Papirfabrikken Invest (PFINV) H1 2025 earnings summary

Executive summary

• Net profit before tax from continuing operations reached DKK 13.3 million in H1 2025, up from DKK 5.4 million in H1 2024, in line with expectations and considered satisfactory by management.

• Revenue was stable at DKK 37.1 million, matching the same period last year.

• Cost reductions, especially in the hotel segment, contributed to improved profitability.

• Dividend of DKK 99.0 million was distributed in April 2025.

Financial highlights

• EBIT for H1 2025 was DKK 15.1 million, up from DKK 13.4 million in H1 2024.

• Net profit for the period was DKK 9.9 million, compared to DKK 14.8 million in H1 2024 (the prior year included significant discontinued operations income).

• Cash flow from operations was DKK 20.5 million, while total cash flow was negative DKK 102.8 million, mainly due to dividend payout.

• Total assets decreased to DKK 765.3 million from DKK 857.9 million at year-end 2024.

• Equity at June 30, 2025, was DKK 403.6 million, down from DKK 492.6 million at year-end 2024.

Outlook and guidance

• Full-year 2025 profit before fair value adjustments and tax is expected in the range of DKK 15–25 million, with revenue guidance of DKK 75–80 million.

• Associated company Silkeborg IF A/S is expected to contribute between DKK -2 million and DKK +2 million to results.