Vonovia SE · XETR:VNA
Vonovia — 9M 2026 Earnings Presentation
44 slides from Vonovia's earnings presentation, Nov 4, 2026
Slide 1: 9M 2026 Earnings Call Presentation
9M 2026 Earnings Call Presentation November 4, 2026
Slide 2: Agenda
Agenda 1. 9M 2026 Results & Outlook pages 3-14 2. Appendix pages 16-43
Slide 3: 9M 2026 Performance
9M 2026 Performance Robust Operating Business. Sales-related Segments Impacted by Market Environment Results & Appendix Outlook -2.3% when adj. for Q1 25 land sale. ~5k fewer units y-o-y. -5.9% +3.5% ~€90m higher financing burden vs. 9M 3.8% organic rent growth. €1.66 Adj. EBT p.s. 2025. €1,912.2m A
Slide 4: Rental Segment
Rental Segment Robust Adj. EBITDA Growth in spite of Smaller Portfolio Results & Appendix Outlook Rental Segment (€m) 9M 2026 9M 2025 Delta • Adj. EBITDA Rental up +3.5% despite ~5k fewer units. Rental revenue 2,627.7 2,551.1 3.0% • Organic rent growth influenced by slightly softer-than- Maintenance
Slide 5: Value-add Segment
Value-add Segment External and Internal Revenue Growth Drive Significant Adj. EBITDA Increase Results & Appendix Outlook Value-add Segment (€m) 9M 2026 9M 2025 Delta • External revenue growth mainly from energy business. Revenue Value-add 1,203.9 1,093.6 10.1% • Internal revenue growth driven by hig
Slide 6: Recurring Sales Segment
Recurring Sales Segment Strong Margin Increase But Lower Volumes Results & Appendix Outlook Recurring Sales Segment (€m) 9M 2026 9M 2025 Delta • Adj. EBITDA slightly lower in 9M 2026 in spite of only ~60% of prior-year volume (Q1 2025 benefitted from a larger Units sold 965 1,553 -37.9% number of si
Slide 7: Development Segment
Development Segment Results & Appendix Outlook • Prior-year comparison is skewed because 9M 2025 included Development Segment (€m) 9M 2026 9M 2025 Delta the disposal of a large land plot with an EBITDA contribution Revenue from disposal of to-Sell properties 267.4 278.6 -4.0% of ca. €53 million. Cos
Slide 8: Transaction Volumes excl. Listed Players
Transaction Volumes excl. Listed Players Limited Recovery in Transaction Activity Results & Appendix Outlook 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. Two-thirds of the rental units in
Slide 9: Valuation
Valuation Significant Dispersion Results & Appendix Outlook Implied Fair Value Fair Value 9M 2026 Average Sales Price Condos2 New Construction3 Stock Market1 ~5,800 €/sqm ~3,600 €/sqm 2,372 €/sqm ~1,650 €/sqm 1 Implied EV divided by total sqm. Implied EV = market cap + net debt. Share price assumpti
Slide 10: Disposals
Disposals ~€900m Realized in 9M Results & Appendix Outlook Core disposals + Non-core Recurring Sales land sales Germany: Pool of ~42k units in Opportunistic disposals from ~€1.2bn residential Germany and Austria. core portfolio (including Sweden) and land sales. ~€0.3bn nursing What is Individual ap
Slide 11: Leverage
Leverage Results & Appendix Outlook ND/EBITDA • ~€4.7bn refinanced year-to-date with an average tenor of ~7.5 years and an average coupon of ~3.3%.1 -0.1x • €1.5bn liability management in early July to trim 2027 and 14.0x 13.8x 13.9x <12x 2028 maturities. 09/25 12/25 09/26 Target 12/28E LTV ICR +20b
Slide 12: 2026 Final Guidance
2026 Final Guidance Results & Appendix Outlook Guidance 2026E Guidance 2026E Actuals 2025 Previous Final Rental Revenue €3.417bn €3.45bn - €3.55bn Upper half of range Organic rent growth1 4.1% ~4% ~3.8% Investments2 €1.162bn ~€1.4bn ~€1.3bn Adj. EBITDA Total €2.801bn €2.95bn - €3.05bn Bottom half of
Slide 13: 2027 Initial Guidance & 2028 Revised Objectives
2027 Initial Guidance & 2028 Revised Objectives Results & Appendix Outlook Guidance 2027E Previous Objectives 2028E New Objectives 2028E Comment At the level of 2027 (upside Rental Revenue €3.55bn - €3.65bn €3.7bn – €3.8bn potential subject to timing of disposals) Slower ramp up of investment 1 prog
Slide 14: Our View of the Berlin Socialization Debate
Our View of the Berlin Socialization Debate Results & Appendix Outlook Federal government Not a solution to the Proposal considered working on legislation housing challenge unconstitutional to intervene Vonovia remains highly confident the Berlin socialization plans will not prevail November 4, 2026
Slide 15: Agenda
Agenda 1. 9M 2026 Results & Outlook pages 3-14 2. Appendix pages 16-43 9M 2026 Performance & Business Update Earnings & Cash Flow 16 Rental Segment & Portfolio 17-18 Country KPIs 19-20 Efficiency 21 Value-add Segment 22-23 Investment Program 24 Recurring Sales Segment 25 Development Segment 26 EPRA
Slide 16: Financial Performance
Financial Performance Earnings & Cash Flow Results & Appendix Outlook Earnings Operating Free Cash Flow 9M 9M Delta 9M 9M Delta €m (unless indicated otherwise) €m (unless indicated otherwise) 2026 2025 (%) 2026 2025 (%) Adj. EBITDA Rental 1,912.2 1,847.0 3.5 Adj. Earnings before Taxes (EBT)1 1,408.0
Slide 17: Rental Segment Germany
Rental Segment Germany Key Business Rationale & Main Growth Drivers Results & Appendix Outlook 2021 2025 Organic rent growth4 ~4.5% 4.1% 4.1% ~3.8% ~4% 1.3% 1.5% Supply/demand imbalance. Rising temperature1 2.8% 2.6% 2024 2025 2026E 2027E 2028E Market Investment driven Wide disparity of gross initia
Slide 18: Portfolio Clustering
Portfolio Clustering Results & Appendix Outlook In-place Resi In-place rent Vacancy Fair value Fair value Gross Sep. 30, 2026 rent units (€m p.a.)1 Rate (€bn)2 (€/sqm)2 yield (€/sqm)1 Strategic • German portfolio comprises strategic assets in 15 urban growth regions that are held in larger urban qua
Slide 19: Country KPIs
Country KPIs Key Rental Operations Metrics for Germany, Sweden, and Austria Results & Appendix Outlook In-place Rent (€/sqm/month1) Organic rent growth 11.41 11.60 5.5% 4.1% 4.3% 8.11 8.41 3.8% 5.78 5.87 1.4% 0.7% Germany Sweden1,2 Austria1 Germany Sweden Austria Vacancy rate Collection rate Mainten
Slide 20: Country KPIs
Country KPIs Key Portfolio and Valuation Metrics for Germany, Sweden, and Austria Results & Appendix Outlook Geographic split (% of fair value) Number of residential units (‘000) Fair value (€bn) 473 468 70.0 72.2 8% 3% €81.9bn 88% 40 40 6.8 6.8 20 20 2.7 2.8 Germany Sweden Austria Germany Sweden2 A
Slide 21: 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 22: 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 23: Value-add Segment: Craftsmen Organization and Energy
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 €1.7bn target by 2028 Energy Operations. Expected IRR of >10%1 ~€400-500m p.a. Inter
Slide 24: 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 25: 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. • General target volume of 3,000 - 3,500 units p.a. with ambition to • Tax incentives for retail inv
Slide 26: Development Segment
Development segment is Development Segment under strategic review 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 regi
Slide 27: EPRA NTA
EPRA NTA Results & Appendix Outlook EPRA NTA (€m) (unless indicated otherwise) Sep. 30, 2026 Dec. 31, 2025 Delta Total equity attributable to Vonovia shareholders 27,380.2 27,466.6 -0.3% Deferred tax in relation to FV gains of investment properties1 13,428.9 13,151.6 2.1% FV of financial instruments
Slide 28: Agenda
Agenda 1. 9M 2026 Results & Outlook pages 3-14 2. Appendix pages 16-43 9M 2026 Performance & Business Update Earnings & Cash Flow 16 Rental Segment & Portfolio 17-18 Country KPIs 19-20 Efficiency 21 Value-add Segment 22-23 Investment Program 24 Recurring Sales Segment 25 Development Segment 26 EPRA
Slide 29: Financial KPIs
Financial KPIs Results & Appendix Outlook LTV Sep. 30, 2026 Dec. 31, 2025 Delta (%) Non-derivative financial liabilities 41,937.1 42,630.3 -1.6 Foreign exchange rate effects -38.8 -4.2 >100 1 Cash and cash equivalents -1,681.0 -3,574.1 -53.0 Sales receivables -252.4 -277.6 -9.1 Adj. net debt 39,964.
Slide 30: Overview KPIs
Overview KPIs Results & Appendix Outlook 9M 2026 9M 2025 Delta Number of units 527,488 532,558 -1.0% In-place rent (€/month/sqm) 8.57 8.28 3.5% Organic rent growth 3.8% 4.2% -0.4pp Vacancy rate 2.3% 2.2% 0.1pp EBITDA Operations Margin1 81.4% 80.1% 1.3pp Number of employees 13,162 12,521 5.1% Sep. 30
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 (Sep. 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, %) (Sep. 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: Affordability
Affordability Wage Inflation Has Exceeded Rent Inflation Results & Appendix Outlook Share of all-in rent in disposable household income (%)1 Wages, Consumer Prices, and Housing Costs at a Glance1 Gas, heating oil, and other household energy (excluding electricity) Total Population Single Parents Ele
Slide 36: Debt Structure
Debt Structure Well-balanced and Long-term Maturity Profile with Diverse Funding Mix Results & Appendix Outlook €bn Current Maturity Profile 7% Bonds EUR 8.0 2% Bonds non EUR 3% 31% 7.0 Green/Social Bonds Convertibles 6.0 28% €41.9bn Bank loans German lenders 5.0 Bank loans Austrian lenders 4.0 7% B
Slide 37: Bond Covenants
Bond Covenants Consistent Full Compliance Across All Bond Covenants Results & Appendix Outlook Required Current level (Sep. 30, 2026) Bond covenants level (Dec. 31, 2025) LTV1 41.9bn ➔ 45.2% <60% (Total financial debt / total assets) 92.7bn (45.7%) Secured LTV 12.4bn ➔ 13.4% <45% (Secured debt / tot
Slide 38: Commitment to Sustainability
Commitment to Sustainability Science-based Decarbonization Roadmap with Measurable Interim Targets Results & Appendix Outlook • Accelerated decarbonization with Net Zero target by 20451. • Including Scope 1, 2 and 3.3. • According to SBTi, Vonovia's climate targets until 2030 are in line with the 1.
Slide 39: 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 40: 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 41: 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 42: Vonovia Shares
Vonovia Shares Key Data and NOSH Evolution Results & Appendix Outlook Norges First day of trading July 11, 2013 12.2% No. of shares outstanding 848.5 million BlackRock Free float 87.8% 8.0% ISIN DE000A1ML7J1 3.7% APG Ticker symbol VNA Share class Registered shares with no par value Main listing Fran
Slide 43: IR Contact & Financial Calendar
IR Contact & Financial Calendar https://www.vonovia.com/en/investors Results & Appendix Outlook Contact 2026 2027 Rene Hoffmann (Head of IR) Nov 4 Interim Results 9M 2026 Jan 7 – Jan 8 ODDO BHF Forum Lyon (Sell side, Buy side) Nov 5 9M Roadshow London Jan 12 Barclays Conference London +49 234 314 16
Slide 44: 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