Fast Ejendom Danmark (FED) Q4 2025 earnings summary

Executive summary

• Achieved strong financial performance in 2025, exceeding initial guidance and showing significant improvement over 2024, with net profit up 51.5% to DKK 94.1m and rental income up 14.4% to DKK 112.5m year-over-year.

• Maintained high occupancy rates, ending 2025 at 92.4%, driven by successful leasing at Baltorpvej and stable performance across the portfolio.

• Launched a new strategy in October 2025 to gradually divest the property portfolio to unlock shareholder value, with the first asset classified as held for sale by year-end.

Financial highlights

• Rental income rose to DKK 112.5m (2024: DKK 98.3m), and net profit reached DKK 94.1m (2024: DKK 62.1m).

• Operating profit before fair value adjustments was DKK 71.0m (2024: DKK 55.9m).

• Fair value adjustments of investment properties contributed DKK 67.2m (2024: DKK 58.2m).

• Net financial expenses decreased to DKK -31.7m (2024: DKK -45.9m) due to refinancing and lower interest rates.

• Cash flow from operations improved to DKK 44.4m (2024: DKK 12.4m).

Outlook and guidance

• 2026 guidance: operating profit before fair value adjustments expected at DKK 72m, with occupancy rate maintained at 90-92%.

• Positive operating cash flow forecast at around DKK 40m.

• Long-term financial targets discontinued due to the new divestment strategy.