Overall Assessment of the Risk Situation

A total of 107 (2021: 108) individual risks were identified for Vonovia, including Deutsche Wohnen, at the end of 2022.

All in all, and based on the current assessment, there were no signs of any risks threatening or endangering Vonovia or its survival at the end of 2022. At the time this report was prepared, Vonovia’s Management Board had not identified any risks associated with future business development that the company cannot suitably overcome, or which could jeopardize the position of Vonovia SE, a major company included in the scope of consolidation or the Group as a whole in terms of revenue, assets and/or finances.

The outcome of the risk-bearing capacity analysis revealed that there is no current threat to Vonovia’s survival over the five-year period.

The risks to be modeled were quantified and the interaction between individual top risks and selected green risks analyzed in detail at the end of 2022.

11 (2021: six) amber risks that are significant to the company and 96 (2021: 102) other green risks were identified. Specifically, the picture that emerges for each risk category is as follows (prior-year figures in brackets):

The main reason behind the increase in amber risks is Russia’s war of aggression on Ukraine and its impact on the energy and capital markets, as well as the implications of disrupted supply chains.