21 Financial Assets

Due to the subsequent measurement of the call options that Vonovia received as part of the sale of two minority stakes in the Südewo portfolio in Baden-Württemberg and in the northern Germany portfolio, the balance sheet value fell by € 88.0 million to € 643.0 million (December 31, 2024: € 731.0 million) as of June 30, 2025. The higher WACC is the main factor responsible for the drop. In a sensitivity analysis, the WACC was changed by +0.5%/-0.5% for the call options, which would result in a change in equity affecting net income of € -77.0 million/€ +90.0 million (December 31, 2024: € -89.0 million/€ +108.0 million).

Financial assets include current loan receivables, taking into account the expected credit loss of € 119.4 million (December 31, 2024: € 476.8 million) from the QUARTERBACK Immobilien Group, granted in line with standard market conditions. The drop in the first half of 2025 is due to the offsetting of loan receivables as part of the acquisition of land to build on and property management units from the QUARTERBACK Immobilien Group.

Other investments include, among others, € 197.2 million (December 31, 2024: € 190.2 million) in shares in the Vesteda Residential Fund FGR, Amsterdam.