Vonovia SE (VONOY), a prominent German real estate firm, announced that its first-half loss for the current year has significantly reduced to €529.2 million, compared to last year's staggering €4.13 billion loss. Consequently, the loss per share decreased to €0.58 from the previous €4.81.
Pre-tax losses also saw improvement, dropping to €588.3 million from €5.87 billion in the same period last year.
However, adjusted earnings before tax (EBT) from ongoing operations fell by 6.2% to €887.2 million, down from last year’s €945.8 million.
On a per-share basis, adjusted EBT from continuing operations was recorded at €1.09, reflecting an 8.3% decline from €1.19 a year earlier.
Total adjusted EBITDA from continued operations dipped to €1.27 billion, a 2.6% decrease from the previous year's €1.30 billion.
Revenue generated from property management activities dropped to €2.52 billion, compared to €2.62 billion in the prior year.
Looking forward, Vonovia has reaffirmed its fiscal 2024 guidance, anticipating results at the upper end of their previously stated outlook.
The company projects adjusted EBT to be in the range of €1.70 billion to €1.80 billion and annual adjusted EBITDA to fall between €2.55 billion and €2.65 billion.
While adjusted EBT is expected to be slightly below last year’s figures, the total adjusted EBITDA is anticipated to remain roughly consistent with the previous year.
