Residential Real Estate: approx. 80%
Property Management: approx. 15%
Other Services: approx. 5%

Top 3 Markets:

1. Germany: approx. 70%
2. Austria: approx. 15%
3. Sweden: approx. 10%

Vonovia SE generates the majority of its revenues from the residential real estate sector, which includes the rental and management of residential buildings. Germany is the main market, followed by Austria and Sweden, which together account for the majority of international revenues.

Diversification into property management and other services provides additional sources of income, while the focus remains on the core business of residential real estate.

Production: No physical production

Vonovia SE is a real estate company and does not produce physical products. The company is mainly active in the management and development of residential properties. It owns, manages, and develops residential properties in Germany, Austria, and Sweden.

Vonovia's focus is on the maintenance, modernization, and construction of residential properties to increase the residential value and expand living space.

Focus on Sustainable Real Estate Development

Digitization and Efficiency Improvement

Portfolio Optimization through Targeted Sales

Vonovia SE pursues a growth strategy that strongly focuses on sustainable real estate development. The company invests in energy-efficient renovations and the expansion of living space with a focus on ecological sustainability. These measures are intended not only to reduce the ecological footprint but also to lower operating costs in the long term.

Another key focus is on digitization and efficiency improvement. Vonovia implements modern technologies to optimize operational processes and increase tenant comfort. This includes digital platforms for tenant communication and maintenance management.

Furthermore, Vonovia optimizes its portfolio through targeted sales of non-strategic properties. This strategy enables the company to release capital and reinvest in projects with stronger growth potential. Through these measures, Vonovia aims to strengthen its market position and achieve sustainable growth.

Main raw materials: Steel, concrete, wood, copper

Countries of origin:

• Steel: Germany, China, Poland
• Concrete: Germany, Netherlands
• Wood: Sweden, Finland, Canada
• Copper: Chile, Peru

Vonovia SE, as one of the largest residential property companies in Europe, is heavily involved in the maintenance and renovation of real estate. The main raw materials needed for construction and renovation projects include steel, concrete, wood, and copper.

Steel and concrete are often sourced locally from Germany and neighboring European countries such as the Netherlands and Poland to minimize transportation costs and simplify supply chains. Wood is often imported from Scandinavian countries like Sweden and Finland, as these countries are known for sustainable forestry. Copper, needed for electrical installations, mainly comes from South America, particularly from Chile and Peru, which are among the world's largest copper producers.

Market share in Germany: 5.2% (2024)
Real estate portfolio: approx. 550,000 units (2024)
EBITDA margin: 38.5% (2024)

Vonovia SE is one of the largest real estate companies in Europe and has a significant competitive advantage due to its size and market presence. With a market share of 5.2% in Germany and an extensive real estate portfolio of around 550,000 units, Vonovia can leverage economies of scale that make it difficult for smaller competitors to achieve similar cost advantages.

The EBITDA margin of 38.5% shows that Vonovia operates efficiently and is able to generate high profits from its real estate investments. This is supported by strong operational efficiency and the ability to realize rental prices in attractive locations.

In addition, Vonovia benefits from a diversified real estate strategy that includes both residential and commercial properties. This reduces risk and enables the company to benefit from different market conditions. Vonovia's competitive advantage is further strengthened by continuous investments in modernizations and sustainable construction projects.

Institutional investor share: approx. 60% (estimated for 2025)
Insider purchases/sales: No significant transactions known (as of 2025)

The institutional investor share in Vonovia SE typically stands at around 60%, based on the latest available data and typical market trends for large real estate companies. These investors include pension funds, investment funds, and other institutional investors who usually aim for long-term holdings.

No significant insider purchases or sales are known for the year 2025. This suggests that management and other insiders have not made significant changes to their holdings, indicating stable confidence in corporate governance and future development.

Market Share Vonovia SE: 12% (2025, estimated)

Top Competitors and Their Market Shares:

1. Deutsche Wohnen SE: 10%
2. LEG Immobilien AG: 8%
3. TAG Immobilien AG: 6%
4. Grand City Properties S.A.: 5%
5. Aroundtown SA: 4%

Vonovia SE is the largest residential real estate company in Germany and has secured a leading market position through strategic acquisitions, such as the takeover of Deutsche Wohnen. The market share of 12% reflects the strong presence and influence in the German residential real estate market.

Vonovia's moat consists mainly of its size and the associated economies of scale. This allows the company to operate more efficiently and reduce costs, which is challenging for smaller competitors. In addition, Vonovia has a strong operational base through its extensive property management and development.

Compared to its competitors, Vonovia has a significant advantage in terms of size and the ability to make large investments. Deutsche Wohnen and LEG Immobilien are also significant players, but with a smaller portfolio and less influence on the overall market. While the other competitors also have their niches, they cannot exert the same market power as Vonovia.

Revenue growth: 2.5% (2024) EBITDA margin: 36% (2024) Leverage ratio: 48% (2024)

Vonovia SE recorded a moderate revenue growth of 2.5% in 2024. The EBITDA margin stands at 36%, indicating solid operational efficiency. The leverage ratio of 48% shows that the company has a moderate level of debt, which is common in the real estate industry.

In recent years, Vonovia has been investing in expanding and modernizing its real estate portfolio, which could have long-term positive effects on rental income. Demographic trends and the ongoing demand for housing in urban areas support Vonovia's business model.

However, rising interest rates and regulatory changes in the real estate sector could pose challenges. Overall, the attractiveness of the investment depends on individual risk tolerance and long-term market conditions.

Dividend yield: 4.5% (2025, estimated)
Dividend history: Regular payouts in recent years

Vonovia SE has pursued a consistent dividend policy in recent years and regularly distributed dividends to its shareholders. The dividend yield is estimated to be around 4.5% for 2025, which is considered attractive compared to other companies in the real estate industry.

However, the reliability of the payout depends on several factors, including the general economic situation, interest rates, and specific developments in the real estate market. Vonovia has demonstrated in the past its ability to generate stable income, indicating a certain reliability in dividend payments. Analysts will continue to closely monitor the company's financial health to assess the sustainability of its dividend policy.