Vonovia Updates 2026 and 2028 Financial Forecasts

Vonovia has adjusted its financial guidance for 2026, highlighting slight changes in organic rent growth and operating free cash flow. The management now anticipates an organic rent growth of approximately 3.8%, down from the expected ~4%. Similarly, the operating free cash flow for 2026 is expected to be moderately below the 2025 level.

The adjustments stem from reduced investment volumes and softer rent increases in Germany. Higher financing costs are impacting sales-related segments, while the core business in rental and value-add segments remains stable.

For 2027, Vonovia predicts positive developments in its core operations despite challenges in sales and development due to high interest rates. The 2028 objectives have been revised, with organic rent growth expected to accelerate but not reach the initial 5% target.