PARIS: Covivio has delivered an upbeat first-half performance for 2025, posting a +14% jump in recurring net earnings to €263.2 million and raising its full-year guidance as Europe’s property markets show clear signs of recovery.
The French real estate firm cited portfolio optimization and operational momentum across all segments—offices, hotels, and German residential—as key drivers of the 9% year-on-year revenue growth. Hotels consolidated last year saw value and EBITDA growth of over 10%, while office assets in Paris and Milan benefited from stable occupancies and rising rents.
Covivio has now increased its adjusted earnings forecast for 2025 by €20 million to approximately €515 million, representing an +8% gain over 2024. Net asset value (EPRA NTA) per share rose +3.5% year-on-year to €80.4, despite dividend distributions.
“Strong fundamentals across our portfolio, from high occupancy rates to strategic reinvestments, allow us to enter the second half with renewed ambition,” said CEO Christophe Kullmann.
ESG progress remains a priority, with 98.6% of assets now environmentally certified. The firm also issued a landmark €500 million EU Green Bond in June, boosting the proportion of ESG-linked debt to 69%, up 5 percentage points in six months.
Covivio’s diversified €23.6 billion pan-European portfolio—spanning Paris, Berlin, Milan, and major leisure hubs—continues to attract leading tenants and operators, including LVMH, Accor, and Radisson. The group’s active asset rotation strategy saw €132 million in new disposal agreements signed in H1, while €215 million was reinvested into redevelopment and hospitality conversions.