22 Total Equity
Development of the Subscribed Capital
Development of the Subscribed Capital | |||
in € | |||
As of Dec. 31, 2025 | 848,216,385.00 | ||
Capital increase against non-cash contributions as of Jun. 30, 2026 (share swap Deutsche Wohnen SE shares) | 218,732.00 | ||
As of Jun. 30, 2026 | 848,435,117.00 | ||
Development of the Capital Reserves
Development of the Capital Reserves | |||
in € | |||
As of Dec. 31, 2025 | 2,608,940,585.83 | ||
Share premium from the capital increase against non-cash contributions | 6,526,962.84 | ||
Other changes not affecting net income | -2,708,963.24 | ||
As of Jun. 30, 2026 | 2,612,758,585.43 | ||
Dividend
The Annual General Meeting held on May 21, 2026, resolved to pay a cash dividend for the 2025 fiscal year of € 1.25 per share, amounting to € 1,060,538,816.25 in total.
Retained Earnings and Non-controlling Interests
The neutral effects in retained earnings and non-controlling interests are due largely to transactions with the co-investor Apollo Capital Management L.P. An amount of € 149.0 million from the Südewo portfolio and the Northern Germany portfolio was distributed to the non-controlling interests in the first six months of the year. As a result, the ratio of retained earnings to non-controlling interests in equity was adjusted by € 89.2 million.
Under the control and profit transfer agreement between Vonovia SE and Deutsche Wohnen SE, 218,732 shares in Vonovia SE were created using the 2025 authorized capital and exchanged for shares in Deutsche Wohnen. This reduced non-controlling interests by € 9.7 million.
Non-controlling interests decreased by € 19.4 million as a result of the purchase of the additional 40% stake in QUARTERBACK New Energy Holding GmbH and the associated acquisition of control.