Results of Operations
Overview
Vonovia made a successful start to the 2026 fiscal year in the Rental and Value-add segments.
Business development in the Rental segment is still characterized by high demand for rental apartments and rising rental income. Although the portfolio was around 4,100 units smaller at the end of the first quarter of 2026 than it had been a year earlier, the earnings contribution in the 2026 reporting period was up by 6.3% on the prior-year figure.
The Value-add segment reported a year-on-year increase in earnings of 30.1% in the first three months of the 2026 fiscal year. The positive business development in the company’s own craftsmen’s organization and in energy distribution contributed significantly to this increase. Modernization and portfolio investments in the reporting period were up 11.3% on the volume of the previous year.
In the Recurring Sales segment, the reporting period saw a slight 4.7% dip in earnings from € 19.1 million in the first quarter of 2025 to € 18.2 million in the first three months of 2026. 348 units (Q1 2025: 689 units) were sold in the first quarter of 2026. The sales reported in the previous year included a large number of units of which ownership was transferred after the corresponding contracts had already been concluded at the end of 2024.
Earnings in the Development segment were down by 73.7% year on year in the 2026 reporting period. In particular, the economic transfer of a property sale to two state-owned Berlin housing associations had a positive impact in the first quarter of the previous year.
In detail, Adjusted EBT from continuing operations developed as follows in the reporting period:
Adjusted EBT (Continuing Operations)
Adjusted EBT (Continuing Operations) per share in €*** | ||||||||
in € million | 3M 2025 | 3M 2026 | Change in % | 12M 2025 | ||||
Revenue in the Rental segment | 840.4 | 873.6 | 4.0 | 3,417.2 | ||||
Expenses for maintenance | -123.9 | -116.5 | -6.0 | -484.1 | ||||
Operating expenses in the Rental segment | -123.9 | -127.4 | 2.8 | -488.1 | ||||
Adjusted EBITDA Rental | 592.6 | 629.7 | 6.3 | 2,445.0 | ||||
Revenue in the Value-add segment | 387.1 | 424.0 | 9.5 | 1,471.5 | ||||
thereof external revenue | 31.1 | 38.5 | 23.8 | 139.5 | ||||
thereof internal revenue | 356.0 | 385.5 | 8.3 | 1,332.0 | ||||
Operating expenses in the Value-add segment | -348.6 | -373.9 | 7.3 | -1,274.0 | ||||
Adjusted EBITDA Value-add | 38.5 | 50.1 | 30.1 | 197.5 | ||||
Revenue in the Recurring Sales segment | 122.0 | 75.0 | -38.5 | 439.6 | ||||
Fair value of properties sold adjusted to reflect effects not relating to the | -97.6 | -52.6 | -46.1 | -333.5 | ||||
Adjusted result Recurring Sales | 24.4 | 22.4 | -8.2 | 106.1 | ||||
Selling costs in the Recurring Sales segment | -5.3 | -4.2 | -20.8 | -22.9 | ||||
Adjusted EBITDA Recurring Sales | 19.1 | 18.2 | -4.7 | 83.2 | ||||
Revenue from disposal of Development to sell properties | 113.5 | 39.2 | -65.5 | 422.2 | ||||
Cost of Development to sell | -52.3 | -19.8 | -62.1 | -323.1 | ||||
Carrying amount of assets sold of Development to sell | – | – | – | -5.0 | ||||
Gross profit Development to sell | 61.2 | 19.4 | -68.3 | 94.1 | ||||
Rental revenue Development | 1.4 | 4.6 | >100 | 11.0 | ||||
Operating expenses in the Development segment* | -10.9 | -10.4 | -4.6 | -30.0 | ||||
Adjusted EBITDA Development | 51.7 | 13.6 | -73.7 | 75.1 | ||||
Adjusted EBITDA Total (continuing operations) | 701.9 | 711.6 | 1.4 | 2,800.8 | ||||
Adjusted net financial result | -184.3 | -205.6 | 11.6 | -739.9 | ||||
Straight-line depreciation** | -27.8 | -31.8 | 14.4 | -116.7 | ||||
Intragroup profit/losses | -7.7 | -12.0 | 55.8 | -39.9 | ||||
Adjusted EBT (continuing operations) | 482.1 | 462.2 | -4.1 | 1,904.3 | ||||
Adjusted EBT (continuing operations) per share in €*** | 0.59 | 0.54 | -7.0 | 2.29 | ||||
Tax expenses (core business) | -54.4 | -45.9 | -15.6 | -197.8 | ||||
Adjusted earnings for the period | 427.7 | 416.3 | -2.7 | 1,706.5 | ||||
Attributable to: | ||||||||
Minorities | 33.7 | 50.7 | 50.4 | 165.5 | ||||
Vonovia’s shareholders | 394.0 | 365.6 | -7.2 | 1,541.0 | ||||
Adjusted earnings for the period attributable to Vonovia’s shareholders per share in €*** | 0.48 | 0.43 | -10.0 | 1.85 | ||||
- *In accordance with the current definition of key figures including restatements for impairment losses/reversals of impairment losses from development-to-sell projects (previous year adjustment: +€ 3.4 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 first quarter of 2026, Vonovia employed 12,898 people (end of the first quarter of 2025 in its continuing operations: 12,306; at the end of 2025 in its continuing operations: 12,708).
As of the end of the first quarter of 2026, Vonovia managed a portfolio comprising 530,506 of its own residential units (end of the first quarter of 2025: 534,566), 163,822 garages and parking spaces (end of the first quarter of 2025: 162,113) and 8,479 commercial units (end of the first quarter of 2025: 8,523). Furthermore, Vonovia managed 75,639 residential units (end of the first quarter of 2025: 72,838) on behalf of third parties as of the end of the first quarter of 2026.