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Our Annual Report
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Attractive Core Business Growth and Positive Valuation
Overview
- Rental business supported by continued strong demand for affordable housing
- Significant growth in Value-add segment from craftsmen organization and energy business
- 1.1% portfolio valuation gains (excl. investments)
- ~€700 million disposal volume realized
- ~€4.4 billion refinanced year-to-date with 8-year average tenor and ~3.2% Euro coupon
- Vonovia confirms 2026 guidance for all earnings KPIs and 2028 outlook
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Luka Mucic, CEO:
„In the first half of the year, we continued our strong core Rental and Value-add performance. This compensated for the slower progression in our sales-related segments for which the market environment remains challenging for now. While much of our sales activities are more back-end loaded in 2026, our focus remains unchanged: reliable earnings growth from our core business plus increasing growth from our non-rental activities on our path towards a stronger balance sheet.”
„At Vonovia, we put people first. One indication that we’re on the right track is the increase in customer satisfaction to 77.3% in Q2 – a new record level of which we are very proud. At the same time, we’re investing in the skilled workers of tomorrow with approximately 1,000 apprentices currently starting their careers with us. We’re also looking towards the future by consistently driving forward the decarbonization of our existing portfolio. We have already installed photovoltaic systems with a peak capacity of approximately 200 MWp and are working to expand this capacity to 700 MWp in the long term. At the same time, we are relying on innovative heat pump cubes: With 1,000 systems that we are gradually connecting until 2029, we will provide climate-friendly heating to approximately 20,000 additional apartments. These initiatives support both decarbonization and long-term affordability of housing.”
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Philip Grosse, CFO:
„Our capital structure remains solid, and the higher financing costs are within our planning assumptions. Considering ongoing market uncertain-ties, we frontloaded our financing activities and found comparatively attractive windows for our convertible bond, corporate bonds across different currencies - all fully hedged- and liability management to take some risk off the table.”
