Agat Ejendomme (AGAT) Q2 2026 earnings summary

Executive summary

• Result before value adjustments and tax for H1 2026/27 was DKK 1.6m, down from DKK 3.9m year-over-year.

• Net rental income was DKK 21.6m, nearly unchanged from DKK 21.8m in the prior year.

• Net profit for the period was DKK 2.9m, compared to DKK 5.8m last year.

• Strategic transformation continues, focusing on shopping centers and divesting non-core assets.

• Conditional agreement to acquire CapMan's 65% stake in BROEN Shopping A/S, with financing secured.

Financial highlights

• Revenue for H1 2026/27 was DKK 43.0m, up from DKK 35.4m year-over-year.

• EBIT for H1 2026/27 was DKK 10.8m, up from DKK 9.9m year-over-year.

• Net financial expenses increased to DKK 7.9m from DKK 4.1m, mainly due to a shift to variable interest rates.

• Cash flow from operations was DKK 6.6m, up from DKK 5.1m year-over-year.

• Net interest-bearing debt at period end was DKK 399.2m, up from DKK 382.5m at January 2026.

Outlook and guidance

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

• If BROEN Shopping acquisition completes, guidance increases to DKK 4-7m before value adjustments and tax.

• Revenue for 2026/27 expected in the DKK 70-80m range.

• Result split: property portfolio DKK 8-10m, residual activities DKK -7 to -6m.