Fast Ejendom Danmark (FED) Q1 2025 earnings summary

Executive summary

• Rental income reached DKK 28.5m in Q1 2025, up 19% year-over-year, driven by full occupancy at Nordlyset and strong leasing across the portfolio.

• Primary operating profit before value adjustments rose to DKK 18.3m from DKK 12.8m in Q1 2024, reflecting higher income and lower property costs.

• Net profit before tax increased to DKK 13.5m, compared to DKK 3.8m in the same quarter last year, aided by reduced financing costs.

• Cash flow from operations improved to DKK 9.1m, up from DKK 2.6m in Q1 2024.

• Portfolio occupancy rose to 92.2% from 88.4% year-over-year.

Financial highlights

• Rental income: DKK 28.5m (Q1 2024: DKK 24.0m).

• Operating profit before value adjustments: DKK 18.3m (Q1 2024: DKK 12.8m).

• Net financial expenses: DKK -7.3m (Q1 2024: DKK -11.6m).

• Net profit before tax: DKK 13.5m (Q1 2024: DKK 3.8m).

• Net profit after tax: DKK 10.5m (Q1 2024: DKK 3.0m).

• Cash flow from operations: DKK 9.1m (Q1 2024: DKK 2.6m).

• Equity at period end: DKK 712.8m (Dec 2024: DKK 702.0m).

Outlook and guidance

• Guidance for 2025 maintained: operating profit before value adjustments expected at DKK 68m.

• Full-year rental income and occupancy rate expected to remain robust, with a slight decline in occupancy anticipated due to a major logistics lease termination.

• Cash flow from operations for 2025 expected at DKK 34m; year-end occupancy targeted at 91%.