Vonovia (VNA) Q3 2026 earnings summary

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.