Vonovia Se Ord (VNNVF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to the Vonovia Se H1 2026 results analyst and investor call. I am Matilde, the course call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Rene. Thank you, Matilda, and welcome everybody to our H1 2026 earnings call. The speakers today are once again Luka, our CEO, and Philip, our CFO. They will briefly present the H1 highlights and main messages for today before we open up for Q&A, where both will be happy to take your questions. By way of a heads up, we will continue with our policy of two questions per analyst to keep things crisp. With that, over to you, Luka. Thank you, Rene, and hello and welcome, everybody. So let me start with the key messages for the first half of 2026. Overall, H1 was a period of strong operational performance in our core business, Progress on Disposals and Proactive Financial Management. Our rental segment once again demonstrated its robustness and reliable growth and value-add expanded significantly. The sales-related segments remain influenced by the current market environment and are expected to be more back-end loaded this year. We also made tangible progress on our financial management. Year-to-date, we refinanced around 4.4 billion euros on attractive terms. We essentially completed our 2026 financing activities and substantially trimmed down refinancing volumes for 2027 to just around 3 billion euros. On valuation, the positive tr...