Vonovia Se Ord (VNNVF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you, Moritz, and welcome everybody to our update call. The speakers today are Luka Mucic, our CEO, and Philipp Grosse, our CFO. They will briefly present the main messages for today before we open up for Q&A, where both will be very happy to take your questions. With that, over to you, Luka. Yeah, thank you very much, René, and hello and welcome everybody from my side. Let me start with a brief summary of the main takeaways from the first quarter. We have had a good start with a strong performance in our core operations. Just at EBITDA grew 6.3% in our rental segment to 630 million euros, even though we had about 4,000 fewer units compared to the same time last year. This very positive development was underpinned by 4% organic rent growth, around 98% occupancy, and more than 99% rent collection. Unsurprisingly, our largest segment was once again extremely robust and remains on its predictable long-term growth trajectory. In our value-add segment, we also delivered compelling growth with 30% more than last year for an EBITDA of 50 million. This increase was mainly driven by a higher contribution from our craftsman organization, as well as the continued growth in the energy business. We view this segment as a key differentiator vis-a-vis the broader peer universe. Now, this clearly demonstrates our momentum, but we won't stop here. You may have seen the press releases where we entered two strategic partnerships for the mass production of our innovative heat pump cubes and the rollout of our serial modernization for a faster and more efficient energetic refurbishment of our assets. Both initiatives will further support our growth ambitions in the non-rental business. Looking at the market fundamentals, they remain supportive, and we are confident not only for the ...