Vonovia SE

Investor Presentation • Aug 6, 2025

H1 2025

Earnings Call Presentation

August 6, 2025

1. H1 2025 Update pages 3-13

2. Appendix pages 15-34

Key Highlights

Earnings and Valuation Growth with Leverage under Control

H1 2025 Update Appendix

1 Operations	2 Performance	3 Financing	4 Valuation	5 Guidance
Market environment and operating fundamentals remain rock-solid	Adj. EBITDA Total +12%	€1.3bn Convertible bond issuance in May	1.3% value growth in H1 2025	Organic rent growth guidance increased to >4%
	Adj. EBT +11% (+10% p.s.)	€0.8bn corporate bond buyback in June	€45.16 EPRA NTA p.s. (flat year to date after	Guidance for Rental
Rental segment fully on track	OFCF +53%	LTV1 45.9%	FY2024 dividend payout)	income and Adj. EBITDA Total increased
Organic rent growth 4.4%		ND/EBITDA1 13.7x ICR 3.5x		to "around upper end of range"
Continued acceleration of profitability in non		DPLTA process completed		Guidance range for Adj. EBT increased by €100m
rental segments

¹ Pro forma for €1.7bn disposals signed but not closed as of June 30, 2025, and including FY2024 dividend payment.

Earnings & Cash Flow Summary

Double-digit Growth in Adj. EBITDA, Adj. EBT, and OFCF

€m (unless indicated otherwise)	H1 2025	H1 2024	Delta (%)
Adj. EBITDA Rental	1,225.6	1,191.6	+2.9%
Adj. EBITDA Value-add	100.7	56.8	+77.3%
Adj. EBITDA Recurring Sales	38.7	22.2	+74.3%
Adj. EBITDA Development	54.0	-4.1	-
Adj. EBITDA Total	1,419.0	1,266.5	+12.0%
Adj. Net Financial Result	-363.3	-320.5	+13.4%
Depreciation	-56.0	-55.9	+0.2%
Intragroup profit (-)/loss (+)	-15.4	-2.9	>100%
Adj. Earnings before Taxes (EBT)	984.3	887.2	+10.9%
p.s.1 Adj. Earnings before Taxes (EBT)	1.20	1.09	+9.9%
Adj. EBT attributable to minorities	85.6	82.9	+3.3%
Adj. EBT after minorities	898.7	804.3	+11.7%
Adj. EBT after minorities p.s.1	1.09	0.99	+10.7%
Straight-line depreciation	56.0	55.9	+0.2%
Capitalized maintenance	-118.8	-107.0	+11.0%
Income tax payments as per CF statement (excl. non-core sales)	-106.2	-57.1	+85.9%
Carrying amount of sold investment properties (core business)	171.1	132.0	+29.6%
Change in capital commitment Development to Sell2	345.0	-35.5	-
Dividends and payouts to non-controlling shareholders (minorities)	-175.1	-114.5	+52.9%
Intragroup profits/losses2	15.4	2.9	>100%
Operating Free Cash Flow (OFCF) ("Vonovia AFFO")	1,171.7	763.9	+53.4%
Operating Free Cash Flow (OFCF) ("Vonovia AFFO") p.s.1	1.42	0.94	+51.1%

H1 2025

Update Appendix

• Adj. EBITDA Total increase mainly attributable to higher contribution from non-rental segments.
• Adj. EBT increase despite higher financing costs (largely driven by full-year impact of 2024 financings).
• OFCF growth positively impacted by development disposals, compensating higher cash taxes and higher payout to minorities (full-year effect).

¹ Based on the weighted average number of shares carrying dividend rights. ² In accordance with the current definition of key figures, including intragroup profits/losses and reclassification of capital commitment.

Rental Segment

Operating KPIs Remain Rock Solid

H1 2025 Update Appendix

Upda	Call of each .

• Adj. EBITDA Rental up +2.9% despite ~10k fewer units.
• Organic rent growth keeps tracking above initial expectations.
• Vacancy rate only a function of turnaround time in case of fluctuation.
• Virtually full rent collection.
• Fluctuation remains at low levels.

Rental Segment (€m)	H1 2025	H1 2024	Delta
Rental revenue	1,692.7	1,650.4	+2.6%
Maintenance expenses	-237.7	-225.3	+5.5%
Operating expenses	-229.4	-233.5	-1.8%
Adj. EBITDA Rental	1,225.6	1,191.6	+2.9%

Increasing Real Market Levels As Supply/Demand Imbalance Beats Regulation

Robust Growth Trajectory for Many Years

H1 2025 Update Appendix

• Vonovia's portfolio is focused on urban growth markets with the largest supply-demand gap.
• Structural imbalance supports long-term rent growth trajectory.

• 4% organic rent growth p.a. for many years (higher investment volume drives higher rent growth based on operating yield of 6-7% on investment amount).

Wide disparity of gross initial yields based on in-place values and rents (current rent level €/sqm)²

¹ Source: BPD/bulwiengesa Wohnwetterkarte. ² Vonovia's German portfolio. ³ Source: Value Marktdatenbank (formerly empirica-systeme), H1 2025. Asking rents excluding furnished apartments and new constructions. Market data reflects the weighted average for Vonovia's German portfolio as of Jun. 30, 2025.

Value-add Segment

Increasing EBITDA Contribution

H1 2025 Update Appendix

• Increase in modernization and portfolio investments benefitted craftsmen organization.
• Positive business development in energy sales.
• Coalition agreement: €100bn earmarked for climate transformation fund; allocation and subsidy mechanisms not clear yet but decarbonization investments expected to be a key focus; supportive for our investment strategy.

Value-add Segment (€m)	H1 2025	H1 2024	Delta
Revenue Value-add	731.2	635.3	+15.1%
of which external	69.6	59.9	+16.2%
of which internal	661.6	575.4	+15.0%
Operating expenses Value-add	-630.5	-578.5	+9.0%
Adj. EBITDA Value-add	100.7	56.8	+77.3%

Adj. EBITDA Value-add as % of Adj. EBITDA Total

2024-2028E path is not a straight line; individual quarters/periods can be more volatile

¹ Adjusted for €58m lease agreement on coax network, which had to be recognized as a finance lease under IFRS 16, requiring the full earnings to be accounted for at the beginning of the 10-year contract period.

Recurring Sales Segment

Increasing EBITDA Contribution

H1 2025 Update Appendix

• Substantial increase in disposal volume and revenue.

• Increasing demand in the context of structural housing shortage, interest rate stability and tax advantages.
• Ambition level of 30-35% fair value step-up.
• Future disposal earnings from buying, modernizing and selling stranded assets ("manage to green") will be recognized in this segment.
• First Manage-to-Green pilot: acquisition of 134 units in prime location in Cologne at a 21x rent multiple.

Historical Recurring Sales volumes and FV step-up¹

Recurring Sales Segment (€m)	H1 2025	H1 2024	Delta
Units sold	1,134	921	+23.1%
Revenue from recurring sales	215.0	163.9	+31.2%
Fair value	-166.1	-132.0	+25.8%
Gross profit	48.9	31.9	+53.3%
Fair value step-up	29.4%	24.2%	+5.2pp
Selling costs	-10.2	-9.7	+5.2%
Adj. EBITDA Recurring Sales	38.7	22.2	+74.3%

Adj. EBITDA Recurring Sales as % of Adj. EBITDA Total

2024-2028E path is not a straight line; individual quarters/periods can be more volatile

¹ 2018 onwards also including Recurring Sales in Austria.

Development Segment

Increasing EBITDA Contribution

H1 2025 Update Appendix

• H1 2025 positively impacted by closing of a land sale in Q1.

• Initiatives of new Federal Government to reduce construction costs are helpful and should be supportive for our development efforts to increase the addressable market.
• Vonovia is on track with own efforts to reduce construction costs through reduced complexity, higher degree of standardization, economies of scale, and industrialization of building process through innovative construction methods.
• First construction projects in Berlin and Dresden with construction costs of ~€3.6k/sqm underway.

Development Segment (€m)	H1 2025	H1 2024	Delta
Revenue from disposal of to-Sell properties	209.1	70.1	>100%
Cost of Development to Sell	-133.9	-59.6	>100%
Carrying amount of sold Development to Sell assets	-5.0	-	-
Gross profit Development to Sell	70.2	10.5	>100%
Gross margin Development	33.6%	15.0%	+18.6pp
Rental revenue Development	3.4	3.1	+9.7%
Operating expenses Development	-19.6	-17.7	+10.7%

Adj. EBITDA Development 54.0 -4.1 -

2024-2028E path is not a straight line; individual quarters/periods can be more volatile

¹ Vonovia construction pipeline (concentrated hotspots >1,000 units). Total pipeline of almost 70k units also includes 10k additional units in other local markets plus rooftop conversions (10k).

Development cost reduction

2025-08-06 | H1 2025 Earnings Call 9

Long-term development

target costs

~3.6

Valuation

L-f-l Value Increase of 1.3% for Standing Portfolio

• L-f-l value increase of €1bn for standing portfolio.
• Initial recognition of QBI landbank based on conservative Vonovia valuation approach.
• Portfolio now valued at 23.1x in-place rent equaling 4.3% on a gross basis.
• Value per sqm of €2,311 (German portfolio) including the land compares⁵ to
  • ~€3,500 median purchase price for existing condos;
  • ~€5,500 median purchase price for new constructions.

Value changes⁶

Valuation KPIs June 30, 2025 (Standing Portfolio³)

	Germany	Sweden	Austria	VNA Total
In-place rent multiple	24.0	17.11	21.91	23.1
Fair value €/sqm	2,311	2,186	1,657	2,269
L-f-l value growth2,4	1.2%	1.6%	3.5%	1.3%
value €bn3 Fair	69.7	6.7	2.7	79.1

¹ In-place rents in Austria and Sweden are not fully comparable to Germany, as Sweden includes ancillary costs and Austria includes maintenance and property improvement contributions from tenants. The data above shows the rental level unadjusted to the German definition. ² Local currency. ³ Fair value of the developed land excluding €3.8bn, of which €1.0bn for undeveloped land and inheritable building rights granted, €0.3bn for assets under construction, €1.8bn for development, €0.3bn for nursing portfolio, and €0.4bn for other. ⁴ L-f-l calculation of property portfolio excl. undeveloped land etc. ⁵ Value Data Insights (formerly empirica-systeme), Q2 2025. ⁶ Aggregate change from yield shift, performance and investments.

Financial KPIs

Leverage Well under Control with Organic Deleveraging Going Forward

•	Pro forma cash position of €3.7bn1	covers all near-term maturities.				Rating	Outlook	Last update
Placement of two convertibles2 • in May with aggregate amount of €1.3bn and 0.44% cash coupon results in ca. €45m annual interest cost savings.3			S&P	BBB+	Stable	Aug. 23, 2024
			Moody's	Baa1	Stable	Feb. 11, 2025
•		Bond buyback in June for an aggregate bond amount of €800m across			Fitch	BBB+	Stable	Feb. 17, 2025
		two bonds with coupons of 4.75% and 5%.			Scope	A-	Negative	Jun. 19, 2025
	LTV4			ND/EBITDA4			ICR
45.8%	45.9%	50 20				20 7
		45 Target range 40				6
	including +0.8pp impact from dividend payment	15 35 30 25 10 Organic 20 deleveraging, as rent growth 15 translates into 5 value growth at 10 assumed stable 5 yield	14.5	13.7 including +0.2 impact from dividend payment	Target range Organic deleveraging through accelerating Adj. EBITDA growth	15 5 3.8 4 10 3 2 5 1	3.5	Target threshold Stabilization through accelerating Adj. EBITDA growth
12/24	H1/25	0 mid-term	12/24	H1/25	mid-term	0 12/24	H1/25	mid-term
		1 Consisting of €2.0bn cash on hand (June 30, 2025, and including term deposits) plus €1.7bn disposals signed but not closed as of June 30, 2025. In addition, Vonovia has €3bn RCF/CP (undrawn). 2 Convertible bonds accounted for as debt instruments in line with bond terms and conditions. 3 Compared

to ca. 4% cost for 10yr unsecured corporate bonds. ⁴ Pro forma for €1.7bn disposals signed but not closed as of June 30, 2025, and including FY2024 dividend payment.

2025-08-06 | H1 2025 Earnings Call 11

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H1 2025 Update Appendix

2025 Guidance & 2028 Objective

Increased Guidance for Rent Growth, Adj. EBITDA, and Adj. EBT

	Actuals 2024	Guidance 2025E	Objective 2028E
Rental Revenue	€3.324bn	Around upper end of €3.3bn - €3.4bn range	€3.7bn - €3.8bn
Organic rent growth	4.1%	>4%	>4% (Higher investment volume drives higher rent growth)
Investments1	€836m	~€1.2bn	~€2bn
Adj. EBITDA Total	€2.625bn	Around upper end of €2.7bn - €2.8bn range	€3.2bn - €3.5bn
Adj. EBT	€1.800bn (€166m) minorities	€1.85bn - €1.95bn (~10%) minorities	Mid-single digit CAGR 2024 – 2028E
Dividend	€1.22	50% Adj. EBT plus surplus liquidity paid out as dividend
Sustainability Performance Index (SPI)	104%	>100%	~100%

¹ Including Upgrade Building, Optimize Apartment, Development to Hold (Space creation). Leverage neutral financing of 60% equity/40% debt. Excluding Development to Sell.

H1 2025

Update Appendix

Wrap-up

• Market environment and operating business remain rock solid
• Rental segment fully on track
• Continued acceleration of profitability in non-rental segments
• Strong financial performance with double-digit growth in Adj. EBITDA and Adj. EBT
• Positive H1 valuation result confirms turnaround for asset values
• DPLTA process completed
• 2025 Guidance increased

1. H1 2025 Update pages 3-13

2. Appendix pages 15-34

Estimated Annual Total Accounting and Shareholder Return

Two Types of Returns: Earnings Growth + Organic Value Growth

H1 2025 Update Appendix

Assuming stable market yields, the annual total return for 2025E – 2028E for our BBB+ rated capital structure is estimated to be

• ~13% based on current market capitalization¹ and
• ~9% based on current NTA.

Estimated Total Accounting and Shareholder Return p.a. 2025E-2028E

EPRA NTA

H1 2025
Update	Appendix

EPRA NTA (€m) (unless indicated otherwise)	Jun. 30, 2025	Dec. 31, 2024	Delta	• Deferred tax liabilities are the calculated tax expenses on the
Total equity attributable to Vonovia shareholders	24,190.9	23,996.4	+0.8%	delta between (IFRS) fair values and (local GAAP) tax values, which reflect the probable tax effect in the event of a sale.
Deferred tax in relation to FV gains of investment properties	14,794.0	14,620.2	+1.2%	• Deferred tax liabilities are taxes owed but not payable unless the relevant properties are actually sold.
FV of financial instruments	189.2	23.4	>100%	• Vonovia only adds back deferred taxes for core assets. • Deferred tax liabilities of disposal assets (Non-core, Recurring
Goodwill as per IFRS balance sheet	-1,391.7	-1,391.7	-	Sales) are not added back. • The government has adopted legislation to reduce the corporate
Intangibles as per IFRS balance sheet	-42.8	-32.7	+30.9%	income tax rate from currently 15% to 10% in incremental steps of 100 basis points p.a. starting 2028. Given the very long-term nature of the temporary differences, deferred taxes will then
EPRA NTA	37,739.6	37,215.6	+1.4%	have to be largely measured at the corporate income tax rate of 10% that will apply as of 2032. The resulting drop in deferred tax
NOSH (million)	835.6	822.9	+1.5%	liabilities is estimated to lead to deferred tax income of between €2.2 billion and €2.3 billion and –as a result- to a reduction in
EPRA NTA (€/share)	45.16	45.23	-0.1%	deferred tax liabilities and a broadly similar increase in IFRS equity in Q3 2025.1

¹ The law ("Investitionsbooster") went into effect on July 19,2025, and the impact will therefore be accounted in the 9M financial statements.

Earnings Growth

Ambition to Grow Adj. EBITDA Total CAGR by ~8% until 2028

H1 2025 Update Appendix

2024-2028E CAGR

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

Rental business

Rock solid, low risk, and highly predictable

~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	• VTS craftsmen organization & increasing investment volume Recurring Sales • Development to Sell •	Higher
	Accelerated Tech-Supported Investments	• Serial Modernization • Heat pump cube • PV •	investment volume funded by OFCF
	Expanded Business Areas	Energy Operations Stranded Assets Occupancy Rights 3rd Party Market/2nd Vonovia	(60% equity contribution) and non-core disposals

Accretive Investment Program in Long-term Portfolio

Acceleration through Tech-supported Investments

H1 2025

Update Appendix

Development

Reducing Construction Costs Opens Up Large Addressable Market

H1 2025 Update Appendix

Vonovia's land bank is in the right locations

The key to unlocking the development potential lies in the reduction of construction costs.

pipeline of almost 70k units¹

Long-term development Strategic concepts for reducing constructions costs

Design to Budget (Basishaus Concept)

• Simplification of product
• Standardization of planning
• Reduced building technology focus

"Typengenehmigung" (Standardized Building Permit)

• Unified building templates
• Shorter approval times
• Acceptance across the different Federal States
• ➔ Pilot in Dresden underway

"Gebäudetyp E" (Building Type E, as is "einfach", simple)

• Cost-efficient construction and functional design
• Focus on simplicity, reduced requirements
• No deviation from safety-relevant standards
• ➔ Plans for pilot in Bochum underway

Serial Construction

• Optimized planning process
• State of the art digitally equipped buildings
• Avoids issue of skilled labor shortage
• Significantly shortens construction time
• ➔ First two pilots in Berlin underway

¹ Vonovia construction pipeline (concentrated hotspots >1,000 units). Total pipeline of almost 70k units also includes 10k additional units in other local markets plus rooftop conversions (10k).

2025-08-06 | H1 2025 Earnings Call 19

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

Increasing Real Market Levels As Supply/Demand Imbalance Beats Regulation

	Real market4			Delta between real market and Vonovia in-place rent
Regional Market (Jun. 30, 2025)	% of total assets1	In-place rent2	Reletting rent range3		Asking rent	range5	0%	50%	100%	150%	200%
Berlin	30%	8.06	8.74	12.55	15.37	21.09
Rhine Main Area (Frankfurt, Darmstadt, Wiesbaden)	7%	9.89	10.82	14.16	14.25	17.26
Southern Ruhr Area (Dortmund, Essen, Bochum)	9%	7.47	8.04	9.84	9.02	10.84
Rhineland (Cologne, Düsseldorf, Bonn)	7%	8.55	9.27	11.53	11.98	14.55
Dresden	9%	7.27	7.82	9.25	9.30	11.91
Hamburg	4%	8.43	8.85	12.04	13.24	16.29
Hanover	5%	7.83	8.10	10.80	10.38	12.54
Kiel	5%	7.75	8.50	10.88	11.00	13.34
Munich	2%	10.12	12.83	15.46	18.88	22.55
Stuttgart	3%	9.29	10.26	12.38	13.63	16.27
Northern Ruhr Area (Duisburg, Gelsenkirchen)	5%	6.77	7.14	8.71	7.84	9.18
Leipzig	3%	7.07	7.36	9.51	9.28	11.58
Bremen	2%	7.02	7.77	9.95	10.89	13.30
Westphalia (Münster, Osnabrück)	2%	7.47	8.38	9.78	10.09	12.14
Freiburg	1%	9.00	9.62	12.09	14.62	17.88
Other Strategic Locations	6%	7.87	8.32	10.66	10.54	12.51					Lower end
Non-Strategic Locations	0%	7.62	7.92	10.51	10.77	12.61					Upper end
Total Germany	100%	8.05	8.71	11.29	12.34	15.69
Gross initial yield		4.2%	4.6%	5.9%	6.5%	8.2%

¹ Residential Germany (based on no. of units). ² Vonovia average in-place rent as of H1 2025. ³ Lower end of range: reletting rent without invest; upper end of range: reletting rent with invest. ⁴ Source: Value Marktdatenbank (formerly empirica-systeme), H1 2025. 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).

H1 2025 Update Appendix

Our Business Is Supported by Structural Megatrends…

H1 2025 Update Appendix

The higher interest rate environment 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 Climate Change

Expected demand, permits, completions ('000 units)¹

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

¹ Adapted from ZIA forecast based on Empirica and Pestel Institute. ² Agora Energiewende (2025): "Die Energiewende in Deutschland: Stand der Dinge 2024. Rückblick auf die wesentlichen Entwicklungen sowie Ausblick auf 2025."

… Creating Highly Attractive Investment Opportunities

H1 2025 Update Appendix

~€100bn investment volume every year to complete 320k apartments per year.¹

Up to €120bn 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.

¹ Investment volume based on assuming 60sqm and €5,000/sqm market construction costs. ² GdW (Association of German Housing Companies). ³ IW German Economic Institute.

Regional Markets

Balanced Exposure to Relevant Growth Regions

H1 2025 Update Appendix

	Fair value1						In-place rent
Regional Markets (Jun. 30, 2025)	(€bn)	(€/sqm)	Residential units	Vacancy (%)	Total (p.a., €m)	Residential (p.a., €m)3	Residential (€/sqm/ month)3	Organic rent growth (y-o-y, %)	Multiple (in-place rent)	Purchase power index (market data)2	Market rent increase forecast Valuation (% p.a.)	Average rent growth (LTM, %) from Optimize Apartment
Berlin	22,720.6	2,669	138,412	0.8	830	793	8.06	5.2	27.4	87.4	2.3	55.7
Rhine Main Area (Frankfurt, Darmstadt, Wiesbaden)	6,421.5	2,812	35,331	2.2	269	259	9.89	5.2	23.9	100.7	2.2	43.2
Southern Ruhr Area (Dortmund, Essen, Bochum)	5,224.4	1,956	42,729	2.4	237	231	7.47	4.3	22.0	89.0	1.9	31.7
Rhineland (Cologne, Düsseldorf, Bonn)	5,139.6	2,445	31,194	1.7	217	207	8.55	3.7	23.7	100.3	2.0	34.9
Dresden	5,019.4	1,924	42,275	2.3	226	210	7.27	5.3	22.2	87.3	2.0	27.1
Hamburg	3,232.9	2,527	19,999	1.4	129	125	8.43	2.5	25.0	96.1	2.1	42.8
Hanover	2,869.8	2,019	21,977	2.5	132	127	7.83	3.5	21.7	89.3	2.0	38.0
Munich	2,735.3	3,861	10,508	1.0	85	81	10.12	5.4	32.0	76.5	2.3	52.8
Kiel	2,687.3	1,832	24,846	1.9	135	130	7.75	2.9	20.0	119.2	2.0	40.4
Stuttgart	2,251.4	2,666	13,078	1.7	93	90	9.29	3.5	24.1	100.2	2.1	33.3
Leipzig	2,101.8	1,968	14,898	2.9	88	81	7.07	5.3	23.8	80.6	2.0	34.4
Northern Ruhr Area (Duisburg, Gelsenkirchen)	2,051.3	1,370	24,056	2.7	121	117	6.77	2.7	17.0	80.7	1.6	28.8
Bremen	1,400.0	1,944	11,614	2.1	60	58	7.02	2.6	23.4	83.9	2.0	41.6
Westphalia (Münster, Osnabrück)	1,131.2	1,828	9,398	2.8	54	54	7.47	3.4	20.8	90.1	2.0	30.9
Freiburg	745.9	2,782	3,834	0.7	29	28	9.00	5.1	25.5	86.6	2.1	34.2
Other Strategic Locations	3,339.2	1,930	26,822	3.3	160	155	7.87	4.2	20.9		1.9	35.4
Total Strategic Locations	69,071.8	2,318	470,971	1.8	2,867	2,744	8.05	4.4	24.1		2.1	40.3
Non-Strategic Locations	604.0	1,730	2,198	5.2	41	13	7.62	2.8	14.7		1.9	37.8
Total Germany	69,675.8	2,311	473,169	1.8	2,908	2,757	8.05	4.4	24.0		2.1	40.3
Vonovia Sweden	6,701.9	2,186	39,647	4.5	393	365	11.30	5.6	17.1		2.1	n/a
Vonovia Austria	2,730.2	1,657	20,248	4.4	125	99	5,76	1.4	21.9		1.7	n/a
Total	79,107.9	2,269	533,064	2.1	3,426	3,221	8.22	4.4	23.1		2.1	n/a

¹Fair value of the developed land excluding €3.8bn, of which €1.0bn for undeveloped land and inheritable building rights granted, €0.3bn for assets under construction, €1.8bn for development, €0.3bn for nursing portfolio (Discontinued Operations) and €0.4bn for other. ²Source: GfK (2025). Data refers to the specific cities indicated in the table, weighted by the number of households where applicable. ³Based on the country-specific definition. In-place rents in Austria and Sweden are not fully comparable to Germany, as Sweden includes ancillary costs and Austria includes maintenance and property improvement contributions from tenants. The table above shows the rental level unadjusted to the German definition.

Portfolio Clustering

H1 2025 Update Appendix

		Jun. 30, 2025	Resi units	In-place rent (€m p.a.)1	In-place rent (€/sqm)1	Vacancy Rate	Fair value (€bn)	Fair value (€/sqm)	Gross yield
	c gi e at	Urban quarters & clusters (Germany)	438,222	2,652	8.08	1.7	64.3	2,341	4.1%
Results nt e m	Str	Sweden	39,647	393	11.30	4.5	6.7	2,186	5.9%
Seg n i	s e
ed d u ncl	al S g n	Germany	23,330	154	7.87	2.9	3.8	2,336	4.0%
I	urri ec R	Austria	20,248	125	5.76	4.4	2.7	1,657	4.6%
ot n nt osals n ed i Results e m d u Seg ncl p Dis i	al s al n o os diti p s d Di A	Non Core	11,617	102	7.28	4.8	1.5	1,466	6.7%
		Total	533,064	3,426	8.22	2.1	79.1	2,269	4.3%

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

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

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

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

• Non-core: non-strategic residential and commercial properties plus remaining nursing assets.

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.

Capital Allocation Focus

Key Priorities for Vonovia

H1 2025 Update Appendix

Strategic Priorities		Financial Strength Ratings, Covenants & Liquidity Preserving a robust capital structure	Growth Rental & Non-Rental Growth Acceleration through organic growth initiatives
	Investment Program	▪ General preference for allocating capital to highest-yielding measure. ▪ Investment to address the megatrends driving the sector. ▪ Drives organic earnings and value growth.
Capital Allocation	Dividend	50% Adj. EBT plus surplus liquidity paid out as dividend. Potential for opportunistic share buybacks.
	M&A	Disciplined and opportunity-driven approach. ▪ ▪ Impeccable track record of execution. ▪	Must deliver returns in excess of cost of capital on a risk-adjusted basis.
Shareholder Value Creation		Value Accretion	Cash Generation

Commitment to Sustainability

Science-based Decarbonization Roadmap with Measurable Interim Targets

• Accelerated decarbonization with Net Zero target by 2045.

Carbon intensity¹ in kg CO2e/sqm per year

• 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.

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://report.vonovia.com/2024/q4/en/e1-1-transition-plan-for-climate-change-mitigation

The 3 levers of our climate path

H1 2025

Sustainability Performance Index (SPI)

Measurable Targets for Non-financial KPIs

H1 2025 Update Appendix

• 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	Scope	Weighting	2023 Actuals	2024 Actuals	Targets 2030
1	CO2 intensity in the housing stock (German portfolio) 1 kg CO2e/sqm/p.a.	Vonovia Germany	35%	31.7	31.2	<25
2	Average primary energy consumption of new buildings2 kWh/sqm/p.a.	Vonovia	10%	25.3	22.0	<25
3	Proportion of accessible (partially) modernized newly rented apartments	Vonovia Germany	10%	17.5%	29.5%	~27%
4	Customer satisfaction	Vonovia Germany	20%	72.4%	75.2%	>73%
5	Employee satisfaction	Vonovia	15%	78%	79%	≥77%
6	Proportion of women in management positions3	Vonovia	10%	24.2%	25.8%	≥30%
				111%	104%	100% p.a.

¹ Scope 1, 2 (market based) and 3.3. ² Excluding pure commercial projects and floor additions. ³ First and second level below top management.

Recognition of ESG Performance

ESG Ratings and Indices

H1 2025

Update Appendix

Energy Efficiency Classes

Substantial Progress since IPO Puts Vonovia Ahead of the Market

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

H1 2025 Update Appendix

Debt Structure

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

KPI / criteria	Jun. 30, 2025	Dec. 31, 2024	Target range
LTV	45.9%2,3	45.8%2	40-45%
ND / EBITDA multiple	13.7x2,3	14.5x2	14-15x
ICR	3.5x	3.8x	≥ 3.5x
Fixed/hedged debt ratio	98%	98%
Average cost of debt	1.8%	1.9%
Weighted average maturity (years)	6.0	6.3
Average fair market value of debt	93%	93%

Rating Agency	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	Jun. 19, 2025

¹ SSD = Schuldscheindarlehen (promissory notes), ISV = Inhaberschuldverschreibungen (bearer bonds), NSV = Namensschuldverschreibungen (registered bonds). ² Pro forma for €1.7bn disposals signed but not closed as of June 30, 2025. ³ After FY2024 dividend payment.

Residential Market Fundamentals (Germany)

Household Sizes and Ownership Structure

H1 2025 Update Appendix

Growing number of smaller households Fragmented ownership structure

• 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.

• Germany is the largest housing market in Europe with ~43m housing units, of which ~25m are rental units.

• Ownership structure is highly fragmented and majority of owners are non-professional landlords.

Distribution of household sizes (million) Ownership structure

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.

Vonovia Shares

Basic Data and NOSH Evolution

H1 2025 Update Appendix

First day of trading	July 11, 2013
No. of shares outstanding	835.6 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 EPRA/NAREIT Europe, DAX 50 ESG, STOXX Global ESG Leaders, EURO STOXX ESG Leaders 50, Dow Jones Best-in-Class Europe Index

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

IR Contact & Financial Calendar

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

H1 2025 Update Appendix

Rene Hoffmann (Head of IR) (Primary contact for Sell side, Buy side) +49 234 314 1629 rene.hoffmann@vonovia.de

Stefan Heinz (Primary contact for Sell side, Buy side) +49 234 314 2384 stefan.heinz@vonovia.de

Oliver Larmann (Primary contact for private investors, AGM, financial regulator) +49 234 314 1609 oliver.larmann@vonovia.de

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

General inquiries investorrelations@vonovia.de

Contact	Financial Calendar 2025

Sep 3	Bernstein Pan-European Real Estate Conference, London
Sep 4	Commerzbank and ODDO BHF Corporate Conference, Frankfurt (IR)
Sep 9-10	BofA Global Real Estate Conference, NYC
Sep 11	Kepler Cheuvreux Autumn Conference, Paris (IR)
Sep 15	Goldman Sachs Real Estate Equity and Debt Conference, London
Sep 18	EPRA-Conference, Stockholm
Sep 18	BofA Corporate & Converts Conference, London (IR, Finance)
Sep 22	Goldman Sachs German Corporate Conference, Munich 2025
Sep 23	Baader Investment Conference, Munich (IR)
Oct 7	Non-Deal Roadshow Copenhagen (IR)
Oct 8	Non-Deal Roadshow Dublin (IR)
Nov 5	Interim results 9M 2025
Nov 6	VNA 9M Roadshow
Nov 7	VNA 9M Roadshow
Nov 11-18	Non-Deal Roadshow Australia & Southeast Asia (IR, Finance)
Nov 13	VNA 9M Roadshow
Nov 18-19	Jefferies Real Estate Conference, Miami (IR)
Nov 24-26	Deutsche Börse Eigenkapitalforum, Munich
Dec 3	UBS Global Real Estate Conference, London
Dec 4	Bernstein's annual Pan-European, Paris

Dates and participants 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.