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Identification and Categorization of Economic Activities Eligible for Taxonomy

Alongside the letting of housing, our business model includes the development and construction of new rental units for the company’s own stocks and for the purpose of sale. Vonovia is also a modern provider of housing-related services, such as energy services, senior-friendly apartment modernization, and caretaker and craftsmanship services.

Based on Annex I and Annex II of the delegated act of the EU taxonomy, Vonovia has analyzed all business activities and determined those that are deemed taxonomy-eligible based on the descriptions in the taxonomy. With regard to those activities that are deemed taxonomy-eligible, there are no changes as against the 2021 reporting year. In July 2022, Commission Delegated Regulation (EU) 2022/1214 was published (Delegated Regulation of 9 March 2022 amending Delegated Regulation (EU) 2021/2139 as regards economic activities in certain energy sectors and Delegated Regulation (EU) 2021/2178 as regards specific public disclosures for those economic activities). The amending regulation now classifies specific atomic energy and fossil gaseous fuels activities as environmentally sustainable economic activities as defined in the EU taxonomy, subject to certain conditions. The Vonovia Group itself does not conduct any activities relating to nuclear power or fossil gas.

Although Vonovia is already implementing individual measures to adapt to the effects of climate change, these are currently of secondary importance overall. Only economic activities that are taxonomy-eligible with regard to EU environmental objective 1 “Climate change mitigation” were therefore identified.

We have identified the following activities carried out by Vonovia as taxonomy-eligible with regard to EU environmental objective 1:

EU Taxonomy Criteria

EU Taxonomy Criteria

Activities undertaken by Vonovia


Capital Expen­ditures

Operating expenses

Construction of new buildings

Turnover from Development to sell


Renovation of existing buildings

Investments for energy modernizations


Installation, maintenance and repair of energy efficiency equipment

Investments for measures that are not covered by 7.2 (e.g. heating modern­ization, insulation, window replacement)


Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)

Investments for charging stations and wallboxes


Installation, maintenance and repair of instru­ments and devices for measuring, regulation and controlling energy performance of buildings

Investments for metering technology and smart metering


Installation, maintenance and repair of renewable energy technologies

Investments for photovoltaic facilities


Acquisition and ownership of buildings

Turnover from rental income and recurring sales, investments for acquisitions, Development to hold and capitalized internal expenses without energy-related effects (e.g., major maintenance measures and vacant apartment renovations), operating expenses for non-capitalized maintenance (e.g., minor maintenance)




Electricity generation using solar photovoltaic technology

Turnover from the sale of self-generated electricity to tenants and/or feed-in to the grid


Turnover from the condominium administration business, energy sales from VESG’s energy trading activities, Deutsche Wohnen’s Care segment, and multimedia are not taxonomy-eligible.

At Group level, the following key figures are obtained from the taxonomy-aligned shares of turnover, capital expenditure and operating expenses for the 2022 reporting year:

Taxonomy-aligned Shares of Vonovia’s Business Activities

The largest share of taxonomy-aligned turnover can be attributed to the acquisition and ownership of buildings (activity 7.7), in particular rental income from taxonomy-aligned buildings. A large share of taxonomy-aligned capital expenditure is accounted for by the renovation of existing buildings (7.2) and the acquisition and ownership of buildings (7.7) in particular. The taxonomy-aligned operating expenses include only maintenance expenses from the income statement, including those relating to services provided by the internal craftsmen’s organization.