AGF (AGF) H2 24/25 earnings summary

Executive summary

• Revenue increased slightly to DKK 188 million, driven by record sponsor income and merchandise sales, despite reduced stadium capacity and lower event income.

• The year ended with a pre-tax loss of DKK 21 million, in line with expectations, mainly due to lower transfer income and higher costs from stadium relocation and investments.

• Major investments were made in a new academy and temporary stadium facilities, impacting cash flow and increasing leasing obligations.

• A directed share issue after year-end raised DKK 70 million to support sports and infrastructure development.

Financial highlights

• Net revenue: DKK 188.4 million (up from DKK 185.6 million year-over-year).

• Result from primary operations: DKK -63.6 million (down from DKK -41.2 million year-over-year).

• Net income: DKK -20.8 million (down from DKK 59.4 million year-over-year).

• Cash flow from operations: DKK -34.9 million (down from DKK 0.1 million year-over-year).

• Equity: DKK 205 million (down from DKK 226 million year-over-year).

• Soliditetsgrad (equity ratio): 71% (down from 77%).

Outlook and guidance

• For 2025/26, a pre-tax loss between DKK 25–45 million is expected.

• Liquidity reserve of DKK 59 million is considered sufficient for continued operations.