Factsheet
as of March 19, 2026
Company Profile
Vonovia SE is Europe’s leading private residential real estate company. Vonovia currently owns around 540,000 residential units in all attractive cities and regions in Germany, Sweden and Austria. It also manages around 73,000 apartments. Its portfolio is worth approximately € 81.9 billion. As a modern service provider, Vonovia focuses on customer orientation and tenant satisfaction. Offering tenants affordable, attractive and livable homes is a prerequisite for the company’s successful development. Therefore, Vonovia makes long-term investments in the maintenance, modernization and senior-friendly conversion of its properties. The company is also creating more and more new apartments by realizing infill developments and adding to existing buildings.
The company, which is based in Bochum, has been listed on the stock exchange since 2013. Since September 2015 Vonovia has been a constituent in the DAX 30 (today DAX 40). Vonovia SE is also a constituent of additional national and international indices, including DAX 50 ESG, Dow Jones Sustainability Index Europe, STOXX Global ESG Leaders, EURO STOXX ESG Leaders 50, FTSE EPRA/NAREIT Developed Europe, and GPR 250 World. Vonovia has a workforce of approximately 12,000 employees.
Management Board
Luka Mucic (Chief Executive Officer since January 1, 2026); Arnd Fittkau; Philip Grosse; Daniel Riedl; Ruth Werhahn
Supervisory Board
Clara-Christina Streit; Vitus Eckert; Birgit M. Bohle; Jürgen Fenk; Dr. Florian Funck; Dr. Ute Geipel-Faber; Dr. Daniela Gerd tom Markotten; Matthias Hünlein; Hildegard Müller; Dr. Ariane Reinhart
Share Information (as of December 31, 2025) | ||
First day of trading | Jul. 11, 2013 | |
Subscription price | € 16.50 | € 14.71* | |
Total number of shares | 848,216,385 | |
Share capital | € 848,216,385 | |
ISIN | DE000A1ML7J1 | |
WKN | A1ML7J | |
Ticker symbol | VNA | |
Common code | 94567408 | |
Share class | Registered shares with no par value | |
Stock exchange | Frankfurt Stock Exchange | |
Market segment | Regulated market | |
Indices | DAX 40, DAX 50 ESG, Dow Jones Best-in-Class Europe Index, STOXX Global ESG Leaders, EURO STOXX ESG Leaders 50, FTSE EPRA/NAREIT Developed Europe and GPR 250 World | |
- *TERP-adjusted.
Financial Calendar
March 19, 2026
Publication of the 2025 Annual Report
May 7, 2026
Publication of the interim statement for 3M of 2026
May 21, 2026
Annual General Meeting (virtual)
August 5, 2026
Publication of the interim financial report for 6M of 2026
November 4, 2026
Publication of the interim statement for 9M of 2026
Key Figures
Financial Key Figures in € million | 2021 | 2022 | 2023 | 2024* | 2025 | ||||||
Adjusted EBITDA Total (continuing operations) | 2,254.4 | 2,606.1 | 2,583.8 | 2,641.8 | 2,800.8 | ||||||
Adjusted EBITDA Rental | 1,778.5 | 2,254.3 | 2,401.7 | 2,385.7 | 2,445.0 | ||||||
Adjusted EBITDA Value-add | 153.8 | 126.7 | 105.5 | 168.4 | 197.5 | ||||||
Adjusted EBITDA Recurring Sales | 113.2 | 135.1 | 63.4 | 57.6 | 83.2 | ||||||
Adjusted EBITDA Development | 185.4 | 90.0 | 13.2 | 30.1 | 75.1 | ||||||
Adjusted EBT (continuing operations) | 1,997.3 | 1,866.2 | 1,816.3 | 1,904.3 | |||||||
Adjusted EBT (continuing operations) per share in €** | 2.53 | 2.31 | 2.22 | 2.29 | |||||||
Adjusted earnings for the period attributable to minorities | 142.7 | 165.5 | |||||||||
Adjusted earnings for the period attributable to Vonovia's shareholders | 1,463.0 | 1,541.0 | |||||||||
Adjusted earnings for the period attributable to Vonovia's shareholders per share in €** | 1.79 | 1.85 | |||||||||
Income from fair value adjustments of investment properties | 7,393.8 | -1,177.6 | -10,651.2 | -1,559.0 | 1,390.0 | ||||||
Earnings before tax (EBT) | 5,092.0 | -604.6 | -9,185.2 | -603.4 | 2,527.7 | ||||||
Profit for the period | 2,440.5 | -669.4 | -6,756.2 | -962.3 | 4,185.5 | ||||||
Operating Free Cash-Flow*** | 1,821.4 | 1,414.8 | 1,832.2 | 1,778.5 | |||||||
Cash flow from operating activities | 1,823.9 | 2,084.3 | 1,901.2 | 2,401.6 | 2,448.3 | ||||||
Cash flow from investing activities | -19,115.8 | 938.2 | -825.9 | -187.6 | -127.1 | ||||||
Cash flow from financing activities | 18,125.0 | -3,145.1 | -961.0 | -1,821.0 | -878.4 | ||||||
Total sum of maintenance, modernization, portfolio investments and new construction (to hold) | 2,185.6 | 2,266.3 | 1,527.0 | 1,601.0 | 1,972.7 | ||||||
thereof for maintenance measures | 753.3 | 856.5 | 722.5 | 764.7 | 811.2 | ||||||
thereof for modernization & portfolio investments | 792.4 | 837.4 | 513.3 | 611.8 | 807.5 | ||||||
thereof for new construction (to hold) | 639.9 | 572.4 | 291.2 | 224.5 | 354.0 | ||||||
Key Balance Sheet Figures/Financial Indicators in € million | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2025 | ||||||
Fair value of the real estate portfolio | 97,845.3 | 94,694.5 | 83,927.7 | 81,971.4 | 84,448.2 | ||||||
EPRA NTA | 48,640.8 | 45,744.5 | 38,140.9 | 37,215.6 | 39,253.7 | ||||||
EPRA NTA per share in €**** | 62.63 | 57.48 | 46.82 | 45.23 | 46.28 | ||||||
LTV (%) | 45.4 | 45.1 | 47.3 | 47.7 | 45.4 | ||||||
Adjusted Net debt/Adjusted EBITDA Total | 15.7x | 15.6x | 15.1x | 13.8x | |||||||
ICR (Adj. EBITDA Total/Adj. financial result) | 4.1x | 3.7x | 3.8x | ||||||||
Non-financial Key Figures | 2021 | 2022 | 2023 | 2024 | 2025 | ||||||
Number of units managed | 636,507 | 621,303 | 617,343 | 613,153 | 607,234 | ||||||
thereof own apartments | 565,334 | 548,524 | 545,919 | 539,753 | 530,979 | ||||||
thereof apartments owned by others | 71,173 | 72,779 | 71,424 | 73,400 | 76,255 | ||||||
Average area of own apartments in the reporting period (in thou. m²) | 28,784 | 34,525 | 34,349 | 34,042 | 33,482 | ||||||
Average number of own units (number of units) | 452,868 | 550,342 | 547,905 | 543,026 | 533,718 | ||||||
Maintenance expenses and capitalized maintenance (€/m²) | 26.17 | 24.81 | 21.03 | 22.46 | 24.23 | ||||||
thereof expenses for maintenance (€/m²) | 13.01 | 12.86 | 12.41 | 13.82 | 14.46 | ||||||
thereof capitalized maintenance (€/m²) | 13.16 | 11.95 | 8.62 | 8.64 | 9.77 | ||||||
Number of units bought | 155,145 | 969 | 63 | – | 2,082 | ||||||
Number of units sold | 6,965 | 19,760 | 3,838 | 7,654 | 11,306 | ||||||
thereof Recurring Sales | 2,803 | 2,710 | 1,590 | 2,470 | 2,333 | ||||||
thereof Non Core/Other | 4,162 | 17,050 | 2,248 | 5,184 | 8,973 | ||||||
Number of new units completed***** | 2,200 | 3,749 | 2,460 | 3,747 | 2,090 | ||||||
thereof own units***** | 1,373 | 2,071 | 1,332 | 1,276 | 800 | ||||||
thereof units for sale***** | 827 | 1,678 | 1,128 | 2,471 | 1,290 | ||||||
Vacancy rate (in %) | 2.2 | 2.0 | 2.0 | 2.0 | 2.1 | ||||||
Monthly in-place rent in €/m² | 7.33 | 7.49 | 7.74 | 8.01 | 8.38 | ||||||
Organic rent increase (in %) | 3.8 | 3.3 | 3.8 | 4.1 | 4.1 | ||||||
Sustainability Performance Index (in %)****** | 109 | 103 | 111 | 104 | 106 | ||||||
Carbon intensity achieved in Germany (in kg CO₂e/m²) | 38.4 | 33.0 | 31.7 | 31.2 | 30.7 | ||||||
Number of employees (continuing operations)***** | 15,871 | 12,117 | 11,946 | 12,056 | 12,708 | ||||||
- *Figures for 2024 comparable according to current key figure definition.
- **2021 based on the shares carrying dividend rights on the reporting date, 2022–2025 based on the weighted average number of shares carrying dividend rights.
- ***Figures for 2021–2023 as reported, figures for 2024 comparable according to current key figure definition including intragroup profits/losses and specification of net working capital.
- ****Based on the shares carrying dividend rights on the reporting date.
- *****Figures for 2021/2022 as reported, figures for 2023/2024 comparable according to current key figure definition.
- ******2021/2022 excluding Deutsche Wohnen. 2023–2025 including Deutsche Wohnen (excluding Care segment).