Strong earnings growth in the first half of 2026; FFO I for 2026 expected at the upper end of the guidance range

PRESS RELEASE

Strong earnings growth in the first half of 2026; FFO I for 2026 expected at the upper end of the guidance range

• Rental result (FFO I) increases to EUR 100.2m (+9% vs. H1 2025)
• Net income from sales in Poland at EUR 18.6m (+12% vs. H1 2025)
• FFO II (rental result plus net income from sales in Poland) increases to EUR 118.6m (+11% vs. H1 2025)
• Value increase in the German portfolio of +1.5% in the first half of 2026; positive valuation result also in the Polish portfolio
• 1,350 apartments sold in Poland in H1 2026 (H1 2025: 1,158 apartments)
• Closing of the acquisition of the R4R portfolio comprising around 5,300 rental units completed on 27 May 2026; Polish rental portfolio grows to c. 9,100 apartments
• Successful IPO of ROBYG: total gross proceeds for the TAG Group of EUR 282m form the basis for further growth across all business segments; positive effect on EPRA NTA and LTV from the IPO
• Guidance for the 2026 financial year confirmed; FFO I for 2026 now expected at the upper end of the guidance range
• Claudia Hoyer’s Management Board contract extended by a further five years; Supervisory Board elections held in the second quarter of 2026

Hamburg, 11 August 2026

Overview of the rental business – higher FFO I, strong operating performance and portfolio growth drive FFO I 2026e to the upper end of the guidance range

The first six months of the 2026 financial year represented a highly successful first half for TAG Immobilien AG (TAG). FFO I, which comprises the rental business in Germany and Poland, increased significantly to EUR 100.2m in the first half of 2026 and was thus 9% above the prior-year figure (H1 2025: EUR 91.6m).

This development was driven in particular by the continued strong like-for-like rental growth of 3.0% p.a. (incl. vacancy reduction) in Germany and 2.4% p.a. in Poland. Vacancy rates remained at a low level, at 3.8% in the German residential units and 2.1% in Poland (for apartments that have been on the market for at least one year). Against this backdrop, EBITDA from the rental business increased to EUR 132.2m in the first half of 2026, exceeding the prior-year figure by 5% (H1 2025: EUR 126.4m).

The Polish rental portfolio also received an additional growth impulse from the acquisition of the R4R portfolio, which comprises around 5,300 newly built rental apartments. The transaction, which had already been signed on 16 August 2025, was completed on 27 May 2026 following unconditional antitrust clearance. The final purchase price amounted to around EUR 575m, corresponding to a gross initial yield of c. 7.5% expected by TAG. The initial valuation of the portfolio as at 30 June 2026 resulted in an increase in value of around 7%, bringing the new book value to c. EUR 611m.

TAG is also continuing to expand its rental portfolio in Germany. Since the first quarter of 2026, a total of 894 residential units have been acquired at a purchase price of EUR 51.6m (257 units in Q2 2026 and 637 units after the reporting date). These properties offer a current gross initial yield of 7.1%, with an average vacancy rate of around 4.3%, and are located predominantly in Eastern Germany. The closing of these acquisitions is expected in the course of the second half of 2026 and by the end of 2026, respectively.

With the acquisition of the R4R portfolio, the Polish residential rental portfolio has now reached a substantial scale of around 9,100 apartments. These additional high-yielding rental units will increase recurring cash flows in the Polish rental segment. Against this backdrop, together with the very good operating performance achieved to date in both rental markets, TAG now expects FFO I for 2026 at the upper end of the guidance range.

Overview of the Polish sales business – more apartments sold and strong growth in net income from sales and FFO II in H1 2026

In the first half of 2026, 1,350 apartments were sold in Poland, once again exceeding the number of units sold in the prior-year period (H1 2025: 1,158 apartments). Sales prices remained at a high level. As a result, net income from sales Poland developed very positively in the first half of 2026 and, at EUR 18.6m, was 12% above the prior-year figure (H1 2025: EUR 16.6m).

FFO II, which includes not only FFO I but also the sales results, generated almost exclusively in Poland, increased to EUR 118.6m in the first half of 2026 and was likewise clearly above the prior-year level (H1 2025: EUR 107.3m; +11%).

The ROBYG IPO creates a “win-win situation” for all TAG segments

The successful initial public offering (IPO) of the Polish subsidiary ROBYG S.A. (ROBYG) in June and July 2026 marks an important milestone for TAG’s business activities in Poland. Through a partial disposal of ROBYG shares held by TAG and cash capital increases at ROBYG level, gross proceeds of around EUR 282m were generated for the Group (of which around EUR 188m at TAG level and around EUR 94m at ROBYG level). The capital released through the IPO can now be invested selectively in residential rental portfolios in Germany and Poland, thereby strengthening FFO I, which forms the basis for TAG’s dividend distribution. At the same time, ROBYG now has substantial funds available to continue its growth and strengthen TAG’s Polish sales business.

Even after the IPO, TAG remains ROBYG’s majority shareholder with a stake of 67.1% and retains a long-term commitment to the company. A positive effect of around EUR 55m, or c. EUR 0.30 per share, on EPRA NTA is expected from the sale of the ROBYG shares. TAG Group’s LTV is expected to decline by around 3.2 percentage points as a result of the total cash inflow from the IPO. As the key transactions in connection with the IPO only became effective after the reporting date, these effects are not yet included in the interim financial statements as at 30 June 2026.

Following the IPO, and based on the placement price of PLN 34.00 per share, ROBYG has a market capitalisation of c. EUR 860m. On this basis, the 67.1% stake still held by TAG is valued at c. EUR 580m. Compared with the historical acquisition cost for ROBYG in 2022, TAG has therefore realised an increase in the value of its investment of around 40%.

The further improved capital structure following the ROBYG IPO is also reflected in the ratings: Moody’s upgraded TAG to “Baa2” in May 2026 and S&P Global upgraded TAG to “BBB” in July 2026. In doing so, both rating agencies referred to TAG’s strong financial profile, with a comparatively low leverage within the sector and a good liquidity position.

Claudia Hoyer, COO and Co-CEO of TAG, commented on the earnings performance: “We are very satisfied with the earnings performance in the first half of 2026. The strong development of our rental business in Germany and Poland, as well as the successful ROBYG IPO, underline the strength of our business model in both countries. ROBYG’s stock market listing is a genuine win-win situation: we are creating an independently listed company, retaining a majority stake with significant value and, at the same time, are able to reinvest capital in our rental portfolio, which provides an additional boost to our FFO I. This leaves TAG, with its combined rental and sales business, in an excellent position for further value-creating growth.”

Further valuation gains in the German and Polish real estate portfolio; EPRA NTA per share 6% above the prior-year level; LTV on a pro forma basis after the ROBYG IPO at approximately 42.2%

 The German portfolio recorded an increase in value of around 1.5% in the first half of 2026, thereby continuing the positive trend seen in the two preceding semi-annual valuations (+1.4% in H1 2025 and +1.7% in H2 2025). Positive valuation results were also generated in the Polish real estate portfolio, in particular from the initial valuation of the R4R portfolio referred to above.

As a result of these valuation effects and the continued strong operating cash flow, EPRA NTA increased to EUR 21.38 per share as at 30 June 2026, despite the capital increase carried out in August 2025 to finance the acquisition of the R4R portfolio and the dividend payment made in June 2026. This corresponds to an increase of 6% compared with the prior-year period (30 June 2025: EUR 20.18).

At 45.4% as at 30 June 2026, the loan-to-value (LTV) ratio was at the target level of c. 45%; on a pro forma basis including the ROBYG IPO, the LTV is reduced to only around 42.2%.

Martin Thiel, CFO and Co-CEO of TAG, added: “The strong earnings growth underlines the high profitability of our business model in Germany and Poland, which is proving profitable even in the current interest rate environment. With a pro forma LTV after the ROBYG IPO significantly below our target level, we are demonstrating that we are able to shape our growth from a position of financial strength.”

Extension of Claudia Hoyer’s Management Board contract and Supervisory Board elections

In July 2026, TAG’s Supervisory Board extended Claudia Hoyer’s Management Board contract ahead of schedule by a further five years, i.e. until 30 June 2032. Ms Hoyer, who has been a member of the Company’s Management Board since 1 July 2012, will continue to lead the Company in her role as COO and Co-CEO together with TAG’s other Management Board member, Martin Thiel (CFO and Co-CEO).

Olaf Borkers, Chairman of TAG’s Supervisory Board, commented: “I am very pleased that we were able to extend Claudia Hoyer’s Management Board contract on a long-term basis. Claudia has been a defining force for TAG for many years. We owe her not only a very successful operating business, but also numerous important strategic decisions taken in recent years.”

In addition, at TAG’s Annual General Meeting on 20 May 2026, Prof. Dr. Marion Peyinghaus was newly elected to the Supervisory Board as a shareholder representative, succeeding Prof. Dr. Kristin Wellner, whose term of office ended at the close of this Annual General Meeting. The Chairman of the Supervisory Board, Olaf Borkers, was confirmed for a further term of office on the Supervisory Board. The employee representatives on the Supervisory Board, Beate Schulz and Björn Eifler, were also re-elected by the employees for a further term of office. The term of office of all newly elected and re-elected Supervisory Board members is three years.

Further details on the first half of 2026 can be found in the interim report published today and in a summary presentation at https://www.tag-ag.com/en/investor-relations/financial-statements/quarterly-reports.

Key financials at a glance

Income statement key figures (in EURm) 01/01/2026- 06/30/2026 01/01/2025- 06/30/2025 Rental income (net actual rent) 196.6 184.2 EBITDA (adjusted) Germany and Poland rental business 132.2 126.4 EBITDA (adjusted) from sales Poland 23.9 19.8 EBITDA (adjusted) total 156.1 146.2 Adjusted net income from sales Poland 18.6 16.6 Consolidated net profit 114.5 151.1 FFO I per share in EUR 0.53 0.52 FFO I 100.2 91.6 FFO II per share in EUR 0.63 0.61 FFO II 118.6 107.3   Balance sheet key figures (in EURm) 06/30/2026 12/31/2025 Total assets 9,025.3 8,951.2 Equity 3,369.1 3,322.0 EPRA NTA per share in EUR 21.38 20.98 LTV in % 45.4 41.0   Portfolio data 06/30/2026 12/31/2025 Units Germany 84,073 83,504 Units Poland (completed rental apartments) 9,119 3,526 Sold units Poland 1,350 2,823 Handovers Poland 652 2,077 GAV Total (real estate assets, in EURm) 7,777.9 6,971.5 GAV Germany (real estate assets, in EURm) 5,506.9 5,425.2 GAV Poland (real estate assets, in EURm) 2,271.0 1,546.3 Vacancy in % Germany (total portfolio) 4.2 3.5 Vacancy in % Germany (residential units) 3.8 3.2 Vacancy in % Poland (total portfolio) 5.4 4.8 Vacancy in % Poland (units on the market > 1 year) 2.1 1.3 l-f-l rental growth in % Germany 2.9 2.6 l-f-l rental growth in % Germany (incl. vacancy reduction) 3.0 3.0 l-f-l rental growth in % Poland 2.4 3.4   Employees 06/30/2026 12/31/2025 Number of employees 1,951 1,922   Capital market data   Market capitalisation as at 06/30/2026 in EURbn 2.7 Share capital as at 06/30/2026 in EUR 190,328,340.00 WKN/ISIN 830350/DE0008303504 Number of shares as at 06/30/2026 (issued) 190,328,340 Number of shares as at 06/30/2026 (outstanding, excluding treasury shares) 190,269,776 Free float in % (excluding treasury shares) 100 Index MDAX/EPRA

Contact

TAG Immobilien AG

Marlon Holzberger

Investor & Public Relations Manager

Fon +49 (0) 40 380 32 145

ir@tag-ag.com