Fast Ejendom Danmark (FED) Q4 2024 earnings summary

Executive summary

• Revenue increased 9.2% year-over-year to DKK 102.2m, driven by higher occupancy and new residential units.

• Net income rose to DKK 62.1m from DKK 37.2m in 2023, reflecting improved operations and property revaluations.

• Portfolio value reached DKK 1.6bn, with a 91% occupancy rate at year-end, up from 87.5% last year.

• Major residential project in Ballerup completed and nearly fully let, supporting future cash flow.

• Board proposes no dividend for 2024, focusing on reinvestment and capital structure.

Financial highlights

• Operating income before revaluations: DKK 59.5m (2023: DKK 55.9m).

• Property revaluations contributed DKK 55.3m (2023: DKK 20.8m).

• Net financial expenses increased to DKK -46.6m due to higher interest rates and new financing.

• Cash flow from operations: DKK 12.4m (2023: DKK 23.3m), impacted by higher financing costs.

• EPS: DKK 23.81 (2023: DKK 14.34); equity at year-end: DKK 702.0m.

Outlook and guidance

• 2025 operating income before revaluations expected at DKK 68m, driven by full-year effect of new residential units and higher occupancy.

• Cash flow from operations projected at DKK 34m, supported by lower financing costs and stable occupancy.

• Targeting annual growth in book value per share of at least 10% over the long term.