Results of Operations
Overview
Overall, Vonovia’s business development was positive in the first half of 2025.
In the Rental segment, current business development is still characterized by high demand for rental apartments and rising rental income. Despite a smaller portfolio due to the disposal of around 10,000 units compared to the previous year, the earnings contribution made in the 2025 reporting period was up slightly in a year-on-year comparison.
In the Value-add segment, the increase in modernization and portfolio investments as well as positive business developments in energy sales made a particular contribution to the increase in earnings. The earnings contribution made by the Value-add segment in the 2025 reporting period was considerably higher than in the previous year.
The Recurring Sales segment reported a marked increase in earnings due to higher sales volumes and margins.
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 was certified by a notary in the 2024 fiscal year. In the course of 2024 and at the beginning of 2025, the nursing care properties and nursing care businesses were successfully sold as planned. Ownership of 19 nursing care properties and the Katharinenhof nursing care businesses was transferred in the first quarter of 2025. The purchase agreement concluded on October 2, 2024, involves the sale of a total of 27 nursing care properties and the Katharinenhof nursing care businesses. Ownership of a further two nursing care properties was transferred in the second quarter of 2025. All remaining activities will be finalized in the 2025 fiscal year, meaning that there are still earnings contributions from discontinued operations.
In detail, Adjusted EBT from continuing operations developed as follows in the reporting period:
Adjusted EBT (continuing operations)
Adjusted EBT (continuing operations) | ||||||||
in € million | H1 2024 | H1 2025 | Change in % | 12M 2024 | ||||
Revenue in the Rental segment | 1,650.4 | 1,692.7 | 2.6 | 3,323.5 | ||||
Expenses for maintenance | -225.3 | -237.7 | 5.5 | -470.5 | ||||
Operating expenses in the Rental segment | -233.5 | -229.4 | -1.8 | -467.3 | ||||
Adjusted EBITDA Rental | 1,191.6 | 1,225.6 | 2.9 | 2,385.7 | ||||
Revenue in the Value-add segment | 635.3 | 731.2 | 15.1 | 1,359.4 | ||||
thereof external revenue | 59.9 | 69.6 | 16.2 | 179.6 | ||||
thereof internal revenue | 575.4 | 661.6 | 15.0 | 1,179.8 | ||||
Operating expenses in the Value-add segment | -578.5 | -630.5 | 9.0 | -1,191.0 | ||||
Adjusted EBITDA Value-add | 56.8 | 100.7 | 77.3 | 168.4 | ||||
Revenue in the Recurring Sales segment | 163.9 | 215.0 | 31.2 | 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 | -132.0 | -166.1 | 25.8 | -359.8 | ||||
Adjusted result Recurring Sales | 31.9 | 48.9 | 53.3 | 81.5 | ||||
Selling costs in the Recurring Sales segment | -9.7 | -10.2 | 5.2 | -23.9 | ||||
Adjusted EBITDA Recurring Sales | 22.2 | 38.7 | 74.3 | 57.6 | ||||
Revenue from disposal of Development to sell properties | 70.1 | 209.1 | >100 | 889.4 | ||||
Cost of Development to sell | -59.6 | -133.9 | >100 | -813.8 | ||||
Carrying amount of assets sold of Development to sell | – | -5.0 | – | -27.8 | ||||
Gross profit Development to sell | 10.5 | 70.2 | >100 | 47.8 | ||||
Rental revenue Development | 3.1 | 3.4 | 9.7 | 7.3 | ||||
Operating expenses in the Development segment | -17.7 | -19.6 | 10.7 | -41.7 | ||||
Adjusted EBITDA Development | -4.1 | 54.0 | – | 13.4 | ||||
Adjusted EBITDA Total (continuing operations) | 1,266.5 | 1,419.0 | 12.0 | 2,625.1 | ||||
Adjusted net financial result | -320.5 | -363.3 | 13.4 | -709.0 | ||||
Straight-line depreciation* | -55.9 | -56.0 | 0.2 | -112.7 | ||||
Intragroup profit/losses | -2.9 | -15.4 | >100 | -3.8 | ||||
Adjusted EBT (continuing operations) | 887.2 | 984.3 | 10.9 | 1,799.6 | ||||
Adjusted EBT (continuing operations) per share in €** | 1.09 | 1.20 | 9.9 | 2.20 | ||||
Minorities | 82.9 | 85.6 | 3.3 | 166.0 | ||||
Adjusted EBT (continuing operations) after | 804.3 | 898.7 | 11.7 | 1,633.6 | ||||
Adjusted EBT (continuing operations) after | 0.99 | 1.09 | 10.7 | 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.
As of the end of the first half of 2025, Vonovia employed 12,393 people in its continuing operations (end of the first half of 2024: 12,087).
As of the end of the first half of 2025, Vonovia managed a portfolio comprising 533,064 of its own residential units (end of the first half of 2024: 542,881), 162,451 garages and parking spaces (end of the first half of 2024: 163,552) and 8,589 commercial units (end of the first half of 2024: 8,507). Furthermore, Vonovia managed 75,069 residential units (end of the first half of 2024: 71,697) on behalf of third parties as of the end of the first half of 2025.