Park Street A/S - Interim Financial Report, 1st half of 2025
Copenhagen, 25 August 2025
EBVAT In the first half of 2025 is DKK 13.7 million (1st half of 2024: DKK 6.5 million). Net sales were DKK 73.7 million as compared to DKK 82.3 million in the 1st half of 2024 due to reduction in properties. The increase in EBVAT was primarily driven by decrease in operating expenses due to decrease in properties and control over expenses (DKK 3.7 million) in overhead expenses (employee benefit and other external expenses) by DKK 5.8 million and reduction in financial expenses by (DKK 6.1 million).
Group's equity as of 30 June 2025 was positive at DKK 980 million.
The Board of Directors of Park Street A/S discussed and today approved the company's Interim report 2025, which contained the following:
The period in outline
- Park Street's Profit for the Period (after tax and valuation adjustments) is DKK 17.7 million for the 1st half of 2025 (1st half of 2024: DKK 2.9 million.
- Park Street achieved EBVAT in the first half of 2025 is DKK 13.7 million (1st half of 2024: DKK 6.5 million). Net sales were DKK 73.7 million as compared to DKK 82.3 million in the 1st half of 2024 due to reduction in properties. The increase in EBVAT was primarily driven by decrease in operating expenses due to decrease in properties and control over expenses (DKK 3.7 million) in overhead expenses (employee benefit and other external expenses) by DKK 5.8 million and reduction in financial expenses by (DKK 6.1 million).
- Group's equity as of 30 June 2025 was positive at DKK 980 million.
- Cash flows from operating activities for the 1st half of 2025 were DKK 2.7 million (1st half of 2024: DKK 20.3 million). The decrease is due to change in operating capital (DKK -11.1 million as compared to DKK 13.4 million in the same period last year) offset by lower financial expenses paid (DKK 31.0 million as compared to DKK 37.2 million in the same period last year). Cash flows from investing activities for the 1st half of 2025 were DKK 22.1 million (1st half of 2024: DKK 74.3 million). The decrease is due to sale of investment property (DKK 28 million) in H1 2025 as compared last year of DKK 282 million, offset of DKK 5.9 million spent on improvements to investment properties across the portfolio and purchase of treasury share of DKK 134.9 million in the 1st half of 2024. Cash flows from financing activities for the 1st half of 2025 were DKK 30.1 million (1st half of 2024: -DKK 101.5 million). The decrease in cash flows driven by repayment of liabilities to credit institutions by DKK 30.1 million (1st half of 2024: -DKK 101.5 million).
Expectations for 2025
Park Street's EBVAT expectations have been revised in view of expected repayment of current loan from new mortgage financing. The Company now expects EBVAT in the range of DKK 20 million to DKK 25 million, compared to the earlier guidance of DKK 30 million to DKK 40 million.
In addition, the refinancing will result in a one-time, non-cash capitalised borrowing cost of approximately DKK 22 million, which will be recognised in 2025 and further impact reported EBVAT for the year.
Management comments on the interim report
In connection with the interim report for H1 2025, CEO Pradeep Pattem states the following:
"Park Street delivered a strong operating performance in the first half of 2025 with EBVAT of DKK 13.7 million, more than double compared to the same period last year. This was achieved despite lower rental income from asset sales, reflecting disciplined control of costs and reduced financial expenses.
We continued our strategic transition with the sale of Stagehøjvej 22, Silkeborg and thereby further reducing exposure to non-core assets. The capital structure has been simplified with the cancellation of 13.8 million treasury shares approved at the AGM.
As at the date of this report, Park Street has received a credit-approved term sheet from a mortgage institution for refinancing of the current loan. The company expects to repay the loan at its scheduled maturity through this new financing. While this will result in a one-time non-cash borrowing cost of approximately DKK 22 million, it will strengthen our long-term funding base and reduce future interest costs.
Our Pulse strategy remains central to Park Street's future. Pulse Norrebro continues at full occupancy with a vibrant international community. We will continue to prioritize technology-driven, design-led property management to enhance tenant experience and sustainability outcomes.
For 2025, we now expect EBVAT in the range of DKK 20-25 million compared to earlier guidance of DKK 30-40 million, reflecting refinancing effects and timing of disposals. Park Street remains focused on consolidating around core assets including Pulse platform, reducing exposure to retail and regional assets."
Attached files
Interim report 2025 is attached to this announcement.
Copenhagen,
Claes Peter Rading Pradeep Pattem
Chairman CEO
Further information
For further information please contact Pradeep Pattem, CEO at parkstreet@parkstreet.dk
Company Website: www.psnas.com
Telephone number: +45 33 33 93 03
