JPMorgan Crosses 5% in Vonovia as Landlord Trims Rent Target and Confirms CFO Succession
Published on 11/09/2026 at 07:21 | Editorial boerse-global.de
JPMorgan Chase & Co. lifted its combined holding in Vonovia above the reporting threshold, a regulatory filing showed on Friday. The position — counting voting rights plus financial instruments — rose to 5.08% from 4.88%, with the relevant threshold crossed back on 30 October.
The disclosure landed alongside a busy stretch for the Bochum-based landlord, which used a Frankfurt roadshow on its nine-month results to flesh out a more cautious medium-term picture.
Softer rent growth, costlier debt
When Vonovia fine-tuned its annual guidance roughly two weeks ago, it cut its organic rent growth forecast for 2026 to 3.8%, down from around 4% previously. Management pinned the revision on higher financing costs and a weaker transaction market.
Adjusted EBITDA for the current year is now expected in the lower half of the €2.95bn–€3.05bn range. Portfolio valuations are seen broadly flat versus the end of 2025. Looking further out, the company projects only modest growth in adjusted EBITDA for 2027, while for 2028 it has flagged an outcome at the bottom of a €3.2bn–€3.5bn corridor.
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Nine-month figures diverge
The first nine months of 2026 painted a mixed picture. Adjusted EBITDA climbed 3.3% to €2.19bn, yet adjusted EBT — the pre-tax line — fell 3.5% to €1.41bn. Adjusted shareholder returns came in at €1.12bn, compared with €1.2bn a year earlier.
Operating free cash flow reached €932.5m, also below the prior-year level, and is guided to finish the full year moderately under the previous figure. Disposals generated roughly €900m of volume across the nine months, reflecting the tougher environment for sales.
Grosse opts against a second term
Finance chief Philip Grosse has told the company he will not extend his contract, which runs out at the end of 2027. A successor is expected to be named shortly, according to Vonovia.
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The group has also mapped out its investor calendar. A second roadshow on the nine-month numbers is scheduled for Paris on 10 November, followed by the Kepler Pan-European Real Estate Conference in London on 12 November 2026. Vonovia plans to publish its 2026 annual report on 5 March 2027, with the 2027 half-year report set for 30 July 2027.
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