Vonovia SE on the Capital Market

Shares in Vonovia

The performance of Vonovia’s shares was dominated by macroeconomic factors in the first six months of this year.

Vonovia’s shares closed the first half of 2025 up by 2%, closing at € 29.91 on June 30, 2025, while the DAX 40 gained 20%.  This was due to two different developments in the first and second quarters of 2025:

During the first three months of 2025, Vonovia’s shares lost 14.9% in response to the announcement of the new German government's economic stimulus program made at the beginning of March, which immediately sent German government bond yields surging at a historic rate.  At least to begin with, the concern was that yields of 4% and more might be within the realms of possibility for ten-year German government bonds.  The high negative correlation put real estate stocks under pressure overall. Shares in Vonovia showed a particularly strong reaction, not least due to their high liquidity.

In the second quarter, Vonovia’s shares outperformed the DAX 40 and closed the quarter up by 20% compared with an 8% rise in the DAX 40. There were two main reasons for this: first, the second quarter of 2025 was dominated by considerable uncertainty both in terms of the geopolitical situation and on the international capital markets.  Second, the tariff dispute sent shockwaves through economies across the globe. This nudged investors towards more risk-averse stocks, with shares in Vonovia reaping the benefits of this trend.

We remain convinced that our positive operating performance, which remains extremely robust compared with most other sectors, should ensure rising share prices in the medium to long term. Assuming stable market yields, an attractive dividend yield and the expected organic increase in value thanks to rental growth should ensure a total return that we consider to be comparatively attractive given the risk profile and the good investment-grade rating confirmed by four rating agencies.

We remain confident that the fundamental conditions in our markets will ensure positive development in the long run. Besides the favorable relationship (from an owner’s point of view) between supply and demand in urban regions, the relevant factors in this respect include, above all, structural momentum on the revenue side as well as support from the key megatrends.

Vonovia’s market capitalization amounted to around € 25.0 billion as of June 30, 2025.

Share Price Development