22 Financial Assets Accounted for Using the Equity Method
As of the reporting date, Vonovia held interests in 17 joint ventures and 14 associates (December 31, 2024: 17 joint ventures and 14 associates).
Gropyus AG
The at-equity adjustment of the investment in Gropyus AG results in a negative result of € -2.1 million in the first half of 2025 (H1 2024: € - million). Due to the conversion of the subscribed convertible bond into shares, Vonovia’s shareholding had risen to 26.8% as of June 30, 2025.
The table below shows financial information for Gropyus AG as of June 30, 2025.
Financial information for Gropyus AG
in € million | Dec. 31, 2024 Gropyus AG | Jun. 30, 2025 Gropyus AG | |||
Non-current assets | 77.7 | 70.4 | |||
Current assets | |||||
Cash and cash equivalents | 14.4 | 13.3 | |||
Other current assets | 38.8 | 50.7 | |||
Total current assets | 53.2 | 64.0 | |||
Non-current liabilities | 7.9 | 7.8 | |||
Current liabilities | 56.2 | 68.5 | |||
Equity (100%) | 66.8 | 58.1 | |||
Group share in % | 23.9% | 26.8% | |||
Group share of net assets | 16.0 | 15.5 | |||
Group adjustments | 94.8 | 109.7 | |||
Carrying amount of share in joint venture | 110.8 | 125.2 | |||
Revenues | 22.8 | 0.2 | |||
Interest income | 0.6 | 0.1 | |||
Depreciation and amortization | -2.5 | -0.3 | |||
Other operating expenses | -37.3 | -2.1 | |||
Interest expenses | -2.2 | – | |||
Total results and comprehensive income for the fiscal year (100%) | -49.8 | -8.2 | |||
As data was not available as of June 30, 2025, the carrying amount adjustment was based on the data available as of March 31, 2025.
Mosaik fund
In August 2024, Vonovia had sold eleven development projects for € 489.0 million to a fund launched by HIH Invest, Projekt Mosaik GmbH & Co. KG. A transfer of six properties with a purchase price of € 302.2 million had been made by December 31, 2024. Another property with a purchase price of € 55.1 million had been transferred by June 30, 2025.
In October 2024, Vonovia had sold a further ten additional development projects for around € 515.9 million to another fund launched by HIH Invest, Projekt Mosaik II GmbH & Co. KG. Properties worth € 69.6 million had been transferred by December 31, 2024, within this context.
Vonovia has a 49.2% stake in both funds. Interim losses from the disposal of real estate inventories in the amount of € 0.4 million (H1 2024: € - million) were eliminated within the consolidated results as part of the sale.
In the first half of 2025, the funds contributed € -14.0 million (H1 2024: € - million) to Vonovia’s consolidated results. In addition to pro rata result of € 5.5 million, this figure includes adjustments associated with finalizing the figures reported by the Mosaik companies in their financial statements after the preparation date.
The table below provides financial information for Projekt Mosaik GmbH & Co. KG and Projekt Mosaik II GmbH & Co. KG as of June 30, 2025:
Financial information for Projekt Mosaik and Projekt Mosaik II GmbH
in € million | Dec. 31, 2024 * Projekt Mosaik GmbH & Co. KG | Dec. 31, 2024 * Projekt Mosaik II GmbH & Co. KG | Jun. 30, 2025 Projekt Mosaik GmbH & Co. KG | Jun. 30, 2025 Projekt Mosaik II GmbH & Co. KG | |||||
Non-current assets | 341.3 | 68.7 | 386.5 | 68.5 | |||||
Total current assets | 239.4 | 30.1 | 229.0 | 100.9 | |||||
Non-current liabilities | 174.9 | 30.6 | 198.2 | 120.5 | |||||
Current liabilities | 194.7 | 25.1 | 189.8 | 6.6 | |||||
Equity (100%) | 211.1 | 43.1 | 227.5 | 42.3 | |||||
Group share in % | 49.2% | 49.2% | 49.2% | 49.2% | |||||
Group share of net assets | 103.8 | 21.2 | 111.9 | 20.8 | |||||
Group adjustments | -4.5 | 0.4 | -4.1 | 0.3 | |||||
Carrying amount of share in joint venture | 99.3 | 21.6 | 107.8 | 21.1 | |||||
Interest income | 0.4 | 0.1 | 1.6 | 0.5 | |||||
Other operating expenses | -0.1 | -0.1 | -0.6 | -0.1 | |||||
Interest expenses | 0.0 | 0.0 | -3.0 | -1.0 | |||||
Total results and comprehensive income for the fiscal year (100%) | -8.5 | -4.3 | -11.0 | 0.1 | |||||
- *Previous year's presentation was adjusted
QUARTERBACK Immobilien Group and QUARTERBACK New Energy Holding GmbH
The 40% stake in the non-listed QUARTERBACK Immobilien AG (QBI), QBI’s eleven non-listed financial investments, in which Vonovia holds stakes ranging between 44% and 50% and the 40% stake in the non-listed QUARTERBACK New Energy Holding GmbH were adjusted based on the financial information as of March 31, 2025 that was available on the preparation cut-off date.
Financial information of the QUARTERBACK property companies
in € million | Dec. 31, 2024 QUARTERBACK Immobilien AG | Jun. 30, 2025 QUARTERBACK Immobilien AG | Dec. 31, 2024 QUARTERBACK New Energy Holding GmbH | Jun. 30, 2025 QUARTERBACK New Energy Holding GmbH | Dec. 31, 2024 QUARTERBACK- Objektgesell- | Jun. 30, 2025 QUARTERBACK- Objektgesell- | |||||||
Non-current assets | 235.1 | 211.5 | 70.0 | 84.4 | 20.8 | 21.2 | |||||||
Current assets | |||||||||||||
Cash and cash equivalents | 86.2 | 61.3 | 7.3 | 8.8 | 9.4 | 4.8 | |||||||
Other current assets | 1,855.3 | 1,123.6 | 139.0 | 143.4 | 660.9 | 668.2 | |||||||
Total current assets | 1,941.5 | 1,184.9 | 146.3 | 152.2 | 670.3 | 673.0 | |||||||
Non-current liabilities | 371.1 | 178.1 | 69.7 | 79.3 | 102.5 | 102.1 | |||||||
Current liabilities | 1,746.6 | 1,213.7 | 146.5 | 164.0 | 462.8 | 471.4 | |||||||
Non-controlling interests | 36.0 | 27.9 | – | -1.7 | 9.8 | 9.9 | |||||||
Equity | 22.9 | -23.3 | 0.1 | -5.0 | 116.0 | 110.8 | |||||||
Group share in % | 40% | 40% | 40% | 40% | 44% to 50% | 44% to 50% | |||||||
Group share of net assets | 9.2 | -9.3 | – | -2.0 | 52.8 | 50.2 | |||||||
Group adjustments | -9.2 | 9.3 | – | 2.0 | 4.1 | 3.4 | |||||||
Carrying amount of share in joint venture | 0.0 | 0.0 | – | 0.0 | 56.9 | 53.6 | |||||||
Revenues | 493.2 | 426.8 | 2.3 | 1.9 | 76.2 | 16.9 | |||||||
Change in inventories | -56.1 | -609.1 | 70.0 | 3.8 | -9.2 | -6.4 | |||||||
Interest income | 5.7 | 2.3 | 0.1 | – | 5.7 | 1.6 | |||||||
Depreciation and amortization | -5.6 | -1.3 | -0.5 | 0.3 | -0.1 | 0.0 | |||||||
Interest expenses | -121.1 | -21.5 | -8.2 | -5.3 | -32.5 | -7.0 | |||||||
Income taxes | 4.5 | -26.1 | -1.1 | -0.6 | 5.1 | 0.3 | |||||||
Total results and comprehensive income for the fiscal year (100%) | -154.6 | -47.9 | -10.6 | -5.2 | -56.3 | -5.2 | |||||||
The at-equity adjustment of the investments in the QUARTERBACK Group results in a negative result of € -1.6 million as of June 30, 2025 (H1 2024: € -18.4 million).
As part of the planned further acquisitions of land to build on from the QUARTERBACK Immobilien Group, further purchase contracts with a volume of around € 165 million were concluded on April 14, 2025. The conclusion of these purchase contracts covered the planned total volume of the transaction.
Other Investments Accounted for Using the Equity Method
In addition to these investments, Vonovia also holds interests in 15 (December 31, 2024: 15) other entities that are accounted for using the equity method and are currently of minor importance; quoted market prices are not available.
The interests were adjusted for these entities provided that corresponding financial information was available.
The following table shows, in aggregated form, the carrying amount and the share of profit and other comprehensive income of these companies:
Aggregated information to other entities
in € million | Dec. 31, 2024 | Jun. 30, 2025 | |||
Carrying amount of shares in companies accounted for using the equity method | 49.3 | 59.9 | |||
Group share of net income from companies not accounted for using the equity method | 10% to 50% | 10% to 50% | |||
Pro rata total comprehensive income | -5.6 | 9.8 | |||
The figures include a currency effect for the Swedish investments of € 0.7 million in the first half of 2025.
With regard to the other 15 entities, Vonovia has no significant financial obligations or guarantees with respect to joint ventures and associates.