20 Financial Assets Accounted for Using the Equity Method
As of the reporting date, Vonovia held interests in 16 joint ventures and 14 associates (December 31, 2025: 16 joint ventures and 14 associates).
Gropyus AG
The at-equity adjustment of the investment in Gropyus AG results in a result of € -12.9 million as of June 30, 2026 (H1 2025: € -2.1 million). Vonovia has a 25.05% stake in Gropyus AG.
The table below shows financial information for Gropyus AG as of June 30, 2026.
Financial Information for Gropyus AG
in € million | Dec. 31, 2025 Gropyus AG | Jun. 30, 2026 Gropyus AG | |||
Non-current assets | 70.6 | 73.4 | |||
Current assets | |||||
Cash and cash equivalents | 2.4 | 11.2 | |||
Other current assets | 42.8 | 49.1 | |||
Total current assets | 45.2 | 60.3 | |||
Non-current liabilities | 4.1 | 7.8 | |||
Current liabilities | 69.5 | 101.3 | |||
Net assets (100%) | 42.2 | 24.6 | |||
Group share in % | 26.8% | 25.1% | |||
Group share of net assets | 11.3 | 6.2 | |||
Group adjustments | 102.1 | 109.4 | |||
Carrying amount of share in joint venture | 113.4 | 115.6 | |||
Revenue | 13.0 | 29.6 | |||
Interest income | 0.5 | 0.0 | |||
Depreciation and amortization | -1.6 | -2.7 | |||
Other operating expenses | -15.2 | -35.3 | |||
Interest expenses | – | -4.6 | |||
Total results and comprehensive income for the fiscal year (100%) | -52.0 | -51.4 | |||
Mosaik fund
In August 2024, Vonovia had sold eleven development projects for € 489.0 million to a fund launched by HIH Invest, Projekt Mosaik GmbH & Co. KG. A transfer of ten properties with a purchase price of € 408.6 million had been made by June 30, 2026.
In October 2024, Vonovia had sold a further ten development projects for € 515.9 million to another fund launched by HIH Invest, Projekt Mosaik II GmbH & Co. KG. A transfer of seven properties with a purchase price of € 288.3 million had been made by June 30, 2026.
Vonovia has a 49.2% stake in both funds. The agreed compulsory contributions were made in accordance with the share quotas, which increased the total equity of the Mosaik funds.
In the first half of 2026, the funds contributed € -7.5 million (H1 2025: € -14.0 million) to Vonovia’s consolidated results.
The table below provides financial information for Projekt Mosaik GmbH & Co. KG and Projekt Mosaik II GmbH & Co. KG as of June 30, 2026:
Financial Information for Projekt Mosaik and Projekt Mosaik II GmbH
in € million | Dec. 31, 2025 Projekt Mosaik GmbH & Co. KG | Dec. 31, 2025 Projekt Mosaik II GmbH & Co. KG | Jun. 30, 2026 Projekt Mosaik GmbH & Co. KG | Jun. 30, 2026 Projekt Mosaik II GmbH & Co. KG | |||||
Non-current assets | 435.5 | 179.8 | 494.4 | 280.9 | |||||
Total current assets | 141.5 | 172.0 | 84.0 | 90.7 | |||||
Non-current liabilities | 261.9 | 130.6 | 261.9 | 182.5 | |||||
Current liabilities | 62.2 | 118.0 | 35.5 | 21.4 | |||||
Net assets (100%) | 252.9 | 103.2 | 281.0 | 167.7 | |||||
Group share in % | 49.2% | 49.2% | 49.2% | 49.2% | |||||
Group share of net assets | 124.4 | 50.8 | 138.3 | 82.5 | |||||
Group adjustments | -4.2 | 3.7 | -2.9 | 3.7 | |||||
Carrying amount of share in joint venture | 120.2 | 54.5 | 135.4 | 86.2 | |||||
Revenues | 18.0 | 3.6 | 11.7 | 5.1 | |||||
Interest income | 2.0 | 1.3 | 0.8 | 0.7 | |||||
Other operating expenses | -5.6 | -1.2 | -4.1 | -1.6 | |||||
Interest expenses | -6.6 | -3.0 | -4.3 | -2.4 | |||||
Total results and comprehensive income for the fiscal year (100%) | -14.5 | -9.7 | -2.0 | -6.8 | |||||
QUARTERBACK Immobilien Group and QUARTERBACK New Energy Holding GmbH
In June 2026, Vonovia acquired further shares in QUARTERBACK New Energy Holding GmbH. This acquisition increased its stake to 80%. The increase in the shareholding resulted in the company being fully consolidated as an affiliated company. The use of the equity method was discontinued for this company as of the acquisition date. Further information can be found under [A3] Business Combinations.
The company had unrecognized losses at the time the equity method was discontinued. These came to € 5.0 million in the first half of 2026 (H1 2025: € 2.1 million). The cumulative amount of losses not recognized up until the acquisition of control comes to € 13.1 million as of June 30, 2026 (December 31, 2025: € 8.1 million).
The 40% stake in the non-listed QUARTERBACK Immobilien AG (QBI) and QBI’s eleven non-listed financial investments, in which Vonovia holds stakes ranging between 44% and 50%, were adjusted based on the financial information as of March 31, 2026 that was available on the preparation cut-off date.
Financial Information of the QUARTERBACK Property Companies
in € million | Dec. 31, 2025 QUARTERBACK Immobilien AG | Jun. 30, 2026 QUARTERBACK Immobilien AG | Dec. 31, 2025 QUARTERBACK- Objektgesell- | Jun. 30, 2026 QUARTERBACK- Objektgesell- | |||||
Non-current assets | 142.2 | 135.7 | 16.3 | 14.9 | |||||
Current assets | 678.2 | 674.7 | 215.4 | 203.7 | |||||
Non-current liabilities | 109.5 | 95.8 | 2.3 | 3.2 | |||||
Current liabilities | 450.7 | 461.2 | 237.0 | 223.6 | |||||
Non-controlling interests | 25.8 | 25.5 | 4.8 | 4.8 | |||||
Net assets | 234.4 | 227.9 | -12.4 | -13.0 | |||||
Group share in % | 40% | 40% | 44% to 50% | 44% to 50% | |||||
Group share of net assets | 93.8 | 91.2 | -6.9 | -7.1 | |||||
Group adjustments | -93.8 | -91.2 | 20.5 | 20.8 | |||||
Carrying amount of share in joint venture | 0.0 | 0.0 | 13.6 | 13.7 | |||||
Revenues | 902.1 | 53.1 | 237.5 | 9.1 | |||||
Change in inventories | -571.9 | -1.4 | -198.9 | -0.7 | |||||
Interest income | 5.4 | 1.4 | 5.5 | 2.2 | |||||
Interest expenses | -53.5 | -4.0 | -20.5 | -4.0 | |||||
Profit from continuing operations (100%) and total comprehensive income for the fiscal year | 155.6 | -6.9 | -52.5 | -1.3 | |||||
The at-equity adjustment of the investments in the QUARTERBACK Immobilien Group results in a positive result of € 0.1 million as of June 30, 2026 (H1 2025: € -1.6 million). The part of the loss that was not recognized fell by € 0.7 million in the reporting period (H1 2025: € +18.0 million). The cumulative amount of losses not recognized comes to € 101.4 million on the reporting date (December 31, 2025: € 102.1 million).
Other Investments Accounted for Using the Equity Method
In addition to these investments, Vonovia also holds interests in 15 (December 31, 2025: 14) other entities that are accounted for using the equity method and are currently of minor importance; quoted market prices are not available.
The interests were adjusted for these entities provided that corresponding financial information was available.
The following table shows, in aggregated form, the carrying amount and the share of profit and other comprehensive income of these companies:
Aggregated Information of the Carrying Amount and the Share of Profit and Other Comprehensive Income
in € million | Dec. 31, 2025 | Jun. 30, 2026 | |||
Carrying amount of shares in companies accounted for using the | 197.0 | 206.6 | |||
Group share of net income of non-significant companies accounted for using the equity method | 10% to 50% | 10% to 50% | |||
Pro rata total comprehensive income | -3.6 | 10.2 | |||
The figures include a currency effect for the Swedish investments of € -0.7 million as of June 30, 2026 (H1 2025: € 0.7 million).
A loan has been granted to Delphinus SubCo GmbH in the amount of € 150.0 million. With regard to the other 14 entities, Vonovia has no significant financial obligations or guarantees with respect to joint ventures and associates.