Xior Student Housing (XIOR) Q1 2025 earnings summary

Executive summary

• Leading pan-European student housing platform with strong brand, operational efficiency, and high demand, serving eight countries with six students per bed and low provision rates.

• Q1 2025 results met expectations, with strong rental growth, high occupancy (98%), and portfolio value rising to €3.36 billion due to positive revaluations and Polish acquisitions.

• Debt ratio and LTV both fell below 50%, reflecting improved balance sheet discipline.

• Guidance for 2025 EPS (€2.21) and DPS (€1.768) confirmed, with a minimum 5% like-for-like rental growth forecast.

• Limited impact from Dutch rent indexation freeze, with mitigating factors and continued rental growth in other segments.

Financial highlights

• Like-for-like rental growth of 5.5% year-over-year in Q1 2025; full-year guidance at 5%.

• EPRA EPS at €0.56 for Q1 2025; full-year guidance at €2.21.

• Occupancy rate remains high at 98% across 20,769 lettable units.

• LTV at 48.80% and debt ratio at 48.01%, both improved from previous periods.

• Positive property revaluations of +0.9% in Q1 2025, adding €30m.

Outlook and guidance

• Minimum 5% like-for-like rental growth and 98% occupancy rate targeted for FY 2025.

• EPS/DPS guidance confirmed at €2.21/€1.768 with 80% payout ratio.

• Execution of active pipeline expected to add 1,500 units and ~€13m rental income.

• Focus remains on internal growth, value creation, and maintaining debt metrics below 50%.

• Full-year occupancy rate expected to remain at current high levels.