EarningsQ2 2026 Earnings Report
MX:LEGN Q2 2026 EPS Results
Actual EPS$31.01
Consensus EPS$33.24
Beat/MissMissed by -$2.23
One Year Ago EPS$24.73
MX:LEGN Q2 2026 Revenue Results
Actual Revenue$6.94B
Expected Revenue$3.72B
Beat/MissBeat by +$3.22B
YoY Revenue Growth-0.47%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeBefore Open
Conference CallTuesday, August 4, 2026
MX:LEGN Upcoming Earnings
LEG Immobilien's next earnings date is estimated for November 12, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call communicates a predominantly positive operational and financial trajectory: management reconfirmed full-year guidance, delivered solid rent growth, low vacancy, disciplined deleveraging (LTV ~45.5%), a modest positive valuation and robust liquidity and financing arrangements. The primary negatives are H1 AFFO compression and higher interest costs driven by market-rate refinancing, subsidy phasing, and weak transaction markets slowing disposals — many of which management frames as timing or market-driven rather than structural. Given guidance confirmation, balance sheet progress, and operational resilience, positives outweigh the temporary and market-related headwinds.Company Guidance
Like-for-like Rent Growth
Like-for-like net cold rent grew 3.7% in H1 2026 (reported 3.4%), with 50 basis points attributable to cost rent adjustments; average rent per sqm rose to EUR 7.21.
Low Vacancy Reflecting Demand
EPRA vacancy declined by 20 basis points to 2.3% on a like-for-like basis, signaling continued underlying demand and limited meaningful new supply.
Adjusted EBITDA and Margin Strength
Adjusted EBITDA increased 2.3% to EUR 368.1 million in H1, with an EBITDA margin of 77.8% (on track to ~78% full-year target).
Guidance Reconfirmed and AFFO Trajectory
AFFO of EUR 110.5 million in H1 keeps the company fully on track to meet full-year AFFO guidance of EUR 220–240 million; guidance confirmed across all line items.
Positive Portfolio Valuation
Portfolio valuation rose by +0.7% (EUR 135 million) in H1 — the fourth consecutive positive revaluation; average gross asset value per sqm increased to EUR 1,735 (from EUR 1,710).
Deleveraging Progress and Liquidity
Loan-to-value improved to 45.5% from 47.6% a year earlier (down ~210 bps), close to the ~45% target; liquidity > EUR 450 million and new EUR 750 million RCF (5+1+1) in place.
Operational Investment and CapEx Discipline
Adjusted H1 investments totaled EUR 202 million (EUR 18.19/sqm), up ~10% YoY but in line with >EUR 35/sqm full-year target; CapEx/maintenance split maintained (cap ratio 56%).
Value-Add and Green Ventures Progress
Value-add services contributed EUR 28 million to FFO I (before consolidation); termios Pro thermostat validated by Fraunhofer with average energy savings of 14% (~EUR 170/yr per tenant). Green Ventures are on track to reach breakeven in 2026.
Financing and Maturity Profile
Closed EUR 450 million of financing in H1 at avg maturity 9.3 years and avg rate 3.9%; average interest cost 1.82%, average debt maturity 5.7 years, interest coverage ratio 4.0x; no 2026 maturities remaining.
Disposals Executed at/above Book Value
YTD sales completed or signed for >1,000 units with proceeds of ~EUR 78 million; disposals of EUR 42 million were at or above book value; ongoing program up to 5,000 units.
MX:LEGN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed