Vonovia Stock: Under Pressure
Germany’s largest residential landlord, Vonovia, has announced leadership changes and stronger financial results for 2025. The company’s share price, however, remains under pressure, trading near a 52-week low. Meanwhile, tenant groups in the Ruhr area have accused the firm of overcharging on rents.
Vonovia’s executive board will see a reshuffle at the end of 2025. Luka Mucic takes over as CEO from Rolf Buch. Ruth Werhahn, responsible for HR, technical services, and IT, has extended her contract until September 2029. Philip Grosse remains on the board, while Daniel Riedl will step down as Chief Development Officer on 31 May 2026. His successor, Katja Wünschel, joins the company on 1 April 2026 before assuming the role on 1 June.
Financially, the company has improved. Adjusted EBITDA climbed 6% to €2.12 billion in the first nine months of 2025. After a loss the previous year, Vonovia now reports a profit exceeding €3 billion. It also raised its 2025 guidance and expects an extra €200 million in EBITDA for 2026.
Yet, the stock market has reacted cautiously. Shares closed at €24.10, just above the 52-week low of €23.67. The price sits 20% below its peak and nearly 12% under the 200-day moving average. Wider market conditions, including 10-year U.S. Treasury yields near 4.17% and uncertainty over European Central Bank rate policy, have added pressure.
In the Ruhr area, the German Tenants’ Association of North Rhine-Westphalia claims Vonovia is charging unfairly high rents. Average asking prices in Essen, for example, are about 25% above the local rent index. The group blames the lack of rent controls in many cities and is pushing for broader caps across the region.
Vonovia disputes the accusations. The company argues that higher rents reflect substantial modernisation work on its properties. It maintains that upgrades justify the increased costs.
Vonovia’s financial performance has strengthened, with rising profits and improved EBITDA forecasts. But its share price continues to struggle amid broader economic uncertainty. The dispute over rents in the Ruhr area also remains unresolved, with tenant groups demanding stricter regulations and the company defending its pricing policies.
