Results of Operations

Overview

All in all, Vonovia’s performance was in line with expectations in the 2024 fiscal year.

Adjusted EBITDA in the Rental segment was almost on a par with the previous year despite the sales completed in 2024 and higher maintenance expenses.

The Value-add segment posted a marked increase in earnings, which was mainly due to a positive effect resulting from the leasing of our coax network, which will not be repeated on the same scale in the coming year. The general conditions for the other segments continued to stabilize in the second half of the year due to high transaction volumes and property values that bottomed out.

As part of a strategic review of the Care segment at the end of the 2023 fiscal year, the management had already decided to discontinue these business activities and sell off this segment. In the course of 2024 and at the beginning of 2025, the properties and nursing care businesses were successfully sold as planned. A small part of the original Care segment (25 properties operated by third parties) was transferred to the Rental segment and generated € 23.1 million in segment revenue in the 2024 fiscal year (2023: € 23.2 million).

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

Adjusted EBT (continuing operations)

Adjusted EBT (continuing operations)
in € million	2023	2024	Change in %

Revenue in the Rental segment	3,253.4	3,323.5	2.2
Expenses for maintenance	-426.2	-470.5	10.4
Operating expenses in the Rental segment	-425.5	-467.3	9.8
Adjusted EBITDA Rental	2,401.7	2,385.7	-0.7

Revenue in the Value-add segment	1,224.7	1,359.4	11.0
thereof external revenue	130.9	179.6	37.2
thereof internal revenue	1,093.8	1,179.8	7.9
Operating expenses in the Value-add segment	-1,119.2	-1,191.0	6.4
Adjusted EBITDA Value-add	105.5	168.4	59.6

Revenue in the Recurring Sales segment	319.3	441.3	38.2
Fair value of properties sold adjusted to reflect effects not relating to the period from assets held for sale in the Recurring Sales segment	-239.4	-359.8	50.3
Adjusted result Recurring Sales	79.9	81.5	2.0
Selling costs in the Recurring Sales segment	-16.5	-23.9	44.8
Adjusted EBITDA Recurring Sales	63.4	57.6	-9.1

Revenue from disposal of Development to sell properties	348.6	889.4	>100
Cost of Development to sell	-300.9	-813.8	>100
Carrying amount of assets sold of Development to sell	–	-27.8	–
Gross profit Development to sell	47.7	47.8	0.2
Rental revenue Development	5.1	7.3	43.1
Operating expenses in the Development segment	-39.6	-41.7	5.3
Adjusted EBITDA Development	13.2	13.4	1.5

Adjusted EBITDA Total (continuing operations)	2,583.8	2,625.1	1.6

Adjusted net financial result	-625.1	-709.0	13.4
Straight-line depreciation*	-110.2	-112.7	2.3
Intragroup profit/losses	17.7	-3.8	–

Adjusted EBT (continuing operations)	1,866.2	1,799.6	-3.6
Adjusted EBT (continuing operations) per share in €**	2.31	2.20	-5.1

Minorities	136.0	166.0	22.1
Adjusted EBT (continuing operations) after minorities	1,730.2	1,633.6	-5.6
Adjusted EBT (continuing operations) after minorities per share in €**	2.15	1.99	-7.1

*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.
**Based on the weighted average number of shares carrying dividend rights.

At the end of December 2024, Vonovia had a workforce of 12,056 (end of December 2023: 11,946) in its continuing operations, and managed a portfolio comprising 539,753 of its own units (end of December 2023: 545,919), 162,697 garages and parking spaces (end of December 2023: 164,330) and 8,331 commercial units (end of December 2023: 8,691). Vonovia also managed 73,400 residential units (end of December 2023: 71,424) on behalf of third parties at the end of 2024.