Covivio Hotels SCA

COVH

Equity

ISIN FR0000060303 / Valor 498268

Euronext - Euronext Paris (2026-08-28)

EUR 22.50%

Covivio Hotels SCA
UMushroom community rating:

0.00 0 votes No rating yet

NegativeNeutralPositive

About company

Covivio Hotels SCA, a subsidiary of Covivio, is a prominent real estate entity specializing in the hotel sector across Europe. With a portfolio comprising 283 hotels in 12 countries valued at €6.4 billion as of the end of 2024, the company collaborates with major hotel operators such as AccorInvest, IHG, NH Hotel Group, and Radisson Hotel Group. Covivio Hotels supports these operators through property leasing, operating, and development projects, focusing on dynamic urban locations. The company manages its hotel assets primarily through leaseholds and direct operations, with leased hotels constituting 62% of its portfolio. Covivio's hotel management platform, WiZiU, operates hotels in France and Belgium, either directly or through franchise agreements with renowned brands like Accor, Hilton, IHG, and Marriott. The management approach emphasizes tailoring hotel experiences to the unique characteristics of each location, offering customized services such as local cooking classes or guided city tours to enhance guest experiences.

Summarized from source with an LLMView SourceSector: Finance

Financial headline

Group‑share net income: €308m (2025) vs €225m (2024). Recurring EPRA Earnings €273.0m (+5.8% y/y). EPRA Earnings per share €1.77 (vs €1.74). EPRA NTA €4,235m (€26.8/share, +11% / +4.1% per share).

Revenues and margins

Total hotel revenues (Group share) ~€345.8m, +1.9% like‑for‑like. EBITDA margin improved to 28.3%. Variable revenues mixed by country: strong growth in Spain/Italy and Q4 recovery in France, weakness in Germany year‑to‑date but improving late in the year.

Portfolio and valuations

Portfolio value (Group share) €5,974m (€6,593m at 100%), +3.7% LfL. Portfolio: ~278 hotels / 38,443 rooms, diversified across 11 countries (91% in major European tourist destinations). Average lease residual term ~11.1 years.

Balance sheet and liquidity

Net debt (Group share) fell to €1,850m (from €2,119m), average interest rate ~2.20%. LTV 28.4% (down ≈4.1ppt), interest coverage ratio ~8x, net debt/EBITDA ~5.8x. Liquidity (including undrawn lines) €733m. S&P rating: BBB+ stable.

Shareholder returns

Proposed cash dividend €1.50 per share (unchanged from 2024), payout ~85%. Equity increased by €183m in 2025 after a dividend‑in‑shares option (≈9.85m new shares issued, 82.3% uptake).

Asset management & pipeline

Active capex and repositioning: €69m of work committed in 2025; delivered two B&B openings and major renovations (e.g., The Met Leeds). Planned gross capex ~€250m (≈€164m Group share) for 2026–28 expected to generate ~€33m additional EBITDA (≈€22m GS) and ≈€190m of gross value creation (≈€120m GS).

Transactions & operational actions

Disposals: €65m Group share (€71m at 100%) signed at valuations in line with end‑2024. New 12‑year lease with Radisson at CDG converting a managed asset to a leased asset — revenues expected to rise >50% vs 2024 for that hotel. Continued focus on Southern Europe expansion (acquisition in Porto announced).

Summarized from source with an LLMView Source

Key figures

-2.60%1Y

30.1%3Y

37.2%5Y

Performance

25.5%1Y

22.8%3Y

22.6%5Y

Volatility