PARIS (dpa-AFX) - Covivio SA (COV.PA), a real estate company, on Thursday reported a sharp rise in full-year net income, driven primarily by positive changes in property valuations. Excluding one-time items, recurring net income increased 10%.
Income before tax increased to €625.7 million from €75.3 million in FY24, largely reflecting a positive change in property values of €195.4 million, versus a negative €277.3 million in the prior year.
Operating income rose significantly to €729.5 million, compared with €236.9 million a year earlier
Net income for the period surged to €738.7 million from €68.1 million in fiscal 2024.
Excluding one-time items, recurring net income increased 10% to €526.5 million, while recurring net income per share rose 6.4% to €4.75.
Net revenue grew 6% to €725.5 million, supported by strong hotel activity, with EBITDA from hotel operations rising 62% to €70 million. Income from other activities increased 38% to €38.0 million, while management and administration revenue rose 7% to €32.8 million. Net rental income was broadly stable at €584.7 million, compared with €585.3 million.
Net asset value was €82.9 per share, up 3.9% year-on-year.
Occupancy rate came in at 97.1% compared with 97.2% last year.
The company has proposed a dividend of €3.75 per share for 2025, up 7% year-on-year, payable in two instalments, in March and July.
For 2026, the company sees recurring net profit per share to increase around 4% compared to 2025.
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