Vonovia SE Reports Strong Q1 2024 with Expanded Sustainability and Sales Achievements

Vonovia SE announced robust first-quarter results for 2024, signaling a positive trajectory in its core rental segment and significant progress in its sales program. The company reported a Rental EBITDA of €592.9 million and successful bond issuances aimed at covering upcoming maturities and normalizing risk premiums.

The German property company has already achieved approximately €1.1 billion of its ambitious €3 billion sales target for 2024. This includes the sale of properties worth €700 million to municipal housing entities in Berlin. CEO Rolf Buch emphasized the adherence to the year's financial targets, underscoring the effective adaptation to current market demands.

Financial stability is reinforced by a new BBB+ rating from Fitch Ratings, reflecting confidence in the resilience and prospects of the regulated housing market in Germany. This outlook is supported by a stable property value in Vonovia's vast portfolio, totaling €83.7 billion, with no need for revaluation at quarter’s end.

On the sustainability front, Vonovia leads with robust ratings from SBTi and CDP, highlighting the company's commitment to climate goals aligning with the Paris Agreement. These efforts are integrated with strategic investments to combat the prevailing housing shortage, with plans to endorse substantial new builds and upgrades to existing units.

The company continues to prepare for a promising annual outlook, adjusting its rental growth projections and estimating its Adjusted EBITDA to lie between €2.55 billion and €2.65 billion. These forecasts are based on a solid performance foundation built in Q1 and strategic financial management to secure long-term profitability and sustainability.