Overall Assessment of the Risk Situation

A total of 104 (2024: 115) individual risks were identified for Vonovia at the end of 2025.

All in all, and based on the current assessment, there were no signs of any risks threatening or endangering Vonovia or its survival at the end of 2025. At the time this report was prepared, Vonovia’s Management Board had not identified any risks associated with future business development that the company cannot suitably overcome, or which could jeopardize the position of Vonovia SE, a major company included in the scope of consolidation or the Group as a whole in terms of revenue, assets and/or finances.

In the risk-bearing capacity analysis, the risks to be modeled were quantified and the interaction between individual top risks and selected green risks analyzed in detail at the end of 2025. The outcome of the risk-bearing capacity analysis performed in 2025 revealed that there is no current threat to Vonovia’s survival over the five-year period. Thus, there was no change in the overall outcome of the risk-bearing capacity analysis compared with the end of 2024.

In the risk inventory as of the end of 2025, a total of 8 (2024: 7) amber risks to the company and 96 (2024: 108) other green risks were identified. Specifically, the picture that emerges for each risk category is as follows (prior-year figures in brackets):