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Deutsche Wohnen
Deutsche Wohnen (DWNI) investor relations material
Deutsche Wohnen Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Mar, 2026
Executive summary
Achieved a turnaround in 2025 with strong core rental business and high demand, reflected in a 4.8% revenue increase in the Rental segment to €872.5 million and a 14.4% rise in Adjusted EBITDA Total to €744.7 million year-over-year.
Completed strategic sale of the Care segment and deepened integration with Vonovia SE, including a control and profit and loss transfer agreement effective August 2025.
Portfolio expanded through acquisition of 1,300 units from QUARTERBACK Immobilien Group and completion of over 1,000 new homes.
Financial highlights
Adjusted EBITDA Total rose 14.4% to €744.7 million; Adjusted EBT up 16.0% to €593.4 million year-over-year.
Profit for the period reached €1,179.6 million, driven by deferred tax income and positive fair value adjustments, compared to a loss of €591.0 million in 2024.
NAV per share increased 2.1% to €42.62; fair value of real estate portfolio up 4.2% to €24,981.5 million.
LTV stable at 29.3%; Adjusted Net debt/Adjusted EBITDA improved to 9.9x from 11.2x.
Operating Free Cash Flow rose 38.0% to €642.5 million; cash flow from operating activities up 9.4% to €793.6 million.
Outlook and guidance
For 2026, Adjusted EBITDA Total expected to be on par with 2025; slight increase in NAV per share anticipated.
Adjusted EBT forecasted to be slightly lower due to higher interest rates; CO2 intensity of the portfolio expected to decline further.
Vonovia agreement's impact on minority dividends
Drivers of 2025 QUARTERBACK impairment losses
Reason for 2026 Development EBITDA forecast drop
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Latest events from Deutsche Wohnen
- Stabilized real estate values, strong rental demand, and major transactions drive results.DWNI
Q3 20245 Feb 2026 - Stable rental growth, Care segment sale, and positive 2025 outlook despite lower EBT.DWNIQ4 20245 Feb 2026
- Adjusted EBITDA up 16% and profit for the period at €1,037.7 million.DWNIQ3 202511 Nov 2025
- Strong rental demand and development gains drove double-digit earnings growth in H1 2025.DWNIQ2 20258 Aug 2025
- Profit improved on lower valuation losses; rental business strong, outlook stable.DWNIQ2 202413 Jun 2025
- Profit and cash flow surged in Q1 2025, with low vacancy and stable leverage.DWNIQ1 20255 Jun 2025
Next Deutsche Wohnen earnings date
Q2 202611 Aug, 2026
Deutsche Wohnen
Next Deutsche Wohnen earnings date
Q2 202611 Aug, 2026
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