Copenhagen Capital (CPHCAP) Q2 2024 earnings summary

Executive summary

• Focused on capital structure optimization, property improvements, ESG, and core business development during H1 2024.

• No property acquisitions or disposals in H1 2024; market monitored closely for future opportunities.

• Streamlined organization and operations proceeding as expected.

Financial highlights

• Revenue for H1 2024 was DKK 24.6 million, up from DKK 23.3 million in H1 2023, mainly due to rent increases.

• EBIT increased to DKK 16.2 million from DKK 15.6 million year-over-year; EBIT margin at 66.0%.

• Net income after tax was DKK 15.3 million, compared to a loss of DKK 31.4 million in H1 2023.

• Equity at period end was DKK 456.5 million, down from DKK 523.5 million a year earlier.

• Investment property portfolio valued at DKK 1.08 billion as of June 30, 2024.

Outlook and guidance

• EBVAT for 2024 expected between DKK 15–17 million, unchanged from previous guidance.

• Market uncertainty and property transactions may impact full-year results.