Xior Student Housing (XIOR) Q1 2026 earnings summary

Executive summary

• Achieved a strong operational and financial start to 2026, with 98% occupancy and like-for-like (LfL) rental growth of 5.02%, well above guidance and inflation.

• EPS for Q1 2026 reached €0.57, with full-year guidance reaffirmed at €2.30 and DPS at €1.84 for 2026, both up 4% from 2025.

• Portfolio valuation increased by €29 million (+0.8% YtD), now totaling €3.6 billion.

• Robust pipeline execution and expansion potential across all cities, with future earnings growth secured by high occupancy and pricing power.

• High student satisfaction at 86%.

Financial highlights

• Net rental result for Q1 2026 was €48.6 million, up from €43.8 million in Q1 2025.

• EPRA earnings after IFRIC 21 adjustment increased by 5% year-over-year to €26.5 million (€0.57/share).

• Net result (IFRS) rose to €48.6 million from €42.0 million year-over-year.

• Operational margin at 81.4% and EBITDA margin at 74.1% for Q1 2026.

• Operational property result reached €34.1 million, with a temporarily lower margin due to non-recurring items in the prior year.

Outlook and guidance

• FY 2026 EPS guidance confirmed at €2.30, DPS at €1.84, with 80% payout ratio.

• LfL rental growth guidance set at minimum 4% for the year, at least 1% above inflation.

• Growth pipeline expected to add 1,100+ units and approximately €10 million in rental income.

• EPS guidance for 2027 at €2.40, DPS at €1.92 (+4%).

• Active pipeline of 1,150 new units for 2026-2027 is fully funded internally.