Operator

Ladies and gentlemen, welcome to the TAG Immobilien Publication of Interim Statement Q1 2026 Conference Call. I am Hillie, the Chorus Call operator. [Operator Instructions] And the conference is being recorded. [Operator Instructions]

At this time, it's my pleasure to hand over to Martin Thiel, CFO and Co-CEO. Please go ahead.

Martin Thiel
CFO, Co-CEO & Member of Management Board

Yes. Many thanks and good morning, all. This is Martin. Welcome to our Q1 2026 earnings call. Let's start right away with Page #3 of the presentation, and I'm coming to the highlights. We think it's fair to say that the first quarter of 2026 was a very good one.

Just looking at the FFO I that came out in Q1 2026 at EUR 49.3 million after EUR 44.9 million in the comparable quarter in the previous year. So that's a 10% increase. So this is definitely a good start into the year.

Looking at some operational figures like-for-like rental growth. In Germany, we came out at 3.3% per annum, which is quite good. And in Poland, like-for-like rental growth also remained quite high at 3.2% per annum. So strong start into the year from the rental business. And also the sales business developed quite well. Looking at the development of the net income from sales in Poland, we achieved in the first quarter of