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Results of Operations

Overview

Overall, Vonovia’s business development was consistent with expectations in the first half of 2024.

Core business in the Rental segment was characterized by high demand for rental apartments and positive rental price development. The Value-add segment posted a moderate increase in earnings. The general conditions for the other segments continued to improve in the second quarter due to higher transaction volumes and signs that property values were bottoming out.

Any analysis of the figures reported has to consider the fact that the prior-year figures are reported based on the current segmentation to facilitate a comparison.

The sale of the Care business activities was initiated by the Management Board of Deutsche Wohnen and this segment is still expected to be sold before December 2024. Accordingly, the majority of the Care segment is presented as a discontinued operation. A small part of the original Care segment (25 properties operated by third parties) was transferred to the Rental segment and generated € 11.5 million in segment revenue in the first half of 2024 (first half of 2023: € 12.2 million).

The following key figures provide an overview of Vonovia’s results of operations and other value drivers in the reporting period.

Key Figures on Results of Operations

in € million

H1 2023*

H1 2024

Change in %

12M 2023

Adjusted EBITDA Total (continuing operations)*

1,299.8

1,266.5

-2.6

2,583.8

Adjusted EBITDA Rental

1,209.0

1,191.6

-1.4

2,401.7

Adjusted EBITDA Value-add

44.1

56.8

28.8

105.5

Adjusted EBITDA Recurring Sales

37.0

22.2

-40.0

63.4

Adjusted EBITDA Development*

9.7

-4.1

13.2

Adjusted EBITDA from discontinued operations

24.2

25.1

3.7

53.9

Adjusted EBT (continuing operations)

945.8

887.2

-6.2

1,866.2

Operating Free Cash-Flow

764.5

800.3

4.7

1,414.8

Monthly in-place rent in €/m²

7.58

7.86

3.7

7.74

Average area of own apartments in the reporting period
(in thou. m²)

34,379

34,118

-0.8

34,349

Average number of own units (number of units)

548,332

544,266

-0.7

547,905

Vacancy rate (in %)

2.2

2.2

2.0

Maintenance expenses and capitalized maintenance
(€/m²)*

9.12

9.74

6.8

21.03

thereof expenses for maintenance (€/m²)

6.02

6.60

9.6

12.41

thereof capitalized maintenance (€/m²)*

3.10

3.14

1.3

8.62

Number of units bought

63

-100.0

63

Number of units sold

1,282

3,869

>100

3,838

thereof Recurring Sales

628

921

46.7

1,590

thereof Non Core/other

654

2,948

>100

2,248

Number of new apartments completed

1,193

1,655

38.7

2,425

thereof own apartments

962

637

-33.8

1,309

thereof apartments for sale

231

1,018

>100

1,116

Carbon intensity achieved in Germany (in kg CO₂e/m²)

32.6

31.5

-3.4

31.7

Number of employees (as of June 30/Dec. 31)*

11,891

12,087

1.6

11,977

  1. *Previous year’s values (2023) adjusted to current key figure and segment definition.

In details, Adjusted EBT developed as follows in the reporting period:

Adjusted EBT

Adjusted EBT

in € million

H1 2023*

H1 2024

Change in %

12M 2023

Revenue in the Rental segment

1,618.6

1,650.4

2.0

3,253.4

Expenses for maintenance

-206.9

-225.3

8.9

-426.2

Operating expenses in the Rental segment

-202.7

-233.5

15.2

-425.5

Adjusted EBITDA Rental

1,209.0

1,191.6

-1.4

2,401.7

Revenue in the Value-add segment

619.8

635.3

2.5

1,224.7

thereof external revenue

66.4

59.9

-9.8

130.9

thereof internal revenue

553.4

575.4

4.0

1,093.8

Operating expenses in the Value-add segment

-575.7

-578.5

0.5

-1,119.2

Adjusted EBITDA Value-add

44.1

56.8

28.8

105.5

Revenue in the Recurring Sales segment

141.4

163.9

15.9

319.3

Fair value of properties sold adjusted to reflect effects
not relating to the period from assets held for sale in
the Recurring Sales segment

-97.1

-132.0

35.9

-239.4

Adjusted result Recurring Sales

44.3

31.9

-28.0

79.9

Selling costs in the Recurring Sales segment

-7.3

-9.7

32.9

-16.5

Adjusted EBITDA Recurring Sales

37.0

22.2

-40.0

63.4

Revenue from disposal of Development
to sell properties

218.3

70.1

-67.9

348.6

Cost of Development to sell

-195.7

-59.6

-69.5

-300.9

Gross profit Development to sell

22.6

10.5

-53.5

47.7

Rental revenue Development

2.3

3.1

34.8

5.1

Operating expenses in the Development segment

-15.2

-17.7

16.4

-39.6

Adjusted EBITDA Development*

9.7

-4.1

13.2

Adjusted EBITDA Total (continuing operations)*

1,299.8

1,266.5

-2.6

2,583.8

Adjusted net financial result

-304.2

-320.5

5.4

-625.1

Intragroup profit/losses

5.1

-2.9

17.7

Straight-line depreciation**

-54.9

-55.9

1.8

-110.2

Adjusted EBT (continuing operations)

945.8

887.2

-6.2

1,866.2

Adjusted EBT (continuing operations) per share in €***

1.19

1.09

-8.3

2.31

Minorities

63.3

82.9

31.0

136.0

Adjusted EBT (continuing operations) after minorities

882.5

804.3

-8.9

1,730.2

Adjusted EBT (continuing operations) after minorities per share in €***

1.11

0.99

-10.9

2.12

  1. *Previous year’s values (2023) adjusted to current key figure and segment definition.
  2. **Depreciation on concessions/property rights/licenses, self-developed software, self-used real estate, technical equipment and machinery, as well as other equipment/operating and business equipment.
  3. ***Based on the weighted average number of shares carrying dividend rights.

As of June 30, 2024, Vonovia had a workforce of 12,087 employees (June 30, 2023: 11,891) in its continuing operations.

As of the end of the first half of 2024, Vonovia managed a portfolio comprising 542,881 of its own residential units (end of the first half of 2023: 548,080), 163,552 garages and parking spaces (end of the first half of 2023: 165,085) and 8,507 commercial units (end of the first half of 2023: 8,779). Vonovia also managed 71,697 residential units (end of the first half of 2023: 70,436) on behalf of third parties.