29 Financial Assets Accounted for Using the Equity Method
As of the reporting date, Vonovia held interests in 16 joint ventures and 14 associates (December 31, 2024: 17 joint ventures and 14 associates).
Gropyus AG
Gropyus AG is specializes in developing and implementing serial-modular wooden construction projects. As part of development projects, the collaboration with Gropyus is aims to use efficient, digitalized solutions to create sustainable and affordable living space. Participation in a capital increase in the second quarter of 2025 meant that the stake in Gropyus AG increased from 23.9% in 2024 to 26.75%. Vonovia’s voting rights amount to 24.05% (2024: 21.3%). The at-equity adjustment of the investment in Gropyus AG results in a negative result of € -13.9 million in the reporting period (2024: € 1.1 million). An impairment test was performed on the interest in Gropyus AG as of December 31, 2025. No need for impairment arose.
The table below shows financial information for Gropyus AG as of December 31, 2025.
Financial Information for Gropyus AG
in € million | Dec. 31, 2024 Gropyus AG | Dec. 31, 2025 Gropyus AG | |||
Non-current assets | 77.7 | 70.6 | |||
Current assets | |||||
Cash and cash equivalents | 14.4 | 2.4 | |||
Other current assets | 38.8 | 42.8 | |||
Total current assets | 53.2 | 45.2 | |||
Non-current liabilities | 7.9 | 4.1 | |||
Current liabilities | 56.2 | 69.5 | |||
Net assets (100%) | 66.8 | 42.2 | |||
Group share in % | 23.9% | 26.8% | |||
Group share of net assets | 16.0 | 11.3 | |||
Group adjustments | 94.8 | 102.1 | |||
Carrying amount of share in joint venture | 110.8 | 113.4 | |||
Revenue | 22.8 | 13.0 | |||
Interest income | 0.6 | 0.5 | |||
Depreciation and amortization | -2.5 | -1.6 | |||
Other operating expenses | -37.3 | -15.2 | |||
Interest expenses | -2.2 | – | |||
Total results and comprehensive income | -49.8 | -52.0 | |||
Mosaik fund
In August 2024, Vonovia sold eleven development projects for € 489.0 million to a fund launched by HIH Invest, Projekt Mosaik GmbH & Co. KG. A transfer of six properties with a purchase price of € 302.2 million had been made by December 31, 2024. A further four properties with a purchase price of € 106.4 million were transferred in 2025.
In October 2024, Vonovia sold a further ten additional development projects for around € 515.9 million to another fund launched by HIH Invest, Projekt Mosaik II GmbH & Co. KG. Properties worth € 69.6 million had been transferred by December 31, 2024, within this context. A further three properties with a purchase price of € 114.4 million were transferred in 2025.
Vonovia has a 49.2% stake in both funds. The agreed compulsory contributions were made in accordance with the share quotas, which increased the total equity of the Mosaik funds. Interim profits from the disposal of real estate inventories in the amount of € 3.7 million (2024: € 4.2 million) were deducted from the consolidated results as part of the sale.
As of December 31, 2025, the funds contributed € -22.1 million (2024: € 0.0 million) to Vonovia’s consolidated results. In addition to the at-equity adjustment of the investment in the amount of € -11.9 million, this figure includes adjustments associated with finalizing the figures reported by Mosaik in the financial statements.
The table below provides financial information for Projekt Mosaik GmbH & Co. KG and Projekt Mosaik II GmbH & Co. KG as of December 31, 2025:
Financial Information for Projekt Mosaik and Projekt Mosaik II GmbH
in € million | Dec. 31, 2024* Projekt Mosaik GmbH & Co. KG | Dec. 31, 2024* Projekt Mosaik II GmbH & Co. KG | Dec. 31, 2025 Projekt Mosaik GmbH & Co. KG | Dec. 31, 2025 Projekt Mosaik II GmbH & Co. KG | |||||
Non-current assets | 341.3 | 68.7 | 435.5 | 179.8 | |||||
Total current assets | 239.4 | 30.1 | 141.5 | 172.0 | |||||
Non-current liabilities | 174.9 | 30.6 | 261.9 | 130.6 | |||||
Current liabilities | 194.7 | 25.1 | 62.2 | 118.0 | |||||
Net assets (100%) | 211.1 | 43.1 | 252.9 | 103.2 | |||||
Group share in % | 49.2% | 49.2% | 49.2% | 49.2% | |||||
Group share of net assets | 103.8 | 21.2 | 124.4 | 50.8 | |||||
Group adjustments | -4.5 | 0.4 | -4.2 | 3.7 | |||||
Carrying amount of share in joint venture | 99.3 | 21.6 | 120.2 | 54.5 | |||||
Interest income | 0.4 | 0.1 | 2.0 | 1.3 | |||||
Other operating expenses | -0.1 | -0.1 | -5.6 | -1.2 | |||||
Interest expenses | 0.0 | 0.0 | -6.6 | -3.0 | |||||
Total results and comprehensive income | -8.5 | -4.3 | -14.5 | -9.7 | |||||
- * Previous year’s presentation was adjusted.
QUARTERBACK Group
Vonovia continues to hold 40% of the non-listed QUARTERBACK Immobilien AG whose registered office is situated in Leipzig. QUARTERBACK Immobilien AG is a project developer with operations throughout Germany focusing on the central German region. The investment strengthens Vonovia’s development business.
Vonovia also still holds 40% of QUARTERBACK New Energy Holding GmbH, which was hived off from the QUARTERBACK-Immobilien-AG group structure back in 2024, and has been continuing the New Energy business area ever since.
Vonovia also holds interests in eleven (December 31, 2024: eleven) non-listed financial investments of QUARTERBACK Immobilien AG, with equity interests of between 44% and 50% (QUARTERBACK property companies), that were classified as joint ventures.
The 40% stake in the non-listed QUARTERBACK Immobilien AG (QBI), QBI’s eleven non-listed financial investments, in which Vonovia holds stakes ranging between 44% and 50% and the 40% stake in the non-listed QUARTERBACK New Energy Holding GmbH were adjusted based on the financial information as of December 31, 2025, that was available on the preparation cut-off date.
Financial Information of the QUARTERBACK Property Companies
in € million | Dec. 31, 2024 QUARTERBACK Immobilien AG | Dec. 31, 2025 QUARTERBACK Immobilien AG | Dec. 31, 2024 QUARTERBACK New Energy Holding GmbH | Dec. 31, 2025 QUARTERBACK New Energy Holding GmbH | Dec. 31, 2024 QUARTERBACK property companies | Dec. 31, 2025 QUARTERBACK property companies | |||||||
Non-current assets | 235.1 | 142.2 | 70.0 | 70.5 | 20.8 | 16.3 | |||||||
Current assets | |||||||||||||
Cash and cash equivalents | 86.2 | 37.5 | 7.3 | 11.1 | 9.4 | 11.0 | |||||||
Other current assets | 1,855.3 | 640.7 | 139.0 | 190.0 | 660.9 | 204.4 | |||||||
Total current assets | 1,941.5 | 678.2 | 146.3 | 201.1 | 670.3 | 215.4 | |||||||
Non-current liabilities | 371.1 | 109.5 | 69.7 | 23.5 | 102.5 | 2.3 | |||||||
Current liabilities | 1,746.6 | 450.7 | 146.5 | 269.9 | 462.8 | 237.0 | |||||||
Non-controlling interests | 36.0 | 25.8 | – | -1.3 | 9.8 | 4.8 | |||||||
Net assets | 22.9 | 234.4 | 0.1 | -20.5 | 116.0 | -12.4 | |||||||
Group share in % | 40% | 40% | 40% | 40% | 44% to 50% | 44% to 50% | |||||||
Group share of net assets | 9.2 | 93.8 | 0.0 | -8.2 | 52.8 | -6.9 | |||||||
Group adjustments | -9.2 | -93.8 | 0.0 | 8.2 | 4.1 | 20.5 | |||||||
Carrying amount of share in joint venture | 0.0 | 0.0 | 0.0 | 0.0 | 56.9 | 13.6 | |||||||
Revenues | 493.2 | 902.1 | 2.3 | 28.5 | 76.2 | 237.5 | |||||||
Change in inventories | -56.1 | -571.9 | 70.0 | 36.3 | -9.2 | -198.9 | |||||||
Interest income | 5.7 | 5.4 | 0.1 | 0.1 | 5.7 | 5.5 | |||||||
Depreciation and amortization | -5.6 | -6.5 | -0.5 | -1.1 | -0.1 | -0.1 | |||||||
Interest expenses | -121.1 | -53.5 | -8.2 | -21.7 | -32.5 | -20.5 | |||||||
Income taxes | 4.5 | -63.6 | -1.1 | -2.0 | 5.1 | -19.9 | |||||||
Total results and comprehensive income for the fiscal year (100%) | -154.6 | 155.6 | -10.6 | -20.4 | -56.3 | -52.5 | |||||||
The at-equity adjustment of the investments in the QUARTERBACK Group described above produces a negative result of € -20.9 million as of December 31, 2025 (2024: € -49.3 million). The part of the loss for the reporting period that was not recognized comes to € 88.4 million (2024: € 8.0 million). The cumulative amount of losses not recognized comes to € 110.3 million on the reporting date (2024: € 21.9 million).
As part of the acquisition of land to build on, apartments and commercial units from the QUARTERBACK Immobilien Group, accounting for a volume of around € 0.4 billion, were transferred to Vonovia’s portfolio in the 2025 fiscal year. The acquisition of land to build on with a volume of around € 1.1 billion was also completed in the 2025 fiscal year. In the course of the transaction, loan receivables from the QUARTERBACK Immobilien Group in the amount of € 417.2 million (2024: € - million) were offset.
Furthermore, impaired receivables with a nominal volume of € 258.3 million (2024: € - million) were sold for one euro to the QUARTERBACK Immobilien Group. In addition, impaired receivables with a nominal volume of € 52.0 million (2024: € - million) were transferred to the capital reserves of QUARTERBACK Immobilien AG.
Other investments accounted for using the equity method
In addition to these investments, Vonovia also holds interests in 14 (December 31, 2024: 15) other entities that are accounted for using the equity method and are currently of minor importance; quoted market prices are not available.
The interests were adjusted for these entities provided that corresponding financial information was available.
The following table shows, in aggregated form, the carrying amount and the share of profit and other comprehensive income of these companies:
Aggregated Information of the Carrying Amount and the Share of Profit and Other Comprehensive Income
in € million | Dec. 31, 2024 | Dec. 31, 2025 | |||
Carrying amount of shares in companies accounted for using the equity method | 49.3 | 197.0 | |||
Group share of net income of non-significant companies accounted for using the equity method | 10% to 50% | 10% to 50% | |||
Pro rata total comprehensive income | -5.6 | -3.6 | |||
As of December 31, 2024, Vonovia holds a 100% stake in Delphinus SubCo GmbH. In the third quarter of 2025, 51% of the stake in Apollo Capital Management L.P. was sold, so that Vonovia now holds a 49% stake in Delphinus SubCo GmbH. As a result of the sale and the associated loss of control, the company has been accounted for using the equity method since the shares were sold. 20% of the shares in Deutsche Wohnen SE were transferred to Delphinus SubCo GmbH. This involves taking the economic substance of the investment as a basis, and only presenting investments in terms of the relationship with third-party shareholders.
A loan of € 150.0 million was granted to the company as part of the sale. This is shown, including interest, under the carrying amounts of the stakes in the non-current financial assets accounted for using the equity method.
The figures include a currency effect for the Swedish investments of € 1.4 million as of December 31, 2025.
With regard to the other 14 entities, Vonovia has no significant financial obligations or guarantees with respect to joint ventures and associates.
The interests were adjusted for these entities provided that corresponding financial information was available.