Xior Student Housing (XIOR) Q3 2025 earnings summary

Executive summary

• Achieved strong like-for-like rental growth of 5.42% year-over-year in Q3 2025, with full-year guidance at a minimum of 5%.

• Maintained high occupancy at 98%, supported by robust demand and strategic market positioning.

• Portfolio value increased to €3.5 billion, with 21,953 lettable student units across 8 countries.

• Expanded portfolio with new deliveries in Warsaw and Wroclaw, and continued execution of an active pipeline targeting 23,000 units.

• EPS/DPS 2025 guidance confirmed at €2.21/€1.768.

Financial highlights

• Net rental result for 9M 2025 reached €129.5m, up 7% from €120.9m in 9M 2024.

• Net result (IFRS) increased to €69.2m from €41.5m year-over-year.

• EPRA earnings per share after IFRIC 21 adjustment at €1.53; group share at €1.52.

• Operational margin at 86.66%; LTV at 49.75%; debt ratio at 49.58%.

• Portfolio valuation rose by €58.9m (+1.8%) year-to-date.

Outlook and guidance

• LfL rental growth guidance for FY 2025 set at minimum 5%.

• Occupancy rate expected to remain at 98% due to structural undersupply.

• EPS/DPS 2025 guidance confirmed at €2.21/€1.768 with 80% payout ratio.

• 100% of financing needs covered for the next 18 months.

• Growth pipeline is internally funded, with over 1,100 new units and €10m additional rental income expected.