Vonovia SE on the Capital Market

Shares in Vonovia

The first half of 2026 was dominated by uncertainty regarding inflation and interest rate trends since the outbreak of the Middle East conflict in late February 2026. At the end of the first six months, the stock markets were supported by cooling labor market data from the US. The international financial markets generally interpreted this data as a sign that the US Federal Reserve (Fed) would remain cautious.

In addition, the announcement of details regarding the federal government’s plans for structural reforms related to pensions, the labor market, housing and taxes contributed to further positive performance on the German stock markets.

While the DAX 40 closed the first quarter of 2026 down 7.4%, with the FTSE EPRA Nareit Developed Europe index ending the quarter down 5.3%, both indices ended the first half of the year on a more positive note: the DAX 40 was up by 2.1% while the EPRA Index showed a sideways trend of -0.2%.    

Shares in Vonovia delivered a negative performance in the first six months of 2026, falling by 12.0% to close the first half at € 21.59. 

While the capital market is pricing residential real estate stocks at hefty discounts, the residential property markets in which we operate are proving to be relatively robust and have bottomed out. This is due, in particular, to the favorable relationship, from an owner’s point of view, between supply and demand in urban regions, the traditionally long-term financing, tax aspects as well as the structural momentum on the revenue side.

We believe that shares in Vonovia will reflect the positive operating development and ultimately the success of our business model as a whole in the medium to long term. Our responses to key long-term megatrends – climate change, urbanization and demographic change – remain the dominant factors driving our business.

Vonovia’s market capitalization amounted to around € 18.3 billion as of June 30, 2026.

Share Price Development