Copenhagen Capital (CPHCAP) Q4 2024 earnings summary

Executive summary

• Achieved net profit of DKK 7.3m in 2024, a turnaround from a DKK 76.8m loss in 2023, with EBIT up 5.2% to DKK 34.3m year-over-year.

• Revenue increased 4.8% to DKK 49.6m, driven by improved property operations and low vacancy rates.

• Launched 'DOUBLE 2028' strategy aiming to double EBVAT to over DKK 30m by 2028 through portfolio optimization and acquisitions.

• No property acquisitions or disposals in 2024; focus remained on renovations and asset management.

• ESG initiatives advanced, with 72.6% of properties now rated energy class C or better.

Financial highlights

• Net profit: DKK 7.3m (2023: DKK -76.8m); EBIT: DKK 34.3m (2023: DKK 32.6m); EBVAT: DKK 16.9m (2023: DKK 17.6m).

• Revenue: DKK 49.6m, up 4.8% year-over-year.

• Gross profit: DKK 42.0m (2023: DKK 40.3m); operating margin stable at 69.1%.

• Equity: DKK 448.4m (2023: DKK 469.7m); soliditetsgrad 41.5%.

• Loan-to-value: 50.1% (2023: 46.0%).

• EPS: DKK 0.05 (2023: DKK -1.34); BVPS: DKK 7.56.

Outlook and guidance

• 2025 EBVAT guidance: DKK 16–18m, with revenue expected to exceed DKK 50m.

• Continued focus on asset management, ESG, and seeking new investments; macroeconomic and interest rate changes may impact results.