Business Outlook

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

We expect this positive development to continue in the 2019 fiscal year and predict that we will be able to achieve our forecast figures. Given the dynamic development of the German, Austrian and Swedish housing markets, we expect to see a further increase in the value of our investment properties and with this a further boost to Adjusted NAV per share.

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 for the 2019 fiscal year was updated based on the accounting principles and standards used in the 2019 quarterly financial statements; incl. the initial application of IFRS 16:

Bochum, Germany, April 29, 2019

The Management Board