Tag Immobilien Ag (TAGOF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Yeah, many thanks and good morning all. This is Martin from TIE. Many thanks for dialing in into our Q1 2025 conference call. As always, I will run through the presentation, which should be perhaps today quite a short one, as we just have spoken six or seven weeks ago in connection with the publishing of our annual report. And Q1 normally is not a dead spectacular quarter. But yeah, let's start with the presentation and then of course we have time to discuss afterwards. So let's take a quick look at the highlights slide on page number four of the presentation. We think it's fair to say that it was a good start into the year. So if you look at the FFO1 development, we've been even slightly above, quite strong, fourth quarter 2024 with 44.9 million. But perhaps even more important was the good development in the operational segment. That means the EBITDA adjusted from the rental business was up to 62.8 billion in Q1 2025. And if you compare it with the previous quarter and also with the first quarter of 2024, this is quite a strong increase despite the disposals that we still had in financial year 2024 in Germany that have been now effective at the end of 2024 and at the beginning of 2025. So therefore, operational results are still growing despite these disposals. Very strong rental growth in Germany and in Poland, 3.0% like-for-like rental growth in both markets. Looking at the stage segment, In Poland, the result was lower in Q1 2025. It's just 5 million compared to the previous quarter and also compared to the first quarter of 2024. But this is not a concern for us. It's more, let's say, a technical issue, you know, that the results always depends on the number of units handed specifically over in one quarter. And we already expected that the first quarter of this ...