Prime Office (PRIMOF) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was DKK 50.0 million, nearly flat year-over-year, with a 3.5% increase in residential rental income and a decline in commercial due to property sales.

• Operating profit rose 12.4% to DKK 30.4 million, and profit before tax increased 28.6% to DKK 21.4 million compared to Q1 2024.

• Administrative expenses dropped 45% due to one-off costs in the prior year.

• Construction at Mejlbryggen and Aarhus Ø is progressing as planned, with significant capital support to project subsidiaries.

Financial highlights

• Residential rental income grew to DKK 30.7 million (+3.5%), office income stable at DKK 12.3 million, commercial income fell to DKK 7.0 million due to asset sales.

• Total revenue was DKK 50.0 million (Q1 2024: DKK 50.4 million).

• Operating expenses were DKK 14.9 million, nearly unchanged year-over-year.

• Net financial expenses decreased 13.6% to DKK 8.8 million, reflecting lower interest rates.

• Net profit for the period was DKK 17.2 million, up from DKK 14.1 million in Q1 2024.

Outlook and guidance

• 2025 revenue expected between DKK 195–210 million, operating profit DKK 105–125 million, and pre-tax profit before property revaluations DKK 65–85 million.

• Management maintains guidance despite ongoing macroeconomic and geopolitical uncertainties.