Covivio Group Group communications Press releases 2024 annual results: recurring earnings up +10%, balance sheet strengthened, favorable outlook

2024 annual results: recurring earnings up +10%, balance sheet strengthened, favorable outlook

  • Finance

February 19, 2025

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In a changing real estate world, Covivio has taken advantage of its diversified real estate operator model by adapting its portfolio and enhancing its quality. With over €1 billion invested over the year, the Group seized new growth opportunities, particularly in the hotel sector, while finalizing its €1.5 billion disposal plan. The Group’s excellent operating performance implied a +10% growth in recurring earnings in 2024. Covivio intends to pursue this growth momentum in 2025 and will propose a dividend increase of +6% at the next General Meeting.

Christophe Kullmann
CEO, Covivio

Qualitative asset rotation

  • Nearly €1.1 billion in investments in 2024, of which 67% in hotels
  • €766m of new disposal agreements in 2024, at a +3% premium to appraisal values
  • Hotels: reinforcement in Covivio Hotels, completion of the asset swap with AccorInvest and acquisition in Southern Europe
  • Residential: partnership with CDC Investissement Immobilier and ongoing modernization of the portfolio
  • Offices: investments focused on city-center assets, generating rental growth
  • Portfolio of €23.1 billion at 100% and €15.6 billion Group share, up +3%. On a like-for-like basis, values stabilized in the second half (+0.2%)

Strong growth in operating performance: revenues up +6.7% on a like-for-like basis

  • €1 billion in consolidated revenues (€680 million Group share), up +4.9% at current scope and +6.7% on a like-for-like basis
  • Offices: rents up +8.1% like-for-like, supported by 176,200 m² lettings and an occupancy rate up +100bps year-on-year to 95.5%
  • German residential: acceleration in like-for-like rental growth to +4.3% (vs. +3.9% in 2023)
  • Hotels: revenues up +7.2% at constant scope, including +11.9% on variable revenues
  • Occupancy rate (97.2%) and firm lease terms (6.2 years) maintained at high levels

+10% growth in recurring earnings, back to a leverage ratio below 40%

  • Recurring net income (adjusted EPRA Earnings) up +10% to €477.4 million (stable per share, at €4.47)
  • Lower leverage ratios: LTV of 38.9% (vs. 40.8% at end-2023) and Net Debt/EBITDA of 11.4x (vs. 12.3x)
  • Net asset value (EPRA NTA): €79.8/share, up +2.7% over the 2nd half-year (-5% year-on-year following payment of the 2023 scrip dividend, at €38.61/share)

Further improvement in ESG indicators

  • 98.5% of assets with green certification, including 71.2% of offices certified HQE/BREEAM Very Good or higher
  • Covivio awarded Fairest Landlord in German residential property for 7th year in a row  
  • L’Atelier, Covivio’s European headquarters, honored at SIMI and winner of the ULI Europe Awards

2025 priorities and 2024 dividend

  • Implementing the strategic priorities announced at the end of 2024: strengthening hotel operations, rolling out the integrated operator model and extracting growth potential
  • 2025 recurring net result (adjusted EPRA Earnings) guidance of around €495 million, i.e. +4% compared to 2024
  • Proposed cash dividend of €3.50/share for 2024, up +6% year-on-year

ContaCtS

Press Relations

Géraldine Lemoine

Tél : + 33 (0)1 58 97 51 00
Mail : geraldine.lemoine@covivio.fr

Louise-Marie Guinet

Tél : + 33 (0)1 43 26 73 56
Mail : covivio@wellcom.fr

Investor Relations

Vladimir Minot

Tél : + 33 (0)1 58 97 51 94
Mail : vladimir.minot@covivio.fr