Park Street (PARKST) H2 2024 earnings summary

Executive summary

• Achieved net profit of DKK 6.9 million in 2024, a turnaround from a net loss of DKK -24.2 million in 2023, mainly due to positive fair value adjustments and property sales.

• Earnings before value adjustments and tax (EBVAT) dropped to DKK 2.8 million from DKK 41.4 million year-over-year, impacted by asset sales, increased provisions, and one-off restructuring costs.

• Gross profit decreased to DKK 107.3 million from DKK 121.9 million, primarily due to lower rental income following the sale of five properties.

• Overhead costs rose to DKK 31.6 million, reflecting higher service and restructuring expenses.

• Equity declined to DKK 963 million from DKK 1,060 million, mainly due to share buybacks.

Financial highlights

• Rental income: DKK 131.7 million (2023: DKK 145.5 million).

• Gross profit: DKK 107.3 million (2023: DKK 121.9 million).

• Net sales: DKK 151.1 million (2023: DKK 166.1 million).

• Net result: DKK 6.9 million (2023: DKK -24.2 million).

• Cash flow from operations: DKK -16.5 million (2023: DKK 50.7 million).

• Investment properties at year-end: DKK 2,248 million (2023: DKK 2,437 million).

• Interest-bearing debt: DKK 1,246 million (2023: DKK 1,336 million).

Outlook and guidance

• EBVAT for 2025 expected in the range of DKK 30–40 million, driven by new leases and cost reductions, subject to further portfolio changes.

• Focus on developing Pulse Living, finalizing Pulse Tastrup, improving hotel operations, and raising external JV capital for regional income assets.