Vonovia's Earnings Surge by 11%, EBT Guidance Upped by €100 Million

In the first half of 2025, Vonovia SE achieved an 11% rise in earnings and revised its 2025 EBT guidance upward by €100 million. Stability marked the rental business, with customer satisfaction at a record high. Property values saw a 1.3% increase, signaling a positive trend reversal. The Value-add, Development, and Recurring Sales segments notably boosted their earnings.

Vonovia's adjusted EBITDA rose by 12% to €1,419.0 million and adjusted EBT hit €984.3 million, up 10.9% from the prior year. Operating Free Cash Flow showed a robust 53.4% increase. A 2.1% vacancy rate reflected high demand in the rental market.

The company's fiscal strategy includes a €856.4 million investment in modernization and new builds, representing a 27.1% increase. Vonovia's full-year guidance expects adjusted EBT between €1.85 billion and €1.95 billion, with adjusted EBITDA near €2.7 billion to €2.8 billion.