Results of Operations
Overview
Vonovia made a positive start to the new 2025 fiscal year.
Business development in the Rental segment is still characterized by high demand for rental apartments and rising rental income. Despite a smaller portfolio due to disposals, the earnings contribution made in the 2025 reporting period was almost on a par with the previous year. In the Value-add segment, the increase in modernization and portfolio investments as well as business developments in energy sales made a particularly positive contribution to the earnings trend. The earnings contribution made by the Value-add segment in the first three months of 2025 was up year over year, an exceptional development. The Recurring Sales segment reported an extraordinary increase in earnings due to higher disposals. In the Development segment, the main positive effect in the 2025 reporting period came from the transfer of economic ownership resulting from the sale of land to two state-owned Berlin housing companies agreed in April 2024.
The sale of the Care segment had already been certified by a notary in the course of the 2024 fiscal year. Ownership of 19 nursing care properties and the “Katharinenhof” nursing care businesses was transferred in the first quarter of 2025. The remaining activities will be finalized in the course of the 2025 fiscal year, meaning that we will still report earnings contributions from discontinued operations in 2025.
In detail, Adjusted EBT from continuing operations developed as follows in the reporting period:
Adjusted EBT (continuing operations)
Adjusted EBT (continuing operations) | ||||||||
in € million | 3M 2024 | 3M 2025 | Change in % | 12M 2024 | ||||
Revenue in the Rental segment | 824.2 | 840.4 | 2.0 | 3,323.5 | ||||
Expenses for maintenance | -113.6 | -123.9 | 9.1 | -470.5 | ||||
Operating expenses in the Rental segment | -117.7 | -123.9 | 5.3 | -467.3 | ||||
Adjusted EBITDA Rental | 592.9 | 592.6 | -0.1 | 2,385.7 | ||||
Revenue in the Value-add segment | 325.1 | 387.1 | 19.1 | 1,359.4 | ||||
thereof external revenue | 28.2 | 31.1 | 10.3 | 179.6 | ||||
thereof internal revenue | 296.9 | 356.0 | 19.9 | 1,179.8 | ||||
Operating expenses in the Value-add segment | -313.6 | -348.6 | 11.2 | -1,191.0 | ||||
Adjusted EBITDA Value-add | 11.5 | 38.5 | >100 | 168.4 | ||||
Revenue in the Recurring Sales segment | 74.6 | 122.0 | 63.5 | 441.3 | ||||
Fair value of properties sold adjusted to reflect effects not relating to the period from assets held for sale in the Recurring Sales segment | -60.9 | -97.6 | 60.3 | -359.8 | ||||
Adjusted result Recurring Sales | 13.7 | 24.4 | 78.1 | 81.5 | ||||
Selling costs in the Recurring Sales segment | -4.6 | -5.3 | 15.2 | -23.9 | ||||
Adjusted EBITDA Recurring Sales | 9.1 | 19.1 | >100 | 57.6 | ||||
Revenue from disposal of Development to sell properties | 30.6 | 113.5 | >100 | 889.4 | ||||
Cost of Development to sell | -27.3 | -52.3 | 91.6 | -813.8 | ||||
Carrying amount of assets sold of Development to sell | – | – | – | -27.8 | ||||
Gross profit Development to sell | 3.3 | 61.2 | >100 | 47.8 | ||||
Rental revenue Development | 1.7 | 1.4 | -17.6 | 7.3 | ||||
Operating expenses in the Development segment | -11.5 | -14.3 | 24.3 | -41.7 | ||||
Adjusted EBITDA Development | -6.5 | 48.3 | – | 13.4 | ||||
Adjusted EBITDA Total (continuing operations) | 607.0 | 698.5 | 15.1 | 2,625.1 | ||||
Adjusted net financial result | -160.8 | -184.3 | 14.6 | -709.0 | ||||
Straight-line depreciation* | -27.8 | -27.8 | – | -112.7 | ||||
Intragroup profit/losses | -1.9 | -7.7 | >100 | -3.8 | ||||
Adjusted EBT (continuing operations) | 416.5 | 478.7 | 14.9 | 1,799.6 | ||||
Adjusted EBT (continuing operations) per share in €** | 0.51 | 0.58 | 13.8 | 2.20 | ||||
Minorities | 41.3 | 38.8 | -6.1 | 166.0 | ||||
Adjusted EBT (continuing operations) after minorities | 375.2 | 439.9 | 17.2 | 1,633.6 | ||||
Adjusted EBT (continuing operations) after minorities per share in €** | 0.46 | 0.53 | 16.1 | 1.99 | ||||
- *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 the first quarter of 2025, Vonovia employed 12,306 people in its continuing operations (end of Q1 2024: 11,999).
As of the end of the first quarter of 2025, Vonovia managed a portfolio comprising 534,566 of its own residential units (end of the first quarter of 2024: 543,427), 162,113 garages and parking spaces (end of the first quarter of 2024: 163,230) and 8,523 commercial units (end of the first quarter of 2024: 8,523). Vonovia also managed 72,838 residential units (end of the first quarter of 2024: 69,879) on behalf of third parties as of the end of the first quarter of 2025.