Xior Student Housing (XIOR) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial results in 2025, with like-for-like rental growth of 5.43%, exceeding guidance and Eurozone inflation for the third consecutive year.

• Maintained high occupancy at 98% and operational margin above 87%, reflecting efficient cost management and platform scale.

• EPS and DPS for 2025 confirmed at €2.21 and €1.768, respectively, fully in line with expectations.

• Portfolio expanded to over 25,000 student units across 8 countries and 42 cities, with a fair value of €3.6 billion.

• Major milestones included successful capital raises, project completions in Poland, and EU recognition of student housing as essential social infrastructure.

Financial highlights

• Net rental result rose to €179.6 million, up 7% year-over-year.

• EPRA earnings (group share) increased by 12% to €102.3 million, with EPS stable at €2.21 despite a 10.7% increase in average shares.

• Net result (IFRS) reached €68.7 million, up from €66.5 million in 2024.

• Portfolio valuation rose 1.2% year-to-date, with NTA stable.

• LTV and debt ratio both below 50%, with €141 million in undrawn credit lines and all funding needs covered for the next 18 months.

Outlook and guidance

• EPS guidance for 2026 is €2.30 (+4% YoY) and for 2027 is €2.40 (+4% YoY); DPS guidance is €1.84 for 2026 and €1.92 for 2027, with an 80% payout ratio.

• Like-for-like rental growth for 2026 expected at minimum 4%, at least 1% above inflation.

• Growth pipeline is fully self-funded, targeting approximately 1,100–1,150 new units and €10 million additional rental income.

• Focus on internal growth, faster ramp-up of new assets, and capital recycling to maintain a young portfolio and stable leverage.