23 Non-derivative Financial Liabilities

The AUD, CHF, GBP, JPY, NOK and SEK bonds issued as of June 30, 2026 were translated at the exchange rate at the end of the reporting period in line with applicable IFRS provisions. Allowing for the hedging rate prescribed through the interest hedging transaction entered into, these financial liabilities would be € 36.9 million (December 31, 2025: € 4.2 million) lower overall than the recognized value.

The nominal obligations of the liabilities to banks and the liabilities to other creditors developed as follows:

Of the nominal obligations to creditors, € 12,600.0 million (December 31, 2025: € 13,161.9 million) are secured by land charges and other collateral (account pledge agreements, assignments, pledges of company shares and guarantees of Vonovia SE or other Group companies). In the event that payment obligations are not fulfilled, the securities provided are used to satisfy the claims of the banks.

Repayment of Bonds Under the European Medium-Term Notes Program (EMTN)

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.

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.

Repayment of Two Deutsche Wohnen Registered Bonds

Two registered bonds in the amount of € 50.0 million each issued by Deutsche Wohnen SE were repaid when they reached maturity.

Repayment of Deutsche Wohnen Mortgages

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

Bonds Under the European Medium-Term Notes Program (EMTN)

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.

Foreign Currency Bonds

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, in an amount of 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.

On April 22, 2026, Vonovia issued a 2NC1 bond in Swedish krona, in an amount of SEK 750 million (around € 69 million), with a two-year term. On May 20, 2026, this amount was increased by 250 million SEK (approximately € 23 million) to SEK 1,000 million (approximately € 92 million). The bond has a term of two years. The bond 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.

Convertible Bonds

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 0.0% 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.”

Credit Facilities

On January 30, 2026, Vonovia concluded a bilateral credit facility agreement for € 200.0 million with a term of two years (plus extension options).

In May and June 2026, Vonovia concluded two further bilateral credit facility agreements for € 250.0 million each with a term of two years in each case (plus extension options).