Vonovia Se · XETR:VNA
Vonovia — Vonovia Se Ord — Q1 2026 Earnings Presentation
40 slides from Vonovia's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Earnings Call Presentation
Q1 2026 Earnings Call Presentation May 7, 2026
Slide 2: Agenda
Agenda 1. Q1 2026 Results & Outlook pages 3-9 2. Appendix pages 10-40
Slide 3: Q1 2026 Performance
Q1 2026 Performance Strong Operational Performance. Sales-related Segments Slower due to Phasing Effects Results & Appendix Outlook ~4k fewer units y-o-y. +6.3% 4.0% organic rent growth. -7.0% +3.8% when adj. for Q1 25 land sale. €629.7m Adj. EBITDA Rental 97.7% occupancy rate. €0.54 Adj. EBT p.s. N
Slide 4: Rental Segment
Rental Segment Good EBITDA Growth in spite of Smaller Portfolio Results & Appendix Outlook Rental Segment (€m) Q1 2026 Q1 2025 Delta • Adj. EBITDA Rental up +6.3% despite ~4k fewer units. Rental revenue 873.6 840.4 +4.0% • Organic rent growth drivers in line with expectations (2.6% Maintenance expen
Slide 5: Value-add Segment
Value-add Segment Strong External and Internal Revenue Growth Drive 30% EBITDA Increase Results & Appendix Outlook Value-add Segment (€m) Q1 2026 Q1 2025 Delta • External revenue growth mainly from energy business. Revenue Value-add 424.0 387.1 +9.5% • Internal revenue growth driven by higher invest
Slide 6: Recurring Sales Segment
Recurring Sales Segment Strong Margin Increase Results & Appendix Outlook Recurring Sales Segment (€m) Q1 2026 Q1 2025 Delta • Adj. EBITDA broadly in line with Q1 2025 in spite of only 50% of prior-year volume (Q1 2025 benefitted from a larger number of Units sold 348 689 -49.5% signings made at the
Slide 7: Development Segment
Development Segment Strong Margin. Lower Y-o-Y Volume Phasing Related Results & Appendix Outlook Development Segment (€m) Q1 2026 Q1 2025 Delta • Prior-year comparison is skewed because Q1 2025 included the disposal of a large land plot with an EBITDA contribution Revenue from disposal of to-Sell pr
Slide 8: Leverage
Leverage Road to Lower Leverage Built on Actionable Plan Results & Appendix Outlook Ambition to Key drivers towards lower leverage targets deliver more Higher interest More ambitious • Rental EBITDA growth sufficient to cover increasing than mid-single- rate stance towards digit earnings financing e
Slide 9: 2026 Guidance & 2028 Objective
2026 Guidance & 2028 Objective Confirmed in spite of More Ambitious Leverage Targets Results & Appendix Outlook Actuals 2024 Actuals 2025 Guidance 2026E Objective 2028E Rental Revenue €3.324bn €3.417bn €3.45bn - €3.55bn €3.7bn - €3.8bn Organic rent growth1 4.1% 4.1% ~4.2% ~5% Investments2 €836m €1.1
Slide 10: Agenda (Appendix)
Agenda 1. Q1 2026 Results & Outlook pages 3-9 2. Appendix pages 10-40 Q1 2026 Performance & Business Update Earnings & Cash Flow 11 Rental Segment & Portfolio 12-15 Efficiency 16 Value-add Segment 17-18 Investment Program 19 Recurring Sales Segment 20 Development Segment 21-22 EBITDA 2026 Guidance a
Slide 11: Financial Performance: Earnings & Cash Flow
Financial Performance Earnings & Cash Flow Results & Appendix Outlook Earnings Operating Free Cash Flow Q1 Q1 Delta Q1 Q1 Delta €m (unless indicated otherwise) €m (unless indicated otherwise) 2026 2025 (%) 2026 2025 (%) Adj. EBITDA Rental 629.7 592.6 +6.3% Adj. Earnings before Taxes (EBT) 462.2 482.
Slide 12: Rental Segment Germany
Rental Segment Germany Key Business Rationale & Main Growth Drivers Results & Appendix Outlook 2021 2025 Organic rent growth4 ~5% 4.1% 4.1% ~4.2% 1.3% 1.5% Supply/demand imbalance. Rising temperature1 2.8% 2.6% 2024 2025 2026E 2028E Market Investment driven Wide disparity of gross initial yields bas
Slide 13: Portfolio Clustering
Portfolio Clustering Results & Appendix Outlook In-place Resi In-place rent Vacancy Fair value Fair value Gross Mar. 31, 2026 rent units (€m p.a.)1 Rate (€bn)2 (€/sqm)2 yield (€/sqm)1 Strategic • German portfolio comprises of strategic assets in 15 urban growth regions that are held in larger urban
Slide 14: Country KPIs: Rental Operations
Country KPIs Key Rental Operations Metrics for Germany, Sweden, and Austria Results & Appendix Outlook In-place Rent (€/sqm/month1) Organic rent growth 11.49 11.96 6.0% 5.2% 7.96 8.26 4.1% 4.0% 3.3% 5.72 5.84 1.4% Germany Sweden1,2 Austria1 Germany Sweden Austria Vacancy rate Collection rate Mainten
Slide 15: Country KPIs: Portfolio and Valuation
Country KPIs Key Portfolio and Valuation Metrics for Germany, Sweden, and Austria Results & Appendix Outlook Geographic split (% of fair value) No of residential units (‘000) Fair value (€bn) 475 471 69.0 71.1 9% 3% €80.9bn 88% 40 40 6.8 7.0 20 20 2.7 2.8 Germany Sweden Austria Germany Sweden2 Austr
Slide 16: Platform and Scale Deliver Higher Efficiency
Platform and Scale Deliver Higher Efficiency Lowest Gross-to-Net Leakage in German Resi Results & Appendix Outlook Proven operating platform with efficiencies of scale Gross yields… Net yields… …differ based on location and long-term …are much more homogeneous, as cost rent growth outlook, giving di
Slide 17: Wide Range of Additional Products & Services
Value-add Segment Wide Range of Additional Products & Services Adjacent to Rental Business Results & Appendix Outlook VTS craftsmen organization Third-party management Energy generation & sales Facility management services Multimedia Smart metering Heat contracting Internet of things Insurance Addit
Slide 18: Increasing Margin & Flexibility
Value-add Segment Craftsmen Organization and Energy Are Key Growth Drivers Results & Appendix Outlook VTS (craftsmen organization) Energy Maintenance Investments Tenant electricity and heat pumps as key products for €2bn target by 2028 Energy Operations. Expected IRR of >10%1 ~€400-500m p.a. Interna
Slide 19: Accelerated Tech-Supported Investments
Accretive Investment Program in Long-term Portfolio Acceleration through Tech-supported Investments Results & Appendix Outlook • Investment program is based on the long-term structural megatrends Optimize Apartment renovation supply demand imbalance, climate change, and demographic change. Apartment
Slide 20: Recurring Sales Segment: Rationale & Growth Drivers
Recurring Sales Segment Key Business Rationale & Main Growth Drivers Results & Appendix Outlook Key business rationale Main growth drivers • Capturing spread between institutional and retail pricing. • Target volume of 3,000 - 3,500 units p.a. with ambition to push • Tax incentives for retail invest
Slide 21: Development Segment: Rationale & Growth Drivers
Development Segment Key Business Rationale & Main Growth Drivers Results & Appendix Outlook Why do development? Total pipeline status1 Units completed Regional view under construction • Supply/demand imbalance results in Under to sell to hold construction Leipzig region / huge demand at the right pr
Slide 22: Reducing Construction Costs Opens Up Market
Development Segment Reducing Construction Costs Opens Up Large Addressable Market Results & Appendix Outlook Long-term development Strategic concepts for reducing constructions costs pipeline of ~65k units1 Design to Budget (Basishaus Concept) Vonovia’s land bank is • Simplification of product. • St
Slide 23: 2026 Guidance and 2028 Outlook
2026 Guidance and 2028 Outlook On Track Results & Appendix Outlook Rental Adj. EBITDA Total Non-rental ≥15% 20-25% Ambition to deliver high- 10% 13% single-digit growth p.a. €3.2bn for Adj. EBT from €2.95bn - - €3.5bn additional growth €2,642m €2,801m €3.05bn opportunities and lower 75-80% leverage.
Slide 24: EPRA NTA
EPRA NTA Small Increase – No Portfolio Valuation In Q1 Results & Appendix Outlook EPRA NTA (€m) (unless indicated otherwise) Mar. 31, 2026 Dec. 31, 2025 Delta Total equity attributable to Vonovia shareholders 27,646.3 27,466.6 +0.7% Deferred tax in relation to FV gains of investment properties1 13,2
Slide 25: Additional Information
Agenda 1. Q1 2026 Results & Outlook pages 3-9 2. Appendix pages 10-40 Q1 2026 Performance & Business Update Earnings & Cash Flow 11 Rental Segment & Portfolio 12-15 Efficiency 16 Value-add Segment 17-18 Investment Program 19 Recurring Sales Segment 20 Development Segment 21-22 EBITDA 2026 Guidance a
Slide 26: Financial KPIs
Financial KPIs Results & Appendix Outlook Mar. 31, Dec. 31, Delta Financing activities LTV 2026 2025 (%) • 01/2026: CHF150m (€161m) bond issuance; 8.75-year Non-derivative financial liabilities 41,003.2 42,630.3 -3.8 Foreign exchange rate effects -39.0 -4.2 >100 tenor and 3.797% coupon after currenc
Slide 27: Overview KPIs
Overview KPIs Results & Appendix Outlook Q1 2026 / Q1 2025 / Delta Mar. 31, 2026 Mar. 31, 2025 Number of units 530,506 534,566 -0.8% In-place rent (€/mo/sqm) 8.46 8.15 +3.8% Organic rent growth 4.0% 4.3% -0.3pp Vacancy rate 2.3% 2.1% +0.2pp EBITDA Operations Margin1 80.4% 77.6% +2.8pp Fair Value (re
Slide 28: Long-term Upward Trajectory for Rent Levels
Robust Long-term Upward Trajectory for Vonovia’s Rent Levels Increasing Real Market Levels As Supply/Demand Imbalance Beats Regulation Results & Appendix Outlook Vonovia Real market4 Delta between real market and Vonovia in-place rent % of total In-place Regional Market (Mar. 31, 2026) Reletting ren
Slide 29: Regional Markets
Regional Markets Diversified Portfolio with Strong German Regional and International Footprint Results & Appendix Outlook Fair value1 In-place rent Regional Markets Residential Organic rent Multiple Market rent Average rent Purchase power increase forecast growth (LTM, %) (Mar. 31, 2026) (€bn) (€/sq
Slide 30: Our Business Is Supported by Structural Megatrends
Our Business Is Supported by Structural Megatrends… Results & Appendix Outlook 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. Supply/Demand Imbalance Climate Cha
Slide 31: Support from Megatrends While Other Sectors Fight
… Creating Highly Attractive Investment Opportunities Results & Appendix Outlook Support from megatrends while other real Supply-/ ~€100bn investment volume1 every year to complete estate sectors fight disruptive changes Demand Imbalance 320k apartments2 per year. Up to €120bn investment volume ever
Slide 32: Debt Structure
Debt Structure Well-balanced and Long-term Maturity Profile with Diverse Funding Mix Results & Appendix Outlook €bn Maturity Profile as of Mar 31, 2026 7% Bonds EUR 7.0 3% 3% Bonds non EUR 6.0 36% Green/Social Bonds Convertibles 5.0 €41.0bn Bank loans German lenders 30% 4.0 Bank loans Austrian lende
Slide 33: Bond Covenants
Bond Covenants Consistent Full Compliance Across All Bond Covenants Results & Appendix Outlook Required Current level (Mar. 31, 2026) Bond covenants level (Mar. 31, 2025) LTV 41.0bn ➔ 44.6% <60% (Total financial debt / total assets) 92.0bn (46.5%) Secured LTV 13.2bn ➔ 14.3% <45% (Secured debt / tota
Slide 34: Commitment to Sustainability
Commitment to Sustainability Science-based Decarbonization Roadmap with Measurable Interim Targets Results & Appendix Outlook • 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
Slide 35: Sustainability Performance Index
Sustainability Performance Index (SPI) Measurable Targets for Non-financial KPIs Results & Appendix Outlook • Quantitative, non-financial metric to measure sustainability performance in the most relevant areas (based on materiality matrix). • SPI reporting is audited by our statutory auditor (limite
Slide 36: Recognition of ESG Performance
Recognition of ESG Performance ESG Ratings and Indices Results & Appendix Outlook ESG Ratings Since 2018: 19.2 Gold Level Compliance with 7.7 7,6 6,0 6.4 6.7 EPRA Sustainability Best Practices Recommendations 2019 2020 2021 2023 2024 2025 AAA AAA AA A- A A A A B B B B B C B- Range AAA to CCC BBB BBB
Slide 37: Energy Efficiency Classes
Energy Efficiency Classes Substantial Progress since IPO Puts Vonovia Ahead of the Market Results & Appendix Outlook 0.3% 0.2% 1.3% 0.2% 2.0% Energy 4.0% Heating system Heating system 4.0% Performance (to be) powered by 11.8% (to be) powered by Certificate 11.6% renewable energy renewable energy 12.
Slide 38: Vonovia Shares
Vonovia Shares Key Data and NOSH Evolution Results & Appendix Outlook Norges First day of trading July 11, 2013 No. of shares outstanding 848.4 million 14,0% Free float 86.0% BlackRock 8,0% ISIN DE000A1ML7J1 Ticker symbol VNA 3,7% APG Share class Registered shares with no par value Main listing Fran
Slide 39: IR Contact & Financial Calendar
IR Contact & Financial Calendar https://www.vonovia.com/en/investors Results & Appendix Outlook Contact 2026 Rene Hoffmann (Head of IR) May 7 Interim Results 3M 2026 Aug 5 Interim Results 6M 2026 (Sell side, Buy side) May 11 – May 13 VNA Q1 Roadshow CoBa & ODDO BHF Corporate Conference, +49 234 314
Slide 40: 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