Cemat (CEMAT) H1 2025 earnings summary

Executive summary

• Upgraded 2025 net result forecast to DKK 41-43 million, up from DKK 25-27 million, driven by property revaluation and strong development results.

• Revenue for H1 2025 was DKK 19.4 million, slightly down from DKK 20.0 million in H1 2024, but rental income rose 8.2% to DKK 11.1 million.

• Net profit after tax surged to DKK 14.8 million in H1 2025, compared to DKK 0.9 million in H1 2024, mainly due to a DKK 17.2 million property revaluation.

• The Moje Bielany I project completed construction ahead of schedule, with 94 out of 105 flats sold and full loan repayment expected by Q3 2025.

• New zoning decisions enable further residential and self-storage developments, supporting future growth.

Financial highlights

• H1 2025 revenue: DKK 19.4 million (H1 2024: DKK 20.0 million).

• EBITDA: DKK 2.6 million (H1 2024: DKK 2.6 million); EBIT: DKK 2.6 million (H1 2024: DKK 2.6 million).

• Net profit: DKK 14.8 million (H1 2024: DKK 0.9 million).

• Cash flow from operations: DKK 13.6 million; cash and equivalents: DKK 25.2 million.

• Equity ratio: 52%; return on equity: 7%; earnings per share: DKK 0.06.

Outlook and guidance

• 2025 EBITDA expected at DKK 37-39 million, up from previous guidance of DKK 33.3-36 million.

• Net result for 2025 forecast at DKK 41-43 million, reflecting improved project results and property revaluation.

• Development segment EBITDA forecast at DKK 30-32 million; property rental EBITDA at DKK 6.5-7 million.

• Guidance based on DKK/PLN exchange rate of 177/100; market value of investment property could significantly impact results.