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Vonovia 9M Results: Robust Operating Business in a Challenging Macro Environment
Overview
- Adj. EBITDA Rental up 3.5% despite ~5k fewer units
- Strong growth of 31.4% in Value-add segment mainly from craftsmen organization and energy business
- Sales-related segments remain constrained by challenging market conditions
- ~€900m disposal volume realized year to date
- 2026 guidance finalized; initial 2027 guidance and revised 2028 objectives
- CFO Philip Grosse decides not to seek extension of current term
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Luka Mucic, CEO:
“Our nine-month results demonstrate the resilience of our core business. Rental continued to deliver solid earnings growth despite a smaller portfolio, while Value-add maintained its strong momentum. However, the environment has become more challenging for the sales-related parts of our business. Increasing financing costs and the resulting subdued transaction activity are weighing on our sales-related earnings and slowing our progress.
Yet the foundations of our business remain strong. Sustained demand for affordable, energy-efficient homes, further AI supported efficiency gains and the growth potential of our capital light service businesses give us confidence in Vonovia’s long-term prospects. We are focused on what we can control and remain determined to translate these strengths into sustainable value for our shareholders, our tenants, and our employees.”
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Philip Grosse, CFO:
“We have continued to manage our financing proactively and used favourable market windows to address our funding requirements across different instruments, maturities and currencies. There is no further material funding need for the remainder of 2026. In the current interest-rate environment, our priorities are clear: protect cash flow, maintain strict capital discipline and continue to strengthen our balance sheet.”
