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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Strong 2024 performance with revenue and recurring earnings growth, increased hotel and city center office exposure, and a reinforced balance sheet. Guidance for 2025 targets 4% recurring net result growth and a 6% dividend increase, with continued portfolio rebalancing and investment focus.
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The group achieved its €1.5bn disposal plan, reduced LTV below 40%, and shifted its portfolio toward hotels and Berlin residential, aiming for a balanced one-third split across offices, hotels, and residential. Growth will be driven by centrality, asset rotation, and operational value extraction, with a strong ESG focus and disciplined capital allocation.
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Q3 2024 delivered strong revenue growth across all segments, with hotels and German residential leading performance and occupancy gains. The disposal program advanced with sales above appraisal values, and management remains optimistic, targeting a return to cash dividends next year.
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Recurring earnings grew 3.3% to EUR 231 million, with strong like-for-like rental growth and increased hotel exposure. 2024 guidance was raised to EUR 460 million, driven by hotel sector reinforcement and robust asset management. Portfolio rebalancing and deleveraging continue.