By Maitane Sardon

Vonovia on Friday reported a decrease in revenue and earnings in the first half of the year as sale proceeds and recurring sales fell and confirmed its outlook for 2023.

The German real-estate company posted adjusted earnings before interest, taxes, depreciation and amortization of 1.34 billion euros ($1.47 billion) for the first half compared with EUR1.40 billion in the same period of the previous year.

Total segment revenue for the period was EUR2.93 billion, compared with EUR3.10 billion.

Vonovia said the fall in revenue was mainly due to lower proceeds from the sale of real estate inventories and lower sales in the recurring sales segment.

Group funds from operations --the company's key figure for operational profitability, also called FFO-- was EUR964.8 million compared with EUR1.06 billion.

The company confirmed its previously given outlook. It continues to expect segment revenue of EUR6.4 billion to EUR7.2 billion and FFO of between EUR1.75 billion and EUR1.95 billion in 2023.

Write to Maitane Sardon at maitane.sardon@wsj.com

(END) Dow Jones Newswires

August 04, 2023 01:57 ET (05:57 GMT)

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