Vonovia SE

Investor Presentation • Nov 4, 2022

9M 2022

Earnings Call.

November 4, 2022

1. 9M 2022 Results & Business Update pages 3-22

1. Appendix pages 23-51

Agenda 9M 2022 Results & Business Update

• 4 Highlights
• 5-12 Segment Reporting, Mietspiegel Updates, DW Synergies
• 13-14 EPRA NTA & Valuation
• 15-17 Debt Structure, LTV and Net Debt/EBITDA, Maturity Schedule
• 18 Estimated Free Cash Flow Generation 2023
• 19 Investment Program
• 20 Final Guidance 2022
• 21 Initial Guidance 2023
• 22 Wrap-up

Highlights

	Operating performance fully in line with pre-crisis		No larger value loss expected.
1. Operating perfor mance	expectations. Q3 stronger than Q2 & Q1. • 3.3% organic rent growth.	4.	• No valuation uplift in Q3 as values moved largely sideways on limited transaction evidence.
	• 2.1% vacancy rate (record low). Rent collection remains very high. •	Valuation	Condo market more stable than multifamily homes, likely • driven by the larger transaction volume for condos.
	• €1.98 Group FFO p.s. (+4.2%).		Small fluctuations are not unusual and can always occur • not just on a single-market basis but also in a portfolio.
2. Guidance 2022E confirmed	2022E confirmed in spite of higher inflation, rates and energy crisis. Rental income, Adj. EBITDA & Group FFO unchanged. • • Organic rent growth 3.4%. Reduced recurring sales volume at increased margin. • • Reduced investment program.	5. Robust 2023E guidance	Robust 2023E guidance in spite of reduced portfolio volume and macro headwinds. • Increased top line and Adj. EBITDA reflect optimism on rent collection and limited inflation impact on earnings. • Group FFO slightly below 2022E as higher interest expenses and disposal taxes cannot be fully compensated. • Lower investment volume but higher organic rent growth.
3. DW integration	Deutsche Wohnen integration to deliver higher synergies. Integration process far advanced with final steps to be • completed by year-end; go live 01/2023. • Final synergy estimate confirmed €105m to be fully realized by 2024E, as announced, plus an additional €30m from bottom-up planning of value-add activities.	6. Substantial FCF generation for delevering	~€2.8bn free cash for 2023 expected already before potential proceeds from JV partnerships or a disposal of Deutsche Wohnen's Nursing Business. ~€1.3bn cash on hand estimated at YE2022. • • ~€1.5bn free cash flow from operating business and proceeds from non-core and MFH disposals (after dividend payments).
2022-11-04	9M 2022 Earnings Call 4

Segment Overview

Absolute Growth Driven by DWNI Contribution and Development

€m (unless indicated otherwise)	9M 2022	9M 20212	Delta
Total Segment Revenue	4,619.7	3,517.0	+31.4%
Adj. EBITDA Rental	1,247.2	1,239.6	+0.6%
Adj. EBITDA Value-add	115.9	115.6	+0.3%
Adj. EBITDA Recurring Sales	104.3	105.5	-1.1%
Adj. EBITDA Development	112.8	79.8	+41.4%
Adj. EBITDA Deutsche Wohnen	529.9	-	-
Adj. EBITDA Total	2,110.1	1,540.5	+37.0%
FFO interest expenses	-361.9	-267.5	+35.3%
Current income taxes FFO	-97.3	-58.2	+67.2%
Consolidation1	-73.1	-45.9	+59.3%
Group FFO	1,577.8	1,168.9	+35.0%
of which non-controlling interests	62.0	15.8	>100%
Group FFO after non-controlling interests	1,515.8	1,153.1	+31.5%
3 Number of shares (eop)	795.8	613.8	+29.7%
NOSH)3 Group FFO p.s. (eop	1.98	1.90	+4.2%
Group FFO p.s. (after non-controlling 3 interests)	1.90	1.88	+1.1%

Absolute growth largely driven by DWNI contribution. Vonovia standalone +5.6%.

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

Deutsche Wohnen and strong development contribution drive absolute EBITDA growth already prior to material synergy realization. Vonovia stand-alone €1,580.2 (+2.6%) despite ca. 4k fewer units.

Higher absolute volume as a result of DWNI acquisition.

Increase as a result of larger disposal volume.

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

¹Based on new definition 2022 without elimination of IFRS 16 effects. Comprised intragroup profits of €-22.4m (9M 2021: €-27.2m), gross profit of development to hold of €-41.0m (9M 2021: €-44.3m). 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 9M 2021: €0.4m. ³ 9M 2021 TERP-adjusted (1.067) to reflect the impact of the 12/2021 subscription rights issue for the acquisition of Deutsche Wohnen.

Rental Segment

Stable Rental Performance with Slightly Smaller Portfolio

• Portfolio ca. 4k units smaller in 9M 2022 compared to prior year.
• Organic growth supported by new construction and modernization.
• Elevated operating expenses largely attributable to positive impact from reversing precautionary Covid-related provisions last year. The provisions had been built in H1'20 but were fully reversed in H1'21.
• Only few synergies from Deutsche Wohnen included so far.
• Q3 stand alone 4.4% better than Q1 and 2.1% better than Q2 2022.

¹ Adj. EBITDA Operations margin (Adj. EBITDA Rental + Adj. EBITDA Value-add – intragroup profits) / Rental revenue. Margin 2019 and beyond includes positive impact from IFRS 16. Cost per unit is defined as (Rental revenue – EBITDA Operations + Maintenance) / average no. of units. ² Prior-year figures adjusted to new Adjusted EBITDA definition (excluding results from investments accounted for using the equity method).

Rental Segment

Operating KPIs Fully In Line with Expectations

Appendix 9M 2022 Results & Business Update

excl. DWNI

• Stable organic rent growth.

• Very low vacancy levels as a result of increasingly high demand.
• Remaining vacancy largely driven by investment activities.
• Maintenance expenses comparable to prior year.

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

¹ Vacancy rate incl. Deutsche Wohnen 2.1%.

Positive Mietspiegel Updates Continue

Updates in Q3 2022

Positive trend seen in Q1 and Q2 continued in Q3

• Most relevant Mietspiegel published in Q3 resulted in higher outcomes compared to their previous version.
• The values in the chart show the average rent growth from the Mietspiegel applied to Vonovia's portfolio; it is not automatically the rent growth that can be implemented for all units.¹

Mietspiegel

• Define 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.

Appendix 9M 2022 Results

& Business Update

• Are calculated on the basis of rent levels agreed for comparable apartments over the last six years.
• Detailed (qualifizierte) Mietspiegel have to be based on scientific methodologies:
  • representative data (the data must represent a true and fair reflection of the local rental levels);
  • scientifically recognized methodology that must be properly documented.

¹ Limiting factors 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.

Deutsche Wohnen Integration Completed by YE2022

Synergy Realization Fully On Track with Additional Synergies Beyond 2024

Appendix 9M 2022 Results & Business Update

• Financial and operational integration far advanced with final steps to be completed by year-end.
• Go live scheduled for 01/2023.
• Final synergy estimate confirmed €105m to be fully realized by 2024E, as announced, plus an additional €30m from bottom-up planning of value-add activities.

Develop detailed organizational concept. Finalize organizational concept. Implement target organization. Q1 Q2 Q3 Q4 Go live of all operational and financial processes. Integration completed. 2022 01/2023 Closing of transaction. 11/2021 Integration timeline ( )

Value-add Segment

Higher Expenses Continued to Absorb Revenue Growth

Appendix 9M 2022 Results & Business Update

excl. DWNI

Internal and external revenue growth continues to be absorbed by additional costs resulting from a challenging environment:

• 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.

Value-add business yet to be rolled out to Deutsche Wohnen portfolio.

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

Adj. EBITDA Value-add mostly from internal savings¹

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

¹ Distribution based on 2022 budget.

Recurring Sales Segment

Lower Volumes But Continuously High Fair Value Step-up

Appendix 9M 2022 Results & Business Update

excl. DWNI

• Q3 margin of 44.4% indicative of pricing sustainability but on lighter volume.
• Total Recurring Sales portfolio cluster offers long-term sales potential.
  • Recurring Sales (Germany): ~29k units
  • Austrian Portfolio: ~21k units (opportunistic sales when units become available)

Historical Recurring Sales volumes and FV step-up¹

Recurring Sales Segment (€m)	9M 2022	9M 2021	Delta
Units sold	1,711	2,367	-27.7%
Revenue from recurring sales	378.6	422.2	-10.3%
Fair value	-263.1	-302.7	-13.1%
Adjusted result	115.5	119.5	-3.3%
Fair value step-up	43.9%	39.5%	+440bps
Selling costs	-11.2	-14.0	-20.0%
Adj. EBITDA Recurring Sales	104.3	105.5	-1.1%
Free Cash2	330.0	371.0	-11.1%
Cash conversion3	87%	88%	-100bps

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

Development Segment

Increased Volume and Healthy Gross Margins

Appendix 9M 2022 Results & Business Update

excl. DWNI

• Development less linear than other segments due to project nature of the business.
• Q3 gross margin of 22.9% for development to sell.
• 9M 2022 volume impacted by a larger to-sell project.
• 1,452 units completed in 9M 2022 (816 to hold, 636 to sell).
• Development-to-hold volume still elevated from overhang; lower volumes anticipated going forward in line with revised capital allocation strategy.

Development to hold (by fair value)

Development Segment (€m)	9M 2022	9M 2021	Delta
Revenue from disposal of to-sell properties	456.7	328.8	+38.9%
Cost of Development to sell	-362.9	-270.3	+34.3
Gross profit Development to sell	93.8	58.5	+60.3%
Gross margin Development to sell	20.5%	17.8%	+270bps
Fair value Development to hold	170.3	162.2	+5.0%
Cost of Development to hold1	-129.3	-117.9	+9.7%
Gross profit Development to hold	41.0	44.3	-7.4%
Gross margin Development to hold	24.1%	27.3%	-320bps
Rental revenue Development	1.7	1.0	+70.0%
Operating expenses Development	-23.7	-24.0	-1.3%
Adj. EBITDA Development	112.8	79.8	+41.4%

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 Excluding €0.0m (9M 2021: €0.9m) capitalized interest.

Development to sell (by revenue)

EPRA NTA

• Deferred taxes relate to Hold Portfolio only. Lower deferred tax volume as a result of increased sales portfolio.

• • Adjusting for this technical effect, the NTA per share as of Sep. 30, 2022, would be €65.06 (+3.9%).

NTA (€m) (unless indicated otherwise)	Sep. 30, 2022	Dec. 31, 20211	Delta
Total equity attributable to Vonovia shareholders	34,076.6 €###	32,896.7	+3.6%
Deferred tax in relation to FV gains of investment properties2	17,449.3	18,438.4	-5.4%
FV of financial instruments3	-86.8	28.6	-
Goodwill as per IFRS balance sheet	-1,529.9	-2,484.1	-38.4%
Intangibles as per IFRS balance sheet	-138.0	-238.8	-42.2%
NTA	49,771.2	48,640.8	+2.3%
NOSH (million)	795.8 ###	776.6	+2.5%
NTA (€/share)	62.54	62.63	-0.2%

¹ 2021 adjusted after finalization of PPA Deutsche Wohnen . ² Hold portfolio only. ³Adjusted for effects from cross currency swaps.

Valuation

• No valuation uplift in Q3 as values moved largely sideways on limited transaction evidence.
• Condo market more stable than multifamily homes, likely driven by the larger transaction volume for condos.
• Small fluctuations are not unusual and can always occur not just on a single-market basis but also on a portfolio overall.

Main particularities that provide stability for German resi market

• • Conservative financing inherent in the German mortgage system (long-term financing at fixed rates and including an element of amortization).

• Capital gains tax if an asset is sold prior to owning it for ten years.
• High transaction cost with ca. 8% of the purchase price make short term-trading less attractive.

Debt Structure

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

• Diverse funding mix with no more than 11% of debt maturing annually.

• Combination of LTV, ND/EBITDA, ICR, fixed/hedged debt ratio and maturity profile key in overall funding strategy.
• Well-balanced maturity profile and the heterogeneous funding mix safeguard sufficient flexibility for future refinancings.
• All financing needs for 2022 already fully covered.

KPI / criteria	Current	June 30, 2022
Corporate rating (Scope) Outlook: stable	A-	A
Corporate rating (S&P) Outlook: positive	BBB+	BBB+
Corporate rating (Moody's) Outlook: stable	Baa1	A3
Fixed/hedged debt ratio	96%	96%
Average cost of debt	1.3%	1.2%
Weighted average maturity (years)	7.5	7.7

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

• ICR of at least >3.5%

Net Debt/EBITDA Multiple, LTV & ICR

Appendix 9M 2022 Results & Business Update

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)	Sep. 30, 2022	Dec. 31, 2021
Net debt (average last five quarters)	43,609.9	32,347.1
Adj. EBITDA (LTM)	2,838.5	2,269.3
Net debt/EBITDA multiple	15.4x	14.3x

ICR €m (unless indicated otherwise)	Sep. 30, 2022	Dec. 31, 2021
Adj. EBITDA (LTM)	2.838.5	2,269.3
Net Cash Interest (LTM)	536.6	390.4
ICR	5.3x	5.8x

LTV €m (unless indicated otherwise)	Sep. 30, 2022	Dec. 31, 20211	Delta
Non-derivative financial liabilities	45,644.2	47,229.5	-3.4%
Foreign exchange rate effects	-71.3	-36.1	+97.5%
Cash and cash equivalents	-1,956.5	-1,932.4	+1.2%
Net debt	43,616.4	45,261.0	-3.6%
Sales receivables/prepayments	74.7	-69.9	-
Adj. net debt	43,691.1	45,191.1	-3.3%
Fair value of real estate portfolio	99,238.9	97,845.3	+1.4%
Loans to companies holding immovable property and land	889.1	1,042.1	-14.7%
Shares in other real estate companies	523.4	752.4	-30.4%
Adj. fair value of real estate portfolio	100,651.4	99,639.8	+1.0%
LTV	43.4%	45.4%	-200bps

¹ 2021 adjusted after finalization of PPA Deutsche Wohnen. Adj. EBITDA (LTM) as published.

Debt Maturity Schedule 2023 & 2024

Secured financing expected to be rolled over. •
Bonds expected to be mostly retired with available liquidity and free •
cash flow generation from operating business and disposal proceeds.

• Advanced discussions for sizeable secured financing.

Secured Bonds 2023 €1.5bn €2.7bn 2024 €1.1bn €2.5bn

Appendix 9M 2022 Results

& Business Update

Quarterly debt maturities for 2023 and 2024 (€m)

Estimated Free Cash Flow Generation

Ca. €2.8bn Free Cash Flow in 2023E

• 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 before 2023E free cash flow generation:
  • ~€1.3bn est. cash on hand as per YE2022
  • €3.0bn undrawn RCF/Commercial Paper Program

Note: Free cash flow generation excluding potential proceeds from JV partnerships or a disposal of Deutsche Wohnen's Nursing Business.

Appendix 9M 2022 Results & Business Update

Investment Program

Elevated Cost of Capital Lead to Slowdown in 2023E

• Increased return hurdles for portfolio investments as a result of elevated cost of capital leads to significantly reduced portfolio investment program for 2023.
• Rent growth impact is manageable as market rents are accelerating and the completion of projects from prior years will continue to contribute to rent growth.
• Similarly, the impact on our climate path is expected to be negligible, especially in light of our head start vs. the benchmark path.

Appendix 9M 2022 Results

& Business Update

1.000 1.500

¹ Calculated as investment amount over GAV; 2022E & 2023E based on H1 2022 GAV.

2022-11-04 | 9M 2022 Earnings Call 19

0

500

2.000

2.500

Final Guidance 2022

• Top line, rental income, Adj. EBITDA and Group FFO unchanged.
• Slightly higher organic rent growth.
• Reduced recurring sales volume but increased margin.
• Reduced investment program.

	Previous Guidance	Final Guidance
Total Segment Revenue (€m)	6,200 - 6,400	6,200 - 6,400
Rental Revenue (€m)	3,100 - 3,200	3,100 – 3,200
Organic rent growth (eop)	at least 3.3%	3.4%
Recurring Sales (# of units)	~3,300	~3,000
FV step-up Recurring Sales	~30%	>35%
Adj. EBITDA Total (€m)	2,750 – 2,850	2,750 – 2,850
Group FFO (€m)	2,000 – 2,100	2,000 – 2,100
Dividend	~70% of Group FFO after non-controlling interests	~70% of Group FFO after non-controlling interests
Investments (€m)	Portfolio Investments: 1,000 – 1,100 Space creation: 300 - 400	Portfolio Investments: 800 - 900 Space creation: ~500
SPI1	~100%	>100%

¹ Excl. Deutsche Wohnen.

Guidance includes no assumptions for potential JV partnerships or a potential disposal of Deutsche Wohnen's Nursing Business.

Initial Guidance 2023

• Increased top line and Adj. EBITDA in spite of reduced portfolio volume (smaller portfolio going into 2023 plus 2023E disposals) reflect continued optimism around strong rent collection and limited inflation impact on earnings.
• Group FFO 2023 expected slightly below 2022E as higher interest expenses and sales taxes cannot be fully compensated.
• Higher organic rent growth in spite of reduced investment program underlines positive market rent growth momentum.
• At least €1.5bn free cash proceeds from non-core and MFH disposals and excluding potential proceeds from JV partnerships or a disposal of Deutsche Wohnen's Nursing Business.

	20212 Actuals	Final Guidance 2022	Initial Guidance 2023
Total Segment Revenue (€m)	5,180	6,200 - 6,400	6,800 – 7,400
Rental Revenue (€m)	2,569	3,100 – 3,200	3,150 – 3,250
Organic rent growth (eop)	3.2%1	3.4% (market ▲; invest-driven▼)	Higher than 2022
Recurring Sales (# of units)	2,748	~3,000	3,000 – 3,500
FV step-up Recurring Sales	38.8%	>35%	~25%
Adj. EBITDA Total (€m)	2,254	2,750 – 2,850	2,800 – 2,900
Group FFO (€m)	1,694	2,000 – 2,100	Slightly below 2022
Dividend	€1.66	~70% of Group FFO after non-controlling interests	~70% of Group FFO after non-controlling interests
Investments (€m)	1,398	Portfolio Investments: 800 - 900 Space creation: ~500	Portfolio Investments: ~500 Space creation: ~350
SPI3	~109%	>100%	~100%

¹ 3.8% including the one-off effect from reversal of unconstitutional Berlin rent freeze. ² Prior-year figures adjusted to new Adjusted EBITDA definition (excluding results from investments accounted for using the equity method). ³ Excl. Deutsche Wohnen.

Wrap-up

Operating business fully on track for 2022. High level of confidence also for 2023. Operating environment in our markets remains very favorable, particularly in terms of supply/demand imbalance and market rent growth momentum.

Financing conditions and low transaction volumes create an environment of high uncertainty.

Higher organic cash flow generation will provide increased flexibility as we expect visibility to improve in 2023.

Appendix 9M 2022 Results

& Business Update

1. H1 2022 Results & Business Update pages 3-22

1. Appendix pages 23-51

Agenda Appendix

25-26	Regional Markets & Portfolio Clustering
27	Illustrative Mietspiegel Mechanics
28	Evolution of Fluctuation
29	Disposal Track Record
30-35	ESG

• 36-37 Bond Overview & Covenants
• 38-46 Residential Market Data
• 47-48 Vonovia Shares
• 49 IR Contact & Financial Calendar
• 50 Disclaimer

Regional Markets

Balanced Exposure to Relevant Growth Regions

Appendix 9M 2022 Results & Business Update

		Fair value1			In-place rent
Regional Markets (Sep. 30, 2022)	(€m)	(€/sqm)	Residential units	Vacancy (%)	Total (p.a., €m)	Residential (p.a., €m)	Residential (€/sqm/ month)	Organic rent growth (y-o-y, %)	Multiple (in-place rent)	Purchase power index (market data)2	Market rent increase forecast Valuation (% p.a.)	Average rent growth (LTM, %) from Optimize Apartment
Berlin	8,620	3,170	41,701	1.0	241	230	7.31	5.9	35.8	83.2	1.8	38.9
Rhine Main Area (Frankfurt, Darmstadt, Wiesbaden)	5,695	3,245	26,996	1.9	188	181	8.96	2.6	30.3	103.7	1.8	32.8
Southern Ruhr Area (Dortmund, Essen, Bochum)	5,686	2,110	42,995	2.5	217	211	6.80	3.7	26.3	89.3	1.4	29.3
Rhineland (Cologne, Düsseldorf, Bonn)	4,974	2,598	28,053	1.8	179	171	7.78	2.8	27.7	100.7	1.6	29.1
Dresden	4,824	2,096	38,599	2.4	179	169	6.55	2.4	26.9	84.3	1.6	21.4
Hamburg	3,913	3,060	19,700	1.1	120	115	7.83	3.5	32.6	97.6	1.6	35.5
Kiel	3,350	2,329	24,401	1.8	121	116	7.04	3.4	27.7	76.5	1.6	34.8
Munich	2,851	4,378	9,652	1.3	70	66	8.86	2.6	40.6	120.6	1.9	50.0
Stuttgart	2,598	2,989	13,590	1.7	89	86	8.56	3.2	29.3	103.4	1.8	30.7
Hanover	2,524	2,427	16,120	2.0	91	87	7.27	3.3	27.9	89.5	1.6	33.5
Northern Ruhr Area (Duisburg, Gelsenkirchen)	2,210	1,427	24,849	2.3	116	112	6.24	2.5	19.1	81.3	1.1	23.4
Bremen	1,624	2,219	11,738	2.2	56	54	6.46	3.9	28.8	83.6	1.6	27.4
Leipzig	1,305	2,163	8,859	3.2	46	43	6.47	2.9	28.5	77.3	1.6	21.5
Westphalia (Münster, Osnabrück)	1,297	2,078	9,444	1.7	51	50	6.87	3.4	25.4	90.0	1.5	27.2
Freiburg	793	2,852	4,029	1.2	27	27	8.15	2.9	28.9	86.2	1.6	35.7
Other Strategic Locations	3,656	2,137	26,489	2.3	150	146	7.40	3.1	24.3		1.5	31.9
Total Strategic Locations	55,920	2,524	347,215	1.9	1,941	1,865	7.33	3.4	28.8		1.6	30.7
Non-Strategic Locations	205	1,936	1,178	3.0	8	7	7.02	1.6	24.5		1.5	24.4
Deutsche Wohnen	27,231	3,126	140,079	1.8	780	731	7.45	2.9	34.9		1.8
Total Germany	83,356	2,691	488,472	1.9	2,729	2,603	7.36	3.2	30.5		1.7	30.74
Vonovia Sweden3	7,280	2,380	39,411	3.1	350	325	9.93	3.0	20.8		1.7
Austria3 Vonovia	2,950	1,714	21,127	5.3	114	90	5.05	4.2	25.9		1.5
TOTAL	93,586	2,617	549,010	2.1	3,192	3,018	7.47	3.3	29.3		1.7

¹ Fair values excluding €5.7bn for undeveloped land, inheritable building rights granted (€0.6bn), assets under construction (€1.2bn), development (€1.1bn), nursing and assisted living (€1.2bn) and other (€1.5bn). ² Source: GfK (2022). Data refers to the specific cities indicated in the tables, weighted by the number of households where applicable. ³ Based on the country-specific definition. In-place rents in Austria and Sweden are not fully comparable to Germany, as Sweden includes ancillary costs and Austria includes maintenance and property improvement contributions from tenants. The table above shows the rental level unadjusted to the German definition. ⁴ Excl. Deutsche Wohnen.

Portfolio Clustering

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

Appendix 9M 2022 Results & Business Update

Sep. 30, 2022	Resi units	In-place rent (€m p.a.)	In-place rent (€/sqm)	Vacancy rate	Fair value (€m)	Fair value (€/sqm)	Gross yield	Recurring Sales: Proceeds used mainly for ~29k units. Individual apartment sales
Strategic	423,710	2,326	7.29	1.8%	70,395	2,645	3.4%	organic Guidance FY2022: ~3,000 units funding of Guidance FY2023: 3,000 – 3,500 investment
Urban Quarters	341,901	1,844	7.29	1.7%	57,842	2,737	3.3%	units. program
Urban Clusters	81,809	483	7.29	2.2%	12,553	2,292	4.0%
Recurring Sales	29,389	170	7.25	2.7%	5,478	2,665	3.3%	MFH Sales: New cluster with ~23k units
MFH Sales	23,315	177	9.19	1.4%	6,308	4,060	2.7%	(i) located outside of Urban Quarters (ii) with an in-place or target rent
Non Core	12,058	56	6.30	3.8%	1,175	1,555	5.0%	reflecting a gross yield of <3.5%. Proceeds used mainly Assets to be sold opportunistically. for
Germany	488,472	2,729	7.36	1.9%	83,356	2,691	3.4%	reallocation of capital
Sweden	39,411	350	9.93	3.1%	7,280	2,380	5.0%
Austria	21,127	114	5.05	5.3%	2,950	1,714	4.1%	Non Core: ~12k units. Assets to be sold
Total	549,010	3,192	7.47	2.1%	93,586	2,617	3.5%	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 9M 2022 Results

& Business Update

• The fluctuation rate has been steadily declining since the IPO and is currently around 9%.
• A lower fluctuation rate negatively impacts the overall rent growth as the contribution from new lettings is usually comparatively high (rent growth of ca. 10% without investments and ca. 30% with investments).

Appendix 9M 2022 Results

& Business Update

Strong Disposal Track Record

Vonovia Has Sold >110k apartments since the IPO

• Mostly non-core assets in challenging locations. • Total disposal volume in a magnitude of ca. two-thirds of portfolio size at the IPO. Number of units 30,000 40 5,000 10,000 15,000 25,000 50 20,000 60 10 20 30 6,870 2015 2016 3,677 2020 4,081 2013 2018 4,784 2014 2017 2019 2021 9M 2022 6,720 15,174 26,631 11,780 15,102 18,368 Fair value step-up (%)Recurring Sales Non-core FV step-up Recurring Sales FV step-up Non-core Gagfah acquisition Deutsche Wohnen acquisition

9M 2022 includes ca. 15k units sold to the City of Berlin at fair value.

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

Appendix 9M 2022 Results

& Business Update

Megatrends

Three Dominant Megatrends in Residential Real Estate

Appendix 9M 2022 Results & Business Update

Sources: United Nations, European Union.

2015 2050E

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.

The 3 levers of our climate path

Continue deep renovation.

Replace conventional heating with hybrid systems and heat pumps.

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 excl. 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.

1

2

3

Appendix 9M 2022 Results & Business Update

United Nations Sustainability Development Goals

Vonovia Has a Meaningful Impact on 8 SDGs

Appendix 9M 2022 Results

& 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 9M 2022 Results & Business Update

Corporate Governance

AGM, Supervisory Board, Management Board

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

Jürgen Fitschen (Chairman)

Matthias Hünlein

Daniel Just

Hildegard Müller

Clara-Christina Streit

Dr. Ariane Reinhart

Dr. Ute Geipel-

Christian Ulbrich

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

CEO Rolf Buch

CFO Philip Grosse

CRO Arnd Fittkau

CTO Helene von Roeder

CDO Daniel Riedl

Bonds & Ratings

Name	Tenor & Coupon	ISIN	Amount	Issue price	Price3 Current	Yield3	Coupon	Final Maturity Date	Moodys	Scope	S&P
Bond 018A (EMTN)	4.75 years 3M EURIBOR+0.450%	DE000A19X793	EUR 600m	100.00%	99.960%	1.832%	0.793% hedged	22-Dec-22	NR	A-	BBB+
Bond 022A (EMTN)	3.5 years 0.125%	DE000A2R8NC5	EUR 500m	99.88%	98.398%	3.912%	0.125%	06-Apr-23	NR	A-	BBB+
Bond 019 (EMTN)	5 years 0.875%	DE000A192ZH7	EUR 500m	99.44%	97.989%	4.162%	0.875%	03-Jul-23	NR	A-	BBB+
Bond 028A (EMTN)	2 years 0.000%	DE000A3MP4S3	EUR 500m	100.48%	97.030%	3.859%	0.000%	01-Sep-23	Baa1	A-	BBB+
Bond 004 (USD-Bond)	10 years 5.000%	US25155FAB22	USD 250m	98.99%	99.651%	5.552%	4.580%(2)	02-Oct-23	NR	A-	BBB+
Bond 010C (EMTN)	8 years 2.250%	DE000A18V146	EUR 1,000m	99.09%	98.175%	4.383%	2.250%	15-Dec-23	NR	A-	BBB+
Bond 017A (EMTN)	6 years 0.750%	DE000A19UR61	EUR 500m	99.33%	96.454%	4.368%	0.750%	15-Jan-24	NR	A-	BBB+
Bond 023A (EMTN)	4 years 1.625%	DE000A28VQC4	EUR 500m	99.83%	96.974%	4.469%	1.625%	07-Apr-24	NR	A-	BBB+
Bond 030A (EMTN)	2 years 3mS+95bps	XS2368364522	SEK 500m	100.00%	100.000%	4.409%	3mS+95bps	08-Apr-24	Baa1	A-	BBB+
Bond 027A (EMTN)	3.25 years 0.000%	DE000A3E5MF0	EUR 500m	100.19%	92.937%	4.445%	0.000%	16-Sep-24	Baa1	A-	BBB+
Bond 013 (EMTN)	8 years 1.250%	DE000A189ZX0	EUR 1,000m	99.04%	94.432%	4.556%	1.250%	06-Dec-24	NR	A-	BBB+
Bond 009B (EMTN)	10 years 1.500%	DE000A1ZY989	EUR 500m	98.46%	94.499%	4.192%	1.500%	31-Mar-25	NR	A-	BBB+
Bond B. 500-2-2 (DW)	5 years 1.000%	DE000A289NE4	EUR 95m	98.91%	93.314%	4.315%	1.000%	30-Apr-25	Baa1	NR	BBB+
Bond B. 500-2 (DW)	5 years 1.000%	DE000A289NE4	EUR 495m	98.91%	93.314%	4.315%	1.000%	30-Apr-25	Baa1	NR	BBB+
Bond 020 (EMTN)	6.5 years 1.800%	DE000A2RWZZ6	EUR 500m	99.84%	93.473%	4.885%	1.800%	09-Jun-25	NR	A-	BBB+
Bond 015 (EMTN)	8 years 1.125%	DE000A19NS93	EUR 500m	99.39%	91.216%	4.857%	1.125%	08-Sep-25	NR	A-	BBB+
Bond 028B (EMTN)	4.25 years 0.000%	DE000A3MP4T1	EUR 1,250m	99.72%	87.105%	4.926%	0.000%	01-Dec-25	Baa1	A-	BBB+
Bond 029A (EMTN)	3.85 years 1.375%	DE000A3MQS56	EUR 850m	99.45%	90.558%	4.900%	1.375%	28-Jan-26	Baa1	A-	BBB+
Bond 018B (EMTN)	8 years 1.500%	DE000A19X8A4	EUR 700m(1)	101.12%	90.034%	5.060%	1.500%	22-Mar-26	NR	A-	BBB+
Bond 011B (EMTN)	10 years 1.500%	DE000A182VT2	EUR 500m	99.17%	89.407%	5.129%	1.500%	10-Jun-26	NR	A-	BBB+
Bond 024A (EMTN)	6 years 0.625%	DE000A28ZQP7	EUR 750m	99.68%	86.169%	5.117%	0.625%	09-Jul-26	NR	A-	BBB+
Bond 014B (EMTN)	10 years 1.750%	DE000A19B8E2	EUR 500m	99.27%	88.677%	5.168%	1.750%	25-Jan-27	NR	A-	BBB+
Bond 030B (EMTN)	5 years 3mS+140bps	XS2368364449	SEK 750m	100.00%	100.000%	4.767%	3mS+140bps	08-Apr-27	Baa1	A-	BBB+
Bond 027B (EMTN)	6 years 0.375%	DE000A3E5MG8	EUR 1,000m	99.947	81.335%	5.327%	0.375%	16-Jun-27	Baa1	A-	BBB+
Bond 022B (EMTN)	8 years 0.625%	DE000A2R8ND3	EUR 500m	98.94%	81.391%	5.311%	0.625%	07-Oct-27	NR	A-	BBB+
Bond 017B (EMTN)	10 years 1.500%	DE000A19UR79	EUR 500m	99.44%	84.565%	5.309%	1.500%	14-Jan-28	NR	A-	BBB+
Bond 029B (EMTN)	6.25 years 1.875%	DE000A3MQS64	EUR 800m	99.11%	84.891%	5.308%	1.875%	28-Jun-28	Baa1	A-	BBB+
Bond 028C (EMTN)	7 years 0.250%	DE000A3MP4U9	EUR 1,250m	99.20%	76.194%	5.394%	0.250%	01-Sep-28	Baa1	A-	BBB+
Bond 021A (EMTN)	10 years 0.500%	DE000A2R7JD3	EUR 500m	98.97%	73.441%	5.475%	0.500%	14-Sep-29	NR	A-	BBB+
Bond 027C (EMTN)	8.5 years 0.625%	DE000A3E5MH6	EUR 1,000m	99.61%	72.620%	5.564%	0.625%	14-Dec-29	Baa1	A-	BBB+
Bond 018C (EMTN)	12 years 2.125%	DE000A19X8B2	EUR 500m	98.97%	81.209%	5.750%	2.125%	22-Mar-30	NR	A-	BBB+
Bond 023B (EMTN)	10 years 2.250%	DE000A28VQD2	EUR 500m	98.91%	81.523%	5.671%	2.250%	07-Apr-30	NR	A-	BBB+
Bond B. 500-3-2 (DW)	10 years 1.500%	DE000A289NF1	EUR 95m	98.22%	79.724%	5.350%	1.500%	30-Apr-30	Baa1	NR	BBB+
Bond B. 500-3 (DW)	10 years 1.500%	DE000A289NF1	EUR 492m	98.21%	79.724%	5.350%	1.500%	30-Apr-30	Baa1	NR	BBB+
Bond 024B (EMTN)	10 years 1.000%	DE000A28ZQQ5	EUR 750m	99.19%	73.115%	5.668%	1.000%	09-Jul-30	NR	A-	BBB+
Bond 026 (EMTN)	10 years 0.625%	DE000A3E5FR9	EUR 600m	99.76%	68.641%	5.511%	0.625%	24-Mar-31	NR	A-	BBB+
Bond 500_S1-T1 (DW)	10 years 0.500%	DE000A3H25P4	EUR 318m	98.60%	69.007%	5.681%	0.500%	07-Apr-31	NR	NR	BBB+
Bond 029C (EMTN)	10 years 2.375%	DE000A3MQS72	EUR 850m	99.00%	78.835%	5.394%	2.375%	25-Mar-32	Baa1	A-	BBB+
Bond 028D (EMTN)	11 years 0.750%	DE000A3MP4V7	EUR 1,250m	99.46%	64.922%	5.609%	0.750%	01-Sep-32	Baa1	A-	BBB+
Bond 027D (EMTN)	12 years 1.000%	DE000A3E5MJ2	EUR 1,000m	99.45%	63.892%	5.786%	1.000%	16-Jun-33	Baa1	A-	BBB+
Bond 021B (EMTN)	15 years 1.125%	DE000A2R7JE1	EUR 500m	99.82%	61.546%	5.881%	1.125%	14-Sep-34	NR	A-	BBB+
Bond 018D (EMTN)	20 years 2.750%	DE000A19X8C0	EUR 500m	97.90%	68.821%	6.217%	2.750%	22-Mar-38	NR	A-	BBB+
Bond 022C (EMTN)	20 years 1.625%	DE000A2R8NE1	EUR 500m	98.11%	55.620%	6.166%	1.625%	07-Oct-39	NR	A-	BBB+
Bond 025 (EMTN)	20 years 1.000%	DE000A287179	EUR 500m	99.36%	48.478%	5.772%	1.000%	28-Jan-41	NR	A-	BBB+
Bond 500_S2-T1 (DW)	20 years 1.300%	DE000A3H25Q2	EUR 265m	97.84%	54.322%	5.709%	1.300%	07-Apr-41	NR	NR	BBB+
Bond 027E (EMTN)	20 years 1.500%	DE000A3E5MK0	EUR 500m	99.08%	54.331%	5.711%	1.500%	14-Jun-41	Baa1	A-	BBB+
Bond 028E (EMTN)	30 years 1.625%	DE000A3MP4W5	EUR 750m	97.90%	46.489%	5.348%	1.625%	01-Sep-51	Baa1	A-	BBB+

Overview includes publicly traded bonds of Vonovia and Deutsche Wohnen (excl. Inhaberschuldverschreibungen (bearer bonds), Namensschuldverschreibungen (registered bonds) and Schuldscheindarlehen (promissory notes). ¹ Incl. Tab Bond EUR 200m, Issue date 06 Feb 2020. ²EUR equivalent coupon. ³ As of end of Oct. 2022.

Appendix 9M 2022 Results

& Business Update

Substantial Headroom for All Covenants

Appendix 9M 2022 Results & Business Update

Bond covenants	Required level	Current level (Sep. 30, 2022)	Headroom1
LTV (Total financial debt / total assets)	<60%	43.0%	On the current total financial debt level, fair values would have to drop >30% for the LTV to cross 60%.
Secured LTV (Secured debt / total assets)	<45%	12%	On the current secured debt volume, fair values would have to drop ~78% for the secured LTV to cross 45%.
ICR (LTM Adj. EBITDA / LTM net cash interest)	>1.8x	5.3x	On the current EBITDA level, interest expenses would have to increase 194% to ca. €1.6bn for the ICR to fall below 1.8x.
Unencumbered assets (Unencumbered assets / unsecured debt)	>125%	162%	On the current unsecured debt level, fair values would have to drop 26% 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.

2022-11-04 | 9M 2022 Earnings Call 38

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 9M 2022 Results & Business Update

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

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 9M 2022 Results & Business Update

Comps & Implied Building Values

Market Comps and Implied Land Values Suggest Vonovia Valuation Is Conservative

Appendix 9M 2022 Results & Business Update

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

¹ Source: Value Data Insights (formerly empirica-systeme), Q3 2022; ² Assumption: 20% of sales price. ³ Mid-point of estimated €3.5k to €4.0k range. 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 €22 and LTV of 43.4%.

Vonovia's Fair Values and Rents Are Substantially Below Market

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

Appendix 9M 2022 Results & Business Update

Price levels

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

Rent levels

Vonovia rental levels 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), Q3 2022.

Resi Prices Have Shown No Real Weakness in 50 Years

Only Period of Slight Decline Came During High Vacancy Phase

Appendix 9M 2022 Results & Business Update

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

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, almost 1 million people from Ukraine arrived in Germany between February and August 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 9M 2022 Results

& Business Update

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/2022/10/PE22\_428\_12411.html;jsessionid=10C358679D8B80B402971A0B41362A93.live741.

Long-term Structural Support (Germany)

Positive Fundamentals

Appendix 9M 2022 Results & Business Update

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

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

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

Urbanization¹

Long-term Structural Support (Sweden)

Positive Fundamentals

Appendix 9M 2022 Results & Business Update

• 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

Annual Urban Population at Mid-Year (in million)

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

Liquid Large-cap Stock

Total Performance since IPO

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

& Business Update

Vonovia Shares

Basic Data and NOSH Evolution

Appendix 9M 2022 Results & Business Update

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

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

IR Contact & Financial Calendar

https://investors.vonovia.de

Appendix 9M 2022 Results & Business Update

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

Financial Calendar 2022

Nov 4	9M 2022 Results
Nov 7-8	Roadshow, London
Nov 9	Roadshow, virtual
Nov 10	Roadshow, Frankfurt
Nov 14-18	Roadshow, Asia virtual
Nov 15-17	Roadshow, Toronto, Chicago, and NYC
Nov 30	UBS Global Real Estate Conference, London
Dec 1	Societe Generale Flagship Event, Paris
Dec 8	EPRA Corporate Access Day, London (IR only)

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Financial Calendar 2023

Nov 3	9M 2023 Results
Sep 28	Vonovia Capital Markets Day
Sep 19	Baader Investment Conference, Munich (IR only)
Sep 18	Goldman Sachs and Berenberg German Corporate Conference, Munich
Sep 11-12	BofA Conference, New York
Sep 5-7	Commerzbank and ODDO BHF Conference, Frankfurt (IR only)
Aug 4	H1 2023 Results
Jun 20	Deutsche Bank German Corporate Conference, Frankfurt
Jun 6	BNPP Exane CEO Conference, Paris
May 24	Kempen European Property Seminar, Amsterdam
May 4	Q1 2023 Results
Mar 23	BofA EMEA Real Estate CEO Conference, London
Mar 17	FY 2022 Results
Jan 17-18	Kepler German Corporate Conference, Frankfurt
Jan 12	Barclays European Real Estate Conference, London
Jan 10-11	Commerzbank and ODDO German Investment Seminar, New York
Jan 5	ODDO BHF Forum, Lyon (IR only)

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

Disclaimer

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

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

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

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

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

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

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

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

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

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

Tables and diagrams may include rounding effects.

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

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

For Your Notes