Vonovia Se · XETR:VNA
Vonovia — Vonovia Se Ord — H1 2025 Earnings Presentation
34 slides from Vonovia's earnings presentation, Aug 6, 2025
Slide 1: H1 2025 Earnings Call Presentation
H1 2025 Earnings Call Presentation August 6, 2025
Slide 2: Agenda
Agenda H1 2025 Update pages 3-13 1. 2. Appendix pages 15-34
Slide 3: Key Highlights
Key Highlights Earnings and Valuation Growth with Leverage under Control H1 2025 Appendix Update 1 Operations 2 Performance 3 Financing 4 Valuation 5 Guidance Market environment Adj. EBITDA Total €1.3bn Convertible 1.3% value growth in Organic rent growth and operating +12% bond issuance in May H1 2
Slide 4: Earnings & Cash Flow Summary
Earnings & Cash Flow Summary Double-digit Growth in Adj. EBITDA, Adj. EBT, and OFCF H1 2025 Appendix Update €m (unless indicated otherwise) H1 2025 H1 2024 Delta (%) Adj. EBITDA Rental 1,225.6 1,191.6 +2.9% Adj. EBITDA Value-add 100.7 56.8 +77.3% • Rental segment impacted by ~10k fewer units. Adj. E
Slide 5: Rental Segment
Rental Segment Operating KPIs Remain Rock Solid H1 2025 Appendix Update Rental Segment (€m) H1 2025 H1 2024 Delta • Adj. EBITDA Rental up +2.9% despite ~10k fewer units. Rental revenue 1,692.7 1,650.4 +2.6% • Organic rent growth keeps tracking above initial expectations. • Vacancy rate only a functi
Slide 6: 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 H1 2025 Appendix Update • Vonovia’s portfolio is focused on urban growth markets with the Wide disparity of gross initial yields based on in-place values and rents (current rent level €/
Slide 7: Value-add Segment
Value-add Segment Increasing EBITDA Contribution H1 2025 Appendix Update • Increase in modernization and portfolio investments benefitted Value-add Segment (€m) H1 2025 H1 2024 Delta craftsmen organization. Revenue Value-add 731.2 635.3 +15.1% • Positive business development in energy sales. of whic
Slide 8: Recurring Sales Segment
Recurring Sales Segment Increasing EBITDA Contribution H1 2025 Appendix Update • Substantial increase in disposal volume and revenue. Recurring Sales Segment (€m) H1 2025 H1 2024 Delta • Increasing demand in the context of structural housing shortage, Units sold 1,134 921 +23.1% interest rate stabil
Slide 9: Development Segment
Development Segment Increasing EBITDA Contribution H1 2025 Appendix Update • H1 2025 positively impacted by closing of a land sale in Q1. Development Segment (€m) H1 2025 H1 2024 Delta • Initiatives of new Federal Government to reduce construction costs Revenue from disposal of to-Sell properties 20
Slide 10: Valuation
Valuation L-f-l Value Increase of 1.3% for Standing Portfolio H1 2025 Appendix Update Valuation KPIs June 30, 2025 (Standing Portfolio3) • L-f-l value increase of €1bn for standing portfolio. • Initial recognition of QBI landbank based on conservative Vonovia Germany Sweden Austria VNA Total valuati
Slide 11: Financial KPIs
Financial KPIs Leverage Well under Control with Organic Deleveraging Going Forward H1 2025 Appendix Update • Pro forma cash position of €3.7bn1 covers all near-term maturities. Rating Outlook Last update • Placement of two convertibles2 in May with aggregate amount of S&P BBB+ Stable Aug. 23, 2024 €
Slide 12: 2025 Guidance & 2028 Objective
2025 Guidance & 2028 Objective Increased Guidance for Rent Growth, Adj. EBITDA, and Adj. EBT H1 2025 Appendix Update Actuals 2024 Guidance 2025E Objective 2028E Around upper end Rental Revenue €3.324bn €3.7bn - €3.8bn of €3.3bn - €3.4bn range >4% Organic rent growth 4.1% >4% (Higher investment volum
Slide 13: Wrap-up
Wrap-up • Market environment and operating business remain rock solid • Rental segment fully on track • Continued acceleration of profitability in non-rental segments • Strong financial performance with double-digit growth in Adj. EBITDA and Adj. EBT • Positive H1 valuation result confirms turnaroun
Slide 14: Agenda
Agenda 1. H1 2025 Update pages 3-13 2. Appendix pages 15-34
Slide 15: Estimated Annual Total Accounting and Shareholder Return
Estimated Annual Total Accounting and Shareholder Return Two Types of Returns: Earnings Growth + Organic Value Growth H1 2025 Appendix Update Assuming stable market yields, the annual total return Baa1. Stable Outlook for 2025E – 2028E for our BBB+ rated capital structure is estimated to be • ~13% b
Slide 16: EPRA NTA
EPRA NTA H1 2025 Appendix Update EPRA NTA (€m) Jun. 30, Dec. 31, • Deferred tax liabilities are the calculated tax expenses on the (unless indicated otherwise) 2025 2024 Delta delta between (IFRS) fair values and (local GAAP) tax values, Total equity attributable to Vonovia 24,190.9 23,996.4 +0.8% w
Slide 17: Earnings Growth
Earnings Growth Ambition to Grow Adj. EBITDA Total CAGR by ~8% until 2028 H1 2025 Appendix Update 2024-2028E CAGR Rental business • Adj. EBITDA Rental ~4% Rock solid, low risk, and highly predictable • Adj. EBITDA Non-rental ~30% ~4% Adj. EBITDA Rental growth p.a. for the long-term (Based on €1bn in
Slide 18: Accelerated tech-supported investments
Accretive Investment Program in Long-term Portfolio Acceleration through Tech-supported Investments H1 2025 Appendix Update • Investment program is based on the long-term structural megatrends Optimize Apartment renovation supply demand imbalance, climate change, and demographic change. Apartment up
Slide 19: Development
Development Reducing Construction Costs Opens Up Large Addressable Market H1 2025 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 • Standard
Slide 20: 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 H1 2025 Appendix Update Vonovia Real market4 Delta between real market and Vonovia in-place rent % of total In-place Regional Market (Jun. 30, 2025) Reletting rent r
Slide 21: Our Business Is Supported by Structural Megatrends…
Our Business Is Supported by Structural Megatrends… H1 2025 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 Imbalance
Slide 22: … Creating Highly Attractive Investment Opportunities
… Creating Highly Attractive Investment Opportunities H1 2025 Appendix Update Support from megatrends while other real Supply-/ ~€100bn investment volume every year to complete estate sectors fight disruptive changes Demand Imbalance 320k apartments per year.1 Up to €120bn investment volume every ye
Slide 23: Regional Markets
Regional Markets Balanced Exposure to Relevant Growth Regions H1 2025 Appendix Update Fair value1 In-place rent Regional Markets Residential Organic rent Multiple Market rent Average rent Purchase power increase forecast growth (LTM, %) (Jun. 30, 2025) (€bn) (€/sqm) Residential units Vacancy (%) Tot
Slide 24: Portfolio Clustering
Portfolio Clustering H1 2025 Appendix Update In-place In-place Vacancy Fair value Fair value Gross Jun. 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 438,222 2,652 8.08 1.7 64.3
Slide 25: Capital Allocation Focus
Capital Allocation Focus Key Priorities for Vonovia H1 2025 Appendix Update Financial Strength Growth Strategic Ratings, Covenants & Liquidity Rental & Non-Rental Growth Priorities Preserving a robust Acceleration through organic growth capital structure initiatives ▪ General preference for allocati
Slide 26: Commitment to Sustainability
Commitment to Sustainability Science-based Decarbonization Roadmap with Measurable Interim Targets H1 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 the 1.5-de
Slide 27: Sustainability Performance Index (SPI)
Sustainability Performance Index (SPI) Measurable Targets for Non-financial KPIs H1 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 most hous
Slide 28: Recognition of ESG Performance
Recognition of ESG Performance ESG Ratings and Indices H1 2025 Appendix Update ESG Ratings 19,2 7,7 6,7 7.6 6.0 7.0 2019 2020 2021 2023 2024 2025 2018 2019 2020 2021 2022 2023 2024 AAA AA A- A A 20% A A A A- B B B B C B- B B- 10% BBB BBB C C- D 0% CCC B BB BBB A AA AAA D- 2018 2019 2020 2021 2022 20
Slide 29: Energy Efficiency Classes
Energy Efficiency Classes Substantial Progress since IPO Puts Vonovia Ahead of the Market H1 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 energy 12.0%
Slide 30: Debt Structure
Debt Structure Well-balanced and Long-term Maturity Profile with Diverse Funding Mix H1 2025 Appendix Update €bn Maturity Profile as of June 30, 2025 7% 14% 6.0 3% Bonds 2% 5.0 Convertibles Bank loans German lenders 4.0 41% Bank loans Austrian lenders Bank loans Swedish lenders 3.0 30% Green/Social
Slide 31: Residential Market Fundamentals (Germany)
Residential Market Fundamentals (Germany) Household Sizes and Ownership Structure H1 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 with ~43m
Slide 32: Vonovia Shares
Vonovia Shares Basic Data and NOSH Evolution H1 2025 Appendix Update Norges First day of trading July 11, 2013 No. of shares outstanding 835.6 million 14.7% Free float 85.3% BlackRock 6.9% ISIN DE000A1ML7J1 3.8% APG Ticker symbol VNA 3.0% DWS Share class Registered shares with no par value Main list
Slide 33: IR Contact & Financial Calendar
IR Contact & Financial Calendar https://www.vonovia.com/en/investors H1 2025 Appendix Update Contact Financial Calendar 2025 Sep 3 Bernstein Pan-European Real Estate Conference, London Rene Hoffmann (Head of IR) (Primary contact for Sell side, Buy side) Sep 4 Commerzbank and ODDO BHF Corporate Confe
Slide 34: 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