TAG Immobilien confirmed on Wednesday that its core operating cash flow measure, FFO I, rose 3% year-over-year for 2025 to reach EUR 181 million. The company said its adjusted EBITDA from the rental business increased 4% year-over-year to EUR 333.1 million.
For the full year, TAG reported net income of EUR 90.30 million and FFO per share of EUR 1. Management attributed the uplift in its German rental operations to lower vacancy rates and stable like-for-like rental growth, which together underpinned rental income and the improvement in rental-sector EBITDA.
In Poland, TAG said stronger rental growth and reduced vacancy levels, along with higher sales prices and improved gross margins on disposals, contributed to the company’s performance in the period. The firm reported that revaluations in both its German and Polish portfolios helped raise EPRA net tangible assets per share.
During the reporting period, TAG completed significant acquisitions in Germany and Poland. The company indicated these transactions will support future growth, though it did not provide additional quantification of their near-term earnings contribution in its announcement.
Looking ahead to 2026, TAG confirmed guidance for FFO I in a range of EUR 187 million to EUR 197 million, which the company described as roughly a 6% increase versus the 2025 figure. TAG also provided targets tied to its activity in Poland, expecting profit on sales there to total EUR 92 million to EUR 98 million - an increase of about 40% versus the prior period.
On a broader FFO metric, the company forecast FFO II for 2026 in a range of EUR 279 million to EUR 295 million, equating to an increase of around 16% compared with the reported 2025 level.
Summary of results and outlook
- FFO I 2025: EUR 181 million, up 3% year-over-year.
- Adjusted rental EBITDA 2025: EUR 333.1 million, up 4% year-over-year.
- Net income (full year): EUR 90.30 million; FFO per share: EUR 1.
- 2026 FFO I guidance: EUR 187 million to EUR 197 million (about +6%).
- Expected profit on sales in Poland: EUR 92 million to EUR 98 million (about +40%).
- 2026 FFO II guidance: EUR 279 million to EUR 295 million (about +16%).