Tag Immobilien Ag (TAGOF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to the TAG publication of Annual Report 2025 Conference Call. I am Valentina De Cono, Call Operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Martin Thiel, CFO and co-CEO. Please go ahead. Yeah, many thanks and a warm welcome from our side. This is Martin. Many thanks for diving in into our conference call for the full year 2025 results. I think today we can present a very decent set of results. Presumably you have already seen our press release announcing that we have exceeded all guidances that we just have basically raised back in November last year. So, therefore, we are quite happy to guide you a little bit more through the details. Let's start on page number three, the highlights and the slides. And perhaps we start with FFO1, our rental result, which came out at 181 million euros. That's a 3% increase year on year, even a little bit better than the guidance that we raised in November, which was 174 to 179 million. And I think it's fair to say that this was mostly driven by a strong operational development, so the EBITDR from total rent business was also at the upper end of what we assumed, driven by very decent like-for-like rental growth in Germany, still at 3% unchanged to the previous year, and an increased like-for-like rental growth in Poland compared to the previous year, which came out at 3.4%, last year at 3.2%. Vacancy rates in both countries are eff...