Deutsche Wohnen (DWNI) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA Total for H1 2026 was €365.1m, down 6.7% year-over-year, mainly due to a sharp decline in Development segment earnings, while Rental, Value-add, and Recurring Sales segments showed positive trends.

• Period net income reached €373.9m, a significant turnaround from a loss of €53.5m in H1 2025, driven by a positive €238.4m revaluation of investment properties.

• The company completed the acquisition of a controlling stake in QUARTERBACK New Energy Holding GmbH, consolidating its renewable energy activities.

Financial highlights

• Adjusted EBITDA Rental rose 3.4% to €340.5m, while Adjusted EBITDA Development fell 72.1% to €15.2m year-over-year.

• Adjusted EBT from continuing operations was €287.1m, down 10.7% year-over-year.

• Cash flow from operating activities dropped 41% to €343.2m; net debt decreased 1.2% to €7,289.7m.

• NAV per share increased 2.8% to €43.80; LTV improved to 28.4%.

• Investment property revaluation swung from a €117.7m loss to a €238.4m gain.

Outlook and guidance

• Adjusted EBITDA Total for 2026 is expected to be roughly in line with the prior year, with Rental segment growth offsetting a weaker Development segment.

• Adjusted EBT is forecast slightly below the previous year due to higher financing costs.

• NAV per share is expected to rise slightly, barring further market-driven changes.

• CO2 intensity of the portfolio is projected to decrease modestly.