Overview

Property values stabilize.
Positive performance in core rental business with rising rents, full occupancy and high levels of customer satisfaction.
Internal financing remains successful thanks to sales initiatives.

Vonovia can look back on a positive 2024 fiscal year given the challenging overall conditions on the real estate markets. Following two years of balance sheet stabilization, the successful completion of the sale program and the sale of the Care segment will now allow Vonovia to focus on growth and higher investment as of 2025. The original sales target of around € 3 billion was exceeded considerably, with a total volume of more than € 3.4 billion.

In the 2024 fiscal year, the core rental business saw high demand for rental apartments and rising rents, as well as a positive trend in customer satisfaction. In the Value-add segment, Vonovia upped its investments, particularly in new photovoltaic systems and heat pumps. A lease agreement was also signed for the existing coaxial network. The 2024 fiscal year saw the company sell 2,470 units from its Recurring Sales and 5,184 and Non Core/Other portfolios. In the Development segment, 2,471 units to sell and 1,276 units to hold were completed in the 2024 fiscal year.

Overall, the adjusted EBITDA total from continuing operations of € 2,625.1 million in the 2024 financial year was 1.6 % higher than the previous year’s figure of € 2,583.8 million. The Rental segment contributed € 2,385.7 million (2023: € 2,401.7 million), the Value-add segment € 168.4 million (2023: € 105.5 million), the Recurring Sales segment € 57.6 million (2023: € 63.4 million) and the Development segment € 13.4 million (2023: € 13.2 million).

The adjusted EBT of continuing operations amounted to € 1,799.6 million in the 2024 financial year compared to € 1,866.2 million in the previous year. In the reconciliation of Adjusted EBITDA to Adjusted EBT, the main contributing factors were the adjusted net financial result of € -709.0 million (2023: € -625.1 million), interim profits of € -3.8 million (2023: interim losses of € 17.7 million) and depreciation and amortization of € -112.7 million (2023: € -110.2 million).

EPRA NTA per share developed from € 46.82 at the end of 2023 to € 45.23 at the end of 2024.

The Sustainability Performance Index stood at 104% (2023: 111%) in the 2024 fiscal year. This was helped along in particular by the reduction of CO₂ intensity, the development of the average primary energy requirements of new construction and high levels of customer and employee satisfaction.