Copenhagen Capital (CPHCAP) H2 2025 earnings summary

Executive summary

• Achieved record operating profit (EBVAT) of DKK 18.7m in 2025, at the high end of upgraded guidance, reflecting strong execution of the 'DOUBLE 2028' strategy and successful property acquisitions, including NTR Holding A/S.

• Net profit surged to DKK 84.1m from DKK 7.3m in 2024, driven by higher property values and improved operations.

• Equity increased to DKK 583.2m, up from DKK 448.4m, with a solid equity ratio of 40.2%.

• Portfolio expanded to 20 properties with over 300 leases, valued at DKK 1,445.4m.

Financial highlights

• Revenue rose 17.7% year-over-year to DKK 58.4m; gross profit up 21.2% to DKK 50.9m.

• EBIT reached DKK 40.0m, up from DKK 34.3m in 2024.

• Net financial expenses increased 22.6% to DKK 21.4m due to higher debt from acquisitions.

• Property fair value adjustments totaled DKK 92.1m, with a positive DKK 2.9m adjustment on debt.

• EPS was DKK 1.18, up from DKK 0.05 in 2024.

Outlook and guidance

• 2026 guidance: EBVAT of DKK 24–27m, property value adjustments of DKK 25–40m, and pre-tax profit of DKK 49–67m.

• Continued focus on asset management, ESG integration, and disciplined investment.