Vonovia SE on the Capital Market

Shares in Vonovia

While the DAX 40 showed positive performance in the first nine months of 2025, gaining 19.9%, shares in Vonovia closed the period down by 9.4%.

In our view, this underperformance of Vonovia’s shares can be explained by the strong negative correlation between the share prices of European residential real estate companies and the yield on 10-year German government bonds. The correlation between Vonovia’s share price and the yield on 10-year German government bonds came to -0.72 in the first nine months of 2025.

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 organic increase in value thanks to rental growth should ensure a total return in the high single-digit or double-digit percentage range, which we consider to be comparatively attractive given the risk profile and the good investment grade rating confirmed by four rating agencies.

Last but not least, the residential property markets in which we operate are characterized by a high level of excess demand, which is increasingly having a positive impact on rental growth.

As a result, 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 € 22.3 billion as of September 30, 2025.

Share Price Development