Vonovia Stock Struggles Amid Cash Flow Pressure and Analyst Downgrade

Vonovia SE stock (ISIN DE000A1ML7J1) closed Xetra trading at 17.98 euros on September 17, 2026, up 0.53 percent from the previous close. Despite this gain, the share price remains near its 52-week low of 17.55 euros.

The company's adjusted EBITDA for the first half of 2026 increased by 2.4 percent to EUR 1.46 billion, but adjusted earnings per share declined by 7.7 percent to EUR 0.91 due to higher financing costs and other charges.

A sharp decline in cash flow is also a concern, with a drop of around 45 percent compared to the previous year. Goldman Sachs analyst Jonathan Kownator downgraded Vonovia from Buy to Neutral and lowered the price target from EUR 29.50 to EUR 21.20 in early September 2026.