19 Financial Assets

Due to the subsequent measurement of the call options that Vonovia received as part of the sale of two minority stakes in the Südewo portfolio in Baden-Württemberg and in the so-called northern Germany portfolio, the carrying amount decreased from € 671.0 million as of December 31, 2025 by € 48.0 million to € 623.0 million as of June 30, 2026. The adjustment was driven primarily by the change in the WACC. In a sensitivity analysis, the WACC was changed by +0.5%/-0.5% for the call options, which would result in a change in equity affecting net income of € -70.0 million/€ +79.0 million (December 31, 2025: € -76.0 million/€ +86.0 million).

Financial assets include current loan receivables due from the QUARTERBACK Immobilien Group, amounting to € 13.5 million (December 31, 2025: € 18.7 million) after taking into account the expected credit loss. These loans were granted on standard market terms.

Other investments include, among others, € 199.4 million (December 31, 2025: € 206.5 million) in shares in the Vesteda Residential Fund FGR, Amsterdam.