Xior 1Q25 results, in line with LTV at 48.8%

Xior reported EPRA EPS of 0.43 that slightly beat our 0.42 expectation (excl. IFRIC costs). Xior NRI was flat yoy after its disposal program of FY24, but like-for-like growth remained high at 5.5%. LTV% also fell below 50% at 48.8%. Xior repeated its flat EPRA EPS outlook for FY25 of 2.21 per share. Xior expects an underlying strong FY25 thanks to a mix of factors: new assets + lfl growth of >5% and cost savings. The cost of debt decreased slightly from 3.10% (FY24) to 3.04%. The asset disposal program has terminated and Xior gradually develops its landbank pipeline. The current pipeline has an expected rental income of 12.9m with a cost-to-come of EUR 46m. We believe that Xior is relatively well insulated from the tariff war. US universities suffer from the Trump crack-down. Over time, this could improve the relative attractiveness of European Universities for international students. Analyst Call 13h00.