Vonovia SE
Explore by topic
5-year stock timeline
2026-05-21 — AGM approves dividend; Management changes
Annual General Meeting approved a cash dividend of €1.25 per share for FY 2025 and appointed Dr Anne‑Marie Großmann‑Minkwitz to the Supervisory Board. Katja Wünschel joined the Management Board on April 1, 2026 and became Chief Digital Officer on June 1, 2026, while Daniel Riedl left the Management Board on May 31, 2026.
Shareholders endorsed steady cash returns and board refreshment. Management messaging emphasized a return to normalized operations and steady dividend progression following strong 2025 performance, reinforcing Vonovia's positioning as an income-focused large-cap residential landlord rather than a restructuring or opportunistic buyer.
Dividend proposal €1.25 per share for FY2025, up 2.5% versus prior year, with total cash dividend distributed of €1,060,538,816.25 [9][1].
2026 (H1) — Strong FY2025 results and outlook
Publication of FY2025 results and H1 2026 interim reporting with management commentary describing strong 2025 performance and confident outlook for operations and dividend continuity.
Investors treated Vonovia as a stable cash-generative residential company with focus on operating resilience, deleveraging and steady payout. Market perception shifted from post-merger integration risks toward execution on rents, portfolio optimization and capital discipline.
Management proposed €1.25 dividend per share. Reporting documents and presentations summarized FY2025 results and H1 2026 metrics [2][4].
2024–2025 — Post-merger integration and portfolio optimization
Ongoing integration and optimization following the 2021 acquisition of Deutsche Wohnen. Vonovia continued portfolio management, disposals and efficiency measures across 2024–2025 while maintaining dividends.
Investor focus moved from takeover-era integration risks to operational execution, cost management, asset rotations and sustainable cash flows. Vonovia was increasingly positioned as a large-cap European residential landlord delivering steady cash returns and portfolio refinancing and optimization.
Dividend for FY2024 was €1.22 per share and proposed FY2025 dividend €1.25 per share [1][14].
2022–2023 — Deleveraging and refinancing after Deutsche Wohnen acquisition
Repayment of bridge financing used for the Deutsche Wohnen acquisition. Vonovia worked through post-deal financing and integration, with bridge financing drawn in August 2021 and substantial repayment completed by March 1, 2022.
Markets monitored Vonovia's balance-sheet repair and refinancing as central to credit profile and capacity for future investment. Perception improved as bridge financing was repaid and refinancing reduced acquisition-related leverage risk.
Bridge financing amount approximately €3,490.0 million as of December 31, 2021. Partial repayment of €2,060.0 million by January 7, 2022, further €500 million on January 21, 2022, and full repayment by March 1, 2022 [12].
2021 Aug–Oct — Successful control acquisition of Deutsche Wohnen
Vonovia launched a public takeover for Deutsche Wohnen with an initial offer of €52.00 per share on June 23, 2021 and a second offer of €53.00 per share on August 23, 2021. Vonovia ultimately secured a controlling stake by late 2021, holding approximately 87.36% after the second attempt and subsequent acceptance activity across 2021.
The market viewed the deal as transformational—creating Europe's largest listed residential landlord in Germany—while also exposing Vonovia to large integration, political and regulatory risks, notably renewed public scrutiny over housing, rent politics and potential expropriation debates in Berlin. Investor sentiment oscillated between strategic scale benefits and execution and sovereign risk concerns.
Takeover offers at €52.00 and €53.00 per Deutsche Wohnen share; Vonovia acquired control during Q3/Q4 2021 [11][10][5][15].
2021 Jun — First public takeover offer for Deutsche Wohnen
Vonovia published the first takeover offer for Deutsche Wohnen on June 23, 2021 at €52.00 per share.
The initial bid signalled an aggressive consolidation strategy in German residential real estate. Investors reacted to both the growth-by-acquisition ambition and the immediate financing and valuation implications.
Offer price €52.00 per Deutsche Wohnen share [11].
Key risks and downside factors
Vonovia is Germany's largest residential landlord, operating in a competitive landscape shaped by listed peers that pursue portfolio acquisitions and yield optimization—companies like LEG, TAG, Aroundtown, Grand City Properties, Adler, and Covivio—as well as municipal housing operators and regional private landlords competing at the tenant level. The business faces material headwinds from German regulatory and political pressure on rent controls and renovation mandates, exposure to interest-rate volatility and refinancing risk, concentration within its portfolio, and the operational complexity of integrating and managing a substantial asset base [8], [3].
- Regulatory and political risk centers on potential tightening of rent controls, social housing mandates, or renovation and energy retrofitting requirements in Germany. These developments could compress rental income streams while simultaneously raising capital expenditure obligations for property owners [1].
- Interest-rate and refinancing risk: elevated rates or constrained access to capital markets would increase financing costs across Vonovia's substantial debt load, putting pressure on both FFO and valuation multiples.
- Operational and integration risk: managing, renovating, and integrating a large, geographically dispersed residential portfolio carries exposure to cost overruns, elevated vacancy rates, and execution shortfalls.
- Concentration risk runs through this portfolio. Heavy exposure to German residential markets and specific regions creates vulnerability to localized downturns, tenant demand shifts, or policy changes that could meaningfully compress cash flows and valuations.
Competitive landscape
Vonovia is Germany's largest listed residential landlord. Its competitive landscape spans listed European and German residential REITs alongside institutional and private landlords. Direct listed competitors include LEG Immobilien, TAG, Aroundtown, and legacy Deutsche Wohnen peers, while substantial pressure also comes from large municipal and private housing operators. The business faces material exposure to interest-rate movements, regulatory shifts and rent controls in Germany, geographic concentration in a single market, and execution risks tied to acquisitions and ongoing portfolio management [8], [3].
| Company | Ticker |
|---|---|
| LEG Immobilien SE | LEG.XETRA |
| TAG Immobilien AG | TEG.XETRA |
| Aroundtown SA | AT1.XETRA |
| Deutsche Wohnen SE | DWNI.XETRA |
| Grand City Properties S.A. | GYC.XETRA |
Private competitors
- SAGA Unternehmensgruppe (Hamburg municipal housing company)
- Degewo (Berlin municipal housing company)
- Vivawest (large regional non-listed housing company)
- Large regional Wohnungsgenossenschaften and private institutional landlords
Get More Stock Analyses Like This
Receive hand-picked stock recommendations with detailed analyses every week
Start Free TrialPerformance Figures of Vonovia SE
Relative Performance vs Benchmarks
| Period | Vonovia SE | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -9.05% | -5.72% | -10.46% |
| 3M | -20.43% | -20.52% | -24.33% |
| 6M | -21.98% | -27.60% | -37.22% |
| 1Y | -32.71% | -35.81% | -50.40% |
| 3Y | -12.18% | -77.26% | -100.26% |
| 5Y | -55.75% | -121.09% | -145.99% |
Get More Stock Analyses Like This
Receive hand-picked stock recommendations with detailed analyses every week
Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 4.0 | 2.4 | 0.6 | 12.5 |
| 1Y ago | 57.6 | 3.5 | 0.9 | 8.8 |
| 3Y ago | -2.7 | 3.2 | 0.6 | 9.5 |
| 5Y ago | 5.7 | 9.2 | 1.1 | 20.7 |
Frequently Asked Questions
Where is the Vonovia SE stock traded?
What does Vonovia SE do?
What are the key metrics for VNA.XETRA?
How has Vonovia SE's stock price performed?
How is VNA.XETRA valued?
Does VNA.XETRA pay dividends?
What are the key risks when investing in VNA.XETRA?
- Regulatory and political risk centers on potential tightening of rent controls, social housing mandates, or renovation and energy retrofitting requirements in Germany. These developments could compress rental income streams while simultaneously raising capital expenditure obligations for property owners [1].
- Interest-rate and refinancing risk: elevated rates or constrained access to capital markets would increase financing costs across Vonovia's substantial debt load, putting pressure on both FFO and valuation multiples.
- Operational and integration risk: managing, renovating, and integrating a large, geographically dispersed residential portfolio carries exposure to cost overruns, elevated vacancy rates, and execution shortfalls.
- Concentration risk runs through this portfolio. Heavy exposure to German residential markets and specific regions creates vulnerability to localized downturns, tenant demand shifts, or policy changes that could meaningfully compress cash flows and valuations.
Who are the main competitors of Vonovia SE?
- LEG Immobilien SE (LEG.XETRA)
- TAG Immobilien AG (TEG.XETRA)
- Aroundtown SA (AT1.XETRA)
- Deutsche Wohnen SE (DWNI.XETRA)
- Grand City Properties S.A. (GYC.XETRA)
When does Vonovia SE report earnings?
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 1.25 EUR | 5.61% | 3.22% |
| 2025 | 1.22 EUR | 4.13% | |
| 2024 | 0.90 EUR | 3.19% | |
| 2023 | 0.85 EUR | 4.64% | |
| 2022 | 1.65 EUR | 4.34% | |
| 2021 | 1.34 EUR | 2.44% | |
| 2020 | 1.24 EUR | 2.43% | |
| 2020 | 1.57 EUR | 3.47% | |
| 2019 | 1.14 EUR | 2.49% | |
| 2018 | 1.05 EUR | 2.74% | |
| 2017 | 0.89 EUR | 2.64% | |
| 2016 | 0.75 EUR | 2.64% | |
| 2015 | 0.52 EUR | 1.93% | |
| 2014 | 0.47 EUR | 2.46% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 4.98B | 5.94B | 5.23B | 5.15B | 3.62B |
| Operating income (EBIT) | 1.78B | 1.00B | 1.76B | -363.70M | 6.03B |
| Net income | 3.72B | -896.00M | -6.29B | -669.40M | 2.68B |
| Free cash flow | 1.31B | 2.40B | 1.90B | 2.08B | 1.82B |
| Total assets | 93.26B | 90.24B | 92.00B | 101.39B | 106.32B |
| Equity | 27.47B | 24.00B | 25.68B | 31.33B | 33.29B |
| Net debt | 40.05B | 41.51B | 42.20B | 44.49B | 46.38B |
PWP Leeway UG (haftungsbeschränkt)
