Glunz & Jensen Holding (GJ) H2 2025 earnings summary

Executive summary

• Revenue increased to DKK 143.6 million in 2025 from DKK 131.0 million in 2024, with gross profit rising to DKK 39.5 million and gross margin improving to 27.5% from 26.3%.

• EBITDA reached DKK 17.3 million, up from DKK 9.5 million, and profit before tax was DKK 11.3 million, both in line with prior guidance.

• Net profit for the year was DKK 8.5 million, translating to EPS of DKK 4.7, compared to DKK 2.8 million and EPS of DKK 1.6 in 2024.

• The Board recommends no dividend for 2025 and has initiated the process to sell Selandia Park A/S or its assets.

Financial highlights

• Revenue: DKK 143.6 million (2024: DKK 131.0 million); gross profit: DKK 39.5 million (2024: DKK 34.4 million).

• EBITDA: DKK 17.3 million (2024: DKK 9.5 million); EBITDA margin: 12.0% (2024: 7.2%).

• Profit before tax: DKK 11.3 million (2024: DKK 3.3 million); net profit: DKK 8.5 million (2024: DKK 2.8 million).

• Free cash flow: DKK -0.7 million (2024: DKK 5.0 million); cash flows from operating activities: DKK 6.7 million (2024: DKK 6.6 million).

• Equity: DKK 112.5 million; solvency ratio: 49.7% (2024: 49.2%).

Outlook and guidance

• 2026 revenue expected at approximately DKK 140 million; EBITDA at DKK 18 million; profit before tax at DKK 12 million.

• Guidance excludes potential gains/losses from the sale of Selandia Park and possible costs related to the selling process.

• Management notes uncertainty due to geopolitical risks, inflation, tariffs, and supply chain challenges.