Covivio (COV) H1 2025 earnings summary

Executive summary

• Revenue grew 9–10% year-over-year to €359.8–€362 million Group share, with like-for-like growth of 5%, and recurring net result (Adjusted EPRA earnings) up 14% to €263.2 million (€2.38/share, +6%).

• Net income reached €341.4 million, a turnaround from a loss in H1 2024, driven by improved property values and operational performance.

• Portfolio value increased 3.1% to over €16 billion, with like-for-like growth of 1.5%, and strategic focus on high-quality assets across offices, hotels, and German residential.

• 2025 recurring net result guidance raised by 4% to €515 million (+8% vs. 2024), or €4.64 per share (+4%).

Financial highlights

• Net rental income rose 6% to €299.3 million; operating income up 12% to €309.1 million, with margin improving to 85.3%.

• Net asset value (EPRA NTA) per share at €80.4, up 3.5% year-over-year and 0.7% in H1.

• Loan-to-value (LTV) ratio at 39.8%, net debt/EBITDA improved to 10.7x.

• €719 million refinanced in H1 2025, including €500 million in 9-year EU Green Bonds.

• High occupancy rates: 97.3% overall, 95.5% offices, 99.0% German residential, 100% hotels.

Outlook and guidance

• 2025 recurring net result guidance raised to €515 million (+8% vs. 2024, +4% per share), with robust like-for-like revenue growth expected.

• Optimism for H2 2025 driven by improved market conditions, cost stabilization, and accretive acquisitions.

• €2.3 billion in liquidity covers debt maturities until 2027; LTV policy remains below 40%.

• Ongoing development pipeline and asset rotation to further enhance portfolio quality and returns.