DGAP-News: Vonovia SE / Key word(s): Quarter Results 
Vonovia SE: Focus on climate strategy and social responsibility - Vonovia off to a good start in 2021 (news with 
additional features) 
2021-05-04 / 07:06 
The issuer is solely responsible for the content of this announcement. 
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Results as of March 31, 2021 
Focus on climate strategy and social responsibility - Vonovia off to a good start in 2021 
- Sustainability performance index at 104.8 %. Progress through CO[2] reduction, senior-friendly building upgrades and 
customer satisfaction. 
- Integration of Hembla completed; Sweden portfolio shows efficiency of management platform. 
- Moving towards climate neutrality for existing buildings: Energy Center of the Future opened in Bochum. 
- Social responsibility: right to claw back foregone rents up to EUR 10 million waived in Berlin after ruling of the 
German Federal Constitutional Court. 
- Corporate vaccination campaign fully planned. 
- Forecast for 2021 confirmed. 
Bochum, May 4, 2021 - Vonovia SE ("Vonovia") got off to a good start in 2021. The Bochum-based housing company has 
widened its measures to contain the Covid-19 pandemic and is strongly committed to providing relief in the tight 
housing market. 
"Our business model," says CEO Rolf Buch, "continues to be crisis-proof and resilient. This makes it all the more 
important for us to support our customers as much as we can, especially during Covid. We continue to be committed to 
the protection of our tenants, without reservations. At the same time, we are careful not to lose sight of our other 
responsibilities: There is a shortage of new homes. Our ageing society needs senior-friendly housing. And climate 
change needs viable solutions." 
Vonovia pursues ambitious climate protection targets 
The German Federal Constitutional Court has now ruled that the legal requirements for reducing greenhouse gases from 
2030 have not been defined with sufficient clarity. 
Vonovia already committed itself to a binding climate roadmap last year, defining specific annual milestones. "We are 
already very ambitious in this respect," says Buch. The aim is to ensure climate neutrality for all its current 
buildings by 2050, while also achieving energy efficiency for an average of around 3% of its property portfolio each 
year. On average, the cost allocation will be between EUR 1.24 and EUR 2.00 per square meter. 
Overall, the company's sustainability performance index (SPI), a non-financial indicator that tracks Vonovia's 
sustainability strategy, stood at 104.8% in the first quarter. The positive result was mainly due to carbon savings, 
increased customer satisfaction and a large number of senior-friendly building upgrades. Consequently, Vonovia 
converted more than 2,650 residential units between January and March 2021 so that they are suitable for senior 
citizens. 
Vonovia only opened its Energy Center of the Future (EZZ) in the Bochum suburb of Weitmar at the end of April. At least 
60% of all locally required energy is now being generated here, using a carbon-neutral method. In addition, Vonovia is 
working with various Fraunhofer Institutes on the creation of an innovative neighborhood with sector coupling and 
reduced energy consumption. The aim is to make the energy supply environmentally and economically efficient and to 
apply the resulting insights throughout Germany. 
Energy upgrades and existing technology alone are not enough to reduce the share of carbon dioxide in current buildings 
and thus to move towards climate neutrality, nor would this be economically viable. 
This is why Vonovia is focusing on closing this gap through in-depth research and technical innovation. 
"Neighborhoods must be understood as central to any transformation in terms of transport, energy and climate 
protection. Hence, electricity produced locally by solar panels should be tax-free," states Buch. 
Where carbon pricing is concerned, Vonovia is continuing to advocate a split between tenants and landlords, based on 
energy efficiency classes (A+ to H) for buildings: The lower the class, the higher the landlord's share. "This would 
create the necessary investment incentives to make buildings more energy-efficient," says Buch. 
Continued financial stability - strong result in Sweden 
Total Segment Revenue rose from EUR 998.8 million in the first quarter of 2020 to EUR 1,145.5 million (up 14.7 %) in the 
first quarter of 2021. 
In financial terms, Vonovia got off to a robust start in the 2021 financial year. The Adjusted EBITDA Total rose to EUR 
506.1 million between January and March 2021, an increase which was 11.0% higher than during the same period last year 
(January to March 2020: EUR 456.1 million). The Adjusted EBITDA Rental was EUR 403.1 million (January to March 2020: EUR 
381.1 million). 
The results were particularly supported by positive contributions from Vonovia's residential portfolio in Sweden. Rolf 
Buch: "Following the successful integration of the Hembla portfolio in Sweden, it is now obvious for the first time 
that Vonovia's scalable model also works in comparable markets internationally." By applying a standardized platform, 
it is possible to further reduce the management costs of each residential unit while also ensuring a sustainable 
increase in synergy effects. Vonovia confirms the announced financial and operational synergies of ca. EUR 30 million for 
2021 and expects a run rate of EUR 36 million starting in 2022. 
Another growth segment was that of Housing-Related Services (Value-add), with an earnings contribution of EUR 45.8 
million (January to March 2020: EUR 37.2 million). Vonovia expanded not only its repair services, but especially also its 
cable TV, residential environment, insurance and metering services, as well as energy supplies. 
In the same period Vonovia increased its Group FFO (operating income) by 14.1 % to EUR 382.9 million (January to March 
2020: EUR 335.5 million). A positive effect could be observed, in particular, from organic growth through construction 
and modernization as well as from Recurring Sales. 
As demand continues to be high, the residential property portfolio was almost fully let by the end of the first quarter 
of 2021. The vacancy rate at the end of March 2021 was 2.8 % - exactly the same as 12 months earlier. Vonovia has 
widened its digital services for tenants entering into new rental agreements, so that tenants can now conclude them 
entirely online, using the Vonovia customer app. Due to current market conditions, rents increased by 0.7 % from 
January to March 2021 (same period in 2020: 1.0 %). Investments in housing (modernization) led to a 1.7% rent increase 
(January to March 2020: 2.3 %), while investments in construction and adding extra floors created an additional 0.6% 
(same period in 2020: 0.6%). 
Investments at a high level 
In all, Vonovia invested EUR 379.9 million in maintenance, modernization and construction (for its own portfolio) between 
January and March 2021 (same period in 2020: EUR 414.5 million). While maintenance during the first three months of 2021 
was EUR 135.7 million and thus 10.3% above the same period last year (EUR 123.0 million), modernization dropped to EUR 165.1 
million (same period in 2020: EUR 208.1 million). This decrease was mainly due to less investment in Berlin and also, in 
a number of cases, restrictions during the Covid-19 pandemic. Construction between January and March 2021 accounted for 
EUR 79.1 million, which was 5.2 % less than during the same period last year (EUR 83.4 million). 
In this context, Vonovia continues to apply two central instruments to shield tenants from excessive financial 
pressure: a hardship management policy and a policy of exempting tenants over 70 from unaffordable rent increases. At 
the end of March 2021, Vonovia's average monthly rent (excluding utilities) was EUR 6.98 per square meter. 
Covid tests and corporate vaccination campaign 
Over 90% of all office staff are continuing to work flexibly from home. Since March 2021, Vonovia has been running 
rapid lateral flow tests at its head office canteen, providing fast testing on a regular basis. All employees are given 
the opportunity to be tested at least twice a week. Staff in the various regions can also use the home tests that are 
given to them, or go to any of the local test centers with whom Vonovia cooperates. "I'm proud of the entire Vonovia 
team. Our workforce has been exemplary in the way they're handling the situation, and they're showing outstanding 
commitment," Buch emphasizes. 
Furthermore, Vonovia has taken all the necessary steps to convert the test center into a vaccination center at short 
notice. "As soon as the vaccines announced by the German government arrive in June this year, our company doctors can 
start vaccinating our workforce. It will be voluntary, of course," says Buch, "and anyone living in the same households 
will also be offered vaccination." 
Particular focus on social responsibility 
Vonovia aims to meet the interests of all stakeholders. As soon as the German Federal Constitutional Court had declared 
that Berlin's rent freeze was unconstitutional, Vonovia announced that it would waive any right to claw back foregone 
rent. "We don't want people in Berlin to suffer financial distress because of a wrong political decision," Rolf Buch 
explained. For the company, this means waiving up to EUR 10 million in foregone rent. "The Court's decision alone won't 
solve the challenges that Berlin is facing in the housing market. I'm worried about Berlin," says Buch. "In the long 
run, the only way to solve this problem is by building additional housing." 
Vonovia is continuing to press ahead with its construction activity. In the first quarter of 2021 Vonovia built 379 
residential units - three times more than during the same quarter last year. It is also building some urgently needed 
residential units that are publicly funded. One type of raw material that is increasingly being used is wood, which is 

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