Results of Operations
Overview
Vonovia achieved positive business development overall in the 2025 fiscal year.
Business development in the Rental segment is characterized by high demand for rental apartments and rising rental income. Despite a smaller portfolio due to the disposal of around 11,300 units compared to the previous year, the earnings contribution made in the 2025 fiscal year was up 2.5% in a year-on-year comparison.
The Value-add segment reported an increase in earnings of 17.3% in the 2025 fiscal year. This was due in particular to the positive business development in the company’s own craftsmen’s organisation and in the energy sales division. Modernization and portfolio investments in the 2025 fiscal year were up 32.0% on the volume of the previous year. This was also thanks to our increased investment in new heat pumps.
In the Recurring Sales segment, there was a significant increase in earnings of 44.4% as a result of higher sales margins.
Net income in the Development segment increased by more than 100% in the 2025 fiscal year. The positive effect was due, in particular, to the transfer of economic ownership resulting from the sale of land to two state-owned Berlin housing companies already agreed in April 2024. [D36] assets and liabilities held for sale
In detail, Adjusted EBT developed as follows in the reporting period:
Adjusted EBT (Continuing Operations)
Adjusted EBT (Continuing Operations) per share in €*** | ||||||
in € million | 2024 | 2025 | Change in % | |||
Revenue in the Rental segment | 3,323.5 | 3,417.2 | 2.8 | |||
Expenses for maintenance | -470.5 | -484.1 | 2.9 | |||
Operating expenses in the Rental segment | -467.3 | -488.1 | 4.5 | |||
Adjusted EBITDA Rental | 2,385.7 | 2,445.0 | 2.5 | |||
Revenue in the Value-add segment | 1,359.4 | 1,471.5 | 8.2 | |||
thereof external revenue | 179.6 | 139.5 | -22.3 | |||
thereof internal revenue | 1,179.8 | 1,332.0 | 12.9 | |||
Operating expenses in the Value-add segment | -1,191.0 | -1,274.0 | 7.0 | |||
Adjusted EBITDA Value-add | 168.4 | 197.5 | 17.3 | |||
Revenue in the Recurring Sales segment | 441.3 | 439.6 | -0.4 | |||
Fair value of properties sold adjusted to reflect effects not relating to the period from assets held for sale in the Recurring Sales segment | -359.8 | -333.5 | -7.3 | |||
Adjusted result Recurring Sales | 81.5 | 106.1 | 30.2 | |||
Selling costs in the Recurring Sales segment | -23.9 | -22.9 | -4.2 | |||
Adjusted EBITDA Recurring Sales | 57.6 | 83.2 | 44.4 | |||
Revenue from disposal of Development to sell properties | 889.4 | 422.2 | -52.5 | |||
Cost of Development to sell | -813.8 | -323.1 | -60.3 | |||
Carrying amount of assets sold of Development to sell | -27.8 | -5.0 | -82.0 | |||
Gross profit Development to sell | 47.8 | 94.1 | 96.9 | |||
Rental revenue Development | 7.3 | 11.0 | 50.7 | |||
Operating expenses in the Development segment* | -25.0 | -30.0 | 20.0 | |||
Adjusted EBITDA Development | 30.1 | 75.1 | >100 | |||
Adjusted EBITDA Total (continuing operations) | 2,641.8 | 2,800.8 | 6.0 | |||
Adjusted net financial result | -709.0 | -739.9 | 4.4 | |||
Straight-line depreciation** | -112.7 | -116.7 | 3.5 | |||
Intragroup profit/losses | -3.8 | -39.9 | >100 | |||
Adjusted EBT (continuing operations) | 1,816.3 | 1,904.3 | 4.8 | |||
Adjusted EBT (continuing operations) per share in €*** | 2.22 | 2.29 | 3.1 | |||
Tax expenses (core business) | -210.6 | -197.8 | -6.1 | |||
Adjusted earnings for the period | 1,605.7 | 1,706.5 | 6.3 | |||
Attributable to: | ||||||
Minorities | 142.7 | 165.5 | 16.0 | |||
Vonovia’s shareholders | 1,463.0 | 1,541.0 | 5.3 | |||
Adjusted earnings for the period attributable to Vonovia’s shareholders per share in €*** | 1.79 | 1.85 | 3.6 | |||
- *Including restatements for impairment losses/reversals of impairment losses from development-to-sell projects (previous year adjustment: +€ 16.7 million).
- **Depreciation on concessions/property rights/licenses, self-developed software, self-used real estate, technical equipment and machinery, as well as other equipment/operating and business equipment.
- ***Based on the weighted average number of shares carrying dividend rights.
At the end of the fourth quarter of 2025, Vonovia employed 12,708 people in its continuing operations (end of the fourth quarter 2024: 12,056).
As of the end of the fourth quarter of 2025, Vonovia managed a portfolio comprising 530,979 of its own residential units (end of the fourth quarter of 2024: 539,753), 162,769 garages and parking spaces (end of the fourth quarter of 2024: 162,697) and 8,524 commercial units (end of the fourth quarter of 2024: 8,331). Furthermore, Vonovia managed 76,255 residential units (end of the fourth quarter of 2024: 73,400) on behalf of third parties as of the end of the fourth quarter of 2025.
As part of the new strategic approach “Manage to Green,” two packages with around 900 residential units in North Rhein-Westphalia and northern Germany were purchased in the fourth quarter of 2025, with the objective of a specific timely modernization and subsequent resale.