Adjusted EBT

Adjusted EBITDA Total for continuing operations came in at € 1,419.0 million in the first half of 2025, 12.0 % higher than the value of € 1,266.5 million seen in the first half of 2024.

In the reconciliation of Adjusted EBITDA Total (continuing operations) to Adjusted EBT (continuing operations), the main contributing factors in the first half of 2025 were the adjusted net financial result of € -363.3 million (H1 2024: € -320.5 million), depreciation and amortization of € -56.0 million (H1 2024: € -55.9 million) and interim profits of € -15.4 million (H1 2024: € -2.9 million). The interim profits mainly relate to services provided by the internal craftsmen’s organization, which charges for its services internally at arm’s length. Any margins are eliminated from the Group perspective and represent the value added resulting from the insourcing of services.

The Adjusted EBT (continuing operations) amounted to € 984.3 million in the first half of 2025 compared to € 887.2 million in the first half of 2024.

In the first half of 2025, the non-recurring items eliminated in the Adjusted EBT (continuing operations) came to € 149.5 million (H1 2024: € 45.4 million).

Transactions in the first half of 2025 include provisions set up for the purchased land to build on and old stock of the QUARTERBACK Immobilien Group in the amount of € 85.2 million. The relevant purchase agreement has already been signed, but the benefits and encumbrances will not be transferred until the second half of 2025.

The increase in HR-related special effects is due to the provision set up in connection with Mr. Buch’s resignation as CEO of Vonovia and the cancellation of his contract of employment, which was set to run until 2028. In addition to a fixed one-off payment due on the date Mr. Buch leaves the company at the end of 2025, a variable component in the form of virtual shares has been agreed to fall due on December 31, 2027. The virtual shares will be allocated as of January 1, 2026. The amount of the payout will be based on the average price of Vonovia’s shares over the six weeks prior to maturity, adjusted to reflect Vonovia’s dividend payments during the period from January 1, 2026, to December 31, 2027.

The following table provides a detailed list of the non-recurring items: