Jeudan (JDAN) Q2 2024 earnings summary

Executive summary

• High leasing activity with new contracts totaling nearly DKK 100 million, resulting in positive net leasing of DKK 14 million, expected to benefit H2 2024 and 2025.

• H1 2024 results in line with plans; EBIT maintained at DKK 542 million, matching last year.

• Net revenue reached DKK 851 million, a slight decrease of 0.4% year-over-year.

• Net profit after tax was DKK 139 million, a turnaround from a loss of DKK 353 million in H1 2023.

• Management maintains 2024 guidance for EBIT of DKK 1,050–1,150 million and revenue of DKK 1.7 billion.

Financial highlights

• EBIT for H1 2024 was DKK 542 million, unchanged from H1 2023.

• Result before value adjustments (EBVAT) was DKK 298 million, down from DKK 347 million year-over-year due to higher interest expenses.

• Net property value adjustment was negative DKK 252 million (0.7% of total property investments), improved from negative DKK 535 million last year.

• Positive fair value adjustment of financial liabilities at DKK 133 million, compared to negative DKK 266 million in H1 2023.

• Result before tax was DKK 178 million, up DKK 632 million from H1 2023.

Outlook and guidance

• 2024 EBIT expected at DKK 1,050–1,150 million, in line with 2023 (DKK 1,094 million).

• Revenue guidance for 2024 maintained at DKK 1.7 billion.

• Long-term financing strategy with 70–90% of debt interest fixed; currently 74% fixed with average maturity of 10 years.

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