Prime Office (PRIMOF) Q4 2024 earnings summary

Executive summary

• Delivered a satisfactory year with a robust business model, focusing on residential properties in Germany and Denmark, ensuring stable results despite global turbulence.

• 76% of portfolio invested in residential properties, with high occupancy and stable cash flow; commercial properties being divested.

• Strong digitalization and professional partnerships have kept costs low and EBIT margin high at 56%.

• Continued focus on green transition, investing in energy-efficient upgrades and sustainability initiatives.

Financial highlights

• Revenue reached DKK 201.8m, up 2.2% year-over-year; EBIT DKK 113.5m (56.2% margin), down from DKK 120.7m (61.1%) last year.

• Net profit DKK 90.3m, compared to DKK 92.7m in 2023; EPS DKK 15.80, up from DKK 14.63.

• Value adjustments on investment properties DKK 28.8m; commercial properties written down by DKK 48.3m.

• Total assets DKK 4,364m; equity DKK 2,013m; market value DKK 649m (share price fell 14% to DKK 172).

• Cash flow from operations DKK 98.7m; net cash outflow DKK -114.9m due to major investments in Aarhus Ø project.

Outlook and guidance

• 2025 guidance: revenue DKK 195–210m, EBIT DKK 105–125m, pre-fair value profit DKK 65–85m.

• Continued focus on residential property investments in Germany and Denmark; commercial property divestments ongoing.