Covivio Hotels (COVH) Q3 2025 TU earnings summary

Executive summary

• Real estate markets in Europe remain resilient with a comeback of large deals and positive momentum across offices, hotels, and German residential segments.

• Strong operating performance with revenue up 4.8% at current scope and 3.5% like-for-like for the first nine months of 2025.

• Occupancy rates remain high at 97.2%, reflecting robust demand and effective asset management.

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.

• Office segment revenue up 3.6% like-for-like; hotels up 1.5% like-for-like and 7.5% at current scope; German residential up 4.8% like-for-like.

• Confirmed guidance for 2025 recurring net result (Adjusted EPRA Earnings) at €515m (+8% YoY) and €4.64/share (+4% YoY).

Outlook and guidance

• Guidance for 2025 recurring net result and EPS confirmed, reflecting confidence in continued growth.

• Positive medium-term outlook for hotels, with RevPAR expected to grow 4.4% in 2025 and 3.1% in 2026.

• German residential segment expected to benefit from limited construction and rising rents.