Tag Immobilien Ag · XETR:TEG
Tag Immobilien — H1 2026 Earnings Presentation
60 slides from Tag Immobilien's earnings presentation, Aug 11, 2026
Slide 1: Company Presentation H1 2026
COMPANY PRESENTATION H1 2026
Slide 2: TAG introduction
01 01 TAG introduction German business 02 TAG introduction Polish rental business 03 Polish sales business 04 Financing 05 Appendix 06 Company Presentation H1 2026 | August 2026 | 2
Slide 3: Company overview
Company overview Three segments – two countries – one company Combined entity Since 2000 Since 2020 Since 2022 Rental business Build-to-hold (BTH) Build-to-sell (BTS) Ein Bild, das draußen, Architektur, Gebäude, Himmel enthält. KI-generierte Inhalte können fehlerhaft sein. Video ROBYG/ BTS TAG Homep
Slide 4: KPIs split according to company segments
KPIs split according to company segments Unlocking value across all business segments for sustainable growth = Rental business BTH BTS Combined entity Adj. EBITDA1) EUR 230-234m EUR 34-52m EUR 120-130m EUR 384-416m FFO I + Sales result = FFO II1) EUR 187-197m EUR 92-98m EUR 279-295m GAV (total)2) EU
Slide 5: Two sources of recurring cash flow within TAG's business model
Two sources of recurring cash flow within TAG’s business model Cash flow generation for TAG shareholder from rental revenue und recurring sales Sales business Poland Rental business Germany Rental business Poland FY26e EUR 92-98m FFO I FY26e EUR 187-197m FFO II FY26e EUR 279-295m Company Presentatio
Slide 6: Distribution of recurring cash flow
Distribution of recurring cash flow Use of recurring cashflow from rental revenue und recurring sales Sales business Poland Rental business Germany Rental business Poland FY26e EUR 92-98m FFO I FY26e EUR 187-197m 40% Dividend Investments in rental business (50% from 2026 onwards) Germany Poland Comp
Slide 7: TAG highlights H1 2026: overview
TAG hightlights H1 2026: overview Strong performance in both countries and markets established solid basis for further growth FFO I R4R portfolio FFO I Guidance Successful LTV +9% Y-o-Y acquisition for 2026e ROBYG IPO at 42.4% FFO II +12% Y-o-Y Expected at upper end of Total growth proceeds of Pro f
Slide 8: FY 2026 guidance (unchanged)
FY 2026 guidance (unchanged) All Guidance for FY 2026 confirmed; after strong H1 2026 results FFO I 2026e now at upper end of the Guidance range expected 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 E
Slide 9: Guidance FY 2026: key assumptions
Guidance FY 2026: key assumptions Despite delayed closing of R4R portfolio acquisition (27 May-2026 vs. 31 Mar-2026 as basis for Guidance) results are very well on track FY 2025 FY 2026e Y-o-Y change ▪ EBITDA rental business adjusted (EURm) Germany 230.1 230 – 234 +1% Rental business ▪ EBITDA rental
Slide 10: German Business
01 02 TAG introduction German business 02 German Business Polish rental business 03 Polish sales business 04 Financing 05 Appendix 06 Company Presentation H1 2026 | August 2026 | 10
Slide 11: TAG German rental business
TAG German rental business Stable and predictable cash flows from residential rental business, high yielding multifamily portfolio mainly focused on Northern and Eastern Germany 84,073 3.0% 3.8% 6.6% 6.07 Units l-f-l rental growth Vacancy rate Valuation gross yield EUR/sqm/month (residential units)
Slide 12: German portfolio rental growth and capex allocation
German portfolio rental growth and capex allocation Rental growth achieved with moderate capex investments l-f-l rental growth excluding and including vacancy reduction Vacancy rate Rent increase existing tenants: 1.6% Tenant turnover: 1.0% Modernisation surcharge: 0.3% 4.0% 3.8% 3.6% 3.6% 3.0% 3.0%
Slide 13: Decarbonisation strategy German portfolio
Decarbonisation strategy German portfolio 63% of residential units achieve energy efficiency (C or better energy certification), progressing towards the 1.5 oC climate goal Status quo and measures TAG vs. German average Target CO2 emission (CO2e in kg / sqm) ▪ Full commitment to reach CO2 emission l
Slide 14: Polish rental business
01 03 TAG introduction German business 02 Polish rental business Polish rental business 03 Polish sales business 04 Financing 05 Appendix 06 Company Presentation H1 2026 | August 2026 | 14
Slide 15: TAG Polish rental business: Build-to-hold (BTH)
TAG Polish rental business: Build-to-hold (BTH) One of the biggest residential landlords in Poland focused on the A cities, new constructed state-of-the-art multifamily portfolio 9,119 2.4% 2.1% 6.3% c. 7-8% Completed rental units l-f-l rental growth Vacany rate Valuation gross yield Expected gross
Slide 16: 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)1) 2.2% 2.1% 1.5% 1.3% 2023 2024 2025 H1 2026 L-f-l rental growth (in units that have been on the market for more than on
Slide 17: 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 impressions Portfolio in detail and summary TAG units TAG before TAG after TAG total Region R4R
Slide 18: 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 2.1% l-f-l rental Completed Rentable IFRS IFRS Net actual Region Gross yield Vacancy growth4) units area FV1) FV1) rent1) (Y-o-Y
Slide 19: Polish sales business
01 04 TAG introduction German business 02 Polish sales business Polish rental business 03 Polish sales business 04 Financing 05 Appendix 06 Company Presentation H1 2026 | August 2026 | 19
Slide 20: TAG Polish business: Build-to-sell (BTS)
TAG Polish business: Build-to-sell (BTS) One of the biggest residential developers in Poland focused on A cities, highly cash generating and mostly self funding business 1,350 ROBYG IPO >30% >20% c. 17,500 Units sold EUR c. 94m gross Gross margin EBITDA margin Possible units H1 2026 proceeds for BTS
Slide 21: ROBYG IPO – Accelerating growth across all TAG segments
ROBYG IPO – Accelerating growth across all TAG segments Creating a listed Polish residential developer with additional equity while funding TAG’s next stage of growth in the rental segments in Germany and Poland ▪ IPO of ROBYG completed in June and July 2026; shares listed on the Warsaw Stock Exchan
Slide 22: ROBYG IPO – (Pro forma) impact on TAG
ROBYG IPO – (Pro forma) impact on TAG ROBYG IPO benefits TAG’s balance sheet pro forma by increasing EPRA NTA by c. EUR 55m and reducing LTV to c. 42.2% ▪ IPO increases TAG’s EPRA NTA by c. EUR 0.30/s from 21.38 p/s at 30 Jun-2026. Disposal of ROBYG-shares generates EPRA NTA accretion of c. EUR 55m
Slide 23: Attractive capital market valuation of TAG
Attractive capital market valuation of TAG Implied FFO I yield (at upper end of FY 2026 guidance) at c. 10% based on current capital market valuation of TAG and ROBYG Implied valuation bridge TAG’s 67% share c. EUR 550m in ROBYG1) EUR 187-197m c. 10% FFO I yield c. EUR 2.625m c. EUR 2.075m TAG marke
Slide 24: Overview of BTS contribution to key figures over time
Overview of BTS contribution to key figures over time BTS contribution strengthens TAG’s cash generation Sales revenues (EURm)1) EBITDA adjusted (EURm)1),2) Net income from sales Poland (EURm) 82.8 445 101 387 388 66.2 68.0 359 86 63.9 347 84 59.3 77 77 2021 2022 2023 2024 2025 2021 3) 2022 3) 2023
Slide 25: 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% Units under Landbank Area in sqm Region Total units Book value1) construction (possible units) (total units) As of H1 2026 # sqm # # EURm Warsaw
Slide 26: Financing
01 05 TAG introduction German business 02 Financing Polish rental business 03 Polish sales business 04 Financing 05 Appendix 06 Company Presentation H1 2026 | August 2026 | 26
Slide 27: Financing structure
Financing structure LTV currently at 45.4%; pro forma LTV after ROBYG IPO at c. 42.2% and therefore well below LTV target of c. 45% Financing mix1) Fixed vs. variable split 3% 5% Debt volume Ø Interest rate % Fixed rates 21% Bank loans EUR 2,216m 2.8% 96% Σ EUR Corporate bonds EUR 900m 4.0% 100% 2%
Slide 28: Maturity profile
Maturity profile Current cash position on a pro forma basis as at 30 June 2026 at EUR 1,046m1) Maturity profile as of 30 Jun-2026 (in EURm)2); Ø Maturity total financial debt 4.3 yrs 578 595 85 704 768 637 863 Ø 0.90% Ø 2.80% Ø 3.61% Ø 4.04% Ø 3.20% Ø 1.04% Ø 3.31% 30 111 400 63 10 500 430 470 583 5
Slide 29: Development of key financing metrics
Development of key financing metrics Strong financial discipline as the basis for future growth Ø cost of debt in % LTV in % 2.7% 47.0% 46.9% 45.4% 2.6% 2.6% 41.0% 2.2% 2023 2024 2025 H1 2026 2023 2024 2025 H1 2026 Interest coverage ratio Net financial debt / EBITDA adjusted 6.5x 6.3x 10.6x 5.8x 6.1
Slide 30: Appendix
01 06 TAG introduction German business 02 Appendix Polish rental business 03 Polish sales business 04 Financing 05 Appendix 06 Company Presentation H1 2026 | August 2026 | 30
Slide 31: TAG highlights H1 2026: financial performance and German portfolio
TAG highlights H1 2026: financial performance and German portfolio APPENDIX Q2 / 30 Jun-2026 Q1 / 31 Mar-2026 H1 / 30 Jun-2026 H1 / 30 Jun-2025 FY / 31 Dec-2025 ▪ FFO I (EURm) 50.9 49.3 100.2 91.6 181.0 ▪ FFO II (EURm) 56.8 61.8 118.6 107.3 248.2 Financial ▪ EBITDA adjusted rental (EURm) 67.9 64.3 1
Slide 32: TAG highlights H1 2026: Polish portfolio
TAG highlights H1 2026: Polish portfolio APPENDIX Q2 / 30 Jun-20261) Q1 / 31 Mar-20262) H1 / 30 Jun-20261) H1 / 30 Jun-20253) FY / 31 Dec-20254) ▪ Net actual rent (EURm) 11.1 7.0 18.0 12.3 25.6 ▪ EBITDA rental adjusted (EURm) 6.7 4.7 11.4 8.1 17.5 Rental business ▪ GAV (EURm) incl. landbank 1,466 81
Slide 33: TAG from net actual rent to FFO I (rental business)
TAG from net actual rent to FFO I (rental business) FFO I in H1 2026 at EUR 100.2m compared to EUR 91.6m in H1 2025 (+9%) APPENDIX (EURm) Q2 2026 Q1 2026 H1 2026 H1 2025 FY 2025 1. EBITDA adjusted increases Q-o-Q by EUR 3.6m mainly due to higher net actual rent (EUR 4.8m; organic 1 rental growth and
Slide 34: TAG from FFO I to FFO II (sales business)
TAG from FFO I to FFO II (sales business) Poland BTS generates EUR 18.6m in H1 2026, driving FFO II to EUR 118.6m (+11%) APPENDIX FFO I to FFO II H1 2026 (EURm) 1 Q2 2026 Q1 2026 H1 2026 H1 2025 FY 2025 EBIT sales Poland1) 14.4 13.7 28.1 19.1 85.6 (EURm) Q2 2026 Q1 2026 H1 2026 H1 2025 FY 2025 Effec
Slide 35: TAG income statement
TAG income statement APPENDIX (in EURm) Q2 2026 Q1 2026 H1 2026 H1 2025 FY 2025 Net rental rent increased by EUR 4.8m Q-o-Q reflecting the ongoing stable l-f-l-development in 1 Germany and Poland supported by the completion of the R4R acquisition on 27 May-2026. Net actual rent1) 1 100.7 95.9 196.6
Slide 36: 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 Q2 2026 Q2 2026 Q1 2026 Q1 2026 H1 2026 H1 2026 Q2 2026 Q2
Slide 37: TAG balance sheet
TAG balance sheet APPENDIX (in EURm) 30 Jun-2026 31 Dec-2025 The change in investment properties is primarily attributable to the revaluation for the half year Non-current assets 7,498.9 6,701.3 (EUR 54.9m), capex (EUR 54.8m), and investments in Poland (EUR 55.3m). In addition, properties with a Inv
Slide 38: TAG EPRA NTA
TAG EPRA NTA EPRA NTA/s continued to show growth reaching EUR 21.38 in H1 2026 (+6% Y-o-Y before positive impact from ROBYG IPO of c. EUR 0.30 p/s) APPENDIX (in EURm) EPRA NTA EPRA NTA EPRA NTA bridge in EUR/share Net tangible assets Net tangible assets +0.33 30 Jun-2026 31 Dec-2025 -0.40 +0.47 Equi
Slide 39: TAG LTV calculation
TAG LTV calculation APPENDIX (in EURm) 30 Jun-2026 31 Dec-2025 Non-current and current liabilities to banks 2,207.5 2,312.6 Non-current and current liabilities from corporate bonds and other loans 1,114.7 1,116.6 Non-current and current liabilities from convertible bonds 862.4 854.5 Cash and cash eq
Slide 40: TAG net financial result calculation
TAG net financial result calculation APPENDIX (in EURm) Q2 2026 Q1 2026 H1 2026 H1 2025 FY 2025 + Interest income 8.5 10.2 18.7 12.8 32.2 - Interest expenses -28.4 -28.1 -56.4 -47.9 -103.1 + Income from joint ventures 2.1 1.2 3.3 0.7 13.9 + Other financial result1) -0.1 -14.3 -14.5 -36.6 8.5 = Net f
Slide 41: TAG financial covenants overview as of 30 Jun-2026
TAG financial covenants overview as of 30 Jun-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. 42.9% Corporate bonds EUR 900m ▪ Secured debt/ total assets
Slide 42: 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 H1 (Y-o-Y) vacancy H1 reduction As of H1 2026 # sqm
Slide 43: 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 44: 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 45: TAG German portfolio valuation details
TAG German portfolio valuation details Valuation unchanged at 6.6% gross yield, slight increase in value per sqm to c. EUR 1,080 in Jun-2026 from EUR 1,070 in Dec-2025 APPENDIX Jun-2026 Jun-2026 Jun-2026 Dec-2025 Dec-2025 Dec-2025 Region Fair value (IFRS) Fair value (IFRS) Gross yield Fair value (IF
Slide 46: TAG Polish sales business: sales results
TAG Polish sales business: sales results 1,350 units sold in H1 2026 after 1,158 units in H1 2025; sales prices remain on high level APPENDIX Sold units and sales volume per quarter1) 973 844 1,060 709 636 420 379 501 592 566 815 850 658 692 148 140 130 112 118 116 110 110 107 97 103 94 79 64 Q1 202
Slide 47: TAG Poland sales business: revenue recognition
TAG Poland sales business: revenue recognition 652 units handed over in H1 2026 after 516 units in H1 2025 APPENDIX Units handed over and revenue per quarter1) 583 280 638 2,311 821 509 251 1,085 224 292 547 1,014 311 341 33 296 38 157 8 115 7 99 99 95 17 78 11 58 58 63 51 42 32 33 Q1 2023 Q2 2023 Q
Slide 48: Excursus: German vs Polish residential rental market
Excursus: German vs Polish residential rental market Simplified comparison APPENDIX Market fundamentals residential housing market ▪ c. 50% (among the lowest in the EU) – a nation of renters, with ▪ c. 85% (among the highest in the EU) – mostly homeowners due to Ownership ratio strong rental regulat
Slide 49: Excursus: Polish residential sales market
Excursus: Polish residential sales market Simplified overview APPENDIX Overview Contracts ▪ Once purchase agreements have been concluded, they are legally binding Time to receive building rights ▪ C. 2-4 years faster than in Germany (5-7 years; incl. zoning and permitting; may vary by municipality)
Slide 50: Overview of Polish residential rental market
Overview of Polish residential rental market Expected stabilisation of rent levels Y-o-Y following high growth in previous years APPENDIX ▪ Over the past few years, there has been high demand for rental apartments throughout Poland ▪ Rent levels remained stable in H1 2026, mirroring the patterns see
Slide 51: Overview of Polish residential sales market
Overview of Polish residential sales market Strongly increased sales prices throughout major Polish cities in the last years APPENDIX ▪ The general upward trend in sales prices observed throughout FY 2022-2025 continued in H1 2026 ▪ During this period, average apartment prices across all major Polis
Slide 52: 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 53: 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 54: TAG Management Board
TAG Management Board Management team has been with the company for many years, leading the company together as Co-CEOs with lean and efficient management structures APPENDIX Claudia Hoyer, COO Martin Thiel, CFO and Co-CEO and Co-CEO Key responsibilities: Operational functions (acquisitions, asset Ke
Slide 55: TAG Supervisory Board
TAG Supervisory Board APPENDIX Prof. Dr. Marion Olaf Borkers Eckhard Schultz Gabriela Gryger Björn Eifler Beate Schulz Peyinghaus Deputy Chairman, Audit Employee Employee Function Chairman Member Member committee Chairman representative representative Former CEO/ CFO of Former CFO / Consultant for P
Slide 56: Share data
Share data High daily trading liquidity of TAG shares – around EUR 27m per day in H1 2026 across various stock exchanges APPENDIX Shareholder structure as of 31 Jul-2026 Share information as of 31 Jul-2026 Market cap EUR 2.6bn 5.1% Resolution Capital Limited, AUS NOSH issued 190.3m 5.1% 4.9% NOSH ou
Slide 57: TAG analyst coverage
TAG analyst coverage1) Positive view of the strength of the business model supported by the fact that all analyst recommendations are “buy” APPENDIX 12-Aug 26 Outperform EUR 18.60 11-Aug 26 Outperform EUR 18.00 11-Aug 26 Buy EUR 20.00 11-Aug 26 Outperform EUR 15.50 11-Aug 26 Buy EUR 18.00 11-Aug 26
Slide 58: 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 Company Presentation H1 2026 | August 2026 | 58
Slide 59: Notes
NOTES APPENDIX Rostock Gdańsk Hamburg Salzgitter Brandenburg Poznań Warsaw Leipzig Łódź Rhine-Ruhr Erfurt Wrocław Gera Dresden Chemnitz Kraków 100km Company Presentation H1 2026 | August 2026 | 59
Slide 60: 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 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