Vonovia Se · XETR:VNA
Vonovia — H1 2026 Earnings Presentation
43 slides from Vonovia's earnings presentation, Aug 5, 2026
Slide 1: H1 2026 Earnings Call Presentation
H1 2026 Earnings Call Presentation August 5, 2026
Slide 2: Agenda
Agenda 1. H1 2026 Results & Outlook pages 3-12 2. Appendix pages 13-43
Slide 3: H1 Summary
H1 Summary Strong Growth in Core Business. Progress on Disposal Program Results & Appendix Outlook • Rental segment remains rock solid. Value-add with strong performance fueled by craftsmen Attractive growth in core operating organization and energy business. business • Recurring Sales & Development
Slide 4: H1 2026 Performance
H1 2026 Performance Attractive Operational Performance. Sales-related Segments Impacted by Market Environment Results & Appendix Outlook ~5k fewer units y-o-y. -5.4% +3.5% -0.5% when adj. for Q1 25 land sale. Record Customer Satisfaction Index €1.13 Adj. EBT p.s. €1,268.6m Adj. EBITDA Rental perform
Slide 5: Rental Segment
Rental Segment EBITDA Growth in spite of Smaller Portfolio Results & Appendix Outlook Rental Segment (€m) H1 2026 H1 2025 Delta • Adj. EBITDA Rental up +3.5% despite ~5k fewer units. Rental revenue 1,749.7 1,692.7 3.4% • Organic rent growth impacted by timing of Berlin Maintenance expenses -238.3 -2
Slide 6: Value-add Segment
Value-add Segment External and Internal Revenue Growth Drive Significant EBITDA Increase Results & Appendix Outlook Value-add Segment (€m) H1 2026 H1 2025 Delta • External revenue growth mainly from energy business. Revenue Value-add 800.1 731.2 9.4% • Internal revenue growth driven by higher invest
Slide 7: Recurring Sales Segment
Recurring Sales Segment Strong Margin Increase Results & Appendix Outlook Recurring Sales Segment (€m) H1 2026 H1 2025 Delta • Adj. EBITDA slightly higher in H1 2026 in spite of only 60% of prior- year volume (Q1 2025 benefitted from a larger number of signings Units sold 687 1,134 -39.4% made at th
Slide 8: Development Segment
Development Segment Healthy Margin, but Challenging Market Environment Results & Appendix Outlook • Prior-year comparison is skewed because H1 2025 included Development Segment (€m) H1 2026 H1 2025 Delta the disposal of a large land plot with an EBITDA contribution Revenue from disposal of to-Sell p
Slide 9: Leverage
Leverage Road to Lower Leverage Built on Actionable Plan Results & Appendix Outlook Key drivers towards lower leverage targets Ambition to deliver more • Rental EBITDA growth sufficient to cover increasing Higher interest More ambitious than mid-single- financing expenses. rate stance towards digit
Slide 10: H1 Valuation
H1 Valuation Asset Values Continued on Upward Trajectory Results & Appendix Outlook Transaction market & outlook 1.1% L-f-l value increase excl. investments €81.8bn • H1 2026 German resi institutional transaction volume of ~€4bn fair value 1.8% L-f-l value increase incl. investments (CBRE, JLL) with
Slide 11: De-Leveraging through Disposals
De-Leveraging through Disposals Disposals: ~€700m Realized in H1 Results & Appendix Outlook H1 2026 Disposal targets towards 2028 ~€330m non-core disposals Remaining German non-core portfolio of ~€1.8bn Non-Core portfolio in Germany realized in Germany. (including ~€0.3bn nursing assets and ~€0.3bn
Slide 12: 2026 Guidance & 2028 Objective
2026 Guidance & 2028 Objective 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% ~5% Investments2 €836m €1.162m ~€1.4bn ~€2bn Adj. EBITDA Total €2.642bn €2.801bn €2
Slide 13: Agenda (Appendix)
Agenda 1. H1 2026 Results & Outlook pages 3-12 2. Appendix pages 13-43 H1 2026 Performance & Business Update Earnings & Cash Flow 14 Rental Segment & Portfolio 15-18 Efficiency 19 Value-add Segment 20-21 Investment Program 22 Recurring Sales Segment 23 Development Segment 24-25 EBITDA 2026 Guidance
Slide 14: Financial Performance: Earnings & Cash Flow
Financial Performance Earnings & Cash Flow Results & Appendix Outlook Earnings Operating Free Cash Flow H1 H1 Delta H1 H1 Delta €m (unless indicated otherwise) €m (unless indicated otherwise) 2026 2025 (%) 2026 2025 (%) Adj. EBITDA Rental 1,268.6 1,225.6 3.5% Adj. Earnings before Taxes (EBT)1 962.3
Slide 15: 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% 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 based
Slide 16: Portfolio Clustering
Portfolio Clustering Results & Appendix Outlook In-place Resi In-place rent Vacancy Fair value Fair value Gross Jun. 30, 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 17: Country KPIs
Country KPIs Key Rental Operations Metrics for Germany, Sweden, and Austria Results & Appendix Outlook In-place Rent (€/sqm/month1) Organic rent growth 11.30 11.82 5.6% 4.4% 4.3% 8.05 8.32 3.6% 5.76 5.87 1.4% 0.9% Germany Sweden1,2 Austria1 Germany Sweden Austria Vacancy rate Collection rate Mainten
Slide 18: Country KPIs
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) 473 469 70.0 72.1 9% 3% €81.8bn 88% 40 40 6.7 7.0 20 20 2.7 2.8 Germany Sweden Austria Germany Sweden2 Austr
Slide 19: 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 20: Value-add Segment
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 21: Craftsmen Organization and Energy Are Key Growth Drivers
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 22: Accretive Investment Program in Long-term Portfolio
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 23: Recurring Sales Segment
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 24: Development Segment
Development Segment Key Business Rationale & Main Growth Drivers Results & Appendix Outlook Business Rationale Total pipeline status1 Units completed Regional view under construction • Supply/demand imbalance results in Under to sell to hold Leipzig region / huge demand at the right price point. con
Slide 25: Reducing Construction Costs Opens Up Large Addressable Market
Development Segment Reducing Construction Costs Opens Up Large Addressable Market Results & Appendix Outlook Long-term development Strategic concepts for reducing construction costs pipeline of ~65k units1 Design to Budget (Basishaus Concept) Vonovia’s land bank is • Simplification of product. • Sta
Slide 26: 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 27: EPRA NTA
EPRA NTA NTA flat - Impacted by Dividend Payout and 1.1% Value Growth in H1 (excluding investments) Results & Appendix Outlook EPRA NTA (€m) (unless indicated otherwise) Jun. 30, 2026 Dec. 31, 2025 Delta Total equity attributable to Vonovia shareholders 27,203.7 27,466.6 -1.0% Deferred tax in relati
Slide 28: Agenda (Additional Information)
Agenda 1. H1 2026 Results & Outlook pages 3-12 2. Appendix pages 13-43 H1 2026 Performance & Business Update Earnings & Cash Flow 14 Rental Segment & Portfolio 15-18 Efficiency 19 Value-add Segment 20-21 Investment Program 22 Recurring Sales Segment 23 Development Segment 24-25 EBITDA 2026 Guidance
Slide 29: Financial KPIs
Financial KPIs Results & Appendix Outlook LTV Jun. 30, 2026 Dec. 31, 2025 Delta (%) Non-derivative financial liabilities 42,233.6 42,630.3 -0.9 Foreign exchange rate effects -36.9 -4.2 >100 1 Cash and cash equivalents -2,172.7 -3,574.1 -39.2 Sales receivables -219.2 -277.6 -21.0 Adj. net debt 39,804
Slide 30: Overview KPIs
Overview KPIs Results & Appendix Outlook H1 2026 H1 2025 Delta Number of units 528,370 533,064 -0.9% In-place rent (€/month/sqm) 8.51 8.22 3.5% Organic rent growth 3.6% 4.4% -0.8pp Vacancy rate 2.3% 2.1% 0.2pp EBITDA Operations Margin1 82.0 80.8 1.2pp Number of employees 13,120 12,393 5.9% Net value
Slide 31: 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 Results & Appendix Outlook Vonovia Real market4 Delta between real market and Vonovia in-place rent % of total In-place Regional Market (Jun. 30, 2026) Reletting ren
Slide 32: 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, %) (Jun. 30, 2026) (€m) (€/sqm
Slide 33: 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 34: Creating Highly Attractive Investment Opportunities
… 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 35: Debt Structure
Debt Structure Well-balanced and Long-term Maturity Profile with Diverse Funding Mix Results & Appendix Outlook €bn Current Maturity Profile3 7% Bonds EUR 8.0 2% Bonds non EUR 3% 30% 7.0 Green/Social Bonds Convertibles 6.0 29% €42.2bn Bank loans German lenders 5.0 Bank loans Austrian lenders 4.0 7%
Slide 36: Bond Covenants
Bond Covenants Consistent Full Compliance Across All Bond Covenants Results & Appendix Outlook Required Current level (Jun. 30, 2026) Bond covenants level (Dec. 31, 2025) LTV 42.2bn ➔ 45.4% <60% (Total financial debt / total assets) 93.1bn (45.7%) Secured LTV 12.8bn ➔ 13.7% <45% (Secured debt / tota
Slide 37: 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 20301 are in line with the 1.
Slide 38: Sustainability Performance Index (SPI)
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 39: Recognition of ESG Performance
Recognition of ESG Performance ESG Ratings and Indices Results & Appendix Outlook ESG Ratings Since 2018: Sustainalytics has assigned Vonovia an Gold Level Compliance with EPRA Sustainability Best Practices Sustainalytics ESG Risk Rating of 6.4 in the “negligible risk” category. Recommendations A- B
Slide 40: 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 41: 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 42: IR Contact & Financial Calendar
IR Contact & Financial Calendar https://www.vonovia.com/en/investors Results & Appendix Outlook Contact 2026 Rene Hoffmann (Head of IR) Aug 5 Interim Results 6M 2026 (Sell side, Buy side) +49 234 314 1629 Sep 1 CoBa & ODDO BHF Corporate Conference, Frankfurt rene.hoffmann@vonovia.de Sep 3 Goldman Sa
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