TAG Immobilien AG Q3 2026 Earnings Recap

TAG Immobilien shares fell 4.7% after earnings, despite higher 2026 FFO I guidance, as investors may have focused on the 2027 outlook: FFO II is expected to decline roughly 9%, and net income from Polish sales roughly 40%, partly because TAG will recognize a smaller share of ROBYG’s results. Higher financing costs are also expected to reduce 2027 guidance by about EUR 10 million.

Key Takeaways

• FFO I rose 12% year on year in the first nine months; TAG raised its 2026 guidance, which implies roughly 9% annual growth.
• For 2027, TAG expects FFO I of EUR 200 million–EUR 210 million, around 4% growth; rental-business EBITDA is forecast to increase by roughly 8%.
• Polish sales net income was EUR 29.6 million for the first nine months, versus EUR 34 million a year earlier. TAG expects roughly 40% lower Polish sales income in 2027 as it accounts for 67% of ROBYG after the IPO.
• ROBYG’s IPO generated EUR 282 million in gross proceeds for the group and reduced LTV to 42.6%, about 300 basis points below the prior quarter; it also added roughly EUR 62 million to EPRA NTA.
• TAG expects broadly stable German portfolio valuation for full-year 2026, with a slight loss in the second half; Polish portfolio valuation is expected to be broadly unchanged in H2.