Business Outlook

Vonovia made a successful start to the 2022 fiscal year. Despite the ongoing coronavirus pandemic and the first significant effects of the war in Ukraine on the energy and construction materials markets, Vonovia reported positive business development overall. With the exception of Recurring Sales, all segments showed positive development in a year-on-year comparison. The integration of Deutsche Wohnen went as planned.

The forecast for the 2022 fiscal year was based on the accounting principles used in the consolidated financial statements.

Our forecast for the 2022 fiscal year is based on determined and updated corporate planning for the Vonovia Group as a whole, and considers current business developments, possible opportunities and risks, the potential impact of the coronavirus pandemic and, to the extent that it can be forecast, potential effects of the war in Ukraine. The forecast also includes the key overall macroeconomic developments and the economic factors that are relevant to the real estate industry and our corporate strategy. Further information is provided in the sections of the 2021 Group management report entitled “Fundamental Information About the Group” and “Development of the Economy and the Industry.”

The war in Ukraine has started to have an impact on the global markets. We expect price increases, particularly on the energy markets, to have a substantial impact on Vonovia and our customers. While these will have a direct impact on ancillary expenses, they will also have an indirect effect on all areas of the economy due to general price increases. We expect to see further price increases on the construction materials markets, with a knock-on effect on our construction projects, too. To the extent that the statutory provisions allow, we plan to pass these price increases in the context of our modernization measures on to our tenants as well.

Rising interest rates and inflation are currently resulting in increased volatility on the equity and debt capital markets, also due to, or exacerbated by, the war in Ukraine. As a result, the macroeconomic situation and developments are being assessed on an ongoing basis. In light of the above, investment decisions are being reviewed with regard to their returns. This relates in particular to the classification of development projects as to-hold or to-sell, but also to the implementation of modernization decisions.

We expect segment revenue to increase further in 2022. We are also currently observing stable demand for rental apartments and no negative impact on market values.

We also expect to see a considerable increase in Adjusted EBITDA Total and Group FFO, in particular due to the acquisition of Deutsche Wohnen.

We expect the value of our company to increase in 2022 and predict a slight increase in EPRA NTA per share, leaving any further market-related changes in value out of the equation.

The current forecast yet again confirms the positive development in the Sustainability Performance Index (SPI). We expect the high level of customer satisfaction to continue. The reduction of carbon emissions is working better than expected.

The following table provides an overview of our forecast and presents material and selected key figures.

Business Outlook

Actual 2021

Forecast for 2022

Forecast for 2022 in the 2022 Q1 Report

Total Segment Revenue

€ 5.2 billion

€ 6.2–6.4 billion

€ 6.2–6.4 billion

Adjusted EBITDA Total

€2,269.3 million

€ 2.75–2.85 billion

€ 2.75–2.85 billion

Group FFO*

€ 1,709.3 million

€ 2.0–2.1 billion

€ 2.0–2.1 billion

Group FFO per share*

€ 2.20



EPRA NTA per share**

€ 62.77



Sustainability Performance Index (SPI)***




Rental income Rental segment/Deutsche Wohnen

€ 2,568,7 million

€ 3.1–3.2 billion

€ 3.1–3.2 billion

Organic rent growth (eop)


Increase of ~3.3%

Increase of at least 3.3%

Modernization/portfolio investments****

€ 758.6 million

€ 1.1–1.3 billion

€ 1.0–1.1 billion

New construction/space creation****

€ 639.7 million

€ 1.0–1.2 billion

€ 0.3–0.4 billion

Number of units sold Recurring Sales/Deutsche Wohnen core




Fair value step-up Recurring Sales/Deutsche Wohnen core




  1. *Based on the new 2022 definition without elimitation of IFRS 16 effect, Group FFO per share based on the shares carrying dividend rights on the reporting date.
  2. **Based on the shares carrying dividend rights on the reporting date, excluding real estate transfer tax and taking into account the total deferred taxes on investment properties of Deutsche Wohnen (previously only 50% included).
  3. ***Excl. Deutsche Wohnen.
  4. ****Previously shown as modernization and new construction.

Bochum, Germany, April 27, 2022

The Management Board