Fast Ejendom Danmark (FED) Q2 2025 earnings summary

Executive summary

• Rental income rose to DKK 57.5m in H1 2025, up 15% year-over-year, driven by full leasing of residential units and high occupancy across the portfolio.

• Primary operating profit before value adjustments increased to DKK 37.2m from DKK 27.0m in H1 2024.

• Net financial expenses decreased to DKK -19.0m due to lower interest rates and refinancing.

• Profit before tax was DKK 29.8m, slightly down from DKK 30.8m in H1 2024, reflecting lower value adjustments.

• Cash flow from operations improved significantly to DKK 16.6m from DKK 1.9m year-over-year.

Financial highlights

• Rental income: DKK 57.5m (H1 2024: DKK 49.8m).

• Operating profit before value adjustments: DKK 37.2m (H1 2024: DKK 27.0m).

• Net financial expenses: DKK -19.0m (H1 2024: DKK -23.7m).

• Profit before tax: DKK 29.8m (H1 2024: DKK 30.8m).

• Cash flow from operations: DKK 16.6m (H1 2024: DKK 1.9m).

• Equity: DKK 725.6m (2024: DKK 702.0m).

• Loan to Value: 45.6% (H1 2024: 48.8%).

• Net asset value per share: DKK 278.32 (H1 2024: DKK 254.71).

Outlook and guidance

• Guidance for 2025 primary operating profit before value adjustments maintained at DKK 71m.

• Expected year-end occupancy rate of 91% and operating cash flow of DKK 34m reaffirmed.