2024, after exceptional high growth in 2022 and 2023 (mainly due to refug
Slide 36: TAG overview of BTS contribution to key figures over time
TAG overview of BTS contribution to key figures over time1) BTS contribution strengthens TAG's cash generation Units handed over 2) Sales revenues (EURm) 2) EBITDA adjusted (EURm) 1)/2) 3,788 3,812 445 101 3,711 3,434 3,516 387 359 84 7.4x 6.0x 2,666 342 10.9x 321 11.6x 347 12.7x 11.3x 9.3x 72 77 77
Slide 37: Overview of Polish residential sales market
Overview of Polish residential sales market Strongly increasing sales prices throughout major Polish cities ▪ The strong upward trend in sales prices observed throughout FY 2023 and FY 2024 continued into the first quarter of 2025 ▪ During this period, average apartment prices across all major Polis
Slide 38: TAG LTV calculation
TAG LTV calculation Strong LTV reduction by 130 basis points to 45.6% APPENDIX (in EURm) 31 Mar-2025 31 Dec-2024 Non-current and current liabilities to banks 2,354.1 2,358.3 Non-current and current liabilities from corporate bonds and other loans 950.8 893.8 Non-current and current liabilities from
Slide 39: TAG net financial result calculation
TAG net financial result calculation APPENDIX (in EURm) Q1 2025 Q4 2024 FY 2024 + Interest income 5.7 6.9 17.3 - Interest expenses -22.8 -23.0 -72.6 + Income from joint ventures 0.3 1.7 1.6 + Other financial result1) 2.6 -0.3 3.4 = Net financial result -14.1 -14.7 -50.3 + Non-cash financial result f
Slide 40: TAG cost of debt and LTV
TAG cost of debt and LTV Stable LTV and financing costs over time Cost of debt Ø in % LTV in % 43.2% 46.7% 47.0% 45.6% 2.2% 46.9% 1.7% 1.4% 2.1% 1.5% 2.6% 2.5% 2.1% 2.2% 1.4% 2021 2022 2023 2024 Q1 2025 31 Dec-2021 31 Dec-2022 31 Dec-2023 31 Dec-2024 31 Mar-2025 TAG Immobilien AG | May 2025 | 40
Slide 41: TAG other financing metrics
TAG other financing metrics Strong interest coverage and stable, improving debt metrics ICR Net financial debt/ EBITDA adjusted Net financial debt in EUR/ sqm 3) 586 606 588 573 504 5.6x 7.4x 5.8x 6.5x 5.9x 12.7x 11.3x 9.3x 9.9x 10.3x 2021 2022 2023 2024 LTM 2025 1) 2021 2022 2023 2024 LTM 2025 2) 2
Slide 42: TAG financial covenants overview as of Mar-2025
TAG financial covenants overview as of 31 Mar-2025 All covenants leave extensive headroom APPENDIX Instrument Volume Covenants Thresholds Status ▪ Mostly ICR/ DSCR or LTV 1)1) Bank loans EUR 2,365m ▪ Typically based on portfolio level ▪ soft covenants ▪ currently material headroom Corporate bonds •
Slide 43: TAG FFO and dividend historical development
TAG FFO and dividend historical development APPENDIX FFO I / FFO II in EURm FFO I / FFO II per share in EUR Dividend per share in EUR FFO I FFO II FFO I FFO II 256.5 247.3 0.93 239.4 c.238 1.56 0.88 221.9 1.51 0.82 1.46 1.36 c.1.36 1.29 188.8 1.18 1.24 1.19 0.40 182.0 189.4 171.7 175.1 c.174 0.98 17
Slide 44: 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 TAG Immobilien AG | May 2025 | 44
Slide 45: TAG share data
TAG share data Shareholder structure as of 31 Mar-2025 Share information as of 31 Mar-2025 APPENDIX 8.1% Versorgungsanstalt des Bundes und der Länder/ HSBC INKA, GER Market cap EUR 2,208m 8.1% 5.4% NOSH issued 175.5m 5.4% BlackRock Inc., USA 5.0% NOSH outstanding 175.4m 3.1% 5.0% Resolution Capital
Slide 46: Martin Thiel CFO and Co-CEO Dominique Mann
Martin Thiel Dominique Mann TAG Immobilien AG CFO and Co-CEO Head of Investor & Public Relations Steckelhörn 5 20457 Hamburg Phone: +49 40 380 32-305 Phone: +49 40 380 32-305 Phone: +49 40 380 32-0 ir@tag-ag.com ir@tag-ag.com www.tag-ag.com TAG Immobilien AG | May 2025 | 46