Interim Results January to June 2024

Deutsche Wohnen: Stable Performance in the first six months of 2024

• Adj. EBT of €281.4 million (€0.71 per share)
• NAV at €16,676.1 million (€42.01 per share)
• Vacancy rate remains at very low level

Berlin, August 6, 2024. In a challenging environment for the real estate industry, Deutsche Wohnen SE delivered a stable operating performance in the first six months of 2024.

The Adjusted EBITDA Rental was €314.2 million (-3.3%). The in-place rent per square meter was €7.80 (+3.3%). The vacancy rate remained at a very low level of 1.7%.

Other relevant KPIs also developed in line with expectations. The Adjusted EBT was €281.4 million, which was slightly above the prior-year level. On a per-share basis, the Adjusted EBT came to €0.71. The NAV (formerly EPRA NTA) declined by 1.8% since year-end 2023 to €16,676.1 million or €42.01 per share. This decline was largely driven by the result from the fair value measurement of investment properties of €-518.5 million for the first half of 2024. The LTV was at 30.0%.

Key numbers

Financial KPIs		6M 2024	6M 2023	Change
Adjusted EBITDA Rental	€ million	314.2	325.0	-3.3%
Adjusted EBITDA Value-add	€ million	8.0	1.8	>100%
Adjusted EBITDA Recurring Sales	€ million	1.0	1.2	-16.7%
Adjusted EBITDA Development	€ million	1.7	0.2	>100%
Adjusted EBITDA Total (continuing operations)	€ million	324.9	328.2	-1.0%
Adjusted EBT (continuing operations)	€ million	281.4	277.1	+1.6%
Attributable to minorities	€ million	0.9	1.7	-47.1%
Adjusted EBT per share	€	0.71	0.70	+1.6%
Operating Free Cash-Flow (OFCF)	€ million	263.0	82.0	>100%
Profit for the period	€ million	-202.8	-1.391.1	-85.4%
Balance sheet		Jun. 30, 2024	Dec. 31, 2023	Change
Investment properties	€ million	22,499.4	23,021.5	-2.3%
Equity	€ million	13,804.5	13,998.2	-1.4%
LTV	%	30.0	30.4	-0.4pp
NAV	€ million	16,676.1	16,976.6	-1.8%
NAV per share	€	42.01	42.77	-1.8%
Non-financial KPIs		Jun. 30, 2024	Jun. 30, 2023	Change
Number of owned residential units		140,195	140,168	0.0%
In-place rent (residential)	€/sqm	7.80	7.55	+3.3%
Vacancy rate (residential)	%	1.7	1.9	-0.2pp

About Deutsche Wohnen

Deutsche Wohnen is one of the leading publicly listed property companies in Europe and is part of the Vonovia Group. The business focus of the company is on managing its own portfolio of residential properties in dynamic metropolitan regions and conurbations in Germany. Deutsche Wohnen sees itself as having both a social responsibility and a duty to maintain and newly develop good-quality and affordable housing in vibrant residential neighbourhoods. As of 30 June 2024, the portfolio comprised a total of around 140,000 residential units.

Important note

This publication is neither an offer to sell nor a solicitation to buy securities.

To the extent that this document contains forward-looking statements, these are not facts and are recognisable by such words as ‘will’, ‘expect’, ‘believe’, ‘estimate’, ‘intend’, ‘endeavour’, ‘assume’ and similar expressions. These statements express the intentions, opinions or current expectations and assumptions of Deutsche Wohnen and the individuals acting in concert with it. The forward-looking statements are based on current plans, estimates and forecasts that Deutsche Wohnen and the individuals acting in concert with it have made to the best of their knowledge, but do not make any claims as to their future accuracy. Forward-looking statements are subject to risks and uncertainties that are generally difficult to predict and are usually not within the control of Deutsche Wohnen or the individuals acting in concert with it. It should be remembered that the actual results or consequences may differ considerably from those mentioned or contained in the forward-looking statements.

Contact

Phone +49 (0)30 897 86-5413
Fax +49 (0)30 897 86-5419
ir@deutsche-wohnen.com