3 Scope of Consolidation and Business Combinations

All in all, and including Vonovia SE, 600 companies (December 31, 2024: 612) – thereof 435 (December 31, 2024: 446) domestic companies and 165 (December 31, 2024: 166) foreign companies – have been included in the consolidated financial statements as of December 31, 2025. In addition, 15 (December 31, 2024: 16) domestic companies and one (December 31, 2024: one) foreign company were included as joint ventures and 11 domestic companies (December 31, 2024: 11) and three (December 31, 2024: three) foreign companies were included as associates accounted for using the equity method.

One domestic company (December 31, 2024: two domestic companies) is no longer included in the scope of consolidation as it is no longer considered to be material. This company is shown as a non-consolidated affiliated company.

For all subsidiaries included in the consolidated financial statements, the reporting date is December 31.

The List of Vonovia Shareholdings is appended to the Notes to the consolidated financial statements as an integral part thereof.

Companies that have made use of the exemption provision set out in Section 264 (3) of the German Commercial Code (HGB) are marked accordingly in the list of shareholdings. 

The year-over-year changes in the consolidated companies as of December 31, 2025 result from six companies that were established, ten companies that were added due to acquisition, one company that was added due to a change in the scope of consolidation, nine mergers, two accruals, one company that was disposed of due to changes in scope of consolidation and 17 companies that were disposed of because they were sold.

The changes in joint ventures in 2025 are due to one sale. There was an addition to associates due to a partial sale of shares in a company that had previously been included in the group as well as one sale.

Acquisition of QUARTERBACK München GmbH

On January 2, 2025, Vonovia acquired all of the shares in BUWOG Bauträger Süd GmbH (formerly QUARTERBACK München GmbH) via its wholly-owned subsidiary Deutsche Annington Acquisition Holding GmbH. The purchase price was around € 11.0 million. The company has 44 employees that provide development services in southern Germany. The purchase will further expand Vonovia’s development organization in southern Germany.

Vonovia obtained control over BUWOG Bauträger Süd GmbH on January 2, 2025. The transaction was classed as a business combination in accordance with IFRS 3.

The final allocation of the total purchase price of € 11.0 million to the acquired assets and liabilities (PPA) of BUWOG Bauträger Süd GmbH as of the date of first-time consolidation was based on the financial statements of BUWOG Bauträger Süd GmbH as of December 31, 2024, and on the known necessary adjustments to the fair values of the assets and liabilities.

The assets and liabilities assumed in the course of the business combination had the following fair values as of the date of first-time consolidation:

The acquired trade receivables were fully recoverable as of the acquisition date. The gross amount of the acquired trade receivables was € 0.8 million. The net carrying amount, which corresponds to the fair value, was € 0.8 million.

In the 2025 fiscal year, no transaction costs were incurred in relation to the acquisition of BUWOG Bauträger Süd GmbH.