Act reliably
Our Annual Report
Overview
- 2025 performance above expectations
- 2026 guidance and 2028 outlook confirmed
- More ambitious leverage targets and enhanced transparency in reporting and guidance
- €1.25 dividend per share for FY2025 and simplified dividend policy
- Customer satisfaction has risen to 76.5%.
- 2,090 new apartments completed, with more than 4,200 apartments currently under construction.
- Increased investments in the building portfolio and reduced CO2 intensity.
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Luka Mucic, CEO:
“I have had the pleasure to serve as Vonovia’s CEO for a little over ten weeks now. I am impressed with Vonovia’s unique industrial operating model, the remarkable robust growth trajectory of the rental business and the opportunities and growth potential across the non-rental segments. The underlying strengths of Vonovia remain fully intact, and so do our 2026 guidance and 2028 objectives. At the same time, I do see further opportunities that we are going to pursue. Our ambition is to accelerate growth to create additional value. This also requires a more ambitious stance on leverage.”
“Housing is not a product or an asset like any other. We offer places that our customers call home. This comes with a special responsibility that we take extremely seriously. Customer satisfaction reached a new record level of 76.5% at the end of 2025. We are ramping up our new construction activities, and we are scaling up our serial modernization. We continue to live up to our responsibility vis-à-vis our stakeholders, and we lead the market in making meaningful positive contributions to the urgent challenges of climate change and the sustained housing shortage.”
“Our rating outlook across the different rating agencies is stable, and our relevant KPIs are improving – so the current leverage works very well from a rating agency point of view. But the fact of the matter is that we have to be mindful of the headwind from higher financing expenses. Our ambition is to accelerate growth and create value for our shareholders, and that path requires a lower leverage so that the top line growth can drop to the bottom line. Contrary to the years 2022-2024, however, we will now be guided by what is the most sustainable way to delever, rather than solely by the fastest solution. Vonovia acts from a position of strength in a much more conducive environment, unlike previous years, where the company operated in an adverse environment of sharply increasing interest rates and declining values. To be clear, in pursuing our new leverage targets we are not departing from our 2028 EBITDA targets but aim to deliver on those targets and still delever faster than initially anticipated.”
Philip Grosse, Finanzvorstand:
“Vonovia pursues a progressive dividend policy and aims for a payout ratio between 50 and 60% of Adj. EBT. This progressive nature of our dividend will enable shareholders to participate in the sustainable growth profile of our business.”
