LEG Immobilien SE (LEG) Earnings Call Transcripts

LEG Immobilien SE's Latest Earnings Call - Q1 FY2026

In Q1 2026, LEG Immobilien SE reported a solid performance with revenues driven by a 3.7% like-for-like rent growth, resulting in an EBITDA margin expansion to 77.4%. AFFO for the quarter was EUR 58.6 million, slightly below the prior year, attributed to a timing effect in capital expenditures. Management reiterated full-year guidance for AFFO between EUR 220 million and EUR 240 million, maintaining a disciplined approach to capital allocation despite a challenging market environment.

Reported metrics

Guidance from management

Management reaffirmed full-year guidance for AFFO between EUR 220 million and EUR 240 million, with an EBITDA margin target of around 78%. They acknowledged potential challenges in reaching the 45% LTV target due to market conditions.

What management said

Thank you, Vicky, and good morning, everyone, from Dusseldorf. Welcome to our call for our Q1 2026 results, and thank you for your participation. We have in the call, as always, our entire management team with our CEO, Lars von Lackum; our CFO, Kathrin Kohling; as well as our COO, Volker Wiegel. You'll find the presentation document as well as the quarterly report and documents within the IR section of our homepage...

Yes. So with regards to disposals activity, we have some of the disposals in our pipeline where we are now at a stage where buyers are just waiting for the reconfirmation by those financing banks that they will be there and that they are signing the financing contracts. So if that is going to take place, we are expecting notarizations of deals within H1. But nowadays, it is very difficult to foresee, yes. So let's w...

What analysts pressed on

Analysts expressed concerns about the subdued transaction market and the potential impact on disposals. There were questions regarding the ability to achieve the 45% LTV target without selling below book value, given current market conditions.

Main topics on the call

• Strong Rent Growth — The company achieved a like-for-like rent growth of 3.7%, indicating robust demand in the affordable housing sector. Management stated, "We are well on track to deliver on our rental guidance for full year 2026."
• AFFO Performance — AFFO came in at EUR 58.6 million, slightly below last year, attributed to a "timing and phasing effect" in capital expenditures. Management confirmed that this does not reflect a change in earnings quality.
• Improved EBITDA Margin — The EBITDA margin expanded by 180 basis points to 77.4%, showcasing operational leverage. Management emphasized that "our business model continues to perform exactly as designed."
• Balance Sheet Resilience — LTV improved to 46.2%, driven by disciplined cash generation and lower net debt. Management noted, "Our 45% target remains in reach," despite a challenging market.

Read the full LEG Immobilien SE transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 54 LEG Immobilien SE earnings call transcripts on record, spanning February 4, 2020 to August 4, 2026. Based on this history, LEG Immobilien SE reports quarterly. The most recent call on file is dated August 4, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

LEG

Exchange

XTRA

Country

DE

Sector

Real Estate

Industry

Real Estate Management and Development

Calls on record

54

First call

February 4, 2020

Most recent

August 4, 2026

Reporting cadence

quarterly