Covivio Hotels (COVH) Q1 2025 TU earnings summary

Executive summary

• Achieved strong Q1 2025 performance with 5.4% revenue growth at current scope and 4.9% like-for-like, supported by all asset classes.

• Portfolio remains diversified and streamlined, focusing on central locations and quality assets.

• Hotel revenues grew 4.6% like-for-like, led by Southern Europe, with RevPAR up 2.4% in Europe, especially in Italy (+6%) and France (+3%).

Financial highlights

• Consolidated revenues reached €242 million, with group occupancy at 97.3% and an average lease term of 6.2 years.

• Office segment occupancy rate increased to 95.7%, with like-for-like rent up 5.1% due to indexation and strong letting activity.

• German residential posted 4.8% like-for-like growth in Q1 2025, with occupancy at 98.8%.

• Hotel portfolio outperformed the market with 4.7% like-for-like revenue growth and variable revenues up 8.8%.

• Loan-to-value (LTV) including duties at end-2024 was 38.9%, with €2.5 billion in liquidity covering debt maturities until June 2027.

Outlook and guidance

• Guidance for recurring results confirmed at €495 million for the year, with expected net rental income up 4% year-over-year.

• Confident outlook for 2025, supported by a resilient business model and high proportion of fixed revenues.

• 2025 European hotel performance expected to rise by 2.5%, with Southern Europe as the main growth driver.