France · Delayed Price · Currency is EUR Covivio Hotels Earnings Call Transcripts
Fiscal Year 2026
-
Solid H1 2026 results with 2.2% like-for-like revenue growth, 97% occupancy, and 7.3% EPS growth. Portfolio quality improved, hotel and office segments outperformed, and guidance for 4% recurring net result per share growth is confirmed despite expected higher H2 interest costs.
Fiscal Year 2025
-
Delivered strong 2025 results with recurring earnings up 6% per share, NAV per share up 4%, and a 7% dividend increase. Strategic asset rotation and investments boosted hotel and office segments, while robust rental growth and ancillary revenues supported earnings.
-
Q3 saw robust revenue growth of 4.8% at current scope, driven by asset rotation and strong segment performance in offices, hotels, and German residential. Office occupancy stabilized at 95.5%, and guidance for 8% annual growth was reiterated.
-
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.
-
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
-
Strong 2024 performance driven by asset rotation, hotel expansion, and robust rental growth across segments. Balance sheet strengthened, with LTV down to 38.9% and recurring net results up 10%. 2025 guidance targets +4% recurring net result growth and continued portfolio rebalancing.
-
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.
-
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.