This report does not constitute a rating action. FRANKFURT (S&P Global Ratings) Nov. 4, 2026-- Vonovia SE ’s third-quarter results lead us to expect its rental operations will continue to support cash flows, with disciplined capital allocation, and an ongoing focus on balance sheet optimization. This should support headroom under our ratings on Vonovia (BBB+/Stable/A-2), although higher expected financing costs, weaker contributions from market-sensitive activities, and a more challenging operating environment are squeezing that headroom. Vonovia updated its guidance in response to challenging market conditions . The revised guidance reflects higher financing costs, weaker contributions from its recurring sales and development business, and somewhat slower organic rental growth than it previously anticipated. The underlying rental business remains solid. In our
