Papirfabrikken Invest (PFINV) H2 2025 earnings summary

Executive summary

• Achieved a profit before tax of DKK 28.3 million on revenue of DKK 75.4 million, in line with guidance, driven by stable property earnings and improved hotel segment performance.

• Property segment delivered DKK 27.6 million profit before tax, including a positive fair value adjustment of DKK 9.9 million.

• Hotel segment posted a profit before tax of DKK 1.1 million, a DKK 2.9 million improvement year-over-year, despite reduced room capacity during renovations.

• 2024 results included a significant one-off gain from the sale of 80% of Silkeborg IF A/S, impacting year-over-year comparisons.

Financial highlights

• Revenue increased to DKK 75.4 million from DKK 74.7 million in 2024.

• EBIT rose to DKK 29.2 million from DKK 21.6 million year-over-year.

• Net profit was DKK 22.4 million, down from DKK 144.0 million in 2024, which included DKK 139.3 million from discontinued operations.

• Cash flow from operations was DKK 29.2 million, up from negative DKK 23.3 million in 2024.

• Dividend of DKK 99.0 million paid in 2025, no dividend proposed for 2025 earnings.

Outlook and guidance

• 2026 profit before tax and fair value adjustments expected in the range of DKK 10–20 million, on revenue of DKK 77–82 million.

• Associated company Silkeborg IF A/S expected to contribute between DKK -5 million and DKK 0 million to 2026 results.

• Focus remains on maintaining high occupancy in property portfolio and further developing hotel and conference activities.