Half-Year Report 2020

Investor Relations Activities

Vonovia SE is committed to transparent, ongoing dialogue with its shareholders and potential investors. We are continuing with our road shows and meetings during the coronavirus pandemic, albeit on a virtual basis. In the first six months of 2020, Vonovia participated in a total of 14 investors’ conferences (10 of them virtual conferences) and organized 14 (of which 11 were virtual) road shows in the most important European and North American financial centers.

In addition, numerous one-on-one meetings, video conferences and conference calls were held with investors and analysts to keep them informed of current developments and special issues.

We will continue to communicate openly with the capital market. Various road shows, conferences and participation in investor forums have already been planned. Information can be found in the Financial Calendar on our Investor Relations website. https://investors.vonovia.de

Annual General Meeting

Vonovia conducted its very first virtual Annual General Meeting on June 30, 2020. Given the health-related risks and official requirements imposed as a result of the coronavirus pandemic, it was impossible to hold an Annual General Meeting allowing participants to be physically present. The Annual General Meeting was chaired by Jürgen Fitschen, Chairman of the Supervisory Board of Vonovia SE. Together with Rolf Buch, CEO of Vonovia SE, he spoke to the company’s shareholders from a studio set up at the corporate headquarters in Bochum. The Annual General Meeting, which also featured sign language interpretation, was streamed live in the Investor Portal on the Investor Relations website.

Shareholders had submitted their questions for the general debate electronically in advance. Their voting rights could be exercised before and during the Annual General Meeting electronically, per postal vote or by authorizing the company’s proxies.

With around 700 participants representing 79% of the share capital present at the same time, all resolution proposals were approved with a large majority. The dividend of € 1.57 per share proposed to the company’s shareholders for the 2019 fiscal year also found broad support among Vonovia’s shareholders. This corresponds to a dividend yield of 3.3% based on the cut-off date of December 31, 2019, and an increase of 9% compared to the previous year. Shareholders were once again able to choose either a conventional cash dividend or payment in the form of shares.

Analyst Assessments

As of June 30, 2020, 28 international analysts publish studies on Vonovia on a regular basis. The average target share price was € 55.60 as of June 30, 2020. Of these analysts, 75% issued a “buy” recommendation, with 18% issuing a “hold” recommendation and 7% recommending that investors sell the company’s shares.