Overview of 2025

Increase in Adjusted EBT and EBITDA Contribution in all Segments.
Year of a Turnaround With Increase in Property Values.
Rising Rents in Core Rental Business, Virtually Full Occupancy and High Levels of Customer Satisfaction.
Greater Investment Modernization Work and New Construction.

The 2025 fiscal year turned out to be a year of growth in all segments for Vonovia, and also a year that marked a turnaround as property values started to rise again.

The core rental business saw high demand for rental apartments and rising rents, as well as a positive trend in customer satisfaction. In the Value-add segment, the company witnessed an increase in craftsmen’s services and energy sales. The 2025 fiscal year saw the company sell 2,333 units from its Recurring Sales and 8,973 from its Non Core/Other portfolios. In the Development segment, 1,290 units were completed for sale and 800 for Vonovia’s own portfolio in the 2025 fiscal year.

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 amounted to € 1,904.3 million in the 2025 fiscal year, up by 4.8% on the previous year’s value 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), intragroup profits of € -39.9 million (2024: € -3.8 million) and depreciation and amortization of € -116.7 million (2024: € -112.7 million).

The OFCF in the 2025 fiscal year amounted to € 1,778.5 million as against € 1,832.2 million in the previous year, a drop of -2.9%.

The Sustainability Performance Index in the 2025 fiscal year stood at 106% (2024: 104%). This was helped along especially by the development of the average primary energy requirements, the (partial) modernization measures to make apartments fully accessible as well as high levels of employee satisfaction.

EPRA NTA per share developed from € 45.23 at the end of 2024 to € 46.28 at the end of 2025, up by 2.3%.