Vonovia SE

Investor Presentation • Apr 30, 2024

April 30, 2024

Agenda

1. Q1 2024 Update pages 3-13

1. Appendix pages 15-39

Key Highlights

Return to Growth Track in Sight

Disposals 2024 YTD

~€1.1bn Signed and Fully on Track towards €3bn Target for 2024

Plus opportunistic disposals from remaining portfolio also under review

Disposal volume 2024 YTD (€m)

2024 YTD disposals include

• Agreement signed to sell ca. 4,500 units ("Prima" portfolio) and a land plot in Berlin to city-owned housing companies.
  • Largely "Plattenbau" assets located in East Berlin.
  • €700m purchase price vs. FY2023 fair value of €698m.² The fair value of the land plot represents ~1% of this fair value.
  • Pricing reflects a 3.5% gross yield.
  • Tax efficient share deal, as the ca. €200m deferred taxes are transferred to the buyer ➔ high cash conversion.
• €363m proceeds from other disposals in various transactions and across different sales channels.
  • €244m residential assets sold at or above fair value.
  • €91m nursing assets sold at fair value.
  • €28m commercial assets (part of non-core) slightly below fair value.

¹ Fair values as of March 31, 2024. ² Value decline in "Prima" portfolio of 14.4% between peak valuation in 06/2022 and most recent valuation in 12/2023, in line with 14% for total Vonovia portfolio. ³ Excl. nursing assets that were transferred to non-core portfolio as of Dec. 31.2023.

Rent Growth

Organic Rent Growth Expected at ~4% Going Forward for Longer Term

Q1 2024 Update Appendix

Regulation update

• Mietpreisbremse extended, as initially agreed in coalition agreement.
• Association of Retail Landlords (Haus & Grund) announced intention to challenge this in the Federal Constitutional Court.
• According to the real estate's leading association ZIA, other regulatory measures that had been initially agreed by the coalition (e.g. reduction of Kappungsgrenze, extension of Mietspiegel look-back period) are now off the table, i.e. no further regulatory risk.

Illustrative rent growth dynamics

	Scenario A	Scenario B			Scenario A	Scenario B
Avg. OVM2 growth assumption (2-year period)	8%	10%		Investment volume	€1bn	€1bn
Annual impact	4.0%	5.0%		Blended net initial yield assumption	6%	7%
VNA portfolio immediately eligible for rent increases	~50%	~50%	Estimated run rate of future rent growth of	Incremental rent	€60m	€70m
Organic rent growth impact	2.0%	2.5%	~4% p.a.	Organic rent growth impact	1.8%	2.1%

Full impact after investment completion; not necessarily t+1 Subject to Kappungsgrenze³

¹ Impact from Investment Program (Optimize Apartment, Upgrade Buildings and Space Creation). ² OVM (=local comparable rent) is defined by the Mietspiegel in most locations. It stipulates the rent level (€/sqm) that landlords are allowed to charge. ³ Maximum increase of 15% over three years (20% in some markets).

Supply/Demand Trumps Rental Regulation

Robust Long-term Upward Trajectory for Vonovia's Rent Levels

Q1 2024 Update Appendix

¹ Vonovia average in-place rent in Berlin as of Q1 2024. ² Average Mietspiegel Berlin based on Vonovia's portfolio in Berlin. Vonovia's rent level for parts of the portfolio are higher than the Mietspiegel because of recent modernizations or relettings in the respective assets. ³ Average Mietspiegel rent +10% based on Mietpreisbremse regulation. ⁴ Based on Vonovia's average increase across all relettings with Optimize Apartment investments in Berlin (48% LTM). ⁵ Weighted average across all 13 offers advertised for search criteria (i) Berlin, (ii) 60-70 sqm, (iii) 1950-1980 construction year; (iv) EPC E or better; as published on www.immobilienscout24.de on March 11, 2024. ⁶ Value Data Insights (formerly empirica-systeme), Q1 2024.

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0

Investment Program

Average net initial yield of 6-7%

2023 2024E €762m ~€1,000m Optimize Apartment Upgrade Building Space Creation Development to Sell Apartment renovation upon turnover Investments in decarbonization and building modernization New construction for our own portfolio New construction sold to third parties • owner-occupier • retail investor • institutional investor Investment program has three pillars Typically includes • bathroom • floor surface • electrical wiring Typically includes • building envelope • PV • heat pump • roof extension • infill • green- /brown-field • Ca. 4% of balance sheet total committed • ~€700m to be invested in 2024

• 15-20% gross margin in normalized markets

Q1 2024 Update Appendix

Two Sources of Shareholder Return

TSR from Dividends & Organic Value Growth

Dividends Organic value growth

Q1 2024 Update Appendix

~€1bn dividend capacity

~€3bn organic value creation from rent growth1

50% of EBT plus surplus liquidity from recurring operations after

equity portion of investment program.

Yield compression and yield expansion have overshadowed the steady value growth that the underlying business generates.

Earnings & Cash Flow Summary

€m (unless indicated otherwise)	Q1 2024	Q1 2023	Delta (%)
Adj. EBITDA Rental	592.9	584.2	1.5
Adj. EBITDA Value-add	11.5	26.4	-56.4
Adj. EBITDA Recurring Sales	9.1	21.8	-58.3
Adj. EBITDA Development	-6.5	-4.5	44.4
Adj. EBITDA Total	607.0	627.9	-3.3
Adj. Net Financial Result	-160.8	-150.3	7.0
Depreciation	-27.8	-27.0	3.0
Intragroup profit (-)/loss (+)	-1.9	-1.5	28.4
Adj. Earnings before Taxes (EBT)	416.5	449.1	-7.3
Adj. Earnings before Taxes (EBT) p.s.	0.51	0.56	-9.4
Adj. EBT attributable to minorities	41.3	27.6	49.6
Adj. Earnings before Taxes (EBT) after minorities	375.2	421.5	-11.0
Adj. Earnings before Taxes (EBT) after minorities p.s.	0.46	0.53	-13.0
Depreciation	27.8	27.0	3.0
Capitalized maintenance	-47.4	-51.5	-8.0
Cash taxes	-24.1	3.2	-
Book value of sold assets (Recurring Sales only)	60.9	44.7	36.2
Development to Sell Net working capital	67.6	-68.3	-
Dividends paid to JV minorities & other	-0.3	-0.2	50.0
Operating Free Cash Flow (OFCF) ("Vonovia AFFO")	501.0	404.0	24.0

Q1 2024 Update Appendix

• Rental Segment: 3.8% organic rent growth; occupancy (97.8%) and collection rate (99.6%) continuously high.
• Profitability in non-rental segments remained negatively impacted by strategy to prioritize cash generation over profitability.
• Net financial result was down by €10m, largely driven by the full year effect of 2023 financings.
• Increase in EBT minorities was attributable to the two Apollo JVs.
• Operating Free Cash Flow was positively impacted by positive net working capital movements in Q1 2024.

Rental Segment

Highly Robust Development of Rental KPIs

Q1 2024 Update Appendix

¹ German portfolio. ² Fluctuation at IPO was ca. 11%.

Financial KPIs

Balance Sheet Risk Well under Control

Q1 2024 Update Appendix

• Pro forma cash position of €3.9bn covers all near-term maturities.¹

• Debt KPIs under control to safeguard good investment grade rating.
• ~€1.5bn bond financing ytd attracted huge demand.

KPI / criteria	Mar. 31, 2024	Dec. 31, 2023	Target range
LTV (pro forma)	45.9%	46.7%	40-45%
ND / EBITDA multiple (pro forma)	15.3x	15.3x	14-15x
ICR	4.0x	4.0x	At least 3.5x
Fixed/hedged debt ratio	99%	98%
Average cost of debt	1.8%	1.7%
Weighted average maturity (years)	6.9	6.9
Average fair market value of debt	89%	89%

Maturity profile for the next 24 months (€m)

	Rating Agency	Rating	Outlook	Last update
	S&P	BBB+	Stable	Nov. 20, 2023
	Moody's	Baa1	Stable	Feb. 1, 2024
new	Fitch	BBB+	Stable	Mar. 28, 2024
	Scope	A-	Negative	Jun. 29, 2023

¹ In addition, Vonovia has €3bn RCF/CP (undrawn).

Organic Rent Growth Guidance Increased to 3.8% - 4.1%

Q1 2024 Update Appendix

	Actuals 2023	Initial Guidance 2024 (FY 2023 reporting)	Guidance 2024 (Q1 2024 reporting)
Rental Revenue	€3,253m	~€3.3bn	~€3.3bn
Rent growth	Organic rent growth: 3.8% Additional irrevocable rent increase claim: 1.8%1	Organic rent growth: 3.4 – 3.6% Additional irrevocable rent increase claim: >2%1	Organic rent growth: 3.8 – 4.1% Additional irrevocable rent increase claim: ~2%1
Adj. EBITDA Total	€2,584m	€2.55bn – €2.65bn	€2.55bn – €2.65bn
Adj. EBT	€1,866m of which €136m attributable to minorities	€1.7bn – €1.8bn	€1.7bn – €1.8bn of which ~10% attributable to minorities
Dividend	€0.902	n/a	~€1bn dividend capacity
Sustainability Performance Index (SPI)	111%	100%	100%
Capital release through disposals	~4bn	at least €3bn	at least €3bn

¹ Additional irrevocable rent increase claim on the apartment level in relation to the local comparable rent (OVM) that is guaranteed by law but can only be implemented once the three-year period for maximum rent growth ("Kappungsgrenze") has lapsed. Additional rent increase claims cannot be added yo-y, as the % figure always refers to the total cumulative additional irrevocable rent increase claim at the time. ² Proposal to AGM on May 8, 2024.

Wrap-up

• Unfettered access to liquidity
• Well on track for €3bn disposal target
• Value trough expected for 2024; any remaining value declines expected to be insignificant for balance sheet risk
• Expected run rate of ~4% rent growth going forward
• 2024E dividend capacity of ~€1bn
• Estimated organic value growth p.a. of ~€3bn¹
• Megatrends continue to provide highly positive environment

¹ If market yields are stable.

1. FY2023 Results pages 3-13

2. Appendix pages 15-39

Appendix

• 16-26 Additional material Q1 2024
• 27-31 Portfolio data
• 32-37 ESG
  • 38 IR Contacts & Financial Calendar
  • 39 Disclaimer

4,500 Apartments Sold to City of Berlin

• Agreement signed to sell ca. 4,500 units ("Prima" portfolio) and a land plot in Berlin to city-owned housing companies
  • Largely "Plattenbau" assets
  • Located in East Berlin
  • €700m purchase price vs. FY2023 fair value of €698m.¹ The fair value of the land plot represents ~1% of this fair value.
  • €7.04 in-place rent/sqm/month (€24.3m rental income p.a.)
  • Pricing reflects a 3.5% gross yield
  • 0.6% vacancy rate
  • Tax efficient share deal, as the ca. €200m deferred taxes are transferred to the buyer ➔ maximum cash conversion
  • Closing expected for year-end 2024

Rental Segment

Q1 2024 Update Appendix

• Increased revenue driven by rental growth on a marginally smaller portfolio.

• Operating expenses temporarily driven by standard provisions relating to receivables for ancillary expenses. No changes observed in tenants' payment behavior.

¹ Previous year's figures for Q1 2023 adjusted to current key figures and segment definition. ² 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. 2022 and onwards incl. Deutsche Wohnen.

Value-add Segment

Q1 2024 Update Appendix

EBITDA reduction driven by challenges in craftsmen organization

• reduced investment volume weighed on profitability;
• increased cost base.

Reorganization process well underway.

Expansion of solar energy expected to be a key driver of external revenue growth.

Value-add Segment (€m)	Q1 2024	Q1 2023	Delta
Revenue Value-add	325.1	345.4	-5.9%
of which external	28.2	35.7	-21.0%
of which internal	296.9	309.7	-4.1%
Operating expenses Value-add	-313.6	-319.0	-1.7%
Adj. EBITDA Value-add	11.5	26.4	-56.4%

Potential from Energy generation capacity (MWp)

Recurring Sales Segment

Q1 2024 Update Appendix

• Volumes largely back to pre-crisis level.
• High demand in the context of housing shortage.
• Prioritization of volume and capital release over profitability.

¹ Revenue minus selling costs minus taxes. ²Free cash in relation to revenue. ³2018 onwards also including Recurring Sales in Austria.

Recurring Sales Segment (€m)	Q1 2024	Q1 2023	Delta
Units sold	407	282	+44.3%
Revenue from recurring sales	74.6	69.8	+6.9%
Fair value	-60.9	-44.7	+36.2%
Gross profit	13.7	25.1	-45.4%
Fair value step-up	22.4%	56.0%	-33.6pp
Selling costs	-4.6	-3.3	+39.4%
Adj. EBITDA Recurring Sales	9.1	21.8	-58.3%
Free Cash1	63.4	58.5	+8.4%
Cash conversion2	85%	84%	+1.0pp

Development Segment

Q1 2024 Update Appendix

• Gross margin of almost 11% in a challenging market.
• Focus remains on liquidity generation over price optimization.
• Investments of ~€700m in 2024 to finish ongoing development to sell projects.
• Development to sell projects worth ~€1bn to be completed and up for sale in 2024.

Development Segment (€m)	Q1 2024	Q1 20231	Delta
Revenue from disposal of to-sell properties	30.6	30.2	+1.3%
Cost of Development to sell	-27.3	-25.0	+9.2%
Gross profit Development to sell	3.3	5.2	-36.5%
Gross margin Development	10.8%	17.2%	-6.4pp
Rental revenue Development	1.7	1.2	+41.7%
Operating expenses Development	-11.5	-10.9	+5.5%
Adj. EBITDA Development	-6.5	-4.5	+44.4%

¹ In prior years, the Adjusted EBITDA Development included the fair value step-up for properties completed in the reporting period that were transferred to Vonovia's own portfolio. At the end of the fourth quarter of 2023, the reporting of earnings contributions from Development to Hold was changed and is now excluded from the Development Segment. All earnings contributions from Development to Hold are recognized in the valuation result and therefore outside of the Adjusted EBITDA. This change ensures alignment with the IFRS standard on the fair value measurement of investment properties (IAS40). The previous year's figures were adjusted accordingly.

EPRA NTA (€m) (unless indicated otherwise)	Mar. 31, 2024	Dec. 31, 2023	Delta
Total equity attributable to Vonovia shareholders	25,839.3	25,682.7	+0.6%
Deferred tax in relation to FV gains of investment properties1	13,673.6	13,895.3	-1.6%
FV of financial instruments	€### -26.3	-13.4	+96.3%
Goodwill as per IFRS balance sheet	-1,391.7	-1,391.7	-
Intangibles as per IFRS balance sheet	-32.0	-32.0	-
EPRA NTA	38,062.9	38,140.9	-0.2%
NOSH (million)	814.6	814.6	-
EPRA NTA (€/share)	### 46.72	46.82	-0.2%

¹ Hold portfolio only.

Strong Cash Position. Unfettered Access to Debt Markets

• €3.9bn pro forma cash position:

• €1.4bn cash on hand (Mar. 31, 2024).
• €0.8bn loans signed but undrawn.¹
• €1.7bn disposals signed but not yet closed.²

• Cash position is sufficient to cover all near-term maturities.

• Financing activities Q1 2024:

• GBP400m (€456m) bond with 4.55% coupon and 12-year maturity. 8.3x oversubscribed.
• CHF150m (€159m) bond with 4.2% coupon and 5-year maturity. Strong demand.
  • ➔ Arbitrage opportunity and funding diversification. Both transactions fully currency hedged.
• €850m bond with 4.25% coupon and 10-year maturity. 4.8x oversubscribed. Negative new issuer premium.
  • ➔ Positive repricing of Eurobond curve as a consequence.

¹ Excl. €3bn RCF/CP (undrawn). ² As of end of April 2024.

Debt Structure

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

Q1 2024 Update Appendix

• Combination of debt KPIs, fixed/hedged debt ratio and maturity profile remains key in overall funding strategy.
• Well-balanced maturity profile and the heterogeneous funding mix safeguard sufficient flexibility for future refinancings.

	Rating Agency	Rating	Outlook	Last update
	S&P	BBB+	Stable	Nov. 20, 2023
	Moody's	Baa1	Stable	Feb. 1, 2024
new	Fitch	BBB+	Stable	Mar. 28, 2024
	Scope	A-	Negative	Jun. 29, 2023

¹ SSD = Schuldscheindarlehen (promissory notes), ISV = Inhaberschuldverschreibungen (bearer bonds), NSV = Namensschuldverschreibungen (registered bonds); Bond-Overview:https://www.vonovia.com/en/investors/creditor-relations/bonds

Bond Covenants

Substantial Headroom for All Covenants

Q1 2024 Update Appendix

Bond covenants	Required level	Current level (Mar. 31, 2024)		Headroom
LTV (Total financial debt / total assets)	<60%	42.5bn 91.8bn	➔ 46.3%		On the current total financial debt level, fair values would have to drop ~26% for the LTV to cross 60%.1
Secured LTV (Secured debt / total assets)	<45%	12.8bn 91.8bn	➔ 14.0%		On the current secured debt volume, fair values would have to drop ~79% for the secured LTV to cross 45%.1
ICR (LTM Adj. EBITDA / LTM net cash interest)	>1.8x	2,534m 662m	➔ 3.8x		On the current EBITDA level, interest expenses would have to increase 113% to ca. €1.5bn for the ICR to fall below 1.8x.2
Unencumbered assets (Unencumbered assets / unsecured debt)	>125%	47.2bn 29.6bn	159% ➔		On the current unsecured debt level, fair values would have to drop 26% for the unencumbered assets ratio to fall below 125%.3

¹ Headroom calculations are based on sensitivities regarding changes in investment properties, not total assets, while all other variables are kept unchanged. ² Headroom calculations are based on sensitivities regarding changes in net cash interest in relation to Adj. EBITDA, while all other variables are kept unchanged. ³Headroom calculations are based on sensitivities regarding changes in unencumbered investment properties.

EBT, OFCF and dividend funding excluding any disposal proceeds outside Recurring Sales & Development to Sell segments.

€m		50% paid as	2024E	2023	2022
	Adj. Earnings before Taxes (EBT)	base dividend	~1,700 to ~1,800	1,866	1,997
+	Depreciation		Similar to prior years	110	128
-	Capitalized maintenance		Slightly higher than 2023	-296	-413
-	Cash taxes		3-5% of rental income	-124	-134
+	Book value of sold assets (Recurring Sales only)		Largely pre-crisis level	239	392
+/-	Development to Sell Net working capital		Assuming at least neutral contribution from DtS	-340	-107
-	Dividends paid to JV minorities & other		Increase by ~€100m due to Apollo JVs	-41	-42
=	Operating Free Cash Flow (OFCF)			1,415	1,821
-	Ca. 60% equity contribution for investment program		ca. -600	-457	-846
-	Free liquidity available for distribution			958	975
=	Average over 3 years			3yr-avg.
-	50% EBT dividend (assuming all cash and 0% scrip ratio)			Paid as additional
=	Surplus liquidity from recurring operations			dividend

Yield Dispersion between Reported and Implied Numbers

Q1 2024 Update Appendix Based on P&L and balance sheet (Q1 2024) Based on share price (March 31, 2024) Gross rental yield 4.1% Rental income¹ / FV 5.3% Rental income¹ / implied EV² Net rental yield 3.3% Gross yield * 80% margin 4.2% Gross yield * 80% margin Adj. EBITDA yield 3.3% Adj. EBITDA Total¹ / FV 4.2% Adj. EBITDA Total¹ / implied EV² Adj. EBT Yield 4.6% Adj. EBT¹ / EPRA NTA 7.8% Adj. EBT¹ / market cap Dividend Yield 1.9% FY2023 dividend / EPRA NTA 3.3% FY2023 dividend / share price TSR 10.5% (Dividend + organic value growth)³ / NTA 17.9% (Dividend + organic value growth)³ / market cap FV (€/sqm) 2,247 Fair value / sqm 1,760 Implied EV² / sqm

¹Based on 2024 guidance. ² EV = enterprise value (calculated as Net debt plus market cap). ³ Calculated as ~€1bn dividend capacity plus ~€3bn organic value growth (from rental growth; if market yields are stable).

Population Growth In Germany In Urban Areas

Vonovia Has Actively Managed Its Geographic Exposure to Urban Areas

The Future of housing is in urban areas…

…and that is where Vonovia has concentrated its portfolio

• Current demographic forecasts estimate an overall population growth of as much as 6% by 2050¹ including the required 400k labor immigrants p.a. to balance the negative impact from Germany's adverse age demographics². • However, the demographic development is
• very different between urban and rural areas.
• Following the IPO in 2013, Vonovia pro-actively managed its geographic exposure, and today's portfolio of 550k³ apartments is located in urban growth areas as a result of
  • nine large acquisitions and the seamless integration of >450k³ apartments;

  • 100k units sold to focus the portfolio on urban growth regions.

¹ German Federal Statistics Office. Scenario 3, assuming moderate development for birth & life expectancy and high migration balance. ² Federal Labor Agency. ³ Of which 60k outside Germany. ⁴ www.wohnwetterkarte.de by bpd and bulwiengesa.

Regional Markets

Balanced Exposure to Relevant Growth Regions

Q1 2024 Update Appendix

	Fair value1				In-place rent
Regional Markets (Mar. 31, 2024)	(€bn)	(€/sqm)	Residential units	Vacancy (%)	Total (p.a., €m)	Residential (p.a., €m)3	Residential (€/sqm/ month)3	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	23.9	2,714	143,150	0.8	815	777	7.64	3.9	29.4	86.0	2.3	48.4
Rhine Main Area (Frankfurt, Darmstadt, Wiesbaden)	6.6	2,800	36,485	2.5	266	253	9.38	2.5	25.0	102.2	2.2	32.5
Southern Ruhr Area (Dortmund, Essen, Bochum)	5.2	1,926	42,953	2.7	227	221	7.14	3.6	22.9	89.2	1.8	34.1
Rhineland (Cologne, Düsseldorf, Bonn)	5.1	2,367	31,511	2.0	213	200	8.21	2.1	23.8	100.5	2.1	35.1
Dresden	4.9	1,861	43,311	2.6	216	201	6.86	3.0	22.8	86.5	2.1	22.4
Hamburg	3.2	2,510	20,099	1.4	127	121	8.13	2.9	25.6	96.8	2.1	38.5
Hanover	2.9	2,009	22,071	2.2	128	122	7.49	2.8	22.4	90.1	2.0	33.5
Kiel	2.8	1,865	25,139	1.8	132	127	7.45	4.3	21.0	75.9	2.0	39.5
Munich	2.7	3,889	10,522	1.4	81	77	9.59	4.9	33.7	119.2	2.3	48.8
Stuttgart	2.3	2,639	13,225	1.7	91	87	8.92	3.4	24.7	102.0	2.2	29.8
Northern Ruhr Area (Duisburg, Gelsenkirchen)	2.0	1,351	24,345	2.5	117	114	6.49	2.5	17.4	80.5	1.6	28.9
Leipzig	1.9	1,868	14,220	2.9	79	73	6.68	2.9	23.7	79.5	2.0	28.4
Bremen	1.4	1,973	11,697	1.9	59	56	6.71	2.7	24.6	83.2	2.0	26.1
Westphalia (Münster, Osnabrück)	1.1	1,760	9,417	2.3	53	52	7.22	3.4	20.6	89.8	2.0	29.2
Freiburg	0.7	2,646	3,850	0.8	29	27	8.57	2.5	25.3	86.5	2.0	37.9
Other Strategic Locations	3.4	1,903	27,454	3.1	162	152	7.53	2.6	21.2		2.0	32.2
Total Strategic Locations	70.3	2,312	479,449	1.9	2,795	2,661	7.67	3.3	25.1		2.1	36.8
Non-Strategic Locations	0.5	1,646	3,197	4.4	31	17	7.15	2.0	16.3		1.9	33.3
Total Germany	70.8	2,305	482,646	1.9	2,826	2,678	7.67	3.3	25.1		2.1	36.8
Vonovia Sweden	6.2	2,016	39,631	4.2	357	331	10.21	7.9	17.3		2.2	-
Vonovia Austria	2.8	1,614	21,150	4.9	124	98	5.51	6.1	22.4		1.7	-
Total	79.7	2,247	543,427	2.2	3,306	3,107	7.78	3.8	24.1		2.1	n/a

¹ Fair value of the developed land excluding €3.9bn, of which €0.5bn for undeveloped land and inheritable building rights granted, €0.2bn for assets under construction, €2.2bn for development, €0.6bn for nursing portfolio and €0.4bn for other.

² Source: GfK (2024). Data refers to the specific cities indicated in the table, 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.

Portfolio Clustering

		Mar. 31, 2024	Resi units	In-place rent p.a.)3 (€m	In-place rent 3 (€/sqm)	Vacancy rate	Fair value (€bn)	Fair value (€/sqm)	Gross yield
ults s	c gi e	Urban quarters & clusters (Germany)	420,758	2,388	7.61	1.8	60.0	2,285	4.0%
e R nt e m	at Str	Sweden	39,631	357	10.21	4.2	6.2	2,016	5.8%
g e S n	s e
i d e d	al S g n	Germany	26,656	167	7.55	2.8	4.3	2,326	3.9%
u cl n I	urri ec R	Austria	21,150	124	5.51	4.9	2.8	1,614	4.5%
nt e ot m g n e	s al os p s	MFH Sales	22,413	166	9.32	1.3	4.8	3,233	3.5%
ults s S al n os s d i e R p e s	Di al n o	Non Core	12,819	105	6.81	4.9	1.7	1,515	6.2%
d Di u cl n i	diti d A	DW Nursing					0.64	n/a	8.7%1
		Total2	543,427	3,306	7.78	2.2	79.7	2,247	4.1%

Q1 2024 Update Appendix

• German portfolio comprises of strategic assets in 15 urban growth regions that are held in larger urban quarters (~ 3/4) and smaller urban clusters (~ 1/4).

• Swedish Properties are located in Sweden's three large urban areas Stockholm, Gothenburg, and Malmö.

• EBITDA contribution is shown in Recurring Sales Segment. • Single-unit disposals to owner-occupiers and retail investors.

• Outside of Core Business Segments and included in Other Income.

• Focus on cash generation.

• MFH: low yielding assets outside urban quarters.
• Non-core: non-strategic residential and commercial properties.

• DW Nursing: Vonovia is supportive of disposal efforts at acceptable terms.

¹ Calculated as Segment EBITDA / fair value. ² Excl. DW Nursing. 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 Excl. nursing assets that were transferred to non-core portfolio as of Dec. 31.2023.

Maintenance vs. Investments

Q1 2024 Update Appendix

Affordability

Q1 2024 Update Appendix

Comparison suggests that affordability remains high compared to other jurisdictions. This view is further confirmed by the fact that the number of hardship cases in our portfolio is declining from an already low level.

Average net household income in Germany1			41,475
Rental contract in place (Vonovia)	8,049	= 19%
Reletting (OVM + 10%) (Vonovia)	8,608	= 21%	All-in cost for average Vonovia apartment2
Optimize Apartment (comprehensive refurbishment) +30% (Vonovia)	9,725	= 23%	Average net household income in Germany Average net cold rent (Vonovia) Average ancillary costs (Vonovia)
		+24%	Minimum wage
Wage and salary		+10.5%	Temp workers
increases have provided		+10.5%	Civil servants
additional compensation.		+15%	Deutsche Post

+12% Deutsche Bahn +13% Union for wholesale and export industry

In an effort to mitigate the financial burden from increased cost of living, the government has put in place various support schemes and subsidies with an aggregate amount of ca. €300bn.

The Federal Finance Ministry calculated the financial benefit of different types of households to show what the impact of the government assistance is on individual families.

Average subsidies & benefits³

¹ Average household income net of taxes (source: Federal Statistics Office; 2022 data based on microcensus). Average number of persons per household in Germany is 2.03 (Federal Statistics Office). ² Calculated as €7.63/sqm/month (+10% for reletting case and +30% for optimize apartment case, respectively) plus €2,464 average total ancillary costs. ³ Source: Handelsblatt based on data provided by the Federal Finance Ministry.

Examples

Our Business Is Supported by Two Dominant Megatrends…

…But the Current Environment is a Short-term Challenge

Q1 2024 Update Appendix

• In addressing the consequences of the Russian war on Ukraine, central banks around the world had increased interest rates at an unprecedented speed.
• The drawback of Vonovia's stable business model in a regulated market is that it reacts only slowly to the new environment, and the initial impact on our KPIs has been negative.
• However, the new environment also accelerates the relevant megatrends around which we have built our business, leading to even stronger fundamentals in the medium- and long-term.

Urbanization & Supply/Demand Imbalance Climate Change

Development of green house gas emissions in the building sector (Germany)²

¹ Adapted from ZIA forecast based on Empirica and Pestel Institute. ² Agora Energiewende (2023): "Die Energiewende in Deutschland: Stand der Dinge 2022. Rückblick auf die wesentlichen Entwicklungen sowie Ausblick auf 2023."

Megatrends

Three Dominant Megatrends in Residential Real Estate

Q1 2024 Update Appendix

Support from megatrends while other real estate sectors fight disruptive changes Climate Change Demographic Change Supply-/ Demand Imbalance Up to €120bn investment volume every year to decarbonize Germany's housing stock.² Shortage of 2 million apartments suitable for elderly people.³ €100bn investment volume every year to complete 400k apartments per year.¹ • A decaying construction industry and an ever-growing supply/demand gap are not a sustainable situation. Required investment volumes are much too high to be delivered by government or through subsidies.

• Any meaningful investment volume will require an investment and regulatory environment that is sufficiently attractive for private funding.

¹ Government target. Investment volume based on assuming 60sqm and €4,000/sqm construction costs. ² GdW (Association of German Housing Companies). ³ IW German Economic Institute.

Commitment to Sustainability

Science-based Decarbonization Roadmap with Measurable Interim Targets

• Accelerated decarbonization with near CO² neutrality by 2045.
• Following CRREM MFH 1.5 degree pathway.
• Including Scope 1, 2 and 3.3.

¹ Includes scopes 1 & 2 as well as scope 3.3 "Fuel- and energy-related activities upstream;" referring to German building stock (incl. Deutsche Wohnen) and using market-based emission factors where available. Development of energy sector according to Scenario Agora Energiewende KNDE 20245; For comparison: CRREM pathway MFH 1.5° DE 2045=5.4kg CO2e/sqm per year (07/2021); Climate pathway development supported by Fraunhofer ISE. Per-sqm values based on rental area, not total floor space. Data refers to year end.

¹ Scope 3.3, 3.11, 3.13

SBTi Confirms

Vonovia's Climate Targets Align with 1.5-degree Target of Paris Climate Agreement

• SBTi's has classified Vonovia's scope 1 and 2 target ambition and has determined that it is in line with a 1.5°C trajectory.

• SBTi commends our 1.5°C-aligned target, currently the most ambitious designation available through the SBTi process.
• Vonovia is one of six companies in Germany's property sector to be validated by the Science Based Targets initiative (SBTi).
• According to CDP, Vonovia is recognized as one of the world's leading companies in climate protection measures and has been awarded an A- rating for best practices.

Energy Efficiency Classes

Vonovia Is Ahead of the Market with Substantial Progress since IPO

¹ Vonovia Sustainability Report 2016. 5.3% of portfolio without EPCs not included. ² Vonovia 2023 data. 5.0% of portfolio without EPCs not included. ³Agora Energiewende (2023): "Die Energiewende in Deutschland: Stand der Dinge 2022. Rückblick auf die wesentlichen Entwicklungen sowie Ausblick auf 2023."

Recognition of ESG Performance

ESG Ratings and Indices

Vonovia is included in various ESG indices such as: DAX 50 ESG, STOXX Global ESG Leaders, EURO STOXX ESG Leaders 50, Dow Jones Sustainability Index Europe.

Note: No GRESB participation since 2021 due to methodological rating challenges for large residential portfolios. Participation in the Public Disclosure since 2021 with an A rating.

Q1 2024 Update Appendix

IR Contact & Financial Calendar

https://www.vonovia.com/en/investors

Q1 2024 Update Appendix

Contact Financial Calendar 2024

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, financial regulator) +49 234 314 1609 oliver.larmann@vonovia.de

Simone Kaßner (Primary contact for private investors, ESG) +49 234 314 1140 simone.kassner@vonovia.de

General inquiries investorrelations@vonovia.de

May 8	Annual General Meeting
May 9	Q1 Roadshow with Deutsche Bank, London
May 14	North America Roadshow with Kepler, New York
May 15	North America Roadshow with Kepler, Boston
May 16	North America Roadshow with Kepler, Toronto
May 22	DB Investor & Issuer Bond Forum, London (IR only)
May 23	DB Access European Champions Conference, Frankfurt
Jun 5	BNP Paribas Exane CEO Conference, Paris
Jun 6	Goldman Sachs European Financials Conference, Madrid
Jun 12	Morgan Stanley European Real Estate Capital Markets Conference, London (IR only)
Aug 2	H1 2024 Results
Sep 3	CoBa & ODDO BHF Corporate Conference, Frankfurt (IR only)
Sep 5	SocGen Pan European Real Estate Conference, London (IR only)
Sep 11&12	BofA Securities 2024 Global Real Estate Conference, New York
Sep 26	Goldman Sachs European Real Estate Equity & Debt Conference, London
Nov 6	9M 2024 Results

May 6 Q1 Roadshow with Deutsche Bank, virtual May 7 Q1 Roadshow with Deutsche Bank, virtual

Nov 13 UniCredit & Kepler Pan-European Real Estate Conference, London

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.