Xior Student Housing (XIOR) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial results in 2025, with like-for-like rental growth of 5.43%, exceeding guidance and inflation by a wide margin.

• Maintained high occupancy at 98% and operational margin above 87%, reflecting efficient cost management and platform scale.

• EPRA earnings increased by 12% year-over-year, with EPS at €2.21 and DPS at €1.768, fully in line with expectations.

• Portfolio expanded to over 22,000 student units across 8 countries and 42 cities, with a fair value of €3.6 billion.

• Significant milestones included successful capital raises, major project completions in Poland, and EU recognition of student housing as essential social infrastructure.

Financial highlights

• Net rental result rose to €179.6 million, up 7% year-over-year.

• EPRA earnings (group share) reached €102.3 million, a 12% increase year-over-year.

• Net result (IFRS) was €68.7 million, up from €66.5 million in 2024.

• Portfolio valuation increased by 1.2%, with NTA stable and balance sheet LTV just below 50%.

• Debt ratio and LTV both below 50%, with 100% of funding needs covered for the next 18 months.

Outlook and guidance

• EPS guidance for 2026 and 2027 set at €2.30 and €2.40, with DPS of €1.84 and €1.92, targeting 4% annual growth.

• Dividend payout ratio expected at 80%.

• Like-for-like rental growth guidance for 2026 at minimum 4%, at least 1% above inflation.

• Growth pipeline of over 1,100 units to be internally funded, adding €10 million in rental income.

• No major new project starts before end of 2027; future pipeline dependent on asset rotation and capital recycling.