Vonovia Closes 2024 with Strong Results and Growth Prospects

Vonovia SE concluded 2024 at the upper end of its guidance, signaling a return to growth. The company reported an adjusted EBITDA of €2.6 billion, with full occupancy across its portfolio. The year saw the completion of 3,747 new apartments, with plans to commence 3,000 more in 2025.

The property values stabilized in the latter half of 2024, maintaining robust investment-grade ratings, and the loan-to-value ratio neared the target range. A significant dividend increase to €1.22 reflects a positive trajectory, supported by efficiencies and economies of scale.

The outlook for 2025 is promising, with an expected EBITDA of €2.7 to €2.8 billion. Vonovia plans a notable investment in modernization and new builds, alongside ambitious climate targets and a strategy for growth through value-add initiatives and expanding its market influence.

Looking ahead to 2028, Vonovia targets a 30% increase in EBITDA. The strategy involves a combination of serial modernization and acquisition of high-potential assets, supported by a solid foundational platform built in previous years.