Adjusted EBT
Adjusted EBITDA Total for continuing operations came in at € 2,187.4 million in the first nine months of 2026, 3.3 % higher than the value of € 2,118.1 million seen in the first nine months of 2025.
In the reconciliation of Adjusted EBITDA Total (continuing operations) to Adjusted EBT (continuing operations), the contributing factors in the first nine months of 2026 were the adjusted net financial result of € -636.6 million (9M 2025: € -546.4 million), depreciation and amortization of € -95.7 million (9M 2025: € -85.7 million) and intragroup profits of € -47.1 million (9M 2025: € -26.4 million). The intragroup profits mainly relate to services provided by the internal craftsmen’s organization, which charges for its services internally at arm’s length. Any margins are eliminated from the Group perspective and represent the value added resulting from the insourcing of services.
The Adjusted EBT (continuing operations) amounted to € 1,408.0 million in the first nine months of 2026 compared to € 1,459.6 million in the first nine months of 2025.
In the first nine months of 2026, the non-recurring items eliminated in the Adjusted EBT came to € 5.1 million (9M 2025: € -162.7 million). The marked drop in transactions is due primarily to provisions set up in the previous year for the purchased land and existing properties from the QUARTERBACK Immobilien Group totaling € -85.2 million. In addition, there were positive one-off effects of € 19.0 million in the first nine months of 2026 due to the reversal of provisions from legal disputes and other operating income from previous years. The positive effect within personell-related matters is due primarily to refunds and the reversal of provisions in connection with legal disputes with a social insurance provider totaling € 35.2 million.
The following table provides a detailed list of the non-recurring items:
Non-recurring Items
Non-recurring Items | ||||||||
in € million | 9M 2025 | 9M 2026 | Change in % | 12M 2025 | ||||
Transactions* | -115.0 | 12.2 | – | -116.8 | ||||
Personnel matters | -25.8 | 17.9 | – | 16.1 | ||||
Business model optimization | -19.0 | -24.8 | 30.5 | -35.9 | ||||
Research & development | -2.8 | – | -100.0 | -3.7 | ||||
Refinancing and equity measures | -0.1 | -0.2 | 100.0 | – | ||||
Total non-recurring items | -162.7 | 5.1 | – | -140.3 | ||||
- *Including one-time expenses in connection with acquisitions, such as HR measures relating to the integration process and other follow-up costs.
In the first nine months of 2026, the adjusted profit for the period came to € 1,264.3 million (9M 2025: € 1,317.3 million). € 1,121.4 million (9M 2025: € 1,200.8 million) of this amount is attributable to Vonovia’s shareholders and € 142.9 million (9M 2025: € 116.5 million) to non-controlling interests. The increase in the share of adjusted profit for the period attributable to non-controlling interests can be explained primarily by higher earnings shares of non-controlling shareholders in connection with the control and profit and loss transfer agreement between Deutsche Wohnen SE and Vonovia SE and by the stake held by Apollo Capital Management L.P. in Delphinus SubCo GmbH.