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.

• Revenue grew by 4.8% at current scope and 3.5% like-for-like over the first nine months of 2025, reaching €797.8m (100% share) and €533 million Group share, driven by strong performance in offices, hotels, and German residential.

• Investments increased by 2% in Europe, with notable acceleration in office transactions and strong hotel volumes; asset management momentum continued with significant lettings and renewals.

• ESG leadership was reinforced, with 99% of assets certified and top-tier ratings from GRESB, ISS ESG, MSCI, and Sustainalytics.

Financial highlights

• 9M 2025 revenues reached €797.8m (100% share) and €533 million Group 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.

• Hotel revenue grew 7.5% at current scope and 1.5% like-for-like, with occupancy at 100% on leased hotels and a firm lease term of 10.9 years.

• Asset disposals totaled €191 million Group share, mainly non-strategic assets, with €311 million invested, focused on city center assets.

• 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.

• RevPAR for hotels expected to increase by 1.7% in 2025 and 2.0% in 2026, despite negative base effects from major events.

• German residential segment expected to benefit from limited construction, rising rents, and worsening housing shortage.

• European real estate investment volumes projected to rise 7% for the full year 2025.