Business Outlook

The first six months of the 2019 fiscal year were very successful for Vonovia on the whole. We were systematic in continuing to implement our corporate strategy. All business segments showed positive development.

We expect these positive developments to continue in the 2019 fiscal year and that we will achieve our forecast figures. Given the dynamic development of the German, Austrian and Swedish housing markets, we expect to see a further increase in value in our investment properties and thus a moderate increase in Adjusted NAV per share. We do not expect significant effects from the current discussion about the Berlin rent freeze.

Our current forecast is based on the outlook for the Vonovia Group as a whole, which includes the original overall plans for the 2019 fiscal year, as well as current business developments and possible opportunities and risks. Beyond this, the Group’s further development remains exposed to general opportunities and risks. These have been described in detail in the chapter on opportunities and risks in the Group management report of the 2018 Annual Report. The forecast was based on the accounting principles used in the annual financial statements, with the adjustments described elsewhere in the management report being made.

Our current forecast for the main performance indicators in the 2019 fiscal year was updated in accordance with the accounting standards applied to the 2019 quarterly financial statements, including the initial application of IFRS 16:

Bochum, Germany, July 22, 2019

Management Board