Covivio Hotels (COVH) H2 2024 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2024, with ongoing portfolio transformation and growth across hotels, offices, and German residential segments.

• Revenue up 7.2% like-for-like and recurring net result up 10% year-over-year, supported by dynamic asset rotation and robust market fundamentals.

• Completed a major €800 million consolidation transaction with AccorInvest, strengthening presence in key European tourist areas.

• Expanded portfolio with an €81 million acquisition in Tenerife and completed four hotel renovations.

Financial highlights

• Revenue increased by 5% at current scope and 7.2% like-for-like year-over-year; recurring net result up 10% to €477.4m.

• Adjusted EPRA earnings per share stable at €4.47 due to higher share count; EPRA EPS at €1.74 (+8.1%).

• Dividend proposal of €3.50 per share, up 6% year-over-year; Covivio Hotels proposed €1.50/share (+15%).

• LTV ratio improved to 38.9% (Covivio) and 32.5% (Covivio Hotels); net debt/EBITDA reduced to 11.4x and 7.6x, respectively.

• EPRA NTA per share at €79.8 (Covivio) and €25.8 (Covivio Hotels) at year-end.

Outlook and guidance

• 2025 recurring net result (Adjusted EPRA Earnings) guidance at €495m, +4% year-over-year, stable per share.

• Plans to continue development and asset management to unlock portfolio potential in 2025, focusing on Southern Europe and asset optimization.

• Market fundamentals remain favorable, with stabilizing property values and strong demand in core segments.