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VONOVIA SE

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Vonovia : Analyst & Investor Presentation 9M 2021 Vonovia 9M-Roadshow

11/18/2021 | 05:02am EDT

9M 2021

Earnings Call Presentation (pages 2-22) & Investor Presentation (pages 23-47)

November 4, 2021

Agenda

1.

9M 2021 Results & Business Update pages 2-22

See Page Finder on page 76 for detailed index

Nov 4, 2021

2

Agenda 9M 2021 Results and Business Update

4

Highlights

5

Deutsche Wohnen Transaction Update & Impact on 9M Financials

6-12

Segment Results

13-14

Valuation

15

EPRA NTA & NRV

16-18

LTV & Capital Structure

19

Two Agreements with Aggregate Holdings

20

Sustainability Performance Index (SPI)

21

Vonovia Stand-alone Guidance 2021

22

Wrap-up

Nov 4, 2021

9M 2021 Earnings Call & Investor Presentation

3

Highlights

  • Operating business continues to perform fully in line with expectations.
  • Market fundamentals remain highly favorable.
  • Continued focus on managing the residential megatrends with a view towards sustainability and adequate stakeholder reconciliation.

Total Segment Revenue €3,517m (+9.5% y-o-y).

Financial

Adj. EBITDA Total €1,540.9m (+7.6% y-o-y).

Performance

Group FFO €1,147.3m (+12.9%) and €1.99 per

eop share (+10.8% y-o-y).

€1.6bn (+2.6% l-f-l) value growth in Q3 (VNA

stand-alone).

€1.8bn - €2.6bn (2.8%-4.0%) value growth

Valuation

estimated for Q4 (VNA stand-alone).

EPRA NTA €70.26 per share (+12% ytd).1

EPRA NTA €60.44 per share excluding purchaser's

costs (+6.7% ytd).1

Capital

Structure

2021E

Guidance

Deutsche

Wohnen

1.

9M 2021 Results

  • 45.3% LTV incl. the perpetual hybrid and 14.0x Net debt/EBITDA multiple2 as of Sep. 30, 2021
    (excl. €10.5bn payment obligations for DWNI shares transferred after Sep. 30, 2021).1
  • Pro forma LTV below 45% when adjusted to reflect (i) €10.5bn payment obligations as of Sep 30, (ii) ca. €8bn3 rights issue, (iii) Berlin disposals and (iv) Q4 valuation estimate.
  • Vonovia-stand-aloneguidance (excl. contributions from Deutsche Wohnen)
    • Adj. EBITDA Total increased to around the upper end of the €2,055m - €2,105m range;
    • Group FFO increased to €1,520m - €1,540m.
  • Vonovia now owns 87.6% of voting rights.
  • Announced changes to Vonovia Management Board expected in Jan 2022.
  • Integration project kicked off.
  • Ca. €8bn rights issue as early as second half of
    November, subject to market conditions.3

1 Incl. Deutsche Wohnen on a fully consolidated basis as per Sep 30, 2021. This is based on 37.6% of shares (fully diluted) already paid and excluding €10.5bn payment obligations outstanding as of the end of Q3. 2 Adj. net debt quarterly average over Adj. EBITDA Total (LTM), adj. for IFRS 16 effects. 3 Any transaction would require, inter alia, approval by the Vonovia management board and supervisory board as well as a prospectus by BaFin.

Nov 4, 2021

9M 2021 Earnings Call & Investor Presentation

4

Deutsche Wohnen

Transaction Update and Impact on Vonovia 9M Financials

Transaction update

Impact on Vonovia's financials

  • Voluntary takeover offer successfully completed with 87.6% of voting rights now held by Vonovia.
  • Deutsche Wohnen to remain a listed entity for now.
  • As previously announced, the following changes to the Vonovia Management Board are expected for Jan. 2022.
    • Helene von Roeder to assume new responsibilities within Vonovia Management Board (innovation and digitalization);
    • Michael Zahn to become Deputy CEO;
    • Philip Grosse to become CFO.
  • Integration project already kicked off.
  • Synergy target of €105m EBITDA confirmed; full run rate by 2024.
  • DWNI fully consolidated under IFRS balance sheet as of Sep. 30, 2021 ("Anticipated Acquisition Method").1 No impact on 9M Segment EBITDAs.
  • At the end of Q3, 37.6% of the shares (fully diluted) were already paid, and the remaining purchase price of €10.5bn was booked as a payment obligation (i.e. not included in the reported LTV).
  • 9M Group FFO includes at-equity contribution of €25.6m from DWNI
    (two months of Q3 FFO at a weighted average stake of 29.8%).
  • Until the integration of DWNI into Vonovia, DWNI will be reported as a separate segment.
  • FY2021 results will be including
    • DWNI at-equity contribution for 2 months (+€25.6m);
    • Q4 DWNI FFO;
    • transaction-relatedfinancing cost (-€20.5m).
  • The guidance on page 21 is Vonovia stand-alone and does not include DWNI contributions.

1 The Anticipated Acquisition Method assumes an acquisition of 100% of Deutsche Wohnen, and the purchase price allocation/calculation of goodwill is only provisional.

Nov 4, 2021

9M 2021 Earnings Call & Investor Presentation

5

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Vonovia SE published this content on 18 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2021 10:01:06 UTC.


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Sales 2022 3 395 M 3 581 M 3 581 M
Net income 2022 6 746 M 7 117 M 7 117 M
Net Debt 2022 44 984 M 47 457 M 47 457 M
P/E ratio 2022 5,36x
Yield 2022 5,45%
Capitalization 26 397 M 28 207 M 27 847 M
EV / Sales 2022 21,0x
EV / Sales 2023 21,4x
Nbr of Employees 15 900
Free-Float 95,8%
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Number of Analysts 18
Last Close Price 33,99 €
Average target price 58,84 €
Spread / Average Target 73,1%
EPS Revisions
Managers and Directors
Rolf Buch Chairman-Management Board & CEO
Philip Grosse Chief Financial Officer
Jürgen Fitschen Chairman-Supervisory Board
Marcel Kleifeld Head-Human Resources & Technical Services
Klaus Rauscher Independent Member-Supervisory Board
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