Covivio Hotels (COVH) H1 2026 earnings summary

Executive summary

• Achieved 2.2% like-for-like revenue growth and maintained a 97% occupancy rate in H1 2026, with net profit attributable to the group reaching €143.1 million, up from €114.5 million in H1 2025.

• Strategic focus on increasing hotel exposure and centrality, with major acquisitions in Southern Europe, especially Italy and Spain, totaling over €261 million.

• Accelerated hotel transformation projects, launching eight new initiatives in H1 2026 targeting value creation and EBITDA growth.

• Portfolio concentrated in prime city centers and dynamic business hubs, with 90% of assets in these locations.

• Ancillary revenue streams and asset management fees are scaling, supporting recurring income.

Financial highlights

• Recurring net result (EPRA Earnings) reached €282 million, up 7% year-over-year; recurring EPS at €2.55 (+7.3%).

• Net asset value (EPRA NTA) per share increased 1.6% to €84.2; EPRA NTA at €4,205 million (€26.6/share), up 5% year-over-year.

• Group share net profit reached €143.1 million as of June 30, 2026, up from €114.5 million in June 2025.

• Revenues reached €349 million (group share) in H1; like-for-like revenue growth of 2.2%.

• Net rental income was €293 million (-2% YoY), with net revenue up 4% to €373 million.

Outlook and guidance

• Confirmed 2026 guidance of 4% growth in recurring net result per share, with continued expansion in Southern Europe and repositioning of the hotel portfolio.

• Guidance considered conservative due to expected higher finance expenses and lower property development margin in H2.

• Long-term leases and high-quality assets provide visibility and resilience against market volatility.

• Expected rebound in indexation from 2027 onwards, supporting future fixed revenue growth.