Vonovia trims 2028 rent growth to 4.50 percent. Vonovia stock falls 4.67 percent.

Published on 10/29/2026 at 10:34 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Vonovia guides 2026 adjusted EBITDA to the lower half. Vonovia stock costs EUR 15.70 on October 29, 2026, 4.67 percent below Xetra close.

Guidance shifts toward caution

Vonovia lowered its 2028 organic rent-growth objective to 4.50 percent on October 28, 2026.
Preliminary adjusted EBITDA reached EUR 2.19 billion in the first nine months of 2026.
Vonovia stock trades at EUR 15.70 at 10:31 a.m. CET at Lang & Schwarz on October 29, 2026, 4.67 percent below the Xetra close of October 28, 2026.

Vonovia, DE000A1ML7J1, Illustration mit AI erstellt.

Vonovia (ISIN DE000A1ML7J1) revised its 2026 outlook, issued initial 2027 guidance and lowered its 2028 organic rent-growth objective to 4.50 percent on October 28, 2026. The issuer attributed the reset to higher financing costs, weaker transaction activity and slower investment growth, according to the Vonovia release.

Lower growth, tighter capital

The 2028 target is down from 5.00 percent, while planned investment falls from EUR 2.0 billion to EUR 1.7 billion. Vonovia also said new Manage-to-Green investments would be suspended and Development-to-Hold projects reduced as the company applies stricter return requirements.

The 2026 outlook is mixed rather than uniformly weaker. Adjusted EBITDA Total is expected in the bottom half of the EUR 2.95 billion to EUR 3.05 billion range, while adjusted shareholder earnings should remain in the upper half of the EUR 1.4 billion to EUR 1.5 billion range. Operating free cash flow before changes in net working capital is now expected below the 2025 level.

What does the reset mean for earnings?

Preliminary results for the first nine months of 2026 show adjusted EBITDA Total of EUR 2.19 billion, compared with EUR 2.118 billion a year earlier. Adjusted earnings before tax reached EUR 1.41 billion, versus EUR 1.460 billion in the first nine months of 2025, as higher financing costs offset the operational improvement.

The company still describes Rental and Value-add as resilient, but sales-related businesses face weaker demand. That split matters because rent growth remains positive while development and recurring sales contribute less to the earnings ramp-up.

Next report arrives November 4

Vonovia introduced Veveus on October 5, 2026, and reported first-half Value-add external revenue of EUR 79.2 million, up 13.80 percent year over year, in its earlier company release. On October 28, 2026, it announced the guidance reset and said the full interim statement for the first nine months of 2026 will be published on November 4, 2026.

The next dated event is therefore the third-quarter and first-nine-month report on November 4, 2026. That release should show whether the preliminary earnings picture and the financing pressure develop as outlined.

Stock trades below the Xetra close

At Lang & Schwarz, Vonovia stock was trading at EUR 15.70 on October 29, 2026, at 10:31 a.m. CET, 4.67 percent below the Xetra close of October 28, 2026, at EUR 16.47. The quoted move provides market context, while the revised targets put financing costs and capital allocation at the center of the next earnings discussion.

The further course of trading is shown by the continuously updated real-time quote of Vonovia stock.