VONOVIA

Q1 2025

Earnings Call Presentation

May 6, 2025

Agenda

1.
2.

Q1 2025 Update pages 3-15

Appendix Analysis

Key Highlights

Q1 2025
Update
Appendix

Q1 Market Update

Transaction market off to a good start and carrying over positive development from Q4 2024 also in Q1 2025.
No impact from temporary bund yield hike.
Q1 2025 transaction volume of >€2bn much higher than Q1 last year.
Ongoing strong interest from both national and international capital.
Environment bodes well overall for H1 2025 valuation.
Appetite for safe-haven assets with structural growth and stable cash flows in uncertain times appears to provide further support.

Q1 Vonovia Update

4.3% organic rent growth (+50 bps y-o-y).
€699m Adj. EBITDA Total (+15% y-o-y).
€479m Adj. EBT (+15%); €0.58 p.s. (+14% y-o-y).
€718m OFCF (+43% y-o-y).
Pro forma LTV 45.0% (-80 bps ytd); pro forma ND/EBITDA 14.0x (-0.5x ytd); ICR 3.7x (-0.1x ytd)
€46.27 EPRA NTA p.s. (+2.3% ytd).

2025-05-06 | Q1 2025 Earnings Call
3
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Q1 2025
Update
Appendix

Transactions & Market Sentiment

German Housing Market Off to a Promising Start into 2025. JLL, April 7

"While the transaction volume is somewhat weaker than in the very strong fourth quarter of 2024, we continue to see high demand from investors."

Residential Investment Remains Asset Class with Highest Turnover. BNP Paribas Real Estate, April 4

"The increase in the number of larger transactions and the significantly higher overall frequency of completed transactions shows that the uncertainties for investors are receding from the market and a viable price structure has emerged. The market recovery is likely to gain momentum and breadth over the remainder of 2025."

German Residential Transaction Market Continues Its Recovery. CBRE, April 7

"German Resi remains attractive to investors as a low-risk asset class and will remain so for the foreseeable future, particularly against the backdrop of constantly rising cash flows coupled with maximum cash flow security. This is particularly true despite the challenging macroeconomic situation and the special effects at the beginning of the year with the unpredictable US policy and the German debt-financed investment package. Residential investors have adjusted their business plans in line with the changed financing situation and are now much more resilient to interest rate adjustments."

German Residential Investment Market – Strong Start into 2025. Cushman & Wakefield, April 7

"The transaction market is gaining momentum; investor interest is increasing and many market participants are becoming more active. [...] The significant increase in transaction volume compared to Q1 2024 shows a clear stabilization of the market and strong interest in residential real estate, both from national and international capital. [...] The market is also stabilizing at the start of 2025. Cushman & Wakefield is currently seeing trends of slightly falling yields in the residential real estate market."

German residential transaction volume (Cbn) $^{1}$

2025-05-06 | Q1 2025 Earnings Call
4
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Earnings & Cash Flow Summary

Double-digit Growth versus Previous Quarter

Cm (unless indicated otherwise)	Q1 2025	Q1 2024	Delta (%)
Adj. EBITDA Rental	592.6	592.9	-0.1%
Adj. EBITDA Value-add	38.5	11.5	>100%
Adj. EBITDA Recurring Sales	19.1	9.1	>100%
Adj. EBITDA Development	48.3	-6.5	-
Adj. EBITDA Total	698.5	607.0	+15.1%
Adj. Net Financial Result	-184.3	-160.8	+14.6
Depreciation	-27.8	-27.8	-
Intragroup profit (-)/loss (+)	-7.7	-1.9	>100%
Adj. Earnings before Taxes (EBT)	478.7	416.5	+14.9%
Adj. Earnings before Taxes (EBT) p.s.¹	0.58	0.51	+13.8%
Adj. EBT attributable to minorities	38.8	41.3	-6.1%
Adj. EBT after minorities	439.9	375.2	+17.2%
Adj. EBT after minorities p.s.¹	0.53	0.46	+16.1%
Depreciation	27.8	27.8	-
Capitalized maintenance	-51.2	-47.4	+8.0%
Cash taxes²	-7.2	-24.1	-70.1%
Book value of sold investment properties	97.6	60.9	+60.3%
Development to Sell	Net working capital³	172.4	67.6
Dividends paid to JV minorities & other	-0.1	-0.3	-66.7%
Operating Free Cash Flow (OFCF) ("Vonovia AFFO")	718.0	501.0	+43.3%
Operating Free Cash Flow (OFCF) ("Vonovia AFFO") p.s.¹	0.87	0.62	+41.9%

Adj. EBITDA Total up 15% from higher contribution of non-rental segments. Rental segment impacted by ~9k fewer units.
Adj. EBT increased in similar magnitude despite a lower net financial result, which was largely driven by full-year impact of 2024 financings and lower interest income.
OFCF grew by 43%, supported by larger recurring sales volume and higher net working capital contribution.

2025-05-06 | Q1 2025 Earnings Call

Rental Segment

Q1 2025 Update

Appendix

Rental revenue +2% despite ~9k fewer units.
Vacancy rate only a function of turnaround time in case of fluctuation.
Virtually full rent collection.
Coalition agreement: no negative impact (MPB extension was assumed in our business plan). Expert commission to be installed is an important step to allow for constructive regulation adjustments. Staffing this commission with representatives of tenants and landlords is the right approach.

Rental Segment (€m)	Q1 2025	Q1 2024	Delta
Rental revenue	840.4	824.2	+2.0%
Maintenance expenses	-123.9	-113.6	+9.1%
Operating expenses	-123.9	-117.7	+5.3%
Adj. EBITDA Rental	592.6	592.9	-0.1%

Organic rent growth (y-o-y, %)

Vacancy rate (eop, %)

Collection rate for rental income and all ancillary expenses (%)²

Fluctuation rate (%)²

Expensed and capitalized maintenance (€/sqm)
Capitalized maintenance
Expensed maintenance

OVM = local comparable rent, † German portfolio.

2025-05-06 | Q1 2025 Earnings Call

Value-add Segment

Q1 2025
Update
Appendix

Increased EBITDA contribution as a result of
higher investment volume in energy-efficient modernization, PV, and heat pumps;
higher sales volume of self-generated energy to tenants.
Coalition agreement: €100bn earmarked for climate transformation fund; allocation and subsidy mechanisms not clear yet but building decarbonization expected to be a key focus; supportive for our investment strategy.

Value-add Segment (€m)	Q1 2025	Q1 2024	Delta
Revenue Value-add	387.1	325.1	+19.1%
of which external	31.1	28.2	+10.3%
of which internal	356.0	296.9	+19.9%
Operating expenses Value-add	-348.6	-313.6	+11.2%
Adj. EBITDA Value-add	38.5	11.5	>100%

Adj. EBITDA Value-add as % of Adj. EBITDA Total

2024-2028E path is not a straight line; individual quarters/periods can be more volatile

2025-05-06 | Q1 2025 Earnings Call
7
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Recurring Sales Segment

Q1 2025 Update
Appendix

Substantial increase in disposal volume and revenue.
Focus shifted from cash generation to profitability.
Increasing demand in the context of structural housing shortage, interest rate stability and tax advantages.
Ambition level of 30-35% fair value step-up.
Future disposal earnings from buying, modernizing and selling stranded assets ("manage to green") will be recognized in this segment.

Historical Recurring Sales volumes and FV step-up¹

Recurring Sales Segment (£m)	Q1 2025	Q1 2024	Delta
Units sold	689	407	+69.3%
Revenue from recurring sales	122.0	74.6	+63.5%
Fair value	-97.6	-60.9	+60.3%
Gross profit	24.4	13.7	+78.1%
Fair value step-up	25.0%	22.4%	+2.6pp
Selling costs	-5.3	-4.6	+15.2
Adj. EBITDA Recurring Sales	19.1	9.1	>100%

Adj. EBITDA Recurring Sales as % of Adj. EBITDA Total

²024-2028E path is not a straight line; individual quarters/periods can be more volatile

¹ 2018 onwards also including Recurring Sales in Austria.

2025-05-06 | Q1 2025 Earnings Call
8
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Development Segment

Q1 2025
Update
Appendix

Q1 2025 positively impacted by closing of a land sale.
Coalition agreement: Initiatives to reduce construction costs are helpful and should be supportive for our development efforts to increase the addressable market.
Vonovia's own efforts to reduce construction costs continue
Reduced complexity through higher degree of standardization
Economies of scale advantage
Industrialization of building process through innovative construction methods resulting in shorter lead times and reduced capital commitment period

Long-term development pipeline of almost 70k units¹

Development Cost Reduction Target

Development Segment (£m)

Development Segment (£m)	Q1 2025	Q1 2024	Delta
Revenue from disposal of to-Sell properties	113.5	30.6	>100%
Cost of Development to Sell	-52.3	-27.3	+91.6%
Carrying amount of sold Development to Sell assets	-	-	-
Gross profit Development to Sell	61.2	3.3	>100%
Gross margin Development	53.9%	10.8%	+43.1pp
Rental revenue Development	1.4	1.7	-17.6%
Operating expenses Development	-14.3	-11.5	+24.3%
Adj. EBITDA Development	48.3	-6.5	-

Adj. EBITDA Development as % of Adj. EBITDA Total

2024-2028E path is not a straight line; individual quarters/periods can be more volatile

2025-05-06 | Q1 2025 Earnings Call
9
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Estimated Annual Total Accounting and Shareholder Return

Two Types of Returns: Earnings Growth + Organic Value Growth

Q1 2025
1 month
Appendix

Assuming stable market yields, the annual total return for 2025E – 2028E for our BBB+ rated capital structure is estimated to be
- ~13% based on current market capitalization¹ and
- ~9% based on current NTA.

Moody's
S&P Global Ratings
Baa1. Stable Outlook ☑
BBB+. Stable Outlook ☑
FitchRatings
BBB+. Stable Outlook ☑

Estimated Total Accounting and Shareholder Return p.a. 2025-2028E

¹ Based on €23bn market cap. ² Assuming stable market yields.

2025-05-06 | Q1 2025 Earnings Call
10
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2025-05-06 | Q1 2025 Earnings Call
11
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Increasing Real Market Levels As Supply/Demand Imbalance Beats Regulation

Robust Growth Trajectory for Many Years

Q1 2025 Update Appendix

Vonovia's portfolio is focused on urban growth markets with the largest supply-demand gap.
Structural imbalance supports long-term rent growth trajectory.
~4% Adj. EBITDA Rental growth p.a. for many years (based on €1bn investments. Higher growth from ramping up investments. Operating yield of 6-7% on investment amount).

Supply/demand imbalance: Rising Temperature¹

2021

2024

Wide disparity of gross initial yields based on in-place values and rents (current rent level €/sqm)²

¹ Source: BPD/bulwiengesa Wohnwetterkarte. ² Vonovia's German portfolio. ³ Source: Value Marktdatenbank (formerly empirica-systeme), Q1 2025. Asking rents excluding furnished apartments and new constructions. Market data reflects the weighted average for Vonovia's German portfolio as of Mar. 31, 2025.

Financial KPIs

Leverage Well under Control with Organic Deleveraging Going Forward

Q1 2025 Update

Financial

Pro forma cash position of €4.0bn¹ covers all near-term maturities.
Debt KPIs well under control to safeguard good investment grade rating; direction of travel is the right one for all three debt KPIs.
Cash generation and internal funding remains a key focus but the prioritization of cash generation over earnings and profitability is over.

	Rating	Outlook	Last update
S&P	BBB+	Stable	Aug. 23, 2024
Moody's	Baa1	Stable	Feb. 11, 2025
Fitch	BBB+	Stable	Feb. 17, 2025
Scope	A-	Negative	Jul. 2, 2024

LTV²

¹ Consisting of €2.2bn cash on hand (Mar.31, 2025 and including term deposits) plus €1.8bn disposals signed but not yet closed. In addition, Vonovia has €3bn RCF/CP (undrawn). ² Pro forma and before dividend payments.

ND/EBITDA²

ICR

2025-05-06 | Q1 2025 Earnings Call

2025 Guidance & 2028 Objective Unchanged

	Actuals 2024	Guidance 2025E	Objective 2028E
Rental Revenue	€3.324bn	€3.3bn - €3.4bn	€3.7bn - €3.8bn
Organic rent growth	4.1%	~4%	>4%
(Higher rent growth driven by higher investment volume)
Adj. EBITDA Total	€2.625bn	€2.7bn - €2.8bn	€3.2bn - €3.5bn
Rental	91%	n/a	75-80%
Value-add	6%	n/a	9-12%
Recurring Sales	2%	n/a	5-8%
Development	1%	n/a	4-5%
Adj. EBT	€1.800bn
(of which €166m attributable to minorities)	€1.75bn - €1.85bn
(of which ~10% attributable to minorities)	Mid-single digit CAGR 2024 – 2028E
Dividend^{1}	€1.22	50% Adj. EBT plus surplus liquidity paid out as dividend
Investments^{2}	€836m	~€1.2bn	~€2bn
Sustainability Performance Index (SPI)	104%	~100%	~100%

1 Dividend per share for the respective financial year. 2024 refers to dividend proposal to the 2025 AGM. 2 Including Upgrade Building, Optimize Apartment, Development to Hold (Space creation). Leverage neutral financing of 60% equity/40% debt. Excluding Development to Sell.

2025-05-06 | Q1 2025 Earnings Call
13
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Wrap-up

Operating business continues to run like clockwork.
Market fundamentals remain increasingly favorable
no impact from temporary bund yield hike;
transaction market off to a good start into 2025;
investor appetite is healthy;
environment bodes well overall for H1 2025 valuation;
appetite for safe-haven assets with structural growth and stable cash flows in uncertain times appears to provide further support.
Confident about 2025E guidance and 2028E objectives.

2025-05-06 | Q1 2025 Earnings Call
14
VA

CEO Change

Supervisory Board Decides Early for Orderly Long-term Succession

Q1 2025

|Q1 2025

|Appended to

Succession. After 12 years as CEO of Vonovia, Rolf Buch and the Supervisory Board have mutually agreed to terminate Rolf's contract by the end of this year to enable an orderly long-term succession. He will be succeeded by Luka Mucic, who is currently CFO of Vodafone Group plc.

Rolf will continue to lead Vonovia as CEO until YE2025 and facilitate Luka's induction as Vonovia's new CEO. Rolf's contract was until early 2028. Resolving the succession early has three distinct advantages:

Vonovia's return to growth will stretch beyond the 2028 outlook, and the new CEO should have the opportunity to shape Vonovia's path from the beginning.
A new federal government has now been installed, and the new CEO should have the opportunity to establish political relations early before the next election in 2029.
Rolf's last AGM under his original contract would have been in 2027 and would have coincided with the end of the term of the Supervisory Board Chair. Leaving the CEO succession unresolved until then would constitute poor governance and put undue pressure on the next Chair and the succession process.

Looking Back. Rolf Buch became CEO in 2013 and took the company public later that year. Under his tenure, the company successfully managed the transition from private equity ownership to becoming the largest listed real estate company in Europe and the first and only real estate company in Germany's blue chip index DAX. In the process, Rolf developed Vonovia from a smaller pure rental company into a modern and sustainable residential heavy-weight with a portfolio built for robust long-term growth and an operating platform that is unique in its scale, quality, and efficiency. Rolf established Vonovia as a brand name and well-respected partner across all different stakeholder groups and will leave a healthy and well-positioned company that has successfully managed the transition to a higher interest rate environment and that is at the beginning of phase 3 of its development, which is the return to growth.

Looking Ahead. Luka Mucic is currently the CFO of Vodafone Group plc and was previously the long-standing CFO and COO of SAP SE. He brings an ideal skill set: Luka possesses valuable process optimization expertise from an end-consumer business environment that is critical to Vonovia's B2C operating business. In addition, Luka also comes with comprehensive B2B expertise that Vonovia needs in its efforts to build the 2nd Vonovia where we deploy our platform to third-party owners.

2025-05-06 | Q1 2025 Earnings Call

Agenda

1.
2.

Q1 2025 Update pages 3-15
Appendix pages 17-35

EPRA NTA

Q1 2025
Germany
Appendix

| EPRA NTA (€m)
(unless indicated otherwise) | Mar. 31, 2025 | Dec. 31, 2024 | Delta |
| --- | --- | --- | --- |
| Total equity attributable to Vonovia shareholders | 24,768.5 | 23,996.4 | +3.2% |
| Deferred tax in relation to FV gains of investment properties | 14,730.0 | 14,620.2 | +0.8% |
| FV of financial instruments | 8.2 | 23.4 | -65.0% |
| Goodwill as per IFRS balance sheet | -1,391.7 | -1,391.7 | - |
| Intangibles as per IFRS balance sheet | -42.1 | -32.7 | +28.7% |
| EPRA NTA | 38,072.9 | 37,215.6 | +2.3% |
| NOSH (million) | 822.9 | 822.9 | - |
| EPRA NTA (€/share) | 46.27 | 45.23 | +2.3% |

Deferred tax liabilities are the calculated tax expenses on the delta between (IFRS) fair values and (local GAAP) tax values, which reflect the probable tax effect in the event of a sale.
Deferred tax liabilities are taxes owed but not payable unless the relevant properties are actually sold.
Vonovia only adds back deferred taxes for core assets.
Deferred tax liabilities of disposal assets (Non-core, MFH, Recurring Sales) are not added back.

2025-05-06 | Q1 2025 Earnings Call
17
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Earnings Growth

Ambition to Grow Adj. EBITDA Total CAGR by ~8% until 2028

Q1 2025 Earnings

Appendix

2024-2028E CAGR

Adj. EBITDA Rental ~4%
Adj. EBITDA Non-rental ~30%
Adj. EBITDA Total ~8%
Adj. EBT mid single digit

Rental business

Rock solid, low risk, and highly predictable

~4% Adj. EBITDA Rental growth p.a. for the long-term (Based on €1bn investments p.a. Higher growth from ramping up investments. Operating yield of 6-7% from rent growth and cost savings following completion of the investment).

Full occupancy (except for apartments undergoing refurbishment during tenant turnover).

Full rent collection.

Non-rental business (Value-add, Recurring Sales, Development)

Additional earnings & value generation not reflected in NTA

| Return to Performance | • VTS craftsmen organization & increasing investment volume
• Recurring Sales
• Development to Sell
• Serial Modernization
• Energy Cube heat pump
• PV
• Energy Operations
• Stranded Assets
• Occupancy Rights
• 3rd Party Market/2nd Vonovia |
| --- | --- |
| Accelerated Tech-Supported Investments | |
| Expanded Business Areas | |

2025-05-06 | Q1 2025 Earnings Call

2025-05-06 | Q1 2025 Earnings Call
19

Accretive Investment Program in Long-term Portfolio

Acceleration through Tech-supported Investments

11 April 2025

Appendix

Investment program is based on the long-term structural megatrends supply demand imbalance, climate change, and demographic change.
Attractive operating yield of 6-7% from rent growth and cost savings following completion of the investment.

Investment Program (€m)

| Operating Investment | Optimize Apartment | Apartment renovation
upon turnover. |
| --- | --- | --- |
| Upgrade Building | Investments in decarbonization
(manage to green). | |
| Dev to hold / Space creation | New construction for our own portfolio ("to hold") through green- or brownfield (re)-development, infill construction, and roof extension. | |
| Serial Modernization | Cost benefits from scaling effects & industrial prefab.
Less dependency on skilled labor.
Shorter construction times. | |
| Energy Cube heat pump | Standardized compact solution independent of specific building conditions.
Cutting-edge technology. | |
| PV | Ambition of ~400 MWp by 2028 and long-term goal of ~700 MWp (135 MWp today). | |

Development to Sell

Disciplined Capital Commitment & Increased Profitability through Reducing Costs

Q1 2025

Appendix

Development-to-Sell earnings are shown in Development EBITDA (earnings contributions from Development to Hold are shown in the valuation result and therefore outside Adj. EBITDA).
3-4% of total assets committed.
~€1bn investment volume p.a. (funded by development disposals).
Target gross margin of 15-20%.
Target group includes
owner-occupiers
retail investors
institutional investors.
"Design to cost" approach. Focus on reduction of construction costs
Reduced complexity, higher degree of standardization, and economies of scale.
Innovative construction methods result in shorter lead times and reduced capital commitment period.

Every reduction in construction costs leads to an increase in the addressable market for our product.

2025-05-06

Q1 2025 Earnings Call

Robust Long-term Upward Trajectory for Vonovia's Rent Levels

Increasing Real Market Levels As Supply/Demand Imbalance Beats Regulation

Q1 2025
Contest
Appendix

Vonovia					Real market⁴		Delta between real market and Vonovia in-place rent
Regional Market (Mar. 31, 2025)	% of total assets¹	In-place rent²	Reletting rent range³		Asking rent range⁵		0%	50%	100%	150%
Berlin	30%	8.00	8.74	12.34	15.44	21.26
Rhine Main Area (Frankfurt, Darmstadt, Wiesbaden)	7%	9.80	10.74	13.94	14.02	17.02
Southern Ruhr Area (Dortmund, Essen, Bochum)	9%	7.37	8.02	9.77	8.89	10.69
Rhineland (Cologne, Düsseldorf, Bonn)	7%	8.43	9.02	11.29	11.82	14.34
Dresden	9%	7.02	7.82	8.76	9.15	11.76
Hamburg	4%	8.39	8.86	11.96	13.06	16.02
Hanover	5%	7.76	8.30	10.69	10.28	12.37
Kiel	5%	7.70	8.27	10.90	10.83	13.22
Munich	2%	9.92	12.35	14.87	18.59	22.21
Stuttgart	3%	9.14	10.23	12.12	13.49	16.09
Northern Ruhr Area (Duisburg, Gelsenkirchen)	5%	6.72	7.13	8.72	7.71	9.04
Leipzig	3%	6.96	7.31	9.21	9.11	11.50
Bremen	2%	6.98	7.77	9.69	10.78	13.10
Westphalia (Münster, Osnabrück)	2%	7.45	8.31	9.74	9.98	12.00
Freiburg	1%	8.85	9.64	11.85	14.33	17.64
Other Strategic Locations	6%	7.82	8.24	10.51	10.43	12.37
Non-Strategic Locations	0%	7.53	7.87	10.10	10.60	12.43
Total Germany	100%	7.96	8.66	11.11	12.25	15.60
Gross initial yield		4.2%	4.5%	5.8%	6.4%	8.2%

¹ Residential Germany (based on no. of units). ² Vonovia average in-place rent as of Q1 2025. ³ Lower end of range: reletting rent without invest; upper end of range: reletting rent with invest. ⁴ Source: Value Marktdatenbank (formerly empirica-systeme), Q1 2025. Market data reflects the weighted average for Vonovia's German portfolio. Asking rents excluding furnished apartments and new constructions. ⁵ Lower end: median (proxy for reletting without invest); upper end: 80% percentile (proxy for reletting with invest).

2025-05-06

Q1 2025 Earnings Call

2025-05-06 | Q1 2025 Earnings Call
VA

Our Business Is Supported by Structural Megatrends…

Q1 2025
Earnings
Appendix

However, the new environment and higher interest rate level has accelerated the relevant megatrends around which we have built our business, leading to even stronger fundamentals in the medium- and long-term.

Urbanization & Supply/Demand Imbalance

Expected demand, permits, completions ('000 units)¹

Climate Change

Development of green house gas emissions in the building sector (Germany)²

¹ Adapted from ZIA forecast based on Empirica and Pestel Institute. ² Agora Energiewende (2025): "Die Energiewende in Deutschland: Stand der Dinge 2024. Rückblick auf die wesentlichen Entwicklungen sowie Ausblick auf 2025."

...Creating Highly Attractive Investment Opportunities

Q1 2025
Earnings
Appendix

Supply-/Demand Imbalance

Climate Change

Demographic Change

> €100bn investment volume every year to complete 400k apartments per year.¹

Up to €120bn investment volume every year to decarbonize Germany’s housing stock.²

Shortage of 2 million apartments suitable for elderly people.³

A struggling construction industry and an ever-growing supply/demand gap are not a sustainable situation. Required investment volumes are much too high to be delivered by government or through subsidies.
Any meaningful investment volume will require an investment and regulatory environment that is sufficiently attractive for private funding.

¹ Investment volume based on assuming 60sqm and €5,000/sqm construction costs. ² GdW (Association of German Housing Companies). ³ IW German Economic Institute.

2025-05-06 | Q1 2025 Earnings Call
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Regional Markets

Balanced Exposure to Relevant Growth Regions

Q1 2025
Earnings
Appendix

| Regional Markets
(Mar. 31, 2025) | Fair value1 | | | | In-place rent | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | (£bn) | (£/sqm) | Residential units | Vacancy (%) | Total (p.a., £m) | Residential (p.a., £m)2 | Residential (£/sqm/month)2 | Organic rent growth (+¥-y, %) | Multiple (in-place rent) | Purchase power index (market data)2 | Market rent increase forecast Valuation (% p.a.) | Average rent growth (LTM, %) from Optimize Apartment |
| Berlin | 22,782.6 | 2,678 | 138,372 | 0.8 | 823 | 786 | 8.00 | 4.9 | 27.7 | 87.4 | 2.3 | 54.2 |
| Rhine Main Area (Frankfurt, Darmstadt, Wiesbaden) | 6,445.1 | 2,784 | 35,825 | 2.2 | 270 | 260 | 9.80 | 5.1 | 23.9 | 100.7 | 2.2 | 42.3 |
| Southern Ruhr Area (Dortmund, Essen, Bochum) | 5,107.0 | 1,909 | 42,808 | 2.4 | 234 | 228 | 7.37 | 3.7 | 21.8 | 89.0 | 1.9 | 32.6 |
| Rhineland (Cologne, Düsseldorf, Bonn) | 5,001.7 | 2,377 | 31,233 | 1.9 | 214 | 204 | 8.43 | 3.0 | 23.4 | 100.3 | 2.1 | 33.9 |
| Dresden | 4,950.7 | 1,860 | 43,298 | 2.2 | 222 | 206 | 7.02 | 2.7 | 22.3 | 87.3 | 2.0 | 24.8 |
| Hamburg | 3,215.3 | 2,513 | 19,998 | 1.3 | 129 | 124 | 8.39 | 3.8 | 24.9 | 96.1 | 2.1 | 42.6 |
| Hanover | 2,813.9 | 1,980 | 21,975 | 2.4 | 132 | 126 | 7.76 | 3.6 | 21.4 | 89.3 | 2.0 | 37.8 |
| Kiel | 2,674.1 | 1,822 | 24,854 | 1.7 | 134 | 130 | 7.70 | 3.7 | 19.9 | 76.5 | 2.1 | 41.6 |
| Munich | 2,619.6 | 3,821 | 10,323 | 1.1 | 83 | 79 | 9.92 | 3.6 | 31.6 | 119.2 | 2.3 | 49.9 |
| Stuttgart | 2,219.1 | 2,638 | 13,084 | 1.6 | 92 | 89 | 9.14 | 2.5 | 24.2 | 100.2 | 2.1 | 32.6 |
| Leipzig | 2,044.3 | 1,951 | 14,758 | 2.9 | 85 | 79 | 6.96 | 5.7 | 24.1 | 80.6 | 2.0 | 32.3 |
| Northern Ruhr Area (Duisburg, Gelsenkirchen) | 1,987.5 | 1,325 | 24,095 | 2.7 | 120 | 116 | 6.72 | 3.7 | 16.5 | 80.7 | 1.7 | 29.8 |
| Bremen | 1,390.1 | 1,929 | 11,627 | 2.2 | 60 | 58 | 6.98 | 4.6 | 23.3 | 83.9 | 2.0 | 38.8 |
| Westphalia (Münster, Osnabrück) | 1,109.1 | 1,791 | 9,402 | 2.7 | 54 | 53 | 7.45 | 3.4 | 20.4 | 90.1 | 2.1 | 30.7 |
| Freiburg | 731.3 | 2,723 | 3,840 | 0.8 | 29 | 28 | 8.85 | 3.4 | 25.4 | 86.6 | 2.1 | 33.9 |
| Other Strategic Locations | 3,293.0 | 1,903 | 26,877 | 3.5 | 159 | 154 | 7.82 | 4.4 | 20.7 | | 2.0 | 34.4 |
| Total Strategic Locations | 68,384.5 | 2,291 | 472,369 | 1.8 | 2,839 | 2,719 | 7.96 | 4.1 | 24.1 | | 2.1 | 39.6 |
| Non-Strategic Locations | 608.0 | 1,742 | 2,202 | 6.0 | 41 | 13 | 7.53 | 2.7 | 14.9 | | 2.0 | 34.1 |
| Total Germany | 68,992.6 | 2,285 | 474,571 | 1.8 | 2,880 | 2,722 | 7.96 | 4.1 | 24.0 | | 2.1 | 39.6 |
| Vonovia Sweden | 6,792.8 | 2,216 | 39,646 | 4.3 | 400 | 372 | 11.49 | 6.0 | 17.0 | | 2.1 | n/a |
| Vonovia Austria | 2,662.8 | 1,607 | 20,349 | 4.4 | 125 | 99 | 5.72 | 3.3 | 21.3 | | 1.7 | n/a |
| Total | 78,448.1 | 2,247 | 534,566 | 2.1 | 3,405 | 3,203 | 8.15 | 4.3 | 23.0 | | 2.1 | n/a |

1 Fair value of the developed land excluding €3.9bn, of which €0.9bn for undeveloped land and inheritable building rights granted, €0.4bn for assets under construction, €1.8bn for development, €0.4bn for nursing portfolio (Discontinued Operations) and €0.4bn for other.
2 Source: GRI (2025). Data refers to the specific cities indicated in the table, weighted by the number of households where applicable. Based on the country-specific definition. In-place rents in Austria and Sweden are not fully comparable to Germany, as Sweden includes ancillary costs and Austria includes maintenance and property improvement contributions from tenants. The table above shows the rental level unadjusted to the German definition.

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Portfolio Clustering

Q1 2025

Appendix

	Mar. 31, 2025		Resi units	In-place rent (Cm, p.a.)1	In-place rent (€/sqm)1	Vacancy rate	Fair value (€bn)	Fair value (€/sqm)	Gross yield
Included in Segment Results	Strategic	Urban quarters & clusters (Germany)	438,030	2,621	7.99	1.7	63.5	2,316	4.1%
		Sweden	39,646	400	11.49	4.3	6.8	2,216	5.9%
	Recurring Sales	Germany	23,645	154	7.80	2.9	3.8	2,309	4.0%
		Austria	20,349	125	5.72	4.4	2.7	1,607	4.7%
Disposals not included in Segment Results	Additional Disposals	Non Core	12,896	105	7.09	4.9	1.6	1,475	6.5%
		Total	534,566	3,405	8.15	2.1	78.5	2,247	4.3%

German portfolio comprises of strategic assets in 15 urban growth regions that are held in larger urban quarters (~ 3/4) and smaller urban clusters (~ 1/4).
Swedish Properties are located in Sweden's three large urban areas Stockholm, Gothenburg, and Malmö.
EBITDA sales contribution is shown in Recurring Sales Segment.
Single-unit disposals to owner-occupiers and retail investors.
Disposal of what were (potentially) stranded assets in line with strategic initiative to acquire, modernize and sell.
Outside of Core Business Segments and included in Other Income.
Non-core: non-strategic residential and commercial properties plus remaining nursing assets.

2025-05-06

Q1 2025 Earnings Call

Capital Allocation Focus

Key Priorities for Vonovia

Q1 2025

Earnings

Appendix

Strategic Priorities

Financial Strength

Ratings, Covenants & Liquidity

Preserving a robust capital structure

Growth

Rental & Non-Rental Growth

Acceleration through organic growth initiatives

Capital Allocation

Shareholder Value Creation

Investment Program

General preference for allocating capital to highest-yielding measure.
Investment to address the megatrends driving the sector.
Drives organic earnings and value growth.

Dividend

Progressive dividend policy.

M&A

50% Adj. EBT plus surplus liquidity paid out as dividend.
Potential for opportunistic share buybacks.
Disciplined and opportunity-driven approach.
Must deliver returns in excess of cost of capital on a risk-adjusted basis.
Impeccable track record of execution.

Value Accretion

Cash Generation

2025-05-06 | Q1 2025 Earnings Call

Commitment to Sustainability

Science-based Decarbonization Roadmap with Measurable Interim Targets

Q1 2025

Contour

Appendix

Accelerated decarbonization with Net Zero target by 2045.
Including Scope 1, 2 and 3.3.
According to SBTi, Vonovia's climate targets until 2030 are in line with the 1.5-degree target of the Paris Climate Agreement.

Carbon intensity¹ in kg CO₂e/sqm per year

The 3 levers of our climate path

¹ Includes Scope 1&2 and Scope 3.3 „Fuel and energy-related emissions from the upstream chain”; based on building stock in Germany. ² According to the KNDE 2045 scenario of the Agora energy transition, "Carbon removal:" natural and technological binding and long-term storage. Please find more information concerning our Decarbonization Roadmap: https://report.vonovia.com/2024/q4/en/e1-1-transition-plan-for-climate-change-mitigation

2025-05-06

Q1 2025 Earnings Call

Sustainability Performance Index (SPI)

Measurable Targets for Non-financial KPIs

Q1 2025
(Indiana)

Appendix

The SPI is the leading quantitative, non-financial metric to measure sustainability performance in the most relevant areas (based on materiality matrix).
SPI reporting is audited by our statutory auditor (limited assurance).
The SPI has a material weight in the long-term incentive plan for the management board as well as for the leadership group below.
Initial annual target always set at 100% on the basis of the individual categories; i.e. to achieve the target of 100%, all six individual targets must be fully achieved.

SPI		Scope	Weighting	2023 Actuals	2024 Actuals	Targets 2030
1	CO₂ intensity in the housing stock (German portfolio)¹
kg CO₂e/sqm/p.a.	Vonovia Germany	35%	31.7	31.2	<25
2	Average primary energy consumption of new buildings²
kWh/sqm/p.a.	Vonovia	10%	25.3	22.0	<25
3	Proportion of accessible (partially) modernized newly rented apartments	Vonovia Germany	10%	17.5%	29.5%	~27%
4	Customer satisfaction	Vonovia Germany	20%	72.4%	75.2%	>73%
5	Employee satisfaction	Vonovia	15%	78%	79%	≥77%
6	Proportion of women in management positions³	Vonovia	10%	24.2%	25.8%	≥30%
				111%	104%	100% p.a.

¹ Scope 1, 2 (market based) and 3.3. ² Excluding pure commercial projects and floor additions. ³ First and second level below top management.

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Recognition of ESG Performance

ESG Ratings and Indices

Q1 2025

Appendix

ESG Ratings

ESG Indices

Vonovia is included in various leading ESG indices such as:

DAX 50 ESG
STOXX Global ESG Leaders
EURO STOXX ESG Leaders 50
Dow Jones Best-in-Class Indices

2025-05-06

Q1 2025 Earnings Call

Energy Efficiency Classes

Substantial Progress since IPO Puts Vonovia Ahead of the Market

Q1 2025

(in liters)

Appendix

1 Vonovia Sustainability Report 2016. 5.3% of portfolio without EPCs not included. 2 Vonovia German resi portfolio. 5.0% of portfolio without EPCs not included. 3 Agora Energiewende (2023): "Die Energiewende in Deutschland: Stand der Dinge 2022. Rückblick auf die wesentlichen Entwicklungen sowie Ausblick auf 2023."

2025-05-06 | Q1 2025 Earnings Call

Debt Structure

Well-balanced and Long-term Maturity Profile with Diverse Funding Mix

Q1 2025

Appendix

Bonds
Bank loans German lenders
Bank loans Austrian lenders
Bank loans Swedish lenders
Green/Social Bonds
SSD/ISV/NSV (Germany)¹

KPI / criteria	Mar. 31, 2025	Dec. 31, 2024	Target range
LTV	45.0%²	45.8%²	40-45%
ND / EBITDA multiple	14.0x²	14.5x²	14-15x
ICR	3.7x	3.8x	≥ 3.5x
Fixed/hedged debt ratio	98%	98%
Average cost of debt	1.9%	1.9%
Weighted average maturity (years)	6.1	6.3
Average fair market value of debt	93%	93%

Rating Agency	Rating	Outlook	Last update
S&P	BBB+	Stable	Aug. 23, 2024
Moody's	Baa1	Stable	Feb. 11, 2025
Fitch	BBB+	Stable	Feb. 17, 2025
Scope	A-	Negative	Jul. 2, 2024

¹ SSD = Schuldscheindarlehen (promissory notes), ISV = Inhaberschuldverschreibungen (bearer bonds), NSV = Namensschuldverschreibungen (registered bonds). ² Pro forma, before dividend payments.

2025-05-06 | Q1 2025 Earnings Call

Residential Market Fundamentals (Germany)

Household Sizes and Ownership Structure

Q1 2025

Appendix

Growing number of smaller households

While the magnitude of the overall population in Germany varies between different scenarios, the number of households is forecast to grow until at least 2035 with a clear trend towards smaller households.
The household growth is driven by various demographic and social trends including divorce rates, employment mobility etc.

Fragmented ownership structure

Germany is the largest housing market in Europe with ~43m housing units, of which ~25m are rental units.
Ownership structure is highly fragmented and majority of owners are non-professional landlords.

Distribution of household sizes (million)

Sources: German Federal Statistics Office, GdW (German Association of Professional Homeowners). 2035E household numbers are based on trend scenario of the German Federal Statistics Office.

Ownership structure

2025-05-06 | Q1 2025 Earnings Call

Vonovia Shares

Basic Data and NOSH Evolution

Q1 2025

Update

Appendix

First day of trading	July 11, 2013
No. of shares outstanding	822.9 million
Free float	85.3%
ISIN	DE000A1ML7J1
Ticker symbol	VNA
Share class	Registered shares with no par value
Main listing	Frankfurt Stock Exchange
Market segment	Regulated Market, Prime Standard
Major indices	DAX 40, GPR 250 World, FTSE EPRA/NAREIT Europe, DAX 50 ESG, STOXX Global ESG Leaders, EURO STOXX ESG Leaders 50, Dow Jones Best-in-Class Index

Evolution of number of shares (million) and use of proceeds from capital increases

Data as of May 6, 2025.

2025-05-06 | Q1 2025 Earnings Call

IR Contact & Financial Calendar

https://www.vonovia.com/en/investors

Q1 2025

Q1 2025 Earnings

Appendix

Contact

Rene Hoffmann (Head of IR)
(Primary contact for Sell side, Buy side)
+49 234 314 1629
rene.hoffmann@vonovia.de

Stefan Heinz
(Primary contact for Sell side, Buy side)
+49 234 314 2384
stefan.heinz@vonovia.de

Oliver Larmann
(Primary contact for private investors, AGM, financial regulator)
+49 234 314 1609
oliver.larmann@vonovia.de

Simone Kaßner
(Primary contact for private investors, ESG)
+49 234 314 1140
simone.kassner@vonovia.de

General inquiries
investorrelations@vonovia.de

Financial Calendar 2025

May 07 Interim results 3M 2025
May 8 Roadshow London (CEO, CFO)
May 9 Roadshow Frankfurt (CEO)
May 14 UBS Best of Europe Virtual 1:1, virtual (CFO)
May 20 Berenberg Conference, New York (IR)
May 21 DB Issuer and Investor Bond Forum, London (IR & Corporate Finance)
May 22 Kempen European Real Estate Seminar, Amsterdam (CFO)
May 28 Annual General Meeting
June 03 BNP Paribas Exane CEO Conference, Paris (CEO)
June 03 & 04 Nareit REITweek, New York (CFO)
June 11 Morgan Stanley European Real Estate Capital Markets Conference, London (CEO)
June 12 Goldman Sachs 29th Annual European Financials Conference, Berlin (CFO)
June 25 BNP Paribas Real Estate Conference, London (CEO)
Aug 06 Interim results 6M 2025
Nov 05 Interim results 9M 2025

Dates and participants are subject to change. The most up-to-date financial calendar is always available online.

2025-05-06 | Q1 2025 Earnings Call

Disclaimer

This presentation has been specifically prepared by Vonovia SE and/or its affiliates (together, "Vonovia") for internal use. Consequently, it may not be sufficient or appropriate for the purpose for which a third party might use it.

This presentation has been provided for information purposes only and is being circulated on a confidential basis. This presentation shall be used only in accordance with applicable law, e.g. regarding national and international insider dealing rules, and must not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by the recipient to any other person. Receipt of this presentation constitutes an express agreement to be bound by such confidentiality and the other terms set out herein.

This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of Vonovia ("forward-looking statements") which reflect various assumptions concerning anticipated results taken from Vonovia's current business plan or from public sources which have not been independently verified or assessed by Vonovia and which may or may not prove to be correct. Any forward-looking statements reflect current expectations based on the current business plan and various other assumptions and involve significant risks and uncertainties and should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements only speak as at the date the presentation is provided to the recipient. It is up to the recipient of this presentation to make its own assessment of the validity of any forward-looking statements and assumptions and no liability is accepted by Vonovia in respect of the achievement of such forward-looking statements and assumptions.

Vonovia accepts no liability whatsoever to the extent permitted by applicable law for any direct, indirect or consequential loss or penalty arising from any use of this presentation, its contents or preparation or otherwise in connection with it.

No representation or warranty (whether express or implied) is given in respect of any information in this presentation or that this presentation is suitable for the recipient's purposes. The delivery of this presentation does not imply that the information herein is correct as at any time subsequent to the date thereof.

Vonovia has no obligation whatsoever to update or revise any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date thereof.

This presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities of the Company nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever.

This presentation is neither an advertisement nor a prospectus and is made available on the express understanding that it does not contain all information that may be required to evaluate, and will not be used by the attendees/recipients in connection with, the purchase of or investment in any securities of the Company. This presentation is selective in nature and does not purport to contain all information that may be required to evaluate the Company and/or its securities. No reliance may or should be placed for any purpose whatsoever on the information contained in this presentation, or on its completeness, accuracy or fairness.

This presentation is not directed to or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

Neither this presentation nor the information contained in it may be taken, transmitted or distributed directly or indirectly into or within the United States, its territories or possessions. This presentation is not an offer of securities for sale in the United States. The securities of the Company have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States. Consequently, the securities of the Company may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, into or within in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States unless registered under the Securities Act.

Tables and diagrams may include rounding effects.

Per share numbers for 2013-2014 are TERP adjusted (TERP factor: 1.051). Subscription rights offering in 2015 due to Súdewo acquisition.

Per share numbers for 2013-2020 are TERP adjusted (TERP factor: 1.067). Subscription rights offering in 2021 due to Deutsche Wohnen acquisition.

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