Deutsche Wohnen SE

Earnings Release • Nov 11, 2025

Quarterly Update

Interim Results January to September 2025

Deutsche Wohnen: Positive Performance in the first nine months of 2025

• Adj. EBT (continuing operations) of €457.1 million (€1.15 per share)
• NAV at €16,506.1 million (€41.58 per share)
• Vacancy rate remains at very low level

Berlin, November 11, 2025. In a stable environment for the real estate industry, Deutsche Wohnen SE delivered a positive operating performance in the first nine months of 2025.

The Adjusted EBITDA Rental was €498.9 million (+5.3%). The in-place rent per square meter was €8.23 (+4.1%). The vacancy rate remained at a very low level of 1.5%.

Other relevant KPIs also developed in line with expectations. The Adjusted EBT was €457.1 million, which was clearly above the prior-year level. On a per-share basis, the Adjusted EBT came to €1.15. The NAV (formerly EPRA NTA) remained stable since year-end 2024 at €16,506.1 million or €41.58 per share. The LTV was at 29.7%.

The forecasts for the 2025 financial year remain unchanged from the H1 report 2025.

Key numbers

Financial KPIs		9M 2025	9M 2024	Change
Adjusted EBITDA Rental	€ million	498.9	473.6	+5.3%
Adjusted EBITDA Value-add	€ million	9.5	17.5	-45.5%
Adjusted EBITDA Recurring Sales	€ million	-0.3	1.2	-
Adjusted EBITDA Development	€ million	59.4	-3.1	-
Adjusted EBITDA Total (continuing operations)	€ million	567.6	489.2	+16.0%
Adjusted EBT (continuing operations)	€ million	457.1	384.1	+19.0%
Attributable to minorities	€ million	14.3	3.4	>100%
Adjusted EBT per share	€	1.15	0.97	+18.6%
Operating Free Cash-Flow (OFCF)	€ million	531.3	297.4	+78.6%
Profit for the period	€ million	1,037.7	-255.5	-

Balance sheet		Sep. 30, 2025	Dec. 31, 2024	Change
Investment properties	€ million	23,783.4	22,539.7	+5.5%
Equity	€ million	14,451.0	13,411.6	+7.8%
LTV	%	29.7	29.3	+0.4pp
NAV	€ million	16,506.1	16,575.4	-0.4%
NAV per share	€	41.58	41.76	-0.4%

Non-financial KPIs		Sep. 30, 2025	Sep. 30, 2024	Change
Number of owned residential units		140,460	139,743	+0.5%
In-place rent (residential)	€/sqm	8.23	7.91	+4.1%
Vacancy rate (residential)	%	1.5	1.6	-0.1pp

About Deutsche Wohnen

Deutsche Wohnen is one of the leading publicly listed property companies in Europe and is part of the Vonovia Group. The business focus of the company is on managing its own portfolio of residential properties in dynamic metropolitan regions and conurbations in Germany. Deutsche Wohnen sees itself as having both a social responsibility and a duty to maintain and newly develop good-quality and affordable housing in vibrant residential neighbourhoods. As of 30 September 2025, the portfolio comprised a total of around 140,000 residential units.

Important note

This publication is neither an offer to sell nor a solicitation to buy securities.

To the extent that this document contains forward-looking statements, these are not facts and are recognisable by such words as 'will', 'expect', 'believe', 'estimate', 'intend', 'endeavour', 'assume' and similar expressions. These statements express the intentions, opinions or current expectations and assumptions of Deutsche Wohnen and the individuals acting in concert with it. The forward-looking statements are based on current plans, estimates and forecasts that Deutsche Wohnen and the individuals acting in concert with it have made to the best of their knowledge, but do not make any claims as to their future accuracy. Forward-looking statements are subject to risks and uncertainties that are generally difficult to predict and are usually not within the control of Deutsche Wohnen or the individuals acting in concert with it. It should be remembered that the actual results or consequences may differ considerably from those mentioned or contained in the forward-looking statements.