Tag Immobilien Ag · XETR:TEG
Tag Immobilien — Q1 2026 Earnings Presentation
40 slides from Tag Immobilien's earnings presentation, May 12, 2026
Slide 1: Conference Call Presentation Q1 2026
CONFERENCE CALL PRESENTATION Q1 2026
Slide 2: Highlights Q1 2026
Highlights 01 01 Financials 02 Highlights Q1 2026 German business 03 Polish business 04 Guidance 05 Appendix 06 Conference Call Presentation Q1 2026 | May 2026 | 2
Slide 3: TAG highlights Q1 2026: overview
TAG highlights Q1 2026: overview ▪ FFO I in Q1 2026 at EUR 49.3m after EUR 44.9m in Q1 2025 (+10%) and EUR 45.2m in Q4 2025 (+9%) Good development of l-f-l rental Strong FFO I growth in Q1 2026 ▪ EBITDA total rental business increased to EUR 64.3m in Q1 2026 after EUR 62.8m in Q1 2025 and EUR 59.2m
Slide 4: TAG highlights Q1 2026: financial performance and German portfolio
TAG highlights Q1 2026: financial performance and German portfolio Q1 / 31 Mar-2026 Q4 / 31 Dec-2025 FY / 31 Dec-2025 ▪ FFO I (EURm) 49.3 45.2 181.0 ▪ FFO II (EURm) 61.8 78.9 248.2 Financial ▪ EBITDA adjusted rental (EURm) 64.3 59.2 247.6 performance ▪ EBITDA adjusted sales (EURm) 16.0 43.7 85.5 ▪ E
Slide 5: TAG highlights Q1 2026: Polish portfolio
TAG highlights Q1 2026: Polish portfolio Q1 / 31 Mar-20261) Q4 / 31 Dec-20252) FY / 31 Dec-20252) ▪ Net actual rent (EURm) 7.0 6.7 25.6 ▪ EBITDA rental adjusted (EURm) 4.7 4.3 17.5 Rental business ▪ GAV (EURm) incl. landbank 818 770 770 performance (BTH) ▪ Units (completed rental apartments) 3,707 3
Slide 6: Financials
Highlights 01 02 Financials 02 Financials German business 03 Polish business 04 Guidance 05 Appendix 06 Conference Call Presentation Q1 2026 | May 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 Q1 2026 at EUR 49.3m compared to EUR 45.2m in Q4 2025 (EURm) Q1 2026 Q4 2025 FY 2025 11. EBITDA adjusted increases Q-o-Q by EUR 5.1m mainly due to higher net actual rent (EUR 1.8m), lower Net actual rent1) 95.9 94.0 371.1 maintenance costs
Slide 8: TAG from FFO I to FFO II (sales business)
TAG from FFO I to FFO II (sales business) Poland BTS generates EUR 12.7m in Q1 2026, driving FFO II to EUR 61.8m FFO I to FFO II Q1 2026 (EURm) 1 Q1 2026 Q4 2025 FY 2025 EBIT sales Poland1) 13.7 56.3 85.6 (EURm) Q1 2026 Q4 2025 FY 2025 Effects from purchase price allocation 1.5 3.5 7.7 FFO I 49.3 45
Slide 9: TAG EPRA NTA
TAG EPRA NTA EPRA NTA/s continued to show strong growth reaching EUR 21.08 in Q1 2026 (+7% Y-o-Y) (in EURm) EPRA NTA EPRA NTA Net tangible assets Net tangible assets 31 Mar-2026 31 Dec-2025 Equity (before minorities) 3,274.6 3,262.2 Difference between fair value and book value for properties valued
Slide 10: Financing structure
Financing structure LTV currently down to 41.0%; pro forma LTV after R4R portfolio acquisition at c. 45.3% and therefore still at LTV target of c. 45% Financing mix1) Fixed vs. variable split 3% 5% Debt volume Ø Interest rate % Fixed rates 21% Bank loans EUR 2,300m 2.6% 98% Σ EUR Corporate bonds EUR
Slide 11: Maturity profile
Maturity profile Current cash position of c. EUR 1,270m1) 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 Mar-2026 (in EURm)2); Ø Maturity total financial debt 4.4 yrs 825 584 13 706 769 622 758 Ø 1.36% Ø 2.64
Slide 12: German business
Highlights 01 03 Financials 02 German business German business 03 Polish business 04 Guidance 05 Appendix 06 Conference Call Presentation Q1 2026 | May 2026 | 12
Slide 13: German portfolio vacancy reduction and l-f-l rental growth
German portfolio vacancy reduction and l-f-l rental growth Strong rental growth in Q1 2026 observed; vacancy rate decreased Y-o-Y by 30 basis points, from 3.9% to 3.6% Vacancy rate residential units 4.0% 3.6% 3.6% 3.2% 2023 2024 2025 Q1 2026 L-f-l rental growth excluding and including vacancy reduct
Slide 14: Polish business
Highlights 01 04 Financials 02 Polish business German business 03 Polish business 04 Guidance 05 Appendix 06 Conference Call Presentation Q1 2026 | May 2026 | 14
Slide 15: 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 2.2% 2.0% 1.5% 1.3% 2023 2024 2025 Q1 2026 L-f-l rental growth 10.8% 3.2% 3.4% 3.2% 2023 2024 2025 Q1 2026 Conference Call
Slide 16: TAG Polish sales business: sales results
TAG Polish sales business: sales results 658 units sold in Q1 2026 after 592 units in Q1 2025; sales prices remain on high level Sold units and sales volume per quarter1) 973 844 1,060 709 636 420 379 501 592 566 815 850 658 148 140 130 112 118 110 110 107 97 103 94 79 64 Q1 2023 Q2 2023 Q3 2023 Q4
Slide 17: TAG Poland sales business: revenue recognition
TAG Poland sales business: revenue recognition 311 units handed over in Q1 2026 after 224 units in Q1 2025 Units handed over and revenue per quarter1) 583 280 638 2,311 821 509 251 1,085 224 292 547 1,014 311 33 296 38 157 8 115 7 99 99 95 78 11 58 58 63 51 32 33 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2
Slide 18: Guidance
Highlights 01 05 Financials 02 Guidance German business 03 Polish business 04 Guidance 05 Appendix 06 Conference Call Presentation Q1 2026 | May 2026 | 18
Slide 19: FY 2026 guidance (unchanged)
FY 2026 guidance (unchanged) Strongly increasing results for FY 2026e expected – increased dividend payout ratio for FY 2026e 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 EUR 92-98m c. +40% from sales
Slide 20: Guidance FY 2026: key assumptions
Guidance FY 2026: key assumptions R4R portfolio acquisition is expected to increase rental EBITDA by c. EUR 16m assuming a closing at 30 Jun-2026; full year impact would be at c. EUR 33m FY 2025 FY 2026e Y-o-Y change ▪ EBITDA rental business adjusted (EURm) Germany 230.1 230 – 234 +1% Rental busines
Slide 21: 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 Q1 2026 | May 2026 | 21
Slide 22: TAG income statement
TAG income statement APPENDIX Net actual rent above pre-quarter level (EUR +1.9m) due to good l-f-l rental growth in Germany (in EURm) Q1 2026 Q4 2025 FY 2025 1 and in Poland supported by completion of rental projects in Poland and acquisitions in Germany. Net actual rent1) 1 95.9 94.0 371.1 Expense
Slide 23: 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 Q1 2026 Q1 2026 Q4 2025 Q4 2025 FY 2025 FY 2025 Q1 2026 Q1
Slide 24: TAG balance sheet
TAG balance sheet APPENDIX (in EURm) 31 Mar-2026 31 Dec-2025 The change in investment properties is mainly due to ongoing investments in Germany (capex) and Non-current assets 6,750.2 6,701.3 1 Poland (rental projects under construction) that account for c. EUR 55m in total. Also, there were some ac
Slide 25: 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 Mar-2026 31 Mar-2026 31 Mar-2026 Equity (before minorities) 3,274.6 3,274.6 3,274.6 Difference between fair value and book value for properties valued at cost 62.
Slide 26: TAG LTV calculation
TAG LTV calculation APPENDIX (in EURm) 31 Mar-2026 31 Dec-2025 Non-current and current liabilities to banks 2,294.2 2,312.6 Non-current and current liabilities from corporate bonds and other loans 1,072.6 1,116.6 Non-current and current liabilities from convertible bonds 857.0 854.5 Cash and cash eq
Slide 27: TAG net financial result calculation
TAG net financial result calculation APPENDIX (in EURm) Q1 2026 Q4 2025 FY 2025 + Interest income 10.2 11.9 32.2 - Interest expenses -28.1 -28.6 -103.1 + Income from joint ventures 1.2 5.4 13.9 + Other financial result1) -14.3 31.6 8.5 = Net financial result -31.0 20.3 -48.5 + Non-cash financial res
Slide 28: 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 % 47.0% 46.9% 2.6% 2.6% 2.6% 41.0% 41.0% 2.2% 2023 2024 2025 Q1 2026 2023 2024 2025 Q1 2026 Interest coverage ratio Net financial debt / EBITDA adjusted 6.5x 6.5x 5.8x
Slide 29: TAG financial covenants overview as of Mar-2026
TAG financial covenants overview as of 31 Mar-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. 39.7% Corporate bonds EUR 800m ▪ Secured debt/ total assets
Slide 30: 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 Q1 (Y-o-Y) vacancy Q1 reduction As of Q1 2026 # sqm
Slide 31: 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 APPENDIX 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% FY 2022 FY 2023 FY 2024 Jun 2
Slide 32: TAG German portfolio valuation details
TAG German portfolio valuation details APPENDIX Mar-2026 Mar-2026 Mar-2026 Dec-2025 Dec-2025 Dec-2025 Region Fair value (IFRS) Fair value Gross yield Fair value (IFRS) Fair value Gross yield As of Q1 2026 EURm EUR/sqm % EURm EUR/sqm % Brandenburg 760.7 1,360 5.7% 758.0 1,355 5.7% Chemnitz 368.9 761
Slide 33: 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 further 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
Slide 34: 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 2.0% APPENDIX l-f-l rental Completed Rentable IFRS IFRS Net actual Region Gross yield Vacancy growth4) units area FV1) FV1) rent
Slide 35: 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 187 ▪ Acquisition of c. 5,300 new-build rental units from R4R for a pur
Slide 36: 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 Q1 2026 # sqm # # EU
Slide 37: Share data
Share data High daily trading liquidity of TAG shares – around EUR 30m per day in Q1 2026 across various stock exchanges APPENDIX Shareholder structure as of 1 Apr-2026 Share information as of 1 Apr-2026 Market cap EUR 2.7bn 5.1% BNP Paribas Asset Management Europe, FRA NOSH issued 189.0m 5.1% 4.9%
Slide 38: TAG analyst coverage
TAG analyst coverage Positive view of the strength of the business model, supported by the fact that all analyst recommendations are “buy” APPENDIX 06-May 26 Outperform EUR 18.40 29-Apr 26 Add EUR 19.10 21-Apr 26 Overweight EUR 17.30 0% 17-Apr 26 Outperform EUR 18.00 16-Apr 26 Buy EUR 17.00 18-Mar 2
Slide 39: 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 Q1 2026 | May 2026 | 39
Slide 40: 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