Vonovia SE Reports Solid H1 2024 Results, Confirms Annual Guidance at Upper End

Bochum, August 1, 2024 – Vonovia SE has announced robust operating results for the first half of 2024. The Group's key performance indicators matched expectations, confirming the annual guidance at the upper end. The property portfolio's revaluation stood at €82.5 billion, indicating market recovery.

CEO Rolf Buch affirmed the company's strong performance and noted increased property transactions in Q2. Vonovia’s 2024 sales program has achieved €1.5 billion of its €3 billion target, including significant property sales in Frankfurt and Berlin.

The loan-to-value ratio was 47.3%, with an Operating Free Cash Flow of €800.3 million, 4.7% higher than the previous year. The core rental business showed high demand with a vacancy rate at 2.2% and a total EBITDA of €1,266.5 million.

Vonovia invested €673.8 million in properties and new builds, and increased maintenance expenditure by 6% to €332.3 million. The carbon intensity of the German portfolio decreased by 3.4%. The full-year 2024 guidance remains at the upper end, with expectations for organic rental growth and Adjusted EBITDA to be high.