Xior Student Housing (XIOR) Q4 2024 earnings summary

Executive summary

• Achieved strong FY 2024 results with 15% net rental income growth, 11% EPRA earnings growth, and 98% occupancy, driven by debt reduction, rental growth, and portfolio expansion.

• Portfolio expanded by 1,022 units (+5%) to 20,695 lettable units across 8 countries, with significant investments in Poland and Portugal.

• Debt ratio and LTV reduced below 50% pro forma, supported by divestments and capital raises totaling ~€200m.

• EPS at €2.21 and DPS at €1.768, both stable year-over-year despite an 11% increase in shares.

• Entry of Katoen Natie as a reference shareholder and further strengthening of position in Poland.

Financial highlights

• Net rental income rose to €167.6m (+15% YoY); property result at €172.0m (+12% YoY).

• EPRA earnings (group share) increased to €91.0m (+11% YoY); EPS at €2.21.

• Net result (IFRS) rebounded to €66.5m from a loss of €9.4m in 2023; net result per share: €1.62.

• Fair value of real estate portfolio at €3.31bn (Dec 2024); pro forma LTV at 49.64%.

• Dividend payout ratio at 80%; proposed DPS: €1.768.

Outlook and guidance

• FY 2025 guidance: EPS and DPS at minimum €2.21 and €1.768, respectively, with at least 5% like-for-like rental growth and ~98% occupancy.

• Visible earnings growth expected while maintaining leverage at healthy levels; operational margins to be driven by scale, quality, and cost control.

• Plan to add ~1,200 new lettable units (135 MEUR investment) in 2025–2026 and at least 350 units from landbank pipeline by 2027, financed from own working capital.