Covivio (COV) H1 2025 earnings summary

Executive summary

• Achieved strong H1 2025 results with 9% revenue growth (+5% like-for-like) and recurring net result up 14% year-over-year to €263m (+6% per share).

• Net income reached €341.4 million, a significant turnaround from -€8.4 million in H1 2024.

• Portfolio value increased by 3.1% in H1 2025 to over €16bn, with like-for-like growth of 1.5% and a focus on high-quality, centrally located assets.

• Upgraded 2025 guidance, now expecting €515m recurring net result (+8% YoY, +4% per share to €4.64), reflecting improved operating performance and financial discipline.

• Real estate markets show recovery across all asset classes, with investor confidence returning and large transactions resuming, especially in offices.

Financial highlights

• Net revenue increased by 10% to €362m; operating income up 12% to €309.1m, with margin improving to 85%.

• Recurring results rose 14% to €263m; recurring earnings per share up 6% after new share issuance.

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

• LTV ratio at 39.8%, net debt to EBITDA improved from 11.4x to 10.7x.

• 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 to €4.64).

• Like-for-like revenue growth expected to remain robust at +5%.

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

• Debt metrics expected to further improve, with LTV targeted below 39%.

• Ongoing focus on portfolio quality, asset rotation, and ESG-linked financing.