Park Street (PARKST) H2 2025 earnings summary

Executive summary

• Achieved EBVAT (Earnings before value adjustments and tax) of DKK 11.5 million in 2025, up from DKK 2.8 million in 2024, but below the expected DKK 20-25 million due to weaker hotel and co-working performance and asset disposals.

• Net result for 2025 was DKK 18.6 million, compared to DKK 6.9 million in 2024, driven by fair value adjustments and cost reductions.

• Gross profit increased to DKK 114.9 million from DKK 107.3 million year-over-year, mainly due to lower operating costs.

• Overhead costs decreased by DKK 6.9 million to DKK 24.7 million, reflecting operational simplification and tech efficiencies.

• Net financial items were DKK -78.7 million, including a one-off DKK 24.2 million write-off from refinancing; underlying finance costs fell due to lower rates and reduced debt.

Financial highlights

• Rental income: DKK 133.3 million (2024: DKK 131.7 million).

• Total net sales: DKK 151.9 million (2024: DKK 151.1 million).

• Gross profit: DKK 114.9 million (2024: DKK 107.3 million).

• Net result: DKK 18.6 million (2024: DKK 6.9 million).

• Investment properties: DKK 2,226.5 million (2024: DKK 2,248.3 million).

• Interest-bearing debt: DKK 1,153.3 million (2024: DKK 1,246.2 million).

• Equity: DKK 981.1 million (2024: DKK 962.5 million).

• Cash flow from operations: DKK -11.3 million (2024: DKK -16.5 million).

• Earnings per share: DKK 0.43 (2024: DKK 0.16).

Outlook and guidance

• EBVAT for 2026 expected at DKK 50-55 million, assuming no major acquisitions or disposals.

• Strategy focuses on expanding Pulse Living, operational efficiency in hotels, and targeted capex for value-add assets.

• Anticipates reduced finance costs in 2026 due to refinancing.