Vonovia SE

Investor Presentation • Nov 5, 2025

VONOVIA

9M 2025

Earnings Call Presentation

Agenda

1. Preface pages 3-14

2. 9M 2025 Update pages 16-24

3. Appendix pages 26-43

2025 fully on track towards upper end end of guidance. 9M 2025:

• +6.4% Total EBITDA (87% contribution from rental and 13% from non-rental)
• +6.8% Adj. EBT
• +6.4 Adj. EBT post minorities

Initial Guidance 2026E reflects continued growth in all segments

Outlook 2028E

• Well on track towards Adj. EBITDA growth targets

• Organic rent growth outlook raised to ~5%

• Organic value growth continues (H2 expected to be better than H1)

• Transaction market back to normal levels seen before ultra-low interestrate period

1 Performance 2 Market 3 Business

• Vonovia's approach to the business is different
• Low risk comes with low initial yield and requires strong focus on scale, industrialization and standardization
• We operate in a rules-based B2C, subscription-based end-consumer business
• Location matters
• Best-in-class platform and portfolio forms basis for further earnings and value growth

Vonovia's Approach to the Business Is Different

Based on Structural Megatrends and Following Three Guiding Principles

Preface Appendix 9M 2025

Megatrends safeguard long-term stability and growth Guiding principles Consequences

The low risk in the highly regulated underlying business results in comparatively low initial yields.

• Cost leadership
• Scale
• Standardization
• Industrialization

Low risk

Operating residential assets in our markets is a highly robust subscription based B2C end-consumer business.

• Housing markets differ across Germany. Location & portfolio
• Portfolio investments unlock earnings and value growth.

quality matter.

• Deep vertical and horizontal integration
• Maximum control over value chain
• Ancillary business
• Exposure to markets with visible long-term growth
• Comprehensive investment program

Evolution of Operating KPIs

Rock Solid Development Expected to Continue. Acceleration of Organic Rent Growth

Preface Appendix 9M 2025

¹ In-place rent refers to net cold rent per sqm of the total residential portfolio at the end of the period. ² Same-store basis. 2020 impacted by Berlin rent freeze (Mietendeckel) ³ Including both in-place rent and ancillary costs.

Scale & Efficiency

Unparalleled Scale Is A Key Driver for Market-leading Efficiency

Preface Appendix 9M 2025

Efficiency Leader

Low Spread between Gross and Net Yields Unlocks Efficiency Gains

Preface Appendix 9M 2025

Gross yields differ based on location and long-term rent growth outlook, giving different portfolios a different initial starting point.

Adj. net yields are much more homogeneous, as cost leakage varies greatly and reveals different efficiency levels and value creation from vertical integration.

• ➔ Vonovia is uniquely positioned to operate in low-yielding markets.
• ➔ Vonovia's efficiency delivers >€400m¹ additional EBITDA compared to average leakage of peer group.
• ➔ Efficiency leadership is basis for successful 2nd Vonovia

¹ Calculated as Vonovia fair value multiplied by spread (54bps) between yield delta (gross vs. adj. net) of Vonovia (0.38%) vs. peer average (0.93%). Sources: Company disclosure for FY2024. Gross yield calculated as rental income divided by average fair value (last two years). Adj. net yield calculated as EBITDA Operations + maintenance divided by average fair value (last two years). Adj. EBITDA Operations (excl. interim profits) is adjusted for maintenance to reflect true cost leakage without distortions from different maintenance policies within German resi. The gross to adj. net yield spread for Vonvia's German portfolio is 0.2.

Fully integrated, SAP-based one-stop shop

Owning and operating Europe's largest residential asset base, including one of Germany's largest homebuilders, safeguards unparalleled expertise and a unique data pool.

Evolution of Rental vs. Non-rental Business

Ramp-up

of non-rental

business

1.3

1.2

1.0

Vonovia's Business Model Has Always Been Broader than just Collecting Rents

Preface Focus on profitability Focus on liquidity generation over 3.2 - 3.53.0 2.8 2.6 91% 75-80%

profitability

2.6

2.6

2.2

80%

20%

1.6

20-25%

2028E

0.6

€bn

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.5

EBITDA Total

Adj.

1.9

1.8

Location Matters

We Are In the Right Markets

Preface Appendix 9M 2025

• Fundamentals and yields are not the same throughout Germany.
• There is a general distinction between urban areas (lower initial yields) and rural areas (higher initial yields).
• Vonovia has actively built its portfolio in urban areas to safeguard long-term rental and value growth. The number of locations has been cut in half, improving portfolio quality and efficiency.

Increasing Real Market Levels As Supply/Demand Imbalance Beats Regulation

Robust Growth Trajectory for Many Years

Preface Appendix 9M 2025

• Vonovia's portfolio is focused on urban growth markets with the largest supply-demand gap.
• Structural imbalance supports long-term rent growth trajectory.
• Vonovia organic rent growth moving towards ~5%.

2021 2025 Supply/demand imbalance: Rising Temperature¹

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

¹ Source: BPD/bulwiengesa Wohnwetterkarte. ² German portfolio. ³ Source: Value Marktdatenbank (formerly empirica-systeme), 9M 2025. Asking rents excluding furnished apartments and new constructions. Market data reflects the weighted average for Vonovia's German portfolio as of Sep. 30, 2025.

Most Comprehensive Investment Program

Portfolio Investments Unlock Additional Earnings & Value Growth

Preface Appendix 9M 2025

€7.4bn invested between 2014 and 2024

7.1% operating yield from rent growth and cost savings

Optimize Apartment Upgrade Building Space Creation

Sources: Company disclosure. ¹Investment volumes calculated as modernization investments + capitalized maintenance in relation to fair value (2yr-average).

Best-in-class Rent Growth & Value Growth

The Right Locations Support Superior Rent & Value Growth

Preface Appendix 9M 2025

Sources: Company disclosure. Listed German Resi Peer 3 disclosure insufficient to properly calculate comparable FV/sqm CAGR.

Estimated Annual Total Accounting and Shareholder Return

Two Types of Returns: Earnings Growth + Organic Value Growth

Preface

Estimated annual total return¹

• ~13% based on current market capitalization²
• ~9% based on current NTA.

MOODY'S Baa1. Stable Outlook

S&P Global

Ratings

BBB+. Stable Outlook

FitchRatings BBB+. Stable Outlook

Assuming stable market yields. ² Based on €23bn market cap

Agenda

1. Preface pages 3-14

2. 9M 2025 Update pages 16-24

3. Appendix pages 26-43

KPI Overview

2025 Progressing Well with No Surprises.

Preface Appendix 9M 2025

Update

Earnings					Operations
€m (unless indicated otherwise)	9M 2025	9M 2024	Delta (%)
Adj. EBITDA Rental	1,847.0	1,801.9	+2.5%		9M 2025	9M 2024	Delta
Adj. EBITDA Value-add	150.1	145.92	+2.9%	Number of units (owned)	532,558	541,619	-1.7%
Adj. EBITDA Recurring Sales	56.6	38.9	+45.5%	In-place rent (€/sqm/month)	8.28	7.94	+4.3%
Adj. EBITDA Development	61.0	0.0	-
Adj. EBITDA Total	2,114.7	1,986.7	+6.4%	Organic rent growth	4.2%	3.8%	+0.4pp
Adj. Net Financial Result	-546.4	-528.7	+3.3%	Vacancy rate	2.2%	2.1%	+0.1pp
Straight-line depreciation	-85.7	-84.1	+1.9%
Intragroup profit (-)/loss (+)	-26.4	-10.0	>100%
Adj. Earnings before Taxes (EBT)	1,456.2	1,363.9	+6.8%		Value
p.s.1 Adj. Earnings before Taxes (EBT)	1.76	1.67	+5.5%
Adj. EBT attributable to minorities	134.3	121.4	+10.6%		09/2025	12/2024	Delta
Adj. EBT after minorities	1,321.9	1,242.5	+6.4%	FV (€bn)	79.4	78.5	+1.1%
Adj. EBT after minorities p.s.1	1.60	1.52	+5.1%
Straight-line depreciation	85.7	84.1	+1.9%	FV (€/sqm)	2,280	2,230	+2.2%
Change in capital commitment Development to Sell	248.3	-70.8	-	EPRA NTA (€ p.s.)	44.72	45.23	-1.1%
Carrying amount of sold investment properties (core business)	233.4	242.0	-3.6%		Leverage
Capitalized maintenance	-198.9	-179.0	+11.1%
Dividends and payouts to non-controlling shareholders (minorities)	-175.8	-117.0	+50.3%		09/2025	12/2024	Delta
Income tax payments as per CF statement (excl. taxes on non-core sales)	-200.0	-175.4	+14.0%	LTV (pro forma)	45.7%	45.8%	-0.1pp
Intragroup profits/losses	26.4	10.0	>100%	ND/EBITDA (pro forma)	13.9x	14.5x	-0.6x
Operating Free Cash Flow (OFCF) ("Vonovia AFFO")	1,475.3	1,157.8	+27.4%	ICR3	3.8x	3.7x	+0.1x
				Average interest rate	1.9%	1.9%	-

¹ Based on the weighted average number of shares carrying dividend rights. ² 9M 2024 included €58m non-recurring Adj. EBITDA from coax network lease agreement. ³ Based on internal definition for which the threshold we have set for ourselves is 3.5x. The ICR ratio based on the bond covenant definition was 3.5x (09/2025) and 3.8x (12/2024), respectively. See page 22 for more details.

Rental Segment

Operating KPIs Remain Rock Solid

Preface Appendix 9M 2025 Update

• Adj. EBITDA Rental up +2.5% despite ~9k fewer units (4.2% l-f-l).
• 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)	9M 2025	9M 2024	Delta
Rental revenue	2,551.1	2,481.8	+2.8%
Maintenance expenses	-366.1	-344.8	+6.2%
Operating expenses	-338.0	-335.1	+0.9%
Adj. EBITDA Rental	1,847.0	1,801.9	+2.5%

¹ OVM = local comparable rent. ² German portfolio.

Mietspiegel/OVM¹

Value-add Segment

Increasing EBITDA Contribution

Preface Appendix 9M 2025 Update

• 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.

yonoviA	10
VOLIOVIA	4
-0=

Value-add Segment (€m)	9M 2025	9M 2024	Delta
Revenue Value-add	1,093.6	1,009.7	+8.3%
of which external	101.5	149.1	-31.9%
of which internal	992.1	860.6	+15.3%
Operating expenses Value-add	-943.5	-863.8	+9.2%
Adj. EBITDA Value-add	150.1	145.91	+2.9%

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 9M 2024 included €58m non-recurring Adj. EBITDA from coax network lease agreement (external revenue up 11% adjusted for this one-time effect).

Recurring Sales Segment

Increasing EBITDA Contribution

Preface Appendix 9M 2025

Update

• Increase in disposal volume, revenue, and fair-value step-up.
• Growing demand in the context of structural housing shortage, interest rate stability and tax advantages.
• 30-35% fair value step-up targeted.
• Future disposal earnings from buying, modernizing and selling stranded assets ("manage to green") will be recognized in this segment.

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

Development Segment

Increasing EBITDA Contribution

Preface

9M 2025

Appendix

• 19% gross margin in 9M 2025 excluding Q1 land sale
• 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 (all-in) underway.

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 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).

EPRA NTA (€m) (unless indicated otherwise)	Sep. 30, 2025	Dec. 31, 2024	Delta
Total equity attributable to Vonovia shareholders	26,084.1	23,996.4	+8.7%
Deferred tax in relation to FV gains of investment properties1	12,815.5	14,620.2	-12.3%
FV of financial instruments2	131.8	23.4	>100%
Goodwill as per IFRS balance sheet	-1,391.7	-1,391.7	-
Intangibles as per IFRS balance sheet	-43.1	-32.7	+31.8%
EPRA NTA	37,596.6	37,215.6	+1.0%
NOSH (million)	840.7	822.9	+1.5%
EPRA NTA (€/share)	44.72	45.23	-1.1%

• Deferred tax liabilities are taxes owed but not payable unless the relevant properties are actually sold.
• In the NTA, Vonovia adds back deferred taxes for core assets but not for disposal assets (Non-core, Recurring Sales).
• New legislation is in place³ to reduce the corporate income tax rate from currently 15% to 10% in incremental steps of 100 basis points p.a. starting 2028.
• Given very long-term nature of the temporary differences, deferred taxes must be measured at the corporate income tax rate of 10% that will apply as of 2032.
• The consequence is a decline in deferred tax liabilities that leads to a deferred tax income of ca. €2.3 billion.
• In the NTA, this effect is broadly netted, as the decline in deferred tax liabilities is of a similar magnitude as the increase in IFRS equity.

¹ Deferred taxes for core assets but not for disposal assets. ² Adjusted for effects from cross-currency swaps. ³ The law ("Investitionsbooster") went into effect on July 19, 2025.

Financial KPIs

Leverage Well under Control with Organic Deleveraging Going Forward

Preface

9M 2025 Update

ppendix

• Pro forma cash position of €3.5bn¹ covers all near-term maturities.
• 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
• Bond buyback in June for an aggregate bond amount of €800m across two bonds with coupons of 4.75% and 5%.
• Inaugural AUD bond issuance in August: €475m volume with 7 & 10 year tenor and 3.87% average coupon after currency hedging.

	Rating	Outlook	Last update
S&P	BBB+	Stable	Aug. 19, 2025
Moody's	Baa1	Stable	Feb. 11, 2025
Fitch	BBB+	Stable	Feb. 3, 2025
Scope	A-	Negative	Jun. 19, 2025

¹ Consisting of €3.0bn cash on hand (Sep 30, 2025, and including term deposits) plus €0.5bn disposals signed but not closed as of Sep 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. ⁵ ICR calculated as Adj. EBITDA Total LTM / net financial result LTM (largely smoothening timing effects). The internal target threshold we have set for ourselves is 3.5x. ⁶ ICR calculated as Adj. EBITDA Total LTM / net cash interest LTM (more volatile depending on interest payment dates). The bond covenant threshold is 1.8x.

Initial 2026 Guidance & 2028 Objective

Continued Rent Growth Acceleration

				9M 2025 Preface Appendix Update
	Actuals 2024	Final Guidance 2025E	Initial Guidance 2026E	Objective 2028E
Rental Revenue	€3.324bn	~€3.4bn	€3.45bn - €3.55bn	€3.7bn - €3.8bn
Organic rent growth Additional irrevocable rent increase claim2	4.1%	~4.1% +~2.5%	~4.2% Net build-up by ~0.4pp to +~3%	~5% Net use of ~1pp to +~2%
Investments1	€836m	~€1.2bn	~€1.4bn	~€2bn
Adj. EBITDA Total	€2.625bn	~€2.8bn	€2.95bn - €3.05bn	€3.2bn - €3.5bn
Adj. EBT	€1.800bn (€166m) minorities	~€1.9bn (~10%) minorities	€1.9bn - €2.0bn (~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%	~100%

¹ Including Upgrade Building, Optimize Apartment, Development to Hold (Space creation). Leverage neutral financing of 60% equity/40% debt. Excluding Development to Sell. ² Additional irrevocable rent increase claim on the apartment level in relation to the local comparable rent (OVM) that is guaranteed by law but can only be implemented once the three-year period for maximum rent growth ("Kappungsgrenze") has lapsed. Implementation will happen over time. Contrary to the organic rent growth, the percentages from different years are not cumulative. See page 30 for more details.

Wrap-up

• Vonovia's approach to the business is different.
• Company is well prepared for future earnings and value growth.
• Market environment and operating business remain rock solid.
• Rental segment fully on track with accelerating rent growth.
• Further ramp up of non-rental segments.
• Continued growth reflected in initial guidance for 2026.
• CEO handover ongoing. Luka Mucic will start at Vonovia at the end of November and assume the CEO role on Jan 1, 2026.

Agenda

1. Preface pages 3-14

2. 9M 2025 Update pages 16-24

3. Appendix pages 26-43

Transaction Volumes excl. Listed Players

Market Seems to be Back to Normal Activity Level

Preface Appendix 9M 2025

Overall transaction volumes between 2015 and 2021 were largely impacted by listed players who often constituted half or even more of the total market volume. Adjusted for listed players as buyers and/or sellers, the underlying transaction volume seems largely back to normal levels observed through the cycle and even above the levels prior to the period of ultralow interest rates.

German resi transaction volume (€bn; excl. listed players and incl. deals with 50 or more units)

Source: CBRE RESI VAS. Including portfolio transactions with at least 50 units.

Accretive Investment Program in Long-term Portfolio

Acceleration through Tech-supported Investments

Preface Appendix 9M 2025

• 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 (€m)

1,432 805 836 ~1,200 ~2,000 ~1,400 Substantial reduction as a consequence of focusing on cash and capital discipline Ramp up supported by accelerated tech investments. Leverage neutral funding: 60% equity & 40% debt funded Dev to hold / Space creation Modernization

2021 2023 2024 2025E 2028E

2026E

Optimize Apartment

Apartment renovation upon turnover.

Upgrade Building

Investments in decarbonization (manage to green).

Traditional investment program Dev to hold / Space creation

New construction for our own portfolio ("to hold") through green- or brownfield (re)-development, infill construction, and roof extension.

Heating Roof PV Windows Façade

Doors

Serial Modernization Accelerated tech-supported investments

Heat pump cube

industrial prefab. Less dependency on skilled labor. Shorter construction times.

Standardized compact solution independent of specific building

Cutting-edge technology.

conditions.

PV

Ambition of ~400 MWp by 2028 and long-term goal of ~700 MWp (140 MWp today).

Excl. Deutsche Wohnen

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

Development cost reduction (€k/sqm)

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

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

Increasing Real Market Levels As Supply/Demand Imbalance Beats Regulation

Preface Appendix 9M 2025

	Vonovia						Delta between real market and Real market4 Vonovia in-place rent
Regional Market (Sep. 30, 2025)	% of total assets1	In-place rent2	Reletting rent range3		Asking rent	range5	0%	50%	100%	150%	200%
Berlin	29%	8.12	8.74	12.71	15.40	20.98
Rhine Main Area (Frankfurt, Darmstadt, Wiesbaden)	7%	9.96	10.84	14.42	14.42	17.47
Southern Ruhr Area (Dortmund, Essen, Bochum)	9%	7.53	8.07	9.94	9.11	10.98
Rhineland (Cologne, Düsseldorf, Bonn)	7%	8.63	9.33	11.77	12.12	14.72
Dresden	9%	7.32	7.83	9.48	9.51	12.01
Hamburg	4%	8.48	8.91	11.95	13.38	16.58
Hanover	5%	7.87	8.11	10.93	10.53	12.64
Kiel	5%	7.91	9.10	11.13	11.12	13.53
Munich	2%	10.29	12.81	16.18	19.10	22.83
Stuttgart	3%	9.36	10.36	12.54	13.74	16.40
Northern Ruhr Area (Duisburg, Gelsenkirchen)	5%	6.80	7.25	8.71	7.92	9.25
Leipzig	3%	7.14	7.82	9.73	9.38	11.74
Bremen	2%	7.09	7.91	9.93	11.04	13.45
Westphalia (Münster, Osnabrück)	2%	7.51	8.51	9.72	10.17	12.27
Freiburg	1%	9.03	9.59	12.25	14.79	18.36
Other Strategic Locations	6%	7.93	8.39	10.85	10.65	12.65					Lower end
Non-Strategic Locations	0%	7.65	8.24	10.81	10.85	12.88					Upper end
Total Germany	100%	8.11	8.79	11.45	12.45	15.78
Gross initial yield		4.2%	4.5%	5.9%	6.4%	8.2%

¹ Residential portfolio Germany (based on no. of units). ² Vonovia average in-place rent as of 9M 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), Q3 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).

Additional Irrevocable Rent Increase Claim

Kappungsgrenze (Existing Tenants 15% Max over Three Years) Causes Delay

Preface Appendix 9M 2025

OVM (=local comparable rent) is defined by the Mietspiegel in most locations. It stipulates the rent level (€/sqm) landlords are allowed to charge from sitting tenants.

The timing of the rent growth implementation is subject to the "Kappungsgrenze," allowing for a maximum increase of 15% (20% in some markets) over three years.

The acceleration in OVM growth has created a bow wave of rent growth that comes with delayed implementation ("additional irrevocable rent increase claim").

This staggered rent increase is guaranteed by law and is already linked to each specific apartment.

The maximum Mietspiegel/OVM level is marked in our SAP operating system apartment by apartment, and the remaining step-up will be automatically implemented immediately after the restriction period has lapsed.

The reported percentage value for the "additional irrevocable rent increase claim" refers to the total cumulative value as of the respective point in time and will be realized in subsequent years. Contrary to the organic rent growth, the percentages from different years are not cumulative.

Organic rent growth and additional irrevocable rent increase claim (%)¹

¹ Total volume of irrevocable rent increase claims as of respective year end and in addition to organic rent growth implemented in that year. Additional rent increase claims cannot be added y-o-y, as the % figure always refers to the total cumulative additional irrevocable rent increase claim at the time.

Our Business Is Supported by Structural Megatrends…

Preface Appendix 9M 2025

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

changes from megatrends while sectors fight disruptive estate Support

Supply-/
Demand Imbalance

Climate Change

Demographic Change

~€100bn investment volume every year to complete 320k apartments¹ per year.²

Up to €120bn investment volume every year to decarbonize Germany's housing stock.³

Shortage of 2 million apartments suitable for elderly people.⁴

• 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 Source: BBSR (Federal Office for Building and Regional Planning). ² Investment volume based on assuming 60sqm and €5,000/sqm market construction costs. ³ GdW (Association of German Housing Companies). ⁴ IW German Economic Institute.

Regional Markets

Balanced Exposure to Relevant Growth Regions

Preface Appendix 9M 2025

	Fair value1						In-place rent
Regional Markets (Sep. 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	22,793.8	2,676	138,442	0.8	837	798	8.12	4.5	27.2	87.4	2.3	56.6
Rhine Main Area (Frankfurt, Darmstadt, Wiesbaden)	6,429.0	2,819	35,199	2.2	271	260	9.96	3.8	23.8	100.7	2.2	44.8
Southern Ruhr Area (Dortmund, Essen, Bochum)	5,252.1	1,971	42,684	2.4	239	233	7.53	4.5	22.0	89.0	1.9	32.0
Rhineland (Cologne, Düsseldorf, Bonn)	5,148.0	2,452	31,151	1.8	219	208	8.63	3.9	23.6	100.3	2.0	36.3
Dresden	5,034.3	1,930	42,272	2.1	228	211	7.32	5.1	22.1	87.3	2.0	29.4
Hamburg	3,246.0	2,537	19,997	1.4	130	125	8.48	2.3	24.9	96.1	2.1	41.0
Hanover	2,887.4	2,032	21,974	3.0	132	127	7.87	3.4	21.8	89.3	2.0	38.9
Munich	2,750.2	3,884	10,504	0.9	87	83	10.29	6.9	31.5	119.2	2.3	57.3
Kiel	2,700.5	1,842	24,831	2.0	137	132	7.91	4.4	19.7	76.5	2.0	40.7
Stuttgart	2,256.2	2,674	13,069	1.9	94	91	9.36	3.8	24.1	100.2	2.1	34.0
Leipzig	2,136.2	1,988	14,990	2.9	89	82	7.14	5.0	24.0	80.7	2.0	36.3
Northern Ruhr Area (Duisburg, Gelsenkirchen)	2,053.3	1,382	23,879	2.6	121	117	6.80	2.5	17.0	80.6	1.6	28.0
Bremen	1,405.1	1,952	11,611	2.5	60	58	7.09	2.7	23.3	83.9	2.0	40.1
Westphalia (Münster, Osnabrück)	1,134.9	1,835	9,391	2.7	55	54	7.51	2.5	20.7	90.1	2.0	29.3
Freiburg	746.5	2,788	3,830	0.9	29	28	9.03	3.9	25.4	86.6	2.1	35.6
Other Strategic Locations	3,359.9	1,942	26,758	3.4	161	156	7.93	3.5	20.8		1.9	36.9
Total Strategic Locations	69,333.5	2,328	470,582	1.8	2,889	2,764	8.12	4.1	24.0		2.1	41.1
Non-Strategic Locations	601.8	1,732	2,163	4.9	41	13	7.65	2.2	14.6		1.9	41.3
Total Germany	69,935.3	2,321	472,745	1.9	2,930	2,777	8.11	4.1	23.9		2.1	41.1
Vonovia Sweden	6,782.5	2,213	39,658	4.6	396	369	11.41	5.5	17.1		2.1	n/a
Vonovia Austria	2,726.2	1,663	20,155	4.6	124	99	5,78	1.4	21.9		1.7	n/a
Total	79,443.9	2,280	532,558	2.2	3,450	3,244	8.28	4.2	23.0		2.1	n/a

¹Fair value of the developed land excluding €3.8bn, of which €0.5bn for undeveloped land and inheritable building rights granted, €1.0bn for assets under construction, €1.9bn for development, €10.7m for nursing care properties (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.

		Sep. 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
Results	c gi e at	Urban quarters & clusters (Germany)	438,420	2,675	8.14	1.7	64.6	2,351	4.1%
nt e m	Str	Sweden	39,658	396	11.41	4.6	6.8	2,213	5.8%
Seg n i ed d u	s e al S g n	Germany	23,016	152	7.92	3.1	3.8	2,342	4.0%
ncl I	urri ec R	Austria	20,155	124	5.78	4.6	2.7	1,663	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	11,309	102	7.33	4.6	1.5	1,478	6.8%
		Total	532,558	3,450	8.28	2.2	79.4	2,280	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.

• Accelerated decarbonization with Net Zero target by 2045.
• 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 intensity¹ in kg CO2e/sqm per year

The 3 levers of our climate path

Energy Efficiency Continue deep renovation.

Fuel Switch

District heating decarbonization² 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 carbon-free district heating and green electricity.

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

Sustainability Performance Index (SPI)

Measurable Targets for Non-financial KPIs

Preface Appendix 9M 2025

• 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
CO2 intensity in the housing stock (German 1 1 portfolio) kg CO2e/sqm/p.a.	Vonovia Germany	35%	31.7	31.2	<25
Average primary energy consumption of new 2 buildings2 kWh/sqm/p.a.	Vonovia	10%	25.3	22.0	<25
Proportion of accessible 3 (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%
Proportion of women in 6 management positions3	Vonovia	10%	24.2%	25.8%	≥30%
			111%	104%	100% p.a.

Recognition of ESG Performance

ESG Ratings and Indices

Preface Appendix 9M 2025

ESG Ratings

Since 2018:

Gold Level Compliance with EPRA Sustainability Best Practices Recommendations

2018 2019 2020 2021 2022 2023 2024

ESG 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 Europe Index

Preface

9M 2025

Appendix

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

Debt Structure

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

Preface Appendix 9M 2025

KPI / criteria	Sep. 30, 2025	Dec. 31, 2024	Target range
LTV	45.7%2	45.8%2	40-45%
ND / EBITDA multiple	13.9x2	14.5x2	14-15x
ICR3	3.8x	3.7x	≥ 3.5x
Fixed/hedged debt ratio	99%	98%
Average cost of debt	1.9%	1.9%
Weighted average maturity (years)	5.9	6.3
Average fair market value of debt	93%	93%

Rating Agency	Rating	Outlook	Last update
S&P	BBB+	Stable	Aug. 19, 2025
Moody's	Baa1	Stable	Feb. 11, 2025
Fitch	BBB+	Stable	Feb. 03, 2025
Scope	A-	Negative	Jun. 19, 2025

¹ SSD = Schuldscheindarlehen (promissory notes), ISV = Inhaberschuldverschreibungen (bearer bonds), NSV = Namensschuldverschreibungen (registered bonds). ² Pro forma for €0.5bn disposals signed but not closed as of Sep. 30, 2025. ³ Based on internal definition. ICR calculated as Adj. EBITDA Total LTM / net financial result LTM (largely smoothening timing effects). The internal target threshold we have set for ourselves is 3.5x The ICR based on the bond covenant definition is calculated as Adj. EBITDA Total LTM / net cash interest LTM (more volatile depending on interest payment dates) and was 3.5x as of Sep. 30, 2025, and 3.8x as of Dec. 31, 2024. The bond covenant threshold is 1.8x.

Residential Market Fundamentals (Germany)

Household Sizes and Ownership Structure

Preface Appendix 9M 2025

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.

Basic Data and NOSH Evolution

Preface

9M 2025 Undate

Appendix

First day of trading	July 11, 2013
No. of shares outstanding	847.8 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

Data as of Oct. 31, 2025.

IR Contact & Financial Calendar

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

Preface Appendix 9M 2025

	Contact		2025		2026
	Rene Hoffmann (Head of IR) (Sell side, Buy side)	Nov 6	VNA 9M Roadshow, Frankfurt	Jan 8	Barclays European Real Estate Equity & Credit Conference, London
	+49 234 314 1629 rene.hoffmann@vonovia.de	Nov 11-12	VNA 9M Roadshow, London	Jan 9	ODDO BHF Forum, Lyon
	Stefan Heinz (Sell side, Buy side) +49 234 314 2384 stefan.heinz@vonovia.de	Nov 11-18	Non-Deal Debt Roadshow Australia & Southeast Asia	Jan 12-13	Commerzbank & ODDO BHF German Investment Seminar, NYC
		Nov 18-19	Jefferies Real Estate Conference, Miami	Jan 20-21	Kepler UniCredit German Corporate Conference, Frankfurt
		Nov 24-26	Deutsche Börse Eigenkapitalforum, Munich	Feb 25	ING Real Estate Conference, Brussels
	Oliver Larmann (Private investors, AGM, financial regulator)	Dec 1-2	Inaugural Barclays & Barrenjoey Infrastructure Access Day, Sydney	Mar 19	Full Year Results 2025
	+49 234 314 1609 oliver.larmann@vonovia.de	Dec 3	UBS Global Real Estate Conference, London	Mar 20	BofA Real Estate Conference, London
	Simone Kaßner (Private investors, ESG) +49 234 314 1140 simone.kassner@vonovia.de	Dec 4	Bernstein's annual Pan-European, Paris	Mar 31	Kempen NYC Seminar, NYC
		Dec 9	Non-Deal Roadshow, Copenhagen	May 7	Interim Results 3M 2026
		Dec 10	Non-Deal Roadshow, Dublin	May 21	Annual General Meeting
General inquiries investorrelations@vonovia.de				Aug 5	Interim Results 6M 2026
				Nov 11	Interim Results 9M 2026

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.