EgnsINVEST Ejendomme Tyskland (EGNETY) Q4 2024 earnings summary

Executive summary

• Achieved profit before tax of DKK 62.1m in 2024, a significant turnaround from DKK -240.1m last year, driven by value increases and improved operations.

• Net revenue rose to DKK 61.8m, with a focus on optimizing occupancy and rental prices in Berlin's residential and commercial properties.

• Portfolio expanded with new apartments and conversions, maintaining low vacancy rates and high rental yields.

• Sale of a non-core property at a 20% premium to independent valuation, with profit recognized in 2024.

Financial highlights

• Net revenue increased to DKK 61.8m from DKK 57.9m year-over-year.

• EBVAT (operating profit before fair value adjustments and tax) was DKK 12.0m, down from DKK 19.4m due to higher interest expenses.

• Net profit after tax reached DKK 51.8m, compared to a loss of DKK -201.8m last year.

• Fair value adjustments of investment properties contributed DKK 50.0m, reversing last year’s negative adjustments.

• Equity increased to DKK 611.8m, and the equity ratio improved to 40.0%.

Outlook and guidance

• 2025 revenue expected between DKK 58–62m; EBVAT guidance of DKK 14–17m, reflecting lower interest rates.

• Continued focus on renovation, rental increases, and development of new lettable space.

• Market uncertainties remain due to interest rates, maintenance costs, and geopolitical factors.