Results of Operations
Overview
In the first half of 2026, Vonovia reported positive earnings performance in the Rental, Value-add and Recurring Sales segments, while earnings in the Development segment were down on the figures for the first half of 2025.
Business development in the Rental segment is still characterized by high demand for rental apartments and rising rental income. Although the portfolio was around 5,000 units smaller at the end of the first half of 2026 than it had been a year earlier, the earnings contribution in the 2026 reporting period was up by 3.5% on the prior-year figure.
The Value-add segment reported a year-on-year increase in earnings of 27.6% in the first half of 2026. This was due in particular to the positive business development within the company’s own craftsmen’s organization and in energy distribution. Modernization and portfolio investments in the first half of 2026 amounted to € 441.4 million, up by 19.8% compared to the figure for the first half of 2025 of € 368.3 million.
In the Recurring Sales segment, the reporting period saw a slight 1.6% increase in earnings from € 38.7 million in the first half of 2025 to € 39.3 million in the first six months of 2026. 687 units (H1 2025: 1,134 units) were sold in the first half of 2026 with an average fair value step-up of 43.8% (H1 2025: 29.4%). The sales reported in the previous year (469 units) 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 65.0% 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 half 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) | ||||||||
in € million | H1 2025 | H1 2026 | Change in % | 12M 2025 | ||||
Revenue in the Rental segment | 1,692.7 | 1,749.7 | 3.4 | 3,417.2 | ||||
Expenses for maintenance | -237.7 | -238.3 | 0.3 | -484.1 | ||||
Operating expenses in the Rental | -229.4 | -242.8 | 5.8 | -488.1 | ||||
Adjusted EBITDA Rental | 1,225.6 | 1,268.6 | 3.5 | 2,445.0 | ||||
Revenue in the Value-add segment | 731.2 | 800.1 | 9.4 | 1,471.5 | ||||
thereof external revenue | 69.6 | 79.2 | 13.8 | 139.5 | ||||
thereof internal revenue | 661.6 | 720.9 | 9.0 | 1,332.0 | ||||
Operating expenses in the Value-add | -630.5 | -671.6 | 6.5 | -1,274.0 | ||||
Adjusted EBITDA Value-add | 100.7 | 128.5 | 27.6 | 197.5 | ||||
Revenue in the Recurring Sales segment | 215.0 | 157.2 | -26.9 | 439.6 | ||||
Fair value of properties sold adjusted to reflect | -166.1 | -109.3 | -34.2 | -333.5 | ||||
Adjusted result Recurring Sales | 48.9 | 47.9 | -2.0 | 106.1 | ||||
Selling costs in the Recurring Sales | -10.2 | -8.6 | -15.7 | -22.9 | ||||
Adjusted EBITDA Recurring Sales | 38.7 | 39.3 | 1.6 | 83.2 | ||||
Revenue from disposal of Development to sell properties | 209.1 | 161.7 | -22.7 | 422.2 | ||||
Cost of Development to sell | -133.9 | -130.7 | -2.4 | -323.1 | ||||
Carrying amount of assets sold of Development to sell | -5.0 | -0.7 | -86.0 | -5.0 | ||||
Gross profit Development to sell | 70.2 | 30.3 | -56.8 | 94.1 | ||||
Rental revenue Development | 3.4 | 9.0 | >100 | 11.0 | ||||
Operating expenses in the Development segment* | -16.2 | -19.2 | 18.5 | -30.0 | ||||
Adjusted EBITDA Development* | 57.4 | 20.1 | -65.0 | 75.1 | ||||
Adjusted EBITDA Total | 1,422.4 | 1,456.5 | 2.4 | 2,800.8 | ||||
Adjusted net financial result | -363.3 | -406.3 | 11.8 | -739.9 | ||||
Straight-line depreciation** | -56.0 | -63.4 | 13.2 | -116.7 | ||||
Intragroup profit/losses | -15.4 | -24.5 | 59.1 | -39.9 | ||||
Adjusted EBT (continuing operations)* | 987.7 | 962.3 | -2.6 | 1,904.3 | ||||
Adjusted EBT (continuing operations) | 1.20 | 1.13 | -5.4 | 2.29 | ||||
Tax expenses (core business) | -100.3 | -89.5 | -10.8 | -197.8 | ||||
Adjusted earnings for the period | 887.4 | 872.8 | -1.6 | 1,706.5 | ||||
Attributable to: | ||||||||
Minorities | 75.9 | 101.2 | 33.3 | 165.5 | ||||
Vonovia’s shareholders | 811.5 | 771.6 | -4.9 | 1,541.0 | ||||
Adjusted earnings for the period attributable to Vonovia’s shareholders per share in €*** | 0.99 | 0.91 | -7.7 | 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 H1 2025: +€ 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 half of 2026, Vonovia employed 13,120 people (end of the first half of 2025 in its continuing operations: 12,393; at the end of 2025 in its continuing operations: 12,708). The increase in staff focused on the craftsmen’s organization.
As of the end of the first half of 2026, Vonovia managed a portfolio comprising 528,370 of its own residential units (end of the first half of 2025: 533,064), 163,487 garages and parking spaces (end of the first half of 2025: 162,451) and 8,405 commercial units (end of the first half of 2025: 8,589). Furthermore, Vonovia managed 75,148 residential units (end of the first half of 2025: 75,069) on behalf of third parties as of the end of the first half of 2026.