Details on Results of Operations by Segment

Rental Segment

In the Rental segment, overall conditions on the residential real estate market remained virtually unchanged in the 2025 fiscal year. A severe housing shortage and strong demand for rental apartments continue to define the business environment. At the end of December 2025, the portfolio in the Rental segment had a vacancy rate of 2.1% (end of December 2024: 2.0%), meaning that it was nearly fully occupied.

In the 2025 fiscal year, revenue in the Rental segment increased by 2.8% year-on-year (2024: 2.2%) to € 3,417.2 million (2024: € 3,323.5 million). Of the segment revenue in the Rental segment in the 2025 fiscal year, € 2,897.5 million is attributable to rental income in Germany (2024: € 2,837.6 million), € 393.4 million to rental income in Sweden (2024: € 360.7 million) and € 126.3 million to rental income in Austria (2024: € 125.2 million). The organic rent growth (twelve-month rolling) stood at 4.1% at the end of the fourth quarter of 2025 (4.1% at the end of the fourth quarter of 2024). The increase in rent due to market-related factors came to 2.6% as of the end of the fourth quarter of 2025 (2.8% at the end of the fourth quarter of 2024). The increase from property value improvements stood at 1.0% at the end of the fourth quarter of 2025 (0.9% at the end of the fourth quarter of 2024). All in all, this produced a like-for-like rent increase of 3.6% at the end of the fourth quarter of 2025 (3.7% at the end of the fourth quarter of 2024). New construction measures and measures to add extra stories also contributed 0.5% at the end of the fourth quarter of 2025 (0.4% at the end of the fourth quarter of 2024).

At the end of December 2025, the average monthly in-place rent in the residential portfolio in the Rental segment came to € 8.38 per m² as against € 8.01 per m² at the end of December 2024. The monthly in-place rent in the German portfolio at the end of December 2025 came to € 8.19 per m² (end of December 2024: € 7.89 per m²), with a figure of € 11.68 per m² (end of December 2024: € 10.48 per m²) for the Swedish portfolio and € 5.82 per m² (end of December 2024: € 5.71 per m²) for the Austrian portfolio. The rental income for the Swedish portfolio is reported as inclusive rent, i.e., including ancillary and heating costs as well as water costs. Moreover, the rental income from the Austrian real estate portfolio includes maintenance and improvement contributions (EVB).

Total maintenance, modernization, investments in the existing portfolio and new construction (to hold) in the 2025 fiscal year came in at € 1,972.7 million, up 23.2% on the 2024 prior-year value of € 1,601.0 million.

Operating expenses in the Rental segment in the 2025 fiscal year amounted to € -488.1 million, up by 4.5% compared to the previous year’s figure of € -467.3 million.

Adjusted EBITDA in the Rental segment in the 2025 fiscal year of € 2,445.0 million, despite the sales completed in the 2025 fiscal year and higher maintenance expenses, was 2.5% higher than the previous year’s figure of € 2,385.7 million.

Value-add Segment

The Value-add segment reported an increase in earnings of 17.3% in the 2025 fiscal year. This was due in particular to the positive business development in the company’s own craftsmen’s organisation and in the energy sales division. Modernization and maintenance investments in the 2025 fiscal year were up 32.0% on the volume of the previous year. This was also thanks to our increased investment in new heat pumps.

In the fourth quarter of 2025, Vonovia concluded an agreement with OXG Glasfaser GmbH, a Vodafone joint venture, to expand the fiber-optic infrastructure. The agreement encompasses around 295,000 apartments in the Vonovia neighborhoods and is an important step in expanding the fiber-optic connection in its portfolio.

All in all, revenue from the Value-add segment in the 2025 fiscal year amounted to € 1,471.5 million, up by 8.2% compared to the previous year’s figure of € 1,359.4 million. External revenue from our Value-add activities with end customers in the 2025 fiscal year amounted to € 139.5 million and were therefore down 22.3% from the previous year’s figure of € 179.6 million. The previous year featured a unique positive effect in the multimedia business resulting from the leasing of coax networks. Intra-Group revenue in the 2025 fiscal year amounted to € 1,332.0 million, up by 12.9% compared to the figure for the same period of the previous year of € 1,179.8 million.

Operating expenses in the Value-add segment in the 2025 fiscal year amounted to € -1,274.0 million and were thus up by 7.0% on the comparative figure for the previous year of € -1,191.0 million. The increase can be traced back primarily to higher personnel expenses due to the ongoing measures to expand the workforce.

Adjusted EBITDA in the Value-add segment in the 2025 fiscal year came in at € 197.5 million and was therefore up 17.3% on the comparative figure for the previous year of € 168.4 million.

Recurring Sales Segment

In the 2025 fiscal year, the Recurring Sales segment switched from the liquidity-oriented sales strategy pursued in 2024 to a returns-oriented approach. Recurring Sales segment revenue in the 2025 fiscal year amounted to € 439.6 million from the disposal of 2,333 units (2024: 2,470), of which 1,941 in Germany (2024: 2,037) and 392 in Austria (2024: 433). This corresponds to a decline in income of 0.4% compared to the € 441.3 million seen in the previous year. Income of € 332.8 million was attributable to sales in Germany (2024: € 339.5 million) and € 106.8 million to sales in Austria (2024: € 101.8 million).

The fair value step-up came to 31.8% in the 2025 fiscal year (2024: 22.6%). In a year-on-year comparison, higher step-ups were achieved both in Germany and Austria in the reporting period.

Selling costs in the Recurring Sales segment in the 2025 fiscal year came in at € -22.9 million and were therefore down by 4.2% from the comparable figure of € -23.9 million for the previous year.

Adjusted EBITDA Recurring Sales in the 2025 fiscal year came in at € 83.2 million and was therefore up 44.4% on the comparative figure for the previous year of € 57.6 million.

In addition, in the 2025 fiscal year, outside the Recurring Sales segment, 8,973 units from the Non Core/Other portfolio (2024: 5,184) were sold as part of our portfolio adjustment measures, with proceeds totaling € 965.6 million (2024: € 662.5 million).

Development Segment

In the Development segment, economic conditions in the 2025 fiscal year were influenced primarily by the development in interest rates for construction. Price increases, particularly on the construction and commodity markets, continued to have a moderate impact. The main positive effect on the segment result came from the transfer of economic ownership resulting from the sale of land to two state-owned Berlin housing companies, already agreed in April 2024. [D36] assets and liabilities held for sale

In the Development to sell area, a total of 1,290 units were completed in the 2025 fiscal year, all of them in Germany (2024: 2,471 units, all of them in Germany). In the 2025 fiscal year, income from the disposal of development properties amounted to € 422.2 million (2024: € 889.4 million), with € 367.1 million attributable to project development in Germany (2024: € 795.4 million) and € 55.1 million to project development in Austria (2024: € 94.0 million). The gross profit from Development to sell came to € 94.1 million in the 2025 fiscal year with a margin of 22.3% (2024: € 47.8 million, margin of 5.4%).

Operating expenses in the Development segment in the 2025 fiscal year amounted to € -30.0 million, up by 20.0% compared to the figure for the previous year of € -25.0 million. The increase was driven primarily by higher personnel expenses and additions to project provisions.

Adjusted EBITDA in the Development segment amounted to € 75.1 million in the 2025 fiscal year (2024: € 30.1 million).

In the Development to hold area, a total of 800 units were completed in the 2025 fiscal year (2024: 1,276 units), of which 777 units in Germany (2024: 1,264 units), and 23 units in Sweden (2024: 12 units).