Vonovia Se · XETR:VNA
Vonovia — Vonovia Se Ord — FY 2025 Earnings Presentation
45 slides from Vonovia's earnings presentation, Mar 19, 2026
Slide 1: FY 2025 Earnings Call Presentation
FY 2025 Earnings Call Presentation March 19, 2026
Slide 2: Agenda
Agenda 1. 2025 Results & Outlook pages 3-10 2. Appendix pages 12-44
Slide 3: Highlights
Highlights Strong 2025 Performance with Momentum into 2026. Guidance Confirmed. Deleveraging Accelerated Results & Appendix Outlook • Rental segment maintained unique robustness and reliable upward cash flow trajectory. 2025 results above • Increasing momentum in non-rental segments. expectations •
Slide 4: Another Successful Year with Promises Delivered
2025 Another Successful Year with Promises Delivered Results & Appendix Outlook ~9k fewer units y-o-y. Net financing expenses up 4.4%, +2.5% 4.1% organic rent growth. +3.1% benefiting from convertible issuance. €2,445m Adj. EBITDA Rental 97.9% occupancy rate. €2.29 Adj. EBT p.s. Substantially higher
Slide 5: Valuation
Valuation Asset Values to Continue on Upward Trajectory Results & Appendix Outlook L-f-l value increase excl. investments Transaction market & outlook 1.8% (H1: +0.7%. H2: +1.1%). €80.7bn • 2025 German resi institutional transaction volume inside €9bn L-f-l value increase incl. investments fair valu
Slide 6: 2026 Guidance and 2028 Outlook Confirmed
2026 Guidance and 2028 Outlook Confirmed Positive Momentum Continues. On track for Guidance and Outlook 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
Slide 7: Dividend
Dividend Simplified Dividend Policy and Proposal for FY2025 Dividend to AGM Results & Appendix Outlook Simplified Dividend Policy €1.25 per share (+2.5%) We pursue a progressive dividend policy and aim for a payout ratio between 50 and 60% of Adj. EBT. Proposal for the FY2025 dividend A scrip option
Slide 8: Leverage
Leverage More Ambitious Target Setting Results & Appendix Outlook Ambition to • Acceleration of the organic deleveraging process with more deliver more active pursuit of disposal opportunities. Higher interest More ambitious than mid-single- rate stance toward • Review of minority positions in non-s
Slide 9: Enhanced Transparency and Disclosure
Enhanced Transparency and Disclosure Bottom-line Earnings, Non-German Exposure, Development Results & Appendix Outlook Reconciliation Adj. EBITDA Total to Adj. Shareholder Earnings Commitment to adequate, comprehensive, and transparent investor communication Adj. EBITDA Total - Adj. net financial re
Slide 10: 2026 Guidance & 2028 Objective
2026 Guidance & 2028 Objective Confirmed in spite of More Ambitious Leverage Targets Results & Appendix Outlook Actuals 2024 Actuals 2025 Initial 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 €8
Slide 11: Agenda (Appendix)
Agenda 1. 2025 Results & Outlook pages 3-10 2. Appendix pages 12-44 2025 Performance & Business Update Earnings & Cash Flow 12 Efficiency 13 Rental Segment & Portfolio 14-18 Value-add Segment 19-21 Investment Program 22 Recurring Sales Segment 23-24 Development Segment 25-27 EPRA NTA 28 Additional I
Slide 12: Earnings & Cash Flow
Earnings & Cash Flow Adj. EBT and Adj. Shareholder Earnings Growth Results & Appendix Outlook Earnings Operating Free Cash Flow FY FY Delta FY FY Delta €m (unless indicated otherwise) €m (unless indicated otherwise) 2025 2024 (%) 2025 2024 (%) Adj. EBITDA Rental 2,445.0 2,385.7 +2.5% Adj. Earnings b
Slide 13: 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 14: Rental Segment
Rental Segment 2025 Performance - Rental KPIs Remain in Great Health Results & Appendix Outlook Rental Segment (€m) FY 2025 FY 2024 Delta • Adj. EBITDA Rental up +2.5% despite ~9k fewer units. Rental revenue 3,417.2 3,323.5 +2.8% • Organic rent growth keeps tracking above initial expectations. • Vac
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% ~4.2% 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 16: Portfolio Clustering
Portfolio Clustering Results & Appendix Outlook In-place In-place Resi Vacancy Fair value Fair value Gross Dec. 31, 2025 rent rent units Rate (€bn)2 (€/sqm)2 yield (€m p.a.)1 (€/sqm)1 Strategic • German portfolio comprises of strategic assets in 15 urban growth regions that are held in larger urban
Slide 17: Country KPIs – Enhanced Transparency across Vonovia Regions
Country KPIs – Enhanced Transparency across Vonovia Regions Key Rental Operations Metrics for Germany, Sweden, and Austria Results & Appendix Outlook In-place Rent (€/sqm/month1) Organic rent growth 11.68 6.3% 10.48 5.4% 7.89 8.19 4.2% 3.8% 4.0% 5.71 5.82 1.4% Germany Sweden1,2 Austria1 Germany Swed
Slide 18: Country KPIs – Enhanced Transparency across Vonovia Regions
Country KPIs – Enhanced Transparency across Vonovia Regions 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) 480 471 69.4 70.9 9% 3% €80.7bn 88% 40 40 6.4 7.1 20 20 2.7 2
Slide 19: Value-add Segment
Value-add Segment 2025 Performance – Growth Initiatives on Track Results & Appendix Outlook Value-add Segment (€m) FY 2025 FY 2024 Delta • Internal revenue growth driven by higher investment volume that benefitted VTS craftsmen organization. Revenue Value-add 1,471.5 1,359.4 +8.2% • External revenue
Slide 20: Value-add Segment
Value-add Segment Wide Range of Additional Products & Services Adjacent to Rental Business Results & Appendix Outlook VTS craftsmen organization Facility management services Energy generation & sales Third-party management 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 2025 Performance – Increased Profitability Results & Appendix Outlook Recurring Sales Segment (€m) FY 2025 FY 2024 Delta • Revenue broadly stable; gross profit and fair value step-up higher than last year. Units sold 2,333 2,470 -5.5% • Growing demand in the context of struct
Slide 24: 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 25: Development Segment
Development Segment 2025 Performance – Growth Plan on Track Results & Appendix Outlook • On track to reduce construction costs through less complexity, Development Segment (€m) FY 2025 FY 2024 Delta standardization, economies of scale, and innovation-driven Revenue from disposal of to-Sell propertie
Slide 26: Development Segment
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 construction to sell to hold Leipzig region / huge demand at the right pr
Slide 27: 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 constructions costs pipeline of ~65k units1 Design to Budget (Basishaus Concept) Vonovia’s land bank is • Simplification of product. • St
Slide 28: EPRA NTA
EPRA NTA First y-o-y NTA Growth in Four Years Results & Appendix Outlook EPRA NTA (€m) Dec. 31, Dec. 31, • New legislation will reduce the corporate income tax rate from currently 15% (unless indicated otherwise) 2025 2024 Delta to 10% in incremental steps of 100 basis points p.a. starting 2028. Tot
Slide 29: Agenda (Additional Information)
Agenda 1. 2025 Results & Outlook pages 3-10 2. Appendix pages 12-44 2025 Performance & Business Update Earnings & Cash Flow 12 Efficiency 13 Rental Segment & Portfolio 14-18 Value-add Segment 19-21 Investment Program 22 Recurring Sales Segment 23-24 Development Segment 25-27 EPRA NTA 28 Additional I
Slide 30: Financial KPIs
Financial KPIs Results & Appendix Outlook Financing activities Dec. 31, Dec. 31, LTV 2025 2024 Delta • 04/2025: NOK1bn (€88m) bond issuance; 8-year tenor. Non-derivative financial liabilities 42,630.3 42,651.0 0.0% • 04/2025: €750m variable rate bond (2NC1 bond) issued; 2-year tenor. Foreign exchang
Slide 31: Additional KPIs
Additional KPIs Results & Appendix Outlook FY 2025 FY 2024 Delta Number of units 530,979 539,753 -1.6% In-place rent (€/sqm) 8.38 8.01 +4.6% Organic rent growth 4.1% 4.1% - Vacancy rate 2.1% 2.0% +0.1pp Fair Value (real estate portfolio; €bn) 84.4 82.0 +3.0% Fair Value/sqm (standing portfolio; €/sqm
Slide 32: 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 (Dec. 31, 2025) Reletting ren
Slide 33: 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, %) (Dec. 31, 2025) (€bn) (€/sq
Slide 34: 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 35: 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 36: Debt Structure
Debt Structure Well-balanced and Long-term Maturity Profile with Diverse Funding Mix Results & Appendix Outlook €bn Maturity Profile as of Dec 31, 2025 7% Bonds EUR 7.0 2% 3% Bonds non EUR 6.0 36% Green/Social Bonds Convertibles 5.0 €42.6bn Bank loans German lenders 30% 4.0 Bank loans Austrian lende
Slide 37: Bond Covenants
Bond Covenants Consistent Full Compliance Across All Bond Covenants Results & Appendix Outlook Required Current level (Dec. 31, 2025) Bond covenants level (Dec. 31, 2024) LTV 42.6bn ➔ 45.7% <60% (Total financial debt / total assets) 93.3bn (47.3%) Secured LTV 13.4bn ➔ 14.3% <45% (Secured debt / tota
Slide 38: Bonds & Ratings
Bonds & Ratings Robust Debt Capital Markets Access with Broadly Diversified Bond Issuances Results & Appendix Outlook ISIN Currency Amount Issue price Current Price2 Yield2 Coupon Final Maturity Date Fitch Moodys Scope S&P DE000A19X8A4 EUR 652.0m 1 99.188% 99.916% 2.49% 1.500% 22. Mar 26 BBB+ Baa1 A
Slide 39: 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 40: 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 41: Recognition of ESG Performance
Recognition of ESG Performance ESG Ratings and Indices Results & Appendix Outlook 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 A- AA B B A A B B B 20% A A A A- C B- B B- 10% BBB BB
Slide 42: 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 43: Vonovia Shares
Vonovia Shares Key Data and NOSH Evolution Results & Appendix Outlook Norges First day of trading July 11, 2013 No. of shares outstanding 848.3 million 14.0% Free float 86.0% BlackRock 8.0% ISIN DE000A1ML7J1 Ticker symbol VNA 848.3m 3.7% APG 2.9% DWS Share class Registered shares with no par value M
Slide 44: IR Contact & Financial Calendar
IR Contact & Financial Calendar https://www.vonovia.com/en/investors Results & Appendix Outlook Contact 2026 Rene Hoffmann (Head of IR) Mar 20 BofA Real Estate Conference, London (Sell side, Buy side) Mar 23&24 VNA FY Roadshow, London (Goldman Sachs) +49 234 314 1629 rene.hoffmann@vonovia.de Mar 27
Slide 45: 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