Jeudan (JDAN) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months reached DKK 1,316 million, up 3% year-over-year, with EBIT at DKK 802 million, slightly below last year due to higher IT, compliance, and one-off costs related to bad debts and energy accounts.

• Net profit before tax was DKK 766 million, a significant improvement from a loss of DKK 306 million in the same period last year, driven by positive property revaluations and financial adjustments.

• Net leasing activity was strong, with new contracts totaling DKK 119 million and net leasing up 40% year-over-year to DKK 32 million.

• The company maintained a high occupancy rate of 95.8% in Copenhagen and Frederiksberg.

Financial highlights

• EBIT for the period was DKK 802 million versus DKK 817 million last year; EBIT margin remained robust.

• EBVAT (profit before value adjustments) was DKK 442 million, nearly unchanged from DKK 446 million last year.

• Net property revaluations contributed DKK 218 million, reversing last year’s negative DKK 244 million.

• Financial liabilities saw a positive fair value adjustment of DKK 106 million, compared to a negative DKK 508 million last year.

• Net profit after tax was DKK 599 million, up from a loss of DKK 235 million.

• Equity increased to DKK 12.7 billion, with an equity ratio of 33.4%.

• Liquidity reserves stood at DKK 2.1 billion, supporting future investments.

Outlook and guidance

• Full-year 2025 EBIT is expected in the range of DKK 1,050–1,150 million, with revenue between DKK 1.7–1.8 billion.

• The company will continue to seek profitable investments in prime office properties in Copenhagen and Frederiksberg.

• Management highlights ongoing risks related to rental income, operating costs, inflation, and interest rates.