TAG Immobilien AG continued to drive its operational development forward in the first nine months of the 2026 financial year. FFO I, which reflects the rental business in Germany and Poland, rose by twelve per cent year on year to EUR 152.7 million, up from EUR 135.8 million previously. EBITDA from rental activities improved by nine per cent to EUR 205.9 million. Net actual rent amounted to EUR 304.3 million, roughly ten per cent above the prior-year figure of EUR 277.1 million.
In the German market, like-for-like rental growth reached 3.1 per cent, or 3.0 per cent including vacancy changes. The vacancy rate in the domestic residential portfolio stood at 3.9 per cent as at 30 September 2026, compared with 3.8 per cent in the previous year. In light of debates surrounding the socialisation of housing companies in Berlin, the company clarified that its Berlin portfolio comprises fewer than 200 flats. Previous reports had erroneously attributed holdings located in Brandenburg to the federal capital.
Growth in the Polish portfolio and stable sales business
Following the completion of an acquisition of around 5,300 units at the end of May 2026, the Polish rental portfolio expanded to approximately 9,100 flats as at the reporting date. Like-for-like rental growth stood at 1.7 per cent, with vacancy unchanged at 2.4 per cent. In the Polish sales business, the group sold 2,152 flats with a volume of EUR 355 million in the first nine months. A total of 1,272 units were handed over to buyers, resulting in a net income from sales of EUR 29.6 million. The company expects a substantial increase in this result in the fourth quarter due to scheduled handovers. Overall, FFO II increased to EUR 181.9 million.
Claudia Hoyer, COO and Co-CEO of TAG, stated that the results of the rental business had exceeded initial expectations and enabled the full-year FFO I forecast for 2026 to be raised. The growth strategy will be consistently pursued through the further development of the German holdings, the expansion of the Polish rental portfolio, and selective acquisitions.
Capital structure and balance sheet metrics strengthened
The initial public offering of the Polish subsidiary ROBYG in July 2026 strengthened the group's financial standing with gross proceeds of around EUR 282 million. TAG remains the majority shareholder with 67 per cent. In August 2026, a convertible bond of EUR 470 million was also fully repaid from liquidity reserves. The loan-to-value (LTV) ratio dropped to 42.6 per cent as at the reporting date, remaining below the target threshold of 45 per cent.
- —Interest cover ratio (ICR) of a solid 5.8x as at the reporting date
- —Net financial debt to EBITDA ratio of 9.9x
- —EPRA NTA per share of EUR 21.79 (+8 per cent compared to year-end 2025)
- —Confirmed investment-grade ratings of Baa2 (Moody's) and BBB (S&P Global)
For the German portfolio, the group anticipates an overall stable valuation for the full year 2026. The increase in value of roughly 1.5 per cent recorded in the first half of the year is expected to be offset in the second half by higher discount rates and increased gross initial yields. The valuation of the Polish portfolio is projected to remain essentially unchanged in the second half of the year.
