Agat Ejendomme (AGAT) Q3 2024 earnings summary

Executive summary

• Result before value adjustments and tax for Q1–Q3 2024/25 was DKK 5.2m, up from DKK -1.7m year-over-year; period result was DKK -56.1m versus DKK -55.2m last year.

• Property portfolio operations delivered a positive result of DKK 9.8m, up from DKK 7.1m (like-for-like), with Czech outlet center driving growth.

• Net rental income rose 9% year-over-year to DKK 33.0m (like-for-like), despite divestments.

• Significant negative value adjustments of DKK -64.2m due to increased yield requirements for Danish shopping centers.

• Broen Shopping (joint venture) is up for sale; Agat may increase its stake if financing allows.

Financial highlights

• Net revenue for Q1–Q3 2024/25 was DKK 52.4m, down from DKK 64.8m year-over-year, mainly due to property sales.

• EBIT for Q1–Q3 2024/25 was DKK -50.8m, compared to DKK -60.1m year-over-year.

• Net result for Q1–Q3 2024/25 was DKK -56.1m, versus DKK -55.2m last year.

• Equity at 31 October 2024 was DKK 274.6m, with a solvency ratio of 35.2%.

• Net interest-bearing debt at period end was DKK 371.3m.

Outlook and guidance

• Management maintains full-year guidance for result before value adjustments and tax at DKK 0–5m for 2024/25.

• Expected result before value adjustments and tax from property portfolio: DKK 7–12m; from residual activities: around DKK -7m.

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