Results of Operations
Overview
Vonovia achieved positive business development overall in the first nine months of 2025.
Business development in the Rental segment is characterized by high demand for rental apartments and rising rental income. Despite a smaller portfolio due to the disposal of around 9,000 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 slightly 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.
In detail, Adjusted EBT from continuing operations developed as follows in the reporting period:
Adjusted EBT (continuing operations)
Adjusted EBT (continuing operations) | ||||||||
in € million | 9M 2024 | 9M 2025 | Change in % | 12M 2024 | ||||
Revenue in the Rental segment | 2,481.8 | 2,551.1 | 2.8 | 3,323.5 | ||||
Expenses for maintenance | -344.8 | -366.1 | 6.2 | -470.5 | ||||
Operating expenses in the Rental segment | -335.1 | -338.0 | 0.9 | -467.3 | ||||
Adjusted EBITDA Rental | 1,801.9 | 1,847.0 | 2.5 | 2,385.7 | ||||
Revenue in the Value-add segment | 1,009.7 | 1,093.6 | 8.3 | 1,359.4 | ||||
thereof external revenue | 149.1 | 101.5 | -31.9 | 179.6 | ||||
thereof internal revenue | 860.6 | 992.1 | 15.3 | 1,179.8 | ||||
Operating expenses in the Value-add segment | -863.8 | -943.5 | 9.2 | -1,191.0 | ||||
Adjusted EBITDA Value-add | 145.9 | 150.1 | 2.9 | 168.4 | ||||
Revenue in the Recurring Sales segment | 268.3 | 299.6 | 11.7 | 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 | -214.2 | -228.5 | 6.7 | -359.8 | ||||
Adjusted result Recurring Sales | 54.1 | 71.1 | 31.4 | 81.5 | ||||
Selling costs in the Recurring Sales segment | -15.2 | -14.5 | -4.6 | -23.9 | ||||
Adjusted EBITDA Recurring Sales | 38.9 | 56.6 | 45.5 | 57.6 | ||||
Revenue from disposal of Development to sell properties | 190.6 | 278.6 | 46.2 | 889.4 | ||||
Cost of Development to sell | -136.6 | -183.1 | 34.0 | -813.8 | ||||
Carrying amount of assets sold of Development to sell | -27.8 | -4.9 | -82.4 | -27.8 | ||||
Gross profit Development to sell | 26.2 | 90.6 | >100 | 47.8 | ||||
Rental revenue Development | 4.8 | 6.7 | 39.6 | 7.3 | ||||
Operating expenses in the Development segment | -31.0 | -36.3 | 17.1 | -41.7 | ||||
Adjusted EBITDA Development | 0.0 | 61.0 | – | 13.4 | ||||
Adjusted EBITDA Total (continuing operations) | 1,986.7 | 2,114.7 | 6.4 | 2,625.1 | ||||
Adjusted net financial result | -528.7 | -546.4 | 3.3 | -709.0 | ||||
Straight-line depreciation* | -84.1 | -85.7 | 1.9 | -112.7 | ||||
Intragroup profit/losses | -10.0 | -26.4 | >100 | -3.8 | ||||
Adjusted EBT (continuing operations) | 1,363.9 | 1,456.2 | 6.8 | 1,799.6 | ||||
Adjusted EBT (continuing operations) per share in €** | 1.67 | 1.76 | 5.5 | 2.20 | ||||
Minorities | 121.4 | 134.3 | 10.6 | 166.0 | ||||
Adjusted EBT (continuing operations) after minorities | 1,242.5 | 1,321.9 | 6.4 | 1,633.6 | ||||
Adjusted EBT (continuing operations) after minorities per share in €** | 1.52 | 1.60 | 5.1 | 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.
At the end of the third quarter of 2025, Vonovia employed 12,521 people in its continuing operations (end of Q3 2024: 12,010).
As of the end of the third quarter of 2025, Vonovia managed a portfolio comprising 532,558 of its own residential units (end of the third quarter of 2024: 541,619), 162,466 garages and parking spaces (end of the third quarter of 2024: 163,045) and 8,576 commercial units (end of the third quarter of 2024: 8,431). Furthermore, Vonovia managed 75,692 residential units (end of the third quarter of 2024: 73,358) on behalf of third parties as of the end of the third quarter of 2025.