Vonovia : Analyst & Investor Presentation 9M 2021 Vonovia 9M-Roadshow

9M 2021

Earnings Call Presentation (pages 2-22) & Investor Presentation (pages 23-47)

November 4, 2021

Agenda

1.	9M 2021 Results & Business Update pages 2-22

See Page Finder on page 76 for detailed index

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Agenda 9M 2021 Results and Business Update

4	Highlights
5	Deutsche Wohnen Transaction Update & Impact on 9M Financials
6-12	Segment Results
13-14	Valuation
15	EPRA NTA & NRV
16-18	LTV & Capital Structure
19	Two Agreements with Aggregate Holdings
20	Sustainability Performance Index (SPI)
21	Vonovia Stand-alone Guidance 2021
22	Wrap-up

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9M 2021 Earnings Call & Investor Presentation

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Highlights

• Operating business continues to perform fully in line with expectations.
• Market fundamentals remain highly favorable.
• Continued focus on managing the residential megatrends with a view towards sustainability and adequate stakeholder reconciliation.

	•	Total Segment Revenue €3,517m (+9.5% y-o-y).
Financial	•	Adj. EBITDA Total €1,540.9m (+7.6% y-o-y).
Performance	•	Group FFO €1,147.3m (+12.9%) and €1.99 per
		eop share (+10.8% y-o-y).

•	€1.6bn (+2.6% l-f-l) value growth in Q3 (VNA
	stand-alone).
•	€1.8bn - €2.6bn (2.8%-4.0%) value growth
Valuation	estimated for Q4 (VNA stand-alone).
•	EPRA NTA €70.26 per share (+12% ytd).1
•	EPRA NTA €60.44 per share excluding purchaser's
	costs (+6.7% ytd).1

Capital

Structure

2021E

Guidance

Deutsche

Wohnen

1.

9M 2021 Results

• 45.3% LTV incl. the perpetual hybrid and 14.0x Net debt/EBITDA multiple2 as of Sep. 30, 2021
  (excl. €10.5bn payment obligations for DWNI shares transferred after Sep. 30, 2021).1
• Pro forma LTV below 45% when adjusted to reflect (i) €10.5bn payment obligations as of Sep 30, (ii) ca. €8bn3 rights issue, (iii) Berlin disposals and (iv) Q4 valuation estimate.
• Vonovia-stand-aloneguidance (excl. contributions from Deutsche Wohnen)
• • Adj. EBITDA Total increased to around the upper end of the €2,055m - €2,105m range;
  • Group FFO increased to €1,520m - €1,540m.
• Vonovia now owns 87.6% of voting rights.
• Announced changes to Vonovia Management Board expected in Jan 2022.
• Integration project kicked off.
• Ca. €8bn rights issue as early as second half of
  November, subject to market conditions.3

1 Incl. Deutsche Wohnen on a fully consolidated basis as per Sep 30, 2021. This is based on 37.6% of shares (fully diluted) already paid and excluding €10.5bn payment obligations outstanding as of the end of Q3. 2 Adj. net debt quarterly average over Adj. EBITDA Total (LTM), adj. for IFRS 16 effects. 3 Any transaction would require, inter alia, approval by the Vonovia management board and supervisory board as well as a prospectus by BaFin.

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9M 2021 Earnings Call & Investor Presentation

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Deutsche Wohnen

Transaction Update and Impact on Vonovia 9M Financials

Transaction update		Impact on Vonovia's financials

• Voluntary takeover offer successfully completed with 87.6% of voting rights now held by Vonovia.
• Deutsche Wohnen to remain a listed entity for now.
• As previously announced, the following changes to the Vonovia Management Board are expected for Jan. 2022.
• • Helene von Roeder to assume new responsibilities within Vonovia Management Board (innovation and digitalization);
  • Michael Zahn to become Deputy CEO;
  • Philip Grosse to become CFO.
• Integration project already kicked off.
• Synergy target of €105m EBITDA confirmed; full run rate by 2024.

• DWNI fully consolidated under IFRS balance sheet as of Sep. 30, 2021 ("Anticipated Acquisition Method").1 No impact on 9M Segment EBITDAs.
• At the end of Q3, 37.6% of the shares (fully diluted) were already paid, and the remaining purchase price of €10.5bn was booked as a payment obligation (i.e. not included in the reported LTV).
• 9M Group FFO includes at-equity contribution of €25.6m from DWNI
  (two months of Q3 FFO at a weighted average stake of 29.8%).
• Until the integration of DWNI into Vonovia, DWNI will be reported as a separate segment.
• FY2021 results will be including
• • DWNI at-equity contribution for 2 months (+€25.6m);
  • Q4 DWNI FFO;
  • transaction-relatedfinancing cost (-€20.5m).
• The guidance on page 21 is Vonovia stand-alone and does not include DWNI contributions.

1 The Anticipated Acquisition Method assumes an acquisition of 100% of Deutsche Wohnen, and the purchase price allocation/calculation of goodwill is only provisional.

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