46 Related Party Transactions

Vonovia had business relationships with unconsolidated investees and subsidiaries in the 2024 fiscal year. These transactions resulted from the normal exchange of deliveries and services and are shown in the table below:

As of December 31, 2024, Vonovia’s significant business relations were with the QUARTERBACK Group. As of December 31, 2024, loan receivables were recognized in the amount of € 521.8 million (December 31, 2023: € 814.3 million), with € 521.8 million (December 31, 2023: € 664.8 million) repayable in twelve months and € - million (December 31, 2023: € 149.5 million) repayable in 24 months. The average interest rate for the loans is 8.1%. The interest income from the loans extended to the QUARTERBACK Group amounted to € 14.6 million (2023: € 58.1 million) in the 2024 fiscal year. As of December 31, 2024, there were also interest receivables in the amount of € - million (December 31, 2023: € 17.0 million). Further information on the loan receivables from the QUARTERBACK Immobilien Group can be found in chapter [D28] Financial Assets.

In addition, there are real estate project sales of the QUARTERBACK Group to Vonovia in the amount of € 876.0 million (December 31, 2023: € 876.0 million), for which Vonovia had made advance payments of € 248.3 million in total as of December 31, 2024 (December 31, 2023: € 501.9 million). In connection with agency services contracted by the QUARTERBACK Group in the amount of € 97.9 million (2023: € 12.4 million), Vonovia has outstanding balances on liabilities of € 3.2 million as of December 31, 2024 (December 31, 2023: € 2.8 million).

As of December 31, 2024, there is also a guarantee to secure non-current loan liabilities of the QUARTERBACK Group in the amount of € 12.3 million (December 31, 2023: € 12.3 million).

Gropyus AG, Vienna, was included as an associate for the first time as of June 30, 2024 (see chapter [D29] Financial Assets Accounted for Using the Equity Method). There were loan receivables of € 16.5 million (December 31, 2023: € 15.0 million) from Gropyus AG, Vienna, as of December 31, 2024.

QUARTERBECK New Energy Holding GmbH, Leipzig, was included as an associate for the first time as of July 4, 2024 (see chapter [D29] Financial Assets Accounted for Using the Equity Method). There were loan receivables of € 45.0 million (December 31, 2023: € - million) from QUARTERBECK New Energy Holding GmbH, Leipzig, as of December 31, 2024.

Vonovia had other major business relationships with Projekt Mosaik GmbH & Co. KG, Hamburg, and Projekt Mosaik II GmbH & Co. KG, Hamburg, as of December 31, 2024. Both companies have been reported as associates of Vonovia since the fourth quarter. As of December 31, 2024, there were receivables from Projekt Mosaik GmbH & Co. KG, Hamburg, of € 3.0 million (December 31, 2023: € - million), and receivables from Projekt Mosaik II GmbH & Co. KG, Hamburg, in the amount of € 1.7 million (December 31, 2023: € - million). In the 2024 fiscal year, services worth € 31.9 million (2023: € - million) were delivered to Projekt Mosaik GmbH & Co. KG, Hamburg, and services worth € 49.6 million (2023: € - million) to Projekt Mosaik II GmbH & Co. KG, Hamburg.

As of December 31, 2024, Vonovia has outstanding balances on receivables of € 0.1 million (December 31, 2023: € 0.0 million) vis-à-vis G+D Gesellschaft für Energiemanagement mbH, Magdeburg, and outstanding balances on liabilities in the amount of € 0.3 million (December 31, 2023: € 0.1 million). In the reporting period, services worth € 0.4 million (2023: € 0.3 million) were provided to G+D Gesellschaft für Energiemanagement mbH, Magdeburg, while services worth € 71.3 million (2023: € 116.6 million) were purchased.

There were also loan receivables of € 23.2 million from OLYDO Projektentwicklungsgesellschaft mbH, Berlin, as of December 31, 2024 (December 31, 2023: € 5.7 million). The loan has a fixed interest rate of 3.0%. The loan receivable was written off in full in the amount of € 23.2 million in 2024.

In addition, Vonovia purchased services worth € 3.8 million in the 2024 fiscal year (2023: € - million) from SIAAME Development GmbH, Berlin, and services worth € 1.7 million (2023: € 1.6 million) from GSZ Gebäudeservice und Sicherheitszentrale GmbH, Berlin.

At Vonovia, the individuals in key positions pursuant to IAS 24 include the members of the Management Board and the Supervisory Board of Vonovia SE.

The emoluments to key management personnel, which are subject to a disclosure requirement under IAS 24, include the remuneration of the active members of the Management Board and Supervisory Board in the current fiscal year.

The active members of the Management Board and Supervisory Board received the following remuneration:

The balances vis-à-vis active members of the Management Board and the Supervisory Board are as follows:

The payments due in the short term for members of the Supervisory Board include the relevant basic remuneration, comprising the fixed remuneration and committee remuneration, which is paid out after the end of the fiscal year in accordance with the Articles of Association.

The payments due in the short term for the members of the Management Board include the basic remuneration (fixed amount paid out in twelve equal monthly installments), the short-term variable remuneration (STIP), the fringe benefits and the pension payment/pension contribution. The STIP entitlement is earned in full with the activities in the fiscal year, and is paid out in the first half of the year following the end of the fiscal year concerned. The actual amount paid out (which is measured in the January after the end of the fiscal year in question) depends on the target achievement level calculated by the Supervisory Board based on the current Management Board remuneration system. It is determined based on both financial and individual performance criteria.

Management Board members who were appointed for the first time before January 1, 2021 may participate in a Vonovia SE company retirement benefit plan. It includes the option of making the contractually agreed annual pension contribution to the “pension benefits in lieu of cash benefits” deferred compensation scheme as amended from time to time. Management Board members who were appointed for the first time as of January 1, 2021 receive a non-performance-related lump sum (pension) in cash in addition to their fixed remuneration. One Management Board member receives his retirement benefits from a Group subsidiary based on another employment relationship in the form of contributions to a foreign pension fund and a pension payment as additional fixed remuneration; this can also be paid into the pension fund under certain circumstances at the discretion of the Management Board member.

The service cost resulting from provisions for pensions for the active Management Board members is reported under post-employment benefits.

The disclosure on share-based payments (LTIP) is based on the expenses in the fiscal year, which are also reported in chapter [F47] Share-Based Payments.

Management Board members are still obliged, as a matter of principle, to invest in a specific number of shares in the company during their term in office. In general, there is no obligation for any of the remuneration components to use these to directly purchase shares as part of the obligation to hold shares. Nor are any remuneration components withheld in order to meet this requirement. Similarly, there is no link between the time at which the remuneration components are paid out and the time at which the share investment needs to be made.

The Management Board and Supervisory Board members were not granted any loans or advances.