Agat Ejendomme (AGAT) Q1 2025 earnings summary

Executive summary

• Result before value adjustments and tax was DKK 1.4m in Q1 2025/26, compared to DKK 1.5m last year.

• Net profit for the period was DKK 2.4m, down from DKK 4.8m, with last year positively impacted by a DKK 2.8m tax income in joint ventures.

• Property portfolio operations delivered DKK 3.1m, in line with expectations, while net rental income was DKK 10.7m, affected by one-off costs and planned vacancies.

• Conditional sales agreements were signed post-period for land in Poland and office rights in Aalborg, expected to improve liquidity.

• Final decision made to implement a capital reduction as approved at the April 2025 AGM.

Financial highlights

• Revenue was DKK 18.1m, down from DKK 18.8m year-over-year.

• EBIT was DKK 4.4m, compared to DKK 7.9m last year.

• Net profit was DKK 2.4m, down from DKK 4.8m.

• Total assets stood at DKK 771.3m as of April 30, 2025; equity was DKK 269.6m, with a solvency ratio of 35.0%.

• Net interest-bearing debt was DKK 377.4m at period end.

Outlook and guidance

• Management maintains full-year guidance for profit before value adjustments and tax at DKK 1–5m.

• Expected profit before value adjustments and tax from the property portfolio is DKK 8–12m; rest activities expected at around DKK -7m.

• No significant changes in the portfolio (acquisitions or disposals) are assumed in the outlook.