47 Related Party Transactions

Vonovia had business relationships with unconsolidated investees and subsidiaries in the 2025 fiscal year. These transactions are shown in the table below:

As of December 31, 2025, Vonovia’s significant business relations were with the QUARTERBACK Group. As of December 31, 2025, loan receivables were recognized in the amount of € 46.5 million (December 31, 2024: € 476.8 million), with € 46.5 million (December 31, 2024: € 476.8 million) repayable in twelve months and € - million (December 31, 2024: € - million) repayable in 24 months. The average interest rate for the loans is 6.4%. The interest income from the loans extended to the QUARTERBACK Group amounted to € 3.3 million (2024: € 14.6 million) in the 2025 fiscal year. As of December 31, 2025, there were also interest receivables in the amount of € 0.9 million (December 31, 2024: € - million). Further information on the loan receivables from the QUARTERBACK Immobilien Group an be found in chapter [D28] Financial Assets.

In addition, there are real estate project sales of the QUARTERBACK Group to Deutsche Wohnen for which Deutsche Wohnen had made advance payments of € 54.3 million in total as of December 31, 2025 (December 31, 2024: € 248.3 million). In connection with agency services contracted by the QUARTERBACK Group in the amount of € 55.1 million (2024: € 97.9 million), Deutsche Wohnen has outstanding balances on liabilities of € 4.0 million as of December 31, 2025 (December 31, 2024: € 3.2 million).

Vonovia had other major business relationships with the associates (see [D29] Financial Assets Accounted for Using the Equity Method) Projekt Mosaik GmbH & Co. KG, Hamburg, and Projekt Mosaik II GmbH & Co. KG, Hamburg, as of December 31, 2025. As of December 31, 2025, there were outstanding balances vis-à-vis Projekt Mosaik GmbH & Co. KG, Hamburg, relating to receivables of € 13.0 million (December 31, 2024: € 3.0 million). In the 2025 fiscal year, services worth € 106.7 million (2024: € 31.9 million) were rendered, and services worth € 5.0 million (2024: € - million) purchased. There were outstanding balances vis-à-vis Projekt Mosaik II GmbH & Co. KG, Hamburg, relating to receivables of € 15.0 million (December 31, 2024: € 1.7 million). In the 2025 fiscal year, services worth € 114.4 million (2024: € 49.6 million) were rendered, and services worth € 0.8 million (2024: € - million) purchased.

The loan receivables from QUARTERBECK New Energy Holding GmbH, Leipzig, also an associate (see [D29] Financial Assets Accounted for Using the Equity Method) amounted to € 45.0 million as of December 31, 2025 (December 31, 2024: € 45.0 million).

There were loan receivables of € 15.0 million (December 31, 2024: € 16.5 million) from the associate Gropyus AG, Vienna, (see [D29] Financial Assets Accounted for Using the Equity Method) as of December 31, 2025.

As of December 31, 2025, Vonovia had purchased services amounting to € 100.0 million (2024: € 71.3 million) vis-à-vis G+D Gesellschaft für Energiemanagement mbH, Magdeburg.

Vonovia purchased services worth € 3.2 million (December 31, 2024: € - million) from Delphinus SubCo GmbH, Bochum, in the 2025 fiscal year.

In addition, Vonovia purchased services worth € 1.8 million in the 2025 fiscal year (2024: € 1.7 million) from GSZ Gebäudeservice und Sicherheitszentrale GmbH, Berlin, and services worth € 1.9 million (2024: € 1.0 million) from Othermo GmbH, Alzenau.

At Vonovia, the individuals in key positions pursuant to IAS 24 include the members of the Management Board and the Supervisory Board of Vonovia SE.

The remuneration to key management personnel, which are subject to a disclosure requirement under IAS 24, include the remuneration of the active members of the Management Board and Supervisory Board in the current fiscal year.

The active members of the Management Board and Supervisory Board received the following remuneration:

The balances vis-à-vis active members of the Management Board and the Supervisory Board are as follows:

The payments due in the short term for members of the Supervisory Board include the relevant basic remuneration, comprising the fixed remuneration and committee remuneration, which is paid out after the end of the fiscal year in accordance with the Articles of Association.

The payments due in the short term for the members of the Management Board include the basic remuneration (fixed amount paid out in twelve equal monthly installments), the short-term variable remuneration (STI), the fringe benefits and the pension payment/pension contribution. The STI entitlement is earned in full with the activities in the reporting year, and is paid out in the first half of the year following the end of the fiscal year concerned. The actual amount paid out (which is measured in the January after the end of the fiscal year in question) depends on the target achievement level calculated by the Supervisory Board based on the current Management Board remuneration system. It is determined based on financial and non-financial performance criteria as well as on the achievement of strategic targets, provided such targets have been set for the fiscal year concerned.

As a general rule, all Management Board members also receive, in addition to their base salary, a non-performance-related cash lump sum (pension allowance) to be put towards their own personal provision for retirement. This benefit does not constitute a company retirement benefit plan within the meaning of the German Company Pensions Act (Betriebsrentengesetz). A Management Board member receives the pension allowance from a Group subsidiary based on another employment relationship in the form of direct contributions to a foreign pension fund.

As part of the revamping of the Management Board remuneration system (which came into force on January 1, 2025), the occupational pension still in place for two Management Board members (legacy pension commitment) was closed. The legacy pension commitment included the option of making the contractually agreed annual pension contribution to the “pension benefits in lieu of cash benefits” deferred compensation scheme as amended from time to time. In the 2025 fiscal year, one Management Board member made use of the “pension benefits in lieu of cash benefits” deferred compensation scheme option for the last time.

The service cost resulting from provisions for pensions for the active Management Board members is reported under post-employment benefits.

Post-employment benefits include a severance payment associated with premature termination of a contract that will be paid out in 2026.

The disclosure on share-based payments (LTI) is based on the expenses in the fiscal year, which are also reported in chapter [F48] Share-Based Payments.

Management Board members are still obliged, as a matter of principle, to invest in a specific proportion of their annual base salary in company shares during their term in office. In general, there is no obligation for any of the remuneration components to use these to directly purchase shares as part of the obligation to hold shares. Nor are any remuneration components withheld in order to meet this requirement. Similarly, there is no link between the time at which the remuneration components are paid out and the time at which the share investment needs to be made.

The Management Board and Supervisory Board members were not granted any loans or advances.