2
 Vonovia SE Half-Year Report 2022
Overview 
	> Stable business development with continued high 
customer satisfaction ratings.
	> Ongoing monitoring of the macroeconomic situation.
	> Internal financing of planned investments with no 
further refinancing needs in 2022.
Interim Group 
Management 
­Report – Business 
Development in 
the First Half-Year 
of 2022
	
Overview
	
­Vonovia SE on the Capital Market
	
Economic Development in the 
First Half-Year of 2022
	
Opportunities and Risks
	
Business Outlook
	
2	
	
4	
­
	
7	
 
	 24	
	 25

3
 
Interim Group Management Report – Business Development in the First Half-Year of 2022 — Overview 
New construction
Modernization
Maintenance
Deutsche Wohnen
in € million
291.0
297.5
349.8
333.6
227.2
209.3
260.3
H1 2021
H1 2022
400
350
300
250
200
150
50
100
0
0
1
2
3
4
in %
3.4
3.4
H1 2021
+0.0 pp
H1 2022
Jun. 30, 2021
Jun. 30, 2022
0
1
2
3
4
in %
2.7
2.2
-0.5 pp
48,748.8
* Based on new 2022 deﬁnition excluding real estate transfer tax.
Dec. 31, 2021
EPRA NTA per share
Jun. 30, 2022
+2.1%
62.77
0
10,000
20,000
30,000
40,000
50,000
in € million
49,770.4
-0.4%
62.54
62.77
Dec. 31, 2021
Jun. 30, 2022
0
20,000
40,000
60,000
80,000
100,000
in € million
97,845.3
98,811.2
+1.0 %
Group FFO per share (€) 2021 TERP adjusted
in € million
H1 2021
H1 2022
+5.5%
+36.3%
1,200
1,000
800
600
400
200
0
779.8
1,062.9
1.27
1.34
* Based on the new 2022 deﬁnition without elimination of IFRS 16 eﬀect.
Net Assets
Fair Value of the Real Estate Portfolio
EPRA NTA*
Fair Value
Organic Rent Growth
Vacancy
Organic Rent Growth
Vacancy Rate
Sustained Earnings
Investments
Group FFO*
Maintenance and Modernization

4
 Vonovia SE Half-Year Report 2022
Vonovia SE on the 
Capital Market
Shares in Vonovia
The war in Ukraine was the main focus on the capital 
markets in the first half of the year. The impact on supply 
chains, consumer prices and, in particular, central bank 
monetary policy dominated developments on the stock 
markets. In this environment, it came as little surprise to see 
negative performance in almost all sectors: DAX -20%; 
EuroStoxx 50 -20%; EPRA Europe -30%.
In this exceptionally difficult overall market, shares in 
Vonovia reported above-average losses, trading at € 29.40 at 
the end of the second quarter. This was due, in particular, to 
the close negative correlation with government bond yields. 
Similarly, higher interest rates and the resulting capital 
market fears of a knock-on effect on earnings and property 
values likely played a decisive role in the drop in perfor­
mance. 
We are observing an ever-wider gap between capital market 
expectations on the one hand, and ongoing stable develop­
ment on the market for direct real estate investments on the 
other. While the capital market appears to be pricing in a 
marked correction, the residential property markets in which 
we operate remain extremely robust. 
As a result, we remain confident that the fundamental 
conditions in our markets will ensure positive development 
in the long run. These include, in particular, the favorable 
relationship, from an owner’s point of view, between supply 
and demand in urban regions as well as the structural 
momentum on the revenue side. 
The company’s market capitalization amounted to around 
€ 23.4 billion as of June 30, 2022.
Shareholder Structure
The chart displayed below shows the voting rights pursuant 
to Sections 33 and 34 of the German Securities Trading Act 
(WpHG) as notified by the shareholders in relation to the 
current share capital. It is important to note that the number 
of voting rights reported could have changed within the 
respective thresholds without triggering an obligation to 
notify the company.
Based on the German stock exchange’s definition of free 
float, only the interest held by Norges Bank (Ministry of 
Finance on behalf of Norway) does not count toward the free 
float. This means that 88.9% of Vonovia’s shares were in free 
float on June 30, 2022. The underlying  voting rights notifica­
tions and corresponding financial instruments reported by 
shareholders or other instruments pursuant to Sections 38, 
39 WpHG can be found online.

5
Vonovia SE on the  Capital Market
Interim Group Management Report – Business Development in the First Half-Year of 2022 —
 
7.9% BlackRock
11.1% Norges Bank
77.0% Other Free Float
4.0% APG
Vonovia SE
  
 
DAX
FTSE EPRA Europe
EURO STOXX 50
Source: FactSet
in %
Jan. 2022
Feb. 2022
Mar. 2022
May 2022
June 2022
Apr. 2022
110
90
60
50
70
80
100
In line with Vonovia’s long-term strategic focus, we believe 
that the majority of its investors also have a long-term focus. 
The company’s investors include pension funds, sovereign 
wealth funds and international asset managers in particular. 
There are also a large number of individual shareholders, 
although they only represent a small proportion of the total 
capital.
Investor Relations Activities
­Vonovia SE is committed to transparent, ongoing dialogue 
with its shareholders and potential investors. We have 
continued with our road shows and meetings in 2022, both 
as virtual and face-to-face events. In the first six months of 
2022, Vonovia participated in a total of 16 investors’ confer­
ence days and organized 14 roadshow days.
In addition, numerous one-on-one meetings, video confer­
ences and conference calls were held with investors and 
analysts to keep them informed of current developments 
and special issues. The following topics in particular domi­
nated the meetings held in the first half of 2022: inflation, 
energy prices, interest rates, the capital structure and 
sustainability.
We will continue to communicate openly with the capital 
market. Various road shows, conferences and participation 
in investor forums have already been planned. Information 
can be found in the Financial Calendar on our  Investor 
Relations website.
Share Price Development
Major Shareholders (as of June 30, 2022)

6
 Vonovia SE Half-Year Report 2022
Annual General Meeting
The Annual General Meeting of ­Vonovia SE was held as a 
virtual event on April 29, 2022. The shareholders approved 
all of the resolution proposals put forward by the Superviso­
ry Board and the Management Board as required. They also 
formally approved the actions of the Supervisory Board 
(98.03% of the votes) and the Management Board (99.87% 
of the votes) for the 2021 fiscal year with a large majority.
The Annual General Meeting approved the dividend propos­
al of € 1.66 made by the Supervisory Board and the Manage­
ment Board, which corresponds to a dividend yield of 3.4% 
based on the closing price for 2021 of € 48.50. In a year-on-
year comparison, this corresponds to an increase of € 0.08 
– taking into account the increased number of shares due to 
the capital increase. Shareholders were free to choose 
between a cash dividend and a scrip dividend. 47.85% opted 
for a dividend in the form of shares.
A total of 72.48% of the company’s share capital was repre­
sented.
Analyst Assessments
As of June 30, 2022, 24 international analysts were publish­
ing research studies on Vonovia. The average target share 
price was € 53.30, Of these analysts, 83% issued a “buy” 
recommendation, with 13 % issuing a “hold” recommenda­
tion and 4% a “sell” recommendation.
Share Information (as of June 30, 2022)
First day of trading
July 11, 2013
Subscription price
€ 16.50 | € 14.71*
Total number of shares 795,849,997
Share capital
€  795,849,997
ISIN
DE000A1ML7J1
WKN
A1ML7J
Ticker symbol
VNA
Common code
94567408
Share class
Registered shares with no par value 
Stock exchange
Frankfurt Stock Exchange 
Market segment
Regulated market
Indices
DAX 40, EURO STOXX 50, DAX 50 ESG, Dow 
Jones Sustainability Index Europe, STOXX Global 
ESG Leaders, EURO STOXX ESG Leaders 50, 
STOXX Europe ESG Leaders 50, FTSE EPRA/
NAREIT Developed Europe and GPR 250 World
*	
TERP-adjusted.

7
Interim Group Management Report –
Business Development in the First Half-Year of 2022 —­Vonovia SE on the Capital Market | Economic Development in the First Half-Year of 2022
Economic Development in the 
First Half-Year of 2022
Key Events During the Reporting Period
Rising interest and inflation rates, partly due to the war in 
Ukraine, coupled with uncertainty in the commodity markets 
and supply chains that remain disrupted, create a highly 
complex environment for corporate management. The 
ongoing monitoring of the factors currently prevailing 
requires a regular reassessment of the raising of capital, 
capital allocation, the portfolio structure and the operating 
cost situation in the value chain processes. In addition, 
uncertainty remains as to how the coronavirus pandemic 
will develop going forward. These analyses therefore allow 
measures to be developed for short, medium and long-term 
action, with the merger with Deutsche Wohnen presenting 
the opportunity to analyze the portfolio in its entirety with 
regard to value and yield development.
We remain convinced that the challenges associated with 
megatrends affecting the housing industry can best be 
solved by thinking and acting in terms of neighborhoods. As 
a result, the lion’s share of the portfolio in Germany consists 
of neighborhoods that we have grouped together as urban 
quarters. The remaining existing buildings largely comprise 
smaller clusters of buildings and solitary properties that we 
have grouped together as urban clusters. Even though, unlike 
urban quarters, urban clusters do not relate to entire neigh­
borhoods, they are also managed using the same long-term 
asset and property management strategies based on our 
operating platform.
In addition, the latest portfolio analysis led to the creation of 
a further sales portfolio for less profitable strategic holdings 
alongside the sales portfolio for non-strategic holdings 
(Non-core Disposals) and Recurring Sales within the strate­
gic cluster. In the future, the corresponding income will be 
reported as part of the Recurring Sales segment and will be 
used primarily for internal financing.
In February 2022, control of 20.5% of the shares in the Adler 
Group, which were previously held by Aggregate Holdings 
Invest S.A., had passed to Vonovia as part of a debt recovery 
action. The shares originally served to secure one of 
­Vonovia’s loan exposures. The exercise of the voting rights 
attached to the shares by Vonovia was approved by the 
Federal Cartel Office. Vonovia also retains all options for 
action, including the sale of some or all of the shares. In the 
current market environment, however, the company has 
ruled out any further purchases, let alone a full takeover.
Due to the lower price of the Adler Group’s shares, an 
impairment loss on the investment amounting to € 160.6 
million was recognized on the fair value of the shares in 
accordance with IFRS, irrespective of the hidden reserves in 
the investment with regard to the pro rata equity.
As a result of the higher interest rates, there was a further 
increase in the cost of capital, meaning that goodwill and the 
trademark rights in the nursing and assisted living sector 
were written down by € 121.0 million, with the investment in 
QBI accounted for using the equity method being written 
down by € 120.8 million. On the other hand, the increase in 
the discount rate for the measurement of pension provisions 
translated into actuarial gains.
The operating business was stable as expected, with moder­
ate effects resulting from the war in Ukraine and the corona­
virus pandemic in some areas. These effects related primari­
ly to the procurement of raw materials and to energy costs.
The Customer Satisfaction Index (CSI) was stable in both a 
quarter-on-quarter and year-on-year comparison in the 
second quarter of 2022. This means that customers confirm 
Vonovia’s consistently good quality of service.
In the second quarter of 2022, two bonds worth € 500 million 
each were repaid early before their maturity date of July 9, 
2022. Commercial papers in the amount of a further € 500 
million were repaid as planned.
In September 2021, Vonovia and Deutsche Wohnen sold 
residential and commercial units to public housing compa­
nies in Berlin based on an agreement reached with the Berlin 
State Government. The transaction with a volume of 
€ 2,339.0 million was completed in 2022.

8
 Vonovia SE Half-Year Report 2022
In June 2022, Vonovia signed the agreement of the Alliance 
for New Housing Construction and Affordable Housing in 
Berlin (Bündnis für Wohnungsneubau und bezahlbares 
Wohnen in Berlin). As part of the alliance, Vonovia supports 
the stated objectives and implementation steps to find a 
constructive solution to the tense situation on the Berlin 
housing market together with all of the players involved and, 
in doing so, to create a basis for reliable construction, 
renovation and rental.
The work on integrating Deutsche Wohnen was continued 
as scheduled in the second quarter of the year. The focus 
was on ensuring that the measures were consistent with the 
company law requirements and on planning the details of 
the actual integration work.
The Annual General Meeting held on April 29, 2022, resolved 
to pay a dividend for the 2021 fiscal year in the amount of 
€ 1.66 per share. In a year-on-year comparison, this corre­
sponds to an increase of € 0.08 – taking into account the 
increased number of shares due to the capital increase 
following the takeover of Deutsche Wohnen. As in previous 
years, shareholders were offered the option of choosing 
between being paid the dividend in cash or being granted 
new shares. During the subscription period, shareholders 
holding a total of 47.85% of the shares carrying dividend 
rights opted for the scrip dividend as opposed to the cash 
dividend. As a result, 19,252,608 new shares were issued 
using the company’s authorized capital for a total of 
€ 616,815,055.10. The total amount of the dividend distribut­
ed in cash therefore came to € 672,336,610.64.
Development of the Economic Environment
Two years after the beginning of the pandemic, Russia’s war 
against Ukraine is creating new challenges for the EU 
economy. The economic outlook for the European economy 
before the outbreak of the war foresaw a long and robust 
expansion phase. However, the European Commission now 
expects lower growth and higher inflation, particularly in 
2022. In addition, the outlook could be further hampered by 
an escalation of the war, a sudden halt of the supply of 
energy, or a further slowdown of economic activity in the 
USA or China. According to the Federal Statistical Office 
(Destatis), the German economy started 2022 with slight 
GDP growth (GDP in first quarter of 2022 +0.2% compared 
with the previous quarter) despite the difficult global eco­
nomic conditions. While GDP in Sweden decreased slightly 
during the same period (-0.8% compared with the previous 
quarter), OECD data shows that the increase in Austria was 
comparatively strong at 1.5% compared with the previous 
quarter. According to the OECD Economic Outlook (prelimi­
nary version) of June 2022, GDP growth of 1.9% in Germany, 
2.2% in Sweden and 3.6% in Austria are expected in 2022. 
Despite the war in Ukraine, the labor market continued to 
develop favorably in May. However, the large-scale registra­
tion of Ukrainian refugees had a strong influence on unem­
ployment and underemployment in Germany in June. 
According to the German Federal Employment Agency 
(Bundesagentur für Arbeit), the unemployment rate based 
on the total civilian labor force in June 2022 fell by 0.5 per­
centage points year-on-year to 5.2% (not adjusted for 
seasonal work). The Ukrainian refugee migration is likely to 
have increased the unemployment rate by 0.3 percentage 
points. According to Statistics Sweden, the unemployment 
rate in Sweden in May 2022 was 8.5%, 1.3 percentage points 
lower than in the previous year. According to national 
calculations by the Austrian Public Employment Service 
(AMS), the unemployment rate in Austria in June 2022 was 
5.5% and thus 1.5 ­percentage points lower than in the pre­
vious year. Based on respective national definitions, the 
average unemployment rate expected in 2022 is 5.1% for 
Germany (IfW Kiel), 7.6% in Sweden (National Institute of 
Economic Research) and 6.3% in Austria (WIFO).

9
Interim Group Management Report –  
Business Development in the First Half-Year of 2022 —Economic Development in the First Half-Year of 2022
Measured against the national Consumer Price Index (CPI), 
inflation increased further compared to the previous year 
and likely amounted to 7.6% in Germany, 8.7% in Sweden 
and 8.7% in Austria in June 2022. This development is being 
driven by considerably higher energy prices, which have 
risen in particular since the beginning of the war in Ukraine, 
but also by recent noticeable increases in food prices. The 
average inflation rates in 2022 are expected to be somewhat 
lower. Based on respective national definitions, the expected 
consumer price index increase is 7.4% in Germany (IfW 
Kiel), 6.8% in Sweden (National Institute of Economic 
Research) and 7.8% in Austria (WIFO).
In June, the European Central Bank (ECB) announced the 
first interest rate hike in more than ten years. The key 
interest rates for the main refinancing rate will increase by 
50 basis points as of July 27, 2022. The ECB ceased to 
purchase bonds as of July 1, 2022. The high inflation rate also 
led the Swedish Riksbank to increase the policy rate, first in 
May 2022 to 0.25% and then to 0.75% at the beginning of 
July. In the second half of the year, the Riksbank will also 
purchase fewer bonds than initially decided. Further in­
creases of key interest rates or the policy rate could ensue 
over the further course of the year. For example, in Germany 
Qualitypool, which is part of the Hypoport network, reports 
that the upward trajectory of the average best interest rates 
for construction financing since the beginning of the year 
has continued to the end of the month following a short 
break in early June.
The housing markets in Germany, Sweden and Austria have 
proven to be robust during the coronavirus pandemic. Rents 
continue to increase; empirica reports that, across Germany, 
quoted rents were 5.3% higher on average over all years of 
construction in the second quarter of 2022 (new construc­
tion 5.5%) than in the same quarter of the previous year. 
Further rent increases are likely in 2022. According to “Hem 
& Hyra,” the member magazine published by the Swedish 
tenants’ association (“Hyresgästföreningen”), 81% of all 
rents for 2022 had been negotiated as of early April. The 
average rent increase until that point was 1.71%. Measured 
against the index for actual rental payments for primary 
residences as part of the consumer price index, rents in 
Austria have also seen an overall slight increase since the 
beginning of the year following a dip over the course of 2021. 
Residential property ownership continued to become more 
expensive compared to the previous year. The empirica price 
index for condominiums in Germany (all years of construc­
tion) increased by 9.2% in the second quarter of 2022 
compared to the same period of the previous year (new 
construction 10.5%). The experts at BayernLB expect a 
noticeable slowdown of the positive price momentum in 
Germany over the course of 2022. According to Svensk 
Mäklarstatistik, prices for tenant-owned apartments 
(Bostads­rätter) in Sweden increased by 2.0% in June 2022 
compared with the same month of last year. However, the 
price development most recently recorded dips. The values 
of the current residential real estate price index of the 
Austrian central bank (OeNB) on the basis of new and used 
condominiums and single-family residences show an in­
crease in Austria in the first quarter of 2022 of 12.3% com­
pared to the previous year. According to estimates by 
Raiffeisen Research from March of this year, the second half 
of the year could show less momentum than the first. Not 
least due to the widening of the gap between purchase 
prices and rents, the empirica bubble index for Germany 
showed a moderate to high risk for 342 out of 400 adminis­
trative districts and self-governing cities in the first quarter 
of 2022. In addition to those factors having a negative impact 
on demand, however, factors that are helping to stabilize 
demand and prices are also currently at play, for example, 
immigration or the dwindling supply of new-build properties. 
The deviation of the trend for residential real estate prices in 
Austria from the development of the factors included in the 
OeNB’s fundamental price indicator has accelerated further, 
suggesting that the residential real estate market is increas­
ingly overheating. Despite the recent dampers on prices, 
experts currently assess the risk of a real estate bubble in 
Sweden as being low.
The populations of Germany, Sweden and Austria grew in 
2021. There is still a shortage of apartments in many large 
cities and urban areas. Meanwhile, construction activity 
declined in Germany. According to Destatis, only 293,393 
apartments were completed in 2021 (2020: 306,376). The 
German federal government set itself the goal of building 
400,000 new apartments per year in Germany. In the wake 
of Russia’s war against Ukraine, the German real estate 
industry expects up to 1.29 million refugees and short-term 
demand for up to 500,000 additional apartments. Boverket 
estimates that approximately 63,400 apartments have to be 
built per year in Sweden by 2030. In 2021, only around 53,000 
apartments were completed. According to Bank Austria, 
residential construction activity in Austria has largely 
addressed the marked increase in the demand for homes in 
recent years. However, gaps are likely to be found primarily 
in the sector comprising low-cost rental apartments in 
metropolitan areas. In light of the aftermath of the COVID-19 
pandemic and the impact of the war in Ukraine, the

10
 Vonovia SE Half-Year Report 2022
­construction industries now face higher prices, disrupted 
supply chains and actual or looming material shortages. In 
addition, Germany and Austria are suffering from a shortage 
of skilled labor. DB Research most recently reported positive 
signs for Germany at the end of June in the form of dropping 
commodity prices and waning material and staff shortages. 
The German residential investment market showed a 
conservative first half of 2022. According to CBRE, the 
transaction volume amounted to € 7.7 billion and was thus 
below the average for the first half-year of each of the last 
five years. While prime yields increased in the face of the 
interest rate turnaround, average yields for existing and 
newly built properties remained stable. According to 
Newsec, the volume in the residential investment market in 
Sweden in the first half of 2022 came to approximately 
SEK 34.9 billion and was thus 7.5% lower than in the previous 
year. According to EHL, the Austrian real estate investment 
market saw a transaction volume in the first half of the year 
of approximately € 2 billion. The share of institutional 
residential projects amounted to approximately 19% and was 
thus lower overall than in the same period of the previous 
year.
Housing policy developments in the first half of the year in 
Germany included the decision at the end of May to intro­
duce a rent cap in Dresden and Leipzig, and changes to the 
Federal Funding for Efficient Buildings (BEG). After it once 
again became possible to apply for BEG renovation pro­
grams starting in February, BEG subsidies for new buildings 
were also reintroduced in April, with amended subsidy 
conditions. Furthermore, the German cabinet approved a 
draft bill for dividing CO2 costs between landlords and 
tenants. In Sweden, investment subsidies for rental apart­
ments were discontinued at the turn of the year. Applica­
tions that are not granted this year depend on there being a 
political mandate for additional funds in 2023. In Austria, 
indicative and category-based rents were increased as of 
April 1, 2022. Moreover, in the first half of the year a revision 
of real estate law was announced that would make the 
person who hires an agent responsible for paying their 
service fee.

11
Interim Group Management Report –  
Business Development in the First Half-Year of 2022 —Economic Development in the First Half-Year of 2022
Results of Operations
Overview
In analyzing Vonovia’s results of operations, it is important 
to remember that the figures for the first half of 2022 only 
allow a comparison with the previous year to a limited 
extent, as Deutsche Wohnen was not included in Vonovia’s 
consolidated financial statements until September 30, 2021.
In the first six months of 2022, the first few moderate effects 
of the war in Ukraine were reflected in the interim financial 
statements, particularly in energy and construction costs. 
The ongoing coronavirus pandemic also had a minor impact, 
especially in the Value-add segment
All in all, Vonovia reported stable business development in 
the first half of 2022. 
As of June 30, 2022, Vonovia employed 15,845 people (June 
30, 2021: 10,793).
The following key figures provide an overview of Vonovia’s 
results of operations and the relevant drivers in the first half 
of 2022.
in € million
H1 2021
H1 2022
Change in %
12M 2021
Total Segment Revenue
2,312.3
3,111.0
34.5
5,179.9
Revenue in the Rental segment 
1,170.5
1,188.7
1.6
2,361.6
Revenue in the Value-add segment
557.4
618.6
11.0
1,165.8
Revenue in the Recurring Sales segment
327.8
268.6
-18.1
477.0
Revenue in the Development segment
256.6
456.9
78.1
867.8
Revenue in the Deutsche Wohnen segment
–
578.2
–
307.7
Adjusted EBITDA Total
1,021.8
1,402.0
37.2
2,269.3
Adjusted EBITDA Rental
823.8
822.6
-0.1
1,648.0
Adjusted EBITDA Value-add
79.2
78.5
-0.9
148.8
Adjusted EBITDA Recurring Sales
83.5
74.1
-11.3
114.0
Adjusted EBITDA Development
35.3
85.4
>100
187.7
Adjusted EBITDA Deutsche Wohnen
–
341.4
–
170.8
Group FFO
779.8
1,062.9
36.3
1,672.0
Monthly in-place rent Vonovia in €/m²
7.29
7.44
2.1
7.33
Monthly in-place rent Vonovia without Deutsche Wohnen 
in €/m²
7.29
7.44
2.1
7.38
Monthly in-place rent Deutsche Wohnen in €/m²
–
7.42
–
7.20
Average area of own apartments in the reporting period (in 
thou. m²)
26,500
34,616
30.6
28,784
Average number of own units (number of units)
414,798
551,390
32.9
452,868
Vacancy rate Vonovia (in %)
2.7
2.2
-0.5 pp
2.2
Vacancy rate Vonovia without Deutsche Wohnen (in %)
2.7
2.4
-0.3 pp
2.4
Vacancy rate Deutsche Wohnen (in %)
–
1.8
–
1.7
Maintenance expenses and capitalized maintenance Rental 
segment (€/m²)
10.99
11.36
3.4
25.18
thereof expenses for maintenance (€/m²)
6.17
6.37
3.2
12.57
thereof capitalized maintenance (€/m²)
4.82
4.99
3.5
12.61
Number of units bought
166
893
>100
155,145
Number of units sold
2,184
17,551
>100
6,870
thereof Recurring Sales
1,865
1,253
-32.8
2,747
thereof Non-core Disposals
319
4,540
>100
723
thereof Deutsche Wohnen
–
11,758
–
3,400
Number of new apartments completed
841
1,088
29.4
2,200
thereof own apartments
389
496
27.5
1,373
thereof apartments for sale
452
592
31.0
827
thereof Deutsche Wohnen
–
–
–
–
Number of employees  (as of June 30/December 31)
10,793
15,845
46.8
15,871

12
 Vonovia SE Half-Year Report 2022
The total segment revenue of the Vonovia Group increased 
by 34.5% from € 2,312.3 million in the first half of 2021 to 
€ 3,111.0 million in the first half of 2022. Deutsche Wohnen 
was the main contributor to this increase, with a volume of 
€ 578.2 million in 2022.
Total Segment Revenue
in € million
H1 2021
H1 2022
Change in %
12M 2021
Rental income
1,171.7
1,572.9
34.2
2,571.9
Other income from property management unless included 
in the operating expenses in the Rental segment
27.2
206.2
>100
141.7
Income from disposals Recurring Sales
327.8
278.0
-15.2
477.2
Internal revenue Value-add
529.5
576.4
8.9
1,107.2
Income from disposal of properties 
191.7
380.5
98.5
519.6
Fair value Development to hold
64.4
97.0
50.6
362.3
Total Segment Revenue
2,312.3
3,111.0
34.5
5,179.9

13
Interim Group Management Report –  
Business Development in the First Half-Year of 2022 —Economic Development in the First Half-Year of 2022
The overview below shows the other key figures for the 
company’s results of operations, as well as their reconcilia­
tion to the performance indicator Group FFO: 
Group FFO
in € million
H1 2021
H1 2022
Change in %
12M 2021
Revenue in the Rental segment 
1,170.5
1,188.7
1.6
2,361.6
Expenses for maintenance
-163.4
-166.8
2.1
-332.7
Operating expenses in the Rental segment
-183.3
-199.3
8.7
-380.9
Adjusted EBITDA Rental
823.8
822.6
-0.1
1,648.0
Revenue in the Value-add segment
557.4
618.6
11.0
1,165.8
 thereof external revenue
27.9
42.2
51.3
58.6
 thereof internal revenue
529.5
576.4
8.9
1,107.2
Operating expenses in the Value-add segment
-478.2
-540.1
12.9
-1,017.0
Adjusted EBITDA Value-add 
79.2
78.5
-0.9
148.8
Revenue in the Recurring Sales segment
327.8
268.6
-18.1
477.0
Fair value of properties sold adjusted to reflect effects not 
relating to the period from assets held for sale in the 
Recurring Sales segment
-236.4
-186.9
-20.9
-343.7
Adjusted result Recurring Sales
91.4
81.7
-10.6
133.3
Selling costs in the Recurring Sales segment
-7.9
-7.6
-3.8
-19.3
Adjusted EBITDA Recurring Sales
83.5
74.1
-11.3
114.0
Revenue from disposal of Development to sell properties
191.7
358.4
87.0
503.7
Cost of Development to sell
-160.2
-287.1
79.2
-367.2
Gross profit Development to sell
31.5
71.3
>100
136.5
Fair value Development to hold
64.4
97.1
50.8
362.3
Cost of Development to hold*
-45.5
-68.2
49.9
-277.4
Gross profit Development to hold
18.9
28.9
52.9
84.9
Rental revenue Development
0.5
1.4
>100
1.8
Operating expenses in the Development segment 
-15.6
-16.2
3.8
-35.5
Adjusted EBITDA Development
35.3
85.4
>100
187.7
Adjusted EBITDA Deutsche Wohnen
–
341.4
–
170.8
Adjusted EBITDA Total
1,021.8
1,402.0
37.2
2,269.3
FFO interest expense 
-163.8
-236.4
44.3
-397.7
Current income taxes FFO 
-43.3
-60.1
38.8
-65.2
Consolidation**
-34.9
-42.6
22.1
-97.1
Group FFO
779.8
1,062.9
36.3
1,709.3
Group FFO after non-controlling interests
769.3
1,021.9
32.8
1,669.3
*	
Excluding capitalized interest on borrowed capital in H1 2022 of € 0.0 million (H1 2021 € 0.0 million), 12M 2021: € 0.9 million.
**	 Based on the new 2022 definition, without elimination of IFRS 16 effect, thereof intragroup profits in H1 2022: € -13.7 million (H1 2021: € -16.0 million), 12M 2021: € -37.8 million, gross profit 
Development to hold in H1 2022: € -28.9 million (H1 2021: € -18.9 million), 12M 2021: € -84.9 million, 12M 2021: FFO-at-equity effect Deutsche Wohnen: € 25.6 million.

14
 Vonovia SE Half-Year Report 2022
As of June 30, 2022, Vonovia (incl. Deutsche Wohnen) 
managed a portfolio comprising 549,484 of its own residen­
tial units (June 30, 2021: 414,068), 163,558 garages and 
parking spaces (June 30, 2021: 138,650) and 8,873 commer­
cial units (June 30, 2021: 6,515). The locations span 636 
cities, towns and municipalities (June 30, 2021: 625) in 
Germany, Sweden and Austria. 72,362 residential units 
(June 30, 2021: 71,671) are also managed for other owners. 
Details on results of operations by segment
Rental segment
At the end of the first half of 2022, the portfolio in the Rental 
segment had a vacancy rate of 2.4% (end of H1 2021: 2.7%), 
meaning that our apartments were once again virtually fully 
occupied.
The segment revenue in the Rental segment increased by 
1.6% year-on-year in the first six months of 2022, mainly due 
to organic growth resulting from new construction and 
modernization, also taking into account the Berlin portfolio 
that was sold (H1 2021: 3.3%). Of the segment revenue in the 
Rental segment in the 2022 reporting period, € 956.2 million 
is attributable to rental income in Germany (H1 2021: 
€ 939.4 million), € 178.5 million to rental income in Sweden 
(H1 2021: € 177.4 million) and € 54.0 million to rental income 
in Austria (H1 2021: € 53.7 million).
The organic increase in rent totaled 3.4%, as in the prior-­
year period. The current rent increase due to market-related 
factors came to 1.0% (H1 2021: 0.9%) and the increase from 
property value improvements translated into a further 1.7% 
(H1 2021: 2.0%). All in all, this produces a like-for-like rent 
increase of 2.7% (H1 2021: 2.9%). New construction mea­
sures and measures to add extra stories also contributed 
0.7% (H1 2021: 0.5%) to the organic increase in rent.
The average monthly in-place rent within the Rental seg­
ment at the end of June 2022 came to € 7.44 per m² (exclud­
ing Deutsche Wohnen) compared to € 7.29 per m² at the end 
of June 2021. The monthly in-place rent in the German 
portfolio at the end of June 2022 came to € 7.28 per m² 
(June 30, 2021: € 7.09 per m²), with the figure for the Swedish 
portfolio coming to € 10.00 per m² (June 30, 2021: € 10.32 per 
m²) and the figure for the Austrian portfolio coming to € 5.01 
per m² (June 30, 2021: € 4.82 per m²). The rental income 
from the portfolio in Sweden reflects inclusive rents, mean­
ing that the amounts contain operating, heating and water 
supply costs. The rental income from the Austrian property 
portfolio additionally includes maintenance and improve­
ment contributions (EVB).
We have continued with our modernization, new construc­
tion and maintenance strategy in the 2022 fiscal year. The 
overview below provides details on maintenance, modern­
ization and new construction.
Maintenance, Modernization and New Construction
in € million
H1 2021
H1 2022
Change in %
12M 2021
Expenses for maintenance
163.4
166.8
2.1
332.7
Capitalized maintenance
127.6
130.7
2.4
333.7
Maintenance measures
291.0
297.5
2.2
666.4
Modernization measures
349.8
333.6
-4.6
758.6
New construction (to hold)
227.2
209.3
-7.9
526.6
Modernization and new construction measures
577.0
542.9
-5.9
1,285.2
Cost of maintenance, modernization and new 
construction Deutsche Wohnen
–
260.3
–
234.0
Total cost of maintenance, modernization and new 
construction
868.0
1,100.7
26.8
2,185.6
Operating expenses in the Rental segment in the first half of 
2022 were up by 8.7% on the figures for the first half of 2021, 
from € 183.3 million to € 199.3 million. This was due, in 
particular, to higher administrative expenses. All in all, the 
Adjusted EBITDA Rental came to € 822.6 million in the first 
six months of 2022, down slightly on the prior-year value of 
€ 823.8 million.

15
Interim Group Management Report –  
Business Development in the First Half-Year of 2022 —Economic Development in the First Half-Year of 2022
Value-add segment
The Value-add segment felt a slight impact of the corona­
virus pandemic and cost increases sparked by the war in 
Ukraine. All in all, revenue from the Value-add segment 
came to € 618.6 million in the 2022 reporting period, up by 
11.0% on the value of € 557.4 million seen in the first six 
months of 2021. External revenue from our Value-add 
activities with our end customers in the first six months of 
2022 were up by 51.3% on the first six months of 2021, from 
€ 27.9 million to € 42.2 million. Group revenue rose by 8.9% 
from € 529.5 million in the first six months of 2021 to 
€ 576.4 million in the first six months of 2022.
Operating expenses in the Value-add segment in the first six 
months of 2022 were up by 12.9% on the figures for the first 
six months of 2021, from € 478.2 million to € 540.1 million. 
This was due, in particular, to higher energy and construc­
tion costs and the use of more third-party services. 
Adjusted EBITDA Value-add came to € 78.5 million in the 
first six months of 2022, slightly lower than the figure of 
€ 79.2 million reported for the first six months of 2021.
Recurring Sales segment
In the Recurring Sales segment, income from the disposal of 
properties in the first six months of 2022 were down to 
€ 268.6 million, 18.1% lower than the 2021 value of €327.8 mil­
lion due to volume-related factors, with 1,253 units sold 
(H1 2021: 1,865), thereof 951 in Germany (H1 2021: 1,527) and 
302 in Austria (H1 2021: 338). Income of € 190.0 million is 
attributable to sales in Germany (H1 2021: € 253.0 million) 
and € 78.6 million to sales in Austria (H1 2021: € 74.8 million).
In the first half of 2022, the fair value step-up in the portfolio 
came to 43.7%, up on the value of 38.7% seen in the first half 
of 2021. This was due primarily to much higher step-ups for 
sales in Austria.
Selling costs in the Recurring Sales segment came in at 
€ 7.6 million in the first half of 2022, down by 3.8% on the 
value of € 7.9 million seen in the first half of 2021. Adjusted 
EBITDA Recurring Sales came in at € 74.1 million in the first 
half of 2022, down by 11.3% on the value of € 83.5 million seen 
in the first half of 2021 due to volume-related factors, despite 
an improved margin.
In addition, we made 4,540 Non-core Disposals of residen­
tial units as part of our portfolio adjustment measures in the 
first half of 2022 (H1 2021: 319) with total proceeds of 
€ 901.1 million (H1 2021: € 29.2 million). This also includes the 
block sale from Vonovia’s Berlin portfolio. At 4.9%, the fair 
value step-up for Non-core Disposals in the 2022 reporting 
period was lower than for the same period in the previous 
year (38.2%, driven by the low margin in the Berlin portfolio 
that was sold).
Development segment
In the Development to sell area, a total of 592 units were 
completed in the first half of 2022 (H1 2021: 452), thereof 16 
in Germany (H1 2021: 368 units), 576 units in Austria (H1 
2021: 84 units). In the first half of 2022, income from the 
disposal of Development to sell properties amounted to 
€ 358.4 million (H1 2021: € 191.7 million), with € 169.0 million 
attributable to project development in Germany (H1 2021: 
€ 115.8 million) and € 189.4 million to project development in 
Austria (H1 2021: € 75.9 million). The increase in proceeds in 
2022 was primarily due to a global exit (Gäblerstrasse). The 
resulting gross profit for Development to sell came to 
€ 71.3 million in the first half of 2022 (H1 2021: € 31.5 million).
In the Development to hold area, a total of 496 units were 
completed in the first half of 2022 (H1 2021: 389), thereof 433 
in Germany (H1 2021: 297 units) and 63 units in Sweden 
(H1 2021: 92 units). In the Development to hold area, a fair 
value of € 97.1 million was achieved in the 2022 reporting 
period (H1 2021: € 64.4 million), which was fully attributable 
to project development in Germany (H1 2021: € 54.1 million, 
Sweden H1 2021: € 10.3 million). The gross profit for Develop­
ment to hold came to € 28.9 million in the first six months of 
2022 (H1 2021: € 18.9 million). 
Development operating expenses came to € 16.2 million in 
the first half of 2022 due to increased project expenses, up 
by 3.8% on the value of € 15.6 million seen in the first half of 
2021. The Adjusted EBITDA for the Development segment 
amounted to € 85.4 million in the 2022 reporting period 
(H1 2021: € 35.3 million).

16
 Vonovia SE Half-Year Report 2022
Deutsche Wohnen segment
At the end of the first half of 2022, Deutsche Wohnen’s 
portfolio was virtually fully occupied with a vacancy rate of 
1.8%.
In the first half of 2022, the Deutsche Wohnen Group 
generated segment revenue of € 578.2 million, of which 
€ 382.3 million was mainly attributable to rental income and 
€ 136.8 million to income from the nursing and assisted living 
sector. 
Adjusted EBITDA Deutsche Wohnen came to € 341.4 million 
in the first half of 2022.
At the end of June 2022, the average monthly in-place rent in 
the Deutsche Wohnen portfolio came to € 7.42 per m². 
In the first half of 2022, a total of 11,758 residential units were 
sold from the Deutsche Wohnen portfolio. 
Group FFO
In the first six months of the year, Group FFO rose by 36.3% 
from € 779.8 million (based on the new 2022 definition, 
without eliminating IFRS 16 effects) in the first half of 2021 to 
€ 1,062.9 million in the first half of 2022. In the first half of 
2022, Deutsche Wohnen contributed a total of € 289.9 mil­
lion to Group FFO. 
Adjusted EBITDA Total rose by 37.2% from € 1,021.8 million in 
the first half of 2021 to € 1,402.0 million in the first half of 
2022.
In the 2022 reporting period, the non-recurring items elimi­
nated in the Adjusted EBITDA Total came to € 7.5 million 
compared to € 91.7 million in the first half of 2021. This was 
largely due to special effects resulting from the debt recov­
ery action in connection with the loan granted to the Adler 
Group, as well as the elimination of an earn-out clause that 
had a positive earnings effect. 
The following table gives a detailed list of the non-recurring 
items: 
Non-recurring Items
in € million
H1 2021
H1 2022
Change in %
12M 2021
Transactions*
89.2
-3.9
–
14.1
Personnel matters
-0.5
2.1
–
1.6
Business model optimization
3.7
7.0
89.2
24.2
Research & development
2.2
1.5
-31.8
3.6
Refinancing and equity measures
-2.9
0.8
–
-6.4
Total non-recurring items
91.7
7.5
-91.8
37.1
*	
Including one-time expenses in connection with acquisitions, such as HR measures relating to the integration process and other follow-up costs.

17
Interim Group Management Report –  
Business Development in the First Half-Year of 2022 —Economic Development in the First Half-Year of 2022
Reconciliations
The financial result changed from € -266.6 million in the first 
half of 2021 to € -137.8 million in the first half of 2022. FFO 
interest expense is derived from the financial result as 
follows:
Reconciliation of Financial Result/FFO Interest Expense
in € million
H1 2021
H1 2022
Change in %
12M 2021
Interest income
3.9
35.8
>100
21.5
Interest expense
-179.8
-152.5
-15.2
-411.6
Other financial result excluding income from investments
-90.7
-21.1
-76.7
-164.8
Financial result*
-266.6
-137.8
-48.3
-554.9
Adjustments:
Other financial result excluding income from investments
90.7
21.1
-76.7
164.8
Effects from the valuation of interest rate and currency 
derivatives
-8.9
-94.3
>100
-20.4
Prepayment penalties and commitment interest
2.0
7.8
>100
22.7
Effects from the valuation of non-derivative financial 
instruments
-12.2
-32.2
>100
-43.3
Interest accretion to provisions 
2.0
5.8
>100
9.8
Accrued interest/other effects
15.4
-61.7
–
30.9
Net cash interest
-177.6
-291.3
64.0
-390.4
Adjustment for IFRS 16 Leases
4.8
5.5
14.6
10.3
Adjustment of income from investments in other 
real estate companies
13.6
5.0
-63.2
15.7
Adjustment of interest paid due to taxes
-0.6
-0.5
-16.7
-1.8
Adjustment of accrued interest 
-4.0
44.9
–
-31.5
Interest expense FFO
-163.8
-236.4
44.3
-397.7
*	
Excluding income from other investments.
In the first six months of 2022, the profit for the period came 
to € 1,796.4 million (H1 2021: € 2,680.1 million). It is deter­
mined to a degree by impairment losses, also due to the 
increase in interest rates and inflation. The impairment 
losses recognized in the second quarter of the year due to 
the increased cost of capital were attributable to goodwill 
and trademark rights in the nursing and assisted living 
sector in the amount of € 121.0 million, and to the investment 
in QUARTERBACK Immobilien AG in the amount of 
€ 120.8 million. The investment in the Adler Group was 
written down by € 160.6 million due to the lower share price. 
On the other hand, the profit for the period was positively 
affected by the valuation result of € 3,115.9 million (H1 2021: 
€ 3,698.6 million).

18
 Vonovia SE Half-Year Report 2022
The reconciliation of profit for the period to Group FFO is 
shown below:
Reconciliation of Profit for the Period/Group FFO
in € million
H1 2021
H1 2022
Change in %
12M 2021
Profit for the period
2,680.1
1,796.4
-33.0
2,830.9
Financial result*
266.6
137.8
-48.3
554.9
Income taxes
1,411.2
976.6
-30.8
2,651.5
Depreciation and amortization (incl. depreciation on finan­
cial assets)
234.3
1,268.4
>100
3,498.2
Impairments on financial assets accounted for using the 
equity method
–
281.4
–
–
Net income from fair value adjustments of investment 
properties
-3,698.6
-3,115.9
-15.8
-7,393.8
Non-recurring items
91.7
7.5
-91.8
37.1
Total period adjustments from assets held for sale
21.9
37.9
73.1
-6.0
Income from investments in other real estate 
companies
-13.6
-5.0
-63.2
-15.7
Other 
-6.7
-25.7
>100
-10.5
Intragroup profits
16.0
13.7
-14.4
37.8
Gross profit Development to hold
18.9
28.9
52.9
84.9
Adjusted EBITDA Total
1,021.8
1,402.0
37.2
2,269.3
Interest expense FFO**
-163.8
-236.4
44.3
-397.7
Current income taxes FFO
-43.3
-60.1
38.8
-65.2
Consolidation
-34.9
-42.6
22.1
-97.1
Group FFO***
779.8
1,062.9
36.3
1,709.3
Group FFO after non-controlling interests
769.3
1,021.9
32.8
1,669.3
Group FFO per share in €***
1.27 
1.34
5.5
2.20
*	
Excluding income from other investments.
**	 Incl. financial income from investments in other real estate companies.
***	 Based on the new 2022 definition without elimitation of IFRS 16 effect, Group FFO per share based on the shares carrying dividend rights on the reporting date, prior-year values TERP-adjusted 
(1.067).

19
Interim Group Management Report –  
Business Development in the First Half-Year of 2022 —Economic Development in the First Half-Year of 2022
Assets
Consolidated Balance Sheet Structure
Dec. 31, 2021
Jun. 30, 2022
in € million
in %
in € million
in %
Non-current assets
99,544.5
93.6
101,449.4
95.6
Current assets
6,775.8
6.4
4,704.0
4.4
Total assets
106,320.3
100.0
106,153.4
100.0
Equity
36,545.1
34.4
37,523.0
35.3
Non-current liabilities
60,713.2
57.1
63,983.8
60.3
Current liabilities
9,062.0
8.5
4,646.6
4.4
Total equity and liabilities
106,320.3
100.0
106,153.4
100.0
The Group’s total assets fell by € 166.9 million as against 
December 31, 2021, down from € 106,320.3 million to 
€ 106,153.4 million. The development in non-current assets is 
dominated by the impairment of goodwill of € 1,117.7 million. 
By contrast, investment properties rose by € 3,640.3 million, 
primarily as a result of the revaluation. The value of non-­
current financial assets accounted for using the equity 
method rose by € 253.2 million in the first quarter of 2022, 
due largely to the first-time inclusion of the Adler Group as 
an associate. Primarily due to the impairment losses recog­
nized in the second quarter of 2022 on the investments in 
QUARTERBACK Immobilien AG in the amount of € 120.8 mil­
lion and in the Adler Group in the amount of € 160.6 million, 
however, it was down as against December 31, 2021, by a 
total of € 33.3 million. Before Vonovia obtained control of 
20.5% of the shares in the Adler Group as part of the debt 
recovery action, a loan to Aggregate Holdings Invest S.A. 
was reported under non-current financial assets.
The development in current assets is characterized first of 
all by the disposal of assets held for sale in the amount of 
€ 2,562.8 million. This relates largely to the parts of the 
portfolio that were sold to Berlin public housing companies. 
Second, cash and cash equivalents increased by € 136.4 
million from € 1,432.8 million to € 1,569.2 million.
Goodwill and trademark rights made up 1.6% of total assets, 
taking into account the purchase price allocation from the 
business combination with Deutsche Wohnen, which is still 
provisional.
As of June 30, 2022, the gross asset value (GAV) of 
­Vonovia’s property assets came to € 99,147.6 million. This 
corresponds to 93.4% of total assets, as against € 98,225.3 mil­
lion or 92.4% at the end of 2021.
Total equity rose by € 977.9 million from € 36,545.1 million to 
€ 37,523.0 million, due in particular to the profit for the 
period of € 1,796.4 million and the cash dividend distribution 
of € 672.3 million, which had the opposite effect. Equity was 
reduced by € 74.7 million not affecting net income, largely 
due to the disposal of non-controlling interests via purchas­
es of shares in GSW Immobilien AG, the sale of companies 
in the context of the Berlin Deal and the actuarial gains from 
provisions for pensions.
This brings the equity ratio to 35.3%, compared with 34.4% 
at the end of 2021.
Liabilities fell by € 1,144.8 million from € 69,775.2 million to 
€ 68,630.4 million. The amount of non-current non-­
derivative financial liabilities increased by € 2,539.6 million, 
in particular due to a promissory note transaction and the 
issue of social bonds and green bonds, whereas current 
non-derivative financial liabilities fell by € 3,874.4 million at 
the same time.
Deferred tax liabilities increased by € 1,025.0 million, in 
particular as a result of the revaluation of investment 
­properties.

20
 Vonovia SE Half-Year Report 2022
Net Assets
Vonovia’s net asset value figures are based on the best 
practice recommendations of the EPRA (European Public 
Real Estate Association).
At the end of the first half of 2022, the EPRA NTA came to 
€ 49,770.4 million, up by 2.1% on the value of € 48,748.8 mil­
lion seen at the end of 2021 (based on the new 2022 defini­
tion). EPRA NTA per share increased from € 62.77 at the end 
of 2021 to € 62.54 at the end of the first half of 2022. It must 
be noted that the creation of the new Recurring Sales (MFH) 
subportfolio for low-yielding properties has led to reduced 
additions for deferred taxes as these are only intended for 
properties that are to be held in the portfolio over the long 
term.
EPRA Net Tangible Assets (EPRA NTA)
in € million
Dec. 31, 2021
June 30, 2022
Change in %
Total equity attributable to Vonovia shareholders
33,287.1
34,173.7
2.7
Deferred tax in relation to fair value gains of investment properties*
18,438.4
17,429.8
-5.5
Fair value of financial instruments**
28.6
-43.5
–
Goodwill as per the IFRS balance sheet
-2,766.5
-1,648.8
-40.4
Intangibles as per the IFRS balance sheet
-238.8
-140.8
-41.0
EPRA NTA***
48,748.8
49,770.4
2.1
EPRA NTA per share in €***
62.77
62.54
-0.4
*	
Proportion of hold portfolio.
**	 Adjusted for effects from cross currency swaps.
***	 Based on the new 2022 definition excluding real estate transfer tax. EPRA NTA per share based on the shares carrying dividend rights on the reporting date.
Fair Values
Major market developments and valuation parameters that 
have an impact on the fair values of Vonovia are assessed on 
an ongoing basis. Due to the market momentum recognized 
again in the first half of 2022, Vonovia decided to perform a 
new valuation on the 20 German locations that account for 
the largest fair value shares. The list of the locations to be 
valued was extended to include three additional German 
locations in which considerable changes in value had been 
observed, as well as Vienna and the ten locations in Sweden 
that account for the largest fair value shares of the Swedish 
portfolio. This means that around three-quarters of the 
portfolio, in terms of portfolio value, was revalued in total. 
This revaluation led to net income from the valuation of 
€ 3,115.9 million (H1 2021: € 3,698.6 million).
In addition, buildings under construction (new construction/
development to hold) were completed during the reporting 
period. A fair value measurement is performed for the first 
time when the properties are completed. This resulted in a 
valuation effect of € 28.9 million for the period from January 1 
to June 30, 2022 (H1 2021: € 18.9 million).
The recognition and valuation of investment properties are 
explained in detail in the consolidated financial statements 
for 2021.
Financial Position
Cash Flow
The Group cash flow is as follows:
Key Data from the Statement of Cash Flows
in € million
H1 2021
H1 2022
Cash flow from operating activities
692.6
1,039.6
Cash flow from investing activities
-3,737.6
1,399.9
Cash flow from financing activities
4,685.9
-2,298.6
Influence of changes in foreign 
exchange rates
-0.6
-4.5
Net changes in cash and 
cash equivalents
1,640.3
136.4
Cash and cash equivalents at 
the beginning of the period
613.3
1,432.8
Cash and cash equivalents at 
the end of the period
2,253.6
1,569.2
The cash flow from operating activities came to 
€ 1,039.6 million for the first six months of 2022, compared 
with € 692.6 million for the first six months of 2021. In 
particular, this reflects the higher operating result due to the 
inclusion of Deutsche Wohnen, measured in the Adjusted 
EBITDA key figures.

21
Interim Group Management Report –  
Business Development in the First Half-Year of 2022 —Economic Development in the First Half-Year of 2022
The cash flow from investing activities shows net proceeds 
of € 1,399.9 million for the first six months of 2022. This 
figure is characterized primarily by the sale of residential and 
commercial units to public housing companies in Berlin 
based on the agreement reached with the Berlin State 
Government in 2021. Payments for the acquisition of invest­
ment properties came to € 1,138.5 million in the first six 
months of 2022 (H1 2021: € 718.9 million). On the other hand, 
income from portfolio sales in the amount of € 2,699.4 mil­
lion was collected (H1 2021: € 359.6 million). Payments for 
investments in other assets amounted to € 77.7 million in the 
first six months of 2022 (H1 2021: € 3,384.3 million). The 
prior-year value was dominated by the acquisition of the 
shares in Deutsche Wohnen SE.
The cash flow from financing activities includes payments 
for regular and unscheduled repayments in the amount of 
€ 6,361.5 million (H1 2021: € 308.0 million) and, on the other 
hand, proceeds from issuing financial liabilities in the 
amount of € 5,172.9 million (H1 2021: € 5,780.8 million). 
Payouts for transaction and financing costs amounted to 
€ 44.8 million (H1 2021: € 91.8 million). Interest paid in the 
first six months of 2022 amounted to € 298.8 million 
(H1 2021: € 183.0 million).
Net changes in cash and cash equivalents came to 
€ 136.4 million.
Financing
According to the publication dated December 17, 2021, 
Vonovia’s credit rating as awarded by the agency Standard & 
Poor’s is unchanged at BBB+ with an outlook for the long-
term issuer credit rating that has now been lifted from stable 
to positive and A-2 for the short-term issuer credit rating. At 
the same time, the credit rating for the issued and unsecured 
bonds is BBB+.
Vonovia received an A- investment grade rating from the 
rating agency Scope, which was most recently confirmed in 
a publication dated July 8, 2022.
In addition, Vonovia was awarded an A3 long-term issuer 
rating with a stable outlook by the rating agency Moody’s for 
the first time on May 31, 2021.
Vonovia SE has launched an EMTN program (European 
medium-term notes program). This program, which was 
originally launched via Vonovia Finance B.V., allows funds to 
be raised quickly at any time, without any major administra­
tive outlay, using bond issues. The prospectus for the 
€ 40 billion program, which was published on March 18, 
2022, is to be updated annually and approved by the finan­
cial supervisory authority of the Grand Duchy of Luxem­
bourg (CSSF).
As of the reporting date of June 30, 2022, Vonovia had 
placed a total bond volume of € 26.2 billion, € 26.0 billion of 
which relates to the EMTN program. Deutsche Wohnen 
bonds worth a further € 1.7 billion were also assumed.
On January 18, 2022, Vonovia SE took out a commercial 
paper of € 500.0 million with a maturity of 3 months. This 
was repaid in full on April 21, 2022.
A bond in the amount of € 500.0 million issued in 2017 was 
repaid as scheduled in January 2022.
Deutsche Wohnen repaid registered bonds worth € 150.0 
million and a bearer bond in the amount of € 100.0 million as 
scheduled in January 2022. 
In addition, an unscheduled repayment was made on a 
registered bond in the amount of € 76.3 million in February 
2022.
On February 16, 2022, ­Vonovia SE issued promissory note 
loans of € 1,010.0 million with terms of between 5 and 30 
years and an average interest rate of 1.13%.
On February 25, 2022, Vonovia took out secured financing 
with Landesbank Baden-Württemberg in the amount of 
€ 175.0 million with a maturity of ten years.
On February 25, 2022, ­Vonovia SE took out an unsecured 
loan with Caixabank S.A. in the amount of € 142.0 million 
with a maturity of five years.
On February 25, 2022, ­Vonovia SE took out an unsecured 
loan with DZ Bank AG in the amount of € 250.0 million with 
a maturity of seven years.
The bridge facility taken out in connection with the acquisi­
tion of Deutsche Wohnen was repaid in full as of March 1, 
2022.
On March 21, 2022, Vonovia SE placed two social bonds in a 
total amount of € 1,650.0 million with maturities of 3.85 and 
6.25 years, as well as a green bond worth € 850.0 million 
with a maturity of ten years. The bonds, which have a total 
amount of € 2,500.0 million, bear interest at a rate of 1.375%, 
1.875% and 2.375%.
On March 30, 2022, Vonovia issued two variable-rate SEK 
bonds worth SEK 1,250.0 million with maturities of 2 and 5 
years that were disbursed on April 8, 2022.

22
 Vonovia SE Half-Year Report 2022
2022
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
in € million
2023
2024
2025
2026
2027
2028
2029
2030
from 2031
964.2
3,756.9
4,998.8
4,241.4
3,984.8
4,589.6
3,859.3
4,348.0
3,913.8
10,734.0
On April 1, 2022, Vonovia took out secured financing with 
Berlin Hyp in the amount of € 175.0 million with a maturity of 
ten years.
On April 12, 2022, Vonovia took out secured financing with 
Bayern LB in the amount of € 150.0 million with a maturity of 
ten years.
May 2022 saw the early repayment of a € 500 million bond 
from 2014 that was set to mature in July 2022.
In June 2022, a € 500.0 million bond from 2016 was repaid as 
scheduled.
The debt maturity profile of Vonovia’s financing was as 
follows as of June 30, 2022:
In connection with the issue of unsecured bonds, Vonovia 
has undertaken to comply with the following standard 
market covenants:
 > Limitations on incurrence of financial indebtedness
 > Maintenance of consolidated coverage ratio
 > Maintenance of total unencumbered assets
The existing structured and secured financing arrangements 
also require adherence to certain standard market cove­
nants. Any failure to meet the agreed financial covenants 
could have a negative effect on the liquidity status.
Debt Maturity Profile on June 30, 2022 (face values)

23
Interim Group Management Report –  
Business Development in the First Half-Year of 2022 —Economic Development in the First Half-Year of 2022
The LTV (loan to value) is as follows as of the reporting date:
in € million
Dec. 31, 2021
June 30, 2022
Change in %
Non-derivative financial liabilities
47,229.5
45,709.2
-3.2
Foreign exchange rate effects 
-36.1
-56.3
56.0
Cash and cash equivalents
-1,932.4
-2,169.2
12.3
Net debt
45,261.0
43,483.7
-3.9
Sales receivables 
-69.9
11.4
–
Adjusted net debt
45,191.1
43,495.1
-3.8
Fair value of the real estate portfolio
97,845.3
98,811.2
1.0
Loans to companies holding immovable property and land
1,042.1
845.5
-18.9
Shares in other real estate companies
876.0
840.8
-4.0
Adjusted fair value of the real estate portfolio
99,763.4
100,497.5
0.7
LTV 
45.3%
43.3%
-2.0 pp
The financial covenants have been fulfilled as of the report­
ing date.
in € million
Dec. 31, 2021
June 30, 2022
Change in %
Non-derivative financial liabilities
47,229.5
45,709.2
-3.2
Total assets
106,320.3
106,153.4
-0.2
LTV bond covenants
44.4%
43.1%
-1.3 pp

24
 Vonovia SE Half-Year Report 2022
Opportunities and Risks
In addition to the opportunities and risks set out in the 
combined management report for the 2021 fiscal year, the 
main changes in the first half of 2022 related to the assess­
ment of the overall risk position due to the war in Ukraine 
and the resulting consequences, such as the development in 
commodity prices, rising interest rates and higher inflation.
The number of overall risks fell from 108 at the end of 2021 to 
106 at the end of the first six months of 2022. 
The number of amber risks rose from 6 to 9. 
The amber risk associated with “unfavorable interest rate 
developments” was upgraded from the original potential net 
damage of € 100–250 million and a probability of occurrence 
of 5–39% to potential net damage of € 250–500 million and a 
probability of occurrence of 40–59%. 
A new amber risk, “rising energy costs,” was included with 
potential net damage of € 5–25 million and a probability of 
occurrence of >95%. 
The risks “increase in construction costs” and “economic 
risk” were upgraded from green to amber. 
The risk “increase in construction costs” was unchanged 
with regard to the original potential net damage of € 25–
100 million, while its probability of occurrence was increased 
from 5–39% to >95%. 
The “economic risk” was unchanged with regard to the 
original potential net damage of € 25–100 million, while its 
probability of occurrence was increased from 5–39% to 
40–59%.
There are currently no indications of any risks that could 
pose a threat to the company’s existence, and – as things 
stand at present – no such risks are expected to arise in the 
future.

25
Interim Group Management Report –  
Business Development in the First Half-Year of 2022 —Opportunities and Risks | Business Outlook
Business Outlook
The forecast for the 2022 fiscal year was based on the 
accounting principles used in the consolidated financial 
statements. The current forecast does not take account of 
any larger acquisitions of real estate portfolios. 
Our forecast for the 2022 fiscal year is based on determined 
and updated corporate planning for the Vonovia Group as a 
whole and considers current business developments, 
possible opportunities and risks, the potential impact of the 
coronavirus pandemic and, to the extent that it can be 
forecast, potential effects of the war in Ukraine. The forecast 
also includes the key overall macroeconomic developments 
and the economic factors that are relevant to the real estate 
industry and our corporate strategy. Further information is 
provided in the sections of the 2021 Group management 
report entitled “Fundamental Information About the Group” 
and “Development of the Economy and the Industry.”
The war in Ukraine has started to have an impact on the 
global markets. We expect price increases, particularly on 
the energy markets, to have a substantial impact on Vonovia 
and our customers. While these will have a direct impact on 
ancillary expenses, they will also have an indirect effect on 
all areas of the economy due to general price increases.
We expect to see further price increases on the construction 
materials markets, with a knock-on effect on our construc­
tion projects, too. To the extent that the statutory provisions 
allow, we plan to pass these price increases in the context of 
our modernization measures on to our tenants as well. 
Rising interest rates and inflation are currently resulting in 
increased volatility on the equity and debt capital markets, 
also due to, or exacerbated by, the war in Ukraine. As a 
result, the macroeconomic situation and developments are 
being assessed on an ongoing basis. In light of the above, 
investment decisions are being reviewed with regard to their 
yields. This relates in particular to the classification of 
development projects as to-hold or to-sell, but also to other 
real estate portfolio sale decisions and to the implementa­
tion of modernization decisions.
We expect segment revenue to increase further in 2022. We 
are also currently observing stable demand for rental 
apartments and no negative impact on market values. 
We also expect to see a considerable increase in Adjusted 
EBITDA Total and Group FFO, in particular due to the 
acquisition of Deutsche Wohnen. 
In 2022, we expect a slight increase in EPRA NTA per share, 
leaving any further market-related changes in value out of 
the equation.
The current forecast yet again confirms the positive develop­
ment in the Sustainability Performance Index (SPI). We 
expect the high level of customer satisfaction to continue. 
The reduction of carbon emissions is working better than 
expected.

26
 Vonovia SE Half-Year Report 2022
The following table provides an overview of our forecast and 
presents material and selected key figures.
Actual 2021
Forecast for 2022
Forecast for 2022 
in the 2022 Q1 Report
Forecast for 2022 
in the 2022 H1 Report
Total Segment Revenue
€ 5.2 billion
€ 6.2–6.4 billion
€ 6.2–6.4 billion
€ 6.2–6.4 billion
Adjusted EBITDA Total
€2,269.3 
million
€ 2.75–2.85 billion
€ 2.75–2.85 billion
€ 2.75–2.85 billion
Group FFO*
€ 1,709.3 
million
€ 2.0–2.1 billion
€ 2.0–2.1 billion
€ 2.0–2.1 billion
Group FFO per share*
€ 2.20
suspended
suspended
suspended
EPRA NTA per share**
€ 62.77
suspended
suspended
suspended
Sustainability Performance 
Index (SPI)*** 
109%
~100%
~100%
~100%
Rental income Rental segment/Deutsche 
Wohnen
€ 2,568.7 
million
€ 3.1–3.2 billion
€ 3.1–3.2 billion
€ 3.1–3.2 billion
Organic rent growth (eop)
3.8%
Increase of 
~3.3%
Increase of 
at least 3.3%
Increase of 
at least 3.3%
Modernization/portfolio investments****
€ 758.6 
million
€ 1.1–1.3 billion
€ 1.0–1.1 billion
€ 1.0–1.1 billion
New construction/space creation****
€ 639.7 
million
€ 1.0–1.2 billion
€ 0.3–0.4 billion
€ 0.3–0.4 billion
Number of units sold  
Recurring Sales/Deutsche Wohnen core 
2,748
~3,000
~3,300
~3,300
Fair value step-up 
Recurring Sales/Deutsche Wohnen core
38.8%
~30%
~30%
~30%
*	
Based on the new 2022 definition without elimitation of IFRS 16 effect, Group FFO per share based on the shares carrying dividend rights on the reporting date.
**	 Based on the shares carrying dividend rights on the reporting date, excluding real estate transfer tax.
***	 Excluding Deutsche Wohnen.
****	Previously shown as modernization and new construction.
Bochum, July 27, 2022
The Management Board