Interim
Financial
Report
Half Year 2026
Company:
CVR no.: 12 93 25 02
LEI no.: LEIN913442016122012215420784
Registered office: Copenhagen, Denmark
Phone: +45 33 33 93 03
Internet: www.psnas.com
E-mail: [email protected]
Board of Directors:
Claes Peter Rading, Chairman
Pradeep Pattem
Anita Nassar
Ohene Aku Kwapong
Medha Pattem
Dhruv Pattem
Management:
CEO Pradeep Pattem
Auditor:
PriceWaterhouseCoopers Statsautoriseret Revisionspartnerselskab
Contents
Directors' report 1
Directors' report 1
Consolidated financial review 2
Consolidated key figures and financial ratios 4
Statements 5
Statement by Board of Directors and Management 5
Financial statements 6
Income statement 6
Statement of comprehensive income 7
Statement of financial position as at 30 June 8
Statement of equity 10
Statement of cash flows 11
Notes 12
Park Street | Interim Financial Report 1
st
Half 2026
Page 1 of 16
Directors' report
Result in the period 1 January – 30 June 2026
Park Street result analysis primarily uses the term EBVAT (earnings before value adjustments and tax) to measure the Group’s operating results.
EBVAT in the first half of 2026 was DKK 19.4 million, compared with DKK 13.7 million for the same period last year. Net sales were DKK 71.6 million,
compared with DKK 73.7 million in the first half of 2025, primarily reflecting the impact of property disposals. The increase in EBVAT was primarily
driven by a reduction in net financial expenses of DKK 10.9 million. This was partly offset by a decrease in net sales of DKK 2.1 million, an increase
in operating expenses of DKK 2.1 million and an increase in overhead costs of DKK 1.1 million. Overall, these movements resulted in an increase in
EBVAT of DKK 5.7 million compared with the first half of 2025.
The Group’s equity as of 30 June 2026 was DKK 998 million, compared with DKK 981 million as of 31 December 2025.
Expectations for 2026
The Group previously expected EBVAT for 2026 to be in the range of DKK 50–55 million and has now revised its guidance to DKK 45–50 million.
The revised guidance primarily reflects one-off settlement and structuring costs incurred during the year. The Group expects the second half of 2026
to benefit from continued operational optimisation and the expected timing of property disposals. In addition, the one-off settlement and structuring
costs are not expected to recur to the same extent in the second half. These factors are expected to support a stronger EBVAT contribution in H2
2026 and underpin the revised full-year guidance of DKK 45–50 million.
Management comments on the interim report
In connection with the interim report for H1 2026, CEO Pradeep Pattem states the following:
“Park Street delivered a solid operating performance in the first half of 2026, with EBVAT of DKK 19.4 million compared with DKK 13.7 million for the
same period last year. The improvement in EBVAT was achieved despite lower rental income following property disposals, reflecting disciplined cost
control and reduced financial expenses.
We continued our strategic transition with the sale of Hersegade 23, Roskilde, further reducing our exposure to non-core assets.
Our Pulse strategy remains central to Park Street’s future. Pulse Nørrebro 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 2026, the Group previously expected EBVAT to be in the range of DKK 50–55 million and has now revised its guidance to DKK 45–50 million.
The revised guidance primarily reflects one-off settlement and structuring costs incurred during the year. The Group expects the second half of 2026
to benefit from continued operational optimisation and the expected timing of property disposals. In addition, the one-off settlement and structuring
costs are not expected to recur to the same extent in the second half, supporting a stronger EBVAT contribution in H2 2026.
The underlying business continues to benefit from the refinancing and operational initiatives undertaken, while Park Street remains focused on
consolidating around its core assets, including the Pulse platform, and reducing exposure to retail and regional assets.”
Organisation and Annual General meeting held on 28 April 2026.
The Board of Directors of Park Street consists of Pradeep Pattem, Ohene Aku Kwapong, Anita Nassar, Claes Peter Rading, Medha Pattem and
Dhruv Pattem.
The number of employees of Park Street is 17 at the end of 2025 and 16 at the end of June 2026.
At the Annual general meeting of Park Street A/S held on 28 April 2026, all proposals by the Board of Directors were approved. Reference is also
made to the distributed minutes of the ordinary general meeting on 28 April 2026, please refer to:
Park-Street-AS-Minutes-of-annual-general-meeting.pdff
Park Street | Interim Financial Report 1
st
Half 2026
Page 2 of 16
Consolidated financial review
PROFIT FOR THE 1st HALF OF 2026
As mentioned in the Director’s report the EBVAT in the first half of 2026 was DKK 19.4 million, compared with DKK 13.7 million for the same period
last year. Net sales were DKK 71.6 million, compared with DKK 73.7 million in the first half of 2025, primarily reflecting the impact of property
disposals. The increase in EBVAT was primarily driven by a reduction in net financial expenses of DKK 10.9 million. This was partly offset by a
decrease in net sales of DKK 2.1 million, an increase in operating expenses of DKK 2.1 million and an increase in overhead costs of DKK 1.1 million.
Overall, these movements resulted in an increase in EBVAT of DKK 5.7 million compared with the first half of 2025.
Profit for the period was DKK 16.9 million, compared with DKK 17.7 million in the first half of 2025. The decrease primarily reflects the adverse year-
on-year movement in fair value adjustments of DKK 5.6 million, with a negative adjustment of DKK 0.7 million in H1 2026 compared with a positive
adjustment of DKK 4.9 million in H1 2025. This was further impacted by lower gains realised on the sale of investment properties and a higher tax
expense in H1 2026, partly offset by the DKK 5.7 million increase in EBVAT.
This is equivalent to a 0.78 earnings per share. The valuation review was primarily focused on the properties where specific changes have occurred
on leases – new leases signed or termination of existing leases. Market based assumptions were used around rents, capex and capitalization rates
to determine the fair value adjustment of these properties.
Park Street has sold one property Hersegade 23, Roskilde in H1 2026.
BALANCE SHEET AS OF 30 JUNE 2026
Park Street's balance sheet total as of 30 June 2026 was DKK 2,421 million (DKK 2,432 million as on 31st December 2025). The decrease is primarily
due to sale of Hersegade 23, Roskilde investment properties.
Group’s equity as of 30 June 2026 was DKK 998 million, compared with DKK 981 million as of 31 December 2025. Net asset value increased to 23.0
per share as compared to 22.6 per share in the 1
st
half of 2025.
Liabilities to credit institutions were DKK 1,123 million as at 30 June 2026 (31 December 2025: DKK 1,153 million). A significant proportion of the
total liabilities are non-current at 95%. The company continues to maintain a healthy equity ratio of 41.2%.
CASH FLOWS FOR THE 1st HALF OF 2026
Cash flows from operating activities for the first half of 2026 were DKK 18.9 million (first half of 2025: DKK 2.7 million). The increase was primarily
driven by an improvement in operating capital, which amounted to DKK -0.8 million compared with DKK -11.1 million in the same period last year,
together with lower financial expenses paid of DKK 20.5 million compared with DKK 31.0 million in the first half of 2025.
Cash flows from investing activities for the first half of 2026 were DKK 7.6 million (first half of 2025: DKK 22.1 million). The decrease primarily reflects
lower proceeds from the sale of investment properties, amounting to DKK 17.8 million in H1 2026 compared with DKK 28.0 million in H1 2025,
together with higher investments in improvements to investment properties across the portfolio of DKK 10.1 million compared with DKK 5.9 million
in the same period last year.
Cash flows from financing activities for the first half of 2026 were DKK -30.4 million (first half of 2025: DKK -30.1 million). The cash outflow was
primarily driven by repayment of liabilities to credit institutions of DKK 30.3 million, compared with DKK 30.1 million in the first half of 2025.
The Group's liquid assets amounted to DKK 20.8 million as of 30 June 2026.
Park Street | Interim Financial Report 1
st
Half 2026
Page 3 of 16
Uncertainty in connection with recognition and measurement
In connection with the submission of the interim report, management makes several estimates and assessments regarding the carrying amount of
assets and liabilities, including:
Fair value of investment properties,
Fair value of domicile properties,
Impairment test on domicile properties,
Classification of properties,
Deferred tax assets and tax liabilities
Where estimates are concerned, there is uncertainty in relation to the stated factors and items. It may be necessary to change previous estimates
on account of changes in the factors on which the estimates were based. Reference is made to note 1 to the consolidated financial statements in the
Annual report for 2025 for further details on these assessments, estimates and associated uncertainties. New and changed assessments and esti-
mates in the 1st half of 2026 are discussed in note 1 to the interim report.
Risk factors
As mentioned in the Annual report for 2025, the financial management of the Group is geared towards optimising the term structure of liabilities in
line with the Group’s operations and minimizing the Group’s financial risk exposure. It is part of the Group’s policy not to conduct speculative trans-
actions by active use of financial instruments, except to manage the financial risks inherent to the Group’s core activities.
For further details of the Group's risks and risk management, see the company's Annual report for 2025 ('Risk factors' section).
Park Street | Interim Financial Report 1
st
Half 2026
Page 4 of 16
Consolidated key figures and financial ratios
Key figures
1st half of
1st half of
Full year
Amounts in DKK 1000s
2026
2025
2025
Income statement
Rental income
57,580
58,333
133,331
Total net sales
71,661
73,676
151,900
Gross profit
49,184
53,314
114,937
Profit from primary operations
18,451
18,781
34,148
Financial items
-20,118
-31,033
-78,668
Earnings before value adjustments and tax (EBVAT)
19,360
13,716
11,545
Profit for the period
16,908
17,673
18,624
Statement of financial position
Investment properties
2,218,077
2,231,365
2,226,537
Investments in property, plant and equipment
10,179
5,916
17,443
Balance sheet total
2,420,943
2,480,957
2,431,586
Interest-bearing debt
1,123,001
1,216,042
1,153,293
Total equity
997,986
980,152
981,078
Statement of cash flows
Cash flows from operations
18,949
2,732
-11,313
Cash flows from investment
7,621
22,084
43,750
Cash flows from financing
-30,378
-30,119
-92,868
Other disclosures
Non-current liabilities as a proportion of total liabilities (%)
95.1
58.7
95.4
Share capital
43,381
43,381
43,381
Share price, end of period (DKK)
15.10
12.80
16.70
Share price change in points
-1.60
0.80
4.70
Number of employees in the Group (average)
Financial ratios
1st half of
2026
1st half of
2025
Full year
2025
Return on property portfolio (% p.a.)
3.9
4.2
4.6
Average loan rate (% p.a.)
3.1
4.6
6.1
Return margin on property portfolio (% p.a.)
0.8
-0.4
-1.5
Return on equity (%)
3.4
3.6
1.9
Equity ratio (%)
41.2
39.5
40.3
Net asset value per share, end of period (DKK)
23.0
22.6
22.6
Earnings per share (DKK), end of period (DKK)
0.8
0.8
0.4
Share Price/net asset value, end of period
0.7
0.6
0.3
Cash flow per share (DKK)
0.9
0.1
0.3
Reference is made to note 31 to the consolidated financial statements in the Annual report for 2025.
Park Street | Interim Financial Report 1
st
Half 2026
Page 5 of 16
Statement by Board of Directors and Management
Management
Board of Directors
Park Street | Interim Financial Report 1
st
Half 2026
Page 6 of 16
Income statement
1st half of
1st half of
Full year
Note
Amounts in DKK 1000s
2026
2025
2025
3
Net sales
4
Operating expenses
-22,477
-20,362
-36,963
Gross profit
Employee benefit expenses
-3,578
-3,721
-12,531
Other external expenses
-5,692
-4,698
-11,129
Depreciation, amortisation and impairment
-436
-146
-1,063
Operating profit (EBIT)
Financial income
5
Financial expenses
-20,532
-32,070
-81,341
Earnings before value adjustments (EBVAT)
6
Adjustment to fair value, net
-738
7
Profit on the sale of investment properties
-171
Profit before tax
8
Tax on profit for the period
-1,543
-1,109
-15,524
Profit for the period
Earnings per share
Diluted earnings per share
Park Street | Interim Financial Report 1
st
Half 2026
Page 7 of 16
Statement of comprehensive income
1st half of
1st half of
Full year
Note Amounts in DKK 1000s 2026
2025
2025
Profit for the period
Other comprehensive income:
Items that cannot be reclassified to the income statement:
Fair value adjustment of domicile properties
-32
Tax on fair value adjustment of domicile properties
Other comprehensive income after tax
-25
Comprehensive income for the period
Park Street | Interim Financial Report 1
st
Half 2026
Page 8 of 16
Statement of financial position
Note Amounts in DKK 1000s
30 June
2026
30 June
2025
31 December
2025
ASSETS
Non-current assets
Intangible assets
Capitalised leasing costs
Property, plant and equipment
9
Domiciles
10
Investment properties
Machinery and equipment
Financial assets
Deposits
Total non-current assets
Current assets
Mortgages and instruments of debt
11
Receivables
Prepaid expenses and accrued income
Cash and short-term deposits
Total current assets
Total assets
Park Street | Interim Financial Report 1
st
Half 2026
Page 9 of 16
Statement of financial position
Note Amounts in DKK 1000s
30 June
2026
30 June
2025
31 December
2025
LIABILITIES
Equity
Share capital
Revaluation reserve
Share Premium
Accumulated profit
12
Total equity
Liabilities
Non-current liabilities
Deferred tax
15
Credit institutions
Deposits
Current liabilities
Provisions for liabilities
15
Credit institutions
Trade and other payables
Income tax payable
Deposits
Other liabilities
Total liabilities
Total equity and liabilities
Park Street | Interim Financial Report 1
st
Half 2026
Page 10 of 16
Statement of equity
Amounts in DKK 1000s
Share capital
Revaluation
reserve
Accumulated
profit
Share
Premium
Equity
Total
Statement of equity for 2026:
Equity as at 1 January 2026
Comprehensive income for the period
Profit for the period
Fair value adjustment of domicile
Tax on other comprehensive income
Other comprehensive income during the financial year
Comprehensive income for the period
Transactions with owners
Repurchase treasury shares
Capital reduction
Total transactions with owners
Other adjustments
Revaluation reserve transfer for domicile sold property
Total other adjustments
Equity as at 30 June 2026
Amounts in DKK 1000s
Share
Revaluation
Accumulated
Share
Equity
capital
reserve
profit
Premium
Total
Statement of equity for 2025:
Equity as at 1 January 2025
Comprehensive income for the period
Profit for the period
Fair value adjustment of domicile
-32
-32
Tax on other comprehensive income
Other comprehensive income during the financial year
-25
-25
Comprehensive income for the period
-25
Transactions with owners
Capital reduction
-13,794
Total transactions with owners
-13,794
Other adjustments
Revaluation reserve transfer for domicile sold property
Increase/decrease through transfer of depreciation on
revalued value of domicile property
-602
Total other adjustments
-602
Equity as at 31 December 2025
Park Street | Interim Financial Report 1
st
Half 2026
Page 11 of 16
Statement of cash flows
1st half of
1st half of
Full year
Note
Amounts in DKK 1000s
2026
2025
2025
Operating profit (EBIT)
Adjustment for illiquid operating items, etc.
Change in other operating capital
-847
-11,129
-23,271
Cash flows concerning primary operations
Financial expenses paid
-20,532
-32,070
-81,341
Financial income received
Paid Corporate Tax
-650
Total cash flow from operating activities
-11,313
Cash flow from investing activities
Improvements to investment properties
-10,179
-5,916
-17,443
Sales of investment properties
Purchases of other property, plant and equipment
-2,137
Purchase of intangible assets
-670
Total cash flow from investing activities
Cash flow from financing activities
Proceeds from assumption of liabilities to credit institutions
Repayment of liabilities to credit institutions
-30,378
-30,119
-785,240
Total cash flow from financing activities
-30,378
-30,119
-92,868
Total cash flow for the period
-3,809
-5,303
-60,431
Liquid assets as at 1 January
Liquid assets at the end of the period
Liquid assets at the end of the period
Cash and short term deposit
Liquid assets at the end of the period
Park Street | Interim Financial Report 1
st
Half 2026
Page 12 of 16
Notes
Note 1 - Accounting policies, accounting estimates and risks, etc.
Accounting policies
The interim report was submitted in accordance with IAS 34 'Interim Financial Reporting', as adopted by the EU, and Danish disclosure
requirements for interim reports for listed companies. No interim financial statements were prepared for the Parent. The interim report is presented
in Danish kroner (DKK), which is the functional currency of the Parent.
The accounting policies are unchanged in relation to the Annual report for 2025. Reference is made to note 31 to the
consolidated financial statements in Park Street Annual report for 2025 for a full description of the accounting policies used.
Changes to accounting policies
Park Street has implemented the changes on IFRS standards and interpretative contributions that enter into force for 2026. None of these changes
affected recognition and measurement in 2026.
Accounting assessments and estimates
No significant new accounting assessments or changes to accounting estimates have been made in the interim report for the 1st half of 2026 in
relation to the Annual report for 2025. For a description of significant accounting assessments and estimates, see note 1 to the
consolidated financial statements in the Annual report for 2025.
Note 2 - Seasons
As in previous years, the Group's activities were not affected by seasonal or cyclical fluctuations in the interim period.
Note 3 - Net sales
1st half of
1st half of
Full year
Amounts in DKK 1000s 2026
2025
2025
Rental income 57,580
58,333
133,331
Sales of other services 14,081
15,343
18,569
Total sales of services 71,661
73,676
151,900
7
1,661
73
,
676
1
51,
900
Park Street | Interim Financial Report 1
st
Half 2026
Page 13 of 16
Note 4 - Operating expenses
1st half of
1st half of
Full year
Amounts in DKK 1000s
202
6
202
5
202
5
Operating expenses, investment properties
15
,
7
60
15
,
744
28,730
Operating expenses, other services 6,716
4,617
8,233
2
2,477
20,361
43,828
Note 5 – Financial expenses
1st half of
1st half of
Full year
Amounts in DKK 1000s
202
6
202
5
202
5
Interest expenses, liabilities to credit institutions measured at
amortized cost
20
,
426
3
2
,
031
57,
28
0
Other interest costs and fees
106
39
0
Loss on derecognition of loan
0
0
24,061
20,532
32,070
81,341
Financial income
1st half of
1st half of
Full year
Amounts in DKK 1000s
202
6
202
5
2025
Financial income
414
1,036
2,673
414
1,036
2,673
Note 6 - Adjustment to fair value, net
1st half of
1st half of
Full year
Amounts in DKK 1000s
202
6
202
5
202
5
Fair value adjustment, investment properties
-
738
4,916
20,088
-
738
4,916
2
0,088
Note 7 - Realized gains on the sales of investment properties
1st half of
1st half of
Full year
Amounts in DKK 1000s
202
6
202
5
202
5
Sales totals, investment properties
17,800
28,000
64,000
Book value of properties when sold, etc.
-
17,971
-
27,850
-61,485
-
171
150
2,515
Note 8 - Tax
The tax expense recognised in the income statement for the accounting period was calculated based on the net profit before tax and an estimated
effective tax rate for the Group for 2026.
Park Street | Interim Financial Report 1
st
Half 2026
Page 14 of 16
Note 9 – Domiciles Property
Amounts in DKK 1000s
30 June
2026
31 December
2025
Cost at 1 of January
135,912
135,944
Revaluation of value
0
-32
Costs incurred for improvements
0
0
Sale of property
0
0
Cost / Revaluated Value
135,912
135,912
Depreciation and amortization at 1 January -7,246 -6,644
Depreciation -346 -602
Depreciation of sold property 0 0
Depreciation and amortization -7,592 -7,246
Balance 128,320 128,666
Note 10 - Investment properties
30 June
31 December
Amounts in DKK 1000s 2026
2025
Book value as at 1 January
2,
2
26,537
2,
248
,
267
Cost incurred for improvements
10,163
17
,
443
Adjustment to fair value, net
-
738
20,088
Retirement on sale
-
17,885
-
59,261
2,2
18
,
078
2,
226
,
537
Note 11 – Receivable
30 June
31 December
Amounts in DKK 1000s
202
6
202
5
Receivables from tenants
25,927
24,752
Other receivable
10,241
10,242
36,168
34,994
Note 12 – Share Capital
30 June
31 December
Amounts in DKK 1000s 2026
2025
Share capital opening period
43,381
57,175
Share capital decrease 0
-13,794
Share capital closing period
43,381
43,381
Park Street | Interim Financial Report 1
st
Half 2026
Page 15 of 16
The share capital consists of 43,381,248 shares of DKK 1 (31 December 2025: 43,381,248 shares of DKK 1). 13,794,324 shares have been cancelled
in year 2025. No shares have special rights. The shares are fully paid.
Park Street Asset Management Ltd. owns a total of 94.61% (and a corresponding percentage of the votes) of the total nominal share capital of the
Company. The shares are held by Park Street Asset Management Ltd.
Note 13 – Treasury shares
Number of shares Nominal value
Share of share capital
(Amount in DKK 1000)
30 June
2026
31 December
2025
30 June
2026
31 Dec
em-
ber
202
5
30 June
2026
31 Decem-
ber 2025
As at 1 January 0 13,794,324 0 13,794 0% 31.80%
Additions during the year 0 0 0 0 0% 0%
Correction 0 0 0 0 0% 0%
Cancelation of shares 0 -13,794,324 0 -13,794 0% -31.80%
As at 30 June 0 0 0 0 0% 0%
All treasury shares are owned by Park Street A/S.
In 2025, Park Street A/S cancelled 1,629,459 Class A shares and 12,164,865 Class B shares, all held in treasury. These treasury shares had been
acquired under the share buy-back programmes launched on 14 September 2022 and 28 February 2024. The cancellations were approved at the
Annual General Meeting held on 28 April 2025.
Following the December 2025 cancellation, the Company’s share capital amounts to DKK 43,381,248, divided into DKK 11,198,178 Class A shares
of DKK 1.00 each or multiples thereof, and DKK 32,183,070 Class B shares of DKK 1.00 each or multiples thereof. The share capital is fully paid up.
Note 14 - Contingent liabilities and assets
There have been no significant changes in contingent liabilities or assets since the Annual report for 2025, to which reference is made.
Park Street | Interim Financial Report 1
st
Half 2026
Page 16 of 16
Note 15 – Credit Institutions
The evolution of the long and short-term liabilities with credit institutions is specified as follows:
30 June
31 December
202
6
202
5
Amounts in DKK 1000s
Non
-
current financial liabilities with credit institutions
1,123,247
682,293
Current financial liabilities with credit institutions
30,046
563,868
Financial liabilities with credit institutions at 1 January
1,
153,293
1,
246
,
161
Repayment of liabilities to credit institutions
-
30,
292
-
785,240
Proceeds from assumption of liabilities to credit institutions
0
692,372
Financial liabilities with credit institutions end of period
1,
123,001
1,
153,293
Non-current financial liabilities with credit institutions
1,090,394
1,123,247
Current financial liabilities with credit institutions
32,607
30,046
Total financial liabilities with credit institutions end of period
1,
123
,
0
01
1,
153,293
Note 16 – Subsequent Events
Since the half-year reporting date, the Group has completed the sale of Prøvestensvej 20, Helsingør.