Business Outlook

The forecast was based on the accounting principles used in the consolidated financial statements, with the adjustments described elsewhere in the management report being made. The forecast does not take account of any larger acquisitions of real estate portfolios.

Our forecast for the 2024 fiscal year is based on determined and updated corporate planning for the Vonovia Group as a whole, and considers current business developments as well as possible opportunities and risks. It 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 2023 Annual Report entitled Development of the Economy and the Industry and Fundamental Information About the Group. Beyond this, the Group’s further development remains subject to general opportunities and risks (see Opportunities and Risks).

We expect the price increases on the construction and commodity markets, in particular, to continue to have a moderate impact on Vonovia and our customers. While these will directly influence ancillary expenses, they will also have an indirect effect on all areas of the economy due to general price increases. We also expect prices for construction materials to remain high, which will affect our construction projects as well. Unchanged high interest rates and inflation continue to create increased volatility on the equity and debt capital markets. We therefore assess the overall economic situation and developments on an ongoing basis, particularly with regard to the return requirements for investment and divestment decisions.

The EBITDA contribution for our core Rental business is expected to more or less match the previous year’s level. In a year-on-year comparison, organic rent increases and associated higher rental income will be offset by higher rent losses stemming from sales resulting in a smaller portfolio. As far as the Value-add segment is concerned, we expect to see a pronounced increase in Adjusted EBITDA in 2024, mainly as a result of us ramping our investment activity back up. We also predict a marked increase in the EBITDA contribution provided by our Development segment thanks to an increased level of demand for new condominiums. Depending on how demand for existing apartments develops going forward, we expect Adjusted EBITDA in the Recurring Sales segment to roughly match the previous year’s level. At Group level, for 2024 we therefore expect to see an Adjusted EBITDA Total that is roughly on a par with the previous year overall.

The rise in interest rates over the last two years is resulting in a marked increase in borrowing costs and the associated adjusted net financial result. Based on stable depreciation and amortization, we therefore expect Adjusted EBT to be slightly below the previous year’s level.

Due in particular to heavier investment in our existing portfolio, we expect our investment activity to increase in 2024. In addition, we expect the value of our company to increase further and, as a result, predict a slight increase in EPRA NTA per share, leaving any further market-relatedchanges in property value out of the equation.

Based on the individual weighted targets and the values planned for the 2024 fiscal year in each case, we predict a total value of around 100% for the Sustainability Performance Index.

The following table, which presents material and selected key figures, provides an overview of our forecast for 2024.

Forecast (continuing operations)

Actual 2023

Forecast for 2024

Forecast for 2024
in the 2024 Q1 Report

Adjusted EBITDA total

€2,538.8 million

€ 2.55–2.65 billion

€ 2.55–2.65 billion

Adjusted EBT

€ 1,866.2 million

€ 1.70–1.80 billion

€ 1.70–1.80 billion

EPRA NTA per share*

€ 46.82



Sustainability Performance Index (SPI)




Rental income

€ 3,253.4million

~€ 3.3 billion

~€ 3.3 billion

Organic rent growth




Additional rent increase claim**




  1. *Based on the shares carrying dividend rights on the reporting date.
  2. **For Germany: additional rent increase claim regarding the apartment in relation to the local comparable rent (OVM) that is guaranteed by law but can only be implemented once the three-year period for maximum rent growth (“Kappungsgrenze”) has lapsed. The percentage value refers to the cumulative rent increase claim at the respective point in time and – for that period – cannot be added to the organic rent growth as the implementation occurs in subsequent years.

Bochum, April 24, 2024

The Management Board