Covivio Hotels (COVH) H1 2025 earnings summary

Executive summary

• Recurring net result rose 14% year-over-year in H1 2025, with revenue up 9% and strong growth across all segments.

• Net income reached €341.4 million, a turnaround from a loss in H1 2024, driven by operating performance and fair value gains.

• Portfolio value increased 3.1% at current scope to €16.0 billion, led by residential and hotel segments.

• Upgraded 2025 guidance reflects improved operations, robust balance sheet, and positive market trends.

• Maintained high portfolio quality and diversified exposure across offices, hotels, and German residential assets.

Financial highlights

• H1 2025 recurring net result reached €263m (+14% year-over-year, +6% per share).

• Revenue grew 9% at current scope and 5% like-for-like; occupancy rate at 97.3%.

• Adjusted EPRA earnings per share rose to €2.38 (+6% year-over-year).

• EPRA NTA per share increased 3% year-over-year to €80.4.

• Net result turned positive at €341.4m, driven by asset fair value gains.

Outlook and guidance

• 2025 recurring net result (Adjusted EPRA Earnings) guidance upgraded to €515m (+8% year-over-year, €4.64/share).

• LTV ratio expected to remain below 40%, with further improvement in debt metrics.

• Management expects continued rental growth, especially in German residential and hotels, supported by strong market fundamentals.

• Q3 2025 activity update scheduled for October 22, 2025.