Financing

In its announcement of August 19, 2025, the agency Standard & Poor’s confirmed that Vonovia’s rating remains unchanged at BBB+ with a stable outlook for its long-term issuer credit rating and A-2 for its short-term issuer credit rating, while Vonovia’s issued and unsecured bonds are rated BBB+.

In its announcement of December 8, 2025, the rating agency Moody’s confirmed Vonovia’s rating of Baa1 with a stable outlook.

On December 23, 2025, the rating agency Fitch confirmed its rating for Vonovia of BBB+ with a stable outlook.

The rating agency Scope has, in its announcement of June 19, 2025, awarded Vonovia an A- investment grade rating with negative outlook.

Vonovia SE has launched an EMTN (European medium-term notes) program. This program allows funds to be raised quickly at any time, without any major administrative outlay, using bond issues. The published prospectus for the € 40 billion program was expanded on March 24, 2025, must be updated annually and requires approval from the financial supervisory authority of the Grand Duchy of Luxembourg (CSSF).

As of December 31, 2025, Vonovia had placed bonds with a total volume of € 22.3 billion, € 20.6 billion of which were placed as part of the EMTN program. There are also Deutsche Wohnen bonds worth a further € 1.2 billion.

A bond in the amount of € 485.4 million was repaid as scheduled on March 31, 2025.

On April 1, 2025, Vonovia issued an NOK 1.0 billion (approx. € 88.3 million) bond with an eight-year term and a coupon of 5.51% p.a. (4.12% p.a. after currency hedging).

Vonovia issued a floating rate 2NC1 bond in the amount of € 750.0 million on April 14, 2025. After interest rate hedging, the coupon for one year is 2.89%. 

Deutsche Wohnen repaid a bond in the amount of € 589.7 million as planned on April 30, 2025.

On May 13, 2025, Vonovia placed two new convertible bonds with a total volume of € 1.3 billion. The first bond in the amount of € 650.0 million will mature in May 2030 and does not bear any periodic interest. The second bond – also with a volume of € 650.0 million – will fall due in May 2032 and has a coupon rate of 0.875% p.a. The bonds can either be converted into shares in Vonovia or settled in cash. The bond terms and conditions are such that the convertible bonds are treated as borrowed capital in full. For accounting purposes, the conversion rights are separated, as a derivative component, from the debt transaction and are measured and reported separately as a derivative within financial liabilities. Upon initial recognition not affecting net income, the value of the derivative came to € 143.7 million. The value came to € 79.4 million as of December 31, 2025. The change in value in the period since initial recognition was recognized affecting net income in the amount of € 64.3 million in other interest result from derivatives.

The partial buyback of bonds with a total volume of € 800 million was completed on June 6, 2025. This involved buying back a social bond with an issue volume of € 750.0 million and a term expiring in 2027 in the amount of € 435.7 million (selling price € 454.3 million). This bond has a 4.75% coupon rate. A further bond, a green bond, with an issue volume of € 750.0 million and a term expiring in 2030 was bought back in the amount of € 364.3 million (selling price € 399.5 million). This bond has a 5.00% coupon rate.

On June 13, 2025, Vonovia issued two green bonds in Swedish krona, each with a volume of SEK 500.0 million (around € 45.6 million each). Both bonds will run until June 2028. The first bond is a floating-rate bond, with Vonovia paying a fixed coupon of 3.0885% after currency hedging. The second bond has an original fixed coupon of 3.308%. SEK 200.0 million of the nominal volume was hedged using a foreign currency derivative (3.1455% p.a. after currency hedging).

A bond with an outstanding nominal volume of € 429.2 million was also repaid as scheduled on June 29, 2025.

On September 3, 2025, Vonovia issued a bond in the amount of AUD 850.0 million for the first time. One tranche of the bond, in an amount of AUD 300.0 million (approximately € 168.3 million) has a term expiring in seven years and a 5.266% coupon (3.677% p.a. after currency hedging). The term of the second AUD 550.0 million (approx. € 308.6 million) tranche is ten years and this tranche has a coupon of 5.717% (3.980% after currency hedging).

On September 5, 2025, Vonovia took out secured financing with Hessische Landesbank in the amount of € 150.0 million with a maturity of ten years.

On September 8, 2025, a bond with a nominal volume of € 429.8 million was repaid as scheduled.

On September 22, 2025, Deutsche Wohnen SE took out secured financing with BERLINER SPARKASSE in the amount of € 130.0 million with a maturity of ten years.

Secured financing of around € 582 million fell due for repayment in the Deutsche Wohnen subgroup as of September 30, 2025. Of that amount, € 338.0 million was refinanced with the same lenders, with the remaining € 244.0 million being repaid.

Vonovia issued a € 2,250 million bond on November 12, 2025, in three tranches with terms of 7, 11 and 15 years. The tranche with an 11-year term was issued as a green note. The average coupon is 3.96% p.a.

Another buyback of an outstanding bond in the amount of € 559.6 million was completed on November 17, 2025. This involved buying back a bond maturing in 2026 (coupon of 0.625%), two bonds maturing in 2027 (coupons of 1.75% and 0.75%) and another bond maturing in 2027 (coupon of 4.75%). In early December 2025, early termination was announced with effect from January 15, 2026 for the outstanding volume of this bond totaling around € 217 million, and repayment was made.

In addition, Vonovia concluded the scheduled repayment of a bond with an outstanding volume of € 1,250 million on December 1, 2025.

On December 8, 2025, Vonovia SE repaid a loan taken out with the European Investment Bank, with an outstanding amount of € 330.0 million, in line with the contractual provisions.

The debt maturity profile of Vonovia’s financing was as follows as of December 31, 2025:

Debt Maturity Profile

The key debt ratios and other internal financial indicators are as follows as of the reporting date:

Vonovia has undertaken to comply with the following standard market covenants (calculation based on the definitions in the financing documentation) in the context of its issuance of unsecured bonds and financing as well as its structured secured financing. Non-fulfillment of the agreed financial covenants may have a negative effect on Vonovia’s liquidity status. The financial covenants have been fulfilled as of the reporting date.