)
)
Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Vonovia
Vonovia (VNA) investor relations material
Vonovia Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
9M 2026 Adjusted EBITDA Total rose 3.3% to €2,187.4m, driven by Rental and Value-add; Adjusted EBT fell 3.5% to €1,408.0m as financing costs increased.
Rental remained resilient, while lower sales volumes and subdued transaction markets weighed on Recurring Sales and Development.
Final 2026 guidance, initial 2027 guidance and revised 2028 objectives reflect a more cautious outlook and stricter capital allocation.
Financial highlights
Adjusted Shareholder Earnings were €1,121.4m, down 6.6%; adjusted EPS fell 8.9% to €1.32.
Operating Free Cash Flow declined 34.1% to €932.5m, reflecting working-capital changes, lower Recurring Sales volume and higher minority distributions.
Reported profit fell 61.6% to €1,309.8m; prior-year results included €2,105.6m of income tax benefits, mainly from a corporate tax-rate reduction.
Investment in maintenance, modernization, portfolio measures and new construction rose 14.8% to €1,556.9m.
Outlook and guidance
FY26 Adjusted EBITDA Total is expected in the bottom half of €2.95bn–€3.05bn; Adjusted EBT near the low end of €1.9bn–€2.0bn and Shareholder Earnings in the upper half of €1.4bn–€1.5bn.
FY26 organic rent growth guidance was reduced to ~3.8% and investment volume to ~€1.3bn; rental income guidance remains €3.45bn–€3.55bn.
FY27 Adjusted EBITDA is expected slightly above FY26; Adjusted EBT and Shareholder Earnings broadly in line with 2026, with organic rent growth of ~4%.
FY28 Adjusted EBITDA is expected toward the lower end of €3.2bn–€3.5bn; organic rent growth objective is ~4.5%.
FY26 portfolio valuation is expected broadly flat versus year-end 2025; no Q3 valuation was conducted.
Partial view of Summaries dataset, powered by Quartr API
AI can get things wrong. Verify important information.Research faster. Power your platform.
Latest events from Vonovia
- A 2045 net-zero pathway is paired with affordable housing and sustainable investment.VNA
Corporate presentation - Sustainable growth, climate neutrality, and strong financials drive robust long-term outlook.VNACorporate presentation
- Resilient rental and value-add growth drive solid H1 2026 results and confirm guidance.VNAQ2 2026
- Market leader in European residential real estate with ambitious growth and sustainability targets.VNACorporate presentation
- Strong Q1 growth in Rental and Value-add, with guidance and leverage targets reaffirmed.VNAQ1 2026
- 2025 outperformed with robust growth, higher earnings, and ambitious targets for 2026–2028.VNAQ4 2025
- EBITDA and EBT up over 6% as rent growth accelerates and guidance is raised for 2026–2028.VNAQ3 2025
- Stabilized values, strong rent growth, and improved guidance amid robust liquidity.VNAQ2 2024
- Strong rent growth, lower leverage, and a higher dividend mark a new phase of disciplined expansion.VNAQ4 2024
Next Vonovia earnings date
Q4 202618 Feb, 2027
Vonovia
Next Vonovia earnings date
Q4 202618 Feb, 2027
AI chat
Ask anything. Verify everything.
Ask across every event and document from public companies. Each answer links back to the exact line in the transcript, slide or filing it came from.Learn moreFind what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.)
Trust every finding
50m+ first-party documents. Every output traceable to its source.Find what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.Trust every finding
50m+ first-party documents. Every output traceable to its source.Automations
Zero in on what matters
Define the prompt once. It runs the moment a company publishes or on a schedule you set. Outputs map to the exact signals you choose.Learn more)
Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.)
Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.Live audio & transcripts
Be first
Join any earnings call live in one click, with no manual registration. Follow the transcript as it happens and jump straight to the moments that matter.Learn more)
Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.)
Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.Quartr MCP connects your AI environment to 17K+ public companies
Pull live transcripts, filings, and slides into Claude or Codex via MCP. Combine Quartr's global IR data with any other dataset. Run agentic research and monitoring.
Included with Quartr Pro at no extra cost.Learn more
Quartr's AI stands out because it only pulls clean, first-party data from public companies. In investing, that's everything.
Jamie Ross
Investment Manager, GAM Investments
GAM
GAM
Research that used to take hours now takes seconds with Quartr Pro. Tracking shifts in tone or extracting tables, it's as simple as typing a query.
Tom O'Hara
Investment Director
Ciena
Ciena
Before Quartr we spent hours manually compiling insights through the peer earnings cycle. Now, these tasks are done faster, with greater precision.
Gregg Lampf
VP of Investor Relations
Protean
Protean
Being able to ask specific questions across years of transcripts and reports and instantly get verified answers is a game-changer.
Pontus Dackmo
CEO & Investment Manager
)
)
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.