Covivio Reports a 6% Growth in Recurring Earnings Per Share in 2025
Real estate group Covivio has released its annual 2025 results, marked by an acceleration in profitability. Recurring net income increased by 10% to 526.5 million euros, or 4.75 euros per share, up 6.4%, while the revalued net asset increased by 3.9% to 82.9 euros per share.
Significant Profitability Growth in 2025
Covivio recorded a significant increase in profitability for the fiscal year 2025. The recurring net income, measured according to the adjusted EPRA Earnings standard, reached 526.5 million euros, up 10% from 477.4 million euros in 2024. Expressed per share, this indicator stands at 4.75 euros, up 6.4% over one year. Recurring operating income also increased by 8% to 615.7 million euros. On the asset side, the total value of the portfolio increased by 3% to 16.0 billion euros on a like-for-like group share basis, a progression of 2.1%. The revalued net asset, a key indicator measuring the liquidation value of the group according to EPRA NTA standards, grew by 4% to 9.2 billion euros, representing 82.9 euros per share, up 3.9% over twelve months. For the fiscal year 2026, the group targets a growth of about 4% in its recurring net income per share.
Rental Income and Asset Performance
The group's rental income amounted to 1.1 billion euros, of which 705 million euros were attributable to the group, marking an increase of 3.7% on a current scope and 3.4% on a constant scope. The three asset classes contributed to this dynamic: offices recorded a rent growth of 3.4% on a constant scope with an occupancy rate of 95.1%, hotels progressed by 7.7% in revenues on a current scope (1.6% on a constant scope), and German residential accelerated to 4.8% from 4.3% in 2024. The overall occupancy rate remains high at 97.1%. The financial structure improved: the real estate leverage (LTV rights included) remained stable at 38.9%, while the net debt to EBITDA ratio tightened to 10.7x from 11.4x a year earlier, an improvement of 70 basis points. Net debt increased moderately to 7.1 billion euros.
Strategic Asset Rotation and Future Outlook
Covivio continues its qualitative rotation of assets with 463 million euros of disposals made in 2025, mainly of peripheral offices, and 446 million euros of investments directed towards prime offices and hotels. The group accelerates its real estate operator model with a 7% growth in EBITDA on WiZiU, its integrated hotel platform. For hotels restructured at the end of 2024, the value increased by 13% on a constant scope. For 2026, Covivio anticipates the closing of a partnership of approximately 500 million euros with Blue Owl for the Thales campus in the second quarter, as well as an acceleration of the rebalancing towards hospitality via approximately 400 million euros of office conversions into hotels and 300 million euros of new hotel acquisitions. The group proposes a dividend of 3.75 euros per share, up 7%, paid in two installments in March and July.
