Operator

Ladies and gentlemen, welcome to the Vonovia SE Q1 2026 Results Analyst and Investor Call. I'm Moritz, the Chorus Call operator.

[Operator Instructions] The conference is being recorded. [Operator Instructions] The conference must not be recorded for publication or broadcast.

At this time, it's my pleasure to hand over to Rene. Please go ahead.

Rene Hoffmann
Head of Investor Relations

Thank you, Moritz, and welcome, everybody, to our update call. The speakers today are Luka Mucic, our CEO; and Philip Grosse, our CFO. They will briefly present the main messages for today before we open up for Q&A, where both will be very happy to take your questions.

With that, over to you, Luka.

Luka Mucic
Chairman Management Board & CEO

Yes. Thank you very much, Rene, and hello, and welcome, everybody, from my side. Let me start with a brief summary of the main takeaways from the first quarter.

We have had a good start with a strong performance in our core operations. Adjusted EBITDA grew 6.3% in our Rental segment to EUR 630 million, even though we had about 4,000 fewer units compared to the same time last year. This very positive development was underpinned by 4% organic rent growth, around 98% occupancy and more than 99% rent collection. Unsurprisingly, our largest segment was once again extremely robust and remains