Park Street (PARKST) H1 2024 earnings summary

Executive summary

• EBVAT for H1 2024 was DKK 6.5m, down from DKK 21.8m in H1 2023, mainly due to higher financial expenses despite lower operating costs.

• Net sales reached DKK 82.3m, nearly flat year-over-year; profit after tax and valuation adjustments was DKK 2.9m, up from DKK 1.2m in H1 2023.

• Over 180 new leases signed in H1 2024, with Pulse Norrebro fully launched and long-term leases secured at Pulse O.

• Five non-core properties sold, reducing office segment exposure; further asset disposals planned in retail and regional locations.

• Significant share buyback and capital structure simplification initiatives completed.

Financial highlights

• Net sales: DKK 82.3m (H1 2024) vs. DKK 83.4m (H1 2023).

• EBVAT: DKK 6.6m (H1 2024) vs. DKK 21.8m (H1 2023); profit for the period: DKK 2.96m (H1 2024) vs. DKK 1.17m (H1 2023).

• Investment properties: DKK 2,226m (30 June 2024) vs. DKK 2,539m (30 June 2023).

• Cash flow from operations: DKK 20.3m (H1 2024) vs. DKK 12.8m (H1 2023); liquid assets at period end: DKK 31.3m.

• Net asset value per share: DKK 16.2 (30 June 2024) vs. DKK 19.1 (30 June 2023).

Outlook and guidance

• EBVAT guidance for 2024 refined to DKK 30–35m, narrowed from DKK 30–40m, reflecting asset sales.

• Continued focus on asset disposals in retail and regional segments over the next 12–18 months.