Covivio: 1H26 Conf. Call: Operational momentum continues as rebalancing towards hotels progresses

Research evidence excerpt

Covivio: 1H26 Conf. Call: Operational momentum continues as rebalancing towards hotels progresses

J P M O R G A N Europe Equity Research

21 July 2026

Covivio Not Rated

CVO.PA, COV FP

1H26 Conf. Call: Operational momentum continues as Price (20 Jul 26):€52.85

rebalancing towards hotels progresses

We present our key takeaways from today’s conference call. European Property

Neil Green, CFA AC

• CEO: Covivio reported a solid 1H26 performance, with like-for-like revenue (44-20) 7134-4478

growth of 2.2%, occupancy of 97%, recurring net result per share up 7.3% YoY neil.d.green@jpmorgan.com

and EPRA NTA/share increasing 1.6% since year-end. The balance sheet J.P. Morgan Securities plc

strengthened further, with LTV at 38.6% and net debt/EBITDA at 10.5x, Krishna Sathwik Beechu

despite a market backdrop marked by geopolitical uncertainty, financial (91-22) 6157 5847

market volatility, inflation concerns and shifting interest rate expectations. krishna.s.beechu@jpmchase.com

J.P. Morgan India Private Limited

• Covivio continued its portfolio repositioning, completing €223m of

disposals (89% office assets outside city centres) and signing a further €124m

of disposal agreements. It invested €312m, comprising €153m of hotel

acquisitions in Milan and Costa del Sol at >7% target yields with c.20-year

average lease terms, and €159m of development CapEx.

• Portfolio values increased 0.5% like-for-like in 1H26, supported by rental

reversion in Milan offices, 3.4% residential rental growth in Germany and a

1.0% valuation uplift in hotels driven by Southern Europe.

• Hotels delivered another strong half, with variable revenues accelerating

in Q2 to +3.2% like-for-like. Performance was broadly positive across

markets, with Spain particularly strong due to elevated tourism demand, while