EgnsINVEST Ejendomme Tyskland (EGNETY) Q1 2025 earnings summary

Executive summary

• Net profit after tax for Q1 2025 was DKK 4.0 million, down from DKK 20.1 million in Q1 2024, mainly due to lower fair value adjustments of investment properties.

• Revenue for Q1 2025 was DKK 14.7 million, stable compared to DKK 14.8 million in Q1 2024.

• Equity increased to DKK 614 million, with book value per share rising 0.97% to DKK 260.93.

• Vacancy rates as of March 31, 2025, were 1.48% for residential and 9.30% for commercial, totaling 2.30%.

• Share price rose 6.11% during the quarter, ending at DKK 139.

Financial highlights

• EBIT for Q1 2025 was DKK 9.8 million, nearly unchanged from Q1 2024.

• EBVAT (profit before fair value adjustments and tax) was DKK 3.2 million, up from DKK 2.5 million in Q1 2024.

• Fair value adjustments of investment properties contributed DKK 1.7 million, significantly lower than DKK 21.5 million in Q1 2024.

• Cash flow from operations was DKK 2.5 million; sale of a property generated DKK 90.9 million in cash inflow.

• Liquidity at quarter-end was DKK 28.6 million, with unused credit lines of DKK 54.8 million.

Outlook and guidance

• EBVAT for 2025 is expected in the range of DKK 14.0–17.0 million, assuming current interest rates.

• Lower ECB rates in 2025 are expected to positively impact operating results due to quarterly interest adjustments.

• Management will continue focusing on rent increases, new leases, and optimizing property usage.