Half-Year Report 2021

Investor Relations Activities

Vonovia SE is committed to transparent, ongoing dialogue with its shareholders and potential investors. We are continuing with our roadshows and meetings during the coronavirus pandemic, albeit on a virtual basis. In the first six months of 2021, Vonovia participated in a total of 19 investors’ conference days and organized nine roadshow days.

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. The topic dominating discussions in the second quarter of 2021 was the announcement of the merger between Vonovia and Deutsche Wohnen.

We will continue to communicate openly with the capital market. Various roadshows, conferences and participation in investor forums have already been planned. Information can be found in the Financial Calendar on our Investor Relations website. https://investoren.vonovia.de/en/service/financial-calendar

Annual General Meeting

Vonovia conducted its second virtual Annual General Meeting on April 16, 2021. 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, as had also been the case in 2020. 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 more than 800 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 more than 800 participants representing 77% of the share capital present at the same time, all resolution proposals were approved with a large majority. The dividend of € 1.69 per share proposed to the company’s shareholders for the 2020 fiscal year also found broad support among Vonovia’s shareholders. This corresponds to a dividend yield of 2.8% based on the cut-off date of December 31, 2020, and an increase of 8% compared to the previous year. For the fifth year in a row, shareholders were again able to choose either a conventional cash dividend or payment in the form of shares. At 49.18%, around half of shareholders holding shares carrying dividend rights opted for payment in the form of shares.

Analyst Assessments

As a rule, 26 international analysts publish studies on Vonovia on a regular basis, whereby four analysts suspended their rating temporarily due to their involvement in current transactions (as of June 30, 2021). The average target share price was € 63.97 as of June 30, 2021. Of these analysts, 77% issued a “buy” recommendation, with 14% issuing a “hold” recommendation and 9% recommending that investors sell the company’s shares.

Rating
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