Cemat (CEMAT) H2 2025 earnings summary

Executive summary

• Revenue surged over fourfold year-over-year to DKK 164.7 million, driven by strong residential sales and stable rental operations.

• EBITDA reached DKK 40.0 million, exceeding forecasts, with net profit after tax at DKK 65.9 million, up from DKK 13.4 million in 2024.

• Major development milestones included the completion and handover of 93 apartments in the Moje Bielany I project and the launch of two new residential projects and a self-storage facility.

• The Warsaw real estate portfolio was valued at DKK 198.0 million as of year-end, reflecting successful zoning and value enhancement strategies.

Financial highlights

• Revenue: DKK 164.7 million (2024: DKK 39.4 million), EBITDA: DKK 40.0 million (2024: DKK 7.3 million), EBIT: DKK 39.9 million (2024: DKK 7.3 million).

• Net profit: DKK 65.9 million (2024: DKK 13.4 million), EPS: DKK 0.25 (2024: DKK 0.05).

• Equity ratio improved to 70.7% (2024: 55.8%), return on equity at 29.4% (2024: 7.4%).

• Net interest-bearing debt reduced to zero from DKK 17.0 million in 2024.

• Cash flow from operations: DKK 52.6 million; cash and cash equivalents: DKK 40.5 million.

Outlook and guidance

• 2026 revenue expected at DKK 86–88 million; EBITDA forecasted at DKK 13.8–14.8 million.

• Net profit for 2026 projected at DKK 8–9 million before investment property revaluation.

• Dividend distributions anticipated from 2028, subject to financial performance and cash flow.