TAG Immobilien AG noticeably accelerated its operational performance in the first nine months of the 2026 financial year. FFO I, which reflects the rental business in Germany and Poland, rose by 12 per cent year on year to EUR 152.7 million (prior-year period: EUR 135.8 million). In parallel, rental EBITDA increased by 9 per cent to EUR 205.9 million. Net actual rent climbed by around 10 per cent to EUR 304.3 million, compared with EUR 277.1 million in the same period of the previous year.
In the German core portfolio, like-for-like rental growth reached 3.1 per cent, or 3.0 per cent taking into account vacancy changes. The vacancy rate in the domestic residential portfolio recorded only a slight increase to 3.9 per cent as at 30 September 2026, compared with the prior-year figure of 3.8 per cent. Regarding political discussions concerning housing companies in Berlin, the company clarified that its own portfolio in the federal capital comprises fewer than 200 units, as previous market reports had in part erroneously attributed units in Brandenburg to Berlin.
Strong momentum in the Polish market and successful ROBYG IPO
Following the completion of an acquisition of around 5,300 rental apartments at the end of May 2026, the Polish rental portfolio grew to a total of approximately 9,100 units as at the reporting date. Like-for-like rental growth here stood at 1.7 per cent, whilst vacancy remained stable at 2.4 per cent. In the Polish sales business, TAG sold 2,152 apartments representing a volume of EUR 355 million. A total of 1,272 apartments were handed over to buyers, resulting in a segment result of EUR 29.6 million. FFO II, which includes sales proceeds, climbed to EUR 181.9 million.
As Claudia Hoyer, COO and Co-CEO of TAG, emphasised, the rental business developed ahead of initial expectations, enabling the full-year forecast for FFO I to be raised. The group continues to pursue its expansion strategy through portfolio optimisations in Germany as well as targeted growth of its Polish holdings. A major milestone was also the IPO of subsidiary ROBYG in July 2026, which generated gross issue proceeds of around EUR 282 million for TAG, with TAG remaining the majority shareholder at 67 per cent.
- —Reduction of the loan-to-value (LTV) ratio to 42.6 per cent as at 30 September 2026, down from 45.4 per cent at mid-year
- —Full repayment of a EUR 470 million convertible bond from liquid funds in August 2026
- —Robust financial soundness metrics, with an interest coverage ratio (ICR) of 5.8x and a net debt to EBITDA ratio of 9.9x
- —Confirmed investment-grade ratings of Baa2 (Moody's) and BBB (S&P Global), each with a stable outlook
Balance sheet stability and portfolio value development
EPRA NTA per share grew to EUR 21.79 as at 30 September 2026, an increase of 8 per cent compared to the end of 2025, with EUR 0.32 per share attributable to effects from the ROBYG IPO. Whilst an increase in value of 1.5 per cent was still recorded for the German portfolio in the first half of the year, the group anticipates valuation write-downs in the second half of the year as a result of higher interest rates and increased initial yields. For the full year 2026, a largely stable valuation level across Germany and Poland is therefore expected.
