Vonovia SE

Investor Presentation • Mar 16, 2023

FY 2022

Earnings Call Presentation.

March 16, 2023

Agenda

1. Business Update & FY 2022 Results pages 3-27

1. Appendix pages 29-60

Business Update & FY 2022 Results

• Megatrends
• Strategy
• Dividend
• Free Cash Flow
• Financing
• Stress Test Analysis
• 10-17 Segment Reporting (incl. Mietspiegel detail pages 13-14)
• 18-19 Valuation & EPRA NTA
• 20-21 Debt Structure, Debt KPIs, Maturity Schedule
• Investment Program
• Energy Efficiency Classes
• Sustainability Performance Index
• Update on Investigation
• 2023 Guidance Update
• Wrap-up

Our Business Is Supported by Two Dominant Megatrends…

…But the Current Environment is a Short-term Challenge

• In addressing the consequences of the Russian war on Ukraine, central banks around the world have been increasing 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 is 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 Expected demand, permits, completions ('000 units)¹

Appendix Business Update &

FY 2022 Results

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." 2022 is an estimate.

Established 4+2 Strategy Still Relevant

But Focus and Priorities Have Shifted

Appendix Business Update & FY 2022 Results

	Reputation & Customer Satisfaction
Property Management	• Rent growth momentum accelerating • Vacancy rate at record low • Collection rate at all-time high • Continuous improvements in Cost per Unit and EBITDA	Mergers & Acquisitions
Financing	Operations margin Diverse funding sources • General strategy for 2023 is to roll over secured financing • and repay unsecured bonds to delever and meet internal debt KPIs 2023 refinancing needs partly hedged with €1bn zero cost • swaption collar	• Commitment to pause external growth as long as • debt KPIs are not yet in the target ranges and cost of capital is elevated and acquisitions are not • accretive
Portfolio Management	Reduced investment program to reflect higher cost of capital • and return requirements • Revised portfolio clustering to identify disposal assets and reallocate capital • Additional opportunistic disposals not excluded	European Expansion • In 2018, Vonovia had acquired a 10% stake in the
Value-add	Additional services: renewable energy, predictive • maintenance, smart metering, multimedia • Leverage scale, know how and experience Monetize platform value by rolling out service business to • third-parties	French residential company Vesta for a gross consideration of ca. €87m. Vonovia is selling its full stake to two co-investors at • a price in excess of the acquisition price. • As a consequence, Vonovia will have no financial involvement in the French real estate market.
	Core Strategies	Opportunistic Strategies

Capital Discipline Is Key In This Environment

Continuous Adjustments to A Changing Environment

Appendix Business Update & FY 2022 Results

¹ 46% average acceptance rate over last six years. ² Cash from selling 3,000 units @25% FV step-up (to the extent it is not yet accounted for in EBITDA) netted against capitalized maintenance of ~€12/sqm.

Free Cash Flow

Significant Cash Generation Expected for 2023

• Business expected to be clearly cash flow positive in 2023.
• Reduced portfolio investment program as a result of increased return hurdles for investments.
• Liquidity position of €1.3bn cash on hand as per YE2022 (plus €3.0bn RCF/CP and €0.6bn EIB loan before 2023E free cash flow generation).

JV structures	Ongoing negotiations but current investigation not helpful
Municipalities	Clear interest from social democrat gov'ts with tight markets
DW healthcare	Vonovia is supportive of a disposal but only at the right terms
Non-core	Residential assets with little strategic relevance
MFH	Low-yielding assets in top locations; few deals as market is slow
Commercial assets	~€1bn across granular asset base. First tranche in the market
Development	Sales primarily to owner occupiers; global exits also possible

¹ Cash from selling 3,000 units @25% FV step-up (to the extent it is not yet accounted for in EBITDA) netted against capitalized maintenance of ~€12/sqm. ² 46% average acceptance rate over last six years.

Financing

Refinancing Needs for 2023 Largely Addressed

•	Unsecured maturities of €2.2bn in 2023 vs. ~€4.0bn estimated free
	cash expected for 2023.

• General strategy for 2023 is to roll over secured financing and buy back/repay unsecured bonds with excess cash to delever and meet internal debt KPI targets.
• €550m secured loan agreed (10 year maturity)
• €1bn zero cost swaption collar in place to hedge part of 2023 refinancing needs.
• Additional negotiations about rolling over secured financing are well underway.
• €3bn RCF/CP and €0.6bn loan from EIB.

	Secured bank financing1	Unsecured corporate bonds
2023	€1.2bn	€2.2bn
2024	€1.1bn	€2.0bn

Q-by-Q Maturity Schedule 2023 & 2024 (€m)

Stress Test Analysis to Test Bond KPI Headroom

All Bond Covenants Screen Safe Even in Highly Adverse Scenario

Appendix Business Update &

Segment Overview

Group FFO p.s. up 17.3%

€m (unless indicated otherwise)	FY 2022	FY 20212	Delta
Total Segment Revenue	6,256.9	5,216.6	+19.9%
Adj. EBITDA Rental	2,233.5	1,778.5	+25.6%
Adj. EBITDA Value-add	126.7	153.8	-17.6%
Adj. EBITDA Recurring Sales	135.1	113.2	+19.3%
Adj. EBITDA Development	183.2	185.4	-1.2%
Adj. EBITDA Nursing	84.6	23.5	>100%
Adj. EBITDA Total	2,763.1	2,254.4	+22.6%
FFO interest expenses	-493.8	-397.7	+24.2%
Current income taxes FFO	-145.0	-65.2	>100%
Consolidation1	-88.7	-97.1	-8.7%
Group FFO	2,035.6	1,694.4	+20.1%
of which non-controlling interests	91.3	40.0	>100%
Group FFO after non-controlling interests	1,944.3	1,654.4	+17.5%
Number of shares (eop)	795.8	776.6	+2.5%
Group FFO p.s. (eop NOSH)	2.56	2.18	+17.3%
Group FFO p.s. (after non-controlling interests)	2.44	2.13	+14.6%

• Absolute growth predominantly driven by larger portfolio volume (DWNI fully included in 2022 and for Q4 only in 2021).

Appendix Business Update &

FY 2022 Results

• 2022 Rental Segment does not reflect full potential as most synergies from DWNI are still to come (€20m in 2022, €88m in 2023E, €105m in 2024E; €135m full run rate after 2024E).
• Value-add negatively impacted by lower investment volume.
• Recurring Sales with slightly lower volume but higher sales prices and profitability y-o-y.
• Development Segment continued to deliver gross margins of ca. 20%.
• Increase in interest expenses driven by larger debt volume following DWNI acquisition.
• Increase in current income taxes driven by higher development volume plus interest gains and nursing operations on Deutsche Wohnen level.

¹Based on new definition 2022 without elimination of IFRS 16 effects. Comprised intragroup profits of €+4.7m (2021: €-37.8m), gross profit of development to hold of €-93.3m (2021: €-84.9m), (FFO-at-equity-effect Deutsche Wohnen 2021: €+25.6m). ² Prior-year figures adjusted to new Adjusted EBITDA definition (excluding results from investments accounted for using the equity method). Adjustments: Adjusted EBITDA Total/GFFO 2021: €14.9m. FY 2021 numbers restated as Q4 2021 DWNI contribution is now allocated to the segments and no longer reported as a separate segment (cf. Note A2 "Adjustment to Prior-year Figures" in the 2022 annual report).

Rental Segment

Increasing Performance in Core Operations

• Revenue growth in relative terms exceeds expense growth already before material synergy realization.
• 2022 includes €20m synergies from Deutsche Wohnen.
• Pro forma inclusion of 2023E synergies indicates highly positive direction for both EBITDA margin and cost per unit this year.

Deutsche Wohnen. ² Prior-year figures adjusted to new Adjusted EBITDA definition (excluding results from investments accounted for using the equity method). FY 2021 numbers restated as Q4 2021 DWNI contribution is now allocated to the segments and no longer reported as a separate segment (cf. Note A2 "Adjustment to Prior-year Figures" in the 2022 annual report). ³ Including the estimated €88m synergies for 2023.

Rental Segment

Positive Momentum

2020 & 2021 excl. and 2022 incl. Deutsche Wohnen. ¹ excl. one-off effect of 0.6% due to the Berlin Rent Freeze Legislation becoming unconstitutional.

Appendix Business Update & FY 2022 Results

Accelerating Mietspiegel Growth in 2022

Majority of Mietspiegel Turned Out Higher than Previous Versions

Mietspiegel (MSP) are a market-based instrument Accelerating Mietspiegel growth in 2022

• A Mietspiegel defines the benchmark for the local comparable rental levels. As of July 1, 2022, Mietspiegel legislation requires all cities and towns with >50k inhabitants to publish a Mietspiegel.
• A Mietspiegel can be detailed ("qualifizierter MSP") or simple ("einfacher MSP").
• Generally speaking, a detailed Mietspiegel is much more robust and usually considered more reliable by local courts in case the rental level is legally challenged.
• At least every four years, a detailed Mietspiegel must be recalculated bottom up and based on comprehensive market data. If a municipality fails to comply, the detailed Mietspiegel becomes invalid and the municipality falls under the simple ("einfacher") Mietspiegel regime.
• The coalition agreement includes the objective of making detailed Mietspiegel mandatory for municipalities with 100k+ inhabitants.

Appendix Business Update &

FY 2022 Results

The chart shows the average MSP rent growth as it applies to Vonovia's portfolio; it is not automatically the rent growth that can be implemented for all units.¹

¹ Limiting factors why the headline MSP growth may not apply to all units in our portfolio can include: units are subsidized (Mietspiegel does not apply), units are vacant, lease agreement is younger than 15 months, maximum rent growth over three years ("Kappungsgrenze"; currently 15% or 20%) has already been achieved, rent level is already at or above Mietspiegel (recent new letting, modernization), modernization investment is planned or underway. ² Simple average, excluding Berlin.

Mietspiegel Expectations 2023 & 2024

Appendix Business Update & FY 2022 Results

			Est. timing for update1
Detailed MSP ("qualifiziert"). Article 558d Section 2 of the German Civil Code requires that they are	1. MSP full bottom-up • Based on local market data and calculated on the basis of rent levels agreed for comparable apartments over the last six years. The data must be representative (a true and • fair reflection of the local rental levels) and based on a scientifically recognized methodology which must be properly documented. • A bottom-up MSP must be prepared at least every other Mietspiegel cycle, i.e. at least every four years; (most time-consuming and expensive alternative).	Munich Dortmund Leipzig Hanover Hamburg Lübeck Bonn Essen Potsdam Bremen Dresden Stuttgart	✓ Q1 2023. 21% headline growth2 • Q1 2023 • Q2 2023 • Q3 2023 • Q4 2023 Q1 2024 • Q2 2024 • Q3 2024 • • Q3 2024 • 2024 (no MSP yet) • Q4 2024 • Q4 2024	• Special case Berlin: Following 2021 MSP, which • was a "rollover" based on CPI, the next MSP update is due in 2023. • There is not enough lead time to publish a bottom-up MSP in time.
updated every two years. There are three options for an update.	2. MSP "rollover" based on CPI • Based on backward-looking CPI no later than two years after the data collection of the previous MSP.	Bochum Kiel Frankfurt Braunschweig	• Q2 2023 • Q2 2023 • Q2 2024 • Q3 2024	• We consider it likely that Berlin will implement a simple MSP in 2023 to bridge the gap before they return to a full bottom-up Mietspiegel in 2024.
	3. MSP based on market sample Similar to option 1 but based on a smaller data • set.	Bielefeld	Q1 2024 •
Simple MSP ("einfach")	• Less robust and usually considered less reliable by local courts in case the rental level is legally challenged.	Cologne Osnabrück Duisburg Düsseldorf	• Q2 2023 • Q3 2023 • Q4 2023 • Q4 2023

¹ Vonovia estimate based on publication date of previous Mietspiegel and/or best guess based on local market knowledge. ² Growth rate for the 2023 MSP as published by City of Munich. Actual impact on Vonovia portfolio in Munich still to be determined and expected to be lower.

Value-add Segment

Higher Expenses Continued to Absorb Revenue Growth

Appendix Business Update & FY 2022 Results

• Continued revenue growth, both externally and internally.
• Contribution of craftsmen organization was negatively impacted by reduced investment volume, technological change in planned heating systems, inflationary pressure as well as Covid-19 safety measures and increased absence ratio due to sickness and quarantine (resulting in higher outsourcing ratio).
• General labor shortage leads to higher reliance on subcontractors, which are more expensive than insourcing.

Adj. EBITDA Value-add contributions

Value-add Segment (€m)	FY 2022	FY 20211	Delta
Revenue Value-add	1,272.0	1,176.3	+8.1%
of which external	119.6	67.7	+76.7%
of which internal	1,152.4	1,108.6	+4.0%
Operating expenses Value-add	-1,145.3	-1,022.5	+12.0%
Adj. EBITDA Value-add	126.7	153.8	-17.6%

IDEA ANALYSIS PROOF OF CONCEPT PILOT ROLLOUT DETAILED ANALYSIS POOL OF IDEAS Stage-Gate Stage-Gate Stage-Gate Stage-Gate Stage-Gate Extensive Testing and Measured Rollout of Value-add Initiatives to Minimize Risk

¹FY 2021 numbers restated as Q4 2021 DWNI contribution is now allocated to the segments and no longer reported as a separate segment (cf. Note A2 "Adjustment to Prior-year Figures" in the 2022 annual report).

2023-03-16 | FY 2022 Earnings Call 15

Recurring Sales Segment

Robust Volumes and Fair Value Step-up But Market Was Difficult in Q4 and Remains Difficult in Q1 2023

Appendix Business Update & FY 2022 Results

• Challenging market conditions kept FY2022 volumes short of guidance but both volume and FV step-up were in line with prior year.
• Q4 2022 represented 32% of total annual volume (strongest volume since Q1 2021); FV step-up in Q4 2022 smaller but still 28%.
• Q1 2023 off to a slow start.
• Long-term sales potential for Recurring Sales with a dedicated subportfolio of ca. 50k units (57% in Germany and 43% in Austria).

Recurring Sales Segment (€m)	FY 2022	FY 20211	Delta
Units sold	2,710	2,803	-3.3%
Revenue from recurring sales	543.4	491.2	+10.6%
Fair value	-391.6	-355.5	+10.2%
Adjusted result	151.8	135.7	+11.9%
Fair value step-up	38.8%	38.2%	+60bps
Selling costs	-16.7	-22.5	-25.8%
Adj. EBITDA Recurring Sales	135.1	113.2	+19.3%
Free Cash2	474.7	447.1	+6.2%
Cash conversion3	87%	91%	-400bps

Historical Recurring Sales volumes and FV step-up⁴ 0% 10% 20% 30% 40% 50% 2,000 500 1,000 1,500 2,500 3,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Sold units FV step-up Guidance (units sold) Guidance (FV step-up)

¹FY 2021 numbers restated as Q4 2021 DWNI contribution is now allocated to the segments and no longer reported as a separate segment (cf. Note A2 "Adjustment to Prior-year Figures" in the 2022 annual report). ² Revenue minus selling costs minus taxes. ³Free cash in relation to revenue. ⁴2018 onwards also including Recurring Sales in Austria.

Development Segment

Profitable Business But Market Is Getting More Difficult

Appendix Business Update & FY 2022 Results

• Development continues to be an attractive business with healthy gross margins in a supply-constrained market.

• 3,749 units completed in 2022 (1,678 to sell, 2,071 to hold).
• Increasing number of projects are being shifted towards Development to sell.
• Most new constructions sold to retail investors / owner occupiers but projects also made ready for global exits.

Assets under construction: ratio to hold vs. to sell

Development Segment (€m)	FY 2022	FY 20211	Delta
Revenue from disposal of to-sell properties	560.6	505.6	+10.9%
Cost of Development to sell	-440.4	-370.1	+19.0%
Gross profit Development to sell	120.2	135.5	-11.3%
Gross margin Development to sell	21.4%	26.8%	-540bps
Fair value Development to hold	433.9	404.1	+7.4%
Cost of Development to hold2	-340.6	-319.2	+6.7%
Gross profit Development to hold	93.3	84.9	+9.9%
Gross margin Development to hold	21.5%	21.0%	+50bps
Rental revenue Development	3.5	2.1	+66.7%
Operating expenses Development	-33.8	-37.1	-8.9%
Adj. EBITDA Development	183.2	185.4	-1.2%

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. ¹ FY 2021 numbers restated as Q4 2021 DWNI contribution is now allocated to the segments and no longer reported as a separate segment (cf. Note A2 "Adjustment to Prior-year Figures" in the 2022 annual report). ² Excluding €2.5m (2021: €0.9m) capitalized interest.

Full Year Largely Flat – H1 Valuation Essentially Reversed by Value Decline in H2

• P&L impact 2022 of -€1,270m

• -€686m standing portfolio
• -€452m development projects Deutsche Wohnen (now carried at cost instead of estimated disposal price)
• -€132m nursing and assisted living
• 2022 l-f-l value change of standing portfolio +0.5% (-0.5% excluding investments).
• H2 2022 value decline of 3.9%.
• Standing portfolio now valued at 28.1x in-place rent equaling 3.6% gross yield.
• Value per sqm of €2,590 (German portfolio) including the land compares⁵ to
  • ~€3,600 median purchase price for existing condos
  • ~€5,300 median purchase price for new constructions

Valuation KPIs Dec. 31, 2022 (Standing Portfolio³)

	Germany	Sweden	Austria	VNA Total
In-place rent multiple	29.2x	20.1x1	25.8x1	28.1x
Fair value €/sqm	2,590	2,248	1,742	2,519
L-f-l value growth2,4	0.7%	-1.3%	0.4%	0.5%
value €bn3 Fair	80.1	6.9	3.0	90.0

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 Excluding €4.7bn for undeveloped land, inheritable building rights granted (€0.3bn), assets under construction (€0.6bn), development (€2.1bn), nursing and assisted living (€1.1bn) and other (€0.7bn). ⁴ L-f-l calculation of property portfolio excl. undeveloped land etc. ⁵ Value Data Insights (formerly empirica-systeme), Q4 2022.

EPRA NTA

EPRA NTA -8.2% y-o-y, driven by deferred tax adjustments in the context of new portfolio clustering and asset revaluation.

EPRA NTA (€m) (unless indicated otherwise)				Dec. 31, 2022		Dec. 31, 20211	Delta
Total equity attributable to Vonovia shareholders					31,331.5	32,896.7	-4.8%
		Deferred tax in relation to FV gains of investment properties2			16,190.0	18,438.4	-12.2%
FV of financial instruments3					-117.5	28.6	-
Goodwill as per IFRS balance sheet					-1,529.9	-2,484.1	-38.4%
Intangibles as per IFRS balance sheet				€###	-129.6	-238.8	-45.7%
EPRA NTA				45,744.5		48,640.8	-6.0%
NOSH (million)					795.8	776.6	+2.5%
EPRA NTA (€/share)					57.48	62.63	-8.2%
€/share 62.6	2.6	-2.4	-0.5	-2.1 ###	-2.3	-0.4	57.5
12/21	FFO	Dividend FY2021	Write-offs at-equity investments4	Revaluation & Depreciation/Amortization	Deferred tax adjustments	Currency / Other	12/22

¹ 2021 adjusted after finalization of PPA Deutsche Wohnen. ² Hold portfolio only. ³Adjusted for effects from cross currency swaps. ⁴ Adler Group S.A. -€160.6m impairment loss and -€90.8m based on equity method accounting, QUARTERBACK Immobilien AG -€167.8m impairment loss and -€8.5m based on equity method accounting.

Debt Structure

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

2023-03-16 | FY 2022 Earnings Call 20

12%

2%

30%

3%

53%

• 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 key in overall funding strategy.
• Well-balanced maturity profile and heterogeneous funding mix safeguard sufficient flexibility for future refinancings.

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

5,000

€m

Appendix Business Update & FY 2022 Results

Net Debt/EBITDA Multiple, LTV & ICR

Appendix Business Update & FY 2022 Results

• LTV target: towards lower end of 40-45% range.
• Net debt/EBITDA target: ca. 14-15x.
ICR of at least 3.5x. •
Net debt/EBITDA multiple €m (unless indicated otherwise)	Dec. 31, 2022	Dec. 31, 2021
Net debt (average last five quarters)	43,690.9	32,347.1
Adj. EBITDA (LTM)	2,763.1	2,269.3
Net debt/EBITDA multiple	15.8x	14.3x
ICR €m (unless indicated otherwise)	Dec. 31, 2022	Dec. 31, 2021
Adj. EBITDA (LTM)	2,763.1	2,269.3

LTV €m (unless indicated otherwise)	Dec. 31, 2022	Dec. 31, 20211	Delta
Non-derivative financial liabilities	45,059.7	47,229.5	-4.6%
Foreign exchange rate effects	-50.0	-36.1	+38.5%
Cash and cash equivalents2	-1,302.4	-1,932.4	-32.6%
Net debt	43,707.3	45,261.0	-3.4%
Sales receivables/prepayments	-387.2	-69.9	>100%
Adj. net debt	43,320.1	45,191.1	-4.1%
Fair value of real estate portfolio	94,694.5	97,845.3	-3.2%
Loans to companies holding immovable property and land	809.8	1,042.1	-22.3%
Shares in other real estate companies	547.4	752.4	-27.2%
Adj. fair value of real estate portfolio	96,051.7	99,639.8	-3.6%
LTV	45.1%	45.4%	-30bps

¹ 2021 adjusted after finalization of PPA Deutsche Wohnen. ² Incl. time deposits not classified as cash equivalents. Adj. EBITDA (LTM) as published.

Net Cash Interest (LTM) 502.6 390.4

ICR 5.5x 5.8x

Investments

Elevated Cost of Capital Lead to Slowdown in 2022 and Even More in 2023E

Investment Program Development to Sell

• Investment program includes Apartment Modernization (Optimize Apartment), Energy-efficient building modernization (Upgrade Building) and Space creation.
• 2023E volume substantially below prior years as a result of revised capital allocation.
• Investment hurdles have been increased to reflect higher cost of capital.
• Optimize Apartment yields have increased to >10%.

• 2024E investment program also depending on leverage target achievement.

• €3.7bn (3.6% of balance sheet) committed.

• No additional capital to be committed at this point.
• Recycling of inventory.
• Development to sell is a self-financing entity, i.e. new projects must be financed through disposals of finished developments.
• Most new constructions sold to retail investors / owner occupiers but projects also made ready for global exits.
• Remains an attractive business in light of growing supply/demand imbalance.

¹ Calculated as investment amount over fair value; 2023E based on 2022 fair value.

Energy Efficiency Classes

Vonovia Is Ahead of the Market Thanks to an Early Start and Comprehensive Investments

Appendix Business Update & FY 2022 Results

¹ Agora Energiewende (2023): "Die Energiewende in Deutschland: Stand der Dinge 2022. Rückblick auf die wesentlichen Entwicklungen sowie Ausblick auf 2023." Data based on EPCs.

Sustainability Performance Index (SPI)

Measurable Targets for Non-financial KPIs

• The SPI is the leading quantitative, nonfinancial metric to measure sustainability performance in the most relevant areas (based on materiality matrix).
• SPI reporting is audited by our statutory auditor (limited assurance).
• The SPI has a weight of 25% in the long-term incentive plan for the management board as well as for the leadership group below.
• Initial annual target always set at 100% on the basis of the individual categories; i.e. to achieve the target of 100%, all six individual targets must be fully achieved.

	SPI	2021 Actuals	2022 Actuals	2023 Targets
1	CO2 intensity in the portfolio 1 (German portfolio)	38.4 kg CO2e/sqm/ p.a.	33.0 kg CO2e/sqm/ p.a.	Roughly same level as previous year
2	Average primary energy need of new constructions2	38.6 kWh/sqm p.a.	37.7 kWh/sqm p.a.	31.3
3	Ratio of senior-friendly apartment refurbishments among all new lettings3	30.0%	32.4%	~10%
4	Customer satisfaction4	+4.5%	+1.3%	In line with prior year
5	Employee satisfaction5	+5%	-8%	Higher than prior year
6	Workforce gender diversity (1st and 2nd level below top management.)6	28.0%	25.1%	28.6%
		109%	103%

¹ Total portfolio, based on final energy demand as per EPCs and in relation to lettable floor space. Includes specific CO2 factors from district heating providers. 2023 target in light of the fact that CO² intensity in 2022 was lower than expected. 2021 excl., 2022 & 2023 incl. Deutsche Wohnen ² Based on energy performance certificates, excluding pure commercial spaces and floor additions. 2021 excl. Deutsche Wohnen ³ Includes both apartment refurbishments upon churn as well as on tenants' request; number of new lettings excl. newly constructed apartments. 2021 & 2022 excl., 2023 target incl. Deutsche Wohnen. 2023 accounts for temporarily reduced investment program. ⁴ 2021 & 2022 excl., 2023 target incl. Deutsche Wohnen. ⁵ 2021 & 2022 excl., 2023 target incl. Deutsche Wohnen. Compared to 2019 survey (including Germany and Austria. Sweden did not participate in the 2019 survey.). ⁶ 2021 excl. Deutsche Wohnen. Data excludes nursing and assisted living segment.

Appendix Business Update &

Update on Investigation

Accusations Made Against (Former) Employees

Appendix Business Update & FY 2022 Results

What are the allegations?	On March 7, 2023, authorities searched two of Vonovia's offices in connection with allegations against (former) employees and external parties accused of fraud, embezzlement, collusive tendering, and commercial bribery related to the awarding of contracts to subcontractors and to the detriment of Vonovia. No allegations are made against Vonovia.
What is the impact?	Based on the information currently available to Vonovia, the maximum order volume with third-party companies potentially affected by the investigations for 2022 is less than 1% of the maintenance and investment volume and at similarly low levels in prior years. The actual impact is expected to be only a fraction of that. Vonovia and our auditor therefore agree that the allegations do not have a material impact on the company's net assets, financial position and results of operations.
What is Vonovia's reaction?	Vonovia has set up an internal task force headed by the General Counsel and sponsored by CFO Philip Grosse to investigate any potential involvement of individuals within Vonovia, including its decision making bodies; • breach of duties by representatives of Vonovia; • • impact on Vonovia's customers; • claims by Vonovia against third parties. In this context, Vonovia has mandated Deloitte and Hengeler Mueller to conduct a comprehensive internal investigation, including a review of our internal control system.
What can investors expect?	A comprehensive and diligent internal investigation. Results are expected to be available in a few months. • Full cooperation with authorities. • • Adjustments to processes, if warranted based on the results of the investigation. Market updates when material new information becomes available. •

2023 Guidance Update

• Update reflects higher uncertainty around volumes and profitability for disposals.
• Expectations for operating business remain unchanged.

	Actuals 2022	Initial Guidance 2023 (Nov. 2022)	Updated Guidance 2023 (Mar. 2023)
Total Segment Revenue	€6,256.9m	€6.8bn - €7.4bn	€6.4bn - €7.2bn
Rental Revenue	€3,163.4m	€3.15bn - €3.25bn	€3.15bn – €3.25bn
Organic rent growth (eop)	3.3%	Higher than 2022	Higher than 2022
Recurring Sales (# of units)	2,710	3,000 – 3,500	3,000 – 3,500
FV step-up Recurring Sales	39%	~25%	~25%
Adj. EBITDA Total	€2,763.1m	€2.8bn - €2.9bn	€2.6bn - €2.85bn
Group FFO	€2,035.6m	Slightly below 2022	€1.75bn - €1.95bn
Dividend	€0.85 (~35% of Group FFO after non-controlling interests)	~70% of Group FFO after non-controlling interests	~70% of Group FFO after non-controlling interests
Investments	Portfolio Investments: €837.4m Space creation: €607.1m	Portfolio Investments: ~€500m Space creation: ~€350m	Portfolio Investments: ~€500m Space creation: ~€350m
SPI1	103%	~100%	~100%

Wrap-up

Financing terms and the transaction market are still challenging, requiring us to navigate cautiously through this period of uncertainty.

However, the operating business remains on track and the environment in our rental markets remains highly favorable, particularly with regards to the dominant megatrends that drive our business.

Appendix Business Update &

1. Business Update & FY 2022 Results pages 3-27

1. Appendix pages 29-60

Appendix

• 30 FY2022 Dividend
• 31-33 Regional Markets & Portfolio Clustering
• 34 Illustrative Mietspiegel Mechanics
• 35 Evolution of Fluctuation
• 36 Vonovia SE statutory accounts
• 37-42 ESG
• 43-44 Bond Overview & Covenants
• 45-55 Residential Market Data
• 56-57 Vonovia Shares
  • 58 IR Contact & Financial Calendar
  • 59 Disclaimer

In addressing the consequences of the Russian war on Ukraine, central banks around the world have been increasing 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 KPIs is negative.

However, the new environment also accelerates the relevant megatrends around which we have built our business, especially the supply/demand imbalance in urban areas and the need to fight climate change. This will lead to even stronger fundamentals in the medium- and long-term.

As dividend continuity is a key priority for Vonovia, offering an adequate dividend remains an important objective in light of a significant part of our shareholder base who counts on dividends as a form of shareholder returns.

However, in the current environment, capital discipline is also critical. The decision on the dividend is not black or white, and it is therefore prudent to adjust the payout ratio for the FY2022 dividend and strike an appropriate balance between capital discipline and returns to shareholders.

In Germany, it is for the annual general meeting and for our shareholders to decide but we believe our proposal of €0.85 per share incl. a scrip option strikes such an appropriate balance. And from a cash point of view, we estimate the expected cash out to be around €350 million given the scrip component. No matter how cautious one is about the strength of our balance sheet – this amount cannot be the make-or-break difference.

Our decision underlines our responsiveness to what shareholders expect regardless of our firm conviction with respect to the medium- and long-term robustness of our business model.

So by proposing a cut to the 2022 dividend we show that we take capital discipline serious in this regard as well. But not paying any dividend for last year is too extreme. It would be unnecessary and send the wrong message about the stability of our business and may further increase our cost of equity.

Both Management and Supervisory Board consider the 2022 dividend cut to be an exception and remain fully convinced of Vonovia's stability. Both boards explicitly confirm the general and unchanged dividend policy of paying out ca. 70% of Group FFO after minorities. This policy makes sure that retained earnings plus the proceeds from Recurring Sales provide sufficient funds to sustain the investments for our climate path.

Regional Markets

Balanced Exposure to Relevant Growth Regions

Appendix Business Update & FY 2022 Results

		Fair value1					In-place rent
Regional Markets (Dec. 31, 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	27,794	3,123	144,094	1.1	793	756	7.38	3.2	35.0	84.0	2.0	37.9
Rhine Main Area (Frankfurt, Darmstadt, Wiesbaden)	7,545	3,164	36,869	2.7	259	248	9.14	3.8	29.2	103.3	1.9	32.2
Dresden	5,769	2,081	45,318	2.4	219	204	6.63	2.6	26.3	85.8	1.8	22.2
Rhineland (Cologne, Düsseldorf, Bonn)	5,632	2,628	31,744	1.9	206	196	7.98	2.9	27.4	100.4	1.8	29.4
Southern Ruhr Area (Dortmund, Essen, Bochum)	5,509	2,045	42,997	2.3	219	213	6.85	3.5	25.2	89.0	1.6	29.8
Hamburg	3,654	2,825	20,131	0.9	123	118	7.87	4.1	29.8	97.5	1.7	38.1
Hanover	3,212	2,226	22,099	2.2	125	118	7.21	3.9	25.8	89.8	1.7	32.8
Kiel	3,137	2,088	25,331	1.9	127	122	7.09	3.2	24.6	75.7	1.7	35.2
Munich	3,062	4,309	10,560	1.1	78	74	9.10	2.1	39.2	119.2	2.0	46.7
Stuttgart	2,514	2,939	13,359	1.6	88	85	8.63	2.7	28.6	102.6	1.9	28.1
Northern Ruhr Area (Duisburg, Gelsenkirchen)	2,227	1,461	24,490	2.2	115	112	6.30	2.6	19.3	80.4	1.3	24.2
Leipzig	2,161	2,148	14,200	2.2	78	71	6.46	2.4	27.7	77.6	1.7	21.1
Bremen	1,559	2,131	11,736	1.9	57	55	6.51	3.8	27.3	83.1	1.8	28.4
Westphalia (Münster, Osnabrück)	1,236	1,980	9,442	1.9	51	50	6.92	2.8	24.1	89.6	1.7	26.5
Freiburg	802	2,889	4,036	1.2	28	27	8.22	2.8	29.1	86.3	1.7	34.4
Other Strategic Locations	3,750	2,096	27,618	2.5	154	149	7.30	2.9	24.3		1.7	32.7
Total Strategic Locations	79,565	2,596	484,024	1.8	2,720	2,596	7.41	3.2	29.2		1.8	31.0
Non-Strategic Locations	505	1,911	3,635	1.9	23	19	6.85	2.5	21.5		1.6	31.7
Total Germany	80,069	2,590	487,659	1.8	2,744	2,615	7.40	3.2	29.2		1.8	31.0
Vonovia Sweden3	6,876	2,248	39,453	3.4	342	317	9.73	3.1	20.1		2.1	-
Vonovia Austria3	3,027	1,742	21,412	4.9	117	93	5.18	7.7	25.8		1.7	-
TOTAL	89,972	2,519	548,524	2.0	3,202	3,025	7.49	3.3	28.1		1.8	n/a

¹ Fair values excluding €4.7bn for undeveloped land, inheritable building rights granted (€0.3bn), assets under construction (€0.6bn), development (€2.1bn), nursing and assisted living (€1.1bn) and other (€0.7bn). ² Source: GfK (2023). 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.

Valuation

Value Changes Across the Different Markets

Appendix Business Update & FY 2022 Results

Regional Market	Fair Value1 (€m)	Fair Value1 (€/sqm)	2022 Total Fair Value Growth (l-f-l)
Berlin	27,794	3,123	0.1%
Rhine Main Area	7,545	3,164	-1.9%
Dresden	5,769	2,081	-1.8%
Rhineland	5,632	2,628	1.8%
Southern Ruhr Area	5,509	2,045	4.2%
Hamburg	3,654	2,825	0.1%
Hanover	3,212	2,226	1.8%
Kiel	3,137	2,088	0.8%
Munich	3,062	4,309	2.6%
Stuttgart	2,525	2,939	-0.5%
Northern Ruhr Area	2,227	1,461	3.8%
Leipzig	2,161	2,148	0.5%
Bremen	1,559	2,131	5.2%
Westphalia	1,236	1,980	5.4%
Freiburg	802	2,889	1.9%
Other Strategic Locations	3,750	2,096	1.8%
Non-Strategic Locations	494	1,911	-3.4%
Germany Total	80,069	2,590	0.7%
Sweden	6,876	2,248	-1.3%
Austria	3,027	1,742	0.4%
Vonovia Total	89,972	2,519	0.5%

¹ Fair values excluding €4.7bn for undeveloped land, inheritable building rights granted (€0.3bn), assets under construction (€0.6bn), development (€2.1bn), nursing and assisted living (€1.1bn) and other (€0.7bn).

Portfolio Clustering

Multiple Sales Channels - Proceeds Used for Organic Funding and Capital Reallocation

Appendix Business Update & FY 2022 Results

Dec. 31, 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: ~29k units. Individual apartment sales	Proceeds used mainly for
Strategic	421,221	2,305	7.33	1.7%	66,959	2,550	3.5%	Guidance FY2023: 3,000 – 3,500 units. All of Austrian portfolio is also	organic funding of investment program
Urban Quarters	339,604	1,835	7.32	1.6%	54,915	2,623	3.4%	Recurring Sales potential.
Urban Clusters	81,617	470	7.38	2.1%	12,044	2,261	4.0%		Proceeds used mainly for reallocation of capital
Recurring Sales	28,541	174	7.32	2.5%	5,170	2,589	3.5%	MFH Sales:
MFH Sales	23,531	174	9.27	1.7%	6,166	3,939	2.9%	(i) located outside of Urban Quarters (ii) with an in-place or target rent reflecting a gross yield of <3.5%.
Non Core	14,366	90	6.45	3.2%	1,774	1,623	5.3%	Assets to be sold opportunistically.
Germany	487,659	2,744	7.40	1.8%	80,069	2,590	3.5%
Sweden	39,453	342	9.73	3.4%	6,876	2,248	5.0%
Austria	21,412	117	5.18	4.9%	3,027	1,742	4.1%	Non Core: ~14k units. Assets to be sold
Total	548,524	3,202	7.49	2.0%	89,972	2,519	3.7%	opportunistically.

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.

Appendix Business Update &

• The fluctuation rate has been steadily declining since the IPO and is currently <9%.
• The fluctuation rate level 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).

Appendix Business Update &

Technical Impairment Loss Under German GAAP

• Unlike IAS 40 fair-market-value accounting under IFRS, German GAAP accounting resulted in a technical impairment loss on shares in affiliated companies, driven by the sharp rise in interest rates and the subsequent increase in Vonovia's cost of capital.
• This does not impact the consolidated accounts but only the statutory accounts of Vonovia SE.
• The following write-downs in affiliated companies were recognized as of Dec. 31, 2022:
  • €8.9bn for Deutsche Wohnen SE (not dissimilar to the share price development).
  • €219m for Adler Group S.A.
  • €838m for Victoriahem in Sweden.

Appendix Business Update &

Serving a Fundamental Need in a Highly Relevant Market

Our Business Is Deeply Rooted in ESG

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

• We provide a home to almost 1.5 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.

built on trust

Appendix Business Update &

Megatrends

Three Dominant Megatrends in Residential Real Estate

Appendix Business Update & FY 2022 Results

Sources: United Nations, European Union.

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.

CO² intensity in kg CO2e/sqm per year¹

The 3 levers of our climate path

Appendix Business Update &

FY 2022 Results

PV on all suitable roofs.

Own local heating networks in Urban Quarters powered with renewable energy.

Transformation of the energy sector towards carbonfree district heating and green electricity.

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). 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. ** CO2 intensity for 2022 better than expected at the time of planning.

1

2

3

United Nations Sustainability Development Goals

Vonovia Has a Meaningful Impact on 8 SDGs

Appendix Business Update &

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, Dow Jones Sustainability Index Europe.

Appendix Business Update &

Corporate Governance

AGM, Supervisory Board, Management Board

Appendix Business Update & FY 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)

• 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 and approves decisions of fundamental importance to the company
• Examines and adopts the annual financial statements
• Forms Supervisory Board Committees
• Fully independent
• Board profile with all required skills and experience

Jürgen Fitschen (Chairman)

Fenk

Funck

Clara-Christina Streit

Dr. Ute Geipel-Faber

Christian Ulbrich

CEO Rolf Buch

CFO Philip Grosse Helene von Roeder

CDO Daniel Riedl

Hünlein

Hildegard Müller

Dr. Ariane Reinhart

Management Board (MB)

• Jointly accountable for independently managing the business in the best interest of the company and its stakeholders
• Informs the SVB regularly and comprehensively
• Develops the company's strategy, coordinates it with the SVB and executes that strategy

CRO Arnd Fittkau

Bonds & Ratings

									Business Update & FY 2022 Results		Appendix
N ame	T eno r & C o upo n	ISIN	A mo unt	Issue price	C urrent P rice 3	Yield 3	C o upo n	F inal M aturity D ate	M o o dys	Sco pe	S&P
Bond 022A (EM TN)	3.5 years 0.125%	DE000A2R8NC5	EUR 403.4m	99.882%	99,688	3,39%	0.125%	06-Apr-2023	Baa1	A -	BBB+
Bond 019 (EM TN)	5 years 0.875%	DE000A192ZH7	EUR 391.6m	99.437%	99,092	3,76%	0.875%	03-Jul-2023	Baa1	A -	BBB+
Bond 028A (EM TN)	2 years 0.000%	DE000A3M P4S3	EUR 351.9m	100.484%	98,088	3,96%	0.000%	01-Sep-2023	Baa1	A -	BBB+
Bond 004 (USD-Bond)	10 years 5.000%	US25155FAB22	USD 250m	98.993%	98,992	6,46%	4.580%2	02-Okt-2023	N R	A -	BBB+
Bond 010C (EM TN)	8 years 2.250%	DE000A18V146	EUR 876.8m	99.085%	98,731	4,05%	2.250%	15-Dez-2023	Baa1	A -	BBB+
Bond 017A (EM TN)	6 years 0.750%	DE000A19UR61	EUR 373.2m	99.330%	97,233	4,21%	0.750%	15-Jan-2024	Baa1	A -	BBB+
Bond 023A (EM TN)	4 years 1.625%	DE000A28VQC4	EUR 389.7m	99.831%	97,353	4,37%	1.625%	07-Apr-2024	Baa1	A -	BBB+
Bond 030A (EM TN social)	2 years 3mS+95bps	XS2368364522	SEK 500m	100.000%	98,76	5,49%	3mS+95bps	08-Apr-2024	Baa1	A -	BBB+
Bond 027A (EM TN)	3.25 years 0.000%	DE000A3E5M F0	EUR 278.3m	100.192%	93,687	4,55%	0.000%	16-Sep-2024	Baa1	A -	BBB+
Bond 013 (EM TN)	8 years 1.250%	DE000A189ZX0	EUR 890.4m	99.037%	95,173	4,41%	1.250%	06-Dez-2024	Baa1	A -	BBB+
Bond 009B (EM TN)	10 years 1.500%	DE000A1ZY989	EUR 500m	98.455%	96,025	3,89%	1.500%	31-M rz-2025	Baa1	A -	BBB+
Bond B. 500-2-2 (DW)	5 years 1.000%	DE000A289NE4	EUR 95m	98.910%	93,027	4,72%	1.000%	30-Apr-2025	Baa1	N R	BBB+
Bond B. 500-2 (DW)	5 years 1.000%	DE000A289NE4	EUR 494.7m	98.910%	93,027	4,72%	1.000%	30-Apr-2025	Baa1	N R	BBB+
Bond 020 (EM TN)	6.5 years 1.800%	DE000A2RWZZ6	EUR 500m	99.836%	94,583	4,58%	1.800%	29-Jun-2025	Baa1	A -	BBB+
Bond 015 (EM TN)	8 years 1.125%	DE000A19NS93	EUR 500m	99.386%	90,98	4,64%	1.125%	08-Sep-2025	Baa1	A -	BBB+
Bond 028B (EM TN)	4.25 years 0.000%	DE000A3M P4T1	EUR 1,250m	99.724%	88,832	4,69%	0.000%	01-Dez-2025	Baa1	A -	BBB+
Bond 029A (EM TN social)	3.85 years 1.375%	DE000A3M QS56	EUR 850m	99.454%	92,051	4,66%	1.375%	28-Jan-2026	Baa1	A -	BBB+
Bond 018B (EM TN)	8 years 1.500%	DE000A19X8A4	EUR 700m1	101.119%	91,752	4,82%	1.500%	22-M rz-2026	Baa1	A -	BBB+
Bond 011B (EM TN)	10 years 1.500%	DE000A182VT2	EUR 500m	99.165%	91,353	4,78%	1.500%	10-Jun-2026	Baa1	A -	BBB+
Bond 024A (EM TN)	6 years 0.625%	DE000A28ZQP7	EUR 750m	99.684%	88,286	4,83%	0.625%	09-Jul-2026	Baa1	A -	BBB+
Bond 014B (EM TN)	10 years 1.750%	DE000A19B8E2	EUR 500m	99.266%	90,5	4,92%	1.750%	25-Jan-2027	Baa1	A -	BBB+
Bond 030B (EM TN)	5 years 3mS+140bps	XS2368364449	SEK 750m	100.000%	95,473	6,02%	3mS+140bps	08-Apr-2027	Baa1	A -	BBB+
Bond 031A (EM TN social)	4.5 years 4.750%	DE000A30VQA4	EUR 750m	99.853%	101,132	5,09%	4.750%	23-M ai-2027	Baa1	A -	BBB+
Bond 027B (EM TN)	6 years 0.375%	DE000A3E5M G8	EUR 1,000m	99.947	83,862	4,97%	0.375%	16-Jun-2027	Baa1	A -	BBB+
Bond 022B (EM TN)	8 years 0.625%	DE000A2R8ND3	EUR 500m	98.941%	84,098	5,04%	0.625%	07-Okt-2027	Baa1	A -	BBB+
Bond 017B (EM TN)	10 years 1.500%	DE000A19UR79	EUR 500m	99.439%	86,676	4,91%	1.500%	14-Jan-2028	Baa1	A -	BBB+
Bond 029B (EM TN social)	6.25 years 1.875%	DE000A3M QS64	EUR 800m	99.108%	87,764	5,17%	1.875%	28-Jun-2028	Baa1	A -	BBB+
Bond 028C (EM TN)	7 years 0.250%	DE000A3M P4U9	EUR 1,233m	99.200%	79,294	5,27%	0.250%	01-Sep-2028	Baa1	A -	BBB+
Bond 021A (EM TN)	10 years 0.500%	DE000A2R7JD3	EUR 500m	98.965%	76,493	5,28%	0.500%	14-Sep-2029	Baa1	A -	BBB+
Bond 027C (EM TN)	8.5 years 0.625%	DE000A3E5M H6	EUR 999m	99.605%	76,378	5,45%	0.625%	14-Dez-2029	Baa1	A -	BBB+
Bond 018C (EM TN)	12 years 2.125%	DE000A19X8B2	EUR 500m	98.967%	83,95	5,39%	2.125%	22-M rz-2030	Baa1	A -	BBB+
Bond 023B (EM TN)	10 years 2.250%	DE000A28VQD2	EUR 500m	98.908%	84,722	5,16%	2.250%	07-Apr-2030	Baa1	A -	BBB+
Bond B. 500-3-2 (DW)	10 years 1.500%	DE000A289NF1	EUR 95m	98.211%	79,47	5,16%	1.500%	30-Apr-2030	Baa1	N R	BBB+
Bond B. 500-3 (DW)	10 years 1.500%	DE000A289NF1	EUR 492.3m	98.211%	79,47	5,28%	1.500%	30-Apr-2030	Baa1	N R	BBB+
Bond 024B (EM TN)	10 years 1.000%	DE000A28ZQQ5	EUR 750m	99.189%	77,28	5,37%	1.000%	09-Jul-2030	Baa1	A -	BBB+
Bond 031B (EM TN)	8 years 5.000%	DE000A30VQB2	EUR 750m	99.645%	100,145	5,21%	5.000%	23-Nov-2030	Baa1	A -	BBB+
Bond 026 (EM TN)	10 years 0.625%	DE000A3E5FR9	EUR 600m	99.759%	72,618	5,48%	0.625%	24-M rz-2031	Baa1	A -	BBB+
Bond 500_S1-T1 (DW)	10 years 0.500%	DE000A3H25P4	EUR 318.3m	98.600%	70,561	5,54%	0.500%	07-Apr-2031	N R	N R	BBB+
Bond 029C (EM TN)	10 years 2.375%	DE000A3M QS72	EUR 850m	99.003%	81,565	5,68%	2.375%	25-M rz-2032	Baa1	A -	BBB+
Bond 028D (EM TN)	11 years 0.750%	DE000A3M P4V7	EUR 1,250m	99.455%	68,761	5,64%	0.750%	01-Sep-2032	Baa1	A -	BBB+
Bond 027D (EM TN)	12 years 1.000%	DE000A3E5M J2	EUR 964m	99.450%	67,9	5,76%	1.000%	16-Jun-2033	Baa1	A -	BBB+
Bond 021B (EM TN)	15 years 1.125%	DE000A2R7JE1	EUR 500m	99.822%	66,767	5,66%	1.125%	14-Sep-2034	Baa1	A -	BBB+
Bond 018D (EM TN)	20 years 2.750%	DE000A19X8C0	EUR 500m	97.896%	76,105	5,57%	2.750%	22-M rz-2038	Baa1	A -	BBB+
Bond 022C (EM TN)	20 years 1.625%	DE000A2R8NE1	EUR 500m	98.105%	62,232	5,36%	1.625%	07-Okt-2039	Baa1	A -	BBB+
Bond 025 (EM TN)	20 years 1.000%	DE000A287179	EUR 500m	99.355%	52,774	5,63%	1.000%	28-Jan-2041	Baa1	A -	BBB+
Bond 500_S2-T1 (DW)	20 years 1.300%	DE000A3H25Q2	EUR 265.4m	97.838%	54,58	5,27%	1.300%	07-Apr-2041	N R	N R	BBB+
Bond 027E (EM TN)	20 years 1.500%	DE000A3E5M K0	EUR 500m	99.078%	57,835	4,89%	1.500%	14-Jun-2041	Baa1	A -	BBB+
Bond 028E (EM TN)	30 years 1.625%	DE000A3M P4W5	EUR 750m	97.903%	49,858	5,57%	1.625%	01-Sep-2051	Baa1	A -	BBB+

Overview includes publicly traded bonds of Vonovia and Deutsche Wohnen (excl. Private Placements, Namensschuldverschreibungen (registered bonds) and Schuldscheindarlehen (promissory notes)). ¹ Incl. Tab Bond EUR 200m, Issue date 06 Feb 2020. ²EUR equivalent coupon. ³ As of end of Feb. 2023. Green Bond. Social Bond.

Substantial Headroom for All Covenants

Appendix Business Update & FY 2022 Results

Bond covenants	Required level	Current level (Dec. 31, 2022)	Headroom1
LTV (Total financial debt / total assets)	<60%	44.4%	On the current total financial debt level, fair values would have to drop >28% for the LTV to cross 60%.
Secured LTV (Secured debt / total assets)	<45%	12.4%	On the current secured debt volume, fair values would have to drop ~80% for the secured LTV to cross 45%.
ICR (LTM Adj. EBITDA / LTM net cash interest)	>1.8x	5.5x	On the current EBITDA level, interest expenses would have to increase 205% to ca. €1.5bn for the ICR to fall below 1.8x.
Unencumbered assets (Unencumbered assets / unsecured debt)	>125%	157%	On the current unsecured debt level, fair values would have to drop 24% for the unencumbered assets ratio to fall below 125%.

¹ Headroom calculations are based on sensitivities regarding changes in investment properties, not total assets, while all other variables are kept unchanged.

2023-03-16 | FY 2022 Earnings Call 45

¹Source: BBSR (https://gis.uba.de/maps/resources/apps/bbsr/index.html?lang=de)

Long-term Support from Megatrends

Vonovia location High-influx cities ("Schwarmstädte"). For more information: https://investoren.vonovia.de/en/news-and-publications/reports-publications/;

Urban Areas with Long-term Supply/Demand Imbalance

Market view – growing and shrinking regions¹

• 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.
• The results fully confirm our portfolio management decisions.

Appendix Business Update & FY 2022 Results

Shrinking (above average) Shrinking No clear direction Growing Growing (above average)

Market expectations for the residential asset class vary, and the broader consensus seems to be around a value loss of ca. 10%.

CBRE survey1: expected price reductions in 2023 compared to 2022	0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Residential Shopping centers Prime office (value add) more than -30% between -30% and -10% less than -10% no change up to +10% unsure
Rating agencies	Moody's2: "We have included 10% value declines in our assumptions until year-end 2023." • S&P3: "Assumption: A hypothetical 10% value correction from June 30, 2022 peak." •
Sell-side4	• 14 sell-side analysts quantify their value decline expectations for 2023 and beyond. • Average expectation of ca. -12% peak to trough with values ranging from –5% to -32%.
Market Research	DIW5: "No bubble like Spain or US during subprime crisis; expect a rather moderate development with ≤10% decline." • ZIA6: "The fact that a downward price exaggeration can probably be ruled out also speaks in favor of a quick and not too • deep bottom formation. Exaggerations in price declines occur when declining prices lead to fire sales of housing and thus become an additional factor in their own right to push prices down even further. Emergency sales will certainly occur. But in contrast to many other countries, residential real estate in Germany, especially that of private households, is usually very solidly financed with a high proportion of own funds, fixed interest rates of ten years or more and high amortization. Additional mortgages for consumption purposes are practically unknown. Hence, as a rule, owner-occupiers and small private landlords can simply watch the drop in prices from the sidelines. Nothing will change on their income side thanks to the continued excess demand, and the worst that can happen is that they might lose some of the past book gains."

¹ CBRE Investor Intentions Survey Germany 2023. Survey among 629 European investors (162 of them in Germany) between Nov 10 and Dec. 5, 2022. ² Moody's Credit Opinion Nov 2, 2022. ³ S&P Global Research Update Nov. 11, 2022. ⁴ Own analysis across sell-side coverage on Vonovia. ⁵ DIW Wochenbericht 47/2022. ⁶ German Property Federation (ZIA) Frühjahrsgutachten der Immobilienwirtschaft 2023 des Rates der Immobilienweisen; own translation.

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").

Appendix Business Update & FY 2022 Results

Comps & Implied Building Values

Market Comps and Implied Land Values Suggest Vonovia Valuation Is Conservative

Appendix Business Update & FY 2022 Results

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

¹ Source: Value Data Insights (formerly empirica-systeme), Q4 2022; ² Assumption: 20% of sales price. ³ Estimated €4.0k per sqm. ⁴ Residual value of sales price minus est. developer margin minus est. construction costs. ⁵ Weighted average across the regions Berlin, Rhine Main, Southern Ruhr Area, Rhineland, Dresden, Hamburg, Stuttgart, Leipzig. ⁶ Implied fair value based on share price of €20 and LTV of 45.1%.

Vonovia's Fair Values and Rents Are Substantially Below Market

Rent levels

(€/sqm)

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

Appendix Business Update & FY 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), Q4 2022.

4

Resi Prices Have Shown No Real Weakness in 50 Years

Only Period of Slight Decline Came During High Vacancy Phase

Appendix Business Update & FY 2022 Results

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

Appendix Business Update & FY 2022 Results

Growing number of smaller households Fragmented ownership structure

• 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 clear trend towards smaller households.

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

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

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

Distribution of household sizes (million)

Ownership structure (million units)

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 capacity remains 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
  • After Russia's attack on Ukraine, about 1.1 million people from Ukraine arrived in Germany in 2022.³
• The incremental demand for housing has so far been largely ignored in discussions around the supply/demand imbalance and the need for new construction.

Age group distribution in Germany (million)²

Appendix Business Update &

FY 2022 Results

¹ Source:https://apnews.com/article/europe-business-germany-immigration-migration-066b67d8f256f64f781793d9ea659c59. ² Source: Federal Bureau for Political Education (www.bpb.de). ³Source: https://www.destatis.de/EN/Press/2023/02/PE23\_N010\_12411.html.

Affordability

Average German Household Income and Average Cost of Vonovia Apartment

Average disposable income per household in Germany in 2021 was €3,813/month (€45,756/year).¹

On that basis, the average cost of a Vonovia apartment in relation to this average disposable household income (unadjusted for recent wage increases) are as shown in the chart below.

Average cost of Vonovia apartment in relation to average disposable household income in Germany

¹ Source: Federal Statistics Office. ² Source: Handelsblatt based on data provided by the Federal Finance Ministry.

Recent increases of wage & salaries have provided additional compensation. Examples

Minimum wage
Metal industry
Pensions
Chemical industry
Temp workers

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 & benefits²

Long-term Structural Support (Germany)

Positive Fundamentals

• Long-term structural support from

• High replacement costs

• Insufficient levels of new construction

Appendix Business Update & FY 2022 Results

Urbanization¹

Annual Urban Population at Mid-Year (in million)

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

• Urbanization driving supply/demand imbalance in urban areas

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, 2022E-2024E GdW estimate; CDU/SPD government for 2018-2021 and current government coalition (SPD, Greens, FDP (Liberals)) for 2022E-2025E target rate.

Long-term Structural Support (Sweden)

Positive Fundamentals

Appendix Business Update & FY 2022 Results

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 March 10, 2023, 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

Appendix Business Update & FY 2022 Results

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 40, GPR 250 World, FTSE EPRA/NAREIT Europe, DAX 50 ESG, STOXX Global ESG Leaders, EURO STOXX 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

Appendix Business Update & FY 2022 Results

Contact

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

= -
D	1

Mar 24	Vonovia Full Year Roadshow, Frankfurt with Coba
Mar 27	Vonovia Full Year Roadshow, virtual with BofA
Mar 30	Vonovia Full Year Roadshow, London with BofA
Mar 31	Vonovia Full Year Roadshow, virtual with BofA
May 4	Q1 2023 Results
May 17	Annual General Meeting (virtual)
May 24	Kempen European Property Seminar, Amsterdam
May 24	Berenberg Conference USA, Manhattan
Jun 6	BNPP Exane CEO Conference, Paris
Jun 14	Goldman Sachs European Financials Conference, Paris
Jun 21	Deutsche Bank German Corporate Conference, Frankfurt
Aug 4	H1 2023 Results
Sep 5-7	Commerzbank and ODDO BHF Conference, Frankfurt (IR only)
Sep 11-12	BofA Conference, New York
Sep 18	Goldman Sachs and Berenberg German Corporate Conference, Munich
Sep 19	Baader Investment Conference, Munich (IR only)
Sep 28	Vonovia Capital Markets Day
Nov 3	9M 2023 Results
Nov 29	UBS Global Real Estate CEO/CFO Conference, London
Nov 30	Société Générale Flagship Conference, Paris

Financial Calendar 2023

Mar 21 Vonovia Full Year Roadshow, virtual with BofA

Mar 23 BofA EMEA Real Estate CEO Conference, London

Mar 22 Vonovia Full Year Roadshow, Amsterdam with Kempen

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