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. Portfolio rebalancing continues, with increased hotel exposure and disciplined capital allocation. 2026 guidance for 4% recurring net result per share growth confirmed.
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 rebalancing continues with increased hotel exposure and city center offices, while leverage and net debt ratios improve.
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Q3 saw 4.8% revenue growth, strong operational performance in office, hotel, and German residential, and robust asset management activity. Guidance for 8% annual growth and €515 million revenue is reaffirmed, with positive outlook despite macro uncertainties.
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Strong H1 2025 results with revenue up 5% like-for-like, recurring earnings up 14%, and improved operating margin. Portfolio value exceeded €16 billion, with increased hotel exposure and robust performance across all segments. Raised 2025 guidance reflects optimism amid market recovery.
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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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Strong 2024 performance driven by hotel and city center office exposure, robust revenue growth, and disciplined asset rotation. Portfolio values stabilized, leverage improved, and recurring results are set to grow 4% in 2025, with a higher dividend proposed.
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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.