Agat Ejendomme (AGAT) Q2 2025 earnings summary

Executive summary

• Result before value adjustments and tax for H1 2025/26 was DKK 3.9m, up from DKK 3.6m year-over-year.

• Net profit for the period was DKK 5.8m, a significant improvement from DKK -58.9m last year, mainly due to the absence of large negative value adjustments.

• Property portfolio operations exceeded expectations, with DKK 7.0m in operating profit, matching last year.

• Conditional sales agreements were made for land in Poland and office rights in Aalborg, expected to improve liquidity.

• A capital reduction was completed, reallocating DKK 106m to a special reserve.

Financial highlights

• Revenue for H1 2025/26 was DKK 35.4m, slightly down from DKK 36.3m year-over-year.

• Net rental income was DKK 21.8m, affected by one-off costs and planned vacancies.

• Value adjustments totaled DKK 1.9m, compared to DKK -65.1m last year.

• Equity at July 31, 2025, was DKK 273.1m, with a solvency ratio of 35.5%.

• Net interest-bearing debt stood at DKK 379.8m.

Outlook and guidance

• Full-year guidance for result before value adjustments and tax raised to DKK 4-8m (previously DKK 1-5m).

• Property portfolio expected to deliver DKK 10-13m before value adjustments and tax; rest activities expected at DKK -6 to -5m.

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