Agat Ejendomme (AGAT) Q4 2025 earnings summary

Executive summary

• Result before value adjustments and tax (before tax from joint ventures) for 2025/26 was DKK 10.3m, up from DKK 3.2m last year, exceeding the latest guidance of DKK 4–8m.

• Net rental income was DKK 44.4m (DKK 44.9m last year), impacted by one-off costs and planned vacancies.

• Value adjustments (including joint ventures) were DKK -10.6m, a significant improvement from DKK -65.6m last year.

• Net profit was DKK 0.8m, compared to a loss of DKK -63.3m last year.

• The property portfolio represents 90.8% of the balance sheet, with rest activities being wound down.

Financial highlights

• Revenue: DKK 72.2m (DKK 70.4m last year).

• EBIT: DKK 9.4m (DKK -52.0m last year).

• Net profit: DKK 0.8m (DKK -63.3m last year).

• Total assets: DKK 766.1m (DKK 771.1m last year).

• Equity: DKK 266.9m (DKK 267.3m last year).

• Net interest-bearing debt: DKK 382.5m (DKK 374.3m last year).

• Cash flow from operations: DKK 6.8m (DKK 2.6m last year).

Outlook and guidance

• 2026/27 result before value adjustments and tax expected at DKK 1–4m.

• Revenue guidance for 2026/27: DKK 70–80m.

• Property portfolio expected to contribute DKK 8–10m before value adjustments and tax; rest activities expected at DKK -7 to -6m.

• Higher financing costs due to switch to variable interest rates are expected to impact results.