BRUSSELS (dpa-AFX) - Vonovia SE (VNA.DE), a German real estate company, on Thursday reported a net profit for the full year, helped by gains from the fair value adjustments of investment properties and an income tax gain.
For the 12-month period to December 2025, the company posted a net income of EUR 3.723 billion, compared with a net loss of EUR 896 million last year. Net earnings per share were EUR 4.33 as against the prior year's loss of EUR 1.09 per share.
Excluding items, profit increased to EUR 1.541 billion from last year's EUR 1.463 billion. Adjusted income per share also moved up to EUR 1.85 from EUR 1.79 per share in the previous year.
Income tax gain was EUR 1.586 billion, compared with an expense of EUR 385.6 million in 2024. Earnings before tax stood at EUR 2.527 billion as against the prior year's loss of EUR 603.4 million.
Net income from fair value adjustments of investment properties was EUR 1.390 billion, compared with a loss of EUR 1.559 billion a year ago.
Vonovia recorded EPRA NTA of EUR 39.253 billion, up from the prior year's EUR 37.215 billion. EPRA NTA per share stood at EUR 46.28, higher than EUR 45.23 last year.
Revenue from property management slipped to EUR 4.918 billion from EUR 5.087 billion in the previous year. Revenue from the property-letting business was EUR 4.749 billion, less than EUR 4.880 billion last year.
For fiscal 2025, the company will pay a dividend of EUR 1.25 per share, up by 2.5% from last year.
Looking ahead, for fiscal 2026, Vonovia anticipates adjusted EBT from continuing operations of EUR 1.9 billion to EUR 2 billion, compared with EUR 1.904 billion in fiscal 2025.
Excluding items, the company expects annual EBITDA from continuing operations of EUR 2.95 billion to EUR 3.05 billion, higher than EUR 2.800 billion in fiscal 2025.
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