Tag Immobilien Ag · XETR:TEG
Tag Immobilien — Q3 2025 Earnings Presentation
42 slides from Tag Immobilien's earnings presentation, Nov 11, 2025
Slide 1: Conference Call Presentation Q3 2025
Conference Call Presentation Q3 2025
Slide 2: Highlights
Highlights 01 01 Financials 02 Highlights Q3 2025 German business 03 Polish business 04 Guidance 05 Appendix 06 Conference Call Presentation Q3 2025 | November 2025 | 2
Slide 3: TAG highlights Q3 2025: overview
TAG highlights Q3 2025: overview ▪ FFO I in 9M 2025 of EUR 135.8m after EUR 130.5m in 9M 2024 (+4%); increase mainly driven by higher EBITDA FFO I increased contribution (EUR +10.1m), more or less equally split between Germany and Poland. L-f-l rental growth of 2.6% in by 4% Y-o-Y, EBITDA rental ▪ V
Slide 4: TAG highlights Q3 2025: financial performance and German portfolio
TAG highlights Q3 2025: financial performance and German portfolio Q3 / 30 Sep-2025 Q2 / 30 Jun-2025 9M / 30 Sep-2025 9M / 30 Sep-2024 FY / 31 Dec-2024 ▪ FFO I (EURm) 44.2 46.7 135.8 130.5 175.1 ▪ FFO II (EURm) 62.0 57.2 169.3 167.5 239.4 Financial ▪ EBITDA adjusted rental (EURm) 62.0 63.6 188.4 178
Slide 5: TAG highlights Q3 2025: Polish portfolio
TAG highlights Q3 2025: Polish portfolio Q3 20251) Q2 20252) 9M 20251) 9M 20243) FY 20244) ▪ Net actual rent (EURm) 6.5 6.3 18.9 13.2 19.2 ▪ EBITDA rental adjusted (EURm) 4.9 3.5 13.1 8.7 12.2 Rental business ▪ GAV (EURm) incl. landbank 729 718 729 593 668 performance (BTH) ▪ Units (completed rental
Slide 6: Financials
Highlights 01 02 Financials 02 Financials German business 03 Polish business 04 Guidance 05 Appendix 06 Conference Call Presentation Q3 2025 | November 2025 | 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 9M 2025 at 135.8m compared to EUR 130.5m in 9M 2024 (+4%) (EURm) Q3 2025 Q2 2025 9M 2025 9M 2024 FY 2024 11. EBITDA adjusted decreased Q-o-Q by EUR 1.6m mainly due to reduced net income Net actual rent1) 92.8 92.3 277.1 268.2 360.2 from se
Slide 8: TAG from FFO I to FFO II (sales business)
TAG from FFO I to FFO II (sales business) Poland adds EUR 34.2m, driving FFO II to EUR 169.3m in 9M 2025 after EUR 167.5m in 9M 2024 (+1%); increased result in Q4 2025 expected FFO I to FFO II 9M 2025 (EURm) 1 Q3 2025 Q2 2025 9M 2025 9M 2024 FY 2024 EBIT sales Poland2) 10.2 15.8 29.3 34.4 60.4 Effec
Slide 9: TAG EPRA NTA
TAG EPRA NTA Despite the capital increase in Aug-2025, EPRA NTA/s continue its positive trend reaching EUR 20.19 in 9M 2025 (+5% YTD) (in EURm) EPRA NTA EPRA NTA EPRA NTA bridge in EUR/share Net tangible assets Net tangible assets 30 Sep-2025 31 Dec-2024 -0.35 +1.10 -0.40 +0.69 Equity (before minori
Slide 10: Financing structure
Financing structure LTV down to 42.3% after 46.9% at YE 2024, pro forma after R4R portfolio acquisition at c. 46.1% Financing mix Fixed vs. variable split 3% 6% Debt volume Ø Interest rate % Fixed rates 20% Bank loans EUR 2,413m 2.7% 96% Σ EUR Corporate bonds EUR 800m 4.0% 100% 4% 4,415m 55% Promiss
Slide 11: Maturity profile
Maturity profile Current cash position of c. EUR 1,350m a.o. available for purchase price of R4R portfolio (c. EUR 565m) and repayment of Convertible (EUR 470m) in 2026 Maturity profile as of 30 Sep-2025 (in EURm) 153 880 613 8 694 773 1,295 Ø 3.33% Ø 1.60% Ø 2.85% Ø 2.77% Ø 4.01% Ø 3.19% Ø 2.11% 43
Slide 12: German business
Highlights 01 03 Financials 02 German business German business 03 Polish business 04 Guidance 05 Appendix 06 Conference Call Presentation Q3 2025 | November 2025 | 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 4.4% 4.0% 3.9% 3.9% 3.8% 3.6% 3.6% 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 Oct. 2025 l-f-l rental growth excluding and including vacancy reduction Rent increase
Slide 14: Polish business
Highlights 01 04 Financials 02 Polish business German business 03 Polish business 04 Guidance 05 Appendix 06 Conference Call Presentation Q3 2025 | November 2025 | 14
Slide 15: 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 Summary Gdańsk ▪ Acquisition of c. 5,300 new-build rental units from R4R for a purchase price o
Slide 16: 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. 2,300 units in FY 2026 planned TAG‘s Polish build-to-hold portfolio post R4R portfolio transaction c. 2,300 Future location Gdańsk c. 600 c. 900 Fu
Slide 17: 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 3.2% 2.4% 2.2% 2.1% 1.9% 1.2% 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 l-f-l
Slide 18: TAG Polish sales business: sales results
TAG Polish sales business: sales results 1,973 units sold in 9M 2025 after 1,435 units in 9M 2024; sales prices remain on high level Sold units and sales volume per quarter 1) 706 527 441 715 973 844 1,060 709 636 420 379 501 592 566 815 148 130 112 118 110 110 97 103 94 75 76 79 61 64 53 Q1 2022 Q2
Slide 19: TAG Poland sales business: revenue recognition
TAG Poland sales business: revenue recognition 547 units handed over in Q3 2025 after 292 units in Q2 2025; increasing number of handovers expected in Q4 2025 Units handed over and revenue per quarter 1) 339 538 401 2,510 583 280 638 2,311 821 509 251 1,085 224 292 547 296 239 115 99 99 95 78 58 58
Slide 20: Guidance
Highlights 01 05 Financials 02 Guidance German business 03 Polish business 04 Guidance 05 Appendix 06 Conference Call Presentation Q3 2025 | November 2025 | 20
Slide 21: Guidance FY 2025 (increased) and FY 2026 (new)
Guidance FY 2025 (increased) and FY 2026 (new) FFO I and FFO II guidance 2025 increased by c. EUR 2-3m each; strongly growing results and increased dividend expected in FY 2026 2025e Y-o-Y change 2026e Y-o-Y change EUR 174-179m c. +1% EUR 187-197m c. +9% FFO I FFO I EUR 0.96-0.99/s c. +/-0% EUR 0.99
Slide 22: FFO I bridge 2025e to 2026e
FFO I bridge 2025e to 2026e R4R portfolio acquisition is expected to increase FFO I by c. EUR 14m assuming a closing at 31 Mar-2026; full year impact would be at c. EUR 17m In EURm c.14 c.-4 c.5 c.-5 c.5 c.-4 c.-3 c.12 c.-3 188 188 188 189 186 c.187-197 c.174-179 176 183 FFO I 2025e rental growth re
Slide 23: Guidance FY 2025 and 2026: key assumptions
Guidance FY 2025 and 2026: key assumptions 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 2025e Y-o-Y change FY 2026e Y-o-Y change ▪ EBITDA rental business adjusted (EURm) Germany 226 – 230 +
Slide 24: 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 Q3 2025 | November 2025 | 24
Slide 25: TAG income statement
TAG income statement APPENDIX (in EURm) Q3 2025 Q2 2025 9M 2025 9M 2024 FY 2024 Total net actual rent Q-o-Q above pre-quarter level (EUR 0.5m) due to growing rents in 1 Germany and in Poland. Net actual rent1) 1 92.8 92.3 277.1 268.2 360.2 Expenses from property 2 Net rental income in Q3 2025 on pre
Slide 26: 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 Q3 2025 Q3 2025 Q2 2025 Q2 2025 9M 2025 9M 2025 Q3 2025 Q3
Slide 27: TAG balance sheet
TAG balance sheet APPENDIX (in EURm) 30 Sep-2025 31 Dec-2024 The change in investment properties is mainly due to the revaluation YTD (EUR 122.9m), capex in Non-current assets 6,566.8 6,269.9 1 Germany for 9M 2025 (EUR 76.5m) and investments in Poland (EUR 42.5m). Furthermore, properties/land bank w
Slide 28: 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 30 Sep-2025 30 Sep-2025 30 Sep-2025 Equity (before minorities) 3,449.5 3,449.5 3,449.5 Difference between fair value and book value for properties valued at cost 61.
Slide 29: TAG LTV calculation
TAG LTV calculation APPENDIX (in EURm) 30 Sep-2025 31 Dec-2024 Non-current and current liabilities to banks 2,393.3 2,358.3 Non-current and current liabilities from corporate bonds and other loans 1,107.5 893.8 Non-current and current liabilities from convertible bonds 849.4 466.3 Cash and cash equi
Slide 30: TAG net financial result calculation
TAG net financial result calculation APPENDIX (in EURm) Q3 2025 Q2 2025 9M 2025 9M 2024 FY 2024 + Interest income 7.6 7.0 20.3 10.4 17.3 - Interest expenses -26.6 -25.1 -74.5 -49.6 -72.6 + Income from joint ventures 7.8 0.3 8.5 -0.1 1.6 + Other financial result1) 13.5 -39.2 -23.1 3.6 3.4 = Net finan
Slide 31: 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% 42.3% 2.1% 2.2% 1.4% 2021 2022 2023 2024 Q3 2025 2021 2022 2023 2024 Q3 2025 Interest coverage ratio Net financial debt / EBITDA adj
Slide 32: TAG financial covenants overview as of 30 Sep-2025
TAG financial covenants overview as of 30 Sep-2025 All covenants leave extensive headroom APPENDIX Instrument Volume Covenants Thresholds Current status MostlyICR/ ▪▪ Mostly ICR/DSCR DSCRororLTV LTV1)1) Bank loans EUR 2,413m Typicallybased basedon onportfolio portfoliolevel level ▪ soft covenants ▪
Slide 33: 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 Q3 2025 #
Slide 34: TAG German portfolio valuation details
TAG German portfolio valuation details APPENDIX Sep-2025 Dec-2024 Sep-2025 Sep-2025 Dec-2024 Dec-2024 Region Fair value Fair value Fair value Gross yield Fair value Gross yield (IFRS) (IFRS BV) As of Q3 2025 EURm EUR/sqm % EURm EUR/sqm % Berlin 749.5 1,340 5.7% 767.9 1,328 5.6% Chemnitz 361.7 751 7.
Slide 35: 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 2.4% APPENDIX l-f-l rental Completed Rentable IFRS IFRS Net actual Region Gross yield Vacancy growth2) units area FV1) FV1) rent
Slide 36: Polish BTS portfolio details by region
Polish BTS portfolio details by region Substantial future revenue base across 5 key regions, strong profitability with EBITDA margin exceeding 20% APPENDIX Units under Landbank Area in sqm Region Total units Book value1) construction (possible units) (total units) As of Q3 2025 # sqm # # EURm Warsaw
Slide 37: R4R portfolio acquisition in Poland transaction summary
R4R portfolio acquisition in Poland transaction summary TAG further expands its rental portfolio across Poland’s six largest cities through the acquisition of c. 5,300 new-build rental units APPENDIX ▪ Acquisition of c. 5,300 new-build rental units from R4R for a purchase price of PLN 2,405m (c. EUR
Slide 38: R4R portfolio acquisition refinancing overview
R4R portfolio acquisition refinancing overview Broad range of equity and debt instruments as additional testimonial for diversified financing strategy APPENDIX Refinancing of the purchase price successfully completed already in Aug-2025 1) Capital increase (ABB) Tap Convertible Bond (2025/2031) 6.5y
Slide 39: Share data
Share data TAG share at a glance – key figures and capital market performance APPENDIX Shareholder structure as of 30 Sep-2025 Share information as of 30 Sep-2025 Market cap EUR 2,779m 5.8% BlackRock Inc., USA NOSH issued 189.0m 5.8% 5.0% NOSH outstanding 5.0% Resolution Capital Limited, AUS 189.0m
Slide 40: TAG analyst coverage
TAG analyst coverage Positive view on the strength of the business model supported by analysts “buy” propositions APPENDIX 05-Nov 25 Buy EUR 21.60 24-Oct 25 Buy EUR 18.50 07-Oct 25 Buy EUR 20.00 17% 23-Sept 25 Outperform EUR 16.50 15-Sep 25 Equalweight EUR 15.20 10-Sep 25 Outperform EUR 17.00 07-Sep
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 Q3 2025 | November 2025 | 41
Slide 42: Contact
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