Investor Relations Activities

In 2023, Vonovia participated in a total of 27 investors’ conference days and organized 27 roadshow days. In addition, Vonovia took part in various investor forums and numerous one-on-one meetings with investors and analysts to keep them informed of current developments and special issues. In 2023, we held several hundred talks with analysts and investors. The dominant topics included the business outlook in the changed macroeconomic environment, the capital structure, capital allocation and transaction activity in the residential real estate market.

As part of the investor dialogue, the Chair of the Supervisory Board conducts an annual corporate governance roadshow spanning several days, in particular addressing topics specific to the Supervisory Board, such as Management Board remuneration and the work and composition of the Supervisory Board and its committees. In the run-up to the 2023 Annual General Meeting, for example, Jürgen Fitschen, who was Chair of the Supervisory Board at that time, joined forces with Clara-Christina Streit, who had at that time been nominated for election and is now Chair of the Supervisory Board, to carry out this roadshow with our shareholders.

Vonovia’s eighth Capital Markets Day was held as a purely face-to-face event in Bochum on September 28, 2023. With an emphasis on the topic of rental price development, approximately 50 of our international analysts and investors took part in breakout sessions on the implementation of rent increases, regulatory issues and Vonovia’s approach to sustainable, intelligent and interconnected housing. The event was rounded off with a property tour of our Energiesprong projects in Bochum and Witten.

The presentations held at the Capital Markets Day can be downloaded online on the Investor Relations website.

We will also continue to communicate openly with the capital market in 2024. Various roadshows, conferences and investor forums have already been planned. Information can be found in the  Financial Calendar on our  Investor Relations website.

Positive Analyst Assessments

As of December 31, 2023, 26 analysts were publishing studies on Vonovia on a regular basis. The average target share price at the end of the year was € 29.39 per share, with 69% of analysts issuing a “buy” recommendation, 12% issuing a “hold” recommendation and 19% issuing a “sell” recommendation.

For information on the research firms that regularly report on Vonovia and value its shares, please visit our  Investor Relations website.

Dividend

The Management Board and the Supervisory Board propose to the Annual General Meeting that, of the profit of Vonovia SE for the 2023 fiscal year of € 750,000,000.00, an amount of € 733,180,498.20  on the 814,644,998 shares of the share capital as of December 31, 2023 (corresponding to € 0.90 per share) be paid as a dividend to the shareholders, and that the remaining amount of € 16,819,501.80 be carried forward to the new account or be used for other dividends on shares carrying dividend rights at the time of the Annual General Meeting and which go beyond those of the share capital as of December 31, 2023.