Vonovia SE

Investor Presentation • Mar 19, 2025

VOROUIA

FY 2024

Earnings Call Presentation

Agenda

2 .
3.

Big Picture page 3-7
FY 2024 Update pages 9-10
Appendix pages 20-45

Vonovia's Evolution across 3 Phases since the IPO

Impact of Recent Macro Events on Phase 3 Timing Return to Growth Not Clear yet

2013
Building the market leader

• Portfolio built for long-term growth.
• Proof of scalability.
• Market-leading platform and efficiency.
  

Portfolio volume evolution

2022
2023
2025 +
Crisis Management
- Energy prices \& inflation up.
-ECB hikes rates 10x.
- Values decline by 26\% (gross).
- Step change in cost of capital.
$\checkmark$ Disposal program.
$\checkmark$ Capital discipline.
$\checkmark$ Priority for cash generation over profitability.
$\checkmark$ First out of crisis mode.

Early March 2025

New uncertainty

• Defense and infrastructure spending program.
• Impact on property prices \& financing costs.
• Negative impacts vs. benefits from higher government spending on energy and housing.
• We are much better prepared this time.
• We know what works and what doesn't.
• No knee-jerk reactions.
• Manage the business with a steady hand.
• Priorities: protect rating, manage debt KPIs, maintain overall capital discipline, safeguard medium \& long-term success of our business.
• Execution of more capital-intensive nonrental growth continuously evaluated against cost of capital evolution.
• Capital light non-rental growth unaffected.

Price Development

Stabilization

• Market data suggests that value declines have stopped and prices have stabilized.
• Prices for multi-family houses are moving sideways on average.
• Condo prices stabilized earlier and are showing first signs of increases.
• Positive H2.2024 value change in all three countries.
  

Transactions \& Market Sentiment

Increasing Volumes. Growing Optimism

• Q4 2024 with largest transaction volume in almost three years.
• Residential is most favored asset class in Germany for 2025.
• Vast majority of market participants expect residential prices to remain at least stable or even increase.

German residential transaction volume (Cbn) ${ }^{1}$

Increasing Real Market Levels As Supply/Demand Imbalance Beats Regulation

Robust Growth Trajectory for Many Years

• Vonovia's portfolio is focused on urban growth markets with the largest supply-demand gap.
• Structural imbalance supports long-term rent growth trajectory.
• $\sim 4 \%$ Adj. EBITDA Rental growth p.a. for many years (based on $€ 1 \mathrm{bn}$ investments. Higher growth from ramping up investments. Operating yield of 6-7\% on investment amount).

Supply/demand imbalance: Rising Temperature ${ }^{1}$

Wide disparity of gross initial yields based on in-place values and rents (current rent level $€ / \mathrm{sqm})^{2}$

[^0]
[^0]: ${ }^{1}$ Source: bulwiengesa Wohnwetterkarte. ${ }^{2}$ Vonovia's German portfolio. ${ }^{3}$ Source: Value Marktdatenbank (formerly empirica-systeme), Q4 2024. Asking rents excluding furnished apartments and new constructions. Market data reflects the weighted average for Vonovia's German portfolio as of Dec. 31,

Earnings Growth

Ambition to Grow Adj. EBITDA Total CAGR by $\sim 8 \%$ until 2028E

2024-2028E CAGR

• Adj. EBITDA Rental $\sim 4 \%$
• Adj. EBITDA Non-rental $\sim 30 \%$
• Adj. EBITDA Total $\sim 8 \%$
• Adj. EBT mid single digit

Adj. EBITDA Total

Rental business

Rock solid, low risk, and highly predictable
$\sim 4 \%$ Adj. EBITDA Rental growth p.a. for the long-term
(Based on €1bn investments p.a. Higher growth from ramping up investments. Operating yield of 6-7\% from rent growth and cost savings following completion of the investment).

Full occupancy (except for apartments undergoing refurbishment during tenant turnover).

Full rent collection.

Non-rental business (value-add, Recurring Sales, Development) Additional earnings \& value generation not reflected in NTA

Return to
Performance

Accelerated
Tech-Supported
Investments

Expanded
Business Areas

• VTS craftsmen organization \& increasing investment volume
• Recurring Sales
• Development to Sell
• Serial Modernization
• Energy Cube heat pump
• PV
• Energy Operations
• Stranded Assets
• Occupancy Rights
• $3^{\text {rd }}$ Party Market/2nd Vonovia

Higher investment volume funded by OFCF (60\% equity contribution) and non-core disposals

Agenda

1
2.
3.

Big Picture pages

FY 2024 Update pages 9-18

Appendix pages 20-45

Key Highlights

• Current market data suggests that value declines have stopped and prices have stabilized.
• Vonovia portfolio value up $0.5 \%$ in H2 2024 (I-f-I).
• Transaction volumes are increasing; growing market optimism.
• Successful completion of disposal program for cash generation purposes. Focus is now on non-core.
• Negative price correction appears to be over.
• Leverage under control with stabilized ratings.
  
• $\sim 4 \%$ CAGR for Adj. EBITDA Rental. ${ }^{1}$
• $\sim 30 \%$ CAGR for Adj. EBITDA Non-rental.
• $\sim 8 \%$ CAGR for Adj. EBITDA Total.
• Mid-single digit CAGR for Adj. EBT.
• $4.1 \%$ organic rent growth ( +30 bps ).
• €2,625m Adj. EBITDA (+1.6\%).
• €1,800m Adj. EBT (-3.6\%)
• $\left.\in 1,901 \mathrm{~m} \mathrm{OFCF}(+34.3 \%)\right} \rightarrow$ priority for cash generation over profitability in 2024
• Pro forma LTV $45.8 \%$ (-150 bps).
• €45.23 EPRA NTA p.s. (-3.4\%).
• €1.22 dividend p.s. $(+36 \%) .^{2}$
  FY2024 Update
• Based on €10m investments p.s. Higher growth from ramping up investments. Operating yield of $6.7 \%$ from rent growth and cost savings following completion of this investment.

Successful Completion of Disposal Program for Cash Generation Purposes

Almost €8bn Disposal Volume in 2023+2024. Rating Stabilized

• Disposal program initiated for cash generation successfully completed.
• Balance sheet protected and rating stabilized during period of high uncertainty.
• Disposal of remaining $€ 1.6$ bn non-core will remain a priority.
  
• Total disposal volume of $€ 7.9$ bn since the beginning of 2023.
• Without disposals the current LTV would be $52 \%$.
• Further deleveraging will continue organically
• Rent growth will drive fair values towards a lower LTV (based on stable market yields assumption).
• Organic EBITDA growth will push ND/EBITDA lower and keep ICR largely stable and in safe territory.
• Future disposal decisions with more emphasis on profitability.

Earnings \& Cash Flow Summary

Cm (unless indicated otherwise)	FY 2024	FY 2023	Delta (\%)
Adj. EBITDA Rental	2,385.3	2,401.7	$-0.7 \%$
Adj. EBITDA Value-add	168.4	105.5	$+59.6 \%$
Adj. EBITDA Recurring Sales	57.6	63.4	$-9.1 \%$
Adj. EBITDA Development	13.4	13.2	$+1.5 \%$
Adj. EBITDA Total	2,625.1	2,583.8	$+1.6 \%$
Adj. Net Financial Result	$-709.0$	$-625.1$	$+13.4 \%$
Depreciation	$-112.3$	$-110.2$	$+2.3 \%$
Intragroup profit (-)/loss (+)	$-3.6$	17.7	-
Adj. Earnings before Taxes (EBT)	1,799.6	1,866.2	$-3.6 \%$
Adj. Earnings before Taxes (EBT) p.s. ${ }^{1}$	2.20	2.31	$-5.1 \%$
Adj. EBT attributable to minorities	166.6	136.0	$+22.1 \%$
Adj. EBT after minorities	1,633.6	1,730.2	$-5.6 \%$
Adj. EBT after minorities p.s. ${ }^{1}$	1.99	2.15	$-7.1 \%$
Depreciation	112.3	110.2	$+2.3 \%$
Capitalized maintenance	$-294.2$	$-296.3$	$-0.7 \%$
Cash taxes ${ }^{2}$	$-235.5$	$-124.0$	$+89.9 \%$
Book value of sold investment properties	387.6	239.4	$+61.9 \%$
Development to Sell	Net working capital ${ }^{3}$	274.3	$-340.2$
Dividends paid to JV minorities \& other	$-143.3$	$-40.5$	$>100 \%$
Operating Free Cash Flow (OFCF) ("Vonovia AFFO")	1,900.6	1,414.8	$+34.3 \%$
Operating Free Cash Flow (OFCF) ("Vonovia AFFO") p.s. ${ }^{1}$	2.32	1.75	$+32.6 \%$

Underlying operations remain highly favorable with growing rents, virtually full occupancy, and high collection rates; FY2024 impacted by $\sim 6 \mathrm{k}$ fewer units.

• Value-add segment includes €58m from lease agreement on coax network. ${ }^{4}$
• Recurring Sales volumes and Development to Sell at higher volumes but lower margins as a result of focus on cash generation.
• Increase in Adj. EBT attributable to minorities due to annualized impact from Apollo JVs.
• Adj. net financial result driven by higher refinancing costs ( $4.1 \%$ average financing costs in 2024) and full-year effect of 2023 financings.
• Higher income tax payments related to disposals.
• Increase in OFCF cash dividends driven by Apollo JVs.

[^0]
[^0]: ${ }^{1}$ Based on the weighted average number of shares carrying dividend rights. ${ }^{2}$ Income tax payments according to cash flow statement (w/o taxes on Non Core sales). ${ }^{3}$ Change in net current assets (working capital) according to cash flow statement (adjusted for special payment effects). ${ }^{4}$ Finance lease under HWS 16 requires full earnings to be accounted for at beginning of 10-year contract period.

Accretive Investment Program in Long-term Portfolio

Acceleration through Tech-supported Investments

• Investment program is based on the long-term structural megatrends supply demand imbalance, climate change, and demographic change.
• Attractive operating yield of 6-7\% from rent growth and cost savings following completion of the investment.

Investment Program (Cm)

Rental Segment

Highly Robust

• Accelerating market rent growth but fluctuation remains low.
• Vacancy rate only a function of turnaround time in case of fluctuation.
• Virtually full rent collection.
• More normalized level of maintenance and operating expenses (following very stringent cash focus in 2023).

Vacancy rate (eop, \%)

Dec 31, 2023
Dec 31, 2024

Organic rent growth (y-o-y, \%)
3.8	4.1
0.5	0.4
1.0	0.9
2.3	2.8
Dec 31, 2023	Dec 31, 2024
Mietspiegel/OVM ${ }^{3}$	Modernization New construction

Collection rate for rental income and all ancillary expenses (\%) ${ }^{1}$

2023
2024

Fluctuation rate (\%) ${ }^{1,2}$
7.9
8.1

2023
2024

Expressed and capitalized maintenance (€/sqm)

2023
2024

Capitalized maintenance
Expressed maintenance

[^0]
[^0]: 1 German portfolio. ${ }^{2}$ Fluctuation at JPM was ca. $11 \%{ }^{3}$ OVM = local comparative rent.

• L-f-I value decline of -0.9\% in 2024 (-1.4\% in H1 and +0.5\% in H2).
• Standing portfolio now valued at $23.2 x$ in-place rent equaling $4.3 \%$ on a gross basis.
• Value per sqm of $€ 2,278$ (German portfolio) including the land compares ${ }^{5}$ to
• $\sim € 3,360$ median purchase price for existing condos;
• $\sim € 5,400$ median purchase price for new constructions.

Valuation KPIs Dec. 31, 2024 (Standing Portfolio ${ }^{3}$ )

	Germany	Sweden	Austria	VNA Total
In-place rent multiple	24.1	$17.5^{1}$	$21.4^{1}$	$\mathbf{2 3 . 2}$
Fair value $€ /$ sqm	2,278	2,094	1,606	$\mathbf{2 , 2 3 0}$
L-f-I value growth ${ }^{2,4}$	$-1.3 \%$	$+3.3 \%$	$0.0 \%$	$\mathbf{- 0 . 9 \%}$
Fair value $€$ bn $^{3}$	69.4	6.4	2.7	$\mathbf{7 8 . 5}$

Value changes ${ }^{6}$

Fair value evolution in FY 2024 (Cbn)

[^0]
[^0]: 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. ${ }^{5}$ Local currency. ${ }^{7}$ Fair value of the developed land excluding $€ 3.3 \mathrm{~bn}$, of which $€ 0.4 \mathrm{bn}$ for undeveloped land and inheritable building rights granted, $€ 0.3 \mathrm{~bn}$ for assets under construction, $€ 1.8 \mathrm{~bn}$ for development, $€ 0.6 \mathrm{~bn}$ for nursing portfolio (of which $€ 0.3 \mathrm{~bn}$ have been sold based on a purchase agreement signed in January 2025), and $€ 0.4 \mathrm{~bn}$ for other. ${ }^{3}$ L-f-I calculation of property portfolio excl. undeveloped land etc. ${ }^{4}$ Value Data Insights (formerly empirica-systems), (p2 2024). ${ }^{5}$ Aggregate change from yield shift, performance and investments.

Financial KPIs

Leverage Well under Control with Organic Deleveraging Going Forward

• Pro forma cash position of $€ 3.8 \mathrm{bn}^{1}$ covers all near-term maturities.
• Debt KPIs well under control to safeguard good investment grade rating; direction of travel is now the right one for all three debt KPIs.
• Cash generation and internal funding remains a key focus but the prioritization of cash generation over earnings and profitability is over.

	Rating	Outlook	Last update
S\&P	BBB+	Stable	Aug. 23, 2024
Moody's	Baa1	Stable	Feb. 11, 2025
Fitch	BBB+	Stable	Feb. 17, 2025
Scope	A-	Negative	Jul. 2, 2024

FY2024 Dividend Proposal

€1.22 p.s. (+36\% y-o-y)

• Proposal ${ }^{1}$ in line with market guidance of $\sim € 1$ bn dividend capacity.
• €0.12 below strict application of dividend policy. Retained cash will be invested towards increasing investment program in 2025.
• Scrip decision will be made at the time of convening the AGM. Scrip option will remain a year-by-year decision primarily based on (i) share price level vs. NTA and (ii) leverage and cash-flow considerations.

Dividend Policy

50\% of Adj. EBT plus surplus liquidity ${ }^{2}$ from Operating Free Cash Flow after accounting for the equity contribution to our yielding investment program.

Dividend Evolution ( $€ /$ share) $^{3}$

[^0]
[^0]: ${ }^{1}$ Dividend proposed by the 2025 AGM. ${ }^{2}$ Supplies liquidity calculated as the 3-year-average Free Liquidity for Distribution (OFFE minus $\sim 60 \%$ equity contribution for the investment program) and minus $50 \%$ EBT dividend (assuming all cash and $0 \%$ script ratio). ${ }^{3}$ TERP-adjusted for 2013-2020.

2025 Guidance \& 2028 Objective Unchanged

	Actuals 2023	Actuals 2024	Initial Guidance 2025E	Objective 2028E
Rental Revenue	€3.253bn	€3.324bn	€3.3bn - €3.4bn	€3.7bn - €3.8bn
Organic rent growth	$3.8 \%$	$4.1 \%$	$\sim 4 \%$	(Higher rent growth driven by higher investment volume)
Adj. EBITDA Total	€2.584bn	€2.625bn	€2.7bn - €2.8bn	€3.2bn - €3.5bn
Rental	Contribution to Adj. EBITDA Total	$\begin{gathered} 93 \% \ 4 \% \ 2 \% \ 1 \% \end{gathered}$	$\begin{gathered} n / a \ n / a \ n / a \end{gathered}$	$75-80 \%$
Value-add					9-12\%
Recurring Sales
Development		$1 \%$	$1 \%$	$n / a$	$4-5 \%$
Adj. EBT	€1.866bn (of which $€ 136 m$ attributable to minorities)	€1.800bn (of which $€ 166 m$ attributable to minorities)	€1.75bn - €1.85bn (of which $\sim 10 \%$ attributable to minorities)	Mid-single digit CAGR 2024 - 2028E
Dividend ${ }^{1}$	€0.90	€1.22	50\% Adj. EBT plus surplus liquidity paid out as dividend
Investments ${ }^{2}$	€804m	€836m	$\sim € 1.2 b n$	$\sim € 2 b n$
Sustainability Performance Index (SPI)	$111 \%$	$104 \%$	$\sim 100 \%$	$\sim 100 \%$

[^0]
[^0]: ${ }^{1}$ Dividend per share for the respective financial year. 2024 refers to dividend proposal to the 2025 AGM. ${ }^{2}$ Including Upgrade Building, Optimize Agreement, Development to Held (Space creation), Leverage neutral financing of 60\% equity/60\% debt. Excluding Development to Sell.

Wrap-up

• Following the inflation-driven interest rate hike in the wake of the war on Ukraine, our residential markets have shown clear signs of stabilization and normalization with values bottoming out and optimism returning to the sector.
• Vonovia's operating business remains rock solid and we are confident in our ability to deliver on the 2025E guidance and the 2028E Adj. EBITDA growth objectives.
• However, new uncertainty has emerged from the planned investments in defense and infrastructure spending by the German government-elect. The ramifications -both positive and negative- are still unclear at this point, and we will carefully monitor the evolving situation.
• The last three years have confirmed that we are well advised to refrain from knee-jerk reactions but to continue to manage the business with a steady hand.
• Contrary to three years ago, we are much better prepared today and can draw from the lessons we learned over the last three years.
• The key priorities are clear: protect our rating, manage our debt KPIs, maintain overall capital discipline, and safeguard the long-term success and growth of our business.

Agenda

1
2
3

Big Picture page 3-7

FY 2024 Update pages 9-18

Appendix pages 20-45

• Non-rental initiatives overall are more capital light than the rental business, but some initiatives require more investments than others.
• In light of the recent increase in bund yields, Vonovia will carefully manage each initiative in the context of our prevailing cost of capital.
  
• The two initiatives with the highest capital intensity are
• Development: An infrastructure investment plan will include substantial benefits for housing and energy, potentially offsetting negative effects from higher cost of capital.
• (Potentially) stranded assets: Adj. EBITDA contribution is back-end loaded; initial investments could be deferred.

EPRA NTA

EPRA NTA ( $\mathbf{C m}$ )
(unless indicated otherwise)

Dec. 31, 2024	Dec. 31, 2023	Delta
23,996.4	25,682.6	$-6.6 \%$
14,620.2	13,895.3	$+5.2 \%$
23.4	-13.4	-
-1,391.7	-1,391.7	-
-32.7	-32.0	$+2.2 \%$
37,215.6	38,140.9	$-2.4 \%$
822.9	814.6	$+1.0 \%$
45.23	46.82	$-3.4 \%$

Rental Segment

• Increased revenue driven by rental growth on a smaller portfolio.
• Maintenance and operating expenses on a more normalized level (following stringent cash focus in prior year).
• Scale benefits evidenced by cost per unit now $<\mathbb{3} 300$.

Rental Segment ( $\mathbf{€ m})$

Rental Segment ( $\mathbf{€ m})$	FY 2024	FY 2023	Delta
Rental revenue	$3,323.5$	$3,253.4$	$+2.2 \%$
Maintenance expenses	-470.5	-426.2	$+10.4 \%$
Operating expenses	-467.3	-425.5	$+9.8 \%$
Adj. EBITDA Rental ${ }^{1}$	$\mathbf{2 , 3 8 5 . 7}$	$\mathbf{2 , 4 0 1 . 7}$	$\mathbf{- 0 . 7 \%}$

Rental revenue by geography

Scale and efficiency gains in Germany ${ }^{1}$

Avg. number of units ( 000 ) Cost per unit $\rightarrow$ Adj. EBITDA Operations margin
${ }^{1}$ 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. 2022 and onwards incl. Deutsche Wohrseln.

Robust Long-term Upward Trajectory for Vonovia's Rent Levels Increasing Real Market Levels As Supply/Demand Imbalance Trumps Regulation

Vonovia					Real market ${ }^{4}$		Delta between real market and Vonovia in-place rent
Regional Market (Dec. 31, 2024)	\% of total assets ${ }^{1}$	In-place rent $^{2}$	Reletting rent range ${ }^{3}$		Asking rent range ${ }^{5}$
				Asking rent range ${ }^{5}$		0\%	50\%	100\%	150\%	200\%
Berlin	30\%	7.91	8.72	11.53	15.30	21.19
Rhine Main Area (Frankfurt, Darmstadt, Wiesbaden)	7\%	9.71	10.69	12.52	13.80	16.79
Southern Ruhr Area (Dortmund, Essen, Bochum)	9\%	7.32	8.05	9.65	8.77	10.52
Rhineland (Cologne, Düsseldorf, Bonn)	7\%	8.38	9.02	11.09	11.64	14.11
Dresden	9\%	6.97	7.77	8.46	9.00	11.38
Hamburg	4\%	8.34	8.84	11.49	12.86	15.77
Hanover	5\%	7.66	8.30	10.16	10.16	12.18
Kiel	5\%	7.66	8.09	10.61	10.65	13.04
Munich	2\%	9.82	12.25	14.62	18.30	21.81
Stuttgart	3\%	9.09	9.77	11.67	13.32	15.88
Northern Ruhr Area (Duisburg, Gelsenkirchen)	5\%	6.67	7.08	8.55	7.63	8.91
Leipzig	3\%	6.89	7.05	8.69	8.90	11.24
Bremen	2\%	6.95	7.76	8.63	10.64	12.91
Westphalia (Münster, Osnabrück)	2\%	7.41	8.31	9.35	9.90	11.87
Freiburg	1\%	8.79	9.26	11.79	14.26	17.49				Lower end
Other Strategic Locations	6\%	7.76	8.21	10.00	10.31	12.22				Upper end
Non-Strategic Locations	0\%	7.44	7.90	9.94	10.57	12.38
Total Germany	100\%	7.89	8.61	10.57	12.12	15.48

[^0]
[^0]: ${ }^{1}$ Residential Germany (based on no. of units). ${ }^{2}$ Vonovia average in-place rent as of Q4 2024. ${ }^{3}$ Lower end of range: reletting rent without invest; upper end of range: reletting rent with invest. ${ }^{4}$ Source: Value Marktdatenbank (formerly empirica-systeme), Q4 2024. Market data reflects the weighted average for Vonovia's German portfolio. Asking rents excluding furnished apartments and new constructions. ${ }^{5}$ Lower end: median (proxy for reletting without invest); upper end: 80\% percentile (proxy for reletting with invest).

Value-add Segment

• FY 2024 includes $€ 58 \mathrm{~m}$ from lease agreement on coax network. ${ }^{1}$
• VTS Transformation Program underway to optimize operations, reduce complexity and leverage synergies.
• EBITDA growth determined by
• Yielding portfolio investment and maintenance volume
• VTS margin (ambition level of up to 10\% EBITDA margin)
• Productivity and efficiency gains
  
  

[^0]
[^0]: 1Froence lease under H95 16 requires full earnings to be accounted for at beginning of 10 year contract period.

Recurring Sales Segment

• Substantial increase in disposal volume.
• 2024 focus was still on cash generation more than profitability, resulting in lower average sales prices and impacting gross margins.
• Continuously increasing demand in the context of housing shortage, interest rate stability and tax advantages.
• Ambition level of 30-35\% fair value step-up.

Historical Recurring Sales volumes and FV step-up ${ }^{3}$

[^0]
[^0]: ${ }^{1}$ Revenue minus selling costs minus taxes. ${ }^{2}$ Free cash in relation to revenue. ${ }^{3} 2018$ onwards also including Recurring Sales in Austria

Development Segment

• 2024 disposal volume more than doubled $y$-o-y as a result of focus on capital release.
• As a result, gross margin was not the key priority in 2024 and came in lower than the 15-20\% expected going forward.
• Project underway to substantially reduce construction costs through
• Reduced complexity through higher degree of standardization
• Economies of scale advantage
• Industrialization of building process through innovative construction methods resulting in shorter lead times and reduced capital commitment period
• Lower construction costs will result in a larger addressable market.

	to hold	to sell
Total development pipeline ('000 units) ${ }^{2}$	40	27	67

Development Segment (Cm)
FY 2024
Delt

[^0]
[^0]: 2025-03-19 | FY 2024 Earnings Call

Development to Sell

Disciplined Capital Commitment \& Increased Profitability through Reducing Costs

• Development-to-Sell earnings are shown in Development EBITDA (earnings contributions from Development to Hold are shown in the valuation result and therefore outside Adj. EBITDA).
• 3-4\% of total assets committed.
• $\sim € 1$ bn investment volume p.a. (funded by development disposals).
• Target gross margin of $15-20 \%$.
• Target group includes
• owner-occupiers
• retail investors
• institutional investors.
• "Design to cost" approach. Focus on reduction of construction costs
• Reduced complexity, higher degree of standardization, and economies of scale.
• Innovative construction methods result in shorter lead times and reduced capital commitment period.
  
  

Our Business Is Supported by Structural Megatrends...

• However, the new environment and higher interest rate level has accelerated 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

Expected demand, permits, completions ('000 units) ${ }^{1}$

...Creating Highly Attractive Investment Opportunities

Supply-/ Demand Imbalance

Climate Change

Demographic Change

C100bn investment volume every year to complete 400 k apartments per year. ${ }^{1}$

Up to $£ 120$ bn investment volume every year to decarbonize Germany's housing stock. ${ }^{2}$

Shortage of 2 million apartments

suitable for elderly people. ${ }^{3}$

• A struggling construction industry and an ever-growing supply/demand gap are not a sustainable situation. Required investment volumes are much too high to be delivered by government or through subsidies.
• Any meaningful investment volume will require an investment and regulatory environment that is sufficiently attractive for private funding.

Regional Markets
Balanced Exposure to Relevant Growth Regions

Fair value ${ }^{1}$					In-place rent
Regional Markets (Dec. 31, 2024)	(K/m)	(€/aym)	Residential units	Vacancy (\%)	Total (p.a., Km)	Residential (p.a., Km) ${ }^{2}$	Residential (€/aym/ month) ${ }^{2}$	Organic rent growth (y-w-y, \%)	Multiple (in-place rent)	Purchase power index (market data) ${ }^{3}$	Market rent increase forecast (Y-SQUARE)
Berlin	23,446.4	2,666	142,941	0.7	841	805	7.91	4.4	27.9	87.4	2.3
Rhine Main Area (Frankfurt, Darmstadt, Wiesbaden)	6,436.5	2,776	35,875	2.1	269	258	9.71	4.4	24.0	100.7	2.2
Southern Ruhr Area (Dortmund, Essen, Bochum)	5,096.0	1,893	42,891	2.3	234	227	7.32	3.6	21.8	89.0	1.9
Rhineland (Cologne, Düsseldorf, Bonn)	5,001.7	2,371	31,296	1.8	213	203	8.38	2.7	23.4	100.3	2.1
Dresden	4,899.8	1,846	43,461	2.1	220	206	6.97	2.7	22.2	87.3	2.0
Hamburg	3,204.4	2,502	19,992	1.3	128	123	8.34	4.0	25.0	96.1	2.1
Hanover	2,799.7	1,969	21,975	2.2	130	124	7.66	3.2	21.5	89.3	2.0
Kiel	2,673.9	1,817	24,954	1.6	134	129	7.66	3.7	19.9	76.5	2.1
Munich	2,623.7	3,819	10,351	0.9	82	78	9.82	3.3	31.8	119.2	2.3
Stuttgart	2,215.7	2,625	13,122	1.6	92	89	9.09	2.3	24.2	100.2	2.1
Northern Ruhr Area (Duisburg, Gelsenkirchen)	1,987.7	1,318	24,222	2.6	120	116	6.67	3.4	16.5	80.6	1.7
Leipzig	1,928.3	1,907	14,444	2.3	81	76	6.89	5.3	23.8	80.7	2.0
Bremen	1,399.6	1,928	11,642	2.0	60	58	6.95	4.6	23.2	83.9	2.0
Westphalia (Münster, Osnabrück)	1,106.1	1,786	9,404	2.5	54	53	7.41	3.5	20.4	90.1	2.1
Freiburg	730.3	2,716	3,845	0.5	29	28	8.79	3.1	25.4	86.6	2.1
Other Strategic Locations	3,270.5	1,895	26,867	3.3	157	153	7.76	4.0	20.8		2.0
Total Strategic Locations	68,820.3	2,284	477,282	1.7	2,846	2,727	7.89	3.8	24.2		2.1
Non-Strategic Locations	610.8	1,749	2,392	5.6	41	14	7.44	2.9	15.0		2.0
Total Germany	69,832.3	2,278	479,674	1.7	2,856	2,741	7.69	3.8	24.5		2.1
Vonovia Sweden	6,418.2	2,094	39,641	4.1	366	340	10.48	6.3	17.5		2.1
Vonovia Austria	2,671.4	1,606	20,438	4.3	125	99	5.71	4.2	21.4		1.7
Total	78,320.7	2,230	539,753	2.0	3,377	3,330	8.01	4.1	23.2		2.1

[^0]
[^0]: ${ }^{1}$ Fair value of the developed land excluding €3.3bn, of which €0.4bn for undeveloped land and inheritable building rights granted, €0.3bn for assets under construction, €1.8bn for development, €0.6bn for nursing portfolio (Discontinued Operations) and €0.4bn for other.
${ }^{2}$ Source: GIN (2025). 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 benefits. The table above shows the rental level unadjusted to the German definition.

Portfolio Clustering

[^0]
[^0]: ${ }^{1}$ 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.

Reconciliation Adj. EBITDA to Adj. EBT to OFCF

Adj. EBITDA, Adj. EBT, and OFCF are based on the four business segments and exclude any disposal proceeds outside Recurring Sales \& Development.

Yield Dispersion between Reported and Implied Numbers

	Based on P\&L and balance sheet (FY2024)	Based on share price (mid March C26)
Gross rental yield	4.2\% Rental income / FV	5.4\% Rental income / implied EV ${ }^{1}$
Net rental yield	3.4\% Gross yield * 80\% margin	4.3\% Gross yield * 80\% margin
Adj. EBITDA yield	3.3\% Adj. EBITDA Total / FV	4.2\% Adj. EBITDA Total / implied EV ${ }^{1}$
Adj. EBT Yield	4.8\% Adj. EBT / EPRA NTA	8.4\% Adj. EBT / market cap
Dividend Yield	2.7\% FY2024 dividend proposal / EPRA NTA	4.7\% FY2024 dividend proposal / share price
TSR	10.7\% (Dividend + organic value growth) ${ }^{2}$ / NTA	18.7\% (Dividend + organic value growth) ${ }^{2}$ / market cap
FV (€/sqm)	2,230 Fair value / sqm	1,764 Implied EV $^{1}$ / sqm

[^0]
[^0]: ${ }^{1}$ FV = enterprise value (calculated as net debt plus market cap). ${ }^{2}$ Calculated as €/bin dividend pqpool plus -€/bin organic value growth (from rental growth; assuming market costs are stable).

Evolving the Capital Allocation Focus - Key Priorities for Vonovia

Strategic Priorities

Capital Allocation

Shareholder Value Creation

Financial Strength

Ratings, Covenants \& Liquidity Preserving a robust capital structure

Investment Program

Dividend

M\&A

Value Accretion

Growth

Rental \& Non-Rental Growth
Acceleration through organic growth initiatives

• General preference for allocating capital to highest-yielding measure.
• Investment to address the megatrends driving the sector.
• Drives organic earnings and value growth.
• Progressive dividend policy.
• $50 \%$ Adj. EBT plus surplus liquidity paid out as dividend.
• Potential for opportunistic share buybacks.
• Disciplined and opportunity-driven approach.
• Must deliver returns in excess of cost of capital on a risk-adjusted basis.
• Impeccable track record of execution.

Commitment to Sustainability

• Accelerated decarbonization with Net Zero target by 2045.
• Following CRREM MFH 1.5 degree pathway.
• Including Scope 1, 2 and 3.3.
• According to SBTi, Vonovia's climate targets until 2030 are in line with the 1.5-degree target of the Paris Climate Agreement.

Carbon intensity ${ }^{1}$ in $\mathrm{kg} \mathrm{CO}_{2} \mathrm{e} / \mathrm{sqm}$ per year
The 3 levers of our climate path

[^0]
[^0]: ${ }^{1}$ Includes Scope 1\&2 and Scope 3.3 „Fuel and energy-related emissions from the upstream chain", based on building stock in Germany. ${ }^{2}$ According to the KNDE 2045 scenario of the Agora energy transition, "Carbon removal:" natural and technological binding and long-term storage. Please find more information concerning our Decarbonization Roadmap, https://www.konovix.com/2045/advocacy1.1/transformation/technology-change-integration.

Sustainability Performance Index (SPI)

• 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 material weight 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

1
$\mathrm{CO}{2}$ intensity in the housing stock (German portfolio) ${ }^{1}$ $\mathrm{kg} \mathrm{CO}{2} \mathrm{e} / \mathrm{sqm} /$ p.a.

2
Average primary energy consumption of new buildings ${ }^{2}$ $\mathrm{kWh} / \mathrm{sqm} /$ p.a.

3
Proportion of accessible (partially) modernized newly rented apartments

SOP	Scope	Weighting	2023 Actuals	2024 Actuals	Targets 2030
1	$\mathrm{CO}{2}$ intensity in the housing stock (German portfolio) ${ }^{1}$ $\mathrm{kg} \mathrm{CO}{2} \mathrm{e} / \mathrm{sqm} /$ p.a.	Vonovia Germany	$35 \%$	31.7	31.2
2
3		Vonovia	$10 \%$	25.3	22.0
3	Proportion of accessible (partially) modernized newly rented apartments	Vonovia Germany	$10 \%$	$17.5 \%$	$29.5 \%$
4	Customer satisfaction	Vonovia Germany	$20 \%$	$72.4 \%$	$75.2 \%$
5	Employee satisfaction	Vonovia	$15 \%$	$78 \%$	$79 \%$
6	Proportion of women in management positions ${ }^{3}$	Vonovia	$10 \%$	$24.2 \%$	$25.8 \%$
				$111 \%$	$104 \%$

Recognition of ESG Performance

ESG Ratings and Indices

Vonovia is included in various leading ESG indices such as:
DAX 50 ESG
STOXX Global ESG Leaders
EURO STOXX ESG Leaders 50
Dow Jones Best-in-Class Indices

Energy Efficiency Classes

Substantial Progress since IPO Puts Vonovia Ahead of the Market

[^0]
[^0]: Vonovia Sustainability Report 2016. 5.3\% of portfolio without EPCs not included. ${ }^{1}$ Vonovia German resi portfolio. 5.0\% of portfolio without EPCs not included. ${ }^{2}$ Agora Energiewende (2023): "Die Energiewende in Deutschland: Stand der Dinge 2022. Rückblick auf die wesentlichen Entwicklungen sowie
buddlick auf 2022.

Debt Structure

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

[^0]
[^0]: 1999 = Sohubbtenhainderlehen (premiagery notes), 1957 = Inhabersohubbieren/tretthunigen (insane: bonds), 1997 = Nierrenosohubbieren/tretthunigen (cogistened bonds). * Pro forma.

Bonds \& Ratings

ION	Amount	Issue price	Current Price ${ }^{2}$	Yield ${ }^{3}$	Coupon	Final Maturity Date	Fitch	Moodys	Scope
DE000A1ZF9B9	EUR 485.4m	98.455\%	99.74\%	3.58\%	1.500\%	31. Mar. 25	888s	Baa1	A
DE000A269HE4	EUR 589.7m	98.910\%	99.61\%	2.93\%	1.000\%	30. Apr. 25	NR	Baa1	NR
DE000A2F94ZZ8	EUR 429.2m	99.836\%	99.60\%	2.87\%	1.800\%	29. Jun. 25	888s	Baa1	A
DE000A19N293	EUR 429.8m	99.386\%	99.12\%	2.69\%	1.125\%	06. Sep. 25	888s	Baa1	A
DE000A366F471	EUR 1,050.9m	99.724\%	97.84\%	2.78\%	0.000\%	01. Dec. 25	888s	Baa1	A
DE000A366Q696	EUR 613.5m	99.454\%	98.73\%	2.78\%	1.310\%	08. Jan. 25	888s	Baa1	A
DE000A18X644	EUR 652.0m ${ }^{1}$	99.188\%	98.56\%	2.85\%	1.500\%	22. Mar. 26	888s	Baa1	A
DE000A182V72	EUR 444.2m	99.165\%	98.30\%	2.82\%	1.500\%	10. Jun. 26	888s	Baa1	A
A02640221410	SER 732.0m	100.000\%	100.42\%	3.21\%	3me-1399g9	19. Jun. 26	888s	NR	NR
DE000A28ZQP7	EUR 673.0m	99.684\%	97.21\%	2.69\%	0.625\%	09. Jul. 26	888s	Baa1	A
DE000A18B8E2	EUR 500.0m	99.266\%	98.30\%	2.66\%	1.750\%	25. Jan. 27	888s	Baa1	A
A0236034448	SER 750.0m	100.000\%	100.56\%	3.43\%	3mfs-1499g9	08. Apr. 27	888s	Baa1	A
DE000A301F244	EUR 750.0m	99.853\%	103.61\%	2.88\%	4.750\%	23. May. 27	888s	Baa1	A
DE000A3E3MG8	EUR 1,000.0m	99.947\%	94.42\%	2.88\%	0.375\%	18. Jun. 27	888s	Baa1	A
DE000A3F9M025	EUR 500.0m	98.941\%	94.28\%	2.91\%	0.625\%	07. Oct. 27	888s	Baa1	A
DE000A18UR79	EUR 481.5m	99.499\%	96.08\%	2.92\%	1.500\%	14. Jan. 28	888s	Baa1	A
DE000A366Q964	EUR 713.2m	99.108\%	96.72\%	2.91\%	1.875\%	29. Jun. 28	888s	Baa1	A
DE000A366F4J8	EUR 1,033.4m	99.200\%	96.88\%	3.00\%	0.250\%	01. Sep. 28	888s	Baa1	A
A029086B608	SER 500.0m	100.000\%	100.69\%	3.53\%	3me-1428g9	26. Sep. 28	NR	NR	NR
CH1321481946	CHF 180.0m	100.000\%	100.00\%	1.53\%	2.095\%	14. Feb. 29	888s	Baa1	A
DE000A2R7JZ0	EUR 500.0m	98.905\%	89.32\%	3.03\%	0.500\%	14. Sep. 29	888s	Baa1	A
DE000A3E5M46	EUR 998.0m	99.805\%	88.68\%	3.18\%	0.625\%	14. Dec. 29	888s	Baa1	A
DE000A18X882	EUR 485.6m	98.967\%	94.91\%	3.22\%	2.125\%	22. Mar. 30	888s	Baa1	A
DE000A28VQD2	EUR 479.7m	98.908\%	95.15\%	3.29\%	2.250\%	07. Apr. 30	888s	Baa1	A
DE000A289NF1	EUR 587.3m	98.211\%	92.28\%	3.13\%	1.550\%	30. Apr. 30	NR	Baa1	NR
DE000A28ZQQ5	EUR 754.1m	99.189\%	89.17\%	3.22\%	1.000\%	08. Jul. 30	888s	Baa1	A
DE000A301Q82	EUR 750.0m	99.645\%	108.38\%	3.32\%	5.000\%	23. Nov. 30	888s	Baa1	A
DE000A303F766	EUR 500.0m	99.799\%	84.82\%	3.42\%	0.625\%	24. Mar. 31	888s	Baa1	A
DE000A3H20P4	EUR 318.3m	98.600\%	85.57\%	3.12\%	0.500\%	07. Apr. 31	NR	NR	NR
CH1357852800	CHF 235.0m	100.146\%	103.61\%	1.41\%	2.000\%	26. Aug. 31	888s	Baa1	A
DE000A366Q678	EUR 786.8m	99.000\%	93.21\%	3.44\%	2.375\%	25. Mar. 32	888s	Baa1	A
DE000A366F4V7	EUR 1,168.1m	99.455\%	82.06\%	3.49\%	0.750\%	01. Sep. 32	888s	Baa1	A
DE000A3E5MJ2	EUR 964.0m	99.450\%	80.51\%	3.77\%	1.000\%	16. Jun. 33	888s	Baa1	A
DE000A382S27	EUR 450.0m	99.981\%	103.40\%	3.78\%	1.250\%	19. Apr. 34	888s	Baa1	A
DE000A2R7JZ1	EUR 500.0m	99.822\%	78.54\%	3.84\%	1.125\%	14. Sep. 34	888s	Baa1	A
A02749469115	GBP 400.0m	98.738\%	97.15\%	5.78\%	5.500\%	18. Jan. 36	888s	Baa1	A
DE000A18X8C0	EUR 500.0m	97.896\%	87.33\%	4.01\%	2.750\%	22. Mar. 38	888s	Baa1	A
DE000A2F8INE1	EUR 500.0m	98.105\%	72.76\%	4.14\%	1.625\%	07. Oct. 39	888s	Baa1	A
DE000A287178	EUR 500.0m	99.355\%	63.78\%	4.15\%	1.000\%	28. Jan. 41	888s	Baa1	A
DE000A3425Q2	EUR 265.4m	97.838\%	75.39\%	3.78\%	1.350\%	07. Apr. 41	NR	NR	NR
DE000A3E5MK0	EUR 500.0m	99.078\%	68.31\%	4.23\%	1.300\%	14. Jun. 41	888s	Baa1	A
DE000A3MF4W5	EUR 750.0m	97.903\%	59.93\%	4.14\%	1.625\%	01. Sep. 51	888s	Baa1	A

Overview includes publicly traded bonds of Vonovia and Deutsche Wohnen (DW) (excl. Private Placements, Namensschuldverschreibungen (registered bonds) and Schuldscheindarlehen (promissory notes)). ${ }^{1}$ Incl. Tab Bond EUR 200m, Issue date 06 Feb 2020. ${ }^{2}$ As of end of 12 February 2025. (exact Book, Social Book)

Bond Covenants

Bond covenants	Required level	Current level (Dec. 31, 2024)
LTV (Total financial debt / total assets)	$<60 \%$	$\begin{gathered} 42.7 \mathrm{bn} \ 90.2 \mathrm{bn} \end{gathered}$
Secured LTV (Secured debt / total assets)	$<45 \%$	$\begin{gathered} 13.2 \mathrm{bn} \ 90.2 \mathrm{bn} \end{gathered}$
ICR (LTM Adj. EBITDA / LTM net cash interest)	$>1.8 \times$	$\begin{gathered} 2,625 \mathrm{~m} \ 693 \mathrm{~m} \end{gathered}$
Unencumbered assets (Unencumbered assets / unsecured debt)	$>125 \%$	$\begin{gathered} 46.8 \mathrm{bn} \ 29.4 \mathrm{bn} \end{gathered}$

Residential Market Fundamentals (Germany)

Household Sizes and Ownership Structure

Growing number of smaller households

• While the magnitude of the overall population in Germany varies between different scenarios, 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.

Fragmented ownership structure

• Germany is the largest housing market in Europe with $\sim 43 \mathrm{~m}$ housing units, of which $\sim 25 \mathrm{~m}$ are rental units.
• Ownership structure is highly fragmented and majority of owners are non-professional landlords.
  

Vonovia Shares
Basic Data and NOSH Evolution

First day of trading	July 11, 2013
No. of shares outstanding	822.9 million
Free float	$85.3 \%$
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	DAX 40, GPR 250 World, FTSE EPIA/NAREIT Europe, DAX 50 ESG, STOXX Global ESG Leaders, EURO STOXX ESG Leaders 50, Dow Jones Best-in-Class Indices

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

IR Contact \& Financial Calendar

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

Contact

Rene Hoffmann (Head of IR)
(Primary contact for Sell side, Buy side)
+492343141629
rene.hoffmann@vonovia.de

Stefan Heinz
(Primary contact for Sell side, Buy side)
+492343142384
stefan.heinz@vonovia.de

Oliver Larmann
(Primary contact for private investors, AGM, financial regulator)
+492343141609
oliver.larmann@vonovia.de

Simone Kaßner

(Primary contact for private investors, ESG)
+492343141140
simone.kassner@vonovia.de
General inquiries
investorrelations@vonovia.de

Financial Calendar 2025

March 20
March 21
March 24
March 25
March 25
March 26
March 27
March 27
March 31
Apr 01
Apr 02-03
Apr 10
May 07
May 14
May 20-22
May 21
May 22
May 28
June 03
June 03
June 11
June 12
June 25
Aug 06
Nov 05

BofA EMEA Real Estate CEO Conference, London
FY2024 Roadshow, London
FY2024 Roadshow, Zurich
FY2024 Roadshow, Paris
Solventis Aktienforum, Frankfurt (IR)
FY2024 Roadshow, Geneva (IR)
FY2024 Roadshow, Brussels (IR)
FY2024 Roadshow, Frankfurt
FY2024 Roadshow, North America
Kempen Real Estate Seminar, New York
FY2024 Roadshow, North America
FY2024 Roadshow, Hamburg (IR)
Interim results 3M 2025
UBS Best of Europe Virtual 1:1, virtual
Berenberg Conference, New York
DB Issuer and Investor Bond Forum, London
Kempen European Real Estate Seminar, Amsterdam
Annual General Meeting
BNP Paribas Exane CEO Conference, Paris
Nareit REITweek, New York
Morgan Stanley European Real Estate Capital Markets Conference, London
Goldman Sachs 29th Annual European Financials Conference, Berlin
BNP Paribas Real Estate Conference, London
Interim results 6M 2025
Interim results 9M 2025

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.