TAG Immobilien AG exceeds guidance for the 2025 financial year

 PRESS RELEASE

 TAG Immobilien AG exceeds guidance for the 2025 financial year

• FFO I at EUR 181.0m, exceeding the previously raised guidance of EUR 174–179m (+3% y-o-y); EBITDA from the rental business rises by 4% y-o-y
• Net income from sales Poland at EUR 68.0m (guidance: EUR 61–67m; +3% y-o-y)
• FFO II at EUR 248.2m also exceeds the previously raised guidance of EUR 235–246m (+4% y-o-y)
• Acquisitions during the financial year form the basis for future growth: contracts signed for the acquisition of c. 5,300 units in Poland and c. 1,200 units in Germany in 2025
• Positive valuation result also in the second half of 2025: value increase in the German portfolio of +3.1% for the full year 2025
• EPRA NTA per share rises by 10% to EUR 20.98 in 2025
• LTV falls to 41.0% as at 31 December 2025; pro forma LTV following completion of the acquisition in Poland already meets the LTV target level at c. 45.3%
• First major milestone in the decarbonisation strategy achieved

Hamburg, 18 March 2026

For TAG Immobilien AG (TAG), the 2025 financial year proved extremely successful in Germany and Poland. As a result, the forecasts for FFO I and FFO II – which had already been revised upwards in November 2025 – were exceeded once again. EPRA NTA per share showed strong growth. At the same time, significant acquisitions laid the foundations for further growth in Germany and Poland, whilst the loan-to-value (LTV) ratio fell significantly. Valuation within the portfolio and measurable progress in decarbonisation round off the strong annual results. The company expects further significant growth in profit and dividends for 2026.

Overview of the rental business – FFO I above the guidance revised upwards in November 2025

In Germany, the vacancy rate for the c. 83,500 residential apartments fell from 3.6% at the start of the year to just 3.2% in December 2025. On a like-for-like basis, rental growth of 3.0% p.a. was achieved in Germany, in line with the previous year.

In Poland, the rental portfolio continued to grow and comprised c. 3,500 units as at the reporting date. Rental growth for units that had been on the market for more than a year amounted to 3.4% in 2025, following 3.2% p.a. in the previous year. The vacancy rate for these apartments stood at just 1.3% at the end of the year (previous year: 1.5%).

The strong operational performance of the German and Polish rental portfolios led to an increase in adjusted EBITDA from the rental business to EUR 247.6m (2024: EUR 238.5m; +4%). Total income from the rental business (FFO I) rose to EUR 181.0m from EUR 175.1m in the previous year (+3%), thereby exceeding the guidance raised to EUR 174–179m as recently as November 2025 (original guidance: EUR 172–176m).

During the reporting period, TAG was also able to capitalise on further external growth potential in its two rental markets, Germany and Poland. In Poland, for instance, a contract was signed in August 2025 for the acquisition of c. 5,300 newly built rental units. The agreed purchase price of c. EUR 565m corresponds to an implied gross yield of c. 7.5%. Completion is still subject to antitrust approval, which is now expected in the second quarter of 2026. TAG is also on a growth trajectory in Germany. In the third and fourth quarters of 2025, contracts were signed for the acquisition of c. 1,200 apartments at a total purchase price of EUR 34m and an implied gross yield of c. 10%. The focus here was on existing TAG regions in Eastern Germany. These acquisitions have closed in part already or are also expected to be completed in the second quarter of 2026.

Overview of sales in Poland – guidance exceeded here too

Net income from sales in Poland amounted to EUR 68.0m (previous year: EUR 66.2m), exceeding the guidance range of EUR 61–67m. This was primarily due to higher sales prices and the resulting improvement in gross margins for the 2,077 units handed over to customers in the 2025 financial year (previous year: 2,666). Adjusted EBITDA from the sales business in Poland amounted to EUR 85.5m (previous year: EUR 76.6m).

Due to the sharp rise in FFO I and the better-than-expected sales performance in Poland, FFO II – the sum of these two metrics – also exceeded with EUR 248.2m (previous year: EUR 239.4m; +4% y-o-y) the guidance of EUR 235–246m (original guidance: EUR 233–243m), which had already been raised in November 2025.

During the 2025 financial year, TAG sold a total of 2,823 apartments in Poland, representing a 46% increase on the previous year’s figure of 1,936 units. At EUR 467m, the sales volume also significantly exceeded the previous year’s level of EUR 358m (+30%).

In order to take advantage of the opportunities offered by the Polish housing market and to accelerate its further growth, the Polish subsidiary ROBYG, together with TAG, is currently contemplating potential strategic alternatives, including capital markets transactions such as a potential public offering and listing of ROBYG’s shares on the regulated market of the Warsaw Stock Exchange. TAG is committed to remain the majority shareholder of ROBYG.

Positive valuation trend in Germany continued into the second half of 2025; EPRA NTA per share rises by 10%; LTV falls significantly

Following a 1.4% increase in value in the German portfolio during the first half of 2025, this trend continued in the second half of the year, resulting in a total value increase of 3.1% for the full year 2025. Due to increased rental income, and with the gross yield remaining unchanged from the previous year at 6.6%, the German portfolio is now valued at an average value of c. EUR 1,070 (previous year: c. EUR 1,040) per sqm.

For the portfolio in Poland, a valuation gain of EUR 96.1m was recorded for the full year 2025 (previous year: EUR 19.3m). The gross yield of the Polish rental portfolio stood at 5.1% as at the reporting date (previous year: 5.8%), with an average value of c. EUR 3,300 (previous year: c. EUR 2,700) per sqm.

Despite the dividend of EUR 0.40 per share paid in the first half of 2025 and a capital increase carried out in August 2025 to refinance the portfolio acquisition in Poland, the very strong operating results and the valuation gains over the course of the year led to a sharp rise in EPRA NTA per share of 10% to EUR 20.98 (31 December 2024: EUR 19.15).

The LTV ratio fell significantly by 5.9 percentage points to 41.0% compared with the end of 2024 (46.9%). The pro forma LTV following completion of the acquisition in Poland stands at c. 45.3%, i.e. already within the target range of c. 45%.

Martin Thiel, CFO and Co-CEO of TAG, comments as follows: “With liquid funds of over EUR 1.3bn as at the reporting date, we have not only already refinanced the acquisitions signed in 2025 and the capital market liabilities due in 2026, but have also established a very solid basis for further growth. Against this backdrop, we intend to continue investing in both Germany and Poland and to steadily increase our results.”

Guidance for the 2026 financial year confirmed; further growth in earnings and dividends expected

All forecasts for the 2026 financial year, which were published in November 2025, are confirmed and remain unchanged as follows:

• FFO I: EUR 187–197m (c. +6%)
• Profit on sales in Poland: EUR 92–98m (c. +40%)
• FFO II: EUR 279–295m (c. +16%)
• Dividend for 2026: 50% of FFO I (c. +28%)

TAG’s Management Board and Supervisory Board plan to propose a dividend of EUR 0.40 per share for the 2025 financial year at the next Annual General Meeting in May 2026. This is based on a payout ratio of 40% of FFO I. Shareholders are again to be given the choice between a cash distribution (cash dividend) and new TAG shares (scrip dividend). An increase in the payout ratio to 50% of FFO I is then planned for the 2026 financial year.

TAG has reached the first milestone in its decarbonisation strategy

Sustainability remains a key consideration in business decision-making and is therefore an integral part of TAG’s corporate strategy. The focus is on balancing economic, environmental and social interests and promoting sustainable corporate development.

A key priority of TAG’s decarbonisation strategy, adopted at the end of 2021, is the reduction of CO₂ emissions across its portfolio. For the German portfolio, the target was to reduce CO₂ emission intensity by around 12% compared with the base year 2019 (the year of initial recognition) to approximately 28 kg CO₂/m² per year by the end of 2025. In 2025, actual specific CO₂ emissions (Scope 1 and 2) stood at 27.1 kg CO₂/m². Compared with the base year 2019, at 31.9 kg CO₂/m², this represents a reduction of approximately 15%. TAG has thus not only achieved but exceeded the target set for 2025.

By 2030, the aim is to further reduce CO₂ emission intensity to approximately 22 kg CO₂/m² p.a. The long-term goal is to reduce this to below 7 kg CO₂/m² per year by 2045, thereby achieving near-climate neutrality for the portfolio.

Claudia Hoyer, COO and Co-CEO of TAG: “I am delighted that in the 2025 financial year we not only exceeded our financial and operational targets but were also able to demonstrate that economic success and social and environmental responsibility go hand in hand. With the successful acquisition and our ongoing project pipeline in Poland, as well as additional acquisitions in Germany, we are consistently pursuing our profitable growth strategy.”

Further details on the 2025 financial year can be found in the Annual Report published today and in a supplementary presentation at www.tag-ag.com/en/investor-relations/presentations/.

Key financials at a glance

Income statement key figures (in EURm) 01/01/2025- 12/31/2025 01/01/2024- 12/31/2024 Net actual rent total 371.1 360.2 EBITDA (adjusted) Germany and Poland rental business 247.6 238.5 EBITDA (adjusted) from sales Poland 85.5 76.6 EBITDA (adjusted) total 333.1 315.1 Adjusted net income from sales Poland 68.0 66.2 Consolidated net profit 90.3 122.1 FFO I per share in EUR 1.00 1.00 FFO I 181.0 175.1 FFO II per share in EUR 1.38 1.36 FFO II 248.2 239.4   Balance sheet key figures (in EURm) 12/31/2025 12/31/2024 Total assets 8,951.2 7,750.3 Equity 3,322.0 3,099.9 EPRA NTA per share in EUR 20.98 19.15 LTV in % 41.0 46.9   Portfolio data 12/31/2025 12/31/2024 Units Germany 83,504 83,618 Units Poland (completed rental apartments) 3,526 3,219 Sold units Poland 2,823 1,936 Handovers Poland 2,077 2,666 GAV Total (real estate assets, in EURm) 6,971.5 6,505.9 GAV Germany (real estate assets, in EURm) 5,425.2 5,286.1 GAV Poland (real estate assets, in EURm) 1,546.3 1,219.8 Vacancy in % Germany (total portfolio) 3.5 3.9 Vacancy in % Germany (residential units) 3.2 3.6 Vacancy in % Poland (total portfolio) 4.8 4.9 Vacancy in % Poland (units on the market > 1 year) 1.3 1.5 l-f-l rental growth in % Germany 2.6 2.5 l-f-l rental growth in % Germany (incl. vacancy reduction) 3.0 3.0 l-f-l rental growth in % Poland 3.4 3.2   Employees 12/31/2025 12/31/2024 Number of employees 1,922 1,856   Capital market data   Market capitalisation as of 12/31/2025 in EURbn 2.5 Share capital as of 12/31/2025 in EUR 189,034,941.00 WKN/ISIN 830350/ DE0008303504 Number of shares as of 12/31/2025 (issued) 189,034,941 Number of shares as of 12/31/2025 (outstanding, excluding treasury shares) 188,976,252 Free float in % (excluding treasury shares) 100 Index MDAX/EPRA

Contact

TAG Immobilien AG

Dominique Mann

Head of Investor & Public Relations

Fon +49 (0) 40 380 32 305

ir@tag-ag.com