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Letter from the Management Board

»As Europe’s largest residential real estate company, we will continue to leverage the opportunities open to us in 2026 to achieve profitable development and further strengthen social cohesion. This is not a contradiction in terms for us, because our economic growth and the fulfillment of our social responsibility go hand in hand.Luka Mucic, CEO

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Key Figures

EPRA NTA per Share¹€46.28+2.3%

Business Development

Sustained EarningsAdjusted EBT and Adjusted EBT per share²

Our Share

Dividend proposal€1.25per share³

Outlook

At Group level, for 2026 we therefore expect to see an Adjusted EBITDA Total that is moderately higher than in the previous year. In addition, we expect the value of our company to increase further and, as a result, predict a slight increase in EPRA NTA per share.

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Business Development

Vonovia achieved positive business development overall in the 2025 fiscal year. The core rental business saw high demand for rental apartments and rising rents, as well as a positive trend in customer satisfaction.

Sustainability

Sustainability Performance Index (SPI) 2025106%+1.92%

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1Based on the shares carrying dividend rights on the reporting date.
2Continuing operations.
3Planned dividend proposed to the 2025 Annual General Meeting.

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