Tag Immobilien Ag · XETR:TEG
Tag Immobilien — FY 2024 Earnings Presentation
48 slides from Tag Immobilien's earnings presentation, Mar 25, 2025
Slide 1: Conference Call Presentation FY 2024
Conference Call Presentation FY 2024
Slide 2: Content
Content I. TAG highlights FY 2024 3 II. TAG financials FY 2024 7 III. TAG German portfolio FY 2024 12 IV. TAG Polish portfolio FY 2024 16 V. TAG guidance FY 2025 21 VI. Appendix 23 – 48 ▪ Strategy ▪ Income statement, balance sheet, EPRA NAV calculations ▪ German portfolio details by region, German p
Slide 3: TAG highlights FY 2024
TAG highlights FY 2024 TAG Immobilien AG | March 2025 | 3
Slide 4: TAG highlights FY 2024: overview
TAG highlights FY 2024: overview 44 1 ▪ FFO I in 2024 at EUR 175.1m (guidance: EUR 170-174m) mainly due to stronger than expected adjusted Rental result (FFO I) above guidance and EBITDA from the German rental business; Polish rental business delivered additional y-o-y EBITDA growth FFO I up 2% y-o-
Slide 5: TAG highlights FY 2024: financial performance and German Portfolio
TAG highlights FY 2024: financial performance and German Portfolio 55 FY 2024 FY 2023 Q4 2024 Q3 2024 ▪ FFO I (EURm) 175.1 171.7 44.6 42.4 ▪ FFO II (EURm) 239.4 255.6 71.9 46.1 ▪ EBITDA adjusted rental (EURm) 238.5 236.4 60.3 58.3 Financial ▪ EBITDA adjusted sales (EURm) 76.6 100.6 33.1 4.6 performa
Slide 6: TAG highlights FY 2024: Polish portfolio
TAG highlights FY 2024: Polish portfolio 66 Rental business performance (BTH) Sales business perfomance (BTS) FY 2024 1) FY 2023 2) Q4 2024 1) Q3 2024 3) FY 2024 1) FY 2023 2) Q4 2024 1) Q3 2024 3) ▪ Sales revenues (EURm) 387.3 485.8 94.8 99.5 ▪ Net actual rent (EURm) 19.2 11.6 6.0 4.8 ▪ EBITDA sale
Slide 7: TAG financials FY 2024
TAG financials FY 2024 TAG Immobilien AG | March 2025 | 7
Slide 8: TAG EBITDA, FFO and AFFO calculation
TAG EBITDA, FFO and AFFO calculation (in EURm) FY 2024 FY 2023 Q4 2024 Q3 2024 EBIT Germany1) 73.2 -512.8 57.7 50.7 EBITDA adjusted rental business increased by EUR 2.0m Q-o-Q driven by improved 1 EBITDA in Germany of EUR 2.0m mainly as a result of better service results in the quarter. EBIT Poland
Slide 9: TAG EPRA NTA calculation
TAG EPRA NTA calculation EPRA NTA/s increased by 5% in FY 2024 despite portfolio devaluation in Germany in H1 2024 resulting from strong cash generation in the operational business EPRA Net Tangible Assets EPRA NTA bridge in EUR/share (in EURm) 31 Dec-2024 31 Dec-2023 Equity (without minorities) 3,0
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 1% 13% 5% 5% Bank loans EUR 2,369m 2.6% 94% Σ EUR Corporate bonds EUR 625m 3.8% 100% 17% 3,727m Promissory notes EUR 205m 3.0% 78%
Slide 11: TAG maturity profile
TAG maturity profile 11 11 Well balanced maturity profile; all capital markets maturities of next two years already refinanced (pro forma liquidity of c. EUR 930m) Maturity profile as of 31 Dec-2024(in EURm) 527 817 603 8 507 778 487 Total: Ø 2.67% Ø 1.48% Ø 2.95% Ø 2.92% Ø 3.38% Ø 3.17% Ø 2.12% 21
Slide 12: TAG German portfolio FY 2024
TAG German portfolio FY 2024 TAG Immobilien AG | March 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) 20.9 24.6 25.2 25.3 ▪ 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 after acquisitions leads to significant value creation Acquisitions Acquisitions +0.8% 5.9% 5.8% +0.1% 5.7% 5.7% 5.4% 5.5% 1) 5.3% 1) Acquisitions 5.2% Disposals +0.1% Acquisitions 4.8% 4.7% 4.7% +0.1%
Slide 15: TAG portfolio valuation overview Germany
TAG portfolio valuation overview Germany 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 22 Dec 22 Jun 23 Dec 23 Jun 24 Dec 24 De
Slide 16: TAG Polish portfolio FY 2024
TAG Polish portfolio FY 2024 TAG Immobilien AG | March 2025 | 16
Slide 17: TAG Polish rental business: portfolio data
TAG Polish rental business: portfolio data Continuous strong rental results and a growing portfolio; valuation gain of EUR 19.4m for the rental portfolio in FY 2024 (previous year: EUR 13.7m); vacancy in units that have been on the market for more than a year at just 1.5% Rentable Fair value (IFRS)
Slide 18: TAG Polish BTH portfolio mid-term development
TAG Polish BTH portfolio mid-term development 18 18 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 19: TAG Polish sales business: sales results
TAG Polish sales business: sales results 1,936 units sold in FY 2024 after 3,586 units in FY 2023; lower number of units sold but increase in sales prices Y-o-Y Sold units and sales volume per quarter 706 527 441 715 973 844 1,060 709 636 420 379 501 200 150 100 148 110 112 110 118 50 97 75 76 79 61
Slide 20: TAG Poland sales business: revenue recognition
TAG Poland sales business: revenue recognition 2,666 units handed over in FY 2024 after 3,812 units in FY 2023 Units handed over and revenue per quarter 1) 339 538 401 2,510 583 280 638 2,311 821 509 251 1,085 300 225 150 296 239 75 115 99 99 95 78 58 58 35 33 32 0 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1
Slide 21: TAG guidance FY 2025
TAG guidance FY 2025 TAG Immobilien AG | March 2025 | 21
Slide 22: TAG EBITDA and FFO guidance FY 2025 (unchanged)
TAG EBITDA and FFO guidance FY 2025 (unchanged) Growing EBITDAs expected for FY 2025 EUR 172-176m c. +/-0% 2025e Y-o-Y change FFO I EUR 0.99/s 1) vs. 2024 Total EUR 240-246m (+2%) Adjusted net income c. -5% EBITDA EUR 61-67m EUR 224-228m (+/-0%) from sales Poland vs. 2024 Rental Business EUR 16-18m
Slide 23: Appendix
Appendix TAG Immobilien AG | March 2025 | 23
Slide 24: 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 25: TAG income statement
TAG income statement APPENDIX (in EURm) FY 2024 FY 2023 Q4 2024 Q3 2024 Total net actual rent Q-o-Q above pre-quarter level despite sales of rental units in Germany due to 1 good operational performance in Germany and higher contribution from Polish business. Net actual rent 1) 1 360.2 350.8 92.0 90
Slide 26: 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 Q4 2024 Q4 2024 Q4 2024 FY 2024 FY 2024 FY 2024 FY 2023 FY 2023 FY 2023 Q4 20
Slide 27: TAG balance sheet
TAG balance sheet APPENDIX (in EURm) 31 Dec-2024 31 Dec-2023 The change in the investment properties is mainly due to the revaluation for the financial year Non-current assets 6,269.9 6,368.9 (EUR -114.6m), capex in Germany for the financial year (EUR 79.4m) and investments in Poland Investment prop
Slide 28: 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 Dec-2024 31 Dec-2024 31 Dec-2024 Equity (before minorities) 3,019.6 3,019.6 3,019.6 Difference between fair value and book value for properties valued at cost 60.
Slide 29: TAG German portfolio details by region
TAG German portfolio details by region APPENDIX Region Units Rentable IFRS fair value Gross Vacancy Vacancy Net actual Re-letting l-f-l rental l-f-l rental growth Mainte- Capex # area EURm yield Dec- Dec- rent rent growth Y-o-Y incl. nance EUR/sqm sqm Dec- 2024 2023 EUR/ EUR/ Y-o-Y vacancy EUR/sqm 2
Slide 30: TAG German portfolio vacancy reduction and rental growth
TAG German portfolio vacancy reduction and rental growth APPENDIX Vacancy development FY 20241) l-f-l rental growth (Y-o-Y) FY 2024 Leipzig from 7.9% to 7.0% -0.9% 5.1% Leipzig 4.1% Berlin from 2.8% to 2.0% -0.8% Hamburg 4.5% 3.9% Salzgitter from 5.3% to 4.6% -0.7% Berlin 3.3% 2.5% Hamburg -0.5% 3.2
Slide 31: TAG Germany portfolio valuation details
TAG Germany portfolio valuation details APPENDIX Dec-2023 Dec-2024 Dec-2024 Share of operational Dec-2023 Dec-2023 Region Dec-2024 YTD 2024 Share of yield Fair value Fair value Implied performance/ other Fair value Implied (in EURm) Fair value (IFRS) Valuation result compression (IFRS BV) (EUR/sqm)
Slide 32: TAG services business – FFO contribution 2024
TAG services business – FFO contribution 2024 EUR 18.1m (+ EUR 3.9m y-o-y) of FFO generated from services business APPENDIX Quality improvement FFO generation FFO Facility Craftsmen Energy Multimedia Condominium 1) 1) Others services management services services services management (in EURm) busines
Slide 33: TAG return on capex German portfolio 2024
TAG return on capex German portfolio 2024 APPENDIX Total capex1) (EUR 79.3m) Equity (EUR 41.0m) Equity + Debt (EUR 38.3m) Modernisation of flats Large modernisation measures ▪ Share of total capex: c.52% ▪ Share of total capex: c.48% ▪ Return on equity invested: 25%-30% ▪ Return on total investment:
Slide 34: 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 Dec-2024 ▪ Building a portfolio of residential properties via own projec
Slide 35: 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 36: 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 37: Overview of Polish residential rental market
Overview of Polish residential rental market After exceptional high growth in 2022 and 2023, rents have stabilised in 2024 APPENDIX -0,5% Average rental offer price for new stock (EUR/sqm/month) (% y-o-y as of FY 2024, w/o f/x effects) 20.95 ▪ Throughout the last years, there was a high demand for a
Slide 38: TAG overview of BTS contribution to key figures over time
TAG overview of BTS contribution to key figures over time1) 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 72 77 77 4.7x 5.2x 5.6x 64 3) 3) 4) 2019 2020 2021
Slide 39: Overview of Polish residential sales market
Overview of Polish residential sales market Strongly increasing sales prices throughout major Polish cities APPENDIX +9% Average offer price gross (EUR/sqm, w/o fit-out costs) (% y-o-y as of FY 2024, w/o f/x effects) c. 4,400 +10% c 3,900 ▪ In FY 2023 as well as in the FY 2024, a strong increase in
Slide 40: TAG LTV calculation
TAG LTV calculation APPENDIX (in EURm) 31 Dec-2024 31 Dec-2023 Non-current and current liabilities to banks 2,358.3 2,290.3 Non-current and current liabilities from corporate bonds and other loans 893.8 523.9 Non-current and current liabilities from convertible bonds 466.3 463.5 Cash and cash equiva
Slide 41: TAG net financial result calculation
TAG net financial result calculation APPENDIX (in EURm) FY 2024 FY 2023 Q4 2024 Q3 2024 + Interest income 17.3 6.6 6.9 3.7 - Interest expenses -72.6 -72.6 -23.0 -17.9 + Income from joint ventures 1.6 2.4 1.7 -0.2 + Other financial result1) 3.4 -16.0 -0.3 -1.5 = Net financial result -50.3 -79.7 -14.7
Slide 42: TAG cost of debt and LTV
TAG cost of debt and LTV APPENDIX Cost of debt Ø in % LTV in % 45.1% 43.2% 46.7% 46.9% 2.2% 2.6% 47.0% 1.7% 2.1% 2.2% 2.1% 1.5% 1.4% 1.5% 1.4% 2020 2021 2022 2023 2024 31 Dec-2020 31 Dec-2021 31 Dec-2022 31 Dec-2023 31 Dec-2024 TAG Immobilien AG | March 2025 | 42
Slide 43: TAG other financing metrics
TAG other financing metrics APPENDIX ICR Net financial debt/ EBITDA adjusted Net financial debt in EUR/ sqm 3) 586 606 588 5.6x 7.4x 5.8x 6.5x 11.6x 12.7x 504 11.3x 9.3x 9.9x 479 5.2x 2) 2020 2021 2022 2023 2024 1) 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 1) 6.5x reflects the total adjusted
Slide 44: TAG financial covenants overview as of Dec-2024
TAG financial covenants overview as of 31 Dec-2024 All covenants leave extensive headroom APPENDIX Instrument Volume Covenants Thresholds Status ▪ Mostly ICR/ DSCR or LTV 1)1) Bank loans EUR 2,369m ▪ Typically based on portfolio level ▪ soft covenants ▪ currently material headroom • Total net debt/
Slide 45: 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 46: 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 | March 2025 | 46
Slide 47: TAG share data
TAG share data Shareholder structure as of 31 Dec-2024 Share information as of 31 Dec-2024 APPENDIX 5.6% BlackRock Inc., USA Market cap EUR 2,520m 5.6% 5.0% Resolution Capital Limited, AUS 5.0% NOSH issued 175.5m 4.9% 4.9% BayernInvest Kapitalverwaltungsgesellschaft mbH, GER NOSH outstanding 175.4m
Slide 48: Contact details
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 | March 2025 | 48