3 Scope of Consolidation and Business Combinations

All in all, and including Vonovia SE, 612 companies (December 31, 2023: 631) – thereof 446 (December 31, 2023: 426) domestic companies and 166 (December 31, 2023: 205) foreign companies – have been included in the consolidated financial statements as of December 31, 2024. In addition, 16 (December 31, 2023: 16) domestic companies and one (December 31, 2023: one) foreign company were included as joint ventures and 11 domestic companies (December 31, 2023: nine) and three (December 31, 2023: two) foreign companies were included as associates accounted for using the equity method.

Two domestic (December 31, 2023: two domestic) companies are no longer included in the scope of consolidation as they are no longer considered to be material. These companies are shown as non-consolidated affiliated companies.

For all subsidiaries included in the consolidated financial statements, the reporting date is December 31.

The list of Vonovia shareholdings is appended to the Notes to the consolidated financial statements as an integral part thereof.

Companies that have made use of the exemption provision set out in Section 264 (3) of the German Commercial Code (HGB) are marked accordingly in the list of shareholdings.

The year-over-year changes in the consolidated companies as of December 31, 2024 result from eight companies that were established, one addition due to an increase in Vonovia’s stake, 26 mergers, one accrual and one disposal resulting from changes in the scope of consolidation due to a reduction in a shareholding.

The year-over-year changes in associates in 2024 are due to two acquisitions, one addition resulting from changes in the scope of consolidation due to a reduction in a shareholding, one addition due to an increase in Vonovia’s stake in a company previously reported as an “other investment”, and one sale.