Financing

In its announcement of August 19, 2025, the agency Standard & Poor’s confirmed that Vonovia’s rating remains unchanged at BBB+ with a stable outlook for its long-term issuer credit rating and A-2 for its short-term issuer credit rating, while Vonovia’s issued and unsecured bonds are rated BBB+.

In its announcement of December 8, 2025, the rating agency Moody’s confirmed Vonovia’s rating of Baa1 with a stable outlook.

On December 23, 2025, the rating agency Fitch confirmed its rating for Vonovia: BBB+ with a stable outlook.

The rating agency Scope has, in its announcement of June 19, 2025, awarded Vonovia an A- investment grade rating with negative outlook.

Vonovia SE has launched an EMTN (European medium-term notes) program. This program allows funds to be raised quickly at any time, without any major administrative outlay, using bond issues. The published prospectus for the € 40 billion program was expanded on March 23, 2026. It must be updated annually and requires approval from the financial supervisory authority of the Grand Duchy of Luxembourg (CSSF).

As of March 31, 2026, Vonovia had placed bonds with a total volume of € 21.3 billion, € 19.3 billion of which were placed as part of the EMTN program. There are also Deutsche Wohnen bonds worth a further € 1.2 billion.

The still outstanding portion of the bond that had already been partially bought back in January 2025, amounting to approximately € 217 million, was terminated early in December 2025 and repaid on January 15, 2026.

In January and March 2026, two bullet loans issued as part of Vonovia SE’s EMTN program, with an outstanding nominal volume of € 610.5 million and € 652.0 million respectively, were repaid as agreed.

A registered bond in the amount of € 50.0 million issued by Deutsche Wohnen SE was also repaid when it reached maturity.

On January 23, 2026, Vonovia issued a CHF 150.0 million (around € 161 million) bond with an 8.75-year term and a 1.5516% coupon (3.797% after currency hedging).

On February 5, 2026, Vonovia issued a bond denominated in Swedish krona (SEK 1,500 million, around € 142 million) in three tranches with terms of three and five years. Two tranches are floating-rate, with Vonovia paying a fixed coupon of 3.052% after currency hedging for the three-year term and 3.53% for the five-year term. The third tranche, which has a five-year term, has an original fixed coupon of 3.504%.

On February 18, 2026, Vonovia completed a private placement of JPY 10,000.0 million (approximately € 54 million) with a term of ten years. The coupon is 2.94% p.a. or 4.08% p.a. after currency hedging.

The debt maturity profile of Vonovia’s financing was as follows as of March 31, 2026:

Debt Maturity Profile on March 31, 2026 (face values)

The key debt ratios and other internal financial indicators are as follows as of the reporting date:

Vonovia has undertaken to comply with the following standard market covenants (calculation based on the definitions in the financing documentation) in the context of its issuance of unsecured bonds and financing as well as its structured secured financing.

Non-fulfillment of the agreed financial covenants may have a negative effect on Vonovia’s liquidity status. The financial covenants have been fulfilled as of the reporting date.