Jeudan (JDAN) Q3 2024 earnings summary

Executive summary

• EBIT for the first nine months reached DKK 817m, in line with expectations, on revenue of DKK 1,272m, slightly down 1% year-over-year.

• Net result after tax was DKK -235m, impacted by negative value adjustments on properties and financial liabilities.

• Jeudan increased fixed-rate coverage of mortgage financing to 88%, enhancing predictability amid volatile markets.

• Strong inflow of new business customers and positive net leasing of DKK 23m, despite a weak rental market.

Financial highlights

• Revenue for Q1–Q3 2024 was DKK 1,272m, down from DKK 1,289m year-over-year.

• EBIT for Q1–Q3 2024 was DKK 817m (2023: DKK 825m); EBIT margin stable.

• Result before value adjustments (EBVAT) was DKK 446m, down from DKK 513m.

• Net result after tax was DKK -235m (2023: DKK 41m), mainly due to negative value adjustments.

• Cash flow from operations improved to DKK 498m (2023: DKK -12m), mainly due to lower tax payments.

Outlook and guidance

• 2024 EBIT guidance maintained at DKK 1,050–1,150m on revenue of DKK 1.7bn.

• Jeudan will continue to seek profitable investments in prime Copenhagen office properties, focusing on stable core earnings.

• 88% of mortgage financing is now fixed-rate, supporting earnings stability.