Deutsche Wohnen (DWNI) Q4 2025 earnings summary

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.