Portfolio Structure

Portfolio in the Property Management Business

As of December 31, 2025, the Group had a total property portfolio comprising 530,979 residential units (2024: 539,753), 162,769 garages and parking spaces (2024: 162,697) as well as 8,524 commercial units (2024: 8,331). Our locations span 608 cities, towns and municipalities (2024: 610). There are 76,255 residential units (2024: 73,400) managed for other owners. Most of the properties in the Group’s portfolio are multifamily homes.

In terms of fair value, most of the properties (around 88%) are located in Germany. The Swedish portfolio accounts for around 9% of the fair value, while the share of the Austrian portfolio comes to around 3%. The portfolio as of December 31, 2025 is as follows:

The Group’s German real estate portfolio as of December 31, 2025 comprised 471,153 residential units, 120,272 garages and parking places as well as 5,943 commercial units distributed across 459 cities, towns and municipalities. The total living area amounted to 29,010,505 m², with the average apartment size coming in at around 62 m². With a vacancy rate of 1.8% an average monthly in-place rent of € 8.19 per m² was generated in Germany. The annualized in-place rent for the residential portfolio as of December 31, 2025 came to € 2,796.4 million for apartments.

In Sweden, the Group’s real estate portfolio comprised 39,782 residential units with a total living area of 2,836,104 m², 26,662 garages and parking spaces and 2,028 commercial units. With a vacancy rate of 4.5%, the residential portfolio generated, as of December 31, 2025, annualized in-place rent of € 379.1 million. The apartments, which average 71 m² in size, generate monthly in-place rent of € 11.68 per m² (inclusive). Most of them are located in the Stockholm, Gothenburg and Malmö regions.

In the Austrian portfolio, which is largely located in Vienna, Vonovia achieved an annualized in-place rent of € 99.1 million as of December 31, 2025 with a vacancy rate of 4.4% in the residential portfolio, which comprises 20,044 units covering total living space of 1,478,965 m². The monthly in-place rent amounted to € 5.82 per m² with an average apartment size of around 74 m². The portfolio also comprised 15,835 garages and parking spaces and 553 commercial units.

Changes in the Portfolio

During 2025 the portfolio was expanded with the purchase of approximately 1,300 residential units from the QUARTERBACK Immobilien Group, located primarily in Leipzig and Dresden, as well as smaller acquisitions in Germany, Sweden and Austria. As of the acquisition dates, the acquired portfolios were as follows:

Properties from the portfolio earmarked for sale were disposed of in several transactions as part of the implementation of the portfolio management strategy. At the time of each transfer of possession, benefits and encumbrances, the statistics for the portfolios sold were as follows:

Vonovia continues to develop its portfolio dynamically. In addition to the sale of larger housing stocks, Vonovia’s portfolio in 2025 changed primarily as a result of the construction of new apartments and attic extensions on the one hand, and disposals of condominiums and multifamily homes from the portfolio earmarked for sale on the other.

Vonovia invests in its strategic holdings in particular in line with its climate pathway to promote sustainability and in line with its innovation strategy. We act on behalf of neighborhoods with the (new) development of our urban portfolios. The lion’s share of the portfolio in Germany consists of neighborhoods that we have classified as urban quarters. The remaining existing buildings largely comprise smaller clusters of buildings and solitary properties that we have grouped together as urban clusters. Even though, unlike urban quarters, urban clusters do not relate to entire neighborhoods, they are also managed using the same long-term asset and property management approaches based on our operating platform.

Following the implementation of the annual structured reassessment of all potential, as of December 31, 2025, Vonovia’s portfolio is as follows:

In order to boost transparency in portfolio presentation, we also break our portfolio in Germany down into 15 regional markets. The regional market classification is orientated toward the residential real estate market regions in Germany. These markets are core towns/cities and their surroundings, mainly urban areas. Our decision to focus on the regional markets that are particularly relevant to Vonovia is our way of looking ahead to the future and provides an overview of our strategic core portfolio in Germany.

In relation to the fair value, 94% of our German portfolio is located in 15 regional markets. Only a small part of our strategic portfolios is located outside of these 15 markets. We have referred to this group as “Other strategic locations.” Our stocks earmarked for sale from the “Recurring Sales” and “Non Core” subportfolios in locations that do not include any strategic stocks are shown as “non-strategic locations.” The fact that our portfolio is spread nationwide makes us more independent of the circumstances prevailing on individual regional markets.

As of December 31, 2025, the German portfolio is as follows, broken down into regional markets: