Covivio
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About the company
Covivio operates as a leading European real estate company, excelling at understanding the desires of its occupants and jointly developing lively spaces that integrate work, leisure, and residential uses. With a significant asset base of €25 billion, this prominent firm sets the standard in the European property market, offering tailored solutions to businesses, hotel chains, and urban areas to boost their appeal, facilitate their evolution, and achieve responsible, high-performing outcomes.
- CEO
- Christophe Kullmann
- IPO
- 2021
- Employees
- 968
- HQ
- Paris, IF, FR
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Similar companies
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- Market Cap
- $6.67B
- P/E
- 8.67
- PEG
- 0.15
- P/S
- 6.35
- P/B
- 0.67
- EV/EBITDA
- 10.12
- Div Yield
- 7.31%
- Gross Margin
- 99.51%
- Op Margin
- 108.09%
- Net Margin
- 73.24%
- ROE
- 7.67%
- ROIC
- 3.83%
Latest fiscal year · YoY change
- Revenue
- $1.02B-19.9%
- Gross Profit
- $891.28M-8.8%
- Op Income
- $754.02M
- Net Income
- $709.55M+941.9%
- EPS
- $1.60+900.0%
- OCF Growth
- -93.1%
- FCF Growth
- -96.8%
- 52W High
- $17.03
- 52W Low
- $14.55
- 50D MA
- $16.29
- 200D MA
- $15.79
- Beta
- 1.07
- RSI (14)
- 15
- Avg Volume
- 31
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Covivio delivered a solid H1 2026 with 2.2% like-for-like revenue growth, higher earnings and NAV, and management reiterated full-year recurring net result per share guidance of 4% growth.· July 21, 2026
- Like-for-like revenue grew 2.2% on 97% occupancy, with offices, hotels, and German residential all contributing.
- Recurring net result per share rose 7.3% year on year; adjusted EPRA earnings were up 7% to EUR 282 million, or EUR 2.55 per share.
- The balance sheet improved further, with LTV at 38.6% and net debt/EBITDA at 10.5x.
- Hotels were a key growth engine: Covivio bought five hotels in Milan and Spain, expanded its value-add pipeline, and kept screening more southern European deals.
- Management confirmed 2026 guidance for 4% growth in recurring net result per share, while flagging higher financing costs and lower H2 development margins as offsets.
Covivio reported H1 group share revenues of EUR 349 million, with like-for-like revenue growth of 2.2%. Adjusted EPRA earnings rose 7% year on year to EUR 282 million, or EUR 2.55 per share, while recurring net result per share increased 7.3% year on year. EPRA NTA per share rose 1.6% since year-end to EUR 84.2, and the portfolio value increased 0.5% like-for-like. On the balance sheet, LTV was 38.6%, net debt to EBITDA was 10.5x, and debt was 85% hedged. For 2026, management confirmed guidance for 4% growth in recurring net result per share; it also said full-year asset management revenue should be around EUR 40 million, and development margin should reach EUR 35 million. H2 should benefit from CB21 reletting, but be weighed by higher interest rates and lower property development margin versus H1.
Christophe Kullmann emphasized Covivio’s diversified platform in offices, German residential, and hotels, and said the portfolio is positioned where demand is strongest: central offices, major German cities, and top European tourist destinations. He framed the strategy as continued portfolio rebalancing toward more hotels and southern Europe, while increasing centrality and hospitality-led services. His tone was confident but measured, noting the company is executing on long-term structural trends rather than short-term market noise.
Paul Arkwright highlighted an active H1 on asset management, with EUR 223 million of disposals, EUR 153 million of acquisitions at more than 7% target yield, and EUR 159 million of CapEx. He said the company booked EUR 26 million of development margin in H1 and expects EUR 35 million for the full year, while asset management revenue should be around EUR 40 million in 2026, up EUR 7 million from 2025. He also pointed to stronger financial metrics: LTV at 38.6%, net debt/EBITDA at 10.5x, and S&P reaffirming the BBB+ rating, with debt 85% hedged and a low average refinancing cost around 3.6%.
On guidance, management said the 4% recurring net result per share target is still on track but somewhat conservative, with H2 affected by higher short-term interest rates and lower development margin versus H1. On hotels, management said it is still screening acquisitions mainly in Italy and Spain and expects to keep increasing hotel exposure, though any H2 deals will depend on opportunity quality. On offices and Germany, management said CB21 is expected to reach full occupancy by year-end, the new Berlin Mietspiegel could add about 1% to future German residential like-for-like growth, and the Berlin regulatory backdrop has already brought investors back to the table.
The call showed broad operational momentum across the portfolio, with solid like-for-like growth, higher occupancy, improving NAV, and better balance-sheet leverage. Management also described multiple growth levers beyond rent, including hotel conversions, value-add CapEx, asset management fees, and development margins, all of which are already contributing.
Management acknowledged that H2 will face headwinds from higher interest rates and lower development margin than H1, and the outlook still depends on continued re-letting and execution. The office market remains muted and the investment market is quiet, while German residential still faces regulatory and valuation uncertainty even if the Berlin outlook has improved.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 15.8%
- Shares Outstanding
- 443.10M
- Float Shares
- 69.85M
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Generate FNCDY report →Covivio (FNCDY) Q2 2026 Earnings Call Transcript
seekingalpha.com · Jul 21
Covivio (FNCDY) Q4 2025 Earnings Call Transcript
seekingalpha.com · Feb 20
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