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Covivio Hotels
Covivio Hotels (COVH) investor relations material
Covivio Hotels H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary17 Feb, 2026
Executive summary
Achieved strong earnings growth in 2025, exceeding expectations with robust operational and financial performance across all asset classes, including European RevPAR up 1.7% year-over-year, led by Spain (+4.2%) and Italy (+3.8%), while Germany declined (-1.2%).
Maintained a diversified, high-quality portfolio focused on central European locations, hospitality, and German residential assets, with hotels now representing 10% of the investment market.
Strategic capital rotation towards core assets and increased hotel exposure, supported by new partnerships, asset conversions, and dynamic hotel investment activity reaching €23 billion (+13% YoY).
Delivered new hotel openings and major renovations, including The Met in Leeds, with €69 million in asset management work committed in 2025.
Signed a new 12-year lease with Radisson Hotel Group, expected to boost revenues by over 50% for the asset.
Financial highlights
Like-for-like rental growth of +3.4% year-over-year, with total revenues up +3.7% at current scope; hotel revenues grew 1.9% like-for-like to €345.8 million.
Recurring net result per share (Adjusted EPRA Earnings) rose +6.4% to €4.75 per share; recurring net income (EPRA Earnings) increased 5.8% to €273 million; EPRA EPS reached €1.77 (+1.5%).
Dividend payment increased by +7.1% to €3.75 per share, representing a 7% yield; proposing a €1.50 per share dividend (85% payout), unchanged from 2024.
Net asset value (EPRA NTA) up +3.9% year-over-year to €82.9 per share; EPRA NTA NAV rose 11% to €4,235 million (€26.8/share).
Loan-to-value ratio stable at 38.9%, with net debt/EBITDA improved to 10.7x; LTV at 28.4% (down 4.1 pts YoY); net debt reduced by €269 million to €1,850 million.
Outlook and guidance
2026 guidance targets ~+4% year-over-year growth in recurring net result per share, with continued focus on portfolio rebalancing, hospitality-led asset management, and ancillary revenue growth.
Strategic plan aims for further hotel exposure, centrality improvement, and sustainable financial growth, with plans to accelerate development in Southern Europe, including a new €32 million Meininger hotel in Porto and exclusive rights to acquire €300 million in leased hotels in Italy and Spain.
2026 growth expected to be driven by demand volumes and customer mix optimization rather than rate increases.
Expected value creation from current renovations
Germany asset performance improvement plan
Disposals and acquisitions portfolio alignment
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Next Covivio Hotels earnings date
H1 202615 Jul, 2026
Covivio Hotels
Next Covivio Hotels earnings date
H1 202615 Jul, 2026
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Frequently asked questions
Covivio Hotels is a European real estate investment trust (REIT) specializing in the ownership and management of hotel properties across major markets in Europe. The company’s portfolio includes a wide range of hotel assets, from luxury to midscale and economy, operated by well-known hotel brands through lease agreements and management contracts. Covivio Hotels focuses on strategic locations in city centers, business districts, and popular tourist destinations, aiming to provide stable income through long-term partnerships with established hotel operators. The company is headquartered in Paris, France, and its shares are listed on Euronext Paris.
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