Xior Student Housing (XIOR) Q3 2026 earnings summary

Executive summary

• 9M 2026 EPRA earnings rose 6% to €74.0m, supported by record occupancy of 98.5% and 4.62% like-for-like rental growth.

• FY 2026 guidance was reaffirmed at EPRA EPS of €2.30 and DPS of €1.84; year-end LTV is expected below 50%.

Financial highlights

• Nine-month net rental result rose to €143.1m from €129.5m; operating result before portfolio result increased to €105.3m from €99.8m.

• Nine-month EPRA earnings were €74.0m versus €70.1m; group-share EPRA earnings per share were €1.59 versus €1.52.

• IFRS net result was €117.9m versus €69.2m, primarily reflecting more favourable fair-value changes in eligible hedging instruments.

• Portfolio fair value was €3.668bn, up €109.1m or 3% from year-end 2025; year-to-date valuation gains were €33.8m, or 0.95%.

• Nine-month IAS 40 portfolio result was €22.8m versus €6.9m; non-effective hedge revaluation was €31.3m versus a €0.5m loss.

Outlook and guidance

• FY 2026 guidance: EPRA EPS €2.30, DPS €1.84 and minimum like-for-like rental growth of 4.4%.

• FY 2027 guidance: EPRA EPS €2.40 and DPS €1.92, each up 4% from 2026.

• Occupancy is expected to remain in line with 98.5%; year-end debt ratio is expected below 50%, supported by cash flow, limited pipeline investment and possible divestments.

• Active pipeline is expected to add €9.8m of annual rental income; ~1,100 units remain after the committed Ymere sale, with €5m of investment left to fund internally.

• Future pipeline targets yield on cost above 6.5%, with construction timing dependent on permits and attractive yields.