Vonovia Retains 2026 Guidance Amid Q1 Earnings Dip

By EC Assets · Published 7 May 2026 · Updated 28 May 2026

Vonovia SE, Europe's largest residential landlord, has maintained its financial guidance for 2026 ing a decline in first-quarter earnings. The German real estate company recorded an aer-tax loss of 288.4 million euros for the first three months of 2024. This figure represents a narrowing of the loss compared to the 669.4 million in the same period last year. The company's funds from operations (FFO) fell to 432 million euros in the first quarter. This is down from 512 million euros in the corresponding quarter of 2023. These results reflect ongoing challenges in the real estate sector. However, Vonovia expects an FFO of between 1.7 billion euros and 1.9 billion euros for the full fiscal year 2024. Vonovia has confirmed its ambitious targets for 2026. The company forecasts an enterprise value of 80 to 85 billion euros by that year. It also projects a loan-to-value ratio of 40% to 45% and an FFO per share above 2.70 euros. Equity free cash flow is anticipated to be around 1 billion euros. The company aims for adjusted earnings before interest and tax of approximately 4 billion euros by 2026. The property sector faces headwinds, including high interest rates and increased construction costs. These factors have impacted property valuations across the industry. Vonovia's reaffirmed guidance suggests a focus on its long-term financial health and operational strategy amid these market conditions. Investors will monitor Vonovia's subsequent for further indication of its progress toward these stated goals. The company's ability to navigate current market dynamics while pursuing its long-term strategy remains a key area of focus. This article is intended for informational purposes only. It does not constitute investment advice.