Slides
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H1 2026 Earnings Call Presentation August 5 , 2026 VONOVIA von
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59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 Agenda 1. H1 2026 Results & Outlook pages 3-12 2. Appendix pages 13-43
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August 5, 2026 H1 2026 Earnings Call Presentation 3 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook H1 Summary Strong Growth in Core Business. Progress on Disposal Program Attractive growth in core operating business 2026 guidance on all earnings KPIs and 2028 outlook confirmed Financial management Valuation result Disposals • Rental segment remains rock solid. Value-add with strong performance fueled by craftsmen organization and energy business. • Recurring Sales & Development are progressing more slowly in current market environment and are expected to be more back-end loaded. • Confident in reaching 2026 guidance on all earnings KPIs despite challenging environment. • No change in 2028 outlook. • ~€4.4bn refinanced year-to-date with ~8yr average tenor and ~3.2% average Euro coupon.1 • Front-loaded financing activities with convertible, corporate bonds in different currencies (all fully hedged), and secured debt. Liability management to further de-risk near-term liabilities. • Debt KPIs at H1 reflecting dividend payment in Q2. • 1.1% value growth (excluding investments); 1.8% (including investments). • Valuation result for investment properties amounting to €848m. • €700m disposals realized in H1 2026. • Includes agreement on preferred redemption of €200m minority stake in Vesteda. • Strong pipeline of additional disposals towards the 2028 objectives. 1 excl. €1bn and SEK1bn 2NC1 issuances used for liquidity management. Incl. Convertible and incl. issuance of three EUR bonds (€2.0bn) in early July 2026.
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August 5, 2026 H1 2026 Earnings Call Presentation 4 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook H1 2026 Performance Attractive Operational Performance. Sales-related Segments Impacted by Market Environment +3.5% €1,268.6m Adj. EBITDA Rental ~5k fewer units y-o-y. Record Customer Satisfaction Index performance at 77.3% in Q2 2026 +27.6% €128.5m Adj. EBITDA Value-add Increased contribution from craftsmen organization and energy business. +1.6% €39.3m Adj. EBITDA Recurring Sales Ø 43.8% FV step-up. Moderate y-o-y growth expected for 2026. -65.0% €20.1m Adj. EBITDA Development H1 25 included €53m contribution from land sale. 2026 expected to be at prior year level. +2.4% €1,456.5m Adj. EBITDA Total -5.4% €1.13 Adj. EBT p.s. -7.7% €0.91 Adj. Shareholder Earnings p.s. Unchanged €46.22 EPRA NTA p.s. 1.1% value growth (excl. investments). Dividend payout in Q2. -45.4% €607.5m OFCF Primarily working capital timing plus acquisition of manage-to-green portfolio. +0.2x (vs YE 2025) -0.3x (vs H1 2025) 14.0x ND/EBITDA -0.2x (vs YE2025) +0.1x (vs H1 2025) 3.6x ICR +50 bps (vs YE 2025) -130bps (vs H1 2025) 46.0% LTV -1.2% when adj. for Q1 25 land sale. -0.5% when adj. for Q1 25 land sale. +6.4% when adj. for Q1 25 land sale. 2026 guidance and 2028 outlook confirmed.
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August 5, 2026 H1 2026 Earnings Call Presentation 5 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Rental Segment EBITDA Growth in spite of Smaller Portfolio 1 Timing effect of Berlin Mietspiegel. 2024 Mietspiegel is included in June 30, 2025, number; 2026 Mietspiegel did not form part of the June 30, 2026, rent growth because implementation is in Q3 2026. 2 OVM = local comparable rent. Expensed and capitalized maintenance (€/sqm) Collection rate for rental income and all ancillary expenses (%) Vacancy rate (eop, %) Organic rent growth (y-o-y, %) 0.3 Jun 30, 2025 0.3 Jun 30, 2026 4.4 3.61 1.2 2.9 1.2 2.1 New construction Modernization Mietspiegel/OVM2 Jun 30, 2025 Jun 30, 2026 2.1 2.3 H1 2025 H1 2026 99.6 99.6 3.5 7.1 H1 2025 4.3 7.2 H1 2026 10.6 11.4 Capitalized maintenance Expensed maintenance Rental Segment (€m) H1 2026 H1 2025 Delta Rental revenue 1,749.7 1,692.7 3.4% Maintenance expenses -238.3 -237.7 0.3% Operating expenses -242.8 -229.4 5.8% Adj. EBITDA Rental 1,268.6 1,225.6 3.5% • Adj. EBITDA Rental up +3.5% despite ~5k fewer units. • Organic rent growth impacted by timing of Berlin Mietspiegel implementation (June 30, 2025 number includes impact from 2024 MSP; the 2026 MSP is implemented in Q3 2026).
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August 5, 2026 H1 2026 Earnings Call Presentation 6 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Value-add Segment External and Internal Revenue Growth Drive Significant EBITDA Increase 1 Incl. energy, multimedia, smart metering, and other services. 2 Excluding 2024 coax network lease agreement. • External revenue growth mainly from energy business. • Internal revenue growth driven by higher investment volume that benefitted VTS craftsmen organization. • Cooperation agreements signed with strategic partners to drive serial production for heat pump cubes and serial modernization. Value-add Segment (€m) H1 2026 H1 2025 Delta Revenue Value-add 800.1 731.2 9.4% of which external 79.2 69.6 13.8% of which internal 720.9 661.6 9.0% Operating expenses Value-add -671.6 -630.5 6.5% Adj. EBITDA Value-add 128.5 100.7 27.6% 9-12% FY2028EFY2025 7% FY20242 4% Adj. EBITDA Value-add as % of Adj. EBITDA Total H1 2026 H1 2025 129 101 Craftsmen (VTS) Facility management Multi-utility and services for residential quarters1 Other Adj. EBITDA Value-add drivers (€m) H1 2026 9%
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August 5, 2026 H1 2026 Earnings Call Presentation 7 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Recurring Sales Segment Strong Margin Increase • Adj. EBITDA slightly higher in H1 2026 in spite of only 60% of prior- year volume (Q1 2025 benefitted from a larger number of signings made at the end of 2024, for which closing fell into the beginning of 2025). • Fair-value step-up substantially higher than last year. • Moderate y-o-y growth expected for 2026. • Manage-to-green transaction volume so far of 900 units (aggregate acquisition multiple of 19x). Recurring Sales Segment (€m) H1 2026 H1 2025 Delta Units sold 687 1,134 -39.4% Revenue from recurring sales 157.2 215.0 -26.9% Fair value -109.3 -166.1 -34.2% Gross profit 47.9 48.9 -2.0% Fair value step-up 43.8% 29.4% +14.4pp Selling costs -8.6 -10.2 -15.7% Adj. EBITDA Recurring Sales 39.3 38.7 +1.6% 5-8% FY2028EFY2025 3% FY2024 2% Adj. EBITDA Rec. Sales as % of Adj. EBITDA Total H1 2026 3%
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August 5, 2026 H1 2026 Earnings Call Presentation 8 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Development Segment Healthy Margin, but Challenging Market Environment 1 Vonovia construction pipeline (concentrated hotspots >1,000 units), of which ~6k units in Austria (mainly Vienna). Total pipeline of ca. 65k units also includes rooftop conversions (~10k). 2 Incl. adjustments for impairment losses/revaluations of development-to-sell projects (H1 2025: +€3.4 million). • Prior-year comparison is skewed because H1 2025 included the disposal of a large land plot with an EBITDA contribution of ca. €53 million. • Q2 stand alone Adj. EBITDA growth was 14% y-o-y, albeit on low volumes. • EBITDA contribution for FY2026 expected at prior-year level with more disposals and opportunistic land sales expected towards the later part of the year. Development Segment (€m) H1 2026 H1 2025 Delta Revenue from disposal of to-Sell properties 161.7 209.1 -22.7% Cost of Development to Sell -130.7 -133.9 -2.4% Carrying amount of sold Development to Sell assets -0.7 -5.0 -86.0% Gross profit Development to Sell 30.3 70.2 -56.8% Gross margin Development 18.7% 33.6% -14.9pp Rental revenue Development 9.0 3.4 >100% Operating expenses Development2 -19.2 -16.2 +18.5% Adj. EBITDA Development 20.1 57.4 -65.0% 4-5% FY2028EFY2025 3% FY2024 1% Market costs Vonovia target costs ~3.6 ~5.0 Lower construction costs lead to substantial increase in addressable market ~(30%) Adj. EBITDA Development as % of Adj. EBITDA Total Long-term development pipeline of ~65k units1 Development cost reduction (€k/sqm) H1 2026 1%
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August 5, 2026 H1 2026 Earnings Call Presentation 9 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Leverage Road to Lower Leverage Built on Actionable Plan 1 excl. €1bn and SEK1bn 2NC1 issuances used for liquidity management. Incl. Convertible and incl. issuance of three EUR bonds (€2.0bn) in early July 2026. H1 KPIs affected by dividend payout in Q2. Higher interest rate environment Ambition to deliver more than mid-single- digit earnings growth medium- term More ambitious stance towards deleveraging 06/25 12/25 06/26 Target 12/28E 47.3% 45.4% 46.0% ~40% -130bps ND/EBITDA LTV 06/25 12/25 06/26 Target 12/28E 14.3x 13.8x 14.0 <12x -0.3x 06/25 12/25 06/26 Target 12/28E 3.5x 3.8x 3.6 Comfortably >3x +0.1x ICR Key drivers towards lower leverage targets • Rental EBITDA growth sufficient to cover increasing financing expenses. • Non-rental business drives near-term EBITDA growth. • Organic deleveraging from rent growth translates into value growth in stable yield environment. • Remainder to be covered by disposals. Debt Management (year-to-date) • ~€4.4bn refinanced with an average duration of ~8yrs and an average coupon in € of ~3.2%.1 • €1.5bn liability management in early July to trim notes with 2027 and 2028 maturities.
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August 5, 2026 H1 2026 Earnings Call Presentation 10 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook H1 Valuation Asset Values Continued on Upward Trajectory 1 Aggregate change from yield shift, performance and investments. 2 Value Data Insights (formerly empirica-systeme), Q2 2026. • Value per sqm of €2,412 (German portfolio) including the land compares2 to • ~€3,600 median purchase price for existing condos; • ~€5,700 median purchase price for new constructions. Value changes1 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 -3.7% -6.6% -4.2% -1.4% 0.5% 1.3% 1.9% H1 2026 1.8% Transaction market & outlook • H1 2026 German resi institutional transaction volume of ~€4bn (CBRE, JLL) with higher volumes in Q2. • Further recovery in the residential investment market is expected in the second half of the year, with a moderate rise in transaction volumes (BNP Paribas Real Estate). • 2026 transaction volume of €8 to €9bn reachable (CBRE). 1.1% 1.8% L-f-l value increase excl. investments L-f-l value increase incl. investments €81.8bn fair value 23.3x in-place rent multiple 4.3% initial gross yield
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August 5, 2026 H1 2026 Earnings Call Presentation 11 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook De-Leveraging through Disposals Disposals: ~€700m Realized in H1 Non-core Opportunistic core disposals + land sales Recurring Sales Pool of ~42k units in Germany and Austria. Individual apartment sales at a target premium to book value >30%. Disposals from our core portfolio including Sweden. Land sales. ~€160m of Recurring Sales assets. ~€330m non-core disposals realized in Germany. Agreement on preferred redemption of Vesteda minority stake of ~€200m. ~€20m land sales signed. H1 2026 Disposal targets towards 2028 Non-Core portfolio in Germany (residential, nursing, commercial assets and non-controlling minority stakes). Non-core portfolio in Sweden. Remaining German non-core portfolio of ~€1.8bn (including ~€0.3bn nursing assets and ~€0.3bn commercial assets). New Portfolio of ~€0.8bn in Sweden. ~€0.5bn p.a. for aggregate volume of ~€1.5bn. Final volume tbd and dependent on how much will be required to achieve 2028 leverage targets after accounting for organic value growth and other disposals.
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59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 August 5, 2026 12 AppendixResults & Outlook H1 2026 Earnings Call Presentation 2026 Guidance & 2028 Objective 1 Excl. 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. FY25: +2.3%, FY26E: +~2.5%, FY28E: +~2.0% (These percentages are not cumulative). 2 Incl. Upgrade Building, Optimize Apartment, Development to Hold (Space creation). Leverage neutral financing of 60% equity/40% debt. Excluding Development to Sell. 3 Relating to the four EBITDA segments. 4 Increase driven by higher recurring sales volume. 5 Increase driven by full-year effect of minorities related to Deutsche Wohnen domination agreement (included in 2025 for only 5 months). Actuals 2024 Actuals 2025 Guidance 2026E Objective 2028E Rental Revenue €3.324bn €3.417bn €3.45bn - €3.55bn €3.7bn - €3.8bn Organic rent growth1 4.1% 4.1% ~4% ~5% Investments2 €836m €1.162m ~€1.4bn ~€2bn Adj. EBITDA Total €2.642bn €2.801bn €2.95bn - €3.05bn €3.2bn - €3.5bn Adj. EBT €1.816bn €1.904bn €1.9bn - €2.0bn Mid-single digit CAGR 2024 – 2028E income taxes3 minorities Adj. Shareholder Earnings (€211m) (€143m) €1.463bn (€198m) (€166m) €1.541bn (€280m – €300m)4 (€190m - €200m)5 €1.4bn – €1.5bn Growing, magnitude of growth largely dependent on disposals & decision/economics around Apollo call options Dividend €1.22 €1.25 We pursue a progressive policy and aim for a payout ratio between 50 and 60% of Adj. EBT. Sustainability Performance Index (SPI) 104% 106% >100% ~100%
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59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 Agenda 1. H1 2026 Results & Outlook pages 3-12 2. Appendix pages 13-43 H1 2026 Performance & Business Update Earnings & Cash Flow 14 Rental Segment & Portfolio 15-18 Efficiency 19 Value-add Segment 20-21 Investment Program 22 Recurring Sales Segment 23 Development Segment 24-25 EBITDA 2026 Guidance and 2028 Outlook 26 EPRA NTA 27 Additional Information Financial KPIs 29 Overview KPIs 30-31 Rental Segment & Portfolio 32-34 Debt structure, Covenants 35-36 ESG 37-40 Vonovia shares 41 IR Contact & Financial calendar 42
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August 5, 2026 H1 2026 Earnings Call Presentation 14 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Financial Performance Earnings & Cash Flow 1 In accordance with current KPI definition including restatements for impairment losses/reversals of impairment losses from development-to-sell projects (previous year adjustment H1 2025: +€3.4 million). 2 Based on the weighted average number of shares carrying dividend rights. 3 Relating to the four EBITDA segments. €m (unless indicated otherwise) H1 2026 H1 2025 Delta (%) Adj. EBITDA Rental 1,268.6 1,225.6 3.5% Adj. EBITDA Value-add 128.5 100.7 27.6% Adj. EBITDA Recurring Sales 39.3 38.7 1.6% Adj. EBITDA Development1 20.1 57.4 -65.0% Adj. EBITDA Total 1,456.5 1,422.4 2.4% Adj. Net financial result -406.3 -363.3 11.8% Straight-line depreciation -63.4 -56.0 13.2% Intragroup profit (-)/loss (+) -24.5 -15.4 59.1% Adj. Earnings before taxes (EBT) 962.3 987.7 -2.6% Adj. Earnings before taxes (EBT) p.s.2 1.13 1.20 -5.4% Tax expenses3 -89.5 -100.3 -10.8% Minorities 101.2 75.9 33.3% Adj. shareholder earnings 771.6 811.5 -4.9% Adj. shareholder earnings p.s.2 0.91 0.99 -7.7% Earnings €m (unless indicated otherwise) H1 2026 H1 2025 Delta (%) Adj. Earnings before Taxes (EBT)1 962.3 987.7 -2.6% Straight-line depreciation 63.4 56.0 13.2% Change in net working capital Development to Sell / Manage to Green -61.1 283.0 - Carrying amount of sold investment properties (core business) 110.0 171.1 -35.7% Capitalized maintenance -141.3 -118.8 18.9% Dividends and payouts to non-controlling shareholders (minorities) -256.0 -175.1 46.2% Income tax payments as per CF statement3 -94.3 -106.2 -11.2% Intragroup profits/losses 24.5 15.4 59.1% Operating Free Cash Flow (OFCF)1 607.5 1,113.1 -45.4% Operating Free Cash Flow
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August 5, 2026 H1 2026 Earnings Call Presentation 15 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Key Business Rationale & Main Growth Drivers Rental Segment Germany 1 Source: BPD/bulwiengesa Wohnwetterkarte. 2 German portfolio. 3 Source: Value Marktdatenbank (formerly empirica-systeme), Q2 2026. Asking rents excluding furnished apartments and new constructions. Market data reflects the weighted average for Vonovia’s German portfolio as of Jun. 30, 2026. 4 Total portfolio. 5 Three-year maximum increase on sitting tenants. 8.3 4.1% Vonovia in-place rent 9.1 (+ca. 10%) (excl. invest) 4.5% 5.9% Vonovia reletting rent 12.9 (+55%) (median) 6.4% 8.1% Real market reletting rent3 11.8 (+41%) (including invest) 16.2 (+94%) (80% percentile) Initial yield Vonovia’s regulated levels Market reality Supply/demand imbalance. Rising temperature1 Wide disparity of gross initial yields based on in-place values and rents (current rent level €/sqm)2 20252021 1.3% 2.8% 2024 1.5% 2.6% 2025 2026E 2028E 4.1% 4.1% ~4% ~5% Market ~2.5-3% 15% Kappungsgrenze5 = ~5% p.a. on ~50% of portfolio (other ~50% already above local comparable rent from recent relettings or investments). ➔ Steady catch-up to market reality over time along highly visible trajectory. Investments ~2-2.5% 6-7% operating yield from rent growth and cost savings in relation to investment amount. ~10% IRR. Market Investment driven Organic rent growth4 Back-of-an-envelope calculation
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August 5, 2026 H1 2026 Earnings Call Presentation 16 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Jun. 30, 2026 Resi units In-place rent (€m p.a.)1 In-place rent (€/sqm)1 Vacancy Rate Fair value (€bn)2 Fair value (€/sqm)2 Gross yield Strategic Germany 432,447 2,712 8.36 1.8 66.5 2,452 4.1% Sweden 33,762 347 11.90 4.5 6.1 2,410 5.7% Recurring Sales Germany 22,333 152 8.34 3.2 3.8 2,457 4.0% Austria 19,891 125 5.87 4.7 2.8 1,724 4.5% Non Core Germany 13,914 114 7.11 5.4 1.8 1,457 6.5% Sweden 6,023 62 11.33 8.1 0.8 1,539 7.6% Total 528,370 3,512 8.51 2.3 81.8 2,366 4.3% Portfolio Clustering 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. 2 Fair value of the developed land excl. €3.9bn, of which €1.0bn for undeveloped land and inheritable building rights granted, €0.5bn for assets under construction, €2.1bn for development and €0.3bn for other. • 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. • 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. • Plus €2.1bn Development to Sell in inventories.
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August 5, 2026 H1 2026 Earnings Call Presentation 17 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Country KPIs Key Rental Operations Metrics for Germany, Sweden, and Austria 1 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 is based on the rental level unadjusted to the German definition. 2 Not adjusted for exchange rate fluctuations. Germany Sweden Austria 4.4% 3.6% 5.6% 4.3% 1.4% 0.9% Organic rent growth Germany Sweden1,2 Austria1 8.05 8.32 11.30 11.82 5.76 5.87 In-place Rent (€/sqm/month1) Germany Sweden Austria 1.8% 2.0% 4.5% 5.0% 4.4% 4.7% Vacancy rate Maintenance & Invest (€/sqm) H1 2025 H1 2026 7.4 11.0 7.4 13.5 4.7 9.4 4.9 9.4 5.6 0.3 6.1 0.5 18.4 20.9 14.2 14.2 5.9 6.6 Maintenance (expensed & capitalized) Investment (excl. New construction) Germany Sweden2 AustriaGermany Sweden Austria 99.7%99.7% 98.5%98.8% 99.7%99.5% Collection rate
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August 5, 2026 H1 2026 Earnings Call Presentation 18 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Country KPIs Key Portfolio and Valuation Metrics for Germany, Sweden, and Austria 1 Austria and Sweden are not fully comparable to Germany, as Sweden includes ancillary costs and Austria incl. maintenance and property improvement contributions from tenants. The data is based on the rental level unadjusted to the German definition. 2 Not adjusted for exchange rate fluctuations. 473 40 20 469 40 20 Germany Sweden Austria No of residential units (‘000) Germany Sweden2 Austria 70.0 72.1 6.7 7.0 2.7 2.8 Fair value (€bn) Germany Sweden2 Austria 2,311 2,412 2,186 2,259 1,657 1,724 Fair value (€/sqm) Germany Sweden1 Austria1 4.2% 4.1% 5.9% 5.9% 4.6% 4.5% Initial gross yield H1 2025 H1 2026 Geographic split (% of fair value) 88% 9% 3% €81.8bn Germany Sweden Austria 0.6% 1.2% 0.9% 0.3% 3.1% 1.1% Value growth (excl. investments)
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August 5, 2026 H1 2026 Earnings Call Presentation 19 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Platform and Scale Deliver Higher Efficiency Lowest Gross-to-Net Leakage in German Resi Gross yield calculated as rental income divided by average fair value (last two years). Adj. net yield calculated as Adj. 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 Vonovia’s German portfolio is 0.2. 1 Calculated as weighted average of LEG, TAG and GYC based on FY2025 disclosure. 2013 2024 2025 Peer Group 20251 7.2 5.7 4.2 3.8 4.3 3.9 5.1 4.2 -1.5 -0.4 -0.4 -0.9 Gross yield Adj. net yield Next to the scale, Vonovia’s operating platform is the key driver for superior efficiency and forms the basis for further growth: ✓ AI-driven end-to-end process redesign for improved cycle times & efficiency gains. ✓ Additional B2C Products & Services from enhanced ecosystems. ✓ Expansion of B2B business activities. Gross yields… …differ based on location and long-term rent growth outlook, giving different portfolios a different initial starting point Net yields… …are much more homogeneous, as cost leakage varies greatly and reveals different efficiency levels and value creation from vertical integration 0.5%pts spread Proven operating platform with efficiencies of scale
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August 5, 2026 H1 2026 Earnings Call Presentation 20 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Value-add Segment Wide Range of Additional Products & Services Adjacent to Rental Business Enhanced partner ecosystems App-based value-added services …Additional potential Further B2C potential through digital access channels VTS craftsmen organization Third-party management Energy generation & sales Facility management services Multimedia Smart metering Heat contracting Internet of things Insurance
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August 5, 2026 H1 2026 Earnings Call Presentation 21 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Value-add Segment Craftsmen Organization and Energy Are Key Growth Drivers 1 The initial yield is expected to be largely similar to the IRR given the limited growth momentum once a product is up and running. 2 Witznitz in Saxony. ~€400-500m p.a. €2bn target by 2028 (+capitalized maintenance) Cost advantage via VAT savings, bulk purchasing, internalization of 3rd party profit margin, process optimization from one-stop- shop solution Enabler to carry out large- scale investment volumes to realize additional topline growth and portfolio quality improvements Ambition to deliver 10% margin on investment volume Basis to further optimize total cost ownership (TCO); active management of inflation Internal benchmark to assess and purchase 3rd party services Develop strategic know how in-house Further efficiency gains, automation, AI, TCO optimization, potential 3rd- party market deployment Increasing volume for further top line growth, process optimization Internal revenue Value creation Key benefits Future potential VTS (craftsmen organization) Maintenance Investments HPTenant electricity EMSPV Storage Increasing margin & flexibility Base Full Depth & breadth of product range 200 650 Today 2028E Long-term Largest solar park in Germany2 ~400 ~700 Estimated potential from energy generation capacity (MWp) Energy Tenant electricity and heat pumps as key products for Energy Operations. Expected IRR of >10%1 Tenant electricity EMSPV
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August 5, 2026 H1 2026 Earnings Call Presentation 22 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Accretive Investment Program in Long-term Portfolio Acceleration through Tech-supported Investments 2021 2023 2024 2025 2026E 2028E 1,432 805 836 1,162 ~1,400 ~2,000 Excl. Deutsche Wohnen Investment Program (€m) 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 Optimize Apartment Upgrade Building Serial Modernization Heat pump cube PV Heating Roof PV Windows Façade Doors Apartment renovation upon turnover. Investments in decarbonization (manage to green). Cost benefits from scaling effects & industrial prefab. Less dependency on skilled labor. Shorter construction times. Standardized compact solution independent of specific building conditions. Cutting-edge technology. Ambition of ~400 MWp by 2028 and long-term goal of ~700 MWp (200 MWp today). • 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. • ~10% IRR. Dev to hold / Space creation Modernization Traditional investment programAccelerated tech-supported investments Dev to hold / Space creation New construction for our own port- folio (“to hold”) through green- or brownfield (re)-development, infill construction, and roof extension.
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August 5, 2026 H1 2026 Earnings Call Presentation 23 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Recurring Sales Segment Key Business Rationale & Main Growth Drivers 0% 10% 20% 30% 40% 50% 60% 500 1,000 1,500 2,000 2,500 3,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Sold units FV step-up Avg. FV step-up Historical Recurring Sales volumes and FV step-up • Capturing spread between institutional and retail pricing. • Tax incentives for retail investors (e.g. maintenance and interest cost tax deductible, linear depreciation, tax-free sale after 10 years). • Typical cornerstone of personal pension planning. • Condo often more efficient or realistic way to find accommodation in a city. • Benchmark pricing for owner occupiers typically equals market price, not regulated in-place rent. • Target volume of 3,000 - 3,500 units p.a. with ambition to push volume higher over time. • Target margin between 30-35%. • Total portfolio reviewed regularly to identify suitable assets and maintain sufficient condo pool going forward. • Current Recurring Sales portfolio of 42k units. Key business rationale Main growth drivers
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August 5, 2026 H1 2026 Earnings Call Presentation 24 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Development Segment Key Business Rationale & Main Growth Drivers 1 Pipeline = to sell and to hold incl. floor additions. Status: Short-term = start of construction within next 12 month, medium-term = 07/2027 until 06/2031, long-term = later 06/2031. 2 Capital deployed = book value to sell and to hold. Potential moves from landbank (Dev to hold) to Dev to sell when projects are ready for construction, are not yet considered. Development to sell (DtS) • Targeted IRR >10% (unlevered). • Gross Margin ~20%. • Until 2028, ramp-up of DtS investments to €1bn targeted. • “Self funding” through corresponding sales within rolling 12-month- horizon. • Ambition to rigorously pursue further reduction of construction costs. Development to hold (DtH) • Gross Yield ~5%. • Mainly in existing quarters and floor additions (no ground costs). • Investments of ~€250-300m per year. Business Rationale • Supply/demand imbalance results in huge demand at the right price point. • Currently bias towards DtS over DtH. Units completedTotal pipeline status1 Capital deployed2 57% 7% Under construction 10% Short-term pipeline 27% Medium-term potential Long-term potential 65k units 100% Retail Sales 0% Global Exits 0 0% Land Sales 96 units 550 800 84 1,332 1,128 2023 1,276 2,471 2024 1,290 2025 H1 26 2026E 2,460 3,747 2,090 634 Units notarized in H1 (to sell) to sell to hold 25% DtS - under construction 13% DtS - short-term pipeline42% DtS - further potential 21% Dev to hold incl. Floor additions €3.5bn total Leipzig region / Dresden Other Hamburg region Karlsruhe Vienna area Berlin / Brandenburg 4.4k units Other Leipzig region Munich / Stuttgart Frankfurt regionVienna area Berlin / Brandenburg 6.2k units Regional view under construction Regional View short-term pipeline
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August 5, 2026 H1 2026 Earnings Call Presentation 25 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Development Segment Reducing Construction Costs Opens Up Large Addressable Market 1 Vonovia construction pipeline (concentrated hotspots >1,000 units), of which ~6k units in Austria (mainly Vienna). Total pipeline of ca. 65k units also incl. 10k rooftop conversions. Design to Budget (Basishaus Concept) • Simplification of product. • Standardization of planning. • Reduced building technology focus. “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 projects in Bochum & Leipzig underway. “Typengenehmigung” (Standardized Building Permit) • Unified building templates. • Shorter approval times. • Acceptance across the different Federal States. ➔ Pilot in Dresden underway. Serial Construction. • Optimized planning process. • State of the art digitally equipped buildings. • Avoids issue of skilled labor shortage. • Significantly shortens construction time. ➔ Several projects with Gropyus under construction. Strategic concepts for reducing construction costs Long-term development pipeline of ~65k units1 Development cost reduction (€k/sqm) Market costs Vonovia target costs ~5.0 ~3.6 Lower construction costs lead to substantial increase in addressable market ~(30%) The key to unlocking the development potential lies in the reduction of construction costs. Vonovia’s land bank is in the right locations.
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August 5, 2026 H1 2026 Earnings Call Presentation 26 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook 2026 Guidance and 2028 Outlook On Track 90% 10% €2,642m 87% 13% €2,801m 85% ≥15% €2.95bn - €3.05bn 75-80% 20-25% €3.2bn - €3.5bn 2024A 2025A 2026E 2028E Adj. EBITDA Total Rental business as solid cornerstone with high visibility on upward trajectory of long-term growth profile. Non-rental growth successfully launched and well underway. Additional potential in digitalization & AI-based end-to-end process redesign, partner ecosystems and B2B business. Ambition to deliver high- single-digit growth p.a. for Adj. EBT from additional growth opportunities and lower leverage. Medium-term Rental Non-rental Mid-single digit growth for Adj. EBT in the near-term.
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August 5, 2026 H1 2026 Earnings Call Presentation 27 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook EPRA NTA NTA flat - Impacted by Dividend Payout and 1.1% Value Growth in H1 (excluding investments) 1 Hold portfolio only. Deferred tax liabilities are taxes owed but not payable unless the relevant properties are actually sold. In the NTA, deferred taxes are added back for core assets but not for disposal assets (Non-core, Recurring Sales). €### EPRA NTA (€m) (unless indicated otherwise) Jun. 30, 2026 Dec. 31, 2025 Delta Total equity attributable to Vonovia shareholders 27,203.7 27,466.6 -1.0% Deferred tax in relation to FV gains of investment properties1 13,351.7 13,151.6 1.5% FV of financial instruments 104.0 69.2 50.3% Goodwill as per IFRS balance sheet -1,406.1 -1,391.7 1.0% Intangibles as per IFRS balance sheet -41.3 -42.0 -1.7% EPRA NTA 39,212.0 39,253.7 -0.1% NOSH (million) 848.4 848.2 0.0% EPRA NTA (€/share) 46.22 46.28 -0.1% 12/25 Adj. EBT -1.25 FY2025 dividend Valuation result -0.94 Other 06/26 46.28 46.221.13 1.00 €/share
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59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 Agenda 1. H1 2026 Results & Outlook pages 3-12 2. Appendix pages 13-43 H1 2026 Performance & Business Update Earnings & Cash Flow 14 Rental Segment & Portfolio 15-18 Efficiency 19 Value-add Segment 20-21 Investment Program 22 Recurring Sales Segment 23 Development Segment 24-25 EBITDA 2026 Guidance and 2028 Outlook 26 EPRA NTA 27 Additional Information Financial KPIs 29 Overview KPIs 30-31 Rental Segment & Portfolio 32-34 Debt structure, Covenants 35-36 ESG 37-40 Vonovia shares 41 IR Contact & Financial calendar 42
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August 5, 2026 H1 2026 Earnings Call Presentation 29 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Financial KPIs 1 Incl. term deposits not classified as cash equivalents. LTV Jun. 30, 2026 Dec. 31, 2025 Delta (%) Non-derivative financial liabilities 42,233.6 42,630.3 -0.9 Foreign exchange rate effects -36.9 -4.2 >100 Cash and cash equivalents1 -2,172.7 -3,574.1 -39.2 Sales receivables -219.2 -277.6 -21.0 Adj. net debt 39,804.8 38,774.4 2.7 Fair value of real estate portfolio 85,675.7 84,448.2 1.5 Loans to other housing companies 69.2 140.1 -50.6 Shares in other housing companies 862.1 771.7 11.7 Adj. fair value of the real estate portfolio 86,607.0 85,360.0 1.5 LTV 46.0% 45.4% 0.5pp ND/EBITDA Adj. net debt 39,804.8 38,774.4 2.7 Adj. EBITDA Total 2,838.3 2,800.8 1.3 ND/EBITDA 14.0x 13.8x 0.2x ICR Adj. EBITDA Total 2,838.3 2,800.8 1.3 Adj. net financial result -782.9 -739.9 5.8 ICR 3.6x 3.8x -0.2x
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August 5, 2026 H1 2026 Earnings Call Presentation 30 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Overview KPIs 1 German portfolio (Adj. EBITDA Rental + Adj. EBITDA Value-add – intragroup profits) / Rental revenue. 2 H1 2025 comparisons - LTV: 47.3%, ND/EBITDA: 14.3x, ICR: 3.5x. H1 2026 H1 2025 Delta Number of units 528,370 533,064 -0.9% In-place rent (€/month/sqm) 8.51 8.22 3.5% Organic rent growth 3.6% 4.4% -0.8pp Vacancy rate 2.3% 2.1% 0.2pp EBITDA Operations Margin1 82.0 80.8 1.2pp Number of employees 13,120 12,393 5.9% Net value growth (excl. investments), l-f-l 1.1% 0.7% 0.4pp Total value growth (incl. investments), l-f-l 1.8% 1.3% 0.5pp Jun. 30, 2026 Dec. 31, 2025 Delta Fair Value (real estate portfolio; €bn) 85.7 84.4 1.5% Fair Value/sqm (standing portfolio; €/sqm) 2,366 2,324 1.8% EPRA NTA (€ per share) 46.22 46.28 -0,1% LTV2 46.0% 45.4% 0.5pp ND/EBITDA2 14.0x 13.8x 0.2x ICR2 3.6x 3.8x -0.2x
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August 5, 2026 H1 2026 Earnings Call Presentation 31 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Vonovia Real market4 Regional Market (Jun. 30, 2026) % of total assets1 In-place rent2 Reletting rent range3 Asking rent range5 Berlin 29% 8.26 9.16 12.86 15.81 21.13 Southern Ruhr Area (Dortmund, Essen, Bochum) 9% 7.74 8.10 10.09 9.38 11.27 Rhine Main Area (Frankfurt, Darmstadt, Wiesbaden) 7% 10.27 11.14 14.65 14.98 18.15 Rhineland (Cologne, Düsseldorf, Bonn) 7% 8.83 9.47 12.25 12.50 15.16 Dresden 8% 7.47 7.92 9.86 9.92 12.70 Hanover 5% 8.08 8.27 11.13 10.83 12.95 Kiel 5% 8.15 9.30 11.55 11.54 14.07 Northern Ruhr Area (Duisburg, Gelsenkirchen) 5% 6.99 7.42 8.91 8.11 9.48 Hamburg 4% 8.81 9.70 12.54 14.20 17.63 Stuttgart 3% 9.57 10.41 12.93 14.06 16.75 Leipzig 3% 7.46 7.89 10.27 9.80 12.15 Bremen 3% 7.37 8.29 10.34 11.32 13.73 Munich 2% 10.75 13.10 17.24 19.83 23.77 Westphalia (Münster, Osnabrück) 2% 7.75 8.57 10.05 10.52 12.66 Freiburg 1% 9.21 9.79 12.63 15.07 18.60 Other Strategic Locations 6% 8.17 8.63 11.15 11.00 13.04 Non-Strategic Locations 1% 7.80 8.61 10.74 11.29 13.16 Total Germany 100% 8.32 9.05 11.76 12.87 16.18 Gross initial yield 4.1% 4.5% 5.9% 6.4% 8.1% Robust Long-term Upward Trajectory for Vonovia’s Rent Levels Increasing Real Market Levels As Supply/Demand Imbalance Beats Regulation 1 Residential portfolio Germany (based on no. of units). 2 Vonovia average in-place rent as of H1 2026. 3 Lower end of range: reletting rent without invest; upper end of range: reletting rent with invest. 4 Source: Value Marktdatenbank (formerly empirica-systeme), Q2 2026. Market data reflects the weighted average for Vonovia’s German portfolio. Asking rents excl. furnished apartments and new constructions. 5 Lower end: median (proxy for reletting without invest); upper end: 80% percentile (proxy for reletting with invest). 0% 50% 100% 150% 200% Delta between real market and Vonovia in-place rent Lower end Upper end
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August 5, 2026 H1 2026 Earnings Call Presentation 32 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Regional Markets Diversified Portfolio with Strong German Regional and International Footprint 1 Fair value of the developed land excluding €3.9bn, of which €1.0bn for undeveloped land and inheritable building rights granted, €0.5bn for assets under construction, €2.1bn for development and €0.3bn for other..2 Source: GfK (2026). 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 incl. ancillary costs and Austria incl. maintenance and property improvement contributions from tenants. The table above shows the rental level unadjusted to the German definition. Regional Markets (Jun. 30, 2026) Fair value1 In-place rent (€m) (€/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 23,534.2 2,769 138,195 0.8 850 811 8.26 2.8 27.7 88.7 2.1 55.7 Rhine Main Area (Frankfurt, Darmstadt, Wiesbaden) 6,541.0 2,937 34,578 2.1 272 262 10.27 3.5 24.0 99.9 2.2 42.7 Southern Ruhr Area (Dortmund, Essen, Bochum) 5,533.6 2,085 42,510 2.6 244 237 7.74 3.7 22.7 89.2 1.8 30.5 Rhineland (Cologne, Düsseldorf, Bonn) 5,274.6 2,501 31,343 2.0 224 214 8.83 3.4 23.5 100.7 2.1 38.7 Dresden 5,091.0 2,061 39,830 2.0 220 205 7.47 2.4 23.1 88.0 2.0 32.0 Hamburg 3,235.2 2,695 18,742 1.2 127 122 8.81 4.2 25.4 96.4 2.1 42.3 Hanover 3,018.1 2,104 22,193 3.3 135 131 8.08 3.2 22.4 89.2 2.0 37.8 Munich 2,895.8 4,078 10,569 1.1 93 87 10.75 9.0 31.1 120.3 2.2 60.4 Kiel 2,734.6 1,900 24,441 2.3 138 134 8.15 5.4 19.8 76.1 1.9 41.6 Stuttgart 2,280.5 2,736 12,949 3.0 95 92 9.57 3.0 24.1 99.4 2.1 35.2 Leipzig 2,186.5 2,053 14,940 2.5 93 86 7.46 6.1 23.5 80.6 2.1 37.6 Northern Ruhr Area (Duisburg, Gelsenkirchen) 2,040.7 1,436 22,825 2.8 118 115 6.99 3.5 17.3 78.9 1.6 27.4 Bremen 1,472.5 2,018 11,775 2.4 63 62 7.37 4.5 23.3 82.9 2.0 40.3 Westphalia (Münster, Osnabrück) 1,169.2 1,952 9,105 2.9 55 54 7.75 3.0 21.4 89.3 2.0 29.6 Freiburg 757.7 2,870 3,761 0.8 30 29 9.21 2.2 25.7 86.3 2.1 37.1 Other Strategic Locations 3,478.7 2,019 26,689 3.3 165 160 8.17 4.0 21.0 1.9 36.4 Total Strategic Locations 71,244.0 2,425 464,445 1.9 2,924 2,800 8.33 3.6 24.4 2.0 41.0 Non-Strategic Locations 811.9 1,646 4,249 5.1 55 26 7.80 3.2 15.2 1.9 37.7 Total Germany 72,055.9 2,412 468,694 2.0 2,978 2,826 8.32 3.6 24.2 2.0 41.0 Vonovia Sweden 6,950.5 2,259 39,785 5.0 410 382 11.82 4.3 17.0 2.0 n/a Vonovia Austria 2,790.8 1,724 19,891 4.7 125 99 5.87 0.9 22.4 1.7 n/a Total 81,797.2 2,366 528,370 2.3 3,512 3,306 8.51 3.6 23.3 2.0 n/a
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August 5, 2026 H1 2026 Earnings Call Presentation 33 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook 320k needed p.a. until 20303 Our Business Is Supported by Structural Megatrends… 1 Actuals: Federal Statistics Office. Estimates: Euroconstruct. 2 Pestel Institut GmbH. 3 Federal Office for Building and Regional Planning (BBSR). 4 Agora Energiewende. 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. Climate ChangeSupply/Demand Imbalance Construction volume (‘000; Germany)1 60 70 80 90 100 110 130 120 2015 2025 2030 government goal 123 119 111 103 101 104 65 million t CO2e Target Actual Development of green house gas emissions in the building sector (Germany) 4 Building sector has been failing to meet climate targets -16% achieved in 10 years -37% required in 6 years 248 278 285 287 293 306 293 295 294 252 207 185 195 210 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E Completions Accumulated shortage of apartments reached a magnitude of ~1.4m units by the end of 20242
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August 5, 2026 H1 2026 Earnings Call Presentation 34 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook … Creating Highly Attractive Investment Opportunities 1 Investment volume based on assuming 60 sqm and €5,000/sqm market construction costs. 2 BBSR (Federal Office for Building and Regional Planning). 3 GdW (Association of German Housing Companies). 4 German Economic Institute (IW). Support from megatrends while other real estate sectors fight disruptive changes Climate Change Demographic Change Supply-/ Demand Imbalance Up to €120bn investment volume every year to decarbonize Germany’s housing stock.3 3.7 million apartments suitable for elderly people needed by 2035.4 ~€100bn investment volume1 every year to complete 320k apartments2 per year. • 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. • Meaningful investment volume will require an investment and regulatory environment that is sufficiently attractive for private funding.
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August 5, 2026 H1 2026 Earnings Call Presentation 35 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Debt Structure Well-balanced and Long-term Maturity Profile with Diverse Funding Mix 1 SSD = Schuldscheindarlehen (promissory notes), ISV = Inhaberschuldverschreibungen (bearer bonds), NSV = Namensschuldverschreibungen (registered bonds). 2 Based on internal definition. ICR calculated as Adj. EBITDA Total LTM / net financial result LTM (largely smoothening timing effects). 3 Incl. issuance of three EUR bonds (€2.0bn), bond repayment (€0.5bn) as well as liability management (€1.5bn) in early July 2026. €bn Current Maturity Profile3 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036+ Rating Agency Rating Outlook Last update S&P BBB+ Stable Aug. 19, 2025 Moody’s Baa1 Stable Dec. 8, 2025 Fitch BBB+ Stable Dec. 23, 2025 Scope A- Stable Jun. 16, 2026 KPI / criteria Jun. 30, 2026 Dec. 31, 2025 Target range ND / EBITDA multiple 14.0x 13.8x < 12.0x LTV 46.0% 45.4% ~ 40% ICR2 3.6x 3.8x comfortably > 3.0x Fixed/hedged debt ratio 96% 98% Average cost of debt 2.1% 2.1% Weighted average maturity (years) 6.3 6.3 Average fair market value of debt 93% 93% 30% 7% 18%5% 29% 7% 2% 3% Bonds EUR Bonds non EUR Green/Social Bonds Convertibles Bank loans German lenders Bank loans Austrian lenders Bank loans Swedish lenders SSD/ISV/NSV (Germany)1 €42.2bn
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August 5, 2026 H1 2026 Earnings Call Presentation 36 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Bond Covenants Consistent Full Compliance Across All Bond Covenants Bond covenants Required level Current level (Jun. 30, 2026) (Dec. 31, 2025) LTV (Total financial debt / total assets) <60% 42.2bn ➔ 45.4% (45.7%)93.1bn Secured LTV (Secured debt / total assets) <45% 12.8bn ➔ 13.7% (14.3%)93.1bn ICR (LTM Adj. EBITDA / LTM net cash interest) >1.8x 2,838m ➔ 3.9x (3.5x)737m Unencumbered assets (Unencumbered assets / unsecured debt) >125% 51.1bn ➔ 173% (165%)29.5bn
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August 5, 2026 H1 2026 Earnings Call Presentation 37 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Commitment to Sustainability Science-based Decarbonization Roadmap with Measurable Interim Targets 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 • 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 Energy Efficiency Fuel Switch District heating decarbonization2 Transformation of the energy sector towards carbon-free district heating and green electricity. 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. Continue deep renovation.
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August 5, 2026 H1 2026 Earnings Call Presentation 38 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Sustainability Performance Index (SPI) Measurable Targets for Non-financial KPIs 1 Scope 1, 2 (market based) and 3.3. 2 Excluding pure commercial projects, modernizations and floor additions. 3 First and second level below top management. • Quantitative, non-financial metric to measure sustainability performance in the most relevant areas (based on materiality matrix ). • SPI reporting is audited by our statutory auditor (limited assurance). SPI Scope Weighting 2024 Actuals 2025 Actuals Targets 2030 1 CO2 intensity in the housing stock (German portfolio)1 kg CO2e/sqm/p.a. Vonovia Germany 35% 31.2 30.7 <25 2 Average primary energy consumption of new buildings2 kWh/sqm/p.a. Vonovia 10% 22.0 21.9 <25 3 Proportion of accessible (partially) modernized newly rented apartments Vonovia Germany 10% 29.5% 36.8% ~27% 4 Customer satisfaction Vonovia Germany 20% 75.2% 76.5% >73% 5 Employee satisfaction Vonovia 15% 79% 85.0% ≥77% 6 Proportion of women in management positions3 Vonovia 10% 25.8% 26.7% ≥30% 104.2% 106.2% 100% p.a.
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August 5, 2026 H1 2026 Earnings Call Presentation 39 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Recognition of ESG Performance ESG Ratings and Indices 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 ESG Ratings C B B- B B A- B B 2018 2019 2020 2021 2022 2023 2024 2025 C- C- C C C C C C+ 2018 2019 2020 2021 2022 2023 2024 2025 Since 2018: Gold Level Compliance with EPRA Sustainability Best Practices Recommendations Range A+ to D - Range A to D - MSCI currently scores Vonovia in the AAA category. Sustainalytics has assigned Vonovia an ESG Risk Rating of 6.4 in the “negligible risk” category. MSCI Sustainalytics
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August 5, 2026 H1 2026 Earnings Call Presentation 40 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook 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 incl. 2 Vonovia German resi portfolio. 5.3% of portfolio without EPCs not incl. 3 Agora Energiewende (2023): “Die Energiewende in Deutschland: Stand der Dinge 2022. Rückblick auf die wesentlichen Entwicklungen sowie Ausblick auf 2023.” Multifamily Homes Germany (market)3 14.1% 0.2%1.3% 11.8% 26.0% 26.7% 17.2% 8.5% 2.4% 0.2% 2.0%0.3% 11.6% 18.4% 18.6% 17.1% 10.5% 4.0% 12.0% 17.0% 19.0% 15.0% 15.0% 9.0% 7.0%0.5% A+ A B C D E F G H 24.6% 2.9% Heating system (to be) powered by renewable energy Comprehensive modernization of building envelope Heating system (to be) powered by renewable energy 2015 Heating system (to be) powered by renewable energy Heating system (to be) powered by renewable energy Comprehensive modernization of building envelope 16.0% 2025 Energy Performance Certificate Classification 4.0% 1 2
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August 5, 2026 H1 2026 Earnings Call Presentation 41 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook Vonovia Shares Key Data and NOSH Evolution Data as of Jun. 30, 2026. First day of trading July 11, 2013 No. of shares outstanding 848.4 million Free float 86.0% 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 Norges BlackRock APG 74.3% Other 14.0% 8.0% 3.7% 224 848 194 211 2021 19 2022 19 2023IPO 2024 1313 2025 Current NOSH 47 2014 2015 0 2016 19 2017 33 2018 24 2019 24 2020 8 ABBs and capital increase against non-cash contributions (DeWAG, Vitus, Gagfah acquisitions) Rights issue and capital increase against non-cash contributions (Gagfah and Südewo acquisitions) Scrip dividend and capital increase against non-cash contributions (conwert acquisition) Scrip dividend and ABB (Victoria Park acquisition) Scrip dividend and ABB (Hembla acquisition) Scrip dividend and ABB (equity credit for hybrid and growth) Scrip dividend and capital increase with subscription rights (Deutsche Wohnen acquisition) Scrip dividend Scrip dividend Scrip dividend New shares from DPLTA with Deutsche Wohnen Scrip dividend
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August 5, 2026 H1 2026 Earnings Call Presentation 42 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 AppendixResults & Outlook IR Contact & Financial Calendar https://www.vonovia.com/en/investors Dates and participants are subject to change. The most up-to-date financial calendar is always available online. Rene Hoffmann (Head of IR) (Sell side, Buy side) +49 234 314 1629 rene.hoffmann@vonovia.de Stefan Heinz (Sell side, Buy side) +49 234 314 2384 stefan.heinz@vonovia.de Oliver Larmann (Buy side, Private investors, AGM, financial regulator) +49 234 314 1609 oliver.larmann@vonovia.de Simone Kaßner (Private investors, ESG) +49 234 314 1140 simone.kassner@vonovia.de General inquiries investorrelations@vonovia.de Contact 2026 Aug 5 Interim Results 6M 2026 Sep 1 CoBa & ODDO BHF Corporate Conference, Frankfurt Sep 3 Goldman Sachs Real Estate Equity and Debt Conference, London Sep 8 – Sep 9 EPRA Conference, Milan Sep 10 Bernstein Pan European Conference, London Sep 10 Kepler Autumn Conference, Paris Sep 16 – Sep 17 BofA Securities Global Real Estate Conference 2026, New York Sep 21 Goldman Sachs German Corporate Conference, Munich Sep 22 Baader Investment Conference, Munich Sep 24 Degroof Petercam’s Real Estate Conference, Brussels Sep 29 BNPP IR Days 2026, Madrid Nov 4 Interim Results 9M 2026
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August 5, 2026 H1 2026 Earnings Call Presentation 43 59 | 56 | 56 231 | 230 | 230 68 | 84 | 106 255 | 255 | 255 Text-/Background colours 0 | 154 | 168 0 | 152 | 96 106 | 175 | 35 244 | 204 | 56 222 | 74 | 58 0 | 96 | 123 Accent colours R B L 115 115 115 0 96 123 51 128 149 102 160 176 116 188 208 163 210 223 163 198 208 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.