Agat Ejendomme (AGAT) Q2 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.

• Operating profit before value adjustments and tax was DKK 1.5m, down from DKK 2.2m year-over-year.

• Property portfolio contributed DKK 3.4m to profit, up from DKK 2.8m (like-for-like), with Czech outlet center as a key driver.

• Net rental income rose 18% year-over-year to DKK 11.8m (like-for-like).

• Broen Shopping (joint venture) 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 (which included a DKK 8.1m FX gain).

• Total assets at April 30, 2024, were DKK 863.8m; equity was DKK 337.5m, with an equity ratio of 39.1%.

• Net interest-bearing debt stood at DKK 370.5m at quarter-end.

Outlook and guidance

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

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

• Guidance assumes no major portfolio changes, including Broen Shopping.