Jeudan (JDAN) Q4 2024 earnings summary

Executive summary

• Achieved EBIT of DKK 1,080m on revenue of DKK 1,709m, in line with guidance; EBIT has grown 30% over five years.

• Net profit reached DKK 113m, rebounding from a loss of DKK 828m in 2023, driven by stable operations and lower negative value adjustments.

• Jeudan maintained a robust business model, focusing on customer satisfaction, flexible leasing, and sustainable property management.

• Board proposes a dividend of DKK 3 per share, equal to 28% of EBVAT, maintaining payout policy.

• Market value at year-end was DKK 11.3bn, with a 10-year average annual return of 8.6%.

Financial highlights

• Revenue was DKK 1,709m, nearly unchanged from 2023; EBIT fell 1% to DKK 1,080m.

• EBVAT (pre value adjustments) was DKK 587m, down from DKK 664m, reflecting higher interest costs.

• Net financial expenses increased to DKK -493m due to higher short-term rates and expanded business volume.

• Property value adjustments were positive at DKK 104m, while negative adjustments on financial liabilities totaled DKK -548m.

• Cash flow from operations improved to DKK 554m; total cash flow was DKK 48m.

Outlook and guidance

• 2025 EBIT expected in the range of DKK 1,050–1,150m; revenue guidance DKK 1.7–1.8bn.

• Continued focus on customer needs, responsible initiatives, and stable core earnings.

• 88% of mortgage financing is fixed-rate with an average maturity of 9 years, limiting interest rate risk.