Financing
In its announcement of August 23, 2024, the agency Standard & Poor’s indicated that Vonovia’s rating remains unchanged at BBB+ with a stable outlook for its long-term issuer credit rating and A-2 for its short-term issuer credit rating, while Vonovia’s issued and unsecured bonds are rated BBB+.
In its announcement of February 11, 2025, the rating agency Moody’s confirmed Vonovia’s rating of Baa1 with a stable outlook.
The rating agency Scope has, in its announcement of July 2, 2024, awarded Vonovia an A- investment grade rating with negative outlook.
On March 28, 2024, the rating agency Fitch awarded Vonovia a rating for the first time: BBB+ with a stable outlook.
Vonovia SE has launched an EMTN (European medium-term notes) program. This program allows funds to be raised quickly at any time, without any major administrative outlay, using bond issues. The published prospectus for the € 40 billion program was expanded on March 24, 2025, must be updated annually and requires approval from the financial supervisory authority of the Grand Duchy of Luxembourg (CSSF).
As at the reporting date of March 31, 2025, Vonovia had placed a total bond volume of € 22.3 billion, € 21.2 billion of which relates to the EMTN program. Deutsche Wohnen bonds worth a further € 1.8 billion were also assumed.
A bond in the amount of € 485.4 million was repaid as scheduled on March 31, 2025.
The debt maturity profile of Vonovia’s financing was as follows as of March 31, 2025:
Debt Maturity Profile on March 31, 2025 (face values)
The key debt ratios are as follows as of the reporting date:
LTV (loan to value)
LTV (loan to value)
in € million | Dec. 31, 2024 | Mar. 31, 2025 | Change in % | |||
Non-derivative financial liabilities | 42,651.0 | 42,166.1 | -1.1 | |||
Foreign exchange rate effects | -19.8 | -10.5 | -47.0 | |||
Cash and cash equivalents* | -2,127.5 | -2,545.8 | 19.7 | |||
Net debt | 40,503.7 | 39,609.8 | -2.2 | |||
Sales receivables | -873.3 | -732.8 | -16.1 | |||
Adjusted net debt | 39,630.4 | 38,877.0 | -1.9 | |||
Fair value of the real estate portfolio | 81,971.4 | 82,331.6 | 0.4 | |||
Loans to companies holding immovable property and land | 521.8 | 314.4 | -39.7 | |||
Shares in other real estate companies | 615.9 | 611.5 | -0.7 | |||
Adjusted fair value of the real estate portfolio | 83,109.1 | 83,257.5 | 0.2 | |||
LTV | 47.7% | 46.7% | -1.0 pp | |||
Adjusted net debt | 39,630.4 | 38,877.0 | -1.9 | |||
Adjusted EBITDA total** | 2,625.1 | 2,716.6 | 3.5 | |||
Adjusted net debt/Adjusted EBITDA total | 15.1x | 14.3x | -0.8x | |||
- *Incl. term deposits not classified as cash equivalents.
- **Total over four quarters.
Vonovia has undertaken to comply with the following standard market covenants (calculation based on the definitions in the financing documentation) in the context of its issuance of unsecured bonds and financing as well as its structured secured financing.
Compliance with standard market convenats
Compliance with standard market convenats
in € million | Threshold | Dec. 31, 2024 | Mar. 31, 2025 | Change in % | ||||
Total financial debt | 42,651.0 | 42,166.1 | -1.1 | |||||
Total assets | 90,236.3 | 90,626.7 | 0.4 | |||||
LTV | < 60.0% | 47.3% | 46.5% | -0.8 pp | ||||
Secured debt | 13,204.7 | 13,247.9 | 0.3 | |||||
Total assets | 90,236.3 | 90,626.7 | 0.4 | |||||
Secured LTV | < 45.0% | 14.6% | 14.6% | – | ||||
LTM Adjusted EBITDA | 2,625.1 | 2,716.6 | 3.5 | |||||
LTM Net Cash Interest | 693.2 | 734.2 | 5.9 | |||||
ICR | > 1.8x | 3.8x | 3.7x | -0.1x | ||||
Unencumbered assets | 46,797.0 | 46,210.1 | -1.3 | |||||
Unsecured debt | 29,446.3 | 28,918.2 | -1.8 | |||||
Unencumbered assets | > 125.0% | 158.9% | 159.8% | 0.9 pp | ||||
Non-fulfillment of the agreed financial covenants may have a negative effect on Vonovia’s liquidity status. The financial covenants have been fulfilled as of the reporting date.