Covivio Hotels SCA

Latest Results (11.01.2026):

Covivio Hotels SCA — first half (H1) 2025 (covering Q1–Q2 2025): the company reports continued top-line recovery and portfolio revaluation. Group-share revenues rose to €163.4m (+5.3% like‑for‑like), EPRA Earnings grew to €132.3m (+10.7%) and EPRA Earnings per share reached €0.88. The hotel portfolio was valued at €5,878m (Group share; €6,501m at 100%) — +2.3% LFL — while net financial debt fell to €1,966m, leaving a conservative LTV of 29.8% and strong liquidity.

Revenue and recurring earnings

Group‑share revenues: €163.4m in H1 2025 (+5.3% LFL). Hotel revenues (Group share) €162.9m (fixed €91.5m; variable €71.4m). EPRA Earnings: €132.3m (+10.7% vs H1 2024); EPRA Earnings per share €0.88 (vs €0.81).

Portfolio value and yields

Hotel real‑estate portfolio (Group share) €5,878m at 30/06/2025 (€6,501m at 100%). Like‑for‑like valuation change +2.3% over six months (France and Southern Europe driving gains). Average yield excluding transfer taxes stable at 6.4% (6.2% lease portfolio; 6.5% operating properties).

Balance sheet, debt and liquidity

Net financial debt (Group share) €1,965.5–1,966m (down from €2,119m at 31/12/2024). Loan‑to‑Value 29.8% (improved by 2.7 pts). Average cost of debt 2.28%; average debt maturity 4.4 years. Net liquidity including undrawn lines €958m. Interest coverage ratio (ICR) ~8.1x; net debt/EBITDA ~6.4x.

Equity and shareholder actions

Equity increased by €183m following a dividend‑in‑shares operation (82.3% subscription). 9,848,860 new shares issued at €18.57, raising total shares to 157,990,312. Cash used for the residual dividend balance was €39m.

Transactions and operational moves

New disposals signed in H1: €60m (Group share). Strategic leasing: new 12‑year variable rent lease with Radisson at Roissy CDG (305 rooms, Radisson Blu) expected to lift revenues at that asset by >50% vs 2024 following conversion from management to lease. Ongoing geographic and brand diversification (11 countries, 17 operators).

NAV and credit rating

EPRA NTA €4,006m (€25.4/share); EPRA NDV €3,843m (€24.3/share). S&P confirmed Covivio Hotels’ BBB+ rating with a stable outlook.

Market backdrop, risks and outlook

European hotel market remained supportive (RevPAR gains in 2025 led by Southern Europe). Management flags exposure to variable rent and interest‑rate sensitivity but notes strong covenant headroom (most restrictive bank LTV covenant 60% vs actual ~32% bank LTV) and high lease visibility. Outlook: continue portfolio optimisation and revenue enhancement in 2025.