Prime Office (PRIMOF) Q2 2025 earnings summary

Executive summary

• Revenue stable at 101.0m DKK for H1 2025, with growth in residential and office rental income but a decline in commercial property income.

• Operating profit (EBIT) decreased 5.3% year-over-year to 55.7m DKK, with a significant drop in property revaluations.

• Net profit for H1 2025 was 28.0m DKK, down from 86.2m DKK in H1 2024, mainly due to negative property revaluations.

• Major construction projects in Aarhus Ø are progressing ahead of schedule, with key risk factors in soil handling resolved.

Financial highlights

• Residential rental income rose 3.3% to 61.5m DKK; office rental income up 2% to 24.7m DKK; commercial rental income fell 14.3% to 14.7m DKK.

• Operating expenses increased 21.3% to 35.7m DKK, mainly due to property maintenance and vacancy costs.

• Sale and admin expenses dropped to 9.6m DKK from 12.8m DKK year-over-year.

• Property revaluations were -3.4m DKK versus +58.4m DKK in H1 2024; two commercial properties sold at a 3.3m DKK loss to book value.

• Financial net expenses fell 13.7% to -17.7m DKK due to lower interest rates.

Outlook and guidance

• Full-year 2025 revenue expected between 195–210m DKK; operating profit (EBIT) 105–125m DKK; pre-tax profit before revaluations 65–85m DKK.

• Financial market uncertainty remains high due to geopolitical tensions and US trade policy changes.