)
Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
How Duolingo made language learning addictive, scaled to millions of users, and built a powerful subscription business around everyday practice.
Vonovia (VNA) investor relations material
Vonovia Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
EBITDA increased by 6.4% year-over-year for the first nine months of 2025, with continued growth expected into 2026 and 2028.
Organic rent growth guidance for 2028 was raised to around 5%, supported by inflation catch-up, investments, and strong market fundamentals.
The business model emphasizes cost leadership, scale, and a fully integrated platform, focusing on urban locations for long-term value.
CEO transition is underway, with Luka Mucic set to assume the role in January 2026.
Profit for the period reached €3,408.6 million, a turnaround from a prior loss, mainly due to deferred tax income and positive fair value adjustments.
Financial highlights
Total EBITDA increased by 6.4% year-over-year to €2,114.7m for 9M 2025; adjusted EBT rose 6.8% to €1,456.2m.
Operating free cash flow increased by 14% to €1,475.3m; cash and cash equivalents rose to €3,007.4m.
In-place rent per sqm rose 4.3% year-over-year to €8.28, with organic rent growth at 4.2%.
Recurring sales segment adj. EBITDA up 45.5% year-over-year, with a 31.4% increase in gross profit.
EPRA NTA per share at €44.72, down 1.1% from year-end 2024, with total EPRA NTA at €37,596.6 million.
Outlook and guidance
2025 guidance was fine-tuned to the upper end for both rental income and adjusted EBITDA, with further growth expected in 2026.
Initial 2026 guidance indicates organic rent growth will accelerate to around 5% by 2028, supported by higher investments and inflation pass-through.
2028 objectives include rental revenue of €3.7bn–€3.8bn and adj. EBITDA total of €3.2bn–€3.5bn.
Dividend policy targets 50% of adj. EBT plus surplus liquidity.
Investment activity to increase, supporting further value growth and a slight rise in EPRA NTA per share.
Explain €2.3bn deferred tax income impact
Address negative bond yield correlation on shares
Reason for revised OFCF outlook
How does Kappungsgrenze impact 2026 rent growth?
ICR stability: role of convertibles and refinancing.
Progress on new non-rental business areas?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Vonovia earnings date
Q4 202519 Mar, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
European Residential Giant
Vonovia SE, headquartered in Bochum, Germany, is a real estate company that specializes in residential properties. The company is one of the largest private residential landlord and property management companies in Germany and has also established a significant presence across Europe. With a broad portfolio comprising hundreds of thousands of residential units, Vonovia is an important player in the European residential real estate landscape.
A German Company Through and Through
Established in 2001 under the name Deutsche Annington, Vonovia has its roots in Germany, which continues to be its largest operating market. Over the years, Vonovia has consolidated its position as a major player in the German residential property sector through a combination of strategic acquisitions and effective property management. Today, the company owns and manages over 400,000 properties across Germany, spanning major cities and regions including Berlin, Hamburg, Rhine-Ruhr, Dresden, Munich, and more.
The company prioritizes sustainable living and seeks to offer high-quality housing at a reasonable cost. This includes continuous modernization and maintenance of properties, energy-efficient renovations, and the creation of attractive neighborhood environments.
Expansion Across Europe
In recent years, Vonovia has ventured beyond Germany, expanding its operations across several European countries. Among these, Sweden and Austria stand out as the company's largest markets outside Germany. In Sweden, Vonovia operates through its subsidiary, Hembla, managing over 30,000 apartments. Meanwhile, in Austria, the company has a strong presence via BUWOG Group, with approximately 20,000 apartments. The company's expansion strategy is focused on markets with strong growth and stable legal frameworks. The intent is to generate long-term value by investing in locations with robust economic and demographic fundamentals.
Some similar European companies operating in the same sector include enterprises like Deutsche Wohnen, LEG Immobilien, and Akelius Residential Property.
Growing and Evolving
To stay competitive in the fast-paced real estate sector, Vonovia embraces technology in its operations. The company uses data analytics to guide investment decisions and streamline operations, leading to enhanced efficiency and better tenant service. Being able to adapt to changing market conditions and what tenants want has allowed them to continue to grow over the years. The company prioritizes sustainable living and seeks to offer high-quality housing at a reasonable cost through the modernization and maintenance of properties, energy-efficient renovations, and the creation of attractive neighborhood environments.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage