Xior Student Housing (XIOR) Q2 2025 earnings summary

Executive summary

• Achieved strong like-for-like rental growth of 5.36% year-over-year in H1 2025 and maintained 98% occupancy.

• Portfolio expanded to 23,000–25,500 units, with new acquisitions in Wroclaw and Warsaw (900 units) and an active pipeline.

• Asset rotation and capital recycling improved portfolio quality and reduced leverage.

• Student housing market remains robust, with structural undersupply and high demand supporting pricing power.

• Net result (IFRS) for H1 2025 was €65.7m, reflecting positive fair value adjustments and recent acquisitions.

Financial highlights

• Net rental result rose to €86.6m from €83.3m year-over-year; property result increased to €92.9m from €85.6m.

• EPRA earnings (group share after IFRIC 21) reached €50.5m, up from €44.6m; net result (IFRS) was €65.7m, down from €71.5m due to lower revaluation.

• LTV at 49.84% and debt ratio at 49.63%, both improved from end-2024.

• EPRA NAV per share at €38.86–€38.89, down from €40.04 at end-2024, mainly due to dividend payment.

• Operational margin at 89.3%; EPRA EPS at €1.10 (H1 2025).

Outlook and guidance

• FY 2025 guidance for EPS/DPS confirmed at €2.21/€1.768, with at least stable performance versus 2024.

• Like-for-like rental growth guidance at minimum 5% and occupancy outlook at 98%.

• Growth pipeline fully self-funded, targeting 1,500+ units and €13m additional rental income.