Vonovia Guides to Low End of 2026 Range as CFO Grosse Declines Second Term

Vonovia has told investors to expect adjusted EBITDA for 2026 in the lower half of its €2.95bn–€3.05bn guidance corridor, a signal that the German landlord sees little room for upside in the current year. The projection accompanied nine-month results published on Wednesday, which also carried word that finance chief Philip Grosse will not seek to extend his contract when it expires at the end of 2027.

Grosse has informed the supervisory board of his decision and will stay in the role until his term ends, helping to prepare a handover. The announcement concerns the period after his regular contract lapses and does not amount to an early departure. Reuters reported on the move and the succession work it entails.

Earnings metrics pull in opposite directions

The nine-month figures for 2026 show adjusted EBITDA up 3.3% at €2.19bn, while adjusted EBT fell 3.5% to €1.41bn. The divergence leaves operating profit improving even as the adjusted pre-tax measure loses ground.

Should investors sell immediately? Or is it worth buying Vonovia?

Looking further out, Vonovia expects modest growth in adjusted EBITDA Total for 2027, with organic rent growth of around 4%. For 2028, the company has guided adjusted EBITDA to the bottom of a €3.2bn–€3.5bn range and put organic rent growth at roughly 4.5%.

Disposals stay on plan

Property sales in the first nine months of 2026 reached about €900m. Non-core disposals accounted for some €410m of that total, with minority stakes contributing a further €240m. Vonovia reiterated its ambition to shed assets worth €5bn by the end of 2028.

Analysts marked their targets lower in the wake of the update. Goldman Sachs cut its price target on Friday to €17.70 from €18.20 while keeping a "Neutral" rating, according to media reports. JPMorgan had trimmed its own target a day earlier, taking it to €24.50 from €26.00, with the "Overweight" rating left intact. In both cases the lower targets came without any change to the investment verdict.

Shares slipped 1.1% on Friday, following the release of the results and the news on the finance portfolio's future leadership.

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