Xior Feed Back from the Xior Analyst call on FY26 guidance

The surprise call on the outlook update was only open to analysts and basically served to highlight the past 10 years of growth. Nevertheless €1.30 EPRA EPS, comes above consensus and our €1.25 estimate. Xior wants to show that after 2 years of transition and flat EPS, they will show growth again. Under COO, Kristina Olsen, Xior has also improved its internal operations and budget planning for next year had already finished. The focus is on internal efficiency gains and rental growth from realised projects in FY25 as well as organic rent increases as the market remains hot. CFO stressed that at this share price level an acquisition or Contribution in Kind is not on the table due to the high cost of equity (low share price). However, some asset rotation is still possible. According to the CEO, the PBSA market remains very active on both sides: sellers and buyers alike. More fine turning on the guidance will come at the FY25 results on Like-for-like growth, but the visibility for the next 6-12 is high as the academic year only just started. We congratulate Xior with its 10th anniversary and many more to come.