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Covivio (COV) investor relations material
Covivio Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Real estate markets in Europe remain resilient, with investment volumes expected to rise by 7% in 2025 and a comeback of large deals across offices, hotels, and German residential sectors.
Revenue grew by 4.8% at current scope and 3.5% like-for-like over nine months, reaching €797.8m (100% share) and €533 million Group share, driven by strong performance in offices, German residential, and hotels.
Active asset management and hotel portfolio reinforcement are fueling future growth, including office-to-hotel conversions and major refurbishments.
Office take-up stabilized, with a reversal in remote working trends and high occupancy rates maintained.
German residential segment saw year-on-year increases in prices (+3%) and rents (+5% in Berlin), with strong rental reversion on re-lettings.
Financial highlights
9M 2025 revenues reached €797.8m (100% share), up 4.8% at current scope and 3.5% like-for-like compared to 9M 2024; Group share revenue was €533 million.
Offices revenue up 3.6% like-for-like, hotels up 1.5% like-for-like (7.5% at current scope), and German residential up 4.8% like-for-like.
Occupancy rates: Offices 95.5%, Hotels 100%, German residential 98.9%, with an average portfolio occupancy of 97.2%.
Average fixed lease term was 6.4 years.
Hotels revenue rose 7.5% at current scope, with occupancy at 100% for leased hotels.
Outlook and guidance
Guidance for 2025 recurring net result (Adjusted EPRA Earnings) confirmed at €515m (+8% YoY), or €4.64 per share (+4% YoY).
Real estate investment volumes in Europe expected to rise by 7% for the full year 2025.
RevPAR in hotels projected to increase by 1.7% in 2025 and 2.0% in 2026.
Positive medium-term outlook for hotels and German residential, with continued rental growth and favorable supply-demand dynamics.
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