Group’s Business Development
Overview of Business Development in 2025
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.
The Value-add segment reported positive business development in the 2025 fiscal year, especially in its own trades organization and in energy distribution.
In the 2025 fiscal year, we invested around € 0.8 billion for maintenance (2024: € 0.8 billion) and around € 1.2 billion in total (2024: € 0.8 billion) for modernization/portfolio and new construction.
In the 2025 fiscal year, 2,333 Recurring Sales units (2024: 2,470) as well as 8,973 units from the Non Core/Other portfolio (2024: 5,184) were disposed of.
In the Development segment, 800 units for our own portfolio (2024: 1,276) were completed. In addition, 1,290 units intended for sale (2024: 2,471) were completed.
The disposal of the former care business was concluded successfully in 2025.
The table below provides an overview of the development of the key performance indicators last forecast for 2025 and their target achievement in the 2025 fiscal year.
Development of Forecast Performance Indicators
2024 | Forecast for 2025 in the 2025 Q3 report | 2025 | |||||
Adjusted EBITDA Total (continuing operations) in € million* | 2,641.8 | Around € 2.8 billion | 2,800.8 | ||||
Adjusted EBT (continuing operations) | 1,816.3 | Around € 1.9 billion | 1,904.3 | ||||
Operating Free Cash-Flow** | 1,832.2 | Slightly below previous year’s level*** | 1,778.5 | ||||
Sustainability Performance Index (SPI) in % | 104 | >100 | 106 | ||||
Rental income in € million | 3,323.5 | Around € 3.4 billion | 3,417.2 | ||||
Organic rent growth in % | 4.1 | ~4.1 | 4.1 | ||||
- *Including restatements for impairment losses/reversals of impairment losses from development-to-sell projects (previous year adjustment: +€ 16.7 million).
- **In accordance with the current definition of key figures including intragroup profits/losses and specification of net working capital.
- ***Before taking into account changes in net working capital Development to sell/Manage to Green.
Overall, the Adjusted EBITDA Total from continuing operations of € 2,800.8 million in the 2025 fiscal year was 6.0% higher than the previous year’s figure of € 2,641.8 million. The Rental segment contributed € 2,445.0 million (2024: € 2,385.7 million), the Value-add segment € 197.5 million (2024: € 168.4 million), the Recurring Sales segment € 83.2 million (2024: € 57.6 million) and the Development segment € 75.1 million (2024: € 30.1 million).
The Adjusted EBT from continuing operations of € 1,904.3 million in the 2025 fiscal year was up 4.8% compared to the previous year’s figure of € 1,816.3 million. In the reconciliation of Adjusted EBITDA to Adjusted EBT, the contributing factors were the adjusted net financial result of € -739.9 million (2024: € -709.0 million), depreciation and amortization of € -116.7 million (2024: € -112.7 million) and intragroup profits of € -39.9 million (2024: € -3.8 million).
The Operating Free Cash-Flow amounted to € 1,778.5 million (2024: € 1,832.2 million) in the 2025 fiscal year, a decline of -2.9%.
The Sustainability Performance Index stood at 106% (2024: 104%) in the 2025 fiscal year. This was helped along especially by the development of the average primary energy requirements, (partial) modernization measures to make apartments fully accessible as well as high levels of employee satisfaction.
The EPRA NTA per share developed from € 45.23 at the end of 2024 to € 46.28 at the end of 2025, an increase of 2.3%. The 2025 forecast assumed a slight increase in EPRA NTA per share before taking into account further market-related changes in property values. The development in the net asset value figure was due primarily to the net income from fair value adjustments of investment properties of € 1,390.0 million in 2025 (2024: € -1,559.0 million). The distribution of the cash dividend of € 647.2 million in 2025 (2024: € 506.4 million) had the opposite effect. The number of shares rose from 822,852,925 at the of 2024 to 848,216,385 at the end of 2025.
Statement of the Management Board on the Economic Situation
The net assets, financial position and results of operations of the Group are stable, particularly given the solid financing, the resulting balanced maturity profile and the flexibility gained through bond financings as a result of a diversified financing mix. The ongoing improvements to the property management processes and the use of new digital software solutions promote ongoing improvement in profitability.