Vonovia : Analystenpräsentation zum Geschäftsbericht 2020

March 04, 2021 at 03:39 am EST

FY 2020

Earnings Call Presentation (pages 2-28) & Investor Presentation (pages 29-50)

March 4, 2021

Consistent Strategy Execution since IPO

Business Built for Long-term Growth

IPO	Today
Business Scope	Rental and condo sales	Rental & Value-add (efficient, scalable B-to-C operating business). Development (profitable business & our answer to supply/demand imbalance). Recurring sales (track record of ~2.5k p.a. at 30%+ gross margin).
Geographic Scope	Legacy portfolio all across Germany	85% - 15 urban growth regions. 9% - Stockholm, Gothenburg and Malmö. 5% - Mostly Vienna. Small stakes to prepare and be ready for potential future growth.
Vertical Integration	Plans for insourcing strategy yet to be implemented	Vonovia's in-house Service Center, Craftsmen Organization and Residential Environment Service Team are a clear USP in Germany.
M&A	Self-image of market consolidator yet to be proven	Track record of >300k units acquired with swift deal execution and subsequent integration; appetite for more. (i) Low cost of capital, (ii) best-in-class platform with lowest operating costs, and (iii) committed strategy for decarbonizing the portfolio are competitive advantages that will lead to accretive acquisition opportunities in the future.
Scalability	Concept introduced at IPO but met with substantial doubt	Scalability proven for German portfolio. Next step: replicate efficient platform with increasing EBITDA margins and declining costs per unit outside of Germany to prove it is not a German phenomenon but the Vonovia business model.
Sustainability	Not a focus	Business is firmly anchored around sustainability. Binding climate path in place for CO2 neutral portfolio by 2050.
Reputation	Starting a new chapter after years of private equity ownership	Increasingly recognized as a reliable partner by local communities. Stakeholder approach on fundamental environmental and social issues.

Impeccable Track Record of Consistent & Sustainable Growth

Confident to Maintain Earnings and Value Growth Going Forward

FFO (€/share)1

2013

2014

2015

2016

2017

2018

2019

2020 2021(E)

Dividend (€/share) - 70% payout ratio from FFO

2014

2015

2016

2017

2018

2019

2020 2021(E)

Adj. NAV (€/share)

LTV and Interest Cover Ratio

2013

2017

2014

2015

2016

2017

2018

2019

2020

2013

2014

2015

2016

LTV (%)Interest cover ratio

1 Based on prevailing internal management KPI, which was FFO1 from 2013-2018 and Group FFO starting in 2019. 2 To be proposed to the Annual General Meeting on April 16, 2021.

2018

2019

target range

2020

Agenda

Together with renowned Fraunhofer Institutes, Vonovia is implementing a 3yr-hands-on innovation project as part of Open District Hub e. V. in our neighborhood in Bochum-Weitmar to develop and test new technologies in ongoing operations.

The aim is to supply the neighborhood with largely carbon-neutral electricity & heating. We aim to achieve this by linking the energy sectors via a central platform.

A smart, self-learning energy management system then ensures that the right energy is distributed to tenants when they need it - at electric charging stations, in the form of electricity for tenants' own households or in the form of heating.

Measure

Implementation of measures that do not involve any structural intervention, e.g., optimized heating system settings

2 Digitalization of buildings and apartments, e.g., to feature smart metersEnergy-efficient refurbishment, e.g., measures relating to the building shells and heating systems

Infrastructure for e-mobility, e.g., charging stations and e-wall sockets

Sustainable energy supply, e.g., photovoltaic systems for tenant electricity

Building digitalization and networking

Sector coupling (heat, electricity, mobility, etc.) in the neighborhood via digital platform

Storage and distribution of energy generated in a decentralized structure enables on-site consumption

Promotion of biodiversity

See Page Finder on page 85 for detailed index

Agenda FY 2020 Results

6	Highlights
7-14	Segment Results
15-19	NAV & Valuation
20-21	LTV & Financing
22-24	Update on Regulation
25-26	Update Sustainability
27	Guidance 2021
28	Wrap-up

Highlights FY 2020

Another Successful Year

Milestones	Robustness and stability of the business model clearly proven Social responsibility and stakeholder reconciliation particularly evident during the pandemic Substantial ESG progress with sustainability now firmly anchored in our business model
Performance	Total Segment Revenue €4,370.0m (+6.3%)Adj. EBITDA Total €1,909.8m (+8.5%) Group FFO €1,348.2m (+10.6%) and €2.38 per eop share (+6.0%) 3.1% organic rent growth (3.6% excluding the one-off rent reduction in Berlin)
NAV & Valuation	9.4% l-f-l total value growth (7.5% from performance & yield compression plus 1.9% from investments)Adj. NAV €59.47 per share (+14.4%) "Brick and mortar" EPRA NTA €62.71 per share (+14.3%)"Beyond the bricks" EPRA NRV €77.18 per share (+12.9%)
Capital Structure	LTV 39.4% (-370bps ytd) and 41.1% incl. the perpetual hybridNet debt/EBITDA multiple 12.3x (+80bps) Latest issuance: €500m bond with 20-year maturity and 1% coupon
Sustainability	Sustainability Performance Index (SPI) introduced as a binding commitment to ESG SPI starting point in 2020 established and 2021 guidance alongside operational and financial KPIs Green bond framework defined; Timing of issuance depends on overall financing strategy considerations and market conditions

Earnings Growth in All Four Segments

On the back of a ca. 3.9% larger portfolio, Vonovia delivered 6.3% Total Segment Revenue growth, 8.5% EBITDA Total growth, and 10.6% Group FFO growth (6.0% per share).

€m (unless indicated otherwise)

€m (unless indicated otherwise) Total Segment Revenue	FY 2020 FY 2019 4,370.0 4,111.7
Adj. EBITDA Rental	1,554.2	1,437.4
Adj. EBITDA Value-add	152.3	146.3
Adj. EBITDA Recurring Sales	92.4	91.9
Adj. EBITDA Development1	110.9	84.5
Adj. EBITDA Total	1,909.8	1,760.1
FFO interest expenses	-380.1	-358.6
Current income taxes FFO	-52.4	-50.1
Consolidation2	-129.1	-132.8
Group FFO	1,348.2	1,218.6
of which Vonovia shareholders	1,292.0	1,165.6
of which hybrid investors	40.0	40.0
of which non-controlling interests	16.2	13.0
Number of shares (eop)	565.9 542.3
Group FFO per share (eop NOSH)	2.38	2.25
Group FFO per share (avg. NOSH)	2.45	2.29

Total Segment Revenue Adj. EBITDA Rental Adj. EBITDA Value

Adj. EBITDA Recurring Sales Adj. EBITDA Development

Adj. EBITDA Total

FFO interest expenses Current income taxes FFO Consolidation

Group FFO

Number of shares (

Group FFO per share (

Group FFO per share

FY 2019

4,111.7 +6.3%

1,437.4

146.3

91.9

84.5

1,760.1 +8.5%

358.6

50.1

132.8

1,218.6 +10.6%

1,165.6

40.0

13.0

542.3

2.25 +6.0% 2.29

Adj. EBITDA Total (€m)

2020

2019

DevelopmentRecurring SalesValue-addRental

Residential units (`000)3

1 Excl. €0.8m (FY2019: €0.0m) capitalized interest. 2 Consolidation in FY 2020 (FY 2019) comprised intragroup profits of €33.5m (€43.9m), gross profit of development to hold of €62.8m (€58.9m), and IFRS 16 effects of €32.8m (€29.9m). 3 Quarterly average.

Acquisitions and Organic Growth Drive Adj. EBITDA Rental

Rental Segment (€m)

FY 2020

Rental revenue Maintenance expenses Operating expenses

2,285.9-321.1

-308.9 +3.9%

FY 2019

Delta

2,074.9 +10.2%

-328.6 +25.0%

1,437.4 +8.1%

Rental revenue by geography

Rental revenue growth in 2020 was primarily driven by the acquisition of Hembla plus organic rental growth.

The increase in operating expenses was mainly attributable to two Hembla-related specifics:more all-inclusive rents1 in Sweden compared to 2019;double cost structure between Victoria Park and

Hembla (operational synergies to be realized in 2021 after successful integration at year-end 2020).

Scale and efficiency gains in Germany2

GermanyAustriaSweden

830

75.0%

76.5%

76.7%

73.6%

71.4%

60.8%

754

63.8%

67.7%

645 343

324 570

346 498

361

357

355

445

179

184

394

405

2013

2014

2015

2016

2017

Avg. number of units ('000)

2018

2019

2020

Adj. EBITDA Operations MarginCost per Unit

1 In Sweden, rental revenue includes ancillary costs. Rough estimate assuming 30% of rental revenue relates to ancillary expenses would reduce the Rental revenue and Operating expenses by ca. €100m in FY 2020 and ca. €50m in FY 2019. 2 EBITDA Operations margin (Adj. EBITDA Rental + Adj. EBITDA Value-add - intragroup profits) / Rental revenue. Margin 2019 and beyond includes positive impact from IFRS 16. Cost per unit is defined as (Rental revenue - EBITDA Operations + Maintenance) / average no. of units.

Related page(s): 34-36, 48-49, 56-60

Operating KPIs

Organic rent growth of 3.1% year-on-year.

(3.6% excluding the one-off rent reduction in Berlin)

Vacancy levels continued to trend downward as a result of unbroken demand for our product and strong operational performance in spite of COVID-19 restrictions.

Organic rent growth (y-o-y, %)

MarketModernizationNew construction

Vacancy rate (eop, %)

2.6

2.4

Expensed and capitalized maintenance (€/sqm)

22.3

2020

2019

2020

2019

Expensed maintenanceCapitalized maintenance

Related page(s): 35, 49, 78

Value-add Segment

FY 2020 Adj. EBITDA Value-add mainly held back by

Temporary effect from Covid-19 related delays in our modernization program (but higher margin on lower volume)

Lower residential environment service volume due to mild winter temperatures

Continued expansion and roll-out of different Value-add initiatives on track with growth predominantly in

Multimedia supply to customers

Residential environment services provided with own employeesSmart metering supply to customers

Energy supply to delivery points for electricity and gas in the portfolio

1,154.8 -4.3%

Value-add EBITDA mostly from internal savings2

50.6 +2.0%

Adj. EBITDA Value-add

1,104.2 -4.6%

-1,008.5 -5.6%

Craftsmen cost savings (VTS)

Multimedia

Residential environment

Smart metering

Energy

152.3

146.3 +4.1%

Other (e.g. 3rd party management, insurance)

1 Disclosure of Value-add segment has been changed with the introduction of the new metric Total Segment Revenue. See FY 2020 financial report (cf. Notes A2/C23) for further details. 2019 figures adjusted. 2 Distribution based on 2021 budget.

Recurring Sales Segment

Unbroken Demand for Individual Condos

Slightly lower volume but increased proceeds are a reflection of the ongoing positive price momentum in condominium sales.

Recurring Sales Segment (€m)

FY 2020

Units sold

Outside the Recurring Sales Segment we sold 1,235 non-core units in 2020 with a fair value step-up of 40.1%, partly driven by the disposal of a commercial property.

Revenue from recurring sales Fair value

2,442 382.4

365.1 +4.7%

-274.0 108.4 39.6% -16.0

Adjusted result Fair value step-up Selling costs

41.3% -170bps

FY 2019

Delta

2,607 -6.3%

-258.4 +6.0%

106.7 +1.6%

Adj. EBITDA Recurring Sales

92.4

-14.8 +8.1%

91.9 +0.5%

Historical Recurring Sales volumes and FV step-up1

The Recurring Sales Segment comprises of single-unit sales from a defined subportfolio of ca. 26k units in Germany for which we already have a separate title the Austrian portfolio with 22k units, where sales are made opportunistically when apartments become vacant

The cash proceeds from Recurring Sales are used as an equity contribution for the investment program.

1 2018 onwards also including recurring sales in Austria.

Current guidance

Sold unitsFV step-upCurrent guidance

(units sold)

(FV step-up)

Adj. EBITDA Development Ramp-up Continued

Significant increase in volume and EBITDA as we continued to ramp up our development activities.

Development to sell (by revenue)Development to hold (by fair value)

Shift towards higher development-to-holdvolume particularly in Austria safeguards future rental revenue.

Development Segment (€m)

FY 2020

FY 2019

DeltaRevenue from disposal of to sell properties Cost of Development to sell

297.7

Gross profit Development to sell Fair value Development to hold Cost of Development to hold1 Gross profit Development to hold Rental revenue Development

Operating expenses Development segment

Adj. EBITDA Development

249.5 +19.3%

1 Excl. €0.8m (FY2019: €0.0m) capitalized interest. Note: This segment includes the contribution of to-sell and to-hold constructions of new buildings. Not included is the construction of new apartments by adding floors to existing buildings, as this happens in the context of modernization.

Vonovia's Contribution towards Reducing the Housing Shortage

New rental apartments for our own portfolio (to hold)

1,442 units completed in FY 2020 (including floor additions). Total pipeline of ca. 38k apartments, of which more than 70% in Germany and the remainder in Austria and Sweden.

Average apartment size between 60-70 sqm and broadly in line with overall portfolio average.

The Development to-hold investment volume is part of the overall investment program.

Under constructionShort-term pipelineLonger-term pipeline

2021 target: ~1,500 completions

New apartments for disposal (to sell)

646 units completed in FY 2020.

Total pipeline volume of ca. €3.1bn (ca. 9k apartments), of which ca. two thirds in Germany and ca. one third in Austria.

Investment capital for Development to sell is not part of investment program.

Average apartment size between 70-80 sqm.

Under constructionShort-term pipelineLonger-term pipeline

Average investment volume of €4.5k - €5.0k per sqm. Gross margins between 20-25% on average.

2021 target: ~1,000 completions

Investment Program for Organic Growth

Three main investment categories lead to incremental rental revenue1, value appreciation and an overall improvement of our portfolio quality, including CO2 emission reductions.

New construction to hold	Construction of apartments for our own portfolio through entirely new buildings or floor additions to existing buildings, applying modular and conventional construction methods (Excl. development to sell).
Upgrade Building	Energy-efficient building modernization usually including new facades, roofs, windows and heating systems.
Optimize Apartment	Primarily senior-friendly apartment renovation usually including new bathrooms, modern electrical installations, new flooring, etc.

Target IRR for the overall investment program is ca. 9%.

Investment program evolution (€m)

1,300 - 1,600

1 An aggregate amount of ~€87m additional rent p.a. is still in the pipeline from the investment programs 2017 to 2021 where projects are underway but not fully completed. Note: The target volume of €1,300 - €1,600 million does not account for any additional impacts that may arise from using the new Federal Funding Regulation for Energy-Efficient Buildings ("BEG") and that may possibly lead to higher volumes.

Another Year with Strong Value Growth

2020 fair value evolution (€bn)

9.4% l-f-l value growth

Excluding Berlin, 2020 l-f-l value growth was similar to 2019 levels

7.5% Performance & Yield compression

1.9% Investments

Valuation KPIs Dec 31, 2020	Vonovia Total	Germany	Sweden	Austria
In-place rent multiple	24.2x	25.4x	17.4x1	25.5x1
Fair value €/sqm	2,063	2,099	2,090	1,570
L-f-l value growth2	9.4%	10.3%	5.6%	3.8%
Fair value €bn	58.93	49.2	6.3	3.4

Value growth drivers (l-f-l)	2020	2019
Performance & Yield compression	7.5%	9.6%
Investments	1.9%	2.3%
Total	9.4%	11.9%
Additional currency impact	0.5%	-0.1%

1 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 data above shows the rental level unadjusted to the German definition. 2 Excludes currency impact from fair value changes in Swedish Krona (2020: +€255m, 2019: -€24m). 3 Including €2.1bn for undeveloped land, inheritable building rights granted (€0.6bn), assets under construction (€0.4bn), development (€0.8bn) and other (€0.3bn) and excluding €0.3bn IFRS16 use of rights. 4 L-f-l calculation of property portfolio excl. undeveloped land etc.

Related page(s): 48, 57-58

We Expect Yield Compression to Continue

We have no direct influence on yield compression and cannot predict the quantum in our markets going forward.

Value growth from YC. Vonovia Germany excl. Berlin1

However, in light of the trend reversal in 2020, there are strong indications, also backed by our preparation work for the H1 2021 valuation and our observations in the market, that we will continue to see material yield compression.

Today's transactions in our markets will serve as data points in tomorrow's valuations

Transactions of comparable portfolios are often done at yields substantially below

Vonovia's current gross yield of 4.1%.

Condo prices have been on an almost straight line upward path for several years now; with persisting supply/demand imbalance the trend will likely stay intact.

The next three years will see upcoming maturities of an estimated €674bn of positive yielding government bonds, though the issuing countries currently have a negative 10yr bond yield.2

Refinancings in the context of this yield gap may well drive a part of these funds into property markets and could lead to increasing prices going forward.

Volume of upcoming maturities in government bonds with positive coupons issued by countries with currently negative 10-year yields (€bn)2

< 1 year

1-2 years

2-3 years

1 Value growth from yield compression. Timeline includes portfolio changes but is l-f-l for individual years. 2 Source: Bloomberg, Kepler Cheuvreux; data as of 01/2021.

EPRA NAV and Adj. NAV

Adj. NAV +19.3% in absolute terms and +14.4% on a per share basis (NOSH +4.4%).

€m

(unless indicated otherwise)

Dec. 31, 2020

Dec. 31, 20191

Delta

Equity attributable to Vonovia's shareholders	23,143.8	19,308.3 +19.9%
Deferred taxes on investment properties	11,947.8	10,288.9 +16.1%
Fair value of derivative financial instruments2	74.5	1.6 >+100%
Deferred taxes on derivative financial instruments	-19.6	-6.3 >+100%
EPRA NAV	35,146.5	29,592.5 +18.8%

Goodwill	-1,494.7	-1,392.9 +7.3%
Adj. NAV	33,651.8	28,199.6 +19.3%

+19.9%

+16.1%

>+100%

+18.8%

+7.3% +19.3%

EPRA NAV €/share

62.11

54.57

+13.8%

Adj. NAV €/share

59.47

52.00

+14.4%

Number of shares (eop)

565.9

542.3

+4.4%

1 Dec. 31, 2019, numbers adjusted (cf. Note A2 of FY 2020 financial report). 2 Adjusted for effects from cross currency swaps.

+13.8% +14.4% +4.4%

Vonovia's Application of EPRA Best Practice Recommendations

Distinction between Hold and Sales Portfolio

EPRA BPR (10/2019) pg. 15

"Entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax."

EPRA BPR (10/2019) pg. 7

"Companies are recommended to use the IFRS values (usually the Net Value in the Valuation Certificate, i.e. the property value net of any purchasers' costs and adjusted for any items addressed in § IAS40.50). Companies also have the option to use the optimised net property value if it can reasonably demonstrate that it can actually achieve this optimisation on a consistent basis. Companies will have the option to use a transfer tax optimisation adjustment to gross-up their Net Values if they can justify this and provide sufficient disclosure. A way to justify the adjustment would be for a company to show that it has consistently achieved over the past periods lower transfer tax on its real estate transactions. The average transfer tax achieved could then be used."

EPRA BPR (10/2019) pg. 17

Vonovia's unchanged strategy since the IPO is to be the "eternal" owner of the Hold portfolio (no cyclical asset rotation).

Because no disposals are foreseen from this Hold portfolio, costs that are directly linked to a disposal, by definition, will not occur. That is why Vonovia extends the logic for excluding deferred taxes to purchaser's costs as well.

The Purchaser's costs, which are deducted from the discounted rental cash flow value under IFRS, are added back to reflect the true rental fair value of the portfolio.

Vonovia's past tax disclosures also show the company achieved optimal RETT structures in its transactions.

Portfolio split between Hold and Sell

88% Hold.

No intention to sell (eternal owner)

 Germany (excl. condo & non-core) and Sweden

12% Sales.

Disposal expected in the future

Recurring & Non-core Sales Germany, Austrian assets

EPRA NTA and EPRA NRV

Net Tangible Assets (NTA) - "brick and mortar"

Distinction between (i) Hold portfolio and (ii) Sales portfolioBased on this fundamental distinction, our NTA reflects the portfolio value of the Hold portfolio under the assumption that it will never be sold

As a consequence, deferred taxes and purchaser's cost are added back for the hold portfolio but not for the sales portfolio

Net Reinstatement Value (NRV) - "beyond the bricks"

No distinction between Hold and Sales portfolio

Proxy for company value (value required to rebuild the company)

Reflects long-term nature of the business and is based on the assumption that all assets are held in perpetuity

(all deferred taxes on assets and purchaser's costs are added back for total portfolio)

Equity to EPRA NTA bridge (Dec. 31, 2020; €m)

33,611

35,489

10,467

23,144

IFRS share- holders' equity + def. taxes on Hold portf.

1,495 117

Total deferred taxes on investment properties €11,948m, of which €10,467m Hold portfolio and €1,481m for Sales portfolio

FV of financial instruments

GoodwillIntangibles (IFRS balance sheet)

RETT and other purchaser's costs (Hold portf.)

Equity to EPRA NRV bridge (Dec. 31, 2020; €m)

3,435

IFRS share- holders' equity + def. taxes on inv. prop.

11,948

23,144

35,092

Intangible values are included with the enterprise values of the Value-add and Development segments, net of the respective carrying amounts. The enterprise value is the result of a DCF valuation by an independent valuer and based on Vonovia's internal 5-year business plan

FV of financial instruments

43,677 3,921

FV of intangiblesRETT and other purchaser's costs

LTV at the Lower End of the Target Range (incl. Hybrid)

Based on the stable cash flows and the strong long-term fundamentals in our portfolio locations, largely driven by a structural supply/demand imbalance, we see continued upside potential for our property values and do not see material long-term downside risks for our portfolio.

We remain committed to our LTV target range of 40-45%.

The S&P Global Ratings requirement for replacing the equity component of the perpetual hybrid has already been resolved via the 09/2020 capital increase, giving Vonovia all options for paying back the instrument at the first call date in Q4 2021.

€m

(unless indicated otherwise)

Dec. 31, 2020

Dec 31, 2019

DeltaNon-derivative financial liabilities Foreign exchange rate effects Cash and cash equivalents Net debt

Sales receivables/prepayments

Adj. net debt

23,574.9 +2.2%

-37.8 -50.0%

-500.7 +22.5%

23,036.4 +1.8%

21.4

23,057.8 +1.2%

Fair value of real estate portfolio Shares in other real estate companies

58,910.7

53,316.4 +10.5%

324.8

149.5 >+100%

Adj. fair value of real estate portfolio

59,235.5

53,465.9 +10.8%

LTV

LTV (incl. perpetual hybrid) Net debt/EBITDA multiple1

39.4% 41.1% 12.3x

43.1% -370bps

45.0% -390bps

11.5x

+0.8

1 Adj. net debt quarterly average over Adj. EBITDA Total (LTM), adj. for IFRS 16 effects.

Solid Capital Structure with Smooth Maturity Profile and Diverse Funding Mix

KPI / criteria	Dec. 31, 2020	Dec. 31, 2019
Corporate rating (Scope)	A-	A-
Corporate rating (S&P)	BBB+ (BRP1: "excellent")	BBB+ (BRP1: "strong")
LTV3 (net debt / fair value) LTV (net debt incl. equity hybrid / fair value)	39.4% 41.1%	43.1% 45.0%
Net debt/EBITDA multiple2	12.3x	11.5x
Fixed/hedged debt ratio3	99%	96%
Average cost of debt3	1.4%	1.5%
Weighted average maturity (years)1	7.9	7.9
Most recent bond issuance (Jan 2021) €500m, 20 years	1.000% coupon

Bond covenants	Required level	Current level (Dec. 31, 2020)
LTV (Total financial debt / total assets)	<60%	38.6%
Secured LTV (Secured debt / total assets)	<45%	11.8%
ICR (LTM Adj. EBITDA / LTM net cash interest)	>1.8x	4.8x
Unencumbered assets (Unencumbered assets / unsecured debt)	>125%	211%

Evolution of LTV and Interest Cover Ratio

target range

2013

2014

2015

LTV (%)

2016

2017 2018 2019Interest Cover Ratio

2020

Diverse funding mix with no more than 12% of debt maturing annually (as of January 2021)

€m

Corporate bond

1 BRP = business risk profile. 2 Adj. net debt quarterly average over Adj. EBITDA Total (LTM), adj. for IFRS 16 effects. 3 Excl. equity hybrid.

Equity hybridBank loans German lendersBank loans Austrian lendersBank loans Swedish lenders

2033

Update on Regulation (I)

Berlin Rent

Freeze

As expected, the negative consequences of the legislation are obvious: fewer rental apartments, less new construction, lower investment volumes into energy efficiency and senior-friendly refurbishmentsFederal Constitutional Court (FCC) ruling widely expected for Q2 2021

Vonovia remains convinced that the Berlin Rent Freeze legislation is largely or even entirely unconstitutional

But: past FCC rulings were usually nuanced and differentiated, rather than binary

Independent of what the FCC will rule, a verdict is unlikely to mark the end of the housing debate in

Berlin, and Vonovia expects the situation to remain challenging in the short and medium-term

CO2 tax law enacted

As of January 1, 2021, CO2 emissions from fossil heating and fuel in Germany are taxed at a rate of €25 per ton of CO2; this rate will increase to as much as €55 by 2025

Based on current legislation, the tax is fully recoverable and borne by tenants

A discussion is underway about how the CO2 tax should be shared between tenant and landlord, also with a view towards setting the right incentives for energy savings

Because the CO2 emission of a building is determined by tenants' heating consumption and the energy efficiency of the building, Vonovia supports a burden sharing between tenants and landlords based on the building's energy efficiency

Vonovia Proposal

More efficient energy class

lower

Landlord's contribution to CO2 tax

higher

Less efficient energy class

Renewable Energy Act

(Erneuerbare-

Energien-Gesetz)

law enacted

Better incentives for landlord-to-tenant electricity modelsImproved conditions for on-site energy generation

"Neighborhood concept" - electricity can now be consumed by tenants in other buildings in the neighborhood, not only in the building in which it was generated

Update on Regulation (II)

Mietspiegel Reform Act

(Mietspiegel-reformgesetz)

draft law

Draft law adopted by Federal Government in December 2020

Objective is to increase Mietspiegel reliability as well as legal certainty

Landlords and tenants to be required to disclose certain information to improve data quality

(e.g. rent level, apartment features)

Updates to come every three years (currently every two years)

Rent increases in cities with a Mietspiegel may no longer be made on the basis of comparable apartmentsNext step: Resolution by the Bundestag (Federal Parliament) and Bundesrat (Federal Council) required to become law. Legislative process expected for Q2

Mobilization of land for construction

(Bauland- mobilisierungs- gesetz)

draft law

Draft law adopted by Federal Government in November 2020.Two main elements:

Improved process to designate land as development land; extended periods for pre-emptive purchase rights of local governments

Stricter regulation for conversion of rental units into condos. In constrained housing markets, any conversion would require prior approval from the local authorities (not applicable to rental units already converted previously)

Next step: Resolution by the Bundestag (National Parliament) and Bundesrat (Federal Council) required to become law. Legislative process expected for Q2

It's an election year

2021 is an important election year in Germany with federal elections plus 5 state elections

The subject of housing and how to address the supply-demand imbalance in urban areas is expected to be one of the key issues of the different political campaigns and is likely to be discussed intensively leading up to the elections

Mar 14 Baden-Wuerttemberg Mar 14 Rhineland Palatinate Jun 6 Saxony-Anhalt

Sep 26 Federal Parliament Sep 26 Berlin

Sep 26 Thuringia

Sep 26 Mecklenburg-Western Pomerania

Update on Regulation (III)

Federal

Funding Regulation for Energy-

efficient

Buildings ("Richtlinie für die Bundes- förderung für

effiziente

Gebäude - Wohngebäude,

BEG WG")

law enacted

Scope and content of the regulation

Developed by Germany's Federal Ministry for Economic and Energy Affairs; effective on

July 1, 2021

The goal was to harmonize the different subsidy regulations and combine them into one single, comprehensive subsidy program for existing and new buildings

The objective is to set adequate incentives for owners to substantially increase investments in energy-efficiency and renewable energy

Subsidies are determined by the amount of energy efficiency gains and the proportion of renewable energy contribution in heating supply resulted from projects and can be as high as 45% of an investment amount up to €120k/apartment

Flexible funding format - applicants can choose between investment grants or subsidized loans

Targeted subsidy volume is €32bn p.a. until 2030

Expected impact on Vonovia

Increased investment volume in energy efficient modernization

Acceleration of CO2 reduction efforts

Additional NAV growth

Increased modernization depth

Rental growth and investment yields expected to remain broadly similar

Higher EBITDA contribution in the Value-add segment from increased volume through

Vonovia craftsmen organization

Improved social acceptance of energy-efficient modernizations because of reduced modernization allowance and increased savings on heating bill

Vonovia is reviewing its Upgrade Building Program and portfolio in light of the new regulation to achieve the best possible outcome for our stakeholders by selecting the right subsidy elements for each individual project

Sustainability Update

Sustainability Performance Index (SPI)

Starting point established for 2020

Target set for 2021 and included in guidance

Guidance of 100% implies full achievement of the individual goals across the six

SPI categories

Green bond

Green bond framework defined

Further diversification of funding structure

Timing of issuance depends on overall financing strategy considerations and market conditions

ESG integrated into internal risk management

Comprehensive inclusion of ESG-related risks in Vonovia's risk management system

No material ESG risks identified

The most relevant ESG-related risk is the CO2 tax in Germany, which under the current legislation is fully paid by tenants but which may become payable at least in part by landlords. This risk is (i) manageable in the overall context and (ii) mitigated through pro-active strategies to reduce CO2 emissions in our portfolio

Sustainability Performance Index (SPI)

Vonovia has established the Sustainability Performance Index with quantitative, non-financial KPIs to measure sustainability performance in the most relevant areas

SPI reporting is audited by our statutory auditor1

The SPI is a relevant criterion in the long-term incentive plan for the executive board2 as well as for the leadership group below the executive management

To achieve the target of 100%, all six individual targets must be fully achieved

SPI

2020 Actuals	2021 Targets	Medium-term Targets
1	CO2 intensity in the portfolio3	43.9 (kg CO2e/sqm/p.a.)	Reduction of at least 2%	<40 (kg CO2e/sqm/p.a.)
2	Average primary energy need of new constructions	35.7 (kWh/sqm p.a.)	Substantial increase4	~33 (kWh/sqm p.a.)
3	Ratio of senior-friendly apartment refurbishments among all new lettings3	30.1%	~30%	~30%
4	Customer satisfaction3	+8.6%	In line with prior-year level	Avg. increase of ~0.5 %points p.a.
5	Employee satisfaction	No survey	Slight increase	Avg. increase of ~1.0 %point p.a.
6	Workforce gender diversity (1st and 2nd level below top mgt.)5	25.9%	In line with prior-year level	~26%
~100%

1 Limited assurance. 2 Subject to approval of the new executive management remuneration scheme by the AGM to be held on April 16, 2021. 3 Germany only at this point. 4 Initial increase because of projects approved in the past (prior to establishing the SPI) that will be completed in 2021. 5 Based on female representation within overall workforce.

2021 Guidance

2020 Actuals	2021 Guidance	Mid-term Outlook
Total Segment Revenue	€4.370bn	~€4.9bn - ~€5.1bn	growing
Rental revenue	€2.286bn	~€2.3bn - ~€2.4bn	growing
Organic rent growth (eop)	3.1% (3.6% excl. one-off effect in Berlin)	~3.0% - ~3.8%1	stable
Recurring Sales (# of units)	2,442	~2,500	stable
FV step-up Recurring Sales	39.6%	~30%	stable
Adj. EBITDA Total (€m)	1,910	1,975 - 2,025	growing
Group FFO (€m)	1,348	1,415 - 1,465	growing
Dividend (€/share)	1.692	~70% of Group FFO per share	stable payout ratio; €/share growing
Investments (€bn)	€1.344bn	~€1.3bn - ~€1.6bn	at least stable
SPI	Starting point established	~100%	continuous improvement

Note: The 2021 guidance is based on the current legislation under which the CO2 tax is part of the recoverable expenses; equally, the 2021 guidance does not include any positive impacts expected from the Federal Funding Regulation for Energy-Efficient Buildings ("BEG"). 1 If the current Berlin-specific rent freeze regulation is in place at the end of 2021, we expect to come out towards the lower end of the range; if the legislation is no longer in place at the end of 2021, we expect to come out towards the higher end of the range. A ruling by the Federal Constitutional Court is widely expected in Q2 2021. 2 To be proposed to the Annual General Meeting in 2021.

Wrap-up

2020 with earnings and value growth across the board and continuation of impeccable track record since IPO

The underlying market fundamentals are fully intact, and our operating environment remains favorable.

We remain confident in our ability to continue to deliver growth as per our guidance for 2021 and beyond.

Agenda

Vonovia operates more than 3,500 elevators across its portfolio. Continued operations and timely servicing are key to minimizing downtimes & operating costs and maximizing customer satisfaction. That is why Vonovia has developed its own IoT Elevator Monitoring Platform to remotely monitor and improve the servicing of its elevator fleet. This patented solution is independent of elevator make and model. Ca. 25% of all elevators have been equipped with this technology, which we continue to roll out across the remainder of the portfolio. Next stop: heating systems.

See Page Finder on page 85 for detailed index

Agenda Investor Presentation

31	Europe's Leading Resi Player
32	Compelling Investment Case
33	Earnings & Value Growth Across Four Segments
34	Granular B-to-C End Consumer Business
35	Robust Operating Business
36	Cost per Unit - Peer Comparison
37	Megatrends
38	Capital Allocation
39	Market Outperformance
40-41	M&A Criteria & Track Record
42-47	Sustainability
48	Residential Market Trends
49	Rent Growth
50	Summary of Investment Case

Europe's Leading Residential Property Owner and Operator

We are the long-term owner and full-scale operator of Europe's largest listed multifamily housing portfolio with ca. 416k apartments for small and medium incomes in metropolitan growth areas.

Geographic split (by number of units)

Germany

SwedenAustria

The small stakes we own in the Dutch and in the French portfolios are less of a financial investment and more R&D to gain an even better understanding of the markets.

Compelling Investment Case

Market Leader	We are Europe's largest residential landlord and the long-term owner and full-scale operator of a multifamily housing portfolio with ca. 416k apartments for small and medium incomes in metropolitan growth areas.

Uniquely Positioned	The granularity and B-to-C nature of our business are unique in real estate. Our strategy of standardization, industrialization and process optimization makes us the industry leader with best-in-class service levels and superior cost control.

Low Risk	Fundamental megatrends provide a positive backdrop in a regulated environment that safeguards attractive risk-adjusted returns and offers downside protection.

Growth	Organic earnings and value growth plus substantial long-term upside potential from acquisitions in selected European metropolitan areas. Low execution risk from track record of acquiring and integrating >300k apartments in eight large transactions since IPO.

Built-in ESG Focus	All of our actions have more than just an economic dimension. We provide a home to around 1 million people from ca. 150 nations. CO2 emissions related to housing are one of the largest sources of greenhouse gas emissions.As a listed, blue-chip company we are rightfully held to a high standard.

Earnings and Value Growth across Four Segments

Development

New construction of apartments to hold and to sell via greenfield and brownfield development

Vonovia is one of the leading homebuilders in Germany

New construction is a financially and strategically valuable addition to the core business

Rental & Value-add

(Operating business)

Efficient property and portfolio management including ancillary service business for internal savings and external revenue

Robust top-line growth from regulated environment with high pass- through rate at >75% EBITDA margin and growing13-year average duration of rental contracts with no cluster risk because of granular B-to-C business

High degree of insourcing with standardization, industrialization and process optimization along the value chain

Segment contribution to 2020 Adj. EBITDA ca. 89%

Recurring

Sales

Disposal of individual apartments to retail buyers

Property Management (~1,500 letting agents & caretakers)

Face to the customer and eyes & ears on the ground in our local markets

Segment contribution to 2020 Adj. EBITDA ca. 6%

Residential Environment

(~ 1,000 landscape gardeners)

Mainly maintenance and construction of gray and green areas and snow/ice removal in the winter

Technical Service

(~5,000 craftsmen)

Wholly-owned craftsmen company ("VTS") for large share of maintenance and modernization plus pooling of entire purchasing power

Service Center

(~1,000 service agents)

Centralized property management including inbound calls and e-mails, recoverables billing, contract management, maintenance dispatch and rent growth management

Steady sale of ca. 2.5k apartments annually at ~30% (est.) above fair market value

Segment contribution to 2020 Adj. EBITDA ca. 5%

Granular B-to-C End Consumer Business

Residential real estate is a granular mass business with large volumes that offers a

2.6 million inbound calls p.a.	400,000 payment reminders p.a.	8 million invoices to process p.a.
360,000 outbound calls p.a.	40,000 heating systems to be maintained
700,000 ancillary expense bills to prepare and settle with tenants	220,000 trees and 300 kilometers hedges	650,000 repair jobs p.a.
3,500 elevators to be maintained	15 million sqm of green spaces

Robust Operating Business

Successful portfolio management has resulted in portfolio concentration in urban growth areas.Sustainable rent growth momentum and structural supply/demand imbalance in these urban areas safeguard highly robust top-line.

Bread & butter market rent growth levered with investments

Focus on scale, standardization and industrialization delivers increasing efficiencies.

2015

2013

2014

2016

2017

2018

2019

2020 2021(E)

High occupancy rates - vacancies almost all modernization related

Scale and efficiency gains in Germany2

96.5

96.6

97.3

97.6

97.5

97.6

97.4

97.6

830

73.6%

75.0%

76.5%

76.7%

60.8%

754

63.8%

71.4% 67.7%

645 343

324 570

346 498

361

357 355

445

179

184

394

405

2013

2014

2015

2016

2017

2018

2019

2020

2013

2014

2015

2016

2017

2018

2019

2020

Occupancy rate

Avg. number of units ('000)Adj. EBITDA Operations MarginCost per Unit

1 If the current Berlin-specific rent freeze regulation is in place at the end of 2021, we expect to come out towards the lower end of the range; if the legislation is no longer in place at the end of 2021, we expect to come out towards the higher end of the range. A ruling by the Federal Constitutional Court is widely expected in Q2 2021. 2 EBITDA Operations margin = (Adj. EBITDA Rental + Adj. EBITDA Value-add - intragroup profits) / Rental revenue. 2019 onwards, margin includes positive impact from IFRS 16. Cost per unit is defined as (Rental revenue - EBITDA Operations + Maintenance) / average no. of units. Incremental cost per unit is ca. €250 in Germany.

Cost per Unit - Peer Comparison

Residential Real Estate Is a Scalable Business

Cost per unit is a simple and straight forward measure to compare efficiency: the fully loaded operating costs (property related costs plus overhead) divided by the average number of apartments. Maintenance expenses are excluded in this calculation, as maintenance levels are largely discretionary and more or less maintenance spending is not a sign of (in)efficiency.

Cost per Unit Comparison 2014 and 2019: Increased scale leads to increased efficiency. More scale leads to more efficiency.

1000

900

Costperunit(€/year)

800 700 600 500 400 300 200 0

100

150

200

250

300

350

400

Average units ('000)

2014

2019 Vonovia (Germany)

Peer 1

Peer 2

Cost per unit is defined as (Rental revenue - EBITDA Operations + Maintenance) / average no. of units. Peer group includes Deutsche Wohnen (excl. nursing) and LEG.

Megatrends - Challenge & Opportunity

Urbanization

An increasing part of the population is moving into urban areas

Energy efficiency

Ca. 1/3 of greenhouse gas emissions are related to real estate

Demographic change

An increasing share of the population is 65+ years

We are providing apartments at fair price levels to a growing urban population

Our products and services give more than one million people an affordable home in their apartment and neighborhood

We are a driving force of the industry and have embarked on a climate path that will result in a CO2 neutral portfolio by 2050

The energy-efficient modernization of the housing stock and innovative solutions for carbon neutral residential neighborhoods are paramount for achieving climate protection targets

We are preparing at least one third of all apartments that become vacant for elderly tenants

Demographic changes require refurbishing apartments to enable an ageing population to stay in their homes with little or no assistance for longer

Our scale, sustainable business model and access to capital markets enable us to assume a leading role in our industry for finding and implementing solutions.

Disciplined Capital Allocation Focused on Long-term Earnings and Value Creation

70% of recurring cash earnings (FFO) paid out as dividend

We expect to continue to be able to deliver 0.95 0.67 1.00 sustainably growing dividends

Scrip dividend option since FY2016

Investments in modernization and new construction to hold to address the megatrends urbanization, energy efficiency and demographic change

Drives organic earnings, value growth, and overall portfolio quality

Disciplined and opportunistic approachClear set of criteria to safeguard earnings and value growth for shareholdersImpeccable track record of execution with >300k apartments acquired and integrated since IPO

Shareholder authorization in place (until 2023)

2013

2014

IPO

70 60 50

General preference for allocating capital to 40

long-term growth of the company

2015

2016 2017 2018 2019

Recurring cash earnings ("FFO")1

Sales

Acq.

Potentially an option in case shares trade 0at steep discount to Adj. NAV

Jul-13

Jan-14

Jul-14

Jan-15

Jul-15

Jan-16

Jul-16

VNA share price

Jan-17

Jul-17

Last reported Adj. NAV

1 Based on prevailing internal management KPI, which was FFO1 from 2013-2018 and Group FFO starting in 2019. 2 To be proposed to the Annual General Meeting on April 16, 2021.

2020

2021(E)DividendNew construction 2020

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Market Outperformance

Since the IPO in 2013, Vonovia has consistently outperformed the real estate sector and the wider equity markets.

305%

Dividend Share price

Vonovia

Dividend Share price Vonovia

DAXEuroStoxx EPRA

Europe

Since IPO

-3%

DAX

EuroStoxx EPRA

Europe

5 years

Dividend Share price Vonovia

-4%

DAX

EuroStoxx EPRA

Europe

3 years

Dividend Share price Vonovia

-5%

-13%

DAXEuroStoxx EPRA

Europe

1 year

Note: As of Dec. 31, 2020. DAX is a performance index with dividends reinvested; EURO STOXX 50 and EPRA Europe are excl. dividends. Vonovia share price return is calculated as the percent change of end of period over beginning of period; Vonovia dividend return is calculated as cumulative DPS over the period as a percent of the share price at the beginning of the period.

M&A Philosophy

Growing through Acquisitions Makes Sense - But Only at the Right Price

Acquisition philosophy

Increased scale delivers efficiencies, performance and value growth.

In principle, any acquisition in our core markets makes sense - but only if it is made at the right price.

We remain disciplined and opportunistic.

No quantitative acquisition target

No target ratios for the geographic distribution of our portfolio

Management is not incentivized through acquisitions

M&A is a key element of our strategy. On the basis of our acquisition criteria we keep up-to-date models for any acquisition opportunity of >1k apartments in our core markets.

We see these main competitive advantages

Efficient operating platform and low incremental cost per new unit

Wide footprint across urban growth markets in

Germany and selected European metropolitan areas

Acquisition criteria

Access to capital marketsSuperior sustainability profile

Portfolio Volume More than Doubled since IPO

Portfolio evolution ('000 units)

180

319

Buwog

conwert

Südewo

GagfahNon-core disposalsRecurring salesVitusDeWAG

-88

416

IPOSalesAcq.

New construction

2020

1 Financial synergies from Hembla acquisition already realized. Operating synergies to come mostly in 2021.

Major transactions

Target	Units ('000)	Strategic rationale	Synergies (over-) delivered
2014	11	adding scale and additional exposure to growth regions
2014	30	adding scale and additional exposure to growth regions
2015	145	adding scale and establishing the German champion
2015	19	adding scale and additional exposure to growth regions
2017	23	adding scale and additional exposure to growth regions
2018	48	adding scale in Germany and Austria; acquiring development capabilities
2018	14	entry into Swedish market	no synergies in Swedish nucleus
2019	21	adding scale in Sweden	1

Serving a Fundamental Need in a Highly Relevant Market

Our Business Is Deeply Rooted in ESG

We provide a home to around 1 million people from ca.

150 nations.

CO2 emissions related to housing are one of the largest sources of greenhouse gas emissions.

As a listed, blue-chip company we are rightfully held to a high standard.

Commitment to climate protection and CO2 reduction

Responsibility for customers, society and employeesReliable and transparent corporate governance built on trust

Recognition of ESG Performance

ESG Ratings and Indices

ESG Ratings

2016

2017

2018

2019

2020

Upgraded in both ratings in 2020; Risk rating within 1st percentile of global rating universe

ESG Risk Rating 2020

100

ESG Company Rating

7.7

02017

2018

2019

2020

Upgraded from BBB to A

30% 20% 10%

CCCBBBBBBAAAAAA

Reduced from B to B-

40% 20%

Upgraded from C- to C

40% 20%

D-DD+C-CC+B-BB+A-AA+

Inclusion in Dow Jones Sustainability Europe Index

No participation in 2020. See Vonovia's open letter athttps://investors.vonovia.de/websites/vonovia/English/4080/news-detail.html?newsID=2024595&type=corporate

Constructive dialogue with GRESB to try and enable participation going forward

ESG Indices

Vonovia is a constituent of various ESG indices, including the following: DAX 50 ESG, STOXX Global ESG Leaders, EURO STOXX ESG Leaders 50, STOXX Europe ESG Leaders 50, Dow Jones Sustainability Index Europe.

Vonovia's Sustainability Strategy Is Committed to 8 United Nations Sustainability Development Goals

We consider 8 of the 17 United Nations Sustainability Development Goals (SDG) to be material to our business activities and aligned with our sustainability strategy.

We expect to have positive impacts particularly on these important goals.

Vonovia's Climate Path towards CO2 Neutrality through Continued Modernization, Renewable Energy and Sector Coupling

Illustration of different climate path scenarios 2020-2050 (CO2 intensity)

CO2/kg/sqm

2020E

2030E

2040E

2050E

Energy efficient modernization rate Germany (1%)

Energy efficient modernization rate Vonovia (3%) -60% reduction, 3% energy efficient modernization rate -60% reduction, 3% energy efficient modernization rate + gas condensing & solar thermal technology -60% reduction, 3% energy efficient modernization rate + proprietary district heating, sector coupling / or + heat pump / or + PV Target path of German government 2030 / scenario for climate neutral housing portfolio

CRREM 2-degree path 04/2020

Target corridor

Note: This climate path refers to the German portfolio; we are in the process of developing separate climate paths for the portfolios in Austria and Sweden. Source: Fraunhofer ISE modelling of Vonovia portfolio. Reduction of energy need of 160 kWh towards 60% through the following measures: Building envelope (insulated facade, windows) to become KFW Standard 100-70; scenarios 2 and 3 include the simulation of a change of energy sources. 1 In order to achieve the climate neutral case certain regulatory adjustments still need to be made and not all of the technological concepts have been fully developed yet.

Balanced Stakeholder Approach

Self-imposed obligation to cap modernization rent increases to max.

€2 per sqm; Guarantee to tenants 70+ years that rents will remain affordable even if market rents changeHardship case management to effectively assist tenants in financial distressCOVID-19 - special promise that we will find individual solutions for tenants who struggle financially; no one to lose the roof over their head

Culture & change - we share a common culture of diversity, performance and appreciation in an developing organization that embraces change

Highly Robust Governance

Dedicated ESG Department reporting directly to the CEO; The Supervisory Board monitors ESG issues in the Audit Committee;

Sustainability Committee meets at regular intervals and on a need-basisNumerous policies published (e.g. human rights, whistleblower, tax understanding, etc.) Committed to ILO Core Labor Standards and UN Global Compact on

Human Rights

Long-term Structural Support from Residential Market Trends

Urbanization1

Growing (above average)

Growing

No clear directionShrinking

Shrinking (above average)

% of German population living in cities 84%

2015

2050E

Large gap between in-place values and replacement costs3

Vonovia (Germany) - fair value/sqm (€; total lettable area) vs. construction costs

building land

Factor 2.5x - 3.0x

2,099

Structural supply/demand imbalance2 Residential completions fall short of estimated required volumes

700 600 500 400 300 200

100 0

Completions (`000)

Government target rate ('000)

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2021

2018

2019

2020

No correlation pattern between interest rates & asset yields4

Other factors such as supply/demand imbalance, rental regulation, market rent growth, location of assets etc. seem to outweigh the impact of interest rates when it comes to pricing residential real estate.

1.00

0.80

2016

-0.20

0.60

0.40

0.20

0.00

-0.40

-0.60

-0.80

-1.00

2013

2014

2015

2017

2018

2019

2020

Market costs for new constructions

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Dcaoternrreilhaetni1on

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

1 Source: BBSR (https://gis.uba.de/maps/resources/apps/bbsr/index.html?lang=de) 2 Sources: Federal Statistics Office, German government (1.5m completions during current legislative period). 3 Note: VNA 2010 - 2014 refers to Deutsche Annington Portfolio at the time; construction costs excluding land. The land value refers to the share of total fair value allocated to land. 4 Yearly asset yields vs. rolling 200d average of 10y interest rates. Sources: Thomson Reuters, bulwiengesa.

Stable Market Rent Growth Leveraged with Investments

Vonovia has three different organic rent growth drivers

New constructionModernizationMarket

Additional rent from new sqmIncremental rent from modernization

• energy efficiency improvements ("Upgrade Building") and
• senior-friendly apartment conversion ("Optimize Apartment")

Incremental rent from market rent adjustments (Mietspiegel) and re-lettings without investments

No direct connection between Vonovia market rent growth and inflation but over time broadly in line

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

Ø1.4%Ø1.4%

0.0%

2006

2007

2008

2009

2010

2011

Inflation Germany

2012

2013

2014

2015

2016

2017

2018

2019

VNA market rent growth

2020

Regulated environment provides stable market rent growth1

Regulated market rents (Germany)

-2

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

-4

Unregulated market rents (USA)

-2

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

-4

-6

-8

-10

-12

GDP, quarterly development y-o-y

Market rent growth; quarterly development y-o-y

1 Sources: Federal Statistics Office, GdW (German Association of Professional Homeowners), REIS, BofA Merrill Lynch Global Research, OECD, Note: Due to lack of q-o-q rent growth data for the US, the annual rent growth for a year is assumed to also be the q-o-q rent growth of that year.

Summary of Investment Case

Market Leader	Long-term owner and full-scale operator of Europe's largest multifamily housing portfolio for small and medium incomes in metropolitan growth areas.

Uniquely Positioned	Granular operating business in a B-to-C environment with focus on standardization, industrialization and process optimization.

Low Risk	Attractive risk-adjusted returns and downside protection in a regulated environment supported by fundamental megatrends.

Growth	Organic earnings and value growth plus substantial long-term upside potential from acquisitions in selected European metropolitan areas.

Built-in ESG Focus	All of our actions have more than just an economic dimension. We provide a home to around 1 million people from ca. 150 nations.CO2 emissions related to housing are one of the largest sources of greenhouse gas emissions. As a listed, blue-chip company we are rightfully held to a high standard.

Agenda

Vonovia Service App

135,000 downloads

45,000 users

Vonovia's customer service app for tenants and potential tenants

Full customer life cycle in one app

Communication

Digital postboxNews FeedMicro surveys

Self-service

Online-booking of repairsAccount managementDocument management

Transparency

Ancillary expenses: online receipts and billing

Status of submitted requestsPush notifications

Upgrades planned for 2021

Digital rental contractApartment search

Monitoring of heating and water consumption

See Page Finder on page 85 for detailed index

Agenda - Additional Information

53-54	Megatrends
55	Vonovia in Europe
56-61	Portfolio Information
62-63	Neighborhoods / Urban Quarters
64	Investment Program Funding
65-66	M&A overview
67-68	Value-add
69-70	EPRA NAVs
71	Bond Overview
72	VNA History
73	Supervisory Board and Management Board
74-75	German - Residential Market Data
76	Largest Homebuilders in Germany
77-78	Sweden - Residential Market Data
79-80	VNA Shares
81	Financial Calendar
82	Disclaimer
85	Page Finder

Three Dominant Megatrends for Residential Real Estate

Urbanization

Energy efficiency

Demographic change

% of population living in cities

Germany

20152050E

Sources: United Nations, Prognos AG

% of modernized housing units

~3%

~1%W. EuropeActual run rate GermanyRequired run rate GermanyVonovia avg. run rate p.a.

% of population above/below 65 years

21%	31%
79%
69%

2015 2050E

20%	29%
80%
71%

2015 2050E

Germany

W. Europe

65 or olderyounger than 65

COVID-19 to Possibly Accelerate Megatrends that Are otherwise Fully Intact

Culture, entertainment, medical infrastructure, likeminded people etc. - the appeal of a city goes beyond jobs.Less than 1/3 of the German working population would be able to work from home1.

With ca. 50% of all government aid being spent in Germany, immigration into Germany is likely to continue or even accelerate; the vast majority of people coming to Germany is expected to move to the cities.

The cities in our target markets are substantially less dense than New York, London or similar cities.

Urbanization

Most of our properties are located on the outskirts and in the commuter belts rather than in the middle of downtown.

Energy efficiency

EU Green Deal, Renovation Wave, Paris Climate Accord, Fridays for Future - there is broad based support for climate protection across Europe.

While climate protection may have recently been somewhat overshadowed in the media coverage by COVID- 19 events there is growing momentum towards efforts to rebuild a "greener economy" after the crisis.

With ca. 1/3 of greenhouse gases related to real estate, opportunities may arise to accelerate our efforts towards making our portfolio CO2 neutral by 2050.

While COVID-19 severely impacts the lives of people around the globe it is fortunately not disruptive to the overall demographic development.

Demographic change

The age structure of our societies will continue to shift towards a higher share of older people and the need to provide adequate housing in which the elderly can live independently for longer remains one of the main challenges that must be managed.

1 Source: Der Informationsdienst des Instituts der deuschen Wirtschaft: Das neue alte Homeoffice, August 12, 2020 (https://www.iwd.de/artikel/das-neue-alte-homeoffice-480617/)

Scalable B-to-C Business Beyond the Bricks

Implementation of Vonovia Business Model in Comparable Markets

Vonovia has developed an operating platform and a unique business model for the efficient management of large residential portfolios in regulated environments.

We are convinced that this business model can be implemented outside of Germany in comparable markets: large urban rental markets with a supply-demand imbalance and a regulated rental environment.

No specific target rate or ratios in terms of German vs. non-German exposure  disciplined but highly opportunistic approach.

M&A activities in European target markets are subject to the same criteria as in Germany.

Germany	Austria	Sweden	France	Netherlands
355k residential units	22k residential units	38k residential units	10% stake in portfolio with 4k residential units	2.6% stake in portfolio with 27k residential units
• Primary home market and expected to remain dominant in the foreseeable future. • Home of Vonovia business model that we are seeking to repeat in similar markets	• Run scalable operating business (Austrian SAP client successfully implemented) • "Austrian model" along build-hold-sell value chain	• Prove that Vonovia business model works outside Germany • Market consolidation on the basis of Victoria Park and Hembla combination	• Largest long-term potential • Active engagement and networking to safeguard pole position for when opportunity arises	• Continue market research • Active engagement and networking with opportunistic approach

Long-term Support from Megatrends

Focus on Urban Areas with Long-term Supply/Demand Imbalance

Market view of growing and shrinking regions2

~70k non-core apartments sold since IPO in 2013

~99% of current portfolio located in urban growth regions for long-term ownership and subject to structural supply-demand imbalance

Vonovia Portfolio March 2015 347k apartments in 818 locationsVonovia Strategic Portfolio 350k apartments in ~400 locations

Aggregate total value growth 2017-2020 (%)1

51%

Strategic Portfolio

8%Non-core locations

The German Federal Office for Construction and Urban Development (BBSR) has analyzed all cities and counties in Germany on the basis of the average development in terms of population growth, net migration, working population (age 20-64), unemployment rate and trade tax revenue

Germany (market)

Vonovia Strategic Portfolio

The results fully confirm our portfolio

management decisions

Shrinking (above average)ShrinkingNo clear directionGrowingGrowing (above average)

Vonovia locationHigh-influx cities ("Schwarmstädte"). For more information:http://investoren.vonovia.de/websites/vonovia/English/4050/financial-reports-_-presentations.html

1 Simple addition of 2017-2020 valuation results excluding compound interest effects. 2 Source: BBSR (https://gis.uba.de/maps/resources/apps/bbsr/index.html?lang=de)2

Broad-based Value Growth in 2020 across All Markets

2020 value growth from

Regional Market Berlin

Rhine Main Area Southern Ruhr Area Rhineland

Dresden Hamburg Kiel Munich Stuttgart Hanover

Northern Ruhr Area Bremen

Leipzig Westphalia Freiburg

Other Strategic Locations Non-Strategic Locations

Germany Total

Sweden

Austria

Vonovia Total

Fair Value

(€m)Performance & YC

Invest

7,815

1.6% 0.7%

4,934

10.8% 1.2%

4,483

12.5% 3.9%

4,213

8.5% 1.9%

4,045

10.8% 2.0%

3,087

10.5% 1.6%

2,536

13.3% 1.8%

2,496

8.5% 0.8%

2,320

9.8% 0.9%

2,054

8.1% 2.3%

1,894

10.4% 3.5%

1,318

9.6% 2.9%

1,055

8.8% 0.8%

1,029

9.7% 3.8%

697

5.0% 1.1%

3,198

8.6% 2.1%

609 47,783 6,219 2,832 56,834

1.6% 0.4%

8.5% 1.8%

1.9% 3.7%

3.3% 0.5%

7.5% 1.9%

Aggregate Total Value Growth 2017 - 2020

Total aggregate value growth1 between 2017 and 2020: 51% in Strategic locations and

8% in Non-strategic locations.

Individual Regional Markets have all seen substantial value growth in a range between ca. 40%-60%.

Total Strategic Portfolio (Germany)

Non-strategic locationsBerlin

Rhine Main Southern Ruhr

Rhineland Dresden Hamburg

Kiel

Munich Stuttgart Hanover Northern Ruhr

Bremen

Leipzig Westphalia

Freiburg

10%

YC + Performance

1 Simple addition of 2017-2020 l-f-l valuation results excluding compound interest effects.

20%

30%

40%

50%

60%

70%Invest

Portfolio Cluster

Sweden 11%

51% of German portfolio earmarked for investment strategy, safeguarding long-term sustainability of our Optimize Apartment and Upgrade Building investment strategy

1,235 non-core units sold in FY 2020 with a fair value step-up of 40.1%, partly driven by the disposal of a commercial property

Austria 5% Non-core 0% Recurring Sales 7%

Operate 26%Invest 51%

Portfolio Cluster (Dec. 31, 2020)	Fair value1 Residential	In-place rent
(€bn) % of total (€/sqm) units	(€/sqm/month)
Operate 14.7 26% 2,071 106,884	7.28
Invest 28.9 51% 2,104 220,595	6.77
Strategic 43.6 77% 2,093 327,479	6.93
Recurring Sales 4.0 7% 2,241 26,381	7.06
Non-core 0.2 0% 1,197 1,425	7.40
Vonovia Germany 47.8 84% 2,099 355,285	6.95

Vonovia Sweden 6.2 11% 2,090 38,248	10.31
Vonovia Austria 2.8 5% 1,570 22,155	4.79
Vonovia Total 56.8 100% 2,063 415,688	7.16

place rent /month)

7.28

6.77

6.93

7.06

7.40 6.95

10.31 4.79 7.16

Note: 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. 1 Fair value of the developed land excluding €2,403.1m, of which €616.8m for undeveloped land and inheritable building rights granted, €386.1m for assets under construction, €779.1m for development, €326.8m IFRS effect and €294.3m other.

Regional Markets

(Dec. 31, 2020)

Average rent growth (LTM, %) from Optimize Apartment

Fair value1

In-place rent

(€m)

(€/sqm)Residential units

Vacancy

(%)Total (p.a., €m)Residential (p.a., €m)

Residential Organic rent

(€/sqm/ month)growth (y-o-y, %)Multiple (in-place rent)

Purchase power indexMarket rent Average rent increase growth (LTM,

(market data)2

forecast Valuation (% p.a.)

%) from Optimize Apartment

Berlin

7,816

2,746

43,171

1.1

228

216

6.63

- 2.1

Rhine Main Area (Frankfurt, Darmstadt, Wiesbaden) Southern Ruhr Area (Dortmund, Essen, Bochum)

4,934

2,784

27,290

1.6

182

176

8.58

3.4

4,483

1,653

43,428

2.9

206

200

6.44

4.6

Rhineland (Cologne, Düsseldorf, Bonn)

4,213

2,176

28,421

1.9

173

165

7.46

3.2

Dresden

4,045

1,763

38,505

3.0

172

162

6.34

2.1

Hamburg Kiel Munich Stuttgart

3,087

2,412

19,724

1.4

114

110

7.44

3.9

2,536

1,774

24,274

1.8

113

108

6.61

3.3

2,496

3,819

9,677

1.1

8.45

3.4

2,320

2,666

13,609

1.7

8.15

2.5

Hanover

2,054

1,969

16,190

2.3

6.94

3.3

Northern Ruhr Area (Duisburg, Gelsenkirchen)

1,894

1,211

25,076

2.9

112

108

6.00

3.0

Bremen

1,318

1,792

11,849

2.9

6.10

2.7

Leipzig

1,055

1,702

9,136

2.3

6.24

2.9

Westphalia (Münster, Osnabrück) Freiburg

1,029

1,642

9,489

3.1

6.53

5.6

697

2,500

4,036

0.9

7.69

2.8

Other Strategic Locations Total Strategic Locations Non-Strategic Locations

3,198

1,862

26,598

2.7

143

138

7.04

4.5

47,174

2,108

350,473

2.2

1,855

1,779

6.95

2.8

Total Germany

Vonovia Sweden Vonovia Austria

Total

609 47,783 6,219 2,832 56,834

1,579 2,099 2,090 1,570 2,063

4,812 355,285 38,248 22,155 415,688

5.5

2.2

2.3 4.6

2.4

29 1,883 357 111 2,352

25 1,805 331 90 2,225

6.69 6.95 10.31 4.79 7.16

1.7

2.8

4.7 5.1

3.1

1.8	29.8
1.8	35.3
1.5	29.9
1.7	31.1
1.7	22.2
1.6	36.5
1.7	33.9
1.9	44.8
1.8	33.6
1.7	33.6
1.3	23.8
1.8	25.6
1.7	22.9
1.5	34.1
1.7	40.2
22.3	1.6	31.2
25.4	1.7	30.8
21.3	1.6	29.8
25.4	1.7	30.8
17.4	2.0	-
25.5	1.4	-
24.2	1.7	n/a

34.2

82.4

27.1

104.6

21.8

89.3

24.3

100.7

23.5

84.0

27.0

98.1

22.4

76.2

36.9

122.6

27.4

104.6

23.8

89.7

17.0

81.5

24.8

84.1

23.3

76.7

21.4

90.3

26.8

86.4

Distribution of Construction Year Clusters

<1919

1919-1948

1949-195930%

1960-196921%

1970-197918%

1980-1989

1990-1999

2000+

11%

Mostly dense high riseconstructions; particularly efficient to manage

Note: German portfolio only. Construction year indicates year of initial construction and disregards comprehensive modernization work.

Typical post WWII constructions with mostly up to 5 floors in larger clusters; key focus for neighborhood development investment activities

Neighborhoods / Urban Quarters

"In residential real estate, a neighborhood, or urban quarter, is usually defined as a cohesive urban structure that is considered by its inhabitants as a self-contained area. It is the predominant aggregation level where a real estate company can make the

biggest difference and most positive contribution for inhabitants."1

Every urban quarter is unique…

Approx. three quarters of Vonovia's German portfolio are located in almost 600 urban quarters, each with an average of 430 apartments.

1 Source: GdW (Association of German Housing Companies)

Properties

Location, construction year, infrastructure, investment potential, competition, urban development

Customers

Existing and potential tenants, age structure, diversity, purchasing power

Big Picture

Urbanization, climate change, ageing population, integration

… but for each one we pursue a holistic approach

Neighborhood Development Projects

While each project is different depending on specific local requirements and opportunities, neighborhood development projects usually include energy efficient modernization, construction of new apartments, apartment modernization and general upgrade of the urban quarter's environment.

Bielefeld (2017)

Sennestadt 314 apartments 4 years construction time €16m investment

Frankfurt (2017)

Knorrquartier 150 apartments 2 years construction time €15m investment

Dortmund (2017)

Westerfilde Nord + Süd 658 apartments 3 years construction time €28m investment

Essen (2016)

Eltingviertel 424 apartments 5 years construction time €27m investment

Aachen (2016)

Preuswald 397 apartments 3 years construction time €10m investment

Bochum (2019)

Weitmar 574 apartments 4 years construction time €81m investment

Duisburg (2019)

Hüttenheim 240 apartments 3 years construction time €27m investment

Note: Year refers to year of initial investment. Pie chart refers to estimated degree of project completion.

675 apartments 5 years construction time €32m investment

Hamburg (2018)

Wilhelmsburg

1,451 apartments

5 years construction time €90m investment

Berlin (2017)

Lettekiez

919 apartments

3 years construction time €36m investment

Berlin (2017)

Tegel- Ziekowstraße

1,470 apartments

6 years construction time €111m investment

Berlin (2016)

Afrikanisches Viertel

422 apartments

5 years construction time €43m investment

Kiel (2018)

Gaarden (Förde)

Wustermark (2020)

Elstal

70 apartments

4 years construction time

€8m investment

Kornwestheim (2019)

Südkorn

288 apartments

4 years construction time €34m investment

Illustrative Overview of Investment Program Funding

Rental revenue
-	Maintenance expenses
-	Operating expenses
+	Adj. EBITDA Value-add
+	Adj. EBITDA Recurring Sales
+	Adj. EBITDA Development
=	Total EBITDA
-	Interest expenses
-	Current income taxes
-	Consolidation/non-cash items
=	Group FFO

Comprehensive investment program to drive organic growth and portfolio improvements

Incremental Including funding from KfW and

-	Capitalized maintenance
-	Hybrid coupon & minorities
-	One-offs
=	Earnings available for investment program

Size of investment program is calibrated to remain within LTV target range

Funded with retained cash, proceeds from recurring sales plus (often subsidized) loans

1 Average historic cash/scrip ratio has been 56%/44% since inception in 2016. 2 Net of Adj. EBITDA Recurring Sales.

~2,500 units p.a. @30% est. gross margin

Investment Program

Acquisitions - Opportunistic and Disciplined

Acquisition pipeline ('000 units)

340

2013: Dewag+ Vitus (~41 k)1

2015: Gagfah (~145 k) 1

2015: Südewo (~19 k) 1

2016: conwert (~23 k) 1

2017: Buwog (~48 k) 1

252

240

224

Examined

Analyzed in more detail

20132014201520162017201820192020

1 Acquisitions are shown for all categories in the year the acquisition process started.

Due Diligence, partly ongoing

2018: Victoria Park (~14 k) 1

2019: Hembla (~21 k) 1

Bids

Signed

Acquisition Track Record

Larger acquisitions	Fair Value per sqm
Year	Deal	Residential units #	TOP Locations	@ Acquisition	Dec. 31, 2020	∆
2014	DEWAG	11,300	Berlin, Hamburg, Cologne, Frankfurt	€ 1,344	€ 2,733	103%
VITUS1	20,500	Bremen, Kiel	€ 807	€ 1,745	116%
2015	GAGFAH	144,600	Dresden, Berlin, Hamburg	€ 889	€ 2,015	127%
FRANCONIA	4,100	Berlin, Dresden	€ 1,044	€ 2,242	115%
SÜDEWO	19,400	Stuttgart, Karlsruhe, Mannheim, Ulm	€ 1,380	€ 2,437	77%
2016	GRAINGER	2,400	Munich, Mannheim	€ 1,501	€ 2,704	80%
2017	CONWERT (Germany & Austria)	23,400	Berlin, Leipzig, Potsdam, Vienna	€ 1,353	€ 2,203	63%
PROIMMO	1,000	Hanover	€ 1,617	€ 1,981	23%
2018	BUWOG (Germany & Austria)	48,300	Berlin, Lübeck, VIenna, Villach	€ 1,244	€ 1,669	34%
VICTORIA PARK (Sweden)	14,000	Stockholm, Malmö, Gothenburg	SEK 15,286	SEK 19,466	27%
2019	AKELIUS (Sweden)	2,300	Stockholm, Gothenburg	SEK 25,933	SEK 27,976	8%
HEMBLA (Sweden)	21,400	Stockholm	SEK 20,157	SEK 21,179	5%
2020	H&L Portfolio	1,100	Kiel	€ 2,114	€ 2,114	0%
Total	313,800

Note: Excluding smaller tactical acquisitions. 1 Net of subportfolio sold right after the acquisition.

Scalable B-to-C Business Beyond the Bricks

Leveraging the End-consumer Relation of Our Business

Value-add: lower cost & higher revenue

Evolution of Value-add segment (Adj. EBITDA, €m)

Additional revenues from walking back the value chain and offering services at market prices but on a lower cost basis due to scale and efficiencies

Savings from insourcing of services to ensure maximum process management and cost control

1 Distribution based on 2021 Budget

146.3

152.3

2013

2014

2015

2016

2017

2018

2019

2020

EBITDA contribution from different Value-add initiatives1

Craftsmen cost savings (VTS)MultimediaResidential environmentSmart meteringEnergyOther (e.g. 3rd party management, insurance)

Vonovia Innovation Lab - Value-add Business Innovation Funnel

Extensive Testing and Measured Rollout to Minimize Risk

IDEA

Ideas that have been extensively analyzed and are deemed promising; this step includes the feasibility study and a comprehensive analysis of the economics

New ideas based on relevant topics & trends that appear potentially interesting for Vonovia but that are not being actively pursued at this pointTrends & ideas that we want to pursue in the near term because they are strategically relevant - regardless of whether they have already undergone an initial analysis during the screening of ideas or have not been reviewed yetThorough investigation and evaluation within the specific Vonovia context; This only includes ideas on which we actively work because we consider them relevant after an initial analysis has yielded positive resultsIdeas that are being tested in a real life context over a longer period of time in order to verify previous assumptions and to prepare a large roll-out on a small scale first; this safeguards our low-risk approach and ensures we detect potential problems early enoughIdeas that are being rolled out after a successful pilot phase and that are established as new business activities including dedicated teams, processes, structures and profit-and-loss accounts

EPRA NTA - Distinction between Hold and Sales Portfolio

EPRA BPR (10/2019) pg. 15

EPRA's Best Practice Recommendations call for the separation of the total portfolio into a Hold portfolio and a Sales portfolio for the deferred tax treatment in the NTA calculation. We extend this logic to the item of purchaser's costs, because by definition a cost item related to a disposal will not occur in the (long-term)

Hold portfolio.

Breakdown of the total portfolio into Hold and Sales (based on fair value)

Fair valueFair valueDef. Tax

(€m)

(%)

(€m)Purchaser's costs (€m)

Hold. No intention to sell (eternal owner)  Germany (excl. condo & non-core) and Sweden

Sales. Disposal expected in the future  Recurring & Non-core Sales Germany, Austria

TOTAL

10,467 3,435

1,481 486

11,948 3,921

Overview of EPRA NAVs

Dec. 31, 2020 (€m)	EPRA NRV	EPRA NTA	EPRA NDV	EPRA NAV	Adj. NAV	EPRA NNNAV
IFRS Equity attributable to shareholders	23,143.8	23,143.8	23,143.8	23,143.8	23,143.8	23,143.8
Deferred tax in relation to FV gains of invest.prop.	11,947.8	10,466.8	-	11,947.8	11,947.8	-
FV of financial instruments	54.9	54.9	-	54.9	54.9	-
Goodwill as part of IFRS balance sheet	-	-1,494.7	-1,494.7	-	-1,494.7	-
Intangibles as per IFRS balance sheet	-	-117.0	-	-	-	-
FV of fixed interest rate debt	-	-	-1,105.8	-	-	-1,105.8
Revaluation of intangibles	4,610.0	-	-	-	-	-
Purchaser's costs	3,920.8	3,434.8	-	-	-	-
NAV	43,677.3	35,488.6	20,543.3	35,146.5	33,651.8	22,038.0
NOSH (million)	565.9	565.9	565.9	565.9	565.9	565.9
NAV (€/share)	77.18	62.71	36.30	62.11	59.47	38.94
Dec. 31, 2019 (€m)	EPRA NRV	EPRA NTA	EPRA NDV	EPRA NAV	Adj. NAV	EPRA NNNAV
IFRS Equity attributable to shareholders	19,308.3	19,308.3	19,308.3	19,308.3	19,308.3	19,308.3
Deferred tax in relation to FV gains of invest.prop.	10,288.9	8,881.2	-	10,288.9	10,288.9	-
FV of financial instruments	-4.7	-4.7	-	-4.7	-4.7	-
Goodwill as part of IFRS balance sheet	-	-1,392.9	-1,392.9	-	-1,392.9	-
Intangibles as per IFRS balance sheet	-	-111.3	-	-	-	-
FV of fixed interest rate debt	-	-	-753.5	-	-	-753.5
Revaluation of intangibles	3,903.4	-	-	-	-	-
Purchaser's costs	3,570.0	3,081.6	-	-	-	-
NAV	37,065.9	29,762.2	17,161.9	29,592.5	28,199.6	18,554.8
NOSH (million)	542.3	542.3	542.3	542.3	542.3	542.3
NAV (€/share)	68.35	54.88	31.65	54.57	52.00	34.22
FY 2020 Earnings Call & Investor Presentation

Bonds and Ratings

Corporate Investment grade rating

as of 2018-08-02

Rating agency

Rating

Outlook

Last Update

Scope

Standard & Poor's

A-BBB+

Stable Stable

17 Aug 2020 22 Jul 2020

Bond ratings

as of 2018-08-02



€ 700m(1)
€ 600m
€ 500m
€ 500m
€ 500m
€ 500m
€ 500m
€ 1,000m
€ 500m
€ 500m
€ 1,000m
€ 500m
€ 1,000m
€ 500m
€ 500m
USD 250m
(1) incl. Tap Bond €200m, Issue date 06 Feb 2020
(2) EUR-equivalent Coupon
FY 2020 Earnings Call & Investor Presentation	page 71

Name

Bond 025 (EMTN)

20 years 1.000%

DE000A287179

Bond 024B (EMTN)

Tenor & Coupon

10 years 1.000%

ISIN

DE000A28ZQQ5

Bond 024A (EMTN)

6 years 0.625%

DE000A28ZQP7

Bond 023B (EMTN)

10 years 2.250%

DE000A28VQD2

Bond 023A (EMTN)

4 years 1.625%

DE000A28VQC4

Bond 022C (EMTN)

20 years 1.625%

DE000A2R8NE1

Bond 022B (EMTN)

8 years 0.625%

DE000A2R8ND3

Bond 022A (EMTN)

3.5 years 0.125%

DE000A2R8NC5

Bond 021B (EMTN)

15 years 1.125%

DE000A2R7JE1

Bond 021A (EMTN)

10 years 0.500%

DE000A2R7JD3

Bond 020 (EMTN)

6.5 years 1.800%

DE000A2RWZZ6

Bond 019 (EMTN)

5 years 0.875%

DE000A192ZH7

Bond 018D (EMTN)

20 years 2.750%

DE000A19X8C0

Bond 018C (EMTN)

12 years 2.125%

DE000A19X8B2

Bond 018B (EMTN)

8 years 1.500%

DE000A19X8A4

Bond 018A (EMTN)

4.75 years 3M EURIBOR+0.450%

DE000A19X793

Bond 017B (EMTN)

10 years 1.500% DE000A19UR79

Bond 017A (EMTN)

6 years 0.750% DE000A19UR61

Bond 015 (EMTN)

8 years 1.125%

DE000A19NS93

Bond 014B (EMTN)

10 years 1.750%

DE000A19B8E2

Bond 014A (EMTN)

5 years 0.750%

DE000A19B8D4

Bond 013 (EMTN)

8 years 1.250%

DE000A189ZX0

Bond 011B (EMTN)

10 years 1.500%

DE000A182VT2

Bond 011A (EMTN)

6 years 0.875%

DE000A182VS4

Bond 010C (EMTN)

8 years 2.250%

DE000A18V146

Bond 009B (EMTN)

10 years 1.500%

DE000A1ZY989

Bond 008 (Hybrid)

perpetual 4%

XS1117300837

Bond 007 (EMTN)

8 years 2.125%

DE000A1ZLUN1

Bond 005 (EMTN)

8 years 3.625%

DE000A1HRVD5

Bond 004 (USD-Bond)

10 years 5.000%

US25155FAB22

Amount

Issue price	Coupon	Final Maturity Date	Rating
Scope	S&P
€	500m	99.355%	1.000%	28 Jan 2041	A-	BBB+
€	750m	99.189%	1.000%	09 Jul 2030	A-	BBB+
€	750m	99.684%	0.625%	09 Jul 2026	A-	BBB+
€	500m	98.908%	2.250%	07 Apr 2030	A-	BBB+
€	500m	99.831%	1.625%	07 Apr 2024	A-	BBB+
€	500m	98.105%	1.625%	07 Oct 2039	A-	BBB+
€	500m	98.941%	0.625%	07 Oct 2027	A-	BBB+
€	500m	99.882%	0.125%	06 Apr 2023	A-	BBB+
€	500m	99.822%	1.125%	14 Sep 2034	A-	BBB+
€	500m	98.965%	0.500%	14 Sep 2029	A-	BBB+
€	500m	99.836%	1.800%	29 Jun 2025	A-	BBB+
€	500m	99.437%	0.875%	03 Jul 2023	A-	BBB+
€	500m	97.896%	2.750%	22 Mar 2038	A-	BBB+
€	500m	98.967%	2.125%	22 Mar 2030	A-	BBB+
101.119%	1.500%	22 Mar 2026	A-	BBB+
100.000%	0.793% hedged	22 Dec 2022	A-	BBB+
99.439%	1.500%	14 Jan 2028	A-	BBB+
99.330%	0.750%	15 Jan 2024	A-	BBB+
99.386%	1.125%	08 Sep 2025	A-	BBB+
99.266%	1.750%	25 Jan 2027	A-	BBB+
99.863%	0.750%	25 Jan 2022	A-	BBB+
99.037%	1.250%	06 Dec 2024	A-	BBB+
99.165%	1.500%	10 Jun 2026	A-	BBB+
99.530%	0.875%	10 Jun 2022	A-	BBB+
99.085%	2.250%	15 Dec 2023	A-	BBB+
98.455%	1.500%	31 Mar 2025	A-	BBB+
100.000%	4.000%	perpetual	BBB	BBB-
99.412%	2.125%	09 Jul 2022	A-	BBB+
99.843%	3.625%	08 Oct 2021	A-	BBB+
98.993%	4.580%(2)	02 Oct 2023	A-	BBB+

History of Vonovia

We built the German leader with the potential and ambition to become a unique European champion

Predominantly Anglo-Saxon private equity funds bought hundreds of thousands of apartments from public and corporate owners. Push towards more professionalization but also short-term orientation.

Late 19th century until 1980s

The commercialization of Germany's housing market came in the wake of the "Neue Heimat" scandal in the 1980s (bankruptcy of more than 250k union-owned apartments).

~2000 until 2013

IPO in 2013

2013 until 2018

Proactive Portfolio management: €3bn invested in portfolio modernization. Acquisition and integration of more than 300k apartments.

Disposal of almost 90k mostly non-core apartments.

Scalability & industrialization: EBITDA Operations margin of 75% (+15 percentage points since IPO).

2018

Opportunistic expansion into selected European metropolitan areas

While Germany is expected to remain the dominant market in our portfolio also for the foreseeable future we want to build on our knowledge and track record by bringing our strategy and expertise to comparable residential markets outside of Germany.

2020

Vonovia is one of the first real estate companies to commit to a binding climate path for CO2 neutrality by 2050. This will be achieved through a combination of continued modernization investments, fuel switch, and sector coupling to replace fossil fuels with renewable energy in our portfolio - generating, storing, and using green energy locally.

Corporate Governance - AGM, Supervisory Board, Management Board

The duties and authorities of the three governing bodies derive from the SE Regulation, the German Stock Corporation Act and the Articles of Association. In addition, Vonovia is fully in compliance with the German Corporate Governance Code.

In the two-tier governance system, the management and monitoring of the business are strictly separated from each other.

Annual General Meeting (AGM)

• Shareholders can exercise their voting rights.
• Decision making includes the appropriation of profit, discharge of members of the SVB and MB, and capital authorization.

Two-tier Governance System

Supervisory Board (SVB)

• Appoints, supervises and advises MB
• Examines and adopts the annual financial statements

• Forms Supervisory Board Committees
• Fully independent
• Board profile with all required skills and experience

Jürgen Fitschen (Chairman)

Prof. Dr. Edgar Ernst

Burkhard Ulrich

DrescherVitus Eckert

Dr. Florian

FunckDr. Ute Geipel-FaberDaniel JustHildegard Müller

Prof. Dr. Klaus Rauscher

Dr. Ariane ReinhartClara-Christina

StreitChristian Ulbrich

Management Board (MB)

• Jointly accountable for independently managing the business in the best interest of the company and its stakeholders
• Informs the SVB regularly and comprehensively
• Develops the company's strategy, coordinates it with the
SVB and executes that strategy

CEO

CFO

Rolf Buch

Helene von Roeder

CRO

CDO

Arnd Fittkau

Daniel Riedl

Germany's Tried and Tested Social Security System Ensures That No One Has to Lose A Roof Over Their Head In Case of Financial Distress

4 layers of protection for tenants

"The Federal Republic of Germany is a democratic and social federal state."

Article 20(1) of the German Basic Law.

German's social market economy is based on the principle of solidarity that underpins Germany's social security systems. Anyone who cannot participate in the labor market or society because of misfortune, illness, disability, or old age is looked after by the community.

Paid out of the national unemployment fund to which employees and employers contribute equally every month

1. Kurzarbeitergeld: Short-term labor allowance of 60% to 67% of net salary to keep employees in employment and avoid layoffs despite lack of work.
Housing benefits:
2. ALG I: Unemployment benefit based on 60% to 67% of net salary.
3. ALG II: Basic benefits to cover cost-of-living expense including "appropriate levels of expenditure for housing."
4. Sozialhilfe: last safety net to protect people from poverty and exclusion, covering necessary living expenses including food, accommodation and clothing.

Tax-funded

Subsidy towards housing costs for people with low incomes to enable people to live in adequate, family-friendly conditions. Anyone who can demonstrate that he or she is in need is legally entitled.

Additional layers of protection during COVID-19 pandemic

 No financial background check for assistance granted between March 1, 2020 and March 31, 2021.
 Simplified application process: informal applications can be made by phone, e-mail, online or personal visit to the local government office.
 Increased benefits: Kurzarbeitergeld increased from 60%-67% to up to 80%-87%.

Source: Social Security at a Glance 2019. Federal Ministry of Labour and Social Affairs.https://www.bmas.de/EN/Services/Publications/a998-social-security-at-a-glance.html

Residential Market Fundamentals (Germany)

Household Sizes and Ownership Structure

Growing number of smaller households

While the overall population in Germany is expected to

slightly decline, the number of households is forecast to

grow until at least 2035 with a clear trend towards

smaller households.

The household growth is driven by various demographic

and social trends including divorce rates, employment

mobility etc.

Distribution of household sizes (million)

43.2

Fragmented ownership structure

Germany is the largest housing market in Europe with ~42m housing units, of which ~23m are rental units. Ownership structure is highly fragmented and majority of owners are non-professional landlords.

Listed sector represents ~4% of total rental market.

Ownership structure (million units)

2008

5 or more persons

4 persons

3 persons

2 persons

1 person

Amateur landlordsProfessional, not listedGovernment ownedCooperativesListed property companiesChurches and other

15.0

2018

2035E

Sources: German Federal Statistics Office, GdW (German Association of Professional Homeowners). 2035E household numbers are based on trend scenario of the German Federal Statistics Office.

The Most Efficient Solution to the Consequences of Germany's Housing Shortage in Urban Areas is New Construction - Vonovia Leads by Example

Largest homebuilders in Germany1

Project Imm. W.

Vonovia/Buwog

Bonava

ConsusInstoneABG FrankfurtBPD

Majority of newly built apartments is to hold, substantially de-risking the business compared to "typical" developers who build to sell. Three forms of new constructions:

On top of existing buildings by adding an additional floor ("roof extension")

On open spaces in between buildings in our neighborhoods ("densification")

On land that we acquire and develop ("project development")

Depending on the specific circumstances of the construction project we use conventional and modular construction methods.

PandionGEWOFAGOtto Wulff

0 200 400 600

'000 sqm living area

1 Top 7 cities, includes projects completed between 2017 and 2024 (expected), Data source: bulwiengesa, company data.

Sweden's Social Security and Welfare System Ensures That Citizens in Need Can Rely on Comprehensive Public Support

"The personal, economic and cultural welfare of the individual shall be fundamental aims of public activity. In particular, the public institutions shall secure the right to employment, housing and education, and shall promote social care and social security, as well as favorable conditions for good health."

Chapter 1, Article 2(2), The Instrument of Government, The Constitution of Sweden

Similar to Germany, Sweden's social market economy is based on the principle of solidarity and citizens can rely on a comprehensive social security and welfare system. People who cannot participate in the labor market or society because of misfortune, illness, disability, or old age is looked after by the community.

Protection and support for tenants

1. Arbetslöshetsersättning: Unemployment benefits of up to 80% of previous salary. Based on previous income (at most SEK 20,000 p.m. before tax), or basic benefit of about SEK 8,000 p.m. if previously a full-time employee. The benefit is limited in time.
2. Försörjningsstöd: Benefits for anyone who otherwise can't get a reasonable standard of living (includes housing, food, clothing and telephone). Given on a need-basis and handled by municipality's social service.
3. Sickness benefits for employees and job seekers
4. Disability allowance/Merkostnadsersättning:
Benefits for extra costs incurred by disability.

Source: Försäkringskassanhttps://www.forsakringskassan.se/

Housing benefits "Bostadsbidrag" and "Bostadstillägg":

Housing allowances aimed to people in certain groups that can't afford housing.

- Housing allowance for families with children
- Housing allowance for young people without children (below 29 years)
- Housing supplement for the elderly

Receiving other types of support can include an opportunity to apply for additional benefits to cover housing costs.

Long-term Structural Support from Fundamental Residential Market Trends (Sweden)

Robust rent growth in regulated environments1

The market fundamentals in Sweden are very comparable to Germany.

Rent growth in regulated markets follows a sustainable upward trajectory and is largely independent from GDP developments; rents in unregulated markets go up and down broadly in line with the GDP development

High degree of similarities in terms of urbanization, rental regulation, supply/demand imbalance and gap between in-place values and replacement values.

Large gap between in-place values and replacement costs2

Victoria Park3 - fair value/sqm (SEK; total lettable area) vs. construction costs

Structural supply/demand imbalance Residential completions fall short of estimated required volumes

building land

Factor 2.5x - 3.0x

19,434 20,963

2013

2014

2015

2016

2017

2018

2019

2020

Market costs for new constructions

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

1 Sources: REIS, BofA Merrill Lynch Global Research, OECD, Statistics Sweden. Note: Due to lack of q-o-q rent growth data for the US and Sweden, the annual rent growth for a year is assumed to also be the q-o-q rent growth of that year. US rent growth 2020 is full-year estimate. 2 Note: The land value refers to the share of total fair value allocated to land. Allocation between building and land in Sweden assumed to be similar to Germany. Sources: Swedish National Board of Housing, Building and Planning, Statistics Sweden. 3 2019 includes portfolio acquired from Akelius.

Liquid Large-cap Stock

Share price (rebased to 100)

Vonovia market cap (€bn)

Jul-13

Sep-13

Nov-13

Jan-14

Vonovia

Mar-14

May-14

Jul-14

Sep-14

Nov-14

Jan-15

Mar-15

May-15

Jul-15

Sep-15

Nov-15

Jan-16

DAXEPRA Europe

Mar-16

May-16

Jul-16

Sep-16

Nov-16

Jan-17

Mar-17

May-17

EuroStoxx 50

Jul-17

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Total market cap Vonovia (€bn; weighted avg.)

Source: Factset, company data; VNA and DAX performance are total shareholder return (share price plus dividends reinvested); EuroStoxx50 and EPRA Europe are share price performance only.

Sep-20

Nov-20

Jan-21

Index inclusion

Vonovia Shares - Basic Data and NOSH Evolution

Blackrock 7.3%

First day of trading	July 11, 2013
No. of shares outstanding	565.9 million
Free float	93.7%
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	EURO STOXX 50, DAX, GPR 250 World, FTSE EPRA/NAREIT Europe, DAX 50 ESG, STOXX Global ESG Leaders EURO STOXX ESG Leaders 50, STOXX Europe ESG Leaders 50, Dow Jones Sustainability Index Europe

Evolution of number of shares (million) and use of proceeds from capital increases

2013 (IPO)

2014

2015

2016

2017

1 Premium/discount of issue price vs. last reported Adj. NAV; weighted average across all capital raises for that year.

2018

2019

2020

Current NOSH

IR Contact & Financial Calendar

Contact

Rene Hoffmann (Head of IR)

Primary contact for Sell side, Buy side +49 234 314 1629rene.hoffmann@vonovia.de

Stefan Heinz

Primary contact for Sell side, Buy side +49 234 314 2384stefan.heinz@vonovia.de

Oliver Larmann

Primary contact for private investors, AGM +49 234 314 1609oliver.larmann@vonovia.de

General inquiriesinvestorrelations@vonovia.de

https://investors.vonovia.de

Financial Calendar

Mar 4

Full-year results 2020

Mar 5

Mar 8-9

Kempen NYC European Property Seminar (Virtual) Citi Global Property CEO Conference Miami (Virtual)

Mar 11, 15

Mar 19, 23

Mar 22

Vonovia Full-year Roadshow (self organized, no broker, virtual) 1 Vonovia Full-year Roadshow (self organized, no broker, virtual) Vonovia Full-year Roadshow with Kempen (virtual)

Mar 24

J.P. Morgan Global ESG Conference (Virtual)

Mar 26

Commerzbank German Real Estate Forum London (Virtual) 1 BofA EMEA Real Estate CEO Virtual Conference 2021 (Virtual)

Apr 16

Vonovia Annual General Meeting (virtual)

May 4

Interim results 3M 2021

May 5-7

Vonovia 3M Roadshow (Virtual)

May 18-20

May 26

Berenberg US Conference Tarrytown (Virtual) 1 UBS Best of Europe 1on1 (Virtual) 1

May 27

Jun 2

Jun 8

Kempen & Co. Amsterdam European Property Seminar EPRA Corporate Access Day June 2021

Jun 9

Jun 17

Exane BNP Paribas 23rd European CEO Conference (Virtual) Goldman Sachs 24th European Financials Conference, Berlin dbAccess Berlin Conference, Berlin

Jun 17

Morgan Stanley - Europe & EEMEA Property Conference, London

Aug 6

Interim results 6M 2021

Sep 20

Sep 21

Sep 23

Goldman Sachs 10th German Corporate Conference, Berlin BofAML Global Real Estate Conference, New York City 10th Baader Investment Conference, Munich

Sep 29

Capital Markets Day (Bochum)

Oct 6-7

Societe Generale The European ESG/ SRI Conference, Paris 1

Nov 4

Interim results 9M 2021

Nov 8-12

Vonovia 9M-Roadshow

Dec 2 or 3

Societe Generale Flagship Conference, Paris

1 IR only

Dates are subject to change. The most up-to-date financial calendar is always available online.

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 and 2014 are TERP-adjusted.

FY 2020 Results

Investor Presentation

Additional Information

IPO to Today - Strategy Execution Impeccable KPI Track Record Agenda

Agenda FY2020 Results Highlights FY2020 Segment Overview Adj. EBITDA Rental Operating KPIs

Adj. EBITDA Value-add

Adj. EBITDA Recurring Sales Adj. EBITDA Development Development Pipeline Investment Program Valuation

We Expect Yield Compresstion to Continue EPRA NAV & Adj. NAV

Vonovia's Application of EPRA BPR

Agenda

Agenda Investor Presentation Vonovia at a Glance Compelling Investment Case

Earnings & Value Growth across 4 Segments Granular B-to-C End Consumer Business Robust Operating Business

Cost per Unit - Peer Comparison Megatrends

Capital Allocation Market Outperformance M&A Philosophy & Criteria M&A Track Record

Our Business Is Deeply Rooted in ESG ESG Ratings and Indices

UN Sustainability Development Goals (SDG) Climate Path

Agenda

Agenda - Additional Information Megatrends

Megatrends & COVID-19 European Activities Urban Growth Markets FY2020 Valuation by Region

Aggregate Total Value Growth 2017-2020 Portfolio Cluster

Regional Markets Construction Year Cluster Neighborhoods / Urban Quarters Neighborhood Development Investment Program Funding Historic Acquisition Pipeline Acquisition Track Record Value-add

19 EPRA NTA and EPRA NRV
- 46 Balanced Stakeholder Approach
20 LTV
- 47 Highly Robust Governance
21 Capital Structure
- 48 Residential Market Trends
22 Update on Regulation (I)
- 49 Rent Growth
23 Update on Regulation (II)
- 50 Summary of Investment Case
24 Update on Regulation (III)
25 Sustainability Update
26 Sustainability Performance Index (SPI)
27 2021 Guidance
28 Wrap-up

Value-add Innovation Funnel EPRA NTA - Hold vs. Sales Portfolio Overview of EPRA NAV KPIs Overview of Bonds

History of Vonovia

Corporate Govermance - AGM, SVB, MB Social Security System Germany Household Sizes and Ownersip Structure Largest German Homebuilders Residential Market Trends Sweden Social Security System Sweden

Share Price Performance

Vonovia Share - Basic Data & Share Count IR Contact & Financial Calendar Disclaimer

For Your Notes For Your Notes Page Finder

Attachments

Original document
Permalink

Disclaimer

Vonovia SE published this content on 04 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 March 2021 08:38:11 UTC.

Market Closed - Xetra Other stock markets 11:35:05 2024-04-26 am EDT			5-day change	1st Jan Change
25.87 ^EUR	+2.50%		+3.69%	-9.36%

Apr. 26	VONOVIA : Warburg Research keeps its Buy rating	ZD
Apr. 25	VONOVIA : Gets a Buy rating from Goldman Sachs	ZD

VONOVIA : Warburg Research keeps its Buy rating	Apr. 26	ZD
VONOVIA : Gets a Buy rating from Goldman Sachs	Apr. 25	ZD
VONOVIA : UBS reiterates its Buy rating	Apr. 24	ZD
Dpa-AFX Overview: COMPANIES from 24.04.2024 - 15:15	Apr. 24	DP
VONOVIA : JP Morgan keeps its Buy rating	Apr. 24	ZD
State of Berlin buys around 4500 apartments from Vonovia	Apr. 24	DP
VONOVIA : Goldman Sachs reiterates its Buy rating	Apr. 22	ZD
Falling building permits: Left Party proposes 20 billion fund	Apr. 19	DP
Vonovia's Climate Targets Secure Validation from SBTi	Apr. 18	MT
Housing market in Berlin remains tight - asking rents on the rise	Apr. 17	DP
Alliance calls for fairer cost allocation for housing refurbishments	Apr. 17	DP
Construction industry: Crisis in residential construction will hit the entire economy hard	Apr. 11	DP
Property owners' association wants to take legal action against extended rent freeze	Apr. 11	DP
Tenants' association demands further traffic light resolutions on tenant protection	Apr. 10	DP
FDP and SPD reach agreement: rent freeze to be extended	Apr. 10	DP
SPD parliamentary group insists on further changes to protect tenants	Apr. 10	DP
FDP and SPD reach agreement on 'quick freeze' and rent control	Apr. 10	DP
Germany's Vonovia Launches EUR850 Million Social Bond	Apr. 04	MT
European Equities Close Lower Tuesday; Eurozone Manufacturing at 3-Month Low; Mining Stocks Rally, Real Estate Drops	Apr. 02	MT
Real estate shares under pressure - interest rate uncertainty weighs on stocks	Apr. 02	DP
Fitch Assigns First-time Rating to Vonovia	Mar. 28	MT
Real estate prices in the Hamburg area fall	Mar. 27	DP
VONOVIA : Goldman Sachs reiterates its Buy rating	Mar. 25	ZD
VONOVIA : Barclays keeps a Sell rating	Mar. 25	ZD
Real estate prices fall at record pace in 2023	Mar. 22	DP

	1st Jan change	Capi.
VONOVIA SE	-9.36%	22.03B
AKELIUS RESIDENTIAL PROPERTY AB	+9.02%	10.75B
CHINA VANKE CO., LTD.	-34.32%	9.83B
DEUTSCHE WOHNEN SE	-28.99%	7.09B
VINHOMES	-5.56%	6.99B
VINGROUP	-0.34%	6.16B
LEG IMMOBILIEN SE	-3.03%	5.94B
IIDA GROUP HOLDINGS CO., LTD.	-5.92%	3.57B
OPEN HOUSE GROUP CO., LTD.	+12.96%	3.55B
TRICON RESIDENTIAL INC.	+27.36%	3.31B

Vonovia SE

Equities

VNA

DE000A1ML7J1

Real Estate Development & Operations

Vonovia : Analystenpräsentation zum Geschäftsbericht 2020

Latest news about Vonovia SE

Chart Vonovia SE

Company Profile

Income Statement Evolution

Analysis / Opinion

Ratings for Vonovia SE

Analysts' Consensus

EPS Revisions

Quarterly earnings - Rate of surprise

Sector Residential Real Estate Development