LEG Immobilien SE 1Q26 Results

LEG Immobilien reported 1Q26 FFO I in line with consensus and a beat on AFFO, while reiterating its FY26 guidance and projecting modest valuation growth.

Key Takeaways

• 1.1Q26 FFO I of €114.7mn was in line with consensus, while AFFO of €58.6mn significantly beat GS estimates due to timing differences in capital expenditure.
• 2.Management projects a positive shift in property valuations, expecting growth of up to +1% by the first half of 2026.
• 3.Balance sheet metrics improved with Loan-to-Value (LTV) dropping to 46.2% as the company continues its disposal program.

Table of Contents

• Key financial metrics
• Operating metrics
• Balance sheet/other
• FY26 Guidance reiterated
• Other Disclosure
• Disclosure Appendix
• Reg AC
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Disclosures required by United States laws and regulations
• Additional disclosures required under the laws and regulations of jurisdictions other than the United States
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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