BRUSSELS (dpa-AFX) - Vonovia SE (VNA.DE), a German residential real estate company, Wednesday reported lower nine-month profit attributable to shareholders, primarily reflecting the absence of substantial one-off tax benefits recorded in the prior-year period. The company, however, posted growth in adjusted EBITDA.
Profit attributable to shareholders from continuing operations declined to €1.179 billion, or €1.24 per share, from €3.075 billion, or €3.62 per share, a year ago. The prior-year figure included a non-recurring tax benefit of €2.106 billion resulting from corporate tax rate adjustments. Income tax expense for the first nine months of 2026 was €750.1 million.
Excluding one-time items, adjusted earnings attributable to valnova shareholders decreased to €1.121 billion or €1.32 per share from €1.201 billion or €1.45 per share last year.
Earnings before tax increased to €2.060 billion from €1.226 billion.
Adjusted EBT from continuing operations declined 3.5% to €1.408 billion from €1.460 billion, mainly due to higher net financing costs. Adjusted EBT per share fell to €1.66 from €1.76.
Adjusted net financial result was €636.6 million loss compared with €546.4 million loss last year.
Adjusted EBITDA from continuing operations increased 3.3% to €2.187 billion from €2.118 billion, supported by growth in the Rental and Value-add segments.
Adjusted EBITDA from the Rental segment rose 3.5% to €1.912 billion, driven by organic rent growth despite a slightly smaller portfolio. Value-add EBITDA increased 31.4% to €197.2 million, supported by contributions from its internal craftsmen's organization and energy distribution business.
Revenue from property management edged up to €3.799 billion from €3.789 billion.
Profit from property disposals increased to €95.2 million from €25.4 million, while profit from the disposal of real estate inventories declined to €39 million from €85.9 million.
Net income from fair value adjustments of investment properties rose 64.3% to €848.1 million from €516.2 million.
EPRA net tangible assets remained broadly stable at €39.291 billion, or €46.31 per share, compared with €39.254 billion, or €46.28 per share, at the end of 2025.
For fiscal 2026, Vonovia reaffirmed its previously updated outlook, targeting adjusted EBITDA from continuing operations of €2.95 billion to €3.05 billion, with expectations in the lower half of the range.
The company also maintained its adjusted EBT forecast of €1.9 billion to €2 billion, with expectations at the lower end of the range.
Organic rent growth is projected at around 3.8%, compared with the earlier estimate of 4%.
Rental income is expected to reach €3.45 billion to €3.55 billion, with performance anticipated in the upper half of the range.
On Xetra, Vonovia shares closed down 0.49% at €16.31 on Tuesday.
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
