Investeringsselskabet Luxor (LUXOR) Q1 24/25 earnings summary

Executive summary

• Basis earnings for Q1 2024/25 reached DKK 14.0 million, up from DKK 12.0 million year-over-year, driven by lower financing costs and higher net gains on mortgage loans.

• Profit before tax was DKK 14.0 million, a significant improvement from a loss of DKK -1.1 million in the prior year.

• Net income for the quarter was DKK 10.9 million, compared to a loss of DKK -1.0 million year-over-year.

Financial highlights

• Total income for the quarter was DKK 26.2 million, with gross earnings of DKK 24.2 million.

• Earnings per share (EPS) were DKK 10.89, up from DKK -0.96 year-over-year.

• Return on equity annualized at 9.61%, compared to -0.88% in the previous year.

• Equity ratio improved to 48.55% from 43.03% year-over-year.

• Financial gearing reduced to 1.00 from 1.20 year-over-year.

Outlook and guidance

• Basis earnings for the full year 2024/25 are expected at DKK 37 million, unchanged from previous guidance.

• Guidance reflects expectations of slightly positive net losses on mortgage loans, higher financing and administrative costs, and increased direct property costs.

• Fair value adjustments of swaps and financial assets are excluded from basis earnings and are expected to impact pre-tax results by DKK -1.4 million for the year.