Prime Office (PRIMOF) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 was DKK 151.2 million, unchanged from the same period last year.

• Primary income from residential leasing rose 2.7% to DKK 92.4 million, while office leasing income increased 2.5% to DKK 37.1 million.

• Income from commercial properties declined due to property sales, with adjusted rental income down 1.2% year-over-year.

• Operating profit (EBIT) fell 3.4% to DKK 85.8 million.

• Net profit before value adjustments and tax was DKK 58.0 million, nearly flat year-over-year.

Financial highlights

• Operating expenses increased 14.3% to DKK 51.5 million, mainly due to property maintenance, higher management costs, and vacancy costs.

• Sales and administrative expenses decreased 19.5% to DKK 13.9 million.

• Value adjustment of investment properties was negative DKK 3.4 million, compared to a positive DKK 57.6 million last year.

• Net financial expenses decreased 10.6% to DKK 27.8 million, reflecting lower interest rates on variable debt.

• Total assets increased to DKK 4,541 million, with investment properties under construction rising to DKK 788.2 million.

• Equity decreased to DKK 1,899.7 million, mainly due to dividend payouts.

Outlook and guidance

• Full-year 2025 revenue is expected to be DKK 195–210 million.

• Operating profit guidance is DKK 105–125 million, with pre-tax profit before value adjustments expected at DKK 65–85 million.

• Management notes continued high uncertainty in financial markets due to geopolitical tensions and US trade policy changes.