NTR (NTR) Q2 2025 earnings summary

Executive summary

• Primary operating loss was DKK 0.9 million for H1 2025, in line with expectations and slightly higher than DKK 0.7 million loss in H1 2024.

• Equity at June 30, 2025, was DKK 8.7 million, corresponding to a book value per share of DKK 3.5.

• Limited operating activity; assets mainly consist of cash and securities.

• Copenhagen Capital A/S now owns 89.8% of share capital and 92.7% of voting rights after a mandatory takeover offer.

• Intention to delist before the 2026 AGM, in cooperation with the majority shareholder.

Financial highlights

• EBIT for H1 2025 was DKK -0.9 million, compared to DKK -0.7 million in H1 2024.

• Net result for H1 2025 was DKK -0.8 million, versus DKK -0.7 million in H1 2024.

• Equity decreased to DKK 8.7 million from DKK 10.4 million at June 30, 2024.

• Cash position at period end was DKK 2.2 million, up from DKK 1.3 million at year-end 2024.

• No revenue from discontinued activities; result from such activities was DKK 0.0 million.

Outlook and guidance

• 2025 revenue expected to remain at DKK 4 million, with pre-fair value adjustment result around DKK 0 million.

• Results may be affected by property transactions and interest rate developments.