Copenhagen Capital (CPHCAP) H2 2025 earnings summary

Executive summary

• Achieved record operating profit (EBVAT) of DKK 18.7m in 2025, at the high end of upgraded guidance, reflecting strong execution of the 'DOUBLE 2028' strategy and successful property acquisitions, including NTR Holding A/S.

• Net profit surged to DKK 84.1m from DKK 7.3m in 2024, driven by higher property revaluations and improved operations.

• Equity increased to DKK 583.2m (2024: DKK 448.4m), with a solid equity ratio of 40.2%.

• Portfolio expanded to 20 properties valued at DKK 1,445.4m, with over 300 leases and low vacancy.

Financial highlights

• Revenue rose 17.7% year-over-year to DKK 58.4m; gross profit up 21.2% to DKK 50.9m.

• EBIT increased to DKK 40.0m (2024: DKK 34.3m); operating margin stable at 69%.

• Net financial expenses rose 22.6% to DKK 21.4m due to higher debt from acquisitions.

• Property revaluations contributed DKK 92.1m (2024: DKK 0.8m); positive fair value adjustment on debt of DKK 2.9m.

• EPS reached DKK 1.18 (2024: DKK 0.05); book value per share DKK 8.85.

Outlook and guidance

• 2026 guidance: EBVAT of DKK 24–27m, property revaluations of DKK 25–40m, and pre-tax profit of DKK 49–67m.

• Guidance now includes expectations for both operating profit and revaluations.

• Continued focus on asset management, ESG, and disciplined investment.