Vonovia ESG Factbook 2025

Greenhouse Gas Balance

					2025 by Country
Key Figures	Unit	2023	2024	2025	Germany	Austria	Sweden

Greenhouse Gas Balance

Emissions Scope 1+2+3

Total portfolio + business operations location-based ¹⁾	t CO₂e	1,866,662	1,929,967	1,791,689	1,695,858	56,283	39,549
of which emissions from portfolio	t CO₂e	1,667,474	1,547,831	1,524,297	1,429,180	56,105	39,012
of which emissions from business operations	t CO₂e	199,188	382,136	267,393	266,678	178	537
Total portfolio + business operations market-based ¹⁾	t CO₂e	1,796,191	1,891,414	1,705,871	1,622,308	51,819	34,586
of which emissions from portfolio	t CO₂e	1,600,697	1,509,278	1,441,320	1,355,630	51,642	34,049
of which emissions from business operations	t CO₂e	195,494	382,136	264,551	266,678	178	537

Intensities
Portfolio emissions per rental space²⁾	kg CO₂e/m²	30.0	29.4	28.5	30.7	26.5	8.4
Portfolio emissions per € million Rental segment revenue²⁾	t CO₂e/‌ in € million	327	312	290	318	343	66
Total emissions per € million Group segment revenue (location-based)	t CO₂e/‌ in € million	306	273	266	283	157	98
Total emissions per € million Group segment revenue (market-based)	t CO₂e/‌ in € million	295	267	253	271	145	86

Emissions Scope 1+2

Total portfolio + business operations ¹⁾	t CO₂e	834,979	836,832	803,822	753,620	27,517	22,684
of which emissions from portfolio	t CO₂e	808,374	811,344	778,346	728,737	27,370	22,239
of which emissions from business operations	t CO₂e	26,605	25,488	25,476	24,884	148	444

Scope 1 (Direct Emissions)

Total portfolio + business operations ¹⁾	t CO₂e	508,141	539,867	530,690	513,891	16,393	405

Scope 1 Portfolio

Combustion processes of stationary plants	t CO₂e	487,711	520,168	510,780	494,440	16,340	0
of which heat from natural gas (ME)	%	93.2	93.5	94.1	94.5	82.6	0.0
of which heat from fuel oil (ME)	%	5.8	5.8	5.5	5.1	16.9	0.0
of which heat from coal (ME)	%	0.9	0.7	0.4	0.4	0.3	0.0
of which biomass (ME)	%	0.1	0.0	0.0	0.0	0.1	0.0

Scope 1 Business Operations

Combustion processes of business operations	t CO₂e	20,430	19,699	19,910	19,452	53	405
of which mobile plants	%	94.1	95.6	95.2	95.3	37.7	100.0
of which stationary plants	%	5.9	4.4	4.8	4.7	62.3	0.0

Scope 2 (Indirect Emissions from Energy Purchases)

Total portfolio + business operations location-based ¹⁾	t CO₂e	393,615	335,518	356,108	313,279	15,587	27,242
Total portfolio + business operations market-based ¹⁾³⁾	t CO₂e	321,259	296,965	270,290	236,936	11,075	22,279

Scope 2 Portfolio

Energy supply location-based	t CO₂e	387,440	329,730	350,543	307,847	15,493	27,202
of which district heating (ME)	%	88.0	97.3	89.1	89.5	87.2	86.3
of which heat from electricity (ME)	%	3.0	0.8	3.0	2.7	8.6	3.0
of which electricity (common areas)	%	8.9	1.8	7.9	7.8	4.2	10.7
Energy supply market-based⁴⁾	t CO₂e	320,663	291,176	267,566	234,297	11,030	22,239
of which district heating (ME)	%	94.2	97.1	98.6	99.6	81.8	96.4
of which heat from electricity (ME)	%	3.7	1.0	0.6	0.0	12.2	1.0
of which electricity (common areas)⁵⁾	%	2.1	1.9	0.8	0.4	6.0	2.6

Scope 2 Business Operations

Energy supply location-based	t CO₂e	6,175	5,789	5,566	5,432	94	39
of which electricity	%	69.5	67.6	65.4	65.4	53.9	100.0
of which district heating	%	30.5	32.4	34.6	34.6	46.1	0.0
Energy supply market-based ⁶⁾	t CO₂e	596	715	2,724	2,639	46	39
of which electricity	%	100.0	100.0	29.4	28.8	4.8	100.0
of which district heating	%	–	–	70.6	71.2	95.2	0.0

Scope 3 (Other Indirect Emissions)

Total portfolio + business operations	t CO₂e	964,906	1,054,582	904,891	868,687	24,302	11,902

3.1 Emissions from purchased goods and services ¹⁾	t CO₂e	81,021	170,748	143,033	143,033	0	0

3.2 Emissions from capital goods¹⁾⁷⁾	t CO₂e	72,361	132,075	78,556	78,556	0	0

3.3 Fuel and energy-related emissions (not Scope 1+2)¹⁾⁸⁾	t CO₂e	210,026	205,634	197,948	184,590	9,726	3,632
Portfolio	t CO₂e	204,800	200,366	193,132	179,897	9,695	3,540
Business operations	t CO₂e	5,226	5,268	4,816	4,693	30	93

3.11 Emissions from use of sold products ¹⁾	t CO₂e	13,974	48,557	15,511	15,511	0	0

3.13. Downstream leased assets ¹⁾	t CO₂e	587,523	497,568	469,843	446,997	14,576	8,270
Downstream leased assets WEG ⁹⁾	t CO₂e	52,274.98	24,153	20,186	13,987	6,199	0
Household electricity ¹⁰⁾	t CO₂e	535,248.04	473,415	449,657	433,010	8,378	8,270

1)Calculation logic according to ESRS E1–6.
2)Excl. emissions from purchased goods and services (Scope 3.1), capital goods (Scope 3.2), use of products sold (Scope 3.11) and household electricity (Scope 3.13).
3)Corresponds to the sum of Scope 2 emissions from the portfolio (market-based) and business operations (location-based) for 2023 and 2024, as there was insufficient data available for district heating in business operations (market-based).
4)Calculation using utility-specific emission factors (market-based) if available in qualified form. Otherwise, use of location-specific emission factors (location-based).
5)For the Germany region, all volumes traded via VESG using 100% green electricity guarantee of origin, cleared via the Federal Environment Agency’s register of guarantees of origin.
6)For locations in the Austria region: 100% green electricity. Calculation using utility-specific emission factors (market-based) if available in qualified form. Otherwise, use of location-specific emission factors (location-based).
7)Of which 100% from emissions caused by new construction/development.
8)Includes fuel- and energy-related emissions of the entire portfolio (incl. WEG share), in each case stationary combustion.
9)Rental units that belong to a residential property owners’ association (WEG) in which Vonovia has an ownership interest of ≤ 50 % in the building (no full operational control). There are no proportional ownership rights in Sweden.
10)Calculation incl. commercial units.

Notes on the Greenhouse Gas Emissions

This greenhouse gas balance (GHG balance) was prepared on the basis of the standards of the Greenhouse Gas Protocol (GHG Protocol Corporate Standard and Corporate Value Chain (Scope 3) Standard), the internationally recognized standards for calculating greenhouse gas emissions. The recommendations set out in the guidance issued by German Association of German Housing and Real Estate Companies (GdW), “Arbeitshilfe 85 (CO₂ Monitoring)”, and the recommendations published by the Wohnen 2050 housing initiative (IW2050), have also been taken into account. The scope of consolidation relevant to Vonovia’s greenhouse gas balance matches that used for the other key environmental figures in this ESG Factbook. Greenhouse gas emissions were calculated in CO₂ equivalents (CO₂e), the standard unit for measuring the relevant contribution to the greenhouse effect for the greenhouse gases regulated in the Kyoto Protocol (CO₂, CH₄, N₂O, SF₆, HFCs and PFCs).

The calculation of GHG emissions in the portfolio is conducted according to the “Financial Control Approach”. Emissions produced as a result of operating the housing stock over which Vonovia has full control (>50% ownership of the building) are disclosed under Scope 1 and Scope 2 emissions. For the part of the housing stock in which the company holds a minority interest (max. 50% ownership of the building), the corresponding Scope 1 and Scope 2 emissions are reported under Scope 3.13.

As actual measured values for the relevant reporting year are not available at the required time, we calculate the emissions associated with supplying heat to buildings in the portfolio on the basis of the valid energy performance certificates of the individual buildings. The energy consumption of those buildings that do not have energy performance certificates is extrapolated based on the age of the building and corresponding average values based on the characteristics of the rest of the portfolio.

To calculate the emissions from the combustion of fossil fuels and location-based emissions in Scopes 1, 2 and 3.3, the CO₂e factors from version 5.1 of the GEMIS database were used for the portfolio in Germany. GEMIS (Global Emission Model for Integrated Systems) is an internationally recognized model for determining energy and material flows with an integrated database. The model calculates life cycles for all processes and scenarios, i.e., it takes into consideration all material steps from primary energy/raw material extraction to effective energy/material provision and also includes the auxiliary energy and cost of materials to produce energy plants and transport systems. The emission factors of the Environment Agency Austria are used for Austria, while the Swedenenergy emission factors are used for Sweden.

Market-based emission factors were used to determine Scope 2 emissions from district heating where these were available in qualified form. Otherwise, location-based emission factors were used. With regard to the purchase of district heating from combined heat and power (CHP) plants, we use emission factors based on the Carnot allocation method, as this allows for more realistic allocation of emissions to heat or electricity in physical terms. If other emission factors are used in isolated cases, this is indicated accordingly.

Explanatory information on the scopes included in the GHG balance:

Scope 1 – Direct emissions: GHG emissions from stationary combustion for heating and warm water, as well as mobile combustion (vehicles owned by the company).

Scope 2 – Indirect emissions from energy purchases: GHG emissions from the generation of (general) electricity, local and district heating for heating and warm water.

Scope 3 – Indirect emissions in the upstream and downstream value chain (where these are identified as significant):

Scope 3.1 Purchased goods and services: GHG emissions from the production and processing of building and other materials used for the modernization and maintenance work completed in the fiscal year in question. The GHG emissions are calculated using emission factors per unit of rental area (kg/m²) taken from a study commissioned by the housing industry association Verband der Wohnungswirtschaft (VdW). The study is based on data from the ÖKÖBAUDAT database for ecological evaluations of buildings of the German Federal Ministry for Housing, Urban Development and Building and covers life cycle phase A (A1 bis A3) of the life cycle phase of the selected products in individual underlying clusters.
Scope 3.2 Capital goods: GHG emissions from the production of building and other materials used for the new buildings completed in the fiscal year in question. The GHG emissions are calculated using emission factors based on the building construction type as prepared by external experts as part of a comprehensive life cycle assessment for a model building.
Scope 3.3 Fuel and energy-related emissions (not Scope 1+2): GHG emissions from the upstream chain of energy sources not reported as Scope 1 or Scope 2 emissions (e. g., for the extraction and transportation of fuels or the production and transportation of electricity and district heating) – both for the wholly owned real estate portfolio and for apartments in which Vonovia holds a share of 50% or less (their Scope 1 and 2 emissions are reported as Scope 3.13 emissions).
Scope 3.11 Use of sold products: GHG emissions from the operation of newly constructed residential units sold in the relevant fiscal year (provision of heat and warm water) over a lifespan of 50 years (in line with the recommendation of the Association of German Housing and Real Estate Companies (GdW). Declining GHG intensity of district heating and electricity is assumed over the course of the property’s useful life. This matches the assumed trend for the company’s own portfolio.
Scope 3.13 Downstream leased assets: GHG emissions generated from electricity used by tenants in their homes and commercial units for electrical appliances, excluding general electricity or electricity required for heat and warm water. The corresponding electricity consumption is estimated based on a method developed at sector level, since real data is not available to the landlord. The national emission factor for electricity is used to calculate emissions (location-based). In addition, Scope 3.13 includes the Scope 1 and 2 emissions resulting from the supply of heating and warm water to rental units for which Vonovia does not hold a majority of the ownership shares within a residential property owners’ association (WEG).

Vonovia will review its GHG emissions on a regular basis with a view to the significance of other Scope 3 categories.