EgnsINVEST Ejendomme Tyskland (EGNETY) Q3 2024 earnings summary

Executive summary

• Achieved profit before tax of DKK 12.3m in Q3 2024, with DKK 8.7m from fair value adjustments of investment properties.

• Profit before tax for the first nine months totaled DKK 47.7m.

• Book value per share increased 1.74% to DKK 253.19 in Q3; share price rose 20.5% to 147.

• Vacancy rates at 0.92% for residential and 6.82% for commercial, totaling 1.52%.

• High demand for new residential units in Berlin supported strong rental levels.

Financial highlights

• Net revenue for Q3 2024 was DKK 16.2m, up from DKK 14.6m in Q3 2023; YTD revenue DKK 46.2m, up from DKK 43.4m.

• EBIT for Q3 2024 was DKK 10.8m, up from DKK 9.7m in Q3 2023; YTD EBIT DKK 30.5m, up from DKK 27.9m.

• Net financial expenses increased to DKK -7.2m in Q3 2024 from DKK -4.8m in Q3 2023.

• Profit after tax for Q3 2024 was DKK 10.3m, compared to a loss of DKK -184.8m in Q3 2023; YTD profit after tax DKK 39.9m, compared to a loss of DKK -207.3m.

• Investment properties at fair value increased to DKK 1,493.6m from DKK 1,443.8m at year-end 2023.

Outlook and guidance

• Management expects full-year EBVAT in the range of DKK 12.0–12.6m.

• Positive rental developments and ECB interest rate cuts are expected to support results.