15 Personnel Expenses

Personnel expenses as of December 31, 2025 include the provision set up, as an expense, in connection with Mr. Buch’s resignation as CEO of Vonovia and the cancellation of his contract of employment, which was set to run until 2028. In addition to a fixed one-off payment due on the date Mr. Buch leaves the company at the end of 2025, a variable component in the form of virtual shares has been agreed to fall due on December 31, 2027 (see [F47 Related Party Transactions, [F48 Share-based Payments and [F49 Remuneration Pursuant to Section 314 of the German Commercial Code (HGB)).

In the 2025 fiscal year, the provision set up in the previous year in connection with legal disputes with a social insurance provider was remeasured (see [E38] Provisions). The resulting reversal of the provision in the amount of € 45.2 million reduced personnel expenses in the fiscal year under review.

The personnel expenses include expenses for severance payments in the amount of € 13.9 million (2024: € 9.7 million), allocations to the provisions for pre-retirement part-time work arrangements in the amount of € 7.1 million (2024: € 6.4 million) and expenses for the Long-term Incentive Plan (LTIP) at € 14.8 million (2024: € 10.2 million) (see [E38] Provisions).

In the fiscal year under review, employers’ contributions to statutory pension insurance amounted to € 60.1 million (2024: € 54.3 million).

As of December 31, 2025, Vonovia had a workforce of 12,708 employees (December 31, 2024: 12,056). 3,688 employees were female as of December 31, 2025 (December 31, 2024: 3,485), and 9,040 were male (December 31, 2024: 8,571). The average figure for the year was 12,482 employees (2024: 12,063). Vonovia also employed 735 apprentices as of December 31, 2025 (December 31, 2024: 664).