Covivio Hotels (COVH) Q1 2026 TU earnings summary

Executive summary

• Achieved a dynamic first quarter in 2026, with solid operating performance across all segments.

• Revenue increased by 2.5% at current scope and 2.4% like-for-like compared to Q1 2025.

• Revenue grew 1.4% year-on-year on a like-for-like basis as of March 2026, reflecting resilience in the European hotel sector despite geopolitical disruptions.

• RevPAR increased by 3.6% in Q1 2026, driven by higher average room rates and occupancy, with Italy and Spain showing the strongest gains.

• Maintained high occupancy rates across office, hotel, and residential portfolios.

Financial highlights

• Q1 2026 revenue reached €166.4M (group share), up from €162.3M in Q1 2025.

• Offices revenue grew by 2.9% (+2.1% like-for-like), German residential by 3.0% (+3.6% like-for-like), and hotels by 0.8% (+1.4% like-for-like).

• Total hotel revenues reached €69.1 million in Q1 2026, with fixed revenues up 3.1% and variable revenues down 8.4% year-over-year.

• Like-for-like revenue growth was 1.4%, with fixed rents up 1.1% and variable revenues up 1.9%.

• Overall occupancy rate stood at 96.8%.

Outlook and guidance

• Focus on rebalancing the portfolio towards hotels and reducing non-city centre office exposure.

• Continued investment in hotel renovations and new acquisitions in Milan.

• On-the-books forecast for the coming months remains solid in France and Germany.

• Oxford Economics projects an 8% increase in international arrivals in Europe by 2026, up 2 points from pre-conflict forecasts.

• Upcoming key events include the AGM on April 16, 2026, and H1 2026 results on July 20, 2026.