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 16, 2026, assigned Vonovia an A- investment grade rating. The outlook was raised from negative to stable.

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 € 40.0 billion program was expanded on March 23, 2026, must be updated annually and requires approval from the financial supervisory authority of the Grand Duchy of Luxembourg (CSSF).

As of June 30, 2026, Vonovia had placed bonds with a total volume of € 21.9 billion, € 19.1 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, March and June 2026, three bullet bonds issued as part of Vonovia SE’s EMTN program, with an outstanding nominal volume of € 610.5 million, € 652.0 million and € 444.2 million respectively, were repaid as agreed. Another bond issued by Vonovia SE in the amount of SEK 750 million (approximately € 67 million) was repaid as scheduled in June 2026.

Two registered bonds in the amount of € 50.0 million each issued by Deutsche Wohnen SE were repaid when they 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 2NC1 bond in an amount of € 750.0 million issued on April 14, 2025 was called early on March 12, 2026 and repaid as of April 14, 2026.

Vonovia issued a new floating-rate 2NC1 bond in an amount of € 1,000.0 million with a term of two years on April 20, 2026.

On April 22, 2026, Vonovia also issued a 2NC1 bond in Swedish kronor, in an amount of SEK 750 million (around € 69 million), with a two-year term. On May 20, 2026, this amount was increased by SEK 250 million (approximately € 23 million) to SEK 1,000 million (approximately € 92 million). The bond has a term of two years and is not currency-hedged.

On May 18, 2026, Vonovia executed a new bond in the amount of GBP 400.0 million (around € 463 million) with a maturity of twelve years. The coupon is 6.375% p.a. or 4.568% p.a. after currency hedging.

On May 20, 2026, Vonovia executed a new bond in the amount of AUD 300.0 million (around € 184 million) with a maturity of seven years. The coupon is 6.385% p.a. or 3.85% p.a. after currency hedging.

On May 26, 2026, Vonovia executed a new bond in the amount of SEK 1,000.0 million (around € 92 million) with a maturity of five years. The coupon is 3.72% p.a. or 3.85% p.a. after currency hedging.

On June 23, 2026, Vonovia placed a new convertible bond with a total volume of € 850.0 million. The bond has a term of five years that runs until June 2031, a coupon of 0% and an initial conversion price of € 28.04 per share, which corresponds to a conversion premium of 37.5% on the reference price. The bond can either be converted into shares in Vonovia or settled in cash. The bond terms and conditions are such that the convertible bond is treated as borrowed capital in full. For accounting purposes, the conversion rights are separated, as a derivative component, from the debt transaction and are measured and reported separately as a derivative within financial liabilities. Upon initial recognition not affecting net income as of June 30, 2026, the value of the derivative came to € 68.7 million.

For those convertible bonds issued in 2025, the fair value change of the conversion rights, as a derivative component, was recognized in profit or loss as of June 30, 2026, in the amount of € -29.8 million (H1 2025: € +21.6 million). This amount was recognized in interest expense under “effects from the measurement of derivative financial instruments.”

In the first half of 2026, Deutsche Wohnen opted not to extend, and repaid, bullet mortgages totaling € 575.2 million.

The debt maturity profile of Vonovia’s financing was as follows as of June 30, 2026:

Debt Maturity Profile on June 30, 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.