Vonovia (VNA) Q2 2026 earnings summary

Executive summary

• Strong operational performance in rental and value-add segments in H1 2026, offsetting weaker sales and development segments amid challenging market conditions.

• Progress on disposals with €700 million realized in H1 2026 and a robust pipeline toward 2028 objectives.

• Major refinancing activities completed, including €4.4 billion refinanced YTD and issuance of an €850 million convertible bond.

• Portfolio valuation gains of 1.1% (excluding investments) and continued asset value growth.

• Acquisition of control over QUARTERBACK New Energy Holding GmbH, raising stake to 80%.

Financial highlights

• Adjusted EBITDA Total rose 2.4% year-over-year to €1,456.5 million; rental segment Adjusted EBITDA up 3.5% to €1,268.6 million.

• Adjusted EBT down 2.6% to €962.3 million; Adjusted Shareholder Earnings down 4.9% to €771.6 million (€0.91 per share, -7.7%).

• Operating Free Cash Flow dropped 45.4% to €607.5 million, mainly due to working capital and dividend outflows.

• EPRA NTA per share stable at €46.22; portfolio fair value at €81.8 billion at June end.

• Dividend of €1.25 per share approved for 2025, totaling €1,060.5 million.

Outlook and guidance

• 2026 guidance confirmed for all earnings KPIs and 2028 objectives, with rental revenue expected at €3.45–3.55 billion in 2026 and €3.7–3.8 billion in 2028.

• Adjusted EBITDA Total expected at €2.95–3.05 billion (2026) and €3.2–3.5 billion (2028); Adjusted EBT at €1.9–2.0 billion (2026).

• Organic rent growth guided at ~4% for 2026 (lowered by 20bps due to Berlin Mietspiegel) and ~5% for 2028.

• Investments estimated at €1.4 billion (2026) and €2 billion (2028).

• If sales-related segments remain weak, upper end of EBITDA/EBT guidance may be ambitious, but shareholder earnings should land in upper half due to lower taxes.