Overview
- Vonovia reported adjusted EBITDA of €2.8 billion for 2025 and adjusted net profit of €1.54 billion, with a dividend set at €1.25 per share.
- CEO Luka Mucic set a target to cut the loan‑to‑value ratio to about 40% by end‑2028 through up to €5 billion of disposals, including 3,000–3,500 apartment sales per year and exits from non‑core assets and select minority stakes.
- The stock fell nearly 10% after the update as analysts flagged risks from inflation, rising bond yields and higher financing costs, with LTV improving only slightly to 45.4% in 2025 from 45.8%.
- Management kept growth ambitions, guiding 2026 adjusted EBITDA to €2.95–€3.05 billion and aiming for €3.2–€3.5 billion by 2028 via expanded services, faster construction, and greater use of digital tools and AI.
- Average rent rose to €8.38 per square meter in 2025 with roughly 4.1% organic growth, drawing renewed criticism from tenant groups and left‑leaning politicians over aggressive or unlawful increases as policy scrutiny on rent regulation continues.