France · Delayed Price · Currency is EUR Covivio Hotels Earnings Call Transcripts
Fiscal Year 2026
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Solid H1 2026 results with 2.2% like-for-like revenue growth, 97% occupancy, and 7.3% EPS growth. Strategic focus on hotels and central assets, with disciplined capital allocation and recurring revenue streams supporting guidance for 4% EPS growth in 2026.
Fiscal Year 2025
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Strong 2025 results with recurring earnings up 10% and dividend up 7%, driven by robust office, hotel, and residential performance. Portfolio rotation and asset management support a 4% recurring result per share growth target for 2026, with continued focus on hotels and city center offices.
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Q3 saw robust revenue growth of 4.8% and strong operational performance across office, hotel, and German residential segments, with active asset management and significant CapEx investments. Guidance for 8% annual growth is reiterated, supported by resilient market trends and positive outlook.
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H1 2025 saw robust revenue and earnings growth, improved margins, and a positive outlook across all segments. Guidance for 2025 recurring earnings was raised by 4%, with optimism supported by market recovery, disciplined capital allocation, and strong hotel and residential performance.
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Q1 delivered 5% revenue growth, with strong performances in offices, German residential, and hotels. Portfolio diversification and asset rotation supported resilient cash flows, and guidance for €495 million recurring results is confirmed.
Fiscal Year 2024
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2024 saw robust operating and financial performance, with increased hotel and German residential exposure, strong rental growth, and a reinforced balance sheet. Guidance for 2025 targets 4% recurring result growth and stable EPS, with continued asset rotation and investment focus on hotels.
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Delivered on €1.5bn disposal plan, rebalanced portfolio toward hotels and city-center assets, and maintained strong operational and ESG performance. Growth will focus on hotel expansion, German residential, and office centrality, with disciplined capital allocation and a long-term one-third split across asset classes.
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Revenue grew 4.9% at current scope and 6.8% like-for-like, led by hotels and German residential. Disposals progressed above appraisal values, and occupancy rates improved across all segments. Management remains optimistic, with a return to cash dividend and further hotel focus planned.