Covivio SA

Latest Results (18.07.2026):

Covivio SA — full‑year 2025 results (FY2025): the company reported strong earnings growth driven by operational momentum across offices, hotels and German residential. Key reported figures include recurring net result per share up +6.4% to €4.75, EPRA NTA of €82.9 per share (stable outlook), like‑for‑like rents +3.4%, a loan‑to‑value (LTV) ratio of 38.9% and a proposed/paid dividend of €3.75 per share (~7% yield). The group highlights high portfolio occupancy and active asset‑management programmes underpinning value creation going into 2026.

Key financial metrics

Recurring net result per share: +6.4% to €4.75/sh. EPRA NTA: €82.9/sh (stable). Like‑for‑like rents (adjusted EPRA earnings): +3.4% year‑on‑year.

Balance sheet and payout

LTV reported at 38.9% (balance‑sheet described as sound and stable). Dividend payment of €3.75 per share (~7% yield) was indicated. Management reports net‑debt/EBITDA as stable.

Offices — strong leasing momentum

Office leasing and asset management were a major driver in 2025: ~134,700 m² were let or renewed during the year, with strong activity in Milan and city‑centre core assets. Core office occupancy metrics remain high (c.95–96% in city centres/major hubs) and Covivio highlights significant rental reversion potential in Milan (management cites >20% average uplift on some renewals).

Hotels — consolidation and active value creation

End‑2024 consolidation of 43 OpCos from Essendi created a pro‑forma hotel platform (~€1.5bn pro‑forma, ~€0.5bn group share). Covivio is running ~20 planned capex programmes (4 launched in 2025) and multiple contract/brand changes to boost RevPAR and EBITDA; the group is also deploying its in‑house operating capabilities to capture margin and improve execution.

German residential — modernization & ancillary revenues

Residential initiatives in Germany focus on modernization, selective privatization and build‑to‑sell to capture rental upside and higher margins. Management highlights captured rental reversion in Berlin, material modernization capex deployed and growing ancillary revenues (management reports ancillary‑revenue uplift contributing to 2025 revenue growth).

Outlook / 2026 positioning

Covivio states 2026 will be focused on consolidating sustainable growth: maintaining a strong balance sheet, continuing office leasing momentum and executing hotel and residential value‑creation programmes. Management frames the company as positioned to benefit from high‑quality central locations, active asset management and a diversified earnings base going forward.