09:30 AM EDT, 05/07/2026 (MT Newswires) -- Berenberg said Vonovia (VNA.F) is well on track to meet its full-year 2026 targets after the company delivered a "solid set"of first-quarter results due to its "very robust"rental business.

"For Q1, Vonovia achieved rents of (Euro)873.6m (Berenberg estimate: (Euro)857.2m), adjusted EBITDA in the Rental segment of (Euro)629.7m (Berenberg estimate: (Euro)588m) and adjusted shareholder earnings/FFO as the adjusted net profit of (Euro)365.6m (our estimate: (Euro)355m). The total adjusted EBITDA for all of Vonovia's four segments, across renting, recurring sales, developments and value-add, came in at (Euro)711.6m (+1.4% yoy; Berenberg estimate: (Euro)699m). The lfl rent growth was solid at 4% (Q1 2025: 4.3%), split between 260bp from adjusting rented apartments with local rent indices ("Mietspiegel"), 200bp from modernisation investments and 40bp from new construction,"according to a Thursday note.

The research firm said its forecasts for the German residential real estate company's rents, total adjusted EBITDA and adjusted shareholder profit or funds from operations are "broadly in the middle"of the company's guidance range after updating its assumptions.

While noting Vonovia's "broadly unchanged"financial profile in March 2026 compared with December 2025, Berenberg also said it welcomes the company's target for a structurally lower financial leverage.

The buy-rated stock's price target was maintained at 38 euros.