Xior Student Housing (XIOR) Q2 2026 earnings summary

Executive summary

• Achieved strongest rental season to date, with 98% occupancy in H1 2026 and 4.92% like-for-like (LfL) rental growth across eight countries, well above Eurozone inflation.

• Net rental result rose 12% year-over-year to €96.9 million, supported by high retention, strong demand, and a structural shortage of student housing.

• EPS and DPS guidance for 2026 and 2027 confirmed, targeting EPS of €2.30 and €2.40, and DPS of €1.84 and €1.92, both up 4% year-over-year.

• Platform leverages digitalization, operational excellence, and community engagement to drive retention, conversion, and pricing.

• Portfolio valuation increased by 1.25% year-to-date (+€44 million), with the fair value of the property portfolio reaching €3.66 billion.

Financial highlights

• Net rental result for H1 2026 was €96.9m, up from €86.6m in H1 2025.

• Net result (IFRS) increased to €79.4m from €65.7m year-over-year.

• EPRA earnings per share rose to €1.14 from €1.10 year-over-year; EPRA earnings: €53.3 million (+6% YoY).

• Operational margin at 81.44% and EBITDA margin at 74.71% for H1 2026; long-term target unchanged at 85%.

• EPRA NAV per share at €38.77; EPRA NTA per share at €38.57.

Outlook and guidance

• EPS guidance for 2026 set at €2.30 and DPS at €1.84; 2027 guidance at €2.40 EPS and €1.92 DPS, both up 4% year-over-year.

• LfL rental growth guidance for FY 2026 remains above 4%, at least 1% above inflation.

• Occupancy rate expected to remain at 98% for 2026.

• 100% of funding needs covered for the next 18 months, with continued access to new lending.