Agat Ejendomme (AGAT) Q1 2024 earnings summary

Executive summary

• Net income for Q1 2024/25 was DKK 4.8m, up from DKK 2.5m year-over-year, driven by improved property operations and positive value adjustments.

• Result before value adjustments and tax (excl. JV tax) was DKK 1.5m, down from DKK 2.2m year-over-year.

• Property portfolio operations contributed DKK 3.4m (like-for-like: DKK 2.8m last year); net rental income rose 18% to DKK 11.8m, mainly due to the Czech outlet center.

• The Broen Shopping JV (35% owned) is up for sale; Agat may increase its stake if financing allows.

Financial highlights

• Revenue for Q1 2024/25 was DKK 18.8m, down from DKK 21.8m year-over-year.

• EBIT was DKK 7.9m, up from DKK -2.0m year-over-year.

• Net financial expenses were DKK 3.1m, compared to a net income of DKK 5.4m last year (last year included DKK 8.1m FX gain on debt).

• Cash flow for the period was DKK -6.4m, improved from DKK -31.6m year-over-year.

• Balance sheet total was DKK 863.8m at April 30, 2024; equity was DKK 337.5m (solidity 39.1%).

Outlook and guidance

• Full-year 2024/25 guidance: result before value adjustments and tax (excl. JV tax) DKK 0–5m.

• Expected property portfolio result before value adjustments and tax: DKK 7–12m; rest activities expected at DKK -7m.

• Guidance assumes no major portfolio changes (no significant property acquisitions or disposals, including Broen Shopping).