Consolidated Balance Sheet

in € million	Notes	Dec. 31, 2024	Dec. 31, 2025

Assets
Intangible assets	D25	1,424.4	1,433.7
Property, plant and equipment	D26	743.8	808.0
Investment properties	D27	78,343.1	82,392.8
Trade receivables	D33	–	107.9
Financial assets	D28	1,181.1	1,128.6
Investments accounted for using the equity method	D29	344.3	498.7
Other assets	D30	267.0	15.9
Deferred tax assets	D31	23.2	8.3
Total non-current assets		82,326.9	86,393.9

Inventories	D32	13.2	27.6
Trade receivables	D33	584.6	233.8
Financial assets	D28	866.8	433.0
Other assets	D30	674.5	400.9
Income tax receivables	D31	177.0	258.4
Cash and cash equivalents	D34	1,756.7	3,256.9
Real estate inventories	D35	1,608.0	1,865.6
Assets held for sale	D36	1,498.7	385.2
Assets from discontinued operations	D36	729.9	–
Total current assets		7,909.4	6,861.4
Total assets		90,236.3	93,255.3

Equity and liabilities
Subscribed capital		822.9	848.2
Capital reserves		2,451.1	2,608.9
Retained earnings		21,149.1	24,130.8
Other reserves		-426.7	-121.3
Total equity attributable to Vonovia shareholders		23,996.4	27,466.6
Non-controlling interests		4,130.5	4,701.1
Total equity	D37	28,126.9	32,167.7

Provisions	D38	584.5	550.1
Trade payables	D39	6.0	5.7
Non-derivative financial liabilities	D40	37,448.3	38,302.9
Derivatives	D41	59.6	136.4
Put options	D42	–	99.4
Lease liabilities	D43	630.6	633.8
Liabilities to non-controlling interests	D44	176.2	657.9
Financial liabilities from tenant financing	D45	41.6	40.8
Other liabilities	D46	84.3	125.0
Deferred tax liabilities		15,613.5	14,104.9
Total non-current liabilities		54,644.6	54,656.9

Provisions	E38	340.6	419.2
Trade payables	E39	524.2	550.0
Non-derivative financial liabilities	E40	5,202.7	4,327.4
Derivatives	E41	1.1	4.6
Put options	E42	311.2	243.9
Lease liabilities	E43	45.1	45.7
Liabilities to non-controlling interests	E44	32.6	134.3
Financial liabilities from tenant financing	E45	109.0	104.4
Current income taxes	E46	244.7	254.0
Other liabilities	E46	373.1	347.2
Liabilities associated with assets classified as held for sale	E36	203.1	–
Liabilities from discontinued operations	E36	77.4	–
Total current liabilities		7,464.8	6,430.7
Total liabilities		62,109.4	61,087.6
Total equity and liabilities		90,236.3	93,255.3