BERLIN (dpa-AFX) - Vonovia SE (VONOY), a German real estate company, on
Tuesday reported profit for the first quarter versus loss last year, supported
by higher demand for housing, particularly in urban areas, leading to full
occupancy.

In addition, Vonovia has reaffirmed its annual outlook.

For the three-month period, the company registered a net income of 335.5 million
euros, compared with a loss of 2.088 billion euros, recorded for the same period
last year.

Earnings before taxes or EBT stood at 409.8 million euros as against a loss of
3.193 billion euros in 2023.

Adjusted EBT from continued operations slipped to 416.5 million euros or 0.51
euro per share from previous year's 449.1 million euros or 0.56 euro per share.
This is mainly due to ongoing high interest rates.

Rental EBITDA was 592.9 million euros, higher than 584.2 million euros in 2023

Rental prices rose by 3.8 percent, with an average effective monthly rental fee
of 7.78 euros per square metre across the Group.

Total adjusted EBITDA from continued operations was 607 million euros, down from
last year's 627.9 million euros.

For the full-year 2023, the company intends to pay a dividend of 0.90 euro per
share.

Looking ahead, for the full year, the company still expects adjusted EBT of 1.7
billion euros to 1.8 billion euros.

Annual adjusted EBITDA is projected to be in the range of 2.55 billion euros to
2.65 billion euros.

Vonovia aims to generate 3 billion euros in sales volume, for the year, of which
it has already reached around 1.1 billion euros.



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