Key Figures
Key Figures
Financial Key Figures in € million | H1 2025 | H1 2026 | Change in % | 12M 2025 | ||||
Adjusted EBITDA Total (continuing operations)* | 1,422.4 | 1,456.5 | 2.4 | 2,800.8 | ||||
Adjusted EBITDA Rental | 1,225.6 | 1,268.6 | 3.5 | 2,445.0 | ||||
Adjusted EBITDA Value-add | 100.7 | 128.5 | 27.6 | 197.5 | ||||
Adjusted EBITDA Recurring Sales | 38.7 | 39.3 | 1.6 | 83.2 | ||||
Adjusted EBITDA Development* | 57.4 | 20.1 | -65.0 | 75.1 | ||||
Adjusted EBT (continuing operations)* | 987.7 | 962.3 | -2.6 | 1,904.3 | ||||
Adjusted EBT (continuing operations) per share | 1.20 | 1.13 | -5.4 | 2.29 | ||||
Adjusted earnings for the period attributable to minorities | 75.9 | 101.2 | 33.3 | 165.5 | ||||
Adjusted earnings for the period attributable to 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 | ||||
Income from fair value adjustments of investment properties | 520.3 | 848.1 | 63.0 | 1,390.0 | ||||
Earnings before tax (EBT) | 751.0 | 1,664.8 | >100 | 2,527.7 | ||||
Profit for the period | 811.2 | 1,065.3 | 31.3 | 4,185.5 | ||||
Operating Free Cash-Flow* | 1,113.1 | 607.5 | -45.4 | 1,778.5 | ||||
Cash flow from operating activities | 1,590.1 | 1,118.0 | -29.7 | 2,448.3 | ||||
Cash flow from investing activities | 80.8 | -279.6 | – | -127.1 | ||||
Cash flow from financing activities | -1,796.6 | -2,238.2 | 24.6 | -878.4 | ||||
Total sum of maintenance measures, modernization & portfolio investments, new construction | 856.4 | 933.2 | 9.0 | 1,972.7 | ||||
thereof for maintenance measures | 356.5 | 379.6 | 6.5 | 811.2 | ||||
thereof for modernization & portfolio | 368.3 | 441.4 | 19.8 | 807.5 | ||||
thereof for new construction (to hold) | 131.6 | 112.2 | -14.7 | 354.0 | ||||
Key Balance Sheet Figures/Financial Indicators | Dec. 31, 2025 | Jun. 30, 2026 | Change in %**** | |||||
Fair value of the real estate portfolio | 84,448.2 | 85,675.7 | 1.5 | |||||
EPRA NTA | 39,253.7 | 39,212.0 | -0.1 | |||||
EPRA NTA per share in €*** | 46.28 | 46.22 | -0.1 | |||||
LTV (%) | 45.4 | 46.0 | 0.5 pp | |||||
Adjusted Net debt/Adjusted EBITDA Total | 13.8x | 14.0x | 0.2x | |||||
ICR (Adj. EBITDA Total/Adj. financial result) | 3.8x | 3.6x | -0.2x | |||||
Non-financial Key Figures | H1 2025 | H1 2026 | Change in %**** | 12M 2025 | ||||
Number of units managed | 608,133 | 603,518 | -0.8 | 607,234 | ||||
thereof own apartments | 533,064 | 528,370 | -0.9 | 530,979 | ||||
thereof apartments owned by others | 75,069 | 75,148 | 0.1 | 76,255 | ||||
Number of units bought | 1,615 | 842 | -47.9 | 2,082 | ||||
Number of units sold | 8,285 | 3,589 | -56.7 | 11,306 | ||||
thereof Recurring Sales | 1,134 | 687 | -39.4 | 2,333 | ||||
thereof Non Core/Other | 7,151 | 2,902 | -59.4 | 8,973 | ||||
Number of new units completed | 615 | 634 | 3.1 | 2,090 | ||||
thereof own units | 335 | 84 | -74.9 | 800 | ||||
thereof units for sale | 280 | 550 | 96.4 | 1,290 | ||||
Vacancy rate (in %) | 2.1 | 2.3 | 0.2 pp | 2.1 | ||||
Monthly in-place rent in €/m² | 8.22 | 8.51 | 3.5 | 8.38 | ||||
Organic rent increase (in %) | 4.4 | 3.6 | -0.8 pp | 4.1 | ||||
Carbon intensity achieved in Germany | 31.4 | 29.3 | -6.7 | 30.7 | ||||
Number of employees (continuing operations) | 12,393 | 13,120 | 5.9 | 12,708 | ||||
- *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).
- **Based on the weighted average number of shares carrying dividend rights.
- ***Based on the shares carrying dividend rights on the reporting date.
- ****Unless otherwise specified.