Tag Immobilien Ag · XETR:TEG
Tag Immobilien — Q2 2025 Earnings Presentation
45 slides from Tag Immobilien's earnings presentation, Aug 12, 2025
Slide 1: Conference Call Presentation Q2 2025
Conference Call Presentation Q2 2025
Slide 2: Content
Content I. TAG highlights H1 2025 3 II. TAG financials H1 2025 7 III. TAG German portfolio H1 2025 12 IV. TAG Polish portfolio H1 2025 16 V. TAG guidance FY 2025 20 VI. Appendix 22 – 45 ▪ Strategy ▪ Income statement, balance sheet, EPRA NAV calculations ▪ German portfolio details by region, German p
Slide 3: TAG highlights H1 2025
TAG highlights H1 2025 TAG Immobilien AG | August 2025 | 3
Slide 4: TAG highlights H1 2025: overview
TAG highlights H1 2025: overview 44 1 ▪ FFO I in Q2 2025 at EUR 46.7m (after EUR 44.9m in Q1 2025); increase in H1 2025 to EUR 91.6m after FFO I increases by 4% EUR 88.1m in H1 2024 translates into a Y-o-Y increase of 4%. Continuous high l-f-l rental growth and adjusted EBITDA from ▪ Main driver for
Slide 5: TAG highlights H1 2025: financial performance and German portfolio
TAG highlights H1 2025: financial performance and German portfolio 55 Q2 2025 Q1 2025 H1 2025 H1 2024 FY 2024 ▪ FFO I (EURm) 46.7 44.9 91.6 88.1 175.1 ▪ FFO II (EURm) 57.2 50.1 107.3 121.4 239.4 ▪ EBITDA adjusted rental (EURm) 63.6 62.8 126.4 120.1 238.5 Financial ▪ EBITDA adjusted sales (EURm) 13.9
Slide 6: TAG highlights H1 2025: Polish portfolio
TAG highlights H1 2025: Polish portfolio 66 Rental business performance (BTH) Sales business perfomance (BTS) Q2 2025 1) Q1 2025 2) H1 2025 1) H1 2024 3) FY 2024 4) Q2 2025 1) Q1 2025 2) H1 2025 1) H1 2024 3) FY 2024 4) ▪ Sales revenues (EURm) 50.6 33.3 83.9 193.0 387.3 ▪ Net actual rent (EURm) 6.3
Slide 7: TAG financials H1 2025
TAG financials H1 2025 TAG Immobilien AG | August 2025 | 7
Slide 8: TAG EBITDA, FFO and AFFO calculation
TAG EBITDA, FFO and AFFO calculation (in EURm) Q2 2025 Q1 2025 H1 2025 H1 2024 FY 2024 Improved EBITDA adjusted Q-o-Q by EUR 0.8m driven by German business (mainly 1 because of continuously good rental growth). Poland rental EBITDA decreased by EBIT Germany1) 85.1 55.5 140.7 -35.2 73.2 EUR 1.1m q-o-
Slide 9: TAG EPRA NTA calculation
TAG EPRA NTA calculation EPRA NTA/s increased by 5% in H1 2025 and 10% y-o-y EPRA Net Tangible Assets EPRA NTA bridge in EUR/share (in EURm) 30 Jun-2025 31 Dec-2024 +0.69 +0.74 -0.40 Equity (without minorities) 3,132.7 3,019.6 + Deferred taxes on investment properties and 580.7 557.1 financial deriv
Slide 10: TAG financing structure
TAG financing structure 10 10 Strong financing structure with two investment grade ratings – Moody’s rating now with positive outlook Financing Mix Debt volume Ø interest rate % fixed rates 4% 7% 20% Bank loans EUR 2,414m 2.5% 97% Σ EUR Corporate bonds EUR 500m 4.3% 100% 5% 4,049m Ø 2.5% 60% Promiss
Slide 11: TAG maturity profile
TAG maturity profile 11 11 Cash and cash equivalents of c. EUR 870m and c. EUR 215m unused credit facilities at 30 Jun-2025 available Maturity profile as of 30 Jun-2025 (in EURm) 237 884 591 8 697 775 858 Total: Ø 2.04% Ø 1.65% Ø 2.69% Ø 2.83% Ø 4.08% Ø 3.19% Ø 1.66% 21 30 94 332 470 24 10 63 500 43
Slide 12: TAG German portfolio H1 2025
TAG German portfolio H1 2025 TAG Immobilien AG | August 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 26.0 ▪ TAG creates attractive rental
Slide 14: TAG German portfolio vacancy reduction residential units
TAG German portfolio vacancy reduction residential units Track record of effective vacancy reduction supports long-term value growth 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 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 c. 1,200 c. 1,200 6.5% 6.6% 6.6% 6.3% c. 1,030 c. 1,100 c. 1,100 c. 1,060 c. 1,040 c. 1,040 c. 1,050 6.1% 5.9% 5.7% 5.3% 5.4% 5.1% Dec 19 Dec
Slide 16: TAG Polish portfolio H1 2025
TAG Polish portfolio H1 2025 TAG Immobilien AG | August 2025 | 16
Slide 17: 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 2.1% Rentable Fair value (IFRS) Units In-place Vacancy Vacancy Net actual rent l-f-l rental growth Region area EURm 1) # yie
Slide 18: TAG Polish sales business: sales results
TAG Polish sales business: sales results 566 units sold in Q2 2025 after 420 units in Q2 2024; sales prices remain on high level and are up c. +7% y-o-y Sold units and sales volume per quarter 706 527 441 715 973 844 1,060 709 636 420 379 501 592 566 200 150 100 148 110 112 110 118 50 97 103 94 75 7
Slide 19: TAG Poland sales business: revenue recognition
TAG Poland sales business: revenue recognition 292 units handed over in Q2 2025 after 224 units in Q1 2025; increasing number of hand overs expected in Q3 and Q4 2025 Units handed over and revenue per quarter 1) 339 538 401 2,510 583 280 638 2,311 821 509 251 1,085 224 292 296 239 115 99 99 95 78 58
Slide 20: TAG guidance FY 2025
TAG guidance FY 2025 TAG Immobilien AG | August 2025 | 20
Slide 21: 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 22: Appendix
Appendix TAG Immobilien AG | August 2025 | 22
Slide 23: 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 24: TAG income statement
TAG income statement APPENDIX (in EURm) Q2 2025 Q1 2025 H1 2025 H1 2024 FY 2024 Total net actual rent Q-o-Q slightly above pre-quarter level (EUR 0.3m) due to growing rents in 1 Germany and in Poland. Net actual rent 1) 1 92.3 92.0 184.2 178.2 360.2 Expenses from property 2 Net rental income in Q2 E
Slide 25: TAG income statement details Germany and Poland
TAG income statement details Germany and Poland APPENDIX Poland – Poland – Poland – Poland – Poland – Poland – Germany Poland Germany Poland Total Germany Poland Total (in EURm) Rental Sales Q2 2025 Rental Sales Rental Sales Q2 2025 Q2 2025 Q1 2025 Q1 2025 Q1 2025 H1 2025 H1 2025 H1 2025 Q2 2025 Q2
Slide 26: TAG balance sheet
TAG balance sheet APPENDIX (in EURm) 30 Jun-2025 31 Dec-2024 The change in investment properties in H1 2025 is mainly due to the revaluation (EUR 120.4m), 1 capex (EUR 44.3m) and investments in Poland (EUR 25.7m). In addition, land bank with a book Non-current assets 6,515.6 6,269.9 value of EUR 59.
Slide 27: 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) 30 Jun-2025 30 Jun-2025 30 Jun-2025 Equity (before minorities) 3,132.7 3,132.7 3,132.7 Difference between fair value and book value for properties valued at cost 61.
Slide 28: 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 APPENDIX # area EURm yield Jun- Dec- rent rent growth Y-o-Y incl. nance EUR/sqm sqm Jun- 2025 2024 EUR/ EUR/ Y-o-Y vacancy EUR/sqm 2025 sqm/
Slide 29: TAG German portfolio valuation details
TAG German portfolio valuation details APPENDIX Jun-2025 Dec-2024 Dec-2024 Jun-2025 Jun-2025 YTD 2025 Dec-2024 Region Fair value Fair value Fair value Fair value (IFRS) Implied multiple Valuation result Implied multiple (EUR/sqm) (IFRS BV) EURm (EUR/sqm) Berlin 742.2 1,326.9 17.5x 6.4 767.9 1,327.8
Slide 30: 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 30 Jun-2025 ▪ Building a portfolio of residential properties via own projec
Slide 31: TAG Polish BTH portfolio mid-term development
TAG Polish BTH portfolio mid-term development TAG well on track with the ramp up of it’s BTH portfolio APPENDIX 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.
Slide 32: 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 33: 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 34: Overview of Polish residential rental market
Overview of Polish residential rental market Increasing rent levels Y-o-Y in H1 2025 observable APPENDIX 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
Slide 35: TAG overview of BTS contribution to key figures over time
TAG overview of BTS contribution to key figures over time BTS contribution strengthens TAG's cash generation APPENDIX 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 7
Slide 36: Overview of Polish residential sales market
Overview of Polish residential sales market Strongly increasing sales prices throughout major Polish cities APPENDIX ▪ The strong upward trend in sales prices observed throughout FY 2023 and FY 2024 continued into the first half of 2025 ▪ During this period, average apartment prices across all major
Slide 37: TAG LTV calculation
TAG LTV calculation Strong LTV reduction by 160 basis points to 45.3% YTD; at target level of c. 45% APPENDIX (in EURm) 30 Jun-2025 31 Dec-2024 Non-current and current liabilities to banks 2,403.0 2,358.3 Non-current and current liabilities from corporate bonds and other loans 837.3 893.8 Non-curren
Slide 38: TAG net financial result calculation
TAG net financial result calculation APPENDIX (in EURm) Q2 2025 Q1 2025 H1 2025 H1 2024 FY 2024 + Interest income 7.0 5.7 12.8 6.7 17.3 - Interest expenses -25.1 -22.8 -47.9 -31.6 -72.6 + Income from companies accounted for at equity 0.3 0.3 0.7 0.0 1.6 + Other financial result1) -39.2 2.6 -36.6 5.1
Slide 39: TAG cost of debt and LTV
TAG cost of debt and LTV Stable LTV and financing costs over time APPENDIX Cost of debt Ø in % LTV in % 43.2% 46.7% 47.0% 45.3% 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 H1 2025 31 Dec-2021 31 Dec-2022 31 Dec-2023 31 Dec-2024 30 Jun-2025 TAG Immobilien AG | August 2
Slide 40: TAG other financing metrics
TAG other financing metrics Strong interest coverage and stable, improving debt metrics APPENDIX ICR Net financial debt/ EBITDA adjusted Net financial debt in EUR/sqm 3) 12.7x 11.3x 586 606 588 585 9.9x 10.4x 9.3x 504 5.6x 7.4x 5.8x 6.5x 5.9x 12.7x 11.3x 9.3x 9.9x 10.3x 7.4x 6.7x 5.6x 5.8x 5.6x 1) 2
Slide 41: TAG financial covenants overview as of 30 Jun-2025
TAG financial covenants overview as of 30 Jun-2025 All covenants leave extensive headroom APPENDIX Instrument Volume Covenants Thresholds Status ▪ Mostly ICR/ DSCR or LTV 1)1) Bank loans EUR 2,414m ▪ Typically based on portfolio level ▪ soft covenants ▪ currently material headroom •▪ Total net debt/
Slide 42: 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 0.88 239.4 c.238 1.56 0.82 221.9 1.51 1.46 1.36 c.1.36 1.29 188.8 1.18 1.24 1.19 0.40 40% of FFO I 182.0 189.4 171.7 175.1 c.174
Slide 43: 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 | August 2025 | 43
Slide 44: TAG share data
TAG share data Shareholder structure as of 30 Jun-2025 Share information as of 30 Jun-2025 APPENDIX 8.1% Versorgungsanstalt des Bundes und der Länder/HSBC INKA, GER Market cap EUR 2,664m 8.1% 5.8% NOSH issued 176.6m 5.8% BlackRock Inc., USA 5.0% NOSH outstanding 176.5m 4.1% Treasury shares 84,424 5.
Slide 45: 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 | August 2025 | 45