Vonovia (VNA) Investor Presentation summary

Investment highlights and market positioning

• Largest pure-play residential landlord in Europe, providing homes to 540,000 households and listed in the DAX 40 with a €25bn market cap.

• Business model leverages megatrends: urbanization, supply/demand imbalance, and decarbonization.

• Two main return sources: dividends and organic value creation from rent growth.

• Shares have a high average daily trading volume (~€60m) and a fully independent board.

• Ownership is diversified, with significant stakes held by Norges Bank, BlackRock, APG, and DWS.

Structural market drivers and opportunities

• Persistent supply/demand imbalance with a cumulative housing shortage projected up to 830,000 units by 2027.

• Government targets €100bn annual investment for 400,000 new apartments and €120bn annually for decarbonization.

• Over 31% of the German population will be 65+ by 2050, driving demand for senior-suitable housing.

• Market fragmentation offers opportunities for consolidation and efficiency gains.

• Focus on urban growth areas with the greatest supply/demand imbalance.

Rental performance and growth potential

• Average reversionary potential for in-place rent is up to 38% vs. reletting rent and 96% vs. real market rents.

• Berlin shows even higher reversionary potential: up to 51% vs. reletting rent and 171% vs. real market rents.

• Structural supply/demand imbalance supports robust long-term rent growth, estimated at ~4% annually.

• Occupancy rate is 98%, with a 99.7% collection rate and minimal vacancy due to tenant turnover.