TAG Immobilien AG (TAGOF) Q4 2024 Earnings Call Transcript

2025-03-25 10:33:54 ET

TAG Immobilien AG (TAGOF)

Q4 2024 Earnings Conference Call

March 25, 2025, 05:00 AM ET

Company Participants

Martin Thiel - Chief Financial Officer

Conference Call Participants

Marios Pastou - Bernstein

Thomas Neuhold - Kepler Cheuvreux

John Vuong - Van Lanschot Kempen

Eleanor Frew - Barclays

Thomas Rothäusler - Deutsche Bank

Simon Stippig - Warburg Research

Kai Klose - Berenberg

Manuel Martin - Oddo BHF

Dossmann Stephanie - Jefferies

André Remke - Baader Bank

Presentation

Operator

Ladies and gentlemen, welcome to the TAG Immobilien publication of Annual Report 2024 Conference Call. I am Yousuf, the conference call operator. I would like to remind you that all participants will be listen-only mode. The conference is being recorded. [Operator Instructions] The conference must not be recorded for publication or broadcast.

At this time, it is my pleasure to hand over to Martin Thiel, CFO. Please go ahead.

Martin Thiel

Yes. Many thanks. And good morning, all. This is Martin. Welcome to our annual report 2024 conference call. Many thanks for dialing in.

Perhaps this year kind of special situation as we already published our preliminary results roughly one month ago at the end of February. We can tell you upfront that compared to this preliminary result, the final results did not change. So basically, all numbers were confirmed. After now, the audit is completed.

But let’s start with the presentation on Page four, which is the highlights Slide and perhaps to summarize the main messages for today as follows.

Firstly, FFO I came out even slightly above our guidance at EUR175 million. Guidance range was EUR170 million to EUR174 million. And what was better than expected was the rental results in our German business. And here, the EBITDA for the operational business in Germany was performing quite well. We had a very strong fourth quarter from the Energy business, but what was particularly more important is that we had quite decent like-for-like rental growth in German portfolio of around 3% in 2024 after 2.3% in the previous year. And the vacancy in our residential units in Germany fell to 3.6%, so reduction of 40 basis points in the course of 2024, which was for us, if you remember our history, we were making C rates still some years ago, definitely a big success. ...

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