Cemat (CEMAT) H1 2026 earnings summary

Executive summary

• Revenue rose to DKK 36.1 million in H1 2026, up from DKK 19.4 million in H1 2025, driven by residential unit sales and stable rental operations.

• Net profit after tax was DKK 2.7 million, down from DKK 14.8 million in H1 2025, mainly due to the absence of fair value gains from zoning decisions.

• The Moje Bielany 1 project was completed, with nearly all apartments sold and a conditional agreement for retail space signed.

• The company revised its 2026 financial guidance upwards following project completion.

Financial highlights

• Consolidated EBITDA reached DKK 4.7 million (H1 2025: DKK 2.6 million).

• EBITDA margin was 13%, EBIT margin 13%, and equity ratio 75% for H1 2026.

• Cash flows from operating activities were negative DKK 1.4 million, mainly due to tax payments related to land contributions and prior sales.

• Total assets stood at DKK 342 million, with equity of DKK 255 million as of 30 June 2026.

Outlook and guidance

• 2026 revenue expected at DKK 86–88 million, EBITDA at DKK 16.5–17.2 million, and net profit at DKK 9.9–10.9 million.

• Development segment EBITDA forecasted at DKK 9.2–9.4 million; property rental EBITDA at DKK 7.3–7.8 million.

• Guidance revised upwards after Moje Bielany 1 completion.

• Valuation of investment property could significantly impact results.