324.9 | 394.8 329.4 7.1 0.4 57.9 325.1 0.82 315.0 0.79 -117.7 -233.9 -53.5 503.0 581.6 -460.8 -233.9 220.4 80.9 65.0 74.5 | 21.5 |
314.2 | 4.8 | |
8.0 | -11.3 | |
1.0 | -60.0 | |
1.7 | >100 | |
281.4 | 15.5 | |
0.71 | 15.5 | |
280.5 | 12.3 | |
0.71 | 12.3 | |
-518.5 | -77.3 | |
-264.4 | -11.5 | |
-202.8 | -73.6 | |
258.6 | 94.5 | |
327.3 | 77.7 | |
293.4 | - | |
-246.2 | -5.0 | |
200.1 | 10.1 | |
74.2 | 9.0 | |
50.5 | 28.7 | |
75.4 | -1.2 |
Key Figures
Financial Key Figures in € million | H1 2024 | H1 2025 | Change in % | 12M 2024 | ||
Adjusted EBITDA Total (continuing operations) | 643.8 | |||||
Adjusted EBITDA Rental | 626.4 | |||||
Adjusted EBITDA Value-add | 20.7 | |||||
Adjusted EBITDA Recurring Sales | 1.4 | |||||
Adjusted EBITDA Development | -4.7 | |||||
Adjusted EBT (continuing operations) | 504.2 | |||||
Adjusted EBT (continuing operations) per share in €* | 1.27 | |||||
Adjusted EBT (continuing operations) after minorities | 498.8 | |||||
Adjusted EBT (continuing operations) after minorities per share in €* | 1.26 | |||||
Income from fair value adjustments of investment properties | -639.9 | |||||
Earnings before tax (EBT) | -567.9 | |||||
Profit for the period | -591.0 | |||||
Operating Free Cash-Flow** | 467.5 | |||||
Cash flow from operating activities | 725.5 | |||||
Cash flow from investing activities | -77.8 | |||||
Cash flow from financing activities | -417.1 | |||||
Total sum of Maintenance, Modernization, Portfolio Investments and New Construction | 455.1 | |||||
thereof for maintenance measures | 160.5 | |||||
thereof for modernization & portfolio investments | 121.9 | |||||
thereof for new construction | 172.7 | |||||
Key Balance Sheet Figures/Financial Covenants in € million | Dec. 31, 2024 | Jun. 30, 2025 | Change in % | |||
Fair value of the real estate portfolio | ||||||
NAV | ||||||
NAV per share in €*** | ||||||
LTV (%) | ||||||
Adjusted Net debt/Adjusted EBITDA total | ||||||
ICR | ||||||
Non-financial Key Figures | H1 2024 | H1 2025 | Change in % | 12M 2024 | ||
Number of own apartments | 139,507 | |||||
Number of apartments sold | 1,389 | |||||
thereof Recurring Sales | 131 | |||||
thereof Non Core/other | 1,258 | |||||
Number of new apartments completed | 1,929 | |||||
thereof own apartments | 1,033 | |||||
thereof apartments for sale | 896 | |||||
Vacancy rate (in %) | 1.4 | |||||
Monthly in-place rent in €/m² | 8.02 | |||||
Organic rent increase (in %) | 4.4 | |||||
Number of employees (continued operations) | 723 | |||||
* Based on the weighted average number of shares carrying dividend rights. | ||||||
** In accordance with the current definition of key figures including reclassification | of capital commitment. | |||||
*** Based on the shares carrying dividend rights on the reporting date. |
23,971.9 | 24,667.7 16,423.4 41.38 30.2 10.6x 5.6x | 2.9 |
16,575.4 | -0.9 | |
41.76 | -0.9 | |
29.3 | 0.9 pp | |
11.2x | -0.6x | |
5.1x | 0,5x |
140,195 | 140,337 701 55 646 434 298 136 1.5 8.20 5.4 739 | 0.1 |
284 | >100 | |
31 | 77.4 | |
253 | >100 | |
732 | -40.7 | |
539 | -44.7 | |
193 | -29.5 | |
1.7 | -0.2 pp | |
7.80 | 5.1 | |
3.7 | 1.7 pp | |
693 | 6.6 |
Deutsche Wohnen SE Half-Year Report 2025
Contents
Interim Group Management Report -
Business Development in the First Half-Year of 2025
2 Overview
3 Deutsche Wohnen SE on the Capital Market
5 Economic Development in the First Half-Year of 2025
17 Opportunities and Risks
18 Business Outlook
Condensed Consolidated Interim Financial Statements
20 Consolidated Income Statement
21 Consolidated Statement of Comprehensive Income
22 Consolidated Balance Sheet
24 Consolidated Statement of Cash Flows
26 Consolidated Statement of Changes in Equity
28 Notes
Information
Audit Certificate
Responsibility Statement
Financial Calendar, Contact
Contents 1
Interim Group Management Report -Business Development in the First Half-Year of 2025
Overview
Positive business development in the first half-year of 2025.
Sustained high demand for rental apartments.
Further increase in real estate investments.
2 Overview
3 Deutsche Wohnen SE on the Capital Market
5 Economic Development in the First Half-Year of 2025
17 Opportunities and Risks
18 Business Outlook
2 Deutsche Wohnen SE Half-Year Report 2025
Deutsche Wohnen SE on the Capital Market
Shares in Deutsche Wohnen
The MDAX rose by 19.1% in the first six months of 2025. The European real estate sector, however, was on a weaker trajectory in the first six months of the year due to its strong negative correlation with interest rates and government bonds, closing the first half of the year up by 6.4%.
In this environment and exacerbated by a low volume of tradable shares, shares in Deutsche Wohnen showed slightly positive development in the first six months of 2025, and the FTSE EPRA Europe closed the first half of the year up by 4.6%, at a price of € 24.10.
We are still observing an ever-wider gap between capital market expectations on the one hand, and what remains an attractive market situation for residential real estate on the other. The residential property markets in which we operate are characterized by a high level of excess demand.
As a result, we remain confident that the fundamental conditions in our markets will ensure positive development in the long run. Besides the favorable relationship (from an owner's point of view) between supply and demand in urban regions, the relevant factors in this respect include, above all, structural momentum on the revenue side as well as support from the key megatrends.
The company's market capitalization amounted to around
€ 9.6 billion as of June 30, 2025.
Share Price DevelopmentMDAX
Source: FactSet
130
120
110
100
90
80
Jan. 2025 Feb. 2025 Mar. 2025
Apr. 2025
May 2025 June 2025
Interim Group Management Report - Business Development in the First Half-Year of 2025 - Deutsche Wohnen SE on the Capital Market 3
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