Covivio Hotels (COVH) Q1 2026 TU earnings summary

Executive summary

• Revenue grew 1.4% year-on-year on a like-for-like basis as of March 2026, reflecting resilience in the European hotel sector despite geopolitical disruptions.

• RevPAR increased by 3.6% in Q1 2026, driven by higher average room rates and occupancy, with Italy and Spain showing the strongest gains.

• A major acquisition of four hotels in Milan for €217 million strengthens the portfolio in Southern Europe.

Financial highlights

• Total hotel revenues reached €69.1 million in Q1 2026, with fixed revenues up 3.1% and variable revenues down 8.4% year-over-year.

• Like-for-like revenue growth was 1.4%, with fixed rents up 1.1% and variable revenues up 1.9%.

• Current basis revenues declined 0.5% due to ongoing renovation works.

Outlook and guidance

• On-the-books forecast for the coming months remains solid in France and Germany.

• Oxford Economics projects an 8% increase in international arrivals in Europe by 2026, up 2 points from pre-conflict forecasts.