Copenhagen Capital (CPHCAP) investor relations material

Executive summary

• 9M 2026 revenue reached DKK 52.6m, EBIT DKK 38.9m and EBVAT DKK 19.6m; 2026 guidance was maintained, with higher expected property and debt value adjustments.

• Property operations tracked expectations with low vacancy; activity focused on developing the Heimdalsgade and Gammel Strand properties.

Financial highlights

• Q3 2026 revenue was DKK 17.6m vs DKK 14.9m YoY; EBIT was DKK 12.9m vs DKK 10.6m, and EBVAT was DKK 6.4m vs DKK 4.9m.

• 9M revenue was DKK 52.6m vs DKK 41.4m YoY; EBIT was DKK 38.9m vs DKK 28.9m, and EBVAT was DKK 19.6m vs DKK 13.8m.

• 9M operating margin was 74.0%, up from 69.7% in 9M 2025.

• Q3 net financial expenses were DKK 6.5m vs DKK 5.6m YoY, mainly reflecting a larger balance sheet and loan refinancing.

Outlook and guidance

• FY 2026 guidance: EBVAT DKK 24–27m, positive property and debt value adjustments DKK 35–50m, and pretax profit DKK 59–77m; adjustment guidance was raised from DKK 25–40m and pretax guidance from DKK 49–67m.

• FY 2027 guidance: EBVAT DKK 26–29m, positive property and debt value adjustments DKK 30–45m, and pretax profit DKK 56–74m.

• Heimdalsgade works and the Gammel Strand 46 transformation are expected to contribute positively to operations in 2027.