Vonovia Se · XETR:VNA
Vonovia — 9M 2025 Earnings Presentation
43 slides from Vonovia's earnings presentation, Nov 5, 2025
Slide 1: 9M 2025 Earnings Call Presentation
9M 2025 Earnings Call Presentation November 5, 2025
Slide 2: Agenda
Agenda 1. Preface pages 3-14 2. 9M 2025 Update pages 16-24 3. Appendix pages 26-43
Slide 3: Summary
Summary 9M 2025 Preface Appendix Update 1 Performance 2 Market 3 Business 2025 fully on track towards upper end • Organic value growth continues • Vonovia’s approach to the business is end of guidance. 9M 2025: (H2 expected to be better than H1) different • +6.4% Total EBITDA (87% contribution from
Slide 4: Vonovia's Approach to the Business Is Different
Vonovia’s Approach to the Business Is Different Based on Structural Megatrends and Following Three Guiding Principles Preface 9M 2025 Appendix Update Megatrends safeguard long-term stability and growth Guiding principles Consequences 2 | Climate change The low risk in the 1 | Urbanization & • Cost l
Slide 5: Evolution of Operating KPIs
Evolution of Operating KPIs Rock Solid Development Expected to Continue. Acceleration of Organic Rent Growth Preface 9M 2025 Appendix Update In-place rent (€/sqm/month)1 Organic rent growth2 8.3 2013 - 9M2025 average 1.8% 4.2% 2013 - 9M2025 average 1.6% 1.4% 5.4 2.0% 0.4% 2.8% 1.6% 2013 2014 2015 20
Slide 6: Scale & Efficiency
Scale & Efficiency Unparalleled Scale Is A Key Driver for Market-leading Efficiency Preface 9M 2025 Appendix Update Portfolio Volume (‘000 units; Germany)1 Ownership Structure German Rental Market 2.9x 80% 480 22% Fragmented Market Private Real Estate Companies Retail Landlords / Non-Profit 12% Coop
Slide 7: Efficiency Leader
Efficiency Leader Low Spread between Gross and Net Yields Unlocks Efficiency Gains Preface 9M 2025 Appendix Update Gross yields differ based on location and long-term rent growth outlook, giving different portfolios a different initial starting point. Adj. net yields are much more homogeneous, as co
Slide 8: Vonovia Platform
Vonovia Platform We Have Built the Best-in-class Operating Platform for Quality and Efficiency Preface 9M 2025 Appendix Update Fully integrated, SAP-based one-stop shop Asset management Property management Value-add and technical & facility management Business units Value-add Technical service Stake
Slide 9: Evolution of Rental vs. Non-rental Business
Evolution of Rental vs. Non-rental Business Vonovia’s Business Model Has Always Been Broader than just Collecting Rents Preface 9M 2025 Appendix Update Focus on profitability €bn Focus on liquidity 3.5 generation over 3.2 – 3.5 Ramp-up profitability 3.0 of non-rental 3.0 2.8 business 2.6 2.6 2.6 Adj
Slide 10: Location Matters
Location Matters We Are In the Right Markets Preface 9M 2025 Appendix Update • Fundamentals and yields are not the same throughout Germany. • There is a general distinction between urban areas (lower initial yields) and rural areas (higher initial yields). • Vonovia has actively built its portfolio
Slide 11: Increasing Real Market Levels As Supply/Demand Imbalance Beats Regulation
Increasing Real Market Levels As Supply/Demand Imbalance Beats Regulation Robust Growth Trajectory for Many Years Preface 9M 2025 Appendix Update • Vonovia’s portfolio is focused on urban growth markets with the Wide disparity of gross initial yields based on largest supply-demand gap. in-place valu
Slide 12: Most Comprehensive Investment Program
Most Comprehensive Investment Program Portfolio Investments Unlock Additional Earnings & Value Growth Preface 9M 2025 Appendix Update Investment €7.4bn invested 7.1% operating yield Optimize Apartment program between 2014 and from rent growth and Upgrade Building 2024 cost savings Space Creation Por
Slide 13: Best-in-class Rent Growth & Value Growth
Best-in-class Rent Growth & Value Growth The Right Locations Support Superior Rent & Value Growth Preface 9M 2025 Appendix Update Organic rent growth (%) Fair value (€/sqm; Germany) CAGR 2013 6,0 5,5 5,0 8.5% 4,5 4,0 H1 2025 2013 3,5 3,0 Listed 2,5 6.5% Peer 1 2,0 1,5 H1 2025 2013 1,0 0,5 Listed 3.1
Slide 14: Estimated Annual Total Accounting and Shareholder Return
Estimated Annual Total Accounting and Shareholder Return Two Types of Returns: Earnings Growth + Organic Value Growth Preface 9M 2025 Appendix Update Baa1. Stable Outlook Estimated • ~13% based on current market capitalization2 annual total BBB+. Stable Outlook return1 • ~9% based on current NTA. BB
Slide 15: Agenda
Agenda 1. Preface pages 3-14 2. 9M 2025 Update pages 16-24 3. Appendix pages 26-43
Slide 16: KPI Overview
KPI Overview 2025 Progressing Well with No Surprises. Preface 9M 2025 Appendix Update Earnings Operations €m (unless indicated otherwise) 9M 2025 9M 2024 Delta (%) Adj. EBITDA Rental 1,847.0 1,801.9 +2.5% 9M 2025 9M 2024 Delta Adj. EBITDA Value-add 150.1 145.92 +2.9% Number of units (owned) 532,558
Slide 17: Rental Segment
Rental Segment Operating KPIs Remain Rock Solid Preface 9M 2025 Appendix Update Rental Segment (€m) 9M 2025 9M 2024 Delta • Adj. EBITDA Rental up +2.5% despite ~9k fewer units (4.2% l-f-l). Rental revenue 2,551.1 2,481.8 +2.8% • Organic rent growth keeps tracking above initial expectations. • Vacanc
Slide 18: Value-add Segment
Value-add Segment Increasing EBITDA Contribution Preface 9M 2025 Appendix Update Value-add Segment (€m) 9M 2025 9M 2024 Delta • Increase in modernization and portfolio investments benefitted craftsmen organization. Revenue Value-add 1,093.6 1,009.7 +8.3% • Positive business development in energy sal
Slide 19: Recurring Sales Segment
Recurring Sales Segment Increasing EBITDA Contribution Preface 9M 2025 Appendix Update Recurring Sales Segment (€m) 9M 2025 9M 2024 Delta • Increase in disposal volume, revenue, and fair-value step-up. Units sold 1,553 1,516 +2.4% • Growing demand in the context of structural housing shortage, Reven
Slide 20: Development Segment
Development Segment Increasing EBITDA Contribution Preface 9M 2025 Appendix Update • 19% gross margin in 9M 2025 excluding Q1 land sale Development Segment (€m) 9M 2025 9M 2024 Delta • Initiatives of new Federal Government to reduce construction costs Revenue from disposal of to-Sell properties 278.
Slide 21: EPRA NTA
EPRA NTA 9M 2025 Preface Appendix Update EPRA NTA (€m) Sep. 30, Dec. 31, (unless indicated otherwise) 2025 2024 Delta • Deferred tax liabilities are taxes owed but not payable unless the relevant properties are actually sold. Total equity attributable to Vonovia 26,084.1 23,996.4 +8.7% shareholders
Slide 22: Financial KPIs
Financial KPIs Leverage Well under Control with Organic Deleveraging Going Forward Preface 9M 2025 Appendix Update • Pro forma cash position of €3.5bn1 covers all near-term maturities. Rating Outlook Last update • Placement of two convertibles2 in May with aggregate amount of S&P BBB+ Stable Aug. 19
Slide 23: Initial 2026 Guidance & 2028 Objective
Initial 2026 Guidance & 2028 Objective Continued Rent Growth Acceleration Preface 9M 2025 Appendix Update Actuals 2024 Final Guidance 2025E Initial Guidance 2026E Objective 2028E Rental Revenue €3.324bn ~€3.4bn €3.45bn - €3.55bn €3.7bn - €3.8bn Organic rent growth 4.1% ~4.1% ~4.2% ~5% Additional irr
Slide 24: Wrap-up
Wrap-up • Vonovia’s approach to the business is different. • Company is well prepared for future earnings and value growth. • Market environment and operating business remain rock solid. • Rental segment fully on track with accelerating rent growth. • Further ramp up of non-rental segments. • Contin
Slide 25: Agenda
Agenda 1. Preface pages 3-14 2. 9M 2025 Update pages 16-24 3. Appendix pages 26-43
Slide 26: Transaction Volumes excl. Listed Players
Transaction Volumes excl. Listed Players Market Seems to be Back to Normal Activity Level Preface 9M 2025 Appendix Update Overall transaction volumes between 2015 and 2021 were largely impacted by listed players who often constituted half or even more of the total market volume. Adjusted for listed
Slide 27: Accretive Investment Program in Long-term Portfolio
Accretive Investment Program in Long-term Portfolio Acceleration through Tech-supported Investments Preface 9M 2025 Appendix Update • Investment program is based on the long-term structural megatrends Optimize Apartment renovation supply demand imbalance, climate change, and demographic change. Apar
Slide 28: Development
Development Reducing Construction Costs Opens Up Large Addressable Market 9M 2025 Preface Appendix Update Long-term development Strategic concepts for reducing constructions costs pipeline of almost 70k units1 Design to Budget (Basishaus Concept) Vonovia’s land bank is • Simplification of product •
Slide 29: Robust Long-term Upward Trajectory for Vonovia's Rent Levels
Robust Long-term Upward Trajectory for Vonovia’s Rent Levels Increasing Real Market Levels As Supply/Demand Imbalance Beats Regulation Preface 9M 2025 Appendix Update Vonovia Real market4 Delta between real market and Vonovia in-place rent % of total In-place Regional Market (Sep. 30, 2025) Relettin
Slide 30: Additional Irrevocable Rent Increase Claim
Additional Irrevocable Rent Increase Claim Kappungsgrenze (Existing Tenants 15% Max over Three Years) Causes Delay Preface 9M 2025 Appendix Update OVM (=local comparable rent) is defined by the Mietspiegel in most Organic rent growth and locations. It stipulates the rent level (€/sqm) landlords are
Slide 31: Our Business Is Supported by Structural Megatrends
Our Business Is Supported by Structural Megatrends… 9M 2025 Preface Appendix Update The higher interest rate environment has accelerated the relevant megatrends around which we have built our business, leading to even stronger fundamentals in the medium- and long-term. Urbanization & Supply/Demand I
Slide 32: Creating Highly Attractive Investment Opportunities
… Creating Highly Attractive Investment Opportunities 9M 2025 Preface Appendix Update Support from megatrends while other real Supply-/ ~€100bn investment volume every year to complete estate sectors fight disruptive changes Demand Imbalance 320k apartments1 per year.2 Up to €120bn investment volume
Slide 33: Regional Markets
Regional Markets Balanced Exposure to Relevant Growth Regions Preface 9M 2025 Appendix Update Fair value1 In-place rent Regional Markets Residential Organic rent Multiple Market rent Average rent Purchase power increase forecast growth (LTM, %) (Sep. 30, 2025) (€bn) (€/sqm) Residential units Vacancy
Slide 34: Portfolio Clustering
Portfolio Clustering 9M 2025 Preface Appendix Update In-place In-place Vacancy Fair value Fair value Gross Sep. 30, 2025 Resi units rent rent Rate (€bn) (€/sqm) yield (€m p.a.)1 (€/sqm)1 Urban quarters • German portfolio comprises of strategic assets in 15 urban growth & clusters 438,420 2,675 8.14
Slide 35: Commitment to Sustainability
Commitment to Sustainability Science-based Decarbonization Roadmap with Measurable Interim Targets Preface 9M 2025 Appendix Update • Accelerated decarbonization with Net Zero target by 2045. • Including Scope 1, 2 and 3.3. • According to SBTi, Vonovia's climate targets until 2030 are in line with th
Slide 36: Sustainability Performance Index (SPI)
Sustainability Performance Index (SPI) Measurable Targets for Non-financial KPIs Preface 9M 2025 Appendix Update • The SPI is the leading quantitative, non- SPI 2023 2024 Targets Scope Weighting Actuals Actuals 2030 financial metric to measure CO2 intensity in the sustainability performance in the m
Slide 37: Recognition of ESG Performance
Recognition of ESG Performance ESG Ratings and Indices Preface 9M 2025 Appendix Update ESG Ratings 19,2 Since 2018: 7,7 6,7 7,6 6,0 6.4 Gold Level Compliance with EPRA Sustainability Best Practices Recommendations 2019 2020 2021 2023 2024 2025 AAA AAA AA A- A A 20% A A A A- B B B B C B- B B- 10% BBB
Slide 38: Energy Efficiency Classes
Energy Efficiency Classes Substantial Progress since IPO Puts Vonovia Ahead of the Market Preface 9M 2025 Appendix Update 0.3% 0.2% 1.2% 0.2% 2.0% Energy 4.0% Heating system Heating system 4.0% Performance (to be) powered by 12.9% (to be) powered by Certificate 11.6% renewable energy renewable energ
Slide 39: Debt Structure
Debt Structure Well-balanced and Long-term Maturity Profile with Diverse Funding Mix Preface 9M 2025 Appendix Update €bn Maturity Profile as of Sep 30, 2025 7% Bonds EUR 7,0 13% Bonds non EUR 6,0 Convertibles 39% 3% Bank loans German lenders 5,0 2% Bank loans Austrian lenders 4,0 Bank loans Swedish
Slide 40: Residential Market Fundamentals (Germany)
Residential Market Fundamentals (Germany) Household Sizes and Ownership Structure Preface 9M 2025 Appendix Update Growing number of smaller households Fragmented ownership structure • While the magnitude of the overall population in Germany varies • Germany is the largest housing market in Europe wi
Slide 41: Vonovia Shares
Vonovia Shares Basic Data and NOSH Evolution Preface 9M 2025 Appendix Update Norges First day of trading July 11, 2013 No. of shares outstanding 847.8 million 14.7% Free float 85.3% BlackRock 6.8% ISIN DE000A1ML7J1 3.7% APG Ticker symbol VNA 2.9% DWS Share class Registered shares with no par value M
Slide 42: IR Contact & Financial Calendar
IR Contact & Financial Calendar https://www.vonovia.com/en/investors Preface 9M 2025 Appendix Update Contact 2025 2026 Rene Hoffmann (Head of IR) Barclays European Real Estate Equity & Credit Conference, (Sell side, Buy side) Nov 6 VNA 9M Roadshow, Frankfurt Jan 8 London +49 234 314 1629 rene.hoffma
Slide 43: Disclaimer
Disclaimer This presentation has been specifically prepared by Vonovia SE and/or its affiliates (together, “Vonovia”) for internal use. Consequently, it may not be sufficient or appropriate for the purpose for which a third party might use it. This presentation has been provided for information purp