Jeudan (JDAN) Q1 2025 earnings summary

Executive summary

• Revenue increased to DKK 443 million in Q1 2025 from DKK 416 million year-over-year, with EBIT at DKK 268 million versus DKK 266 million.

• Net profit rose to DKK 269 million from DKK 115 million, driven by positive value adjustments on financial liabilities.

• Net letting reached DKK 18 million, up from DKK -5 million in Q1 2024, and occupancy in Copenhagen/Frederiksberg was 96.0%.

• Management maintains full-year 2025 guidance for EBIT of DKK 1,050–1,150 million and revenue of DKK 1.7–1.8 billion.

Financial highlights

• EBIT: DKK 268 million (Q1 2024: DKK 266 million); EBVAT: DKK 147 million (flat year-over-year).

• Positive value adjustment on financial liabilities: DKK 194 million (Q1 2024: negative DKK 7 million).

• Net profit: DKK 269 million (Q1 2024: DKK 115 million); EPS: DKK 4.86 (Q1 2024: DKK 2.07).

• Operating cash flow: DKK 210 million (Q1 2024: DKK 185 million); total cash flow: DKK -55 million (Q1 2024: DKK 215 million).

• Equity ratio: 33.3% at March 31, 2025 (year-end 2024: 33.1%).

Outlook and guidance

• 2025 EBIT expected at DKK 1,050–1,150 million (2024: DKK 1,080 million); revenue at DKK 1.7–1.8 billion (2024: DKK 1.7 billion).

• Focus remains on value creation through customer focus, property improvements, and operational efficiency.

• Ongoing search for further investments in prime office properties in Copenhagen and Frederiksberg.