Covivio, accounts up and dividend at EUR 3.75 (+7%)

The growing dividend, but above all a 'two-sided' strategy that looks, on the one hand, at residential in Germany and, on the other, at offices and hotels in both France and Italia.

In 2025, Covivio realised sales of EUR 606m (EUR 463m group share) and investments of EUR 577m (EUR 446m group share), contributing to the continuous improvement of asset quality and profitability. The average return on sales was thus 5.3% against 6.6% on investments.
At the end of 2025, 386 million related to sales agreements remain to be collected. The group maintains a quality balance sheet and has obtained approximately 1.5 billion in loans or 100% refinancing (1.1 billion group share), with an average maturity of more than 8 years.

Recurring net profit increased by +6 per cent per share, while net asset value rose by +4 per cent. For the full year, the real estate group reported net book profit of EUR 738.7 million, up from EUR 68.1 million in 2024, and rental income of EUR 1.1 billion (group share 705 million), up +3.7 per cent on a recurring basis (+3.4 per cent on a like-for-like basis).
Recurring net profit increased by 10 per cent to EUR 526.5m, while recurring operating profit stood at EUR 615.7m (+8 per cent). Covivio's assets increased by 3.2 per cent to EUR 16 billion on a recurring basis (EUR 23.7 billion at 100 per cent), due in particular to the resumption of growth on a recurring basis, with an increase of 2.1 per cent for the year.
The day after the presentation of the figures, the share price in Paris closed at +5.3%, or EUR 58.7 per share.

Looking ahead, in 2026 Covivio has a recurring net profit target up by around 4% per share compared to 2025, and aims to continue its growth path, giving continuity to the implementation of the three strategic guidelines, namely extracting the growth potential of the assets, implementing the offer as an integrated real estate operator and rebalancing the assets between the three asset classes, focused on strengthening the hotel sector (one third compared to 21% at the end of 2025) and centrality (80% of office real estate in urban centres compared to 70% at the end of 2025).
The company proposed the cash payment of a dividend of EUR 3.75 per share, up 7% year-on-year, paid in two tranches, in March and July.

Covivio ended 2025 with 'solid growth', as CEO Christophe Kullmann emphasised, 'demonstrating the quality of its assets and the early effects of its asset management activities. As a diversified real estate operator using an integrated service model, Covivio has placed itself in a strategic position to intercept structural changes in the market and continue its growth path. This dynamic translates into a target of 4 per cent growth in recurring earnings in 2026,' Kullmann said.
The company reported an acceleration in asset management across all asset classes, in particular with a 135,000-square-metre office marketing (in Milan, the rental dynamic was strong, with a occupancy rate of 97.9%) and continued value extraction from Milan's assets and, in hotels, with the integration of reorganised structures at the end of 2024, with a 13% increase in value on a like-for-like basis.
In addition, office rental revenues increased by 3.4% on a like-for-like basis, hotel revenues by 7.7% on a like-for-like basis and 1.6% on a like-for-like basis, and residential revenues by 4.8% on a like-for-like basis.