Consolidated Income Statement

in € million	Notes	Jan. 1–Dec. 31, 2024	Jan. 1–Dec. 31, 2025

Revenue from property letting		4,880.5	4,749.3
Other revenue from property management		206.8	169.5
Revenue from property management	B9	5,087.3	4,918.8

Income from disposal of properties		1,141.4	1,414.8
Carrying amount of properties sold		-1,063.8	-1,400.9
Revaluation of assets held for sale		42.8	39.1
Profit from the disposal of properties	B10	120.4	53.0

Revenue from disposal of real estate inventories		851.8	412.6
Cost of sold real estate inventories		-813.8	-323.1
Profit from disposal of real estate inventories	B11	38.0	89.5

Net income from fair value adjustments of investment properties	B12	-1,559.0	1,390.0
Capitalized internal expenses	B13	538.0	655.0
Cost of materials	B14	-2,321.8	-2,111.9
Personnel expenses	B15	-899.6	-833.6
Depreciation and amortization		-121.0	-514.2
Other operating income	B16	250.9	317.4
Impairment losses on financial assets		-408.1	-76.1
Net income from the derecognition of financial assets measured at amortized cost		4.3	-11.1
Other operating expenses	B17	-387.9	-479.1
Net income from investments accounted for using the equity method		-53.8	-60.5
Interest income	B18	87.9	129.7
Interest expenses	B19	-908.6	-880.3
Other financial result	B20	-70.4	-58.9
Earnings before tax		-603.4	2,527.7
Income taxes	B21	-385.6	1,586.5
Profit for the period from continuing operations		-989.0	4,114.2
Profit for the period from discontinued operations		26.7	71.3
Profit for the period		-962.3	4,185.5

Attributable to:
Vonovia’s shareholders		-896.0	3,723.0
thereof from continuing operations		-919.4	3,709.7
thereof from discontinued operations		23.4	13.3
Non-controlling interests		-66.3	462.5

Earnings per share from continuing operations (diluted) in €		-1.12	4.31
Earnings per share from continuing operations (basic) in €		-1.12	4.45

Earnings per share total (diluted) in €	C23	-1.09	4.33
Earnings per share total (basic) in €	C23	-1.09	4.47