LEG Immobilien stock gains 2.01 percent to EUR 46.22

LEG Immobilien stock (ISIN DE000LEG1110) was trading at EUR 46.22 at Lang & Schwarz on September 29, 2026 at 5:09 p.m. CEST, up 2.01 percent from the prior close of EUR 45.31. The move comes against a mixed operating picture: LEG's first-half cash generation declined, but management kept its full-year targets intact.

H1 cash flow faces a timing effect

In its Q2 2026 earnings call dated August 4, 2026, Yahoo Finance reported that LEG generated AFFO of EUR 110.5 million in H1 2026, down 12.7 percent from EUR 126.6 million in H1 2025. The company attributed the year-over-year pressure to investment and subsidy timing, while net cold rent reached EUR 473.4 million and like-for-like rent growth was 3.7 percent.

Operational indicators remained measurable. The EPRA vacancy rate stood at 2.3 percent, adjusted EBITDA reached EUR 368.1 million and the adjusted EBITDA margin was 77.8 percent in H1 2026, according to the same Yahoo Finance transcript.

Guidance stays unchanged for 2026

Management confirmed full-year AFFO guidance of EUR 220 million to EUR 240 million and FFO 1 guidance of EUR 475 million to EUR 495 million in the August 4, 2026 call. The second half is expected to contribute more strongly as subsidies and investment phasing improve the cash-flow profile.

The balance sheet provides a second reference point. LEG's loan-to-value ratio was 45.5 percent in H1 2026, down from 47.6 percent a year earlier, while the company retained EUR 63.1 million through its scrip dividend, according to Yahoo Finance. That leaves deleveraging and refinancing costs as important counterweights to the rent growth story.

Goldman Sachs lowers its target

According to finanzen.net on September 7, 2026, Goldman Sachs cut its LEG price target from EUR 64.50 to EUR 50.20 and retained a Neutral rating. The analyst cited rising interest rates and a cautious tone at a real estate conference, while describing rent growth as solid.

Against the Lang & Schwarz price of EUR 46.22, the revised EUR 50.20 target is 8.61 percent higher. LEG's next scheduled quarterly publication is November 12, 2026, according to the company's Investor Relations calendar.

LEG Immobilien stock gains 2.01 percent

LEG Immobilien stock was trading at EUR 46.22 at Lang & Schwarz on September 29, 2026 at 5:09 p.m. CEST, up 2.01 percent versus the prior close of EUR 45.31 on September 28, 2026. The shares are listed on Xetra under ticker LEG and are included in the MDAX.

More news and analyses on LEG Immobilien stock