Covivio SA shares jumped over 8% Thursday after the French property group reported stronger-than-expected 2025 earnings and issued guidance for 2026 that exceeded analysts' forecasts. The company posted EPRA earnings per share of €4.75, up 6% from a year earlier and above Visible Alpha consensus of €4.65. EPRA net tangible assets came in at €83 per share, broadly matching expectations.

Like-for-like rental income rose 3.4%, supported by indexation and occupancy gains across most of its portfolio. Office rents increased 3.4%, German residential rose 4.8% and hotels gained 1.6%. Portfolio valuations were up 2% on average, driven by 5% growth in German residential and 4% in hotels. The company proposed a €3.75 dividend, a 7% increase.

Covivio guided to 4% EPS growth in 2026, pointing to earnings of around €4.94. Analysts had expected growth closer to 1%. Morgan Stanley described the results as "solid" and highlighted the upside in both 2025 earnings and next year's outlook, though it maintained its "underweight" rating citing more attractive opportunities among pure-play property companies.