11 Personnel Expenses

Personnel expenses as of June 30, 2025, include the provision set up, as an expense, 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.