Agat Ejendomme (AGAT) Q3 2025 earnings summary

Executive summary

• Result before value adjustments and tax for the first nine months was DKK 9.0 million, up from DKK 5.2 million year-over-year.

• Net profit for the period was DKK 11.9 million, a significant improvement from a loss of DKK -56.1 million in the prior year, mainly due to positive value adjustments versus large negative adjustments last year.

• The property portfolio accounts for 90.7% of the group’s balance sheet, with the remainder being non-core assets targeted for divestment.

• Sale of remaining office development rights in Aalborg and a conditional sale agreement for land in Poland will improve liquidity once finalized.

• A capital reduction was completed in June 2025, reallocating DKK 106 million to a special reserve.

Financial highlights

• Revenue for the first nine months was DKK 53.9 million, up from DKK 52.4 million year-over-year.

• Net rental income was DKK 32.2 million, slightly down from DKK 33.0 million, affected by one-off costs and temporary vacancies.

• EBIT for the period was DKK 18.2 million, compared to DKK -50.8 million last year.

• Value adjustments totaled DKK 2.9 million, with no change in required returns.

• Cash flow for the period was DKK -4.7 million, an improvement from DKK -16.3 million last year.

Outlook and guidance

• Management maintains guidance for full-year result before value adjustments and tax of DKK 4-8 million.

• Expected result before value adjustments and tax from the property portfolio is DKK 10-13 million; rest activities are expected to contribute DKK -6 to -5 million.

• No significant portfolio changes (acquisitions or disposals) are anticipated for the remainder of the year.