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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Covivio Hotels
Covivio Hotels (COVH) investor relations material
Covivio Hotels H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary20 Jul, 2026
Executive summary
Achieved 2.2% like-for-like revenue growth and maintained a 97% occupancy rate in H1 2026, with net profit attributable to the group reaching €143.1 million, up from €114.5 million in H1 2025.
Earnings growth was driven by active asset management, portfolio rebalancing toward hotels and centrally located assets, and strong operational performance across all segments.
Strategic focus on increasing hotel exposure, especially in Southern Europe, with major acquisitions in Italy and Spain totaling over €261 million.
Accelerated hotel transformation projects, launching eight new initiatives in H1 2026 targeting value creation and EBITDA growth.
Ancillary revenue streams and asset management fees are scaling, supporting recurring income.
Financial highlights
Group share revenues reached €349 million in H1 2026; recurring net result (EPRA Earnings) was €282 million, up 7% year-over-year (€2.55 per share).
Net profit rose to €143.1 million as of June 30, 2026, with hotel revenues up 3.4% on a current basis and 2.1% like-for-like, totaling €168.3 million.
Net asset value (EPRA NTA) per share increased 1.6% to €84.2; EPRA NTA at €4,205 million (€26.6/share), up 5% year-over-year.
LTV at 38.6% (some entities at 32.0%), net debt/EBITDA at 10.5x or 7.2x, cost of debt hedged at 85% and average interest rate at 1.99%.
Asset management and development margins are growing, with €26 million margin booked in H1 and €35 million expected for the year.
Outlook and guidance
2026 guidance confirmed for 4% growth in recurring net result per share; guidance considered conservative due to H1 margin recognition and expected higher interest rates in H2.
Continued expansion in Southern Europe and repositioning of hotels to capture further growth, with long-term leases and high-quality assets providing resilience.
European hotel sector expected to outperform economic growth, supported by resilient leisure demand and favorable booking trends.
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Latest events from Covivio Hotels
- Earnings and revenues rose, hotel assets consolidated, and guidance was raised for 2024.COVH
H1 2024 - Q1 2026 revenue rose 2.5% with high occupancy, Milan hotel deals, and strong financials.COVHQ1 2026 TU
- Revenue up 4.8% and 2025 income guidance confirmed, with robust segment and ESG performance.COVHQ3 2025 TU
- 2025 delivered strong earnings, higher hotel exposure, and robust portfolio and revenue growth.COVHH2 2025
- Recurring net result up 14% and net revenue up 10% in H1 2025, with upgraded 2025 guidance.COVHH1 2025
- Balanced growth, ESG leadership, and city-center focus drive value and future opportunities.COVHCMD 2024
- Revenue up 6.8% like-for-like, with strong hotel, office, and German residential growth.COVHQ3 2024 TU
- Q1 2025 revenues rose 5.4%, with high occupancy, asset rotation, and guidance confirmed.COVHQ1 2025 TU
- Recurring net result up 10% and dividend up 6% in 2024, with strong 2025 outlook.COVHH2 2024
Next Covivio Hotels earnings date
H2 202616 Feb, 2027
Covivio Hotels
Next Covivio Hotels earnings date
H2 202616 Feb, 2027
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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.