Vonovia specifies Guidance for 2026 and adjusts Guidance for Organic Rent Growth and Operating Free Cash Flow for 2026; Publication of initial 2027 Guidance and revision of 2028 Objectives

Bochum, 28 October 2026 Based on the preliminary financial figures for the first nine months of 2026, which are still subject to review, and the expected development in Q4 2026, the Management Board now expects Organic Rent Growth of approximately 3.8% (previously ~4%) and Operating Free Cash Flow (before changes in net working capital) moderately below the 2025 level (previously at the previous-year level). The FY2026 guidance is otherwise specified, with Adj. EBITDA Total now expected in the bottom half and Adj. EBT around the low end of the respective range. By contrast, the Management Board expects Rental income and Adj. Shareholder Earnings to be in the upper half of the guidance range. The reasons for the slightly weaker organic rent growth in financial year 2026 are lower investment volumes (particularly Development-to-Hold) as well as slightly softer-than-anticipated rent increases from local rent indices in Germany. In addition, the sales-related segments Recurring Sales and Development are performing significantly below the original expectations due to increasingly higher financing costs for prospective buyers. Otherwise, business development in the Rental and Value-add segments - and therefore the company’s core business - continues to be positive in the current financial year. For the core operating business, the Management Board also expects positive development in the coming financial year 2027, while the Development segment and, to a lesser extent, the Recurring Sales segment will remain burdened by substantially higher interest rates and the resulting weaker transaction market. The higher interest-rate level also has a negative impact on the company’s financial result. In addition, the creation of cost-efficient new housing for the company’s own portfolio (to hold) is delayed due to higher capital costs in the Development segment. As a result, organic rent growth in 2028 is expected to accelerate compared with the previous years 2026 and 2027 but is nevertheless unlikely to reach the previous objective of approximately 5% in 2028. At its meeting today, the Management Board adjusted the guidance for 2026, adopted initial guidance for 2027 and updated its objectives for 2028:

	Guidance 2026		Initial Guidance 2027		Objectives 2028
	Previous	New	2027	Consensus 2027	Previous	New
Organic rent growth	~4%	~3.8%	~4%	4.8%	~5%	~4.5%
Rental income	€3.45bn -€3.55bn	Upper half of range	€3.55bn - €3.65bn	€3.622bn	€3.7bn - €3.8bn	At the level of 2027 (upside potential subject to timing of disposals)
Adj. EBITDA Total	€2.95bn - €3.05bn	Bottom half of range	Slightly above 2026 (upside chance subject to timing of disposals)	€3.098bn	€3.2bn - €3.5bn	At lower end of range (upside potential subject to timing of disposals)
Adj. EBT	€1.9bn - €2.0bn	Around low end of range	Broadly in line with 2026	€2.007bn	Mid-single-digit CAGR 2024-2028	Broadly in line with 2027
Adj. Shareholder Earnings	€1.4bn - €1.5bn	Upper half of range	Broadly in line with 2026	€1.512bn	Growing	Broadly in line with 2027
OFCF	At previous year’s level (before changes in net working capital)	Moderately below previous year’s level (before changes in net working capital)	Slightly above 2026 (incl. changes in net working capital)	€1.673bn	n/a	n/a
Investments	~€1.4bn	~€1.3bn	~€1.5bn	n/a	~€2bn	~€1.7bn

The full interim statement for Q3 2026 is scheduled to be published on 4 November 2026. Explanations and reconciliations of the financial metrics used can be found in Vonovia SE’s 2025 Annual Report (available at https://www.vonovia.com/en/investors). Contact:

Vonovia SE
Rene Hoffmann
Head of Investor Relations
Telephone: +49(0)234 314 - 1629
Rene.Hoffmann@vonovia.de

Vonovia SE
Nina Henckel
Head of Corporate Media Relations
Telephone +49(0)234 314 – 1909
Nina.Henckel@vonovia.de