LEG Immobilien: 1H26 Conf. Call: H2 expected to drive earnings recovery, with buybacks waiting on LTV target

研报英文原文证据摘录

LEG Immobilien: 1H26 Conf. Call: H2 expected to drive earnings recovery, with buybacks waiting on LTV target

J P M O R G A N Europe Equity Research

04 August 2026

LEG Immobilien Overweight

LEGn.DE, LEG GR

1H26 Conf. Call: H2 expected to drive earnings Price (03 Aug 26):€53.10

recovery, with buybacks waiting on LTV target Price Target (Dec-27):€89.00

We present our key takeaways from today’s conference call. European Property

Neil Green, CFA AC

• CEO: LEG reported a solid H1 with all guidance reiterated. Like-for-like (44-20) 7134-4478

rental growth was 3.7% (including 50bp from cost-rent adjustments) and is neil.d.green@jpmorgan.com

expected to reach the 3.8-4.0% FY26 guidance range in H2. EPRA vacancy J.P. Morgan Securities plc

improved by 20bp to 2.3%, reflecting strong demand and limited new supply. Krishna Sathwik Beechu

Adjusted EBITDA increased 2.3% YoY to €368.1m with a 77.8% margin, in (91-22) 6157 5847

line with the ~78% full-year target. krishna.s.beechu@jpmchase.com

J.P. Morgan India Private Limited

• Portfolio valuation increased 0.7%, matching expectations, while LTV fell

to 45.5% (vs. 47.6% a year ago), effectively reaching management’s ~45%

target. Management highlighted a temporary Q3 LTV uptick due solely to

dividend payment timing. Disposals totaled €42m, all at or above book value,

and the scrip dividend retained €63m of liquidity.

• Management expects a materially stronger H2, supported by lower

investment spending and receipt of subsidies, and therefore reaffirmed

AFFO guidance of €220-240m and FFO I guidance of €475-495m. With

leverage now near target, management outlined future capital allocation

options including organic growth (modernization/green ventures), selective

acquisitions, enhanced shareholder distributions/share buybacks, and further