Key Points – Core operations strengthened: Rental adjusted EBITDA increased 3.5% to about €1.27 billion, while value-add EBITDA surged 28% to more than €128 million.
Vacancy remained low at 2.3%, although Vonovia trimmed its 2026 organic rent-growth forecast to around 4% from the slower Berlin rent-index rollout. – Sales and development remained pressured: Recurring sales volumes declined, and development EBITDA fell year over year due partly to the absence of a large prior-year land-sale gain
Management expects activity to be back-end loaded and cited challenging market conditions for development and recurring sales. – Guidance and deleveraging targets were maintained: Vonovia reaffirmed its 2026 outlook and 2028 targets after refinancing about €4.4 billion and completing €700 million of disposals in the first half. However, management warned that ongoing pressure on sales-related businesses could make the upper ends of its adjusted EBITDA and adjusted EBT ranges difficult to reach. Vonovia (ETR:VNA) reported higher first-half operating earnings in its core rental and value-add businesses, while sales-related segments remained pressured by market conditions.
Management reaffirmed its 2026 guidance and 2028 targets, while cautioning that reaching the upper half of its adjusted EBITDA and adjusted EBT guidance could be challenging if the current environment continues to weigh on development and recurring sales activity. CEO Luka Mucic said the first half of 2026 was marked by “strong operational performance in our core business,” progress on asset disposals and proactive financial management. The company refinanced about €4.4 billion year-to-date, substantially reduced 2027 refinancing requirements to roughly €3 billion, and recorded €700 million of disposals during the first half.