Vonovia intends to pay 50% of Adj. EBT plus surplus liquidity1 from Operating Free Cash Flow after accounting for the equity contribution to our yielding investment program. Shareholders shall be offered the choice between cash and scrip dividends.

Source: Annual Report 2023; dividend yield is based on the closing prices as of December 31 of the respective financial year; dividends 2013 – 2023 are based on Group FFO per share (2022 and 2023 with reduced payout ratio due to adjusted capital allocation)