Vonovia FY24 Net Loss Narrows; Sees Growth Ahead

Vonovia

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(RTTNews) - German real estate major Vonovia SE reported Wednesday a net loss in fiscal 2024, but significantly narrower than last year, mainly with growth in revenues. The company also announced higher dividend, and its fiscal 2025 outlook, expecting higher adjusted EBITDA, a key earnings metric.

The company added that it is very confident as it looks ahead to this year and beyond, with the development of new growth opportunities. Vonovia said it has set a clear target of achieving EBITDA growth of around 30 percent by 2028.

In Germany, on the XETRA, Vonovia shares were losing around 1.4 percent to trade at 25.17 euros.

For fiscal 2025, the company expects to report adjusted EBITDA of between 2.70 billion euros and 2.80 billion euros, higher than the previous year. Adjusted EBT is expected between 1.75 billion euros and 1.85 billion euros.

By 2028, the company aims to report an adjusted EBITDA of between 3.2 billion euros and 3.5 billion euros, an increase of around 30 percent compared to 2024. The three areas of business other than Rental - Value-add, Development and Recurring Sales - which currently contribute around 9 percent to adjusted EBITDA, are expected to make a total contribution of between 20 percent and 25 percent.

Further, the Supervisory Board will be proposing to the Annual General Meeting a dividend of 1.22 euros per share, higher than the dividend for the last two years.

In fiscal 2024, net loss attributable to Vonovia's shareholders was 896.0 million euros, compared to prior year's loss of 6.29 billion euros. Loss per share was 1.09 euros, compared to loss of 7.80 euros a year ago.

On a continuing operations basis, attributable loss was 919.4 million euros or 1.12 euros per share, compared to loss of 6.16 billion euros or 7.64 euros per share a year ago.

EPRA NTA per share developed to 45.23 euros at the end of 2024 from 46.82 euros at the end of 2023.

The adjusted EBT of continuing operations dropped to 1.80 billion euros from 1.87 billion euros in the previous year. However, the adjusted EBITDA total from continuing operations grew 1.6 percent to 2.63 billion euros from previous year's 2.58 billion euros, mainly with improvement in Value-add.

Revenue from property management grew to 5.09 billion euros from prior year's 4.87 billion euros.

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