Vonovia SE Feedback from the London Group Meeting

Research evidence excerpt

Vonovia SE Feedback from the London Group Meeting

J P M O R G A N Europe Equity Research

12 May 2026

Vonovia SE Overweight

VNAn.DE, VNA GR

Feedback from the London Group Meeting Price (11 May 26):€22.42

Price Target (Dec-27):€34.50

The focus in the group meeting was initially on deleveraging as management European Property

ACoutlined how progress continues to be made ‘under the surface’. Multiple buckets Neil Green, CFA

from which assets can be disposed of were discussed, but it was also stressed that (44-20) 7134-4478

this was not deleveraging just for deleveraging's sake, but to facilitate future neil.d.green@jpmorgan.com

growth. On valuation, management reiterated expectations that they would edge J.P. Morgan Securities plc

up in 1H26, and talked through the potential for convertibles (not hybrids). The Vanessa M Guy

discussion also stretched across the avenues for growth in non-rental EBITDA (44-20) 7742-4521

vanessa.guy@jpmorgan.com

(value-add and third-party management), the expectation of renewed noise around J.P. Morgan Securities plc

expropriation in Berlin, and how a 4% marginal cost of debt assumption remains

Krishna Sathwik Beechu

achievable. Please see below for more details. (91-22) 6157 5847

krishna.s.beechu@jpmchase.com

• Deleveraging progress was the main (initial) focus of Q&A. Management J.P. Morgan India Private Limited

said sentiment is unchanged since results, and it has continued to make tangible

progress behind the scenes. Supporting deleveraging too is the expectation that

property valuations will edge up gently in 1H. Style Exposure

• Disposals framed in several buckets. (1) Non-strategic minority stakes: i.e.

The Vesteda stake, where redemption is progressing, with a timeline

potentially over the coming 12 months, sized at c.€200m.