Tag Immobilien Ag · XETR:TEG
Tag Immobilien — Investor Presentation (October 2025)
56 slides from Tag Immobilien's investor presentation, October 2025
Slide 1: Company Presentation Q2 2025
Company Presentation Q2 2025
Slide 2: TAG introduction
TAG introduction 01 01 German business 02 TAG introduction Polish business 03 Financing 04 Appendix 05 Company Presentation H1 2025 | October 2025 | 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. Ein Bild, das draußen, Himmel, Baum, Straße enthält. KI-generierte Inhal
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 224-228m EUR 16-18m EUR 79-85m EUR 319-331m FFO I + Sales result = FFO II1) EUR 172-176m EUR 61-67m EUR 233-243m GAV (total)2) EUR
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 FY25e EUR 61-67m FFO I FY25e EUR 172-176m FFO II FY25e EUR 233-243m 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 FY25e EUR 61-67m FFO I FY25e EUR 172-176m 40% Dividend Investments in rental business (50% from 2026 onwards) Germany Poland Comp
Slide 7: TAG highlights H1 2025: overview
TAG highlights H1 2025: overview Operational strength drives strong performance in the first half of 2025 +4% +2.9% +1.4% +10% 45.3% FFO I Germany Value growth EPRA NTA/s LTV +5% +3.3% German portfolio EBITDA Poland rental business l-f-l rental growth Company Presentation H1 2025 | October 2025 | 7
Slide 8: EBITDA and FFO guidance FY 2025
EBITDA and FFO guidance FY 2025 Further EBITDA growth expected for FY 2025 2025e Y-o-Y change EUR 224-228m (+/-0%) EUR 172-176m c. +/-0% FFO I EUR 0.99/s vs. 2024 EBITDA (+4%) Adjusted net income c. -5% EUR 16-18m EUR 61-67m Rental Business from sales Poland vs. 2024 EUR 233-243m c. +/-0% ∑ EUR 240-
Slide 9: German business
TAG introduction 01 02 German business 02 German business Polish business 03 Financing 04 Appendix 05 Company Presentation H1 2025 | October 2025 | 9
Slide 10: 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 82,957 3.9% 2.9% 6.6% 5.89 Residential units Vacancy rate l-f-l rental growth Valuation gross yield EUR/sqm/month (residen
Slide 11: 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: 1.4% Tenant turnover: 0.8% Modernisation surcharge: 0.2% 3.0% 5.4% 2.9% 2.7% 4.4% 2.5%
Slide 12: 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 13: Polish business
TAG introduction 01 03 German business 02 Polish business Polish business 03 Financing 04 Appendix 05 Company Presentation H1 2025 | October 2025 | 13
Slide 14: 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 c. 3,350 c. 1,450 3.3% 5.2% c. 5,300 units Completed rental units Rental units l-f-l rental growth Valuation gross yield
Slide 15: 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 growth3) units area FV1) FV1) rent1) (Y-o-Y
Slide 16: Overview of Polish residential rental market
Overview of Polish residential rental market Increasing rent levels Y-o-Y in H1 2025 observable ▪ 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 to refu
Slide 17: Resi4Rent portfolio acquisition strengthens TAG’s platform in Poland
Resi4Rent portfolio acquisition strengthens TAG’s platform in Poland TAG further expands its rental portfolio across Poland’s six largest cities through the acquisition of c. 5,300 new-build rental units Combined Polish rental portfolio overview TAG’s Polish rental business KPIs pre and post R4R por
Slide 18: TAG rental portfolio acquisition in Poland transaction summary
TAG rental 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 ▪ Acquisition of c. 5,300 new-build rental units from Resi4Rent for a purchase price of PLN 2,405m (c.
Slide 19: Resi4Rent portfolio acquisition refinancing overview
Resi4Rent portfolio acquisition refinancing overview Broad range of equity and debt instruments as additional testimonial for diversified financing strategy Refinancing of the purchase price successfully completed already in Aug-2025 1) Capital increase (ABB) Tap Convertible Bond (2025/2031) 6.5yr B
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 1,936 c. 2,300 >30% >20% c. 18,600 Units sold Total investment costs Gross margin EBITDA margin Possible units FY 2024 EUR/sqm (la
Slide 21: 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)3) 445 82.8 101 387 63.9 66.2 347 359 84 59.3 321 77 77 55.0 72 2020 2021 2022 2023 2024 2020 3) 2021 4) 202
Slide 22: 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% Units under Landbank Area in sqm Region Total units Book value1) construction (possible units) (total units) Gdańsk As of H1 2025 # sqm # # EURm Warsaw 1
Slide 23: Overview of Polish residential sales market
Overview of Polish residential sales market Strongly increased sales prices throughout major Polish cities ▪ 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 Polish ci
Slide 24: Financing
TAG introduction 01 04 German business 02 Financing Polish business 03 Financing 04 Appendix 05 Company Presentation H1 2025 | October 2025 | 24
Slide 25: Financing structure
Financing structure Two stable investment grade ratings confirm strong and reliable financing structure Financing Mix Fixed vs. variable split 4% 7% Debt volume Ø interest rate % fixed rates 20% Bank loans EUR 2,414m 2.5% 97% Σ EUR Corporate bonds EUR 500m 3.8% 100% 4,049m 5% Promissory notes EUR 18
Slide 26: Maturity profile
Maturity profile Cash and cash equivalents of c. EUR 870m and c. EUR 215m unused credit facilities as of 30 Jun-2025 available Maturity profile as of 30 Jun-2025 (in EURm) 237 884 591 8 697 775 858 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 43 592 9 504 526
Slide 27: 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 % 46.7% 47.0% 46.9% 45.3% 2.6% 2.5% 43.2% 2.1% 2.2% 1.4% 2021 2022 2023 2024 H1 2025 2021 2022 2023 2024 H1 2025 Interest coverage ratio Net financial debt/ EBITDA adjusted 7.4x
Slide 28: Appendix
TAG introduction 01 05 German business 02 Appendix Polish business 03 Financing 04 Appendix 05 Company Presentation H1 2025 | October 2025 | 28
Slide 29: TAG highlights H1 2025: financial performance and German portfolio
TAG highlights H1 2025: financial performance and German portfolio APPENDIX 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
Slide 30: TAG highlights H1 2025: Polish portfolio
TAG highlights H1 2025: Polish portfolio APPENDIX Q2 20251) Q1 20252) H1 20251) H1 20243) FY 20244) ▪ Net actual rent (EURm) 6.3 6.1 12.3 8.4 19.2 ▪ EBITDA rental adjusted (EURm) 3.6 4.6 8.1 5.1 12.2 Rental business ▪ GAV (EURm) incl. landbank 718 627 718 510 668 performance (BTH) ▪ Units (completed
Slide 31: TAG from net actual rent to FFO I (rental business)
TAG from net actual rent to FFO I (rental business) Margin strength drives cash flow stability APPENDIX (EURm) Q2 2025 Q1 2025 H1 2025 H1 2024 FY 2024 11. EBITDA adjusted improved Q-o-Q by EUR 0.8m driven by German business (mainly Net actual rent 92.3 92.0 184.2 178.2 360.2 because of continuously
Slide 32: TAG from FFO I to FFO II (sales business)
TAG from FFO I to FFO II (sales business) Poland adds EUR 16.6m, driving FFO II to EUR 107.3m in H1 2025 APPENDIX FFO I to FFO II Q1 2025 (EURm) 1 Q2 2025 H1 2025 H1 2024 FFO II contribution Poland EBIT sales Poland 15.8 19.1 31.7 (EURm) Q2 2025 Q1 2025 H1 2025 H1 2024 FY 2024 Effects from purchase
Slide 33: TAG income statement
TAG income statement APPENDIX Total net actual rent Q-o-Q slightly above pre-quarter level (EUR 0.3m) due to growing rents (in EURm) Q2 2025 Q1 2025 H1 2025 H1 2024 FY 2024 1 in Germany and in Poland. Net actual rent1) 1 92.3 92.0 184.2 178.2 360.2 Expenses from property 2 Net rental income in Q2 EU
Slide 34: 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 H1 Total (in EURm) Rental Sales Q2 2025 Rental Sales Rental Sales Q2 2025 Q2 2025 Q1 2025 Q1 2025 Q1 2025 H1 2025 2025 H1 2025 Q2 2025 Q2
Slide 35: 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), Non-current assets 6,515.6 6,269.9 1 capex (EUR 44.3m) and investments in Poland (EUR 25.7m). In addition, land bank with a book value of EUR 59.
Slide 36: TAG EPRA NTA
TAG EPRA NTA APPENDIX (in EURm) EPRA NTA EPRA NTA EPRA NTA bridge in EUR/share Net tangible assets Net tangible assets +0.69 +0.74 30 Jun-2025 31 Dec-2024 -0.40 Equity (before minorities) 3,132.7 3,019.6 Difference between fair value and book value for 61.2 557.1 properties valued at cost Deferred t
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 joint ventures 0.3 0.3 0.7 0.0 1.6 + Other financial result1) -39.2 2.6 -36.6 5.1 3.4 = Net financia
Slide 39: TAG financial covenants overview as of Jun-2025
TAG financial covenants overview as of 30 Jun-2025 All covenants leave extensive headroom APPENDIX Instrument Volume Covenants Tresholds Status Mostly ICR/ ▪▪ Mostly ICR/ DSCR DSCR or or LTV LTV1)1) Bank loans EUR 2,414m Typically based based on on portfolio portfolio level level ▪ soft covenants ▪
Slide 40: German portfolio details by region
German portfolio details by region Consistently strong rental performance and a resilient portfolio; vacancy rate of residential units at just 3.9% APPENDIX l-f-l rental l-f-l rental growth Mainte- Rentable Gross Net actual Re-letting Region Units IFRS FV IFRS FV Vacancy growth Y-o-Y incl. nance Cap
Slide 41: TAG German portfolio valuation details
TAG German portfolio valuation details APPENDIX Jun-2025 Dec-2024 Dec-2024 Region Jun-2025 Jun-2025 Dec-2024 Fair value Fair value Fair value (in EURm) Fair value (IFRS) Gross yield Gross yield (EUR/sqm) (IFRS BV) EURm (EUR/sqm) Berlin 742.2 1,326.9 5.5% 767.9 1,327.8 5.4% Chemnitz 359.8 747.2 7.7%
Slide 42: 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 (in EURm) Σ Craftsmen 1) Multimedia Condominium Facility management Energy services 1) Others Services services services management business Revenues 20.4 5.9 49.6 6.1 2.6 4.5
Slide 43: TAG return on capex German portfolio 2024
TAG return on capex German portfolio 2024 Efficient capex strategy leads to high returns on investment 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% ▪ Ret
Slide 44: 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 APPENDIX Sold units and sales volume per quarter 706 527 441 715 973 844 1,060 709 636 420 379 501 592 566 150 100 148 112 118 110 110 50 97 103 94
Slide 45: 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 APPENDIX Units handed over and revenue per quarter1) 339 538 401 2,510 583 280 638 2,311 821 509 251 1,085 224 292 296 239 115 99 99
Slide 46: 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 47: 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 48: 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 49: 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 50: 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 51: TAG Supervisory Board
TAG Supervisory Board APPENDIX Prof. Dr. Olaf Borkers Eckhard Schultz Gabriela Gryger Björn Eifler Beate Schulz Kristin Wellner Deputy Chairman, Audit Employee Employee Function Chairman Member Member committee Chairman representative representative Founder of a real estate Former CEO/ CFO of Former
Slide 52: 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 53: TAG analyst coverage
TAG analyst coverage Positive view on the strength of the business model supported by analysts “buy” propositions APPENDIX 22-Aug 25 Buy EUR 18.50 29-Aug 25 Buy EUR 19.00 20-Aug 25 Buy EUR 18.80 17% 10-Sep 25 Outperform EUR 17.00 23-Sep 25 Outperform EUR 16.50 07-Sep 25 Buy EUR 18.00 07-Oct 25 Buy E
Slide 54: 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 2025 | October 2025 | 54
Slide 55: Notes
NOTES APPENDIX Rostock Gdańsk Hamburg Salzgitter Berlin Poznań Warsaw Leipzig Łódź Rhine-Ruhr Erfurt Wrocław Gera Dresden Chemnitz Kraków 100km Company Presentation H1 2025 | October 2025 | 55
Slide 56: 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
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