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Edge14 Aug 2026
Deutsche Qualität: The Story of Birkenstock
From an 18th-century German shoemaker to a global footwear brand, how Birkenstock turned an orthopedic insole into the world's most popular sandal.
Deutsche Wohnen
Deutsche Wohnen (DWNI) investor relations material
Deutsche Wohnen Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary11 Aug, 2026
Executive summary
Adjusted EBITDA Total for H1 2026 was €365.1m, down 6.7% year-over-year, mainly due to a sharp decline in Development segment earnings, while Rental, Value-add, and Recurring Sales segments showed positive trends.
Period net income reached €373.9m, a significant turnaround from a loss of €53.5m in H1 2025, driven by a positive €238.4m revaluation of investment properties.
The company completed the acquisition of a controlling stake in QUARTERBACK New Energy Holding GmbH, consolidating its renewable energy activities.
Financial highlights
Adjusted EBITDA Rental rose 3.4% to €340.5m, while Adjusted EBITDA Development fell 72.1% to €15.2m year-over-year.
Adjusted EBT from continuing operations was €287.1m, down 10.7% year-over-year.
Cash flow from operating activities dropped 41% to €343.2m; net debt decreased 1.2% to €7,289.7m.
NAV per share increased 2.8% to €43.80; LTV improved to 28.4%.
Investment property revaluation swung from a €117.7m loss to a €238.4m gain.
Outlook and guidance
Adjusted EBITDA Total for 2026 is expected to be roughly in line with the prior year, with Rental segment growth offsetting a weaker Development segment.
Adjusted EBT is forecast slightly below the previous year due to higher financing costs.
NAV per share is expected to rise slightly, barring further market-driven changes.
CO2 intensity of the portfolio is projected to decrease modestly.
Reason for the higher property transfer tax risk
QUARTERBACK New Energy deal loan impairment impact
Impact of DCF parameters on the H1 valuation
Partial view of Summaries dataset, powered by Quartr API
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Latest events from Deutsche Wohnen
- Turnaround year with double-digit EBITDA growth, profit recovery, and portfolio expansion.DWNI
Q4 2025 - Adjusted EBITDA up 16% and profit for the period at €1,037.7 million.DWNIQ3 2025
- Strong rental demand and development gains drove double-digit earnings growth in H1 2025.DWNIQ2 2025
- Profit improved on lower valuation losses; rental business strong, outlook stable.DWNIQ2 2024
- Stabilized real estate values, strong rental demand, and major transactions drive results.DWNIQ3 2024
- Stable rental growth, Care segment sale, and positive 2025 outlook despite lower EBT.DWNIQ4 2024
- Profit and cash flow surged in Q1 2025, with low vacancy and stable leverage.DWNIQ1 2025
Next Deutsche Wohnen earnings date
Q3 202612 Nov, 2026
Deutsche Wohnen
Next Deutsche Wohnen earnings date
Q3 202612 Nov, 2026
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