Assets

Consolidated Balance Sheet Structure

The Group’s total assets increased from € 90,236.3 million as of December 31, 2024, by € 3,019.0 million to € 93,255.3 million as of December 31, 2025.

The main development in non-current assets is the increase in investment properties of € 4,049.7 million. This is due in particular to additions amounting to € 1,516.8 million, mainly in the context of the transactions concluded with the QUARTERBACK Immobilien Group, capitalized modernization costs of € 1,011.9 million and to net income from fair value adjustments of investment properties of € 1,390.0 million.

The transactions with Apollo Capital Management L.P. relating to the disposal of shares in the Südewo portfolio of residential properties in Baden-Württemberg and a portfolio in northern Germany in the 2023 fiscal year gave rise to call options on these shares. These were initially recognized directly in equity as an asset in the 2023 fiscal year. The call options have been adjusted, affecting net income, on a regular basis since December 31, 2023. These options were remeasured on December 31, 2025, resulting in a valuation of € 671.0 million. The adjustment affecting net income resulted in an expense of € 60.0 million in the 2025 fiscal year due to an increased cost of capital.

In current assets, it was in particular the disposal of assets held for sale in the amount of € 1,113.5 million and the disposal of assets of discontinued operations in the amount of € 729.9 million that resulted in a decrease in this item by € 1,048.0 million in total. Other changes in current assets relate to the decrease in financial assets by € 283.8 million, mainly due to the offsetting of loans as part of the QUARTERBACK transactions, and the decrease in trade receivables by € 350.8 million. Cash and cash equivalents rose by € 1,350.2 million.

On December 31, 2025, goodwill comprised 1.5% of total assets (December 31, 2024: 1.5%).

Total equity increased from € 28,126.9 million as of December 31, 2024, by € 4,040.8 million to € 32,167.7 million as of December 31, 2025. Key factors influencing this development in particular included profit for the period of € 4,185.5 million and other comprehensive income of € 334.6 million. The latter was particularly influenced by currency effects of € 275.9 million. The cash dividend distributions in the amount of € 647.2 million had the effect of reducing total equity. Under the control and profit and loss transfer agreement between Vonovia SE and Deutsche Wohnen SE, 12,594,898 shares in Vonovia SE were created using the 2025 authorized capital. This increased the subscribed capital and capital reserves by a total of € 388.4 million as of December 31, 2025. The non-controlling interests fell by € 483.0 million due to the stock exchange.

The equity ratio stood at 34.5% as of December 31, 2025 (December 31, 2024: 31.2%).

As against December 31, 2024, liabilities fell from € 62,109.4 million by € 1,021.8 million to € 61,087.6 million as of December 31, 2025. The total of non-current non-derivative financial liabilities increased from € 37,448.3 million by € 854.6 million to € 38,302.9 million. Current non-derivative financial liabilities fell from € 5,202.7 million by € 875.3 million to € 4,327.4 million.

Deferred tax liabilities fell from € 15,613.5 million on December 31, 2024, by € 1,508.6 million to € 14,104.9 million as of December 31, 2025. This is due primarily to the adoption of the law for a tax-based immediate-action investment program, which will involve a gradual cut in the applicable corporate income tax rate from 15% to 10%.