Agat Ejendomme (AGAT) Q4 2024 earnings summary

Executive summary

• Net income for 2024/25 was DKK -63.3m, down from DKK -50.1m in 2023/24, mainly due to negative fair value adjustments on shopping centers amid rising yield requirements and market uncertainty.

• Operating profit before value adjustments and tax was DKK 3.2m, in line with expectations but significantly lower than DKK 32.2m the previous year.

• Net rental income rose 11% year-over-year to DKK 44.9m (like-for-like), driven by strong performance at the Czech outlet center.

• The property portfolio now represents 90.6% of the balance sheet, with a focus on shopping and outlet centers; remaining activities (mainly land) are being divested.

• No dividend will be proposed until the Sillebroen Shopping loan is reduced below DKK 300m, following a loan extension to June 2028.

Financial highlights

• Revenue for 2024/25 was DKK 70.4m, down from DKK 238.7m, reflecting the sale of major properties in 2023/24.

• EBIT was DKK -52.0m (2023/24: DKK -63.3m); EBITDA not specified.

• Net rental income (NOI) was DKK 44.9m, up from DKK 40.4m (like-for-like).

• Net fair value adjustments on investment properties totaled DKK -65.6m, mainly due to increased yield requirements for Danish shopping centers.

• Cash flow for the year was DKK -22.2m; net interest-bearing debt at year-end was DKK 374.3m.

Outlook and guidance

• For 2025/26, management expects group profit before value adjustments and tax of DKK 1–5m.

• Property portfolio is expected to deliver DKK 8–12m before value adjustments and tax; remaining activities are expected at around DKK -7m.

• No significant changes in the property portfolio (acquisitions or disposals) are anticipated.