Vonovia (VNA) Q2 2025 earnings summary

Executive summary

• Strong H1 2025 performance with double-digit growth in Adjusted EBITDA (+12%) and operating free cash flow, driven by robust rental and non-rental segments.

• Successful completion of the Deutsche Wohnen integration and DPLTA process, enabling full operational and financial synergy realization.

• Upward revision of 2025 guidance, reflecting confidence in continued organic growth and operational momentum.

• Positive asset valuation turnaround with 1.3% value growth in the standing portfolio.

• CEO transition announced, with Luka Mucic appointed and Rolf Buch overseeing the transition.

Financial highlights

• Adjusted EBITDA Total rose 12% year-over-year to €1,419m; Adjusted EBT up 10.9% to €984.3m.

• Operating free cash flow grew by 53% to €1,171.7m; cash flow from operating activities up 41% to €1,590.1m.

• EPRA NTA per share stable at €45.16 after dividend payout.

• Gross asset value at end of Q2 was €82.9bn, up €0.8bn from year-end 2024.

• Impairment of €300m and provision of €85m related to land bank transactions recognized in H1.

Outlook and guidance

• 2025 guidance raised: organic rent growth now expected to exceed 4%, with rental income and adjusted EBITDA at the upper end of the range.

• Adjusted EBT guidance increased by €100m; 2025 Adjusted EBITDA Total expected at the upper end of €2.70–2.80bn.

• By 2028, organic rent growth is expected to approach 5% with increased investment volume; rental revenue target €3.7–3.8bn.

• EPRA NTA per share predicted to rise slightly, barring market-related property value changes.