Germany · Delayed Price · Currency is EUR Vonovia SE Earnings Call Transcripts
Fiscal Year 2025
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Full year 2025 results met or exceeded expectations, with strong growth across all segments and improved key financial metrics. The outlook remains positive, with ambitious deleveraging, increased non-rental EBITDA, and a simplified dividend policy supporting future growth.
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EBITDA rose 6.4% year-over-year, with organic rent growth guidance raised to 5% by 2028, driven by inflation pass-through and higher investments. The company remains on track for its upper-end 2025 guidance, with strong segment performance and a stable financial position.
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Double-digit EBITDA and cash flow growth in H1, driven by strong rental and non-rental segments, led to an upward revision of 2025 guidance. Full integration of Deutsche Wohnen and active capital management further strengthen the outlook.
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Q1 2025 saw strong rent growth, double-digit increases in adjusted EBITDA and EBT, and robust transaction market activity. Guidance remains unchanged, with confidence in multi-year rent growth and improving debt metrics. CEO succession is planned for end-2025.
Fiscal Year 2024
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Entered a new growth phase with strong rent growth, stabilized asset values, and robust cash flow. Guidance for 2025 and 2028 is confirmed, with a focus on capital-light expansion and disciplined investment amid ongoing market and policy uncertainty.
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Balance sheet stabilization is complete, with leverage under control and a €3 billion disposal target achieved. Rental growth remains strong, and the company is shifting focus to organic and non-rental growth, targeting €3.2–3.5 billion EBITDA by 2028, with €0.5–0.7 billion from non-rental segments.
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Balance sheet stabilization is nearly complete, with €1.5 billion in disposals signed and rent growth momentum supporting a raised 2024 guidance. Portfolio values are stabilizing, and focus is shifting to organic growth and less capital-intensive activities.