Covivio (COV) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered strong and sustained operating performance, with 5.4% revenue growth year-on-year across all asset classes, supported by a diversified business model and robust market fundamentals.

• High occupancy rates and favorable positioning in core markets contributed to stable cash flows and results.

• Successful asset rotation included €83 million in new disposal agreements at a 3% premium to end-2024 values.

• ESG progress included a 28% reduction in carbon emissions since 2010 and 86% of directly managed assets under green electricity contracts.

• 2025 outlook and recurring net result guidance confirmed, with a proposed dividend increase to €3.50 per share (+6% year-on-year).

Financial highlights

• Q1 2025 revenues reached €242 million at 100% and €162 million (Group share), up 5.4% year-on-year; like-for-like revenue growth was 4.9%.

• Group occupancy rate reached 97.3%, with average lease maturity of 6.2 years.

• Office segment occupancy rate increased to 95.7%, with like-for-like rent up 5.1%.

• German residential posted 4.8% like-for-like rental growth in Q1 2025, with occupancy at 98.8%.

• Hotel portfolio achieved 4.7% like-for-like revenue growth, with 13% growth for recently acquired assets.

Outlook and guidance

• 2025 recurring net result (Adjusted EPRA Earnings) guidance confirmed at around €495 million, up 4% year-on-year and stable per share.

• Proposed cash dividend of €3.50/share for 2024, up 6% year-on-year.

• Confident outlook for the year, supported by a resilient and diversified business model.