Capital Market Development and the Vonovia Share

International capital markets were once again dominated by interest rate trends in 2025, which significantly shaped the market's view of real estate stocks. Overall, the markets moved largely in risk-on mode with the resultant demand, especially for stocks in the banking, insurance and utilities sectors. Defensive stocks with lower risk profiles and comparatively lower growth prospects performed less favorably overall in this environment.

Performance of GICS Sectors

The DAX 40 closed up 23.0%, with the EPRA Europe real estate index up by 2.3%. Vonovia lost 16.3% over the course of the year. Overall, there was once again a strong correlation in the fiscal year under review between Vonovia’s share price on the one hand, and the capital market’s assessment of future interest rate trends and government bond yields on the other.

We continued to see a discrepancy in 2025 between rather subdued capital market assessments on the one hand and significantly better sentiment on the residential real estate market and positive operating development on the other. While the capital market is pricing real estate stocks at hefty discounts, the residential property markets in which we operate are proving to be relatively robust and have bottomed out. This is due, in particular, to the favorable relationship, from an owner’s point of view, between supply and demand in urban regions, traditionally long-term financings, tax aspects as well as the structural momentum on the revenue side.

We believe that shares in Vonovia will reflect the positive operating development and ultimately the success of our business model as a whole in the medium to long term. Our responses to key long-term megatrends – climate change, urbanization and demographic change – remain the dominant factors driving our business. We are optimistic as we look ahead to the future and are confident that we will remain economically successful.

The average daily trading volume for shares in Vonovia SE, expressed as the number of shares traded on the relevant European trading platforms (including XETRA), came to 6.4 million in 2025. Expressed in euros, shares in Vonovia worth € 175.4 million were traded every day on average in 2025.

Vonovia’s shares reached their highest daily closing price for the year on February 6, 2025 at € 30.46 and their lowest daily closing price on December 15, 2025 at € 23.72.

Vonovia’s market capitalization amounted to around € 20.8 billion as of December 31, 2025.

Share Price Development

Index Memberships: Vonovia SE Member of the DAX 50 ESG and Dow Jones Best-in-Class Europe Index

Vonovia has been a member of various sustainability indices since 2020, in particular the DAX 50 ESG and the Dow Jones Best-in-Class Europe Index, which confirms Vonovia’s successful ESG activities and the progress made in this area. We provide detailed information on our rating performance on our website.

Long-term Yield

An investor who bought shares in Vonovia when the company went public in 2013 and has held them ever since, reinvesting each dividend in more shares in Vonovia, will have seen the value of their securities deposit account increase by 143% by December 31, 2025, achieving a result that far outstrips the performance of a corresponding investment in various benchmark indices.

Yield since Vonovia IPO