Vonovia 9-month Group FFO Declines 8.4%, Segment Revenue Down 8.1%; Confirms FY Guidance

(RTTNews) - Vonovia (VONOY) reported Group FFO of 1.45 billion euros for the nine month period compared to 1.58 billion euros, last year. Group FFO per share, eop NOSH, was 1.78 euros compared to 1.98 euros. Group FFO per share after non-controlling interests was 1.69 euros compared to 1.90 euros. Adjusted EBITDA total was 2.01 billion euros, compared to 2.11 billion euros, previous year. Adjusted EBITDA Rental was 1.80 billion euros, a 7% increase compared with the previous year.

Vonovia achieved a sales volume of around 3.7 billion euros, with a pro forma reduction of loan-to-value ratio due to sales to 45.0%. In the first nine months, segment revenues, as a reflection of sales, were 4.23 billion euros, compared to 4.61 billion euros.

Vonovia has confirmed its forecasts for Group FFO and full-year 2023 guidance as being between 1.75 billion euros and 1.95 billion euros. Due to lower investments and the market environment, Vonovia expects EBITDA to be at the lower end of the bandwidth between 2.6 billion euros and 2.85 billion euros.

For 2024, Vonovia expects EBITDA to reach the level of 2023. Due to higher taxes and interest, the FFO is likely to be moderately lower than in 2023. Rental business is anticipated to achieve revenues that will be on the same level as the results forecast for 2023.

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