Prime Office (PRIMOF) Q4 2025 earnings summary

Executive summary

• Revenue reached DKK 204.2m in 2025, mainly from German residential and commercial properties, with a stable 97% occupancy rate in residential assets and a 3.1% rent increase due to indexation and re-letting at higher rates.

• EBIT was DKK 114.6m, and net profit DKK 70.1m, both slightly lower than 2024, reflecting lower fair value adjustments and higher financial costs.

• The portfolio remains focused on residential properties (76%), providing stable cash flow, with ongoing divestment of commercial assets in Hamburg.

• The Mejlbryggen development in Aarhus is progressing on schedule and budget, with completion expected in Q1 2028.

Financial highlights

• Revenue increased to DKK 204.2m in 2025 from DKK 201.8m in 2024.

• EBIT margin was 56.1%, slightly down from 56.3% in 2024.

• Net profit was DKK 70.1m, down from DKK 90.3m in 2024, mainly due to lower fair value gains (DKK 10.6m vs. DKK 28.8m in 2024).

• Total investment properties (including under construction) rose to DKK 4,418.8m.

• Equity decreased to DKK 1,930.4m, with a solidity ratio of 41.5%.

• LTV increased to 50.8% from 46.2% in 2024.

Outlook and guidance

• 2026 revenue guidance is DKK 195–205m, EBIT DKK 105–125m, and pre-fair value profit DKK 60–80m.

• Continued focus on completing and leasing Mejlbryggen, optimizing the German residential portfolio, and controlled wind-down of the Hamburg commercial segment.