Jeudan (JDAN) investor relations material

Executive summary

• 9M revenue rose 4% YoY to DKK 1,374m; EBIT increased 6% to DKK 853m and EBVAT rose 3% to DKK 454m.

• Pretax profit more than doubled to DKK 1,529m from DKK 766m, supported by property and financial liability fair-value gains.

• Management described 9M performance as satisfactory and in line with expectations, with Q3 developing according to plan.

Financial highlights

• 9M EBITDA was DKK 867m vs DKK 820m; net profit was DKK 1,189m vs DKK 599m; EPS was DKK 21.47 vs DKK 10.82.

• 9M property gains were DKK 563m vs DKK 218m; financial liability fair-value gains were DKK 511m vs DKK 106m.

• Q3 revenue was DKK 460m vs DKK 435m; EBIT was DKK 284m vs DKK 272m; EBVAT was DKK 151m vs DKK 152m.

• Q3 pretax profit was DKK 878m vs DKK 114m, including DKK 680m positive financial liability fair-value adjustment vs a DKK 37m loss.

Outlook and guidance

• FY2026 revenue growth guidance remains 4–7%; EBIT is expected at DKK 1,100–1,200m, versus 2025 revenue of DKK 1,751m and EBIT of DKK 1,063m.

• Strategy continues to target profitable investments in well-maintained, well-located office properties in Copenhagen and Frederiksberg, while growing stable primary earnings.

• Future property and financial liability fair-value adjustments may be positive or negative; guidance is exposed to rental and service income, operating and maintenance costs, inflation and interest rates.