Covivio Hotels (COVH) Q1 2025 TU earnings summary

Executive summary

• Achieved strong Q1 2025 performance with 5.4% revenue growth at current scope and 4.9% like-for-like, supported by portfolio diversification and high-quality assets.

• Hotel revenues grew 4.6% like-for-like, with Southern Europe leading RevPAR gains; asset management enabled outperformance versus the market.

Financial highlights

• Consolidated revenues reached €242 million, with group occupancy at 97.3% and an average lease term of 6.2 years.

• Office segment occupancy increased to 95.7%, with like-for-like rent up 5.1% due to indexation and strong letting activity.

• German residential revenues grew 4.8% like-for-like in Q1 2025, with occupancy at 98.8% and strong performance in Berlin and NRW.

• Hotel portfolio delivered 4.7% like-for-like revenue growth, with RevPAR up 2.4% and variable revenues up 9.1% like-for-like.

• Operating income from recently acquired hotels was €9 million, up 13% YoY, including +14% in Paris.

Outlook and guidance

• Guidance for recurring results confirmed at €495 million for the year, with expected net rental income up 4% year-over-year.

• Positive outlook for 2025, supported by a diversified and streamlined portfolio and continued asset rotation.

• 2025 European hotel performance expected to rise by 2.5%, with Southern Europe as the main growth driver.