Deutsche Wohnen SE

Latest Results (09.09.2025):

Deutsche Wohnen SE reported its financial results for the full year 2023, demonstrating a mixed performance with significant revenue growth in continuing operations, modest improvements in EBITDA, but a substantial decline in profit due to impairment losses. The company also achieved improvements in cash flow from operating activities and strengthened its balance sheet metrics.

Total Segment Revenue

For 2023, Deutsche Wohnen SE's total segment revenue from continuing operations increased by 13.1% to €1,011.2 million, driven primarily by a 2.7% rise in rental revenue. However, revenue from the value-add and recurring sales segments decreased by 32.7% and 71.7%, respectively.

Adjusted EBITDA

The Adjusted EBITDA for continuing operations saw a slight increase of 1.0%, reaching €634.8 million. Notably, the rental segment's Adjusted EBITDA grew by 6.3%, while the value-add and recurring sales segments experienced declines of 24.8% and 91.1%, respectively.

Profit Performance

Deutsche Wohnen SE reported a significant decrease in profit for the period, which fell by over 100% to €-2,761.1 million. This decline was largely due to impairment losses from fair value adjustments of investment properties, which amounted to €-3,722.2 million.

Cash Flow and Financing

The company's cash flow from operating activities improved by 5.5% to €384.8 million, while cash flow from investing activities saw a remarkable increase of over 100% to €291.3 million. Additionally, cash flow from financing activities decreased by 23.6% to €-658.9 million, reflecting a stronger financial position.

Balance Sheet Strength

Deutsche Wohnen SE enhanced its balance sheet metrics in 2023, with the Net Debt/EBITDA ratio improving by 10.1 percentage points to 12.7x and the Interest Coverage Ratio increasing by 23.3 percentage points to 6.8x. The Loan-to-Value (LTV) ratio also rose slightly by 2.3 percentage points to 30.4%, maintaining a low level.