Covivio Hotels SCA

COVH

Equity

ISIN FR0000060303 / Valor 498268

Euronext - Euronext Paris (2026-01-22)

EUR 23.20%

Covivio Hotels SCA
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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

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.

Summarized from source with an LLMView Source

Key figures

20.5%1Y

50.2%3Y

63.6%5Y

Performance

28.4%1Y

23.0%3Y

23.4%5Y

Volatility