Copenhagen Capital (CPHCAP) Q2 2026 earnings summary

Executive summary

• Achieved strong earnings in H1 2026, with significant value adjustments, upgraded guidance, and robust equity growth.

• Portfolio value and financial targets for 2028 are on track, with a shift in focus to earnings and value creation.

• Revenue for H1 2026 reached DKK 35.0 million, up from DKK 26.4 million year-over-year, driven by acquisitions and portfolio optimization.

• EBIT increased to DKK 26.0 million from DKK 17.4 million, with an improved operating margin of 74.3%.

• Net profit after tax was DKK 51.3 million, up from DKK 13.3 million in H1 2025, reflecting strong value adjustments and operational performance.

Financial highlights

• Revenue increased by 33% year-over-year in H1 2026.

• EBIT for H1 2026: DKK 26.0 million (H1 2025: DKK 17.4 million).

• Result before tax for H1 2026 was 42.1 million DKK.

• Net asset value per share at 9.52 DKK as of June 30, 2026.

• Net profit after tax: DKK 51.3 million (H1 2025: DKK 13.3 million).

Outlook and guidance

• Upgraded full-year 2026 result before tax to 59–77 million DKK, previously 49–67 million DKK.

• Underlying earnings (EBVAT) expected at 24–27 million DKK for 2026.

• Value adjustment expectations raised to DKK 35-50 million (previously DKK 25-40 million).

• 2028 targets: portfolio value ~1,500 million DKK, net asset value per share >10.00 DKK, result after tax 50 million DKK.

• Guidance subject to property transactions and market developments.