Vonovia ESG Factbook 2024

Greenhouse Gas Balance

					2024 by Country
Key Figures	Unit	2022	2023	2024	Germany	Austria	Sweden

Greenhouse Gas Balance ¹⁾

Emissions Scope 1+2+3

Total portfolio + business operations location-based ²⁾	t CO₂e	1,985,498	1,866,662	1,929,967	1,820,316	69,062	40,590
of which emissions from portfolio	t CO₂e	1,705,825.00	1,667,474	1,547,831	1,439,003	68,835	39,993
of which emissions from business operations	t CO₂e	279,672.80	199,188.1	382,136	381,313	227	596
Total portfolio + business operations market-based ²⁾	t CO₂e	1,926,054	1,796,191	1,891,414	1,783,247	68,823	39,344
of which emissions from portfolio	t CO₂e	1,646,381	1,600,697	1,509,278	1,401,934	68,596	38,748
of which emissions from business operations	t CO₂e	279,673	195,494	382,136	381,313	227	596

Intensities
Portfolio emissions per rental space³⁾	kg CO₂e/m²	31.5	30.0	29.4	31.2	34.2	9.4
Portfolio emissions per € million Rental segment revenue³⁾	t CO₂e/ in € million	353	327	312	335	454	80
Total emissions per € million Group segment revenue (location-based)	t CO₂e/ in € million	331	338	273	290	160	110
Total emissions per € million Group segment revenue (market-based)	t CO₂e/ in € million	319	324	267	284	160	107

Emissions Scope 1+2

Total portfolio + business operations ²⁾	t CO₂e	909,438	834,979	836,832	775,310	34,857	26,665
of which emissions from portfolio	t CO₂e	880,370	808,374	811,344	750,489	34,681	26,174
of which emissions from business operations	t CO₂e	29,068	26,605	25,488	24,821	176	491

Scope 1 (Direct Emissions)

Total portfolio + business operations ²⁾	t CO₂e	547,110	508,141	539,867	521,389	18,054	425

Scope 1 Portfolio

Combustion processes of stationary plants	t CO₂e	526,253	487,711	520,168	502,175	17,992	0
of which heat from natural gas (ME)	%	92.0	93.2	93.5	93.9	82.5	0.0
of which heat from fuel oil (ME)	%	7.0	5.8	5.8	5.3	17.2	0.0
of which heat from coal (ME)	%	1.0	0.9	0.7	0.8	0.3	0.0
of which biomass (ME)	%	0.0	0.1	0.0	0.0	0.0	0.0

Scope 1 Business Operations

Combustion processes of business operations	t CO₂e	20,857	20,430	19,699	19,213	61	425
of which mobile plants	%	92.8	94.1	95.6	95.7	45.9	100.0
of which stationary plants	%	7.2	5.9	4.4	4.3	54.1	0.0

Scope 2 (Indirect Emissions from Energy Purchases)

Total portfolio + business operations location-based ²⁾	t CO₂e	421,772	393,615	335,518	290,989	17,043	27,486
Total portfolio + business operations market-based ²⁾³⁾	t CO₂e	355,132	326,838	296,965	253,921	16,803	26,241

Scope 2 Portfolio

Energy supply location-based	t CO₂e	413,561	387,440	329,730	285,382	16,928	27,419
of which district heating (ME)	%	86.3	88.0	97.3	99.6	82.0	83.1
of which heat from electricity (ME)	%	3.7	3.0	0.8	0.0	11.0	3.4
of which electricity (common areas)⁴⁾	%	10.0	8.9	1.8	0.4	7.0	13.5
Energy supply market-based⁵⁾	t CO₂e	354,117	320,663	291,176	248,314	16,689	26,174
of which district heating (ME)	%	92.9	94.2	97.1	99.6	83.1	82.2
of which heat from electricity (ME)	%	4.3	3.7	1.0	0.0	11.2	3.6
of which electricity (common areas)⁶⁾	%	2.8	2.1	1.9	0.4	5.7	14.2

Scope 2 Business Operations

Energy supply location-based	t CO₂e	8,211	6,175	5,789	5,607	115	67
of which electricity	%	70.9	69.5	67.6	67.4	61.5	100.0
of which district heating	%	29.1	30.5	32.4	32.6	38.5	0.0
Energy supply market-based ⁷⁾	t CO₂e	1,015	596	715	644	4	67
of which electricity	%	100.0	100.0	100.0	100.0	100.0	100.0
of which district heating	%	–	–	–	–	–	–

Scope 3 (Other Indirect Emissions)

Total portfolio + business operations	t CO₂e	1,016,616	964,906	1,054,582	1,007,937	33,966	12,679

3.1 Emissions from purchased goods and services ²⁾	t CO₂e	65,488	81,021	170,748	170,748	0	0

3.2 Emissions from capital goods⁸⁾²⁾	t CO₂e	125,354	72,361	132,075	132,075	0	0

3.3 Fuel and energy-related emissions (not Scope 1+2)⁹⁾²⁾	t CO₂e	223,795	210,026	205,634	189,396	13,520	2,719
Portfolio	t CO₂e	217,950	204,800	200,366	184,283	13,469	2,614
Business operations	t CO₂e	5,845	5,226	5,268	5,113	51	105

3.11 Emissions from use of sold products ²⁾	t CO₂e	53,918	13,974	48,557	48,557	0	0

3.13. Downstream leased assets ²⁾	t CO₂e	548,061	587,523	497,568	467,162	20,446	9,960
Downstream leased assets WEG ¹⁰⁾	t CO₂e	26,915	52,275	24,153	15,433	8,719	0
Household electricity ¹¹⁾	t CO₂e	521,146	535,248	473,415	451,729	11,726	9,960

Selected data points in this table of indicators were determined for the years 2023 and 2024 in accordance with the ESRS calculation methodology. The respective indicators are labelled with a reference to the corresponding framework. Other indicators are breakdowns of this information. Others follow Vonovia-specific definitions as described in the table. Greenhouse gases included in the calculation: CO₂ equivalents (greenhouse gases regulated under the Kyoto Protocol: CO₂, CH₄, N₂O, SF₆, HFCs and HFCs).
1)The addition of the Scope 3 categories purchased goods and services (Scope 3.1), use of products sold (Scope 3.11) and the expansion of the calculation of emissions from household electricity (Scope 3.13) to include commercial properties results in a different total (location- and market-based) for 2022 and 2023 compared to the previous year’s report. In the course of preparing this report, new findings were made that lead to deviations from the sustainability statement for the 2024 financial year.
2)Calculation logic according to ESRS E1–6.
3)Corresponds to the sum of Scope 2 of the portfolio (marked-based) and the business operations (location-based), as there was no sufficient data basis for district heating in the business operations (market-based).
4)Calculation using utility-specific emission factors (market-based) if available in qualified form. Otherwise, use of location-specific emission factors (location-based).
6)For the Germany region, all volumes traded via VESG using 100% green electricity guarantee of origin, cleared via the Federal Environment Agency’s register of guarantees of origin.
7)For locations in the Austria region: 100% green electricity. Calculation using utility-specific emission factors (market-based) if available in qualified form. Otherwise, use of location-specific emission factors (location-based).
8)Of which 100% from emissions caused by new construction/development.
9)Includes fuel- and energy-related emissions of the entire portfolio (incl. WEG share), in each case stationary combustion.
10)Rental units that belong to a residential property owners’ association (WEG) in which Vonovia has an ownership interest of ≤ 50 % in the building (no full operational control). There are no proportional ownership rights in Sweden.
11)Calculation incl. commercial units.

Notes on the Greenhouse Gas Emissions

This greenhouse gas balance (GHG balance) was prepared on the basis of the standards of the Greenhouse Gas Protocol (GHG Protocol Corporate Standard and Corporate Value Chain (Scope 3) Standard), the internationally recognized standards for calculating greenhouse gas emissions. The recommendations set out in the guidance issued by the German Association of German Housing and Real Estate Companies (GdW), “Arbeitshilfe 85 (CO₂ Monitoring),” and the recommendations published by the Wohnen 2050 housing initiative (IW2050), have also been taken into account. The scope of consolidation relevant to Vonovia’s greenhouse gas balance matches that of the other environmental indicators in this ESG Factbook. GHG emissions were calculated in carbon dioxide equivalents (CO₂e), the standardized unit to measure the relative contributions to the greenhouse effect of the greenhouse gases CO₂, CH₄, N₂O, SF₆, HFCs and PFCs regulated by the Kyoto Protocol.

The calculation of GHG emissions in the portfolio is conducted according to the “Financial Control Approach.” Emissions produced as a result of operating the housing stock over which Vonovia has full control (>50% ownership of the building) are disclosed under Scope 1 and Scope 2 emissions. For the part of the housing stock in which the company holds a minority interest (max. 50% ownership of the building), the carbon emission figures are reported under Scope 3.13.

As actual measured values for the relevant reporting year are not available at the required time, we calculate the emissions on the basis of the valid energy performance certificates of the individual buildings. The energy consumption of those buildings that do not have energy performance certificates is extrapolated based on the age of the building and corresponding average values based on the characteristics of the rest of the portfolio.

To calculate the emissions from the combustion of fossil fuels and location-based emissions in Scopes 1, 2 and 3.3, the CO₂e factors from version 5.1 of the GEMIS database were used. GEMIS (Global Emission Model for Integrated Systems) is an internationally recognized model for determining energy and material flows with an integrated database. The model calculates life cycles for all processes and scenarios, i.e., it takes into consideration all material steps from primary energy/raw material extraction to effective energy/material provision and also includes the auxiliary energy and cost of materials to produce energy plants and transport systems.

Market-based emission factors were used to determine Scope 2 emissions from district heating where these were available in qualified form. Otherwise, location-based emission factors were used. With regard to the purchase of district heating from combined heat and power (CHP) plants, we use emission factors based on the Carnot allocation method, as this allows for more realistic allocation of emissions to heat or electricity in physical terms. If no specific emission factors were available, the corresponding location-based factor was used. If other emission factors are applied in individual cases, this is indicated accordingly.

Explanatory information on the scopes included in the GHG balance:

Scope 1 – Direct emissions: GHG emissions from stationary combustion for heating and warm water, as well as mobile combustion (vehicles owned by the company).

Scope 2 – Indirect emissions from energy purchases: GHG emissions from the generation of (general) electricity, local and district heating for heating and warm water.

Scope 3 – Indirect emissions in the upstream and downstream value chain (where these are identified as significant):

Scope 3.1 Purchased goods and services: GHG emissions from the production and processing of building and other materials used for the modernization and maintenance work completed in the fiscal year in question. The GHG emissions are calculated using emission factors per unit of rental area (kg/m²) taken from a study commissioned by the housing industry association Verband der Wohnungswirtschaft (VdW). The study is based on data from the ÖKÖBAUDAT database for ecological evaluations of buildings of the German Federal Ministry for Housing, Urban Development and Building and covers life cycle phase A (A1 bis A3) of the life cycle phase of the selected products in individual underlying clusters.
Scope 3.2 Capital goods: GHG emissions from the production of building and other materials used for the new buildings completed in the fiscal year in question. The GHG emissions are calculated using emission factors based on the building construction type as prepared by external experts as part of a comprehensive life cycle assessment for a model building.
Scope 3.3 Fuel and energy-related emissions (not Scope 1+2): GHG emissions from the upstream chain of energy sources not reported as Scope 1 or Scope 2 emissions (e. g., for the extraction and transportation of fuels or the production and transportation of electricity and district heating) – both for the wholly owned real estate portfolio and for apartments in which Vonovia holds a share of 50% or less (their Scope 1 and 2 emissions are reported as Scope 3.13 emissions).
Scope 3.11 Use of sold products: GHG emissions from the operation of newly constructed residential units sold in the relevant fiscal year (provision of heat and warm water) over a lifespan of 50 years (in line with the recommendation of the Association of German Housing and Real Estate Companies (GdW)). Declining GHG intensity of district heating and electricity is assumed over the course of the property’s useful life. This matches the assumed trend for the company’s own portfolio.
Scope 3.13 Downstream leased assets: GHG emissions generated from household electricity used by tenants in their homes and commercial units for electrical appliances (excluding general electricity or electricity required for heat and warm water). The corresponding electricity consumption is estimated based on a method developed at sector level, since real data is not available to the landlord. The national emission factor for electricity is used to calculate emissions (location-based). In addition, GHG emissions resulting from the supply of heating and warm water to rental units for which Vonovia does not hold a majority of the ownership shares within a residential property owners’ association (WEG).

Vonovia will review its GHG emissions on a regular basis with a view to the significance of other Scope 3 categories.