Prime Office (PRIMOF) Q1 2026 earnings summary

Executive summary

• Net revenue for Q1 2026 was DKK 49.7 million, down 0.6% year-over-year, mainly due to property disposals in Hamburg; adjusted for disposals, rental income remained stable.

• Operating profit was DKK 30.3 million, nearly unchanged from Q1 2025.

• Net profit for the period was DKK 15.8 million, with total comprehensive income rising to DKK 25.4 million due to positive fair value adjustments on financial instruments.

• Equity stood at DKK 1,955.8 million at March 31, 2026.

Financial highlights

• Operating expenses increased 1.5% to DKK 15.1 million, reflecting high maintenance on the German portfolio.

• Sales and administrative costs fell 9.5% to DKK 4.3 million.

• Financial net expenses rose 26% to DKK 11.2 million, driven by new loans for the Mejlbryggen project.

• Loan-to-value (LTV) increased to 50.2% from 46.6% a year earlier.

• Cash position at quarter-end was DKK 108.4 million, down from DKK 123.0 million.

Outlook and guidance

• Full-year 2026 guidance maintained: revenue DKK 195–210 million, operating profit DKK 105–125 million, pre-tax profit before property revaluations DKK 65–85 million.

• Significant uncertainty persists in financial markets due to geopolitical tensions and US trade policy changes.