Vonovia SE

Investor Presentation • Aug 3, 2022

H1 2022

Earnings Call.

August 3, 2022

H1 2022 Highlights

Another Quarter with Steady Delivery on Operational and Financial Performance; Further Progress on Capital Allocation

• Operational and financial performance fully in line with expectations
• 3.4% organic rent growth
• 2.2% vacancy rate (record low)
• €1,402m Adj. EBITDA Total (+37.2%)
• €1,063m Group FFO (+36.3%)
• €1.34 Group FFO p.s. (+5.5%)
• €1.28 Group FFO p.s. after non-controlling interests (+2.4%)
• H1 valuation of ca. 3/4 of portfolio resulted in €3.8bn total value growth (+5.2% l-f-l)
  • €3.2bn from YC and performance (+4.8%)
  • €0.6bn from investments (+0.4%)
  • €64.89 EPRA NTA p.s. (+3.4%) pro forma and €62.54 including the technical impact from the new portfolio clustering (larger sale portfolio)
  • 43.3% LTV
  • 15.2x Net debt/EBITDA
  • SPI well on track with good progress especially on CO² reduction and customer satisfaction
• Leverage targets
  • LTV: towards lower end of 40-45% range
  • Net debt/EBITDA: ca. 14-15x
• More active asset rotation with €13bn fair value now in dedicated long-term sales channels (excl. potential JV structures and Nursing¹)
  • €5.5bn fair value in Recurring sales (Condo)
  • €6.3bn fair value in Recurring Sales (MFH)
  • €1.2bn fair value in Non-core
• Investment options with a view towards maximizing IRRs currently include
  • Portfolio investments, value-add business, space creation
  • Debt redemption
  • Share buyback
  • Final investment decisions will be made based on available funding, leverage targets, and shareholder value growth

¹ The management of Deutsche Wohnen is conducting a strategic review of the risks and opportunities of the nursing home segment. We understand that no decision has been taken and a disposal is one possible outcome.

H1 2022 Results

Business Update

Agenda

1. H1 2022 Results pages 4-17

1. Business Update pages 19-30

2. Appendix pages 32-59

Segment Overview

Absolute Growth Driven by DWNI Contribution and Development

€m (unless indicated otherwise)	H1 2022	H1 2021	Delta
Total Segment Revenue	3,111.0	2,312.3	+34.5%
Adj. EBITDA Rental	822.6	823.8	-0.1%
Adj. EBITDA Value-add	78.5	79.2	-0.9%
Adj. EBITDA Recurring Sales	74.1	83.5	-11.3%
Adj. EBITDA Development	85.4	35.3	>100%
Adj. EBITDA Deutsche Wohnen	341.4	-	-
Adj. EBITDA Total	1,402.0	1,021.8	+37.2%
FFO interest expenses	-236.4	-163.8	+44.3%
Current income taxes FFO	-60.1	-43.3	+38.8%
Consolidation1	-42.6	-34.9	+22.1%
Group FFO	1,062.9	779.8	+36.3%
of which non-controlling interests	41.0	10.5	>100%
Group FFO after non-controlling interests	1,021.9	769.3	+32.8%
2 Number of shares (eop)	795.8	613.8	+29.6%
NOSH)2 Group FFO p.s. (eop	1.34	1.27	+5.5%
Group FFO p.s. (after non-controlling 2 interests)	1.28	1.25	+2.4%

Absolute growth largely driven by DWNI contribution. Vonovia standalone +9.5%.

1. H1 2022 Results

2. Business Update

3. Appendix

Pro forma combination of Adj. EBITDA Deutsche Wohnen and Adj. EBITDA Rental reflects substantial growth following completion of the integration.

Deutsche Wohnen and strong development contribution drive absolute EBITDA growth already prior to synergy realization. Vonovia standalone €1,060.6 (+3.8%) despite ca. 6k fewer units.

Higher absolute volume as a result of DWNI acquisition.

Increase as a result of larger disposal volume.

Group FFO p.s. impacted by rights issue late in 2021.

¹Based on new definition 2022 without elimination of IFRS 16 effects. Comprised intragroup profits of €-13.7m (H1 2021: €-16.0m), gross profit of development to hold of €-28.9m (H1 2021: €-18.9m). ² H1 2021 TERP-adjusted (1.067) to reflect the impact of the 12/2021 subscription rights issue for the acquisition of Deutsche Wohnen.

Rental Segment

Stable Rental Performance with Slightly Smaller Portfolio

• Portfolio ca. 6k units smaller in H1 2022 compared to prior year.
• Organic growth supported by new construction and modernization.
• Further EBITDA margin expansion in H1.
• Elevated operating expenses largely attributable to positive impact from reversing precautionary Covid-related provisions last year. The provisions had been built in H1'20 but were fully reversed in H1'21.
• No synergies included yet.

¹ Adj. EBITDA Operations margin (Adj. EBITDA Rental + Adj. EBITDA Value-add – intragroup profits) / Rental revenue. Margin 2019 and beyond includes positive impact from IFRS 16. Cost per unit is defined as (Rental revenue – EBITDA Operations + Maintenance) / average no. of units.

Rental Segment

Operating KPIs Fully In Line with Expectations

1. Business Update 3. Appendix 1. H1 2022 Results

excl. DWNI

• Stable organic rent growth. • Very low vacancy levels as a result of unbroken and growing high demand.
• Remaining vacancy largely driven by investment activities.
• Maintenance expenses comparable to prior year.

Vacancy rate (eop, %) Expensed and capitalized maintenance (€/sqm)

H1 2022 H1 2021

2022-08-03 | H1 2022 Earnings Call 6

¹ Vacancy rate incl. Deutsche Wohnen 2.2%.

Positive Mietspiegel Updates Continue

Lower Volume in Q2 2022

2. Business Update 3. Appendix 1. H1 2022 Results

Positive Mietspiegel updates in Q2 2022

• Following positive Mietspiegel revisions in Q1, the second quarter was light in terms of volume but also resulted in higher outcomes for most Mietspiegel which were updated.
• Cf. page 34 for estimated Mietspiegel update schedule.

Mietspiegel eligibility in the portfolio

• The average growth of a Mietspiegel must be broken down unit by unit to determine the actual growth potential from the newly defined rent levels.

Relevant Mietspiegel updates in Q2 2022 Current Mietspiegel eligibility by number of units

¹ Simple average. ² Units originally built with subsidized funding; rent increases can be made every three years and are subject to cost-covering rent regulations (2. Berechnungsverordnung). Every year, a small number of units become unrestricted and hence subject to Mietspiegel or inflation-linked rents.

2022-08-03 | H1 2022 Earnings Call 7

Value-add Segment

Higher Expenses Continued to Absorb Revenue Growth

1. Business Update 1. H1 2022 Results

Appendix

3.

excl. DWNI

Revenue growth continues to be absorbed by additional costs resulting from a challenging environment:

• Covid-19 safety measures and increased absence ratio due to sick leaves and quarantine (resulting in higher outsourcing ratio).
• General labor shortage led to higher reliance on subcontractors, which are more expensive than insourcing.

Value-add business not rolled out in Deutsche Wohnen portfolio yet.

Value-add Segment (€m)	H1 2022	H1 2021	Delta
Revenue Value-add	618.6	557.4	+11.0%
of which external	42.2	27.9	+51.3%
of which internal	576.4	529.5	+8.9%
Operating expenses Value-add	-540.1	-478.2	+12.9%
Adj. EBITDA Value-add	78.5	79.2	-0.9%

Adj. EBITDA Value-add mostly from internal savings¹

• Craftsmen cost savings (VTS) Multimedia
• Residential environment
• Smart metering
• Energy
• Other (e.g. 3rd party management, insurance)

Extensive Testing and Measured Rollout of Value-add Initiatives to Minimize Risk

¹ Distribution based on 2022 budget.

Recurring Sales Segment

Lower Volumes But Strong Fair Value Step-up

1. Business Update 1. H1 2022 Results

2. Appendix

excl. DWNI

• High fair value step-up demonstrates sustainability of pricing.
• Recurring Sales portfolio substantially increased in volume after revised portfolio clustering (cf. page 26) for long-term sales potential.
  • Rec. Sales (Condo): ~30k units (+6k units)
  • Rec. Sales (MFH): ~23k units (new cluster)
  • Austrian Portfolio: ~21k units (opportunistic sales when units become available)

	11! -

Recurring Sales Segment (€m)	H1 2022	H1 2021	Delta
Units sold	1,253	1,865	-32.8%
Revenue from recurring sales	268.6	327.8	-18.1%
Fair value	-186.9	-236.4	-20.9%
Adjusted result	81.7	91.4	-10.6%
Fair value step-up	43.7%	38.7%	+5pp
Selling costs	-7.6	-7.9	-3.8%
Adj. EBITDA Recurring Sales	74.1	83.5	-11.3%
Free Cash2	236.2	290.8	-19%
Cash conversion3	88%	89%	-1pp

¹2018 onwards also including recurring sales in Austria ² Revenue minus selling costs minus taxes. ³ Free cash in relation to revenue.

Development Segment

Increased Volume and Gross Margins

1. Business Update 1. H1 2022 Results

excl. DWNI

• Development less linear than other segments due to project nature of the business.
• Gross margins increased compared to prior year both for to sell and to hold.
• H1 2022 included a larger to-sell project.

Development to sell (by revenue)

• 1,088 units completed in H1 2022 (496 to hold, 592 to sell).
• Development-to-hold volume still elevated from overhang; lower volumes anticipated going forward in line with revised capital allocation strategy.

Development to hold (by fair value)

Development Segment (€m)	H1 2022	H1 2021	Delta
Revenue from disposal of to-sell properties	358.4	191.7	+87.0%
Cost of Development to sell	-287.1	-160.2	+79.2%
Gross profit Development to sell	71.3	31.5	>100%
Gross margin Development to sell	19.9%	16.4%	+350bps
Fair value Development to hold	97.1	64.4	+50.8%
Cost of Development to hold	-68.2	-45.5	+49.9%
Gross profit Development to hold	28.9	18.9	+52.9%
Gross margin Development to hold	29.8%	29.3%	+50bps
Rental revenue Development	1.4	0.5	>100%
Operating expenses Development	-16.2	-15.6	+3.8%
Adj. EBITDA Development	85.4	35.3	>100%

Note. This segment includes the contribution of to sell and to hold constructions of new buildings. Not included is the construction of new apartments by adding floors to existing buildings.

Valuation

H1 2022 Valuation Result

1.	2.	3.
H1 2022 Results	Business Update	Appendix

•	Total Value Growth of €3.8bn for H1 2022 (revalued +5.2% l-f-l)
	€3.2bn from performance & yield compression (revalued +4.8% l-f-l)
	5) €0.6bn from investments (revalued +0.4% l-f-l
•	Value Growth incl. €405m valuation result from Q1 2022.

Valuation KPIs June 30, 2022 (Standing Portfolio3)
	Germany	Sweden	Austria	Total
In-place rent multiple	30.7x	20.8x1	26.3x1	29.4x
Fair value €/sqm	2,680	2,395	1,709	2,609
L-f-l value growth2,4	5.5%	2.1%	3.1%	5.2%
Fair value €bn3	83.1	7.3	3.0	93.4

H1 2022 fair value evolution (€bn)

¹ In-place rents in Austria and Sweden are not fully comparable to Germany, as Sweden includes ancillary costs and Austria includes maintenance and property improvement contributions from tenants. The data above shows the rental level unadjusted to the German definition. ² Local currency. ³ Fair values excluding €5.4bn for undeveloped land, inheritable building rights granted (€0.7bn), assets under construction (€1.2bn), development (€1.0bn), nursing and assisted living (€1.2bn) and other (€1.3bn). ⁴ L-f-l calculation of revalued property portfolio excl. undeveloped land, development etc.. ⁵ Excl. €271m capitalized investments outside of revalued portfolio in H1 2022. ⁶ 10 largest locations based on fair value.

Valuation

H1 Value Growth Across All Markets

Regional Market	Fair Value1 (€m)	Fair Value1 (€/sqm)	% Revalued	H1 2022 Fair Value Growth (l-f-l)2
Berlin	8,668	3,163		5.5%
Rhine Main Area	5,671	3,230		1.7%
Southern Ruhr Area	5,657	2,099		7.5%
Rhineland	4,965	2,589		5.0%
Dresden	4,789	2,083		2.2%
Hamburg	3,860	3,032		9.6%
Kiel	3,335	2,305		11.3%
Munich	2,847	4,371		6.4%
Stuttgart	2,610	3,005		4.7%
Hanover	2,513	2,419		6.0%
Northern Ruhr Area	2,196	1,416		-
Bremen	1,614	2,196		9.3%
Leipzig	1,302	2,157		8.7%
Westphalia	1,289	2,066		11.4%
Freiburg	791	2,842		-
Other Strategic Locations	3,623	2,117		-
Non-Strategic Locations	215	1,825		11.8%
Germany Total3	55,945	2,508		6.1%
Sweden	7,323	2,395		2.1%
Austria	2,954	1,709		3.1%
Deutsche Wohnen	27,162	3,120		4.6%
Vonovia Total	93,384	2,609		5.2%

1. H1 2022 Results

2. Business Update

3. Appendix

¹ Fair values excluding undeveloped land, inheritable building rights granted, assets under construction, development, and other. ² Total value growth (l-f-l) of revalued portfolio. ³ Excl. Deutsche Wohnen.

Comps & Implied Building Values

Market Comps and Implied Land Values Suggest Vonovia Valuation Is Conservative

1. Business Update 3. Appendix 1. H1 2022 Results

Vonovia's implied building values based on reported fair values and current equity valuation (€/sqm)

¹ Market data is simple average of Dortmund and Essen. ² Market data is simple average of Frankfurt and Wiesbaden. ³ Values for Vonovia refer to average of that Regional Market. ⁴ Source: Value Data Insights (formerly empirica-systeme), Q2 2022; ⁵ Assumption: 20% of sales price. ⁶ Mid-point of estimated €3.5k to €4.0k range. ⁷ Residual value of sales price minus est. developer margin minus est. construction costs. ⁸ Weighted average across the regions Berlin, Rhine Main, Southern Ruhr Area, Rhineland, Dresden, Hamburg, Stuttgart, Leipzig. ⁹ Implied fair value based on share price of €30 and LTV of 43.7%.

German Residential Market Views

Values Are Holding Up In Challenging Macro Environment

1. Business Update 3. Appendix 1. H1 2022 Results

2. Lower transaction volume but stable pricing.

3. Continued interest especially from investors with high equity financing.
4. Supply/demand imbalance increasingly favorable for owners.
5. Medium- to long-term pricing power is supportive for valuation levels.
6. Germany's conservative long-term financing, high transaction costs and tax benefits for long-term owners have stabilizing effect on prices.
7. In light of changes in the interest rate environment, top yields for premium residential properties have gone up but average yields for both existing MFH and new construction have remained stable.
8. Taking real interest rates into account, residential properties are still considered a very attractive asset class.
9. In spite of the various challenges there is still a high level of interest in German Resi from a large numbers of investors, many of whom operate with high equity ratios. CBRE²
10. Continuous pressure to deploy capital among many low-levered investors has been a stabilizing force.
11. The level of new supply continues to decline, and demand is on the rise. The vacancy rate in many regions in Germany is expected to remain at very low levels in the foreseeable future leading to further increases in rent. Savills³
12. No larger price corrections are to be expected as long reduced interest from buyers coincides with undersupply; acquisition demand is weakening but supply/demand for what is a basic-need product is increasingly off balance.

empirica4

• While the period of record returns has come to an end historic data does not suggest a sharp correction, especially as vacancy levels are at record lows. German resi market highly resilient.
  • (i) financing is traditionally conservative and longterm;
  • (ii) investment horizon is long-term because of high transactions costs and tax benefits after 10 year holding period;
  • (iii) Germany's polycentric structure creates a competition among the different regions that has a stabilizing effect on prices.

German Economic Institute (IW)⁵

¹ Vonovia fair values equivalent to the Regional Market fair value. Transaction data based on public information and own research and estimates. ² Transaktionsvolumen am Wohnimmobilienmarkt Deutschland rückläufig (July 6, 2022). ³ Wohnimmobilienmarkt Deutschland 2022. ⁴ empirica-Preisdatenbank, July 2022). ⁵ Die Resilienz des deutschen Wohnungsmarktes (June 26, 2022).

EPRA NTA

3.4% NTA p.s. Growth Before New Portfolio Clustering

Business Update 1. H1 2022 Results

1. Appendix

2.

• H1 valuation gain partly offset by dividend and write-offs in light of changed cost of capital.
• 7.2% total return from NTA growth + Dividend in H1 2022.

€m (unless indicated otherwise)	June 30, 2022	Dec. 31, 2021	Delta
### Total equity attributable to Vonovia shareholders	34,173.7	33,287.1	+2.7%
Deferred tax in relation to FV gains of investment properties	17,429.8	18,438.4	-5.5%
FV of financial instruments2	-43.5	28.6	n/a
€### Goodwill as per IFRS balance sheet	-1,648.8	-2,766.5	-40.4%
Intangibles as per IFRS balance sheet	-140.8	-238.8	-41.0%
NTA	49,770.4	48,748.8	+2.1%
NOSH (million)	795.8	776.6	+2.5%
### NTA (€/share)	62.54	62.77	-0.4%

¹ Adler Group S.A. €-160.6m, QUARTERBACK Immobilien AG €-120.8m. ²Adjusted for effects from cross currency swaps.

Debt Structure

Well-balanced and Long-term Maturity Profile with Diverse Funding Mix

• Diverse funding mix with no more than 11% of debt maturing annually.
• Combination of LTV, ND/EBITDA, ICR, fixed/hedged debt ratio and maturity profile remains key in overall funding strategy.
• Well-balanced maturity profile is the best hedge against rising interest rates.
• All financing needs for 2022 already fully covered.

1. H1 2022 Results

2. Business Update

3. Appendix

KPI / criteria	June 30, 2022	Mar. 31, 2022
Corporate rating (Scope) Outlook: stable	A-	A
Corporate rating (S&P) Outlook: positive	BBB+	BBB+
Corporate rating (Moody's) Outlook: stable	A3	A3
Fixed/hedged debt ratio	96%	96%
Average cost of debt	1.2%	1.2%
Weighted average maturity (years)	7.7	7.7

¹Incl. Inhaberschuldverschreibungen (bearer bonds). ² Incl. Namensschuldverschreibungen (registered bonds) and Schuldscheindarlehen (promissory notes).

Net Debt/EBITDA Multiple, LTV & ICR

1. H1 2022 Results 2.

• LTV target: towards lower end of 40-45% range. Net debt/EBITDA target: ca. 14-15x. •			LTV €m (unless indicated otherwise)	Jun. 30, 2022	Dec. 31, 2021	Delta
			Non-derivative financial liabilities	45,709.2	47,229.5	-3.2%
			Foreign exchange rate effects	-56.3	-36.1	+56.0%
			Cash and cash equivalents	-2,169.2	-1,932.4	+12.3%
Net debt/EBITDA multiple €m (unless indicated otherwise)	Jun. 30, 2022	Dec. 31, 2021	Net debt	43,483.7	45,261.0	-3.9%
Net debt (average last five quarters)	40,289.1	32,347.1	Sales receivables/prepayments	11.4	-69.9	-
Adj. EBITDA (LTM)	2,649.5	2,269.3	Adj. net debt	43,495.1	45,191.1	-3.8%
Net debt/EBITDA multiple	15.2x	14.3x	Fair value of real estate portfolio	98,811.2	97,845.3	+1.0%
ICR €m (unless indicated otherwise)	Jun. 30, 2022	Dec. 31, 2021	Loans to companies holding immovable property and land	845.5	1,042.1	-18.9%
Adj. EBITDA (LTM)	2,649.5	2,269.3	Shares in other real estate companies	840.8	876.0	-4.0%
Net Cash Interest (LTM)	504.1	390.4	Adj. fair value of real estate portfolio	100,497.5	99,763.4	+0.7%
ICR	5.3x	5.8x	LTV	43.3%	45.3%	-200bps

Agenda

1. H1 2022 Results pages 4-17

2. Business Update pages 19-30

3. Appendix pages 32-59

Background to Increasing Energy Prices

Wider Social Challenge But Not A Material Corporate Financial Risk

Magnitude of the problem goes beyond rental market

Who pays the energy bill?

Who is most vulnerable and how does Vonovia compare to the market?

• Higher energy prices are not a problem limited to tenants who pay for energy via their ancillary expenses. Increasing energy costs impact owner-occupiers and those tenants who pay the energy provider directly just as much.
• It is therefore not a tenant/landlord problem but a much wider social challenge.
• That is why the government has made this a top priority and is looking for ways how to best manage the problem for society as a whole. Referring to energy prices as one of the key challenges, Chancellor Olaf Scholz announced¹ a number of initiatives the government is working on and declared that "Nobody needs to face this future alone," and as a country "we will manage this challenge together."
• Owner-occupiers, landlords, and in some cases tenants directly, pay energy costs to the energy providers. If the landlord pays the energy costs to the provider, these costs are a recoverable expense and therefore different from "true" costs such as SG&A or interest expenses. Tenants make monthly payments as part of the ancillary bill with once-a-year final settlement of accounts. The monthly payment rates can be adjusted.
• Payment morale especially in this market environment has been continuously high, as evidenced during the Covid pandemic, when bad debt for Vonovia fell to record lows and has been continuing to run at historically low levels.
• The most vulnerable group will be low-income households in apartments with low energy efficiency. Vonovia remains determined and optimistic to find individual solutions for tenants in need. Based on our experience during the Covid-pandemic and in light of the overall context we are confident that the financial risk is very limited. • Vonovia's portfolio is more energy efficient than the German average² and the speed of energy efficiency improvements in
• Vonovia's portfolio is substantially higher than the market average.³

Source: Press Conference of Chancellor Olaf Scholz on July 22, 2022. ² Share of assets in worst energy classes "G" and "H" is ca. 30% for Germany and ca. 12% for Vonovia. ³ Modernization rate for Germany is ca. 1% and ca. 3% on average for Vonovia.

1. Business Update

2. H1 2022 Results

Higher Cost of Capital Has Triggered Immediate & Near-term Actions

Various Actions Underway or In Preparation

1. Business Update 1. H1 2022 Results

2. Appendix

Immediate actions		Near-term actions
Funding	No incremental debt or equity funding; all financing needs including the investment program now funded organically.	Capital allocation policy	Define specific parameters for most efficient capital allocation in an environment with elevated cost of capital.
Development segment	Majority of development-to-hold projects to be switched to development to sell, realizing a cash gain previously recorded as a (non-cash) book gain.	JV partnerships (cf. page 27)	Assessment of potential JV structures/ partnership opportunities.
Disposals (cf. page 26)	Increased sales volume; ~€13bn in dedicated sales clusters plus Nursing1. Not including potential JV structures.	Asset light business	Monetize platform value by rolling out service business to third-parties.
Capitalized maintenance	Adjusted capex policy following years of generous capex spending significantly above market standard.
No acquisitions	No portfolio acquisitions in this new environment.

¹ The management of Deutsche Wohnen is conducting a strategic review of the risks and opportunities of the nursing home segment. We understand that no decision has been taken and a disposal is one possible outcome.

Financial Framework

Leverage Policy Defines Boundaries for Maximizing Financial Performance

1. Business Update Appendix 1. H1 2022 Results

3.

Among the most important responsibilities vis-avis our shareholders are

• (A) Longevity of the company and
• (B) Sustainable earnings and value growth on a per-share basis

The main metrics to measure financial success are Group FFO p.s. and EPRA NTA p.s.

In order not to jeopardize (A) in the pursuit of (B), we have defined a robust leverage policy that determines the capital structure limitations.

LTV	Towards lower end of 40-45% range	Target levels • are well within thresholds defined by bond and rating
Net debt / EBITDA	ca. 14-15x	covenants safeguard • eligibility and attractive terms in secured lending market

• Well-balanced and long-term maturity profile.
• After dividend payment and achieving leverage targets the remaining funds can be used for capital reallocation to maximize financial and nonfinancial performance.

Five Layers to Consider for Efficient Capital Allocation

1. Business Update 1. H1 2022 Results

1	Leverage Policy Defines boundaries for maximizing financial performance	LTV, Net debt/EBITDA
2	Funding Sources Optimization of funding sources within leverage parameters	Free cash flow after dividend		Asset disposals (incl. JV structures)			New equity			New debt
3	Cost of Capital Sector-specific WACCs guide investment hurdles	Rental Value-add segment segment						Development segment
4	Investment Options Segment-specific opportunities for maximum IRR; expected return measured in relation to WACC	Rental Optimize Apartment Upgrade Building Neighborhood Dev.	Value-add Building-/rent-related Consumer services Infrastructure		Space creation			Equity Share buyback		Debt Debt redemption
5	Portfolio Dynamic portfolio view and efficient capital allocation	Urban Quarters Strategic portfolio in Germany, Sweden, and Austria theoretical JV potential 			Recurring Sales (MFH) Urban Clusters Recurring Sales (Condo) Non-core Sales

Overview of Funding Sources

Purely Organic Funding In New Environment

• All business financing needs including the investment program will be covered organically for as long as cost of capital remains substantially elevated.
• All financing needs for 2022 already fully covered.
• Strategic options for debt maturities in 2023 (~€4.2bn) and 2024 (~€3.6bn)
  • full refinancing; current incremental funding cost of ca. 2.5% (secured¹) and more than 3.5% (unsecured) for 8 years
  • full repayment (with funds generated through asset disposals)
  • combination of refinancing and repayment

¹ Estimated incremental volume available to us in the secured market is around €8bn.

1. Business Update

2. H1 2022 Results

Investment Options

1. Business Update 1. H1 2022 Results

Rental	Value-add	Space creation	Equity	Debt
Investments in the Rental megatrends via • Upgrade Building Optimize • Apartment • Neighborhood Development	• Building-/rent Value-add related • Consumer services Infrastructure •	Space Construction of creation apartments for our own portfolio through entirely new buildings or floor additions to existing buildings (Development to Sell to be operated on a self-funding basis)	Share Share buyback, buyback depending on share price	Bond Debt redemption, buyback depending on financial framework
	Est. annual volume of ~€1.5bn		Maximum annual volume of 10% of outstanding shares	Maximum largely defined by refinancing schedule

Final investment decisions will be made based on available funding, leverage targets, and shareholder value growth

Discretionary Investment Program in Existing Portfolio

Varying NIYs due to Different Payback Periods but High-single to Double-digit IRRs

• Historic cost of capital rendered all investments attractive, both on NIY and on IRR metric.
• Increased cost of capital means that all investments still cross the hurdle on IRR but not all on NIY.
• Ideal sequence of investments is UB followed by OA followed by index rent.

Net initial yield (static)

1. H1 2022 Results

2. Business Update

3. Appendix

= Incremental EBITDA / investment

IRR (dynamic)

= Net initial yield + cash flow growth + fair value step-up

			Net initial yield ranges (Invest Programs 2019-2022E)	IRR ranges (Invest Programs 2019-2022E)	Index rent advantageous?	IRR sensitivity (3% inflation assumption) Exit yield stable	IRR sensitivity (6% inflation assumption) Exit yield assumed 100bps higher
UB only	or	OA only	~5% to ~8%	~7% to ~11%	No	n/a	n/a
UB	+	OA	~5% to ~8%	~7% to ~11%	Yes	~9% to ~13%	~10% to ~15%
		New construction1	~3.5% to ~4.5%	~6.5% to ~11%	Yes	~7% to ~12%	~9% to ~15%
1 Including development margin.

More Active Asset Rotation: ca. €13bn in Dedicated Sales Clusters

New Portfolio Cluster: Recurring Sales (MFH) as Additional Long-term Sales Potential

June 30, 2022	Resi units	In-place rent (€m p.a.)	In-place rent (€/sqm)	Vacancy rate	Fair value (€m)	Fair value (€/sqm)	Gross yield	Recurring Sales (Condo):	Established cluster Proceeds used
Strategic	423,311	2,309	7.25	1.9%	70,030	2,634	3.4%	~6k units added based on detailed portfolio analysis.	for organic funding of
Urban Quarters	341,610	1,831	7.25	1.8%	57,582	2,727	3.3%		investment program
Urban Clusters	81,701	479	7.25	2.3%	12,448	2,275	4.0%
Recurring Sales (Condo)	29,881	167	7.22	2.9%	5,538	2,655	3.3%	Recurring Sales (MFH): New cluster with ~23k units	New cluster Proceeds
Recurring Sales (MFH)	23,310	178	9.12	1.7%	6,301	4,057	2.7%	(i) located outside of Urban Quarters (ii) with an in-place or target rent reflecting a gross yield of <3.5%.
Non Core	12,387	56	6.26	5.7%	1,239	1,566	4.9%	Assets to be sold in measured volumes & opportunistically over time.	used for reallocation of capital
Germany	488,889	2,711	7.32	2.0%	83,107	2,680	3.4%		into investments with highest
Sweden	39,374	352	10.00	3.0%	7,323	2,395	5.0%		IRR
Austria	21,221	112	5.01	5.2%	2,954	1,709	4.1%	Non Core: ~12k units added based on detailed
Total	549,484	3,176	7.44	2.2%	93,384	2,609	3.5%	portfolio analysis.

1. Business Update

2. H1 2022 Results

Update JV Structures

• We are considering different alternatives to access and recycle capital.
• These efforts include an analysis of the feasibility of JV partnerships with institutional investors to benefit from ongoing strong demand for our product, while we seek to continue to leverage our operating platform.
• In the current market environment we want to be particularly prudent and identify the right deals and the right timings.
• Owing to the complexity and granularity of residential assets, including tax and legal issues, these transactions take time to design, structure and execute.
• To successfully implement JV structures, we need to identify and agree with the right long-term partners for Vonovia.
• We remain confident that these transactions can be negotiated away from public market valuations given the nature of the relationships, the investor profiles, and the aligned interests. However, we are still in early stages.
• In any case, we will only seek to do transactions to the extent that they are value accretive to our shareholders and consistent with our overall strategy.

• We are exploring JV structures as one possible opportunity. We are under no pressure of doing any such transaction, but equally we believe at the right terms it can be accretive to our shareholders and enhancing to our strategy.

• Business Update

• H1 2022 Results

Capital Allocation

Dynamic Value Creation within A Familiar Framework

Yield and growth matrix has been a helpful guide in the

decision-making process for non-core disposals and

The same underlying principle now supports capital allocation decisions in a changed market environment.

1. H1 2022 Results

2. Business Update

3. Appendix

¹Calculated as IRR – NIY. ² Rental portfolio WACC.

acquisitions.

Alignment with Expectations of Investment Community

3.

The Study

• Perception Study conducted by Rivel on behalf of Vonovia between FY and Q1 reporting.
• In-depth telephone interviews with 54 members of buy-side and sell-side.

The Results

• Continued support from shareholder basis.
• Good perception of ESG efforts.
• Market presence and management skills continue to receive high marks.
• Regulation much less of a concern compared to two years ago.
• Largest area of concern: capital allocation and leverage.

Capital Allocation Preferences

Our Capital Allocation Policy Is Well Aligned with Expectations of Investment Community

Operating Business and Financial Performance Fully in Line with Expectations

	Guidance	Mid-Term Outlook2
Total Segment Revenue	€6.2bn - €6.4bn	growing
Rental Revenue	€3.1bn - €3.2bn	growing
Organic rent growth (eop)	at least 3.3%	upward trend with inflation (but time lag)
Recurring Sales (Condo) (# of units)	~3,300	growing
FV step-up Recurring Sales (Condo)	~30%	stable
Adj. EBITDA Total	€2.75bn – €2.85bn	growing
Group FFO	€2.0bn – €2.1bn	growing
Dividend	~70% of Group FFO after non-controlling interests	stable payout ratio; €/share growing
Investments	Portfolio Investments: €1.0bn – €1.1bn Space creation: €0.3bn - €0.4bn	broadly stable
SPI	~100%1	continuous improvement

¹ Excl. Deutsche Wohnen. ² Based on current portfolio.

Agenda

1. H1 2022 Results pages 4-17

2. Business Update pages 19-30

3. Appendix pages 32-59

Agenda Appendix

• 33 Regional Markets
• 34-35 Mietspiegel
• 36 Evolution of Fluctuation
• 37 Investment Program
• 38 H1 Valuation
• 39 Disposal Track Record
• 40-44 ESG
• 45-46 Bond Overview & Covenants
• 47-54 Residential Market Data
• 55-56 Vonovia Shares
• 57 IR Contact & Financial Calendar
• 58 Disclaimer

Regional Markets

Balanced Exposure to Relevant Growth Regions

1. Business Update 1. H1 2022 Results

2. Appendix

		Fair value1					In-place rent
Regional Markets (June 30, 2022)	(€m)	(€/sqm)	Residential units	Vacancy (%)	Total (p.a., €m)	Residential (p.a., €m)	Residential (€/sqm/ month)	Organic rent growth (y-o-y, %)	Multiple (in-place rent)	Purchase power index (market data)2	Market rent increase forecast Valuation (% p.a.)	Average rent growth (LTM, %) from Optimize Apartment
Berlin	8,668	3,163	41,978	1.6	238	228	7.26	5.9	36.4	83.2	1.8	38.4
Rhine Main Area (Frankfurt, Darmstadt, Wiesbaden)	5,671	3,230	27,007	1.9	187	181	8.91	2.5	30.4	103.7	1.8	33.5
Southern Ruhr Area (Dortmund, Essen, Bochum)	5,657	2,099	43,026	2.7	215	209	6.76	3.8	26.3	89.3	1.4	29.9
Rhineland (Cologne, Düsseldorf, Bonn)	4,965	2,589	28,113	2.0	178	170	7.73	2.6	27.9	100.7	1.6	29.0
Dresden	4,789	2,083	38,559	2.7	177	168	6.51	2.0	27.0	84.3	1.6	21.7
Hamburg	3,860	3,032	19,620	1.2	119	114	7.76	3.0	32.5	97.6	1.6	34.8
Kiel	3,335	2,305	24,395	2.1	120	115	6.99	4.1	27.7	76.5	1.6	35.5
Munich	2,847	4,371	9,656	1.2	70	66	8.83	2.5	40.6	120.6	1.9	50.8
Stuttgart	2,610	3,005	13,582	1.9	88	85	8.51	3.1	29.7	103.4	1.8	31.7
Hanover	2,513	2,419	16,103	2.2	90	86	7.23	3.1	28.0	89.5	1.6	33.6
Northern Ruhr Area (Duisburg, Gelsenkirchen)	2,196	1,416	24,886	2.4	115	112	6.20	2.2	19.1	81.3	1.1	23.3
Bremen	1,614	2,196	11,815	2.4	56	53	6.38	3.2	29.0	83.6	1.6	27.5
Leipzig	1,302	2,157	8,868	3.1	46	43	6.45	3.2	28.5	77.3	1.6	20.9
Westphalia (Münster, Osnabrück)	1,289	2,066	9,445	1.7	51	50	6.84	3.3	25.3	90.0	1.5	27.2
Freiburg	791	2,842	4,032	1.3	27	26	8.07	2.9	29.1	86.2	1.6	36.5
Other Strategic Locations	3,623	2,117	26,488	2.3	149	145	7.35	3.0	24.2		1.5	32.4
Total Strategic Locations	55,730	2,512	347,573	2.1	1,926	1,851	7.28	3.3	28.9		1.6	31.0
Non-Strategic Locations	215	1,825	1,323	4.9	9	7	6.91	2.1	23.9		1.5	25.2
Total Germany excl. Deutsche Wohnen	55,945	2,508	348,896	2.1	1,935	1,859	7.28	3.3	28.9		1.6	30.9
Vonovia Sweden3	7,323	2,395	39,374	3.0	352	327	10.00	3.5	20.8		1.7	-
Vonovia Austria3	2,954	1,709	21,221	5.2	112	90	5.01	4.6	26.3		1.5	-
Total	66,222	2,444	409,491	2.4	2,400	2,276	7.44	3.4	27.6		1.6	n/a
Deutsche Wohnen4	27,162	3,120	139,993	1.8	776	728	7.42	2.74	35.0		1.8	n/a

¹ Fair values excluding €5.4bn for undeveloped land, inheritable building rights granted (€0.6bn), assets under construction (€1.2bn), development (€1.0bn), nursing and assisted living (€1.2bn) and other (€1.3bn). ² Source: GfK (2022). Data refers to the specific cities indicated in the tables, weighted by the number of households where applicable. ³ Based on the country-specific definition. In-place rents in Austria and Sweden are not fully comparable to Germany, as Sweden includes ancillary costs and Austria includes maintenance and property improvement contributions from tenants. The table above shows the rental level unadjusted to the German definition. ⁴ Based on Deutsche Wohnen definition.

Estimated Mietspiegel Update Schedule

1. Appendix

Vonovia estimates. Actual publication dates may vary.

Illustrative Mietspiegel Mechanics (Simplified)¹

Mietspiegel Growth Follows Market Rent Growth With A Delay

¹ Illustrative view to show general mechanics. Not accounting, inter alia, for selective/incomplete data set to determine the market rent level and ignoring restrictions from Kappungsgrenzen.

1. Business Update

2. H1 2022 Results

3. The fluctuation rate has been steadily declining since the IPO and is currently around 9%.

4. A lower fluctuation rate negatively impacts the overall rent growth as the contribution from new lettings is usually comparatively high (rent growth of ca. 10% without investments and ca. 30% with investments).

1. Business Update

2. H1 2022 Results

Investment Program for Organic Growth

Investments Address Three Megatrends and Safeguard Long-term Organic Growth

Upgrade Building Optimize Apartment Neighborhood Development New construction to hold

1. H1 2022 Results

2. Business Update

Megatrend	Market Impact	Vonovia Investment Bucket	Vonovia Investment Focus
Urbanization	Supply/demand imbalance in urban areas	New Construction to Hold/ Space Creation	Construction of apartments for our own portfolio through entirely new buildings or floor additions to existing buildings, applying modular and conventional construction methods.	Incremental rental
Climate Change	Need for increased energy efficiency, CO2 reduction and renewable energy	Upgrade Building	Energy-efficient building modernization ("deep renovation") especially including new facades, roofs, windows and heating systems.	revenue, value appreciation and overall improvement
Demographic Change	Need for more senior-friendly apartments	Optimize Apartment	Primarily senior-friendly apartment renovation usually including new bathrooms, modern electrical installations, new flooring, etc.	of portfolio quality.

H1 2022 Valuation

Internal Valuation with Plausibility Checks from Independent External Appraisers

Internal valuation +	Vonovia determines its portfolio value on the basis of a discounted cash flow method, by which the expected future • income and costs of each property are forecast over a detailed 10-year period and discounted to the valuation date. In addition, the terminal value of properties at the end of the ten-year period is determined using the expected • stabilized net operating income and again discounted to the net present value. The discount rate applied reflects the market situation, location, type of property, special property features (e.g. • hereditary building rights, rent restrictions), the yield expectations of a potential investor and the risk associated with the forecast future cash flows of the property.
External	CBRE for the Top 23 Vonovia locations (excl. DW) in Germany plus Vienna (~75% of the fair value). • In a first step, CBRE compared internal Vonovia fair values per sqm on location level with adjusted fair values as of 31 December 2021 and checked the development for plausibility. In a second step, CBRE compared internal Vonovia fair values per sqm on location level with the latest available • range of asking sales prices (e.g. empirica systeme by Value AG)  "The internal fair values on location level are plausible."
plausibility check	JLL for 13 locations of the Deutsche Wohnen portfolio (>90% of the fair value). "It is the assessment of JLL that the internal valuation of the Deutsche Wohnen portfolio as of June 30, 2022 is  plausible and within the market ranges. At present, we do not see any reliable market evidence in the German real estate transaction market with regard to adjustments of purchase prices due to current developments such as increased financing and construction costs or a high inflation rate." Savills for the 10 largest locations (72% of fair value) of Vonovia's portfolio in Sweden.
	 Fair value fully in line with the internal valuation (0.1% difference).

Strong Disposal Track Record

Vonovia Has Sold >110k apartments since the IPO

• Mostly non-core assets in challenging locations.
• Total disposal volume in a magnitude of ca. two-thirds of portfolio size at the IPO.

H1 2022 includes ca. 15k units sold to the City of Berlin at fair value.

1. Business Update

2. H1 2022 Results

Serving a Fundamental Need in a Highly Relevant Market

Our Business Is Deeply Rooted in ESG

1. Business Update 1. H1 2022 Results

2. Appendix

All of our actions have more than just an economic dimension and require adequate stakeholder reconciliation.

• We provide a home to more than 1 million people from ca. 150 nations.
• CO² emissions related to housing are one of the largest sources of greenhouse gas emissions.
• As a listed, blue-chip company we are rightfully held to a high standard.

Megatrends

Three Dominant Megatrends in Residential Real Estate

1. Business Update 1. H1 2022 Results

Appendix

3.

~3%

~3%

Vonovia avg.

% of population living in cities % of modernized housing units % of population above/below 65 years

Sources: United Nations, European Union.

Required run rate Germany

~1%

Actual run rate Germany

United Nations Sustainability Development Goals

Vonovia Has a Meaningful Impact on 8 SDGs

1. Business Update

2. H1 2022 Results

Recognition of ESG Performance

ESG Ratings and Indices

ESG Indices

Vonovia is a constituent of various ESG indices, including the following: DAX 50 ESG, STOXX Global ESG Leaders, EURO STOXX ESG Leaders 50, STOXX Europe ESG Leaders 50, Dow Jones Sustainability Index Europe.

0% 10% 20% 30%

0%

20%

40%

1. Business Update

2. H1 2022 Results

Corporate Governance

AGM, Supervisory Board, Management Board

1. Business Update 1. H1 2022 Results

• The duties and authorities of the three governing bodies derive from the SE Regulation, the German Stock Corporation Act and the Articles of Association. In addition, Vonovia is fully in compliance with the German Corporate Governance Code.

• In the two-tier governance system, the management and monitoring of the business are strictly separated from each other.

Annual General Meeting (AGM)

Management Board (MB)

and executes that strategy

• Shareholders can exercise their voting rights (One Share, One Vote).
• Decision making includes the appropriation of profit, discharge of members of the SVB and MB, and capital authorization.

Two-tier Governance System

Supervisory Board (SVB)

• Appoints, supervises and advises MB
• Examines and adopts the annual financial statements
• Forms Supervisory Board Committees
• Fully independent
• Board profile with all required skills and experience

Hildegard Müller

Jürgen Fitschen (Chairman)

Matthias Hünlein

Daniel Just

Dr. Ariane Reinhart

Clara-Christina Streit

Dr. Ute Geipel-Faber

Christian Ulbrich

CFO Philip Grosse

• Jointly accountable for independently managing the business in the best interest of the company and its stakeholders

• Develops the company's strategy, coordinates it with the SVB

• Informs the SVB regularly and comprehensively

CRO Arnd Fittkau

CTO Helene von Roeder

CDO Daniel Riedl

Substantial Headroom for All Covenants

1. Business Update Appendix 1. H1 2022 Results

3.

Bond covenants	Required level	Current level (June 30, 2022)	Headroom
LTV (Total financial debt / total assets)	<60%	43.1%	On the current total financial debt level, fair values would have to drop >30% for the LTV to cross 60%.
Secured LTV (Secured debt / total assets)	<45%	12%	On the current secured debt volume, fair values would have to drop ~79% for the secured LTV to cross 45%.
ICR (LTM Adj. EBITDA / LTM net cash interest)	>1.8x	5.3x	On the current EBITDA level, interest expenses would have to increase 192% to ca. €1.5bn for the ICR to fall below 1.8x.
Unencumbered assets (Unencumbered assets / unsecured debt)	>125%	163%	On the current unsecured debt level, fair values would have to drop 27% for the unencumbered assets ratio to fall below 125%.

Bonds & Ratings

						H1 2022 Results	Business Update		Appendix
Name	Tenor & Coupon	ISIN	Amount	Issue Price	Coupon	Final Maturity Date		Rating
							Moodys	Scope	S&P
Bond 030B (EMTN)	5 years 3mS+140bps	XS2368364449	SEK 750m	100.000%	3mS+140bps	08 Apr 2027	A3	A-	BBB+
Bond 030A (EMTN)	2 years 3mS+95bps	XS2368364522	SEK 500m	100.000%	3mS+95bps	08 Apr 2024	A3	A-	BBB+
Bond 029C (EMTN)	10 years 2.375%	DE000A3MQS72	EUR 850m	99.003%	2.375%	25 Mar 2032	A3	A-	BBB+
Bond 029B (EMTN)	6.25 years 1.875%	DE000A3MQS64	EUR 800m	99.108%	1.875%	28 Jun 2028	A3	A-	BBB+
Bond 029A (EMTN)	3.85 years 1.375%	DE000A3MQS56	EUR 850m	99.454%	1.375%	28 Jan 2026	A3	A-	BBB+
Bond 028E (EMTN)	30 years 1.625%	DE000A3MP4W5	EUR 750m	97.903%	1.625%	01 Sep 2051	A3	A-	BBB+
Bond 028D (EMTN)	11 years 0.750%	DE000A3MP4V7	EUR 1,250m	99.455%	0.750%	01 Sep 2032	A3	A-	BBB+
Bond 028C (EMTN)	7 years 0.250%	DE000A3MP4U9	EUR 1,250m	99.200%	0.250%	01 Sep 2028	A3	A-	BBB+
Bond 028B (EMTN)	4.25 years 0.000%	DE000A3MP4T1	EUR 1,250m	99.724%	0.000%	01 Dec 2025	A3	A-	BBB+
Bond 028A (EMTN)	2 years 0.000%	DE000A3MP4S3	EUR 500m	100.484%	0.000%	01 Sep 2023	A3	A-	BBB+
Bond 027E (EMTN)	20 years 1.500%	DE000A3E5MK0	EUR 500m	99.078%	1.500%	14 Jun 2041	A3	A-	BBB+
Bond 027D (EMTN)	12 years 1.000%	DE000A3E5MJ2	EUR 1,000m	99.450%	1.000%	16 Jun 2033	A3	A-	BBB+
Bond 027C (EMTN)	8.5 years 0.625%	DE000A3E5MH6	EUR 1,000m	99.605%	0.625%	14 Dec 2029	A3	A-	BBB+
Bond 027B (EMTN)	6 years 0.375%	DE000A3E5MG8	EUR 1,000m	99.947	0.375%	16 Jun 2027	A3	A-	BBB+
Bond 027A (EMTN)	3.25 years 0.000%	DE000A3E5MF0	EUR 500m	100.192%	0.000%	16 Sep 2024	A3	A-	BBB+
Bond 500_S2-T1 (DW)	20 years 1.300%	DE000A3H25Q2	EUR 334m	97.838%	1.300%	07 Apr 2041	NR	NR	BBB+
Bond 500_S1-T1 (DW)	10 years 0.500%	DE000A3H25P4	EUR 326m	98.600%	0.500%	07 Apr 2031	NR	NR	BBB+
Bond 026 (EMTN)	10 years 0.625%	DE000A3E5FR9	EUR 600m	99.759%	0.625%	24 Mar 2031	NR	A-	BBB+
Bond 025 (EMTN)	20 years 1.000%	DE000A287179	EUR 500m	99.355%	1.000%	28 Jan 2041	NR	A-	BBB+
Bond 024B (EMTN)	10 years 1.000%	DE000A28ZQQ5	EUR 750m	99.189%	1.000%	09 Jul 2030	NR	A-	BBB+
Bond 024A (EMTN)	6 years 0.625%	DE000A28ZQP7	EUR 750m	99.684%	0.625%	09 Jul 2026	NR	A-	BBB+
Bond B. 500-2-2 (DW)	5 years 1.000%	DE000A289NE4	EUR 95m	98.910%	1.000%	30 Apr 2025	A3	NR	BBB+
Bond B. 500-2 (DW)	5 years 1.000%	DE000A289NE4	EUR 495m	98.910%	1.000%	30 Apr 2025	A3	NR	BBB+
Bond B. 500-3-2 (DW)	10 years 1.500%	DE000A289NF1	EUR 95m	98.221%	1.500%	30 Apr 2030	A3	NR	BBB+
Bond B. 500-3 (DW)	10 years 1.500%	DE000A289NF1	EUR 492m	98.211%	1.500%	30 Apr 2030	A3	NR	BBB+
Bond 023B (EMTN)	10 years 2.250%	DE000A28VQD2	EUR 500m	98.908%	2.250%	07 Apr 2030	NR	A-	BBB+
Bond 023A (EMTN)	4 years 1.625%	DE000A28VQC4	EUR 500m	99.831%	1.625%	07 Apr 2024	NR	A-	BBB+
Bond 022C (EMTN)	20 years 1.625%	DE000A2R8NE1	EUR 500m	98.105%	1.625%	07 Oct 2039	NR	A-	BBB+
Bond 022B (EMTN)	8 years 0.625%	DE000A2R8ND3	EUR 500m	98.941%	0.625%	07 Oct 2027	NR	A-	BBB+
Bond 022A (EMTN)	3.5 years 0.125%	DE000A2R8NC5	EUR 500m	99.882%	0.125%	06 Apr 2023	NR	A-	BBB+
Bond 021B (EMTN)	15 years 1.125%	DE000A2R7JE1	EUR 500m	99.822%	1.125%	14 Sep 2034	NR	A-	BBB+
Bond 021A (EMTN)	10 years 0.500%	DE000A2R7JD3	EUR 500m	98.965%	0.500%	14 Sep 2029	NR	A-	BBB+
Bond 020 (EMTN)	6.5 years 1.800%	DE000A2RWZZ6	EUR 500m	99.836%	1.800%	29 Jun 2025	NR	A-	BBB+
Bond 019 (EMTN)	5 years 0.875%	DE000A192ZH7	EUR 500m	99.437%	0.875%	03 Jul 2023	NR	A-	BBB+
Bond 018D (EMTN)	20 years 2.750%	DE000A19X8C0	EUR 500m	97.896%	2.750%	22 Mar 2038	NR	A-	BBB+
Bond 018C (EMTN)	12 years 2.125%	DE000A19X8B2	EUR 500m	98.967%	2.125%	22 Mar 2030	NR	A-	BBB+
Bond 018B (EMTN)	8 years 1.500%	DE000A19X8A4	EUR 700m1	101.119%	1.500%	22 Mar 2026	NR	A-	BBB+
Bond 018A (EMTN)	4.75 years 3M EURIBOR+0.450%	DE000A19X793	EUR 600m	100.000%	0.793% hedged	22 Dec 2022	NR	A-	BBB+
Bond 017B (EMTN)	10 years 1.500%	DE000A19UR79	EUR 500m	99.439%	1.500%	14 Jan 2028	NR	A-	BBB+
Bond 017A (EMTN)	6 years 0.750%	DE000A19UR61	EUR 500m	99.330%	0.750%	15 Jan 2024	NR	A-	BBB+
Bond 015 (EMTN)	8 years 1.125%	DE000A19NS93	EUR 500m	99.386%	1.125%	08 Sep 2025	NR	A-	BBB+
Bond 014B (EMTN)	10 years 1.750%	DE000A19B8E2	EUR 500m	99.266%	1.750%	25 Jan 2027	NR	A-	BBB+
Bond 013 (EMTN)	8 years 1.250%	DE000A189ZX0	EUR 1,000m	99.037%	1.250%	06 Dec 2024	NR	A-	BBB+
Bond 011B (EMTN)	10 years 1.500%	DE000A182VT2	EUR 500m	99.165%	1.500%	10 Jun 2026	NR	A-	BBB+
Bond 010C (EMTN)	8 years 2.250%	DE000A18V146	EUR 1,000m	99.085%	2.250%	15 Dec 2023	NR	A-	BBB+
Bond 009B (EMTN)	10 years 1.500%	DE000A1ZY989	EUR 500m	98.455%	1.500%	31 Mar 2025	NR	A-	BBB+
Bond 004 (USD-Bond)	10 years 5.000%	US25155FAB22	USD 250m	98.993%	4.580%2	02 Oct 2023	NR	A-	BBB+

Note: Overview includes publicly traded bonds of Vonovia and Deutsche Wohnen (excl. Inhaberschuldverschreibungen (bearer bonds), Namensschuldverschreibungen (registered bonds) and Schuldscheindarlehen (promissory notes). ¹ Incl. Tab Bond EUR 200m, Issue date 06 Feb 2020. ²EUR equivalent coupon

2.

1.

3.

Long-term Support from Megatrends

Urban Areas with Long-term Supply/Demand Imbalance

• ~70k non-core apartments sold since IPO in 2013.
• ~99% of current portfolio located in urban growth regions for long-term ownership and subject to structural supplydemand imbalance.

Vonovia Portfolio March 2015 347k apartments in 818 locations

Vonovia Strategic Portfolio³

Vonovia – Portfolio evolution (Germany)³ Market view – Growing and shrinking regions²

1. H1 2022 Results

2. Business Update

3. Appendix

4. The German Federal Office for Construction and Urban Development (BBSR) has analyzed all cities and counties in Germany on the basis of the average development in terms of population growth, net migration, working population (age 20-64), unemployment rate and trade tax revenue.

5. The results fully confirm our portfolio management decisions.

²Source: BBSR (https://gis.uba.de/maps/resources/apps/bbsr/index.html?lang=de) ³ Vonovia excl. Deutsche Wohnen. High-influx cities ("Schwarmstädte"). For more information: https://investoren.vonovia.de/en/news-and-publications/reports-publications/; Vonovia location ¹ Simple addition of 2017-2021 valuation results excluding compound interest effects.

House Prices & Construction Costs Correlation

Resi Prices Have Been Moving Alongside Construction Prices for 50 Years

Sources: OECD: House price index. Federal Statistics Office: (a) Residential Construction Price Index ("Baupreisindex für Wohngebäude") and (b) Construction land price index ("Preisindex für Bauland").

1. Business Update 3. Appendix 1. H1 2022 Results

Vonovia's Fair Values and Rents Are Substantially Below Market

Rent levels

(€/sqm)

Data Points on Prices for Condos & New Constructions and Rent Levels

1. Business Update 1. H1 2022 Results

Vonovia rental levels versus prices for condos and new constructions

Price levels

Vonovia fair values versus prices for condos and new constructions (€/sqm)

¹ Market data is simple average of Dortmund and Essen. ² Market data is simple average of Frankfurt and Wiesbaden. ³ Values and rents for Vonovia refer to average of that Regional Market. ⁴ Source: Value Data Insights (formerly empirica-systeme), Q2 2022.

4

Rental level

Resi Prices Have Shown No Real Weakness in 50 Years

Only Period of Slight Decline Came During High Vacancy Phase

1. Appendix

Sources: OECD for house prices and GdW (Association of German Housing Companies) for vacancy rate. There are no reliable national statistics on vacancy levels prior to 1991.

Residential Market Fundamentals (Germany)

Household Sizes and Ownership Structure

clear trend towards smaller households.

Growing number of smaller households Fragmented ownership structure

1. H1 2022 Results

2. Business Update

3. Appendix

4. Germany is the largest housing market in Europe with ~42m housing units, of which ~23m are rental units.

5. Ownership structure is highly fragmented and majority of owners are non-professional landlords.
6. Listed sector represents ~4% of total rental market.

• The household growth is driven by various demographic and social trends including divorce rates, employment mobility etc.

• While the overall population in Germany is expected to slightly decline, the number of households is forecast to grow until at least 2035 with a

Sources: German Federal Statistics Office, GdW (German Association of Professional Homeowners). 2035E household numbers are based on trend scenario of the German Federal Statistics Office.

Supply/Demand Imbalance

Gap May Become Even Larger

• Vonovia considers the structural supply/demand imbalance in urban areas to be the most relevant driver of residential property values.
• A meaningful improvement to this imbalance is not in sight:
  • Building permits are hard to obtain;
  • Craftsmen capabilities remain a scarcity;
  • Residents do not want their neighborhood to change with new construction and new people (NIMBY – "Not In My Back Yard").
• The rate of completion falls short of current construction targets.
• At the same time, the actual need for new housing is likely to be substantially larger than widely anticipated:
  • One factor that has received little attention in housing and population forecasts is the retirement of the strongest age group 50-59 years.
  • Over the next 10 years, many members from this age group will be retiring and the younger age groups are all significantly smaller.
  • If Germany is to maintain its current productivity, there remains a gap that can only be replaced through immigration. The Head of Germany's Federal Labor Agency estimates that in order to maintain its productivity, Germany will need to see an inflow of ca. 400k immigrants per year to plug gaps in the work force as the population ages.¹
• The incremental demand for housing has so far been largely ignored in discussions around the supply/demand imbalance and the need for new construction.

1 Source: https://apnews.com/article/europe-business-germany-immigration-migration-066b67d8f256f64f781793d9ea659c59. 2 Source: Federal Bureau for Political Education (www.bpb.de).

1. Business Update 3. Appendix 1. H1 2022 Results

Long-term Structural Support (Germany)

Positive Fundamentals

1. Business Update 1. H1 2022 Results

Urbanization¹

• Long-term structural support from

• Insufficient levels of new construction
• Urbanization driving supply/demand imbalance in urban areas
• High replacement costs

Large gap between in-place values and replacement costs² Structural supply/demand imbalance³

Vonovia (Germany) – fair value/sqm (€; total lettable area) vs. construction costs Factor

Annual Urban Population at Mid-Year (in million)

¹ Source: United Nations. ² Note: VNA 2010 – 2014 refers to Deutsche Annington Portfolio at the time; construction costs excluding land. The land value refers to the share of total fair value allocated to land. ³ Federal Statistics Office for actual completions; CDU/SPD government for 2018-2021 and current government coalition (SPD, Greens, FDP (Liberals)) for 2022-2025 target rate.

Long-term Structural Support (Sweden)

Positive Fundamentals

1. Business Update 1. H1 2022 Results

2. Appendix

Annual Urban Population at Mid-Year (in million)

• Long-term structural support from

• Insufficient levels of new construction
• Urbanization driving supply/demand imbalance in urban areas
• High replacement costs

Large gap between in-place values and replacement costs² Structural supply/demand imbalance³

¹ Sources: United Nations. ² Note: The land value refers to the share of total fair value allocated to land. Allocation between building and land in Sweden assumed to be similar to Germany. ³ Sources: Swedish National Board of Housing, Building and Planning, Statistics Sweden.

Liquid Large-cap Stock

Total Performance since IPO

Source: Factset until end of February 2022, company data; VNA and DAX performance are total shareholder return (share price plus dividends reinvested); EuroStoxx50 and EPRA Europe are share price performance only.

Vonovia Shares

Basic Data and NOSH Evolution

1. Business Update 1. H1 2022 Results

2. Appendix

First day of trading	July 11, 2013
No. of shares outstanding	795.8 million
Free float	88.9%
ISIN	DE000A1ML7J1
Ticker symbol	VNA
Share class	Registered shares with no par value
Main listing	Frankfurt Stock Exchange
Market segment	Regulated Market, Prime Standard
Major indices	EURO STOXX 50, DAX, GPR 250 World, FTSE EPRA/NAREIT Europe, DAX 50 ESG, STOXX Global ESG Leaders EURO STOXX ESG Leaders 50, STOXX Europe ESG Leaders 50, Dow Jones Sustainability Index Europe

Evolution of number of shares (million) and use of proceeds from capital increases

IR Contact & Financial Calendar

https://investors.vonovia.de

2. Business Update 3. Appendix 1. H1 2022 Results

Rene Hoffmann (Head of IR) Primary contact for Sell side, Buy side +49 234 314 1629 rene.hoffmann@vonovia.de

Stefan Heinz Primary contact for Sell side, Buy side +49 234 314 2384 stefan.heinz@vonovia.de

Oliver Larmann Primary contact for private investors, AGM, regulators +49 234 314 1609 oliver.larmann@vonovia.de

General inquiries investorrelations@vonovia.de

vonovia
			Q X
Vanovia at a glonce	Latent Publications.	Transactions	Shown Information
5-messons to mest	9M Report 2020	Hemble.All	Base information.
Company Profile	SM Analysis Pressentation 2020	Victoria Purk Ad	Share Price
Sunsinability	Vanovia Launches Capital Increase of approx. €1. billion via Azollarased Rookbuilding		Obidend
Key Rgures	vanovia mins Top Spociti ESO facing of		Performance Calitulator
Holory	Buropean mail Estate Companies		Shareholder Structure
Fed Sheet	Vanovia Wirs Top Spot in ESG Rating of Buropean Real Catata Companies		Analists and Corperaus
			00
			Capital increases
Greditor Releases	News & Publications	Corporate Gevernance	Senace
Donds	Ad-hec Announcements.	Annual General Meeting	Service & Cornam
Rating	Corporate News	Supervisory Roand Rules of Procedure	Financial Calendar
Maturity Profile	Disclosure of voong Rights	Committees of the Supervisory Boors.	Glossry
Tinancing Strainty	Oreday's Delings	Vanagement Board	ag
Digital financing instruments.	Capital Markets Gay	Corporate Governance Declaration
Vonovia Finance R.V.	Regorm & Publications	Declaration of Conformity
	Presentations	Compliance and Polices
	mebooks	Articles of Association
		Directors' Cealings

Contact Financial Calendar 2022

Aug 24	Berenberg Copenhagen Top Picks Seminar (IR only)
Sep 8	Commerzbank/ODDO BHF Corporate Conf. 2022, Frankfurt (IR only)
Sep 13, 14	BofA Global Real Estate Conference 2022, New York (IR only)
Sep 20	Goldman Sachs/Berenberg German Corporate Conf., Munich
Sep 21	Baader Investment Conference, Munich (IR only)
Sep 27	Capital Markets Day, Bocum (Dinner on Sep 26)
Nov 4	9M 2022 Results
Dec 1	Societe Generale Flagship Event, Paris
Dec. 8	EPRA Corporate Access Day, London (IR only)

Dates are subject to change. The most up-to-date financial calendar is always available online.

Disclaimer

This presentation has been specifically prepared by Vonovia SE and/or its affiliates (together, "Vonovia") for internal use. Consequently, it may not be sufficient or appropriate for the purpose for which a third party might use it.

This presentation has been provided for information purposes only and is being circulated on a confidential basis. This presentation shall be used only in accordance with applicable law, e.g. regarding national and international insider dealing rules, and must not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by the recipient to any other person. Receipt of this presentation constitutes an express agreement to be bound by such confidentiality and the other terms set out herein.

This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of Vonovia ("forward-looking statements") which reflect various assumptions concerning anticipated results taken from Vonovia's current business plan or from public sources which have not been independently verified or assessed by Vonovia and which may or may not prove to be correct. Any forward-looking statements reflect current expectations based on the current business plan and various other assumptions and involve significant risks and uncertainties and should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements only speak as at the date the presentation is provided to the recipient. It is up to the recipient of this presentation to make its own assessment of the validity of any forward-looking statements and assumptions and no liability is accepted by Vonovia in respect of the achievement of such forward-looking statements and assumptions.

Vonovia accepts no liability whatsoever to the extent permitted by applicable law for any direct, indirect or consequential loss or penalty arising from any use of this presentation, its contents or preparation or otherwise in connection with it.

No representation or warranty (whether express or implied) is given in respect of any information in this presentation or that this presentation is suitable for the recipient's purposes. The delivery of this presentation does not imply that the information herein is correct as at any time subsequent to the date hereof.

Vonovia has no obligation whatsoever to update or revise any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof.

This presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities of the Company nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever.

This presentation is neither an advertisement nor a prospectus and is made available on the express understanding that it does not contain all information that may be required to evaluate, and will not be used by the attendees/recipients in connection with, the purchase of or investment in any securities of the Company. This presentation is selective in nature and does not purport to contain all information that may be required to evaluate the Company and/or its securities. No reliance may or should be placed for any purpose whatsoever on the information contained in this presentation, or on its completeness, accuracy or fairness.

This presentation is not directed to or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

Neither this presentation nor the information contained in it may be taken, transmitted or distributed directly or indirectly into or within the United States, its territories or possessions. This presentation is not an offer of securities for sale in the United States. The securities of the Company have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States. Consequently, the securities of the Company may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, into or within in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States unless registered under the Securities Act.

Tables and diagrams may include rounding effects.

Per share numbers for 2013-2014 are TERP.adjusted (TERP factor: 1.051). Subscription rights offering in 2015 due to Südewo acquisition.

Per share numbers for 2013-2020 are TERP adjusted (TERP factor: 1.067). Subscription rights offering in 2021 due to Deutsche Wohnen acquisition.

For Your Notes