France · Delayed Price · Currency is EUR Covivio Earnings Call Transcripts
Fiscal Year 2025
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Delivered robust 2025 results with recurring earnings per share up 6%, NAV per share up 4%, and a 7% dividend increase. 2026 guidance targets 4% recurring EPS growth, driven by hotel expansion, asset rotation, and strong operating performance.
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Q3 and nine-month results showed strong revenue growth and operational momentum across Offices, Hotels, and German Residential, with robust letting activity and asset management driving performance. Guidance for 8% annual growth is reiterated amid resilient market conditions.
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Strong H1 2025 results with revenue and recurring earnings growth, improved margins, and raised guidance for 2025. Portfolio quality enhanced through acquisitions and disposals, with optimism for continued market recovery.
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Q1 saw 5% revenue growth, with strong performances in office, German residential, and hotels. Guidance for €495 million recurring results is confirmed, supported by a diversified, high-quality portfolio and robust cash flows.
Fiscal Year 2024
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2024 saw robust recurring earnings and revenue growth, driven by asset rotation into hotels and city center offices, strong letting activity, and portfolio streamlining. Guidance for 2025 targets further recurring result growth and a higher dividend, with continued focus on quality and centrality.
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Portfolio rebalancing continues with increased hotel and residential exposure, reduced office weighting, and a focus on central, high-quality assets. Strong rental growth, robust balance sheet, and ESG leadership underpin future value creation, with expansion in Southern Europe and Berlin prioritized.
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Revenue grew 6.8% like-for-like in Q3, led by hotels and German residential, with strong occupancy and rental growth across all segments. The disposal program advanced, and a return to a cash-only dividend is planned, reflecting improved balance sheet strength.
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Recurring earnings rose 3.3% to €231m in H1 2024, driven by strong hotel and office performance, higher occupancy, and successful disposals. Guidance for 2024 was raised to €460m, with continued focus on hotels and portfolio rebalancing.