XCSE:PARKST-A ESEF Annual Report
PARK STREET A/S (XCSE:PARKST-A)
ESEF Annual Report
2025-08-28
For: 2025-06-30
View Original
Added on
September 22, 2026
Interim
Financial
Report
Half Year 2025
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: parkstreet@parkstreet.dk
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 2025
Page 1 of 16
Directors' report
Result in the period 1 January – 30 June 2025
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 2025 is DKK 13.7 million as compared to DKK 6.5 million for the same period last year. Net sales were at DKK 73.7 million
(DKK 82.3 million for the same period last year). The increase in EBVAT was primarily driven by decrease in revenue of DKK 10 million due to sale
of properties, control over operating expenses of 3.7 million and reduction in overhead cost by 5.9 million.
The Group's equity as of 30 June 2025 was positive at DKK 980 million, against DKK 962 million as of 31 December 2024.
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.”
Organisation and Annual General meeting held on 28 April 2025.
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 18 at the end of 2024 and 14 at the end of June 2025.
At the Annual general meeting of Park Street A/S held on 28 April 2025, 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 2025, please refer to:
Park_Street_-_Minutes_of_annual_general_meeting_2025.pdf
Park Street | Interim Financial Report 1
st
Half 2025
Page 2 of 16
Consolidated financial review
PROFIT FOR THE 1st HALF OF 2025
As mentioned in the Director’s report the 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 1
st
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).
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).
This is equivalent to a 0.81 earnings per share. The investment properties valuations adjustment for the half year was DKK 4.9 million (compared to
-DKK 1.9 million in H1 2024). 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 Stagehøjvej 22, Silkeborg in H1 2025.
BALANCE SHEET AS OF 30 JUNE 2025
Park Street's balance sheet total as of 30 June 2025 was DKK 2,481 million (DKK 2,500 million as on 31st December 2024). The decrease is primarily
due to sale of Stagehøjvej 22, Silkeborg investment properties.
Group’s equity as of 30 June 2025 was positive at DKK 980 million. Net asset value increased to 22.6 per share as compared to 16.2 per share in
the 1
st
half of 2024.
Liabilities to credit institutions were DKK 1,216 million as at 30 June 2025 (31 December 2024: DKK 1,246 million). A significant proportion of the
total liabilities are non-current at 59%. The company continues to maintain a healthy equity ratio of 39.4%.
CASH FLOWS FOR THE 1st HALF OF 2025
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).
The Group's liquid assets amounted to DKK 79.7 million as of 30 June 2025.
Park Street | Interim Financial Report 1
st
Half 2025
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 2024 for further details on these assessments, estimates and associated uncertainties. New and changed assessments and esti-
mates in the 1st half of 2025 are discussed in note 1 to the interim report.
Risk factors
As mentioned in the Annual report for 2024, 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 2024 ('Risk factors' section).
As at the date of publication, Park Street has received a credit approved term-sheet from a mortgage institution for refinancing of the current loan.
Park Street is expecting to repay the loan at its scheduled maturity from mortgage financing.
Park Street | Interim Financial Report 1
st
Half 2025
Page 4 of 16
Consolidated key figures and financial ratios
Key figures
1st half of
1st half of
Full year
Amounts in DKK 1000s
2025
2024
2024
Income statement
Rental income
58,333
58,100
131,697
Total net sales
73,676
82,263
151,116
Gross profit
53,314
58,172
107,288
Profit from primary operations
18,781
3,636
24,107
Financial items
-31,033
-37,217
-72,888
Earnings before value adjustments and tax (EBVAT)
13,716
6,562
2,753
Profit for the period
17,673
2,963
6,993
Statement of financial position
Investment properties
2,231,365
2,225,608
2,248,267
Investments in property, plant and equipment
5,916
72,649
11,528
Balance sheet total
2,480,957
2,464,834
2,500,001
Interest-bearing debt
1,216,042
1,254,103
1,246,161
Total equity
980,152
927,974
962,479
Statement of cash flows
Cash flows from operations
2,732
20,349
-16,458
Cash flows from investment
22,084
74,294
278,418
Cash flows from financing
-30,119
-101,558
-215,129
Other disclosures
Non-current liabilities as a proportion of total liabilities (%)
58.7
96.1
60.6
Share capital
43,381
57,175
57,175
Share price, end of period (DKK)
12.80
10.90
12.00
Share price change in points
0.80
3.20
4.30
Number of employees in the Group (average)
Financial ratios
1st half of
1st half of
Full year
2025
2024
2024
Return on property portfolio (% p.a.)
4.2
4.6
4.3
Average loan rate (% p.a.)
4.6
5.4
5.5
Return margin on property portfolio (% p.a.)
-0.4
-0.8
-1.2
Return on equity (%)
3.6
0.6
0.7
Equity ratio (%)
39.5
37.6
38.5
Net asset value per share, end of period (DKK)
22.6
16.2
16.8
Earnings per share (DKK), end of period (DKK)
0.8
0.1
0.1
Share Price/net asset value, end of period
0.6
0.7
0.0
Cash flow per share (DKK)
0.1
0.7
0.4
Reference is made to note 31 to the consolidated financial statements in the Annual report for 2024.
Park Street | Interim Financial Report 1
st
Half 2025
Page 5 of 16
Statement by Board of Directors and Management
Management
Board of Directors
Park Street | Interim Financial Report 1
st
Half 2025
Page 6 of 16
Income statement
1st half of
1st half of
Full year
Note
Amounts in DKK 1000s
2025
2024
2024
3
Net sales
4
Operating expenses
-20,362
-24,090
-43,828
Gross profit
Employee benefit expenses
-3,721
-7,252
-13,869
Other external expenses
-4,698
-6,712
-16,378
Depreciation, amortisation and impairment
-146
-429
-1,401
Operating profit (EBIT)
Financial income
5
Financial expenses
-32,070
-37,217
-73,364
Earnings before value adjustments (EBVAT)
6
Adjustment to fair value, net
-1,864
7
Profit on the sale of investment properties
-1,062
-855
Profit before tax
8
Tax on profit for the period
-1,109
-672
-17,114
Profit for the period
Earnings per share
Diluted earnings per share
Park Street | Interim Financial Report 1
st
Half 2025
Page 7 of 16
Statement of comprehensive income
1st half of
1st half of
Full year
Note
Amounts in DKK 1000s
2025
2024
2024
Profit for the period
Other comprehensive income:
Items that cannot be reclassified to the income statement:
Fair value adjustment of headquarters properties
-95
Tax on fair value adjustment of headquarters properties
Other comprehensive income after tax
-74
Comprehensive income for the period
Park Street | Interim Financial Report 1
st
Half 2025
Page 8 of 16
Statement of financial position
Note
Amounts in DKK 1000s
30 June
30 June
31 December
2025
2024
2024
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
Income tax receivable
Prepaid expenses and accrued income
Cash and short-term deposits
Total current assets
Total assets
Park Street | Interim Financial Report 1
st
Half 2025
Page 9 of 16
Statement of financial position
Note
Amounts in DKK 1000s
30 June
30 June
31 December
2025
2024
2024
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 2025
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 2025:
Equity as at 1 January 2025
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
-13,794
Total transactions with owners
-13,794
Other adjustments
Revaluation reserve transfer for domicile sold property
Total other adjustments
Equity as at 30 June 2025
Amounts in DKK 1000s
Share capi-
tal
Revaluation
reserve
Accumulated
profit
Share Pre-
mium
Equity
Total
Statement of equity for 2024:
Equity as at 1 January 2024
Comprehensive income for the period
Profit for the period
Fair value adjustment of domicile
-95
-95
Tax on other comprehensive income
Other comprehensive income during the financial year
-74
-74
Comprehensive income for the period
-74
Transactions with owners
Repurchase own shares
-104,400
-104,400
Capital reduction
Total transactions with owners
-104,400
-104,400
Other adjustments
Revaluation reserve transfer for domicile sold property
Increase/decrease through transfer of depreciation on
revalued value of domicile property
-17,523
-700
Total other adjustments
-18,223
Equity as at 31 December 2024
Park Street | Interim Financial Report 1
st
Half 2025
Page 11 of 16
Statement of cash flows
1st half of
1st half of
Full year
Note
Amounts in DKK 1000s
2025
2024
2024
Operating profit (EBIT)
Adjustment for illiquid operating items, etc.
Change in other operating capital
-11,129
-13,463
Cash flows concerning primary operations
Financial expenses paid
-32,070
-37,217
-73,364
Financial income received
Paid Corporate Tax
-7,148
Total cash flow from operating activities
-16,458
Cash flow from investing activities
Improvements to investment properties
-5,916
-72,649
-11,528
Sales of investment properties
Treasury Shares
-134,948
Purchases of other property, plant and equipment
-304
Total cash flow from investing activities
Cash flow from financing activities
Repurchase Own Shares
-104,400
Proceeds from assumption of liabilities to credit institutions
Repayment of liabilities to credit institutions
-30,119
-101,558
-110,729
Total cash flow from financing activities
-30,119
-101,558
-215,129
Total cash flow for the period
-5,303
-6,915
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 2025
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 2024. Reference is made to note 31 to the
consolidated financial statements in Park Street Annual report for 2024 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 2025. None of these changes
affected recognition and measurement in 2025.
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 2025 in
relation to the Annual report for 2024. For a description of significant accounting assessments and estimates, see note 1 to the
consolidated financial statements in the Annual report for 2024.
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
2025
2024
2024
Rental income
58,333
58,100
131,697
Sales of other services
15,343
24,162
19,419
Total sales of services
73,676
82,262
151,116
73,676
82,262
151,116
Park Street | Interim Financial Report 1
st
Half 2025
Page 13 of 16
Note 4 - Operating expenses
1st half of
1st half of
Full year
Amounts in DKK 1000s
2025
2024
2024
Operating expenses, investment properties
15,744
20,277
35,999
Operating expenses, other services
4,617
3,813
7,829
20,361
24,090
43,828
Note 5 – Financial expenses
1st half of
1st half of
Full year
Amounts in DKK 1000s
2025
2024
2024
Interest expenses, liabilities to credit institutions measured at
amortized cost
32,031
37,148
72,811
Other interest costs and fees
39
69
553
Borrowing costs
0
0
0
32,070
37,217
73,364
Financial income
1st half of
1st half of
Full year
Amounts in DKK 1000s
2025
2024
2024
Financial income
1,036
0
476
1,036
0
476
Note 6 - Adjustment to fair value, net
1st half of
1st half of
Full year
Amounts in DKK 1000s
2025
2024
2024
Fair value adjustment, investment properties
4,916
-1,864
22,210
4,916
-1,864
22,210
Note 7 - Realized gains on the sales of investment properties
1st half of
1st half of
Full year
Amounts in DKK 1000s
2025
2024
2024
Sales totals, investment properties
28,000
281,891
290,250
Book value of properties when sold, etc.
-27,850
-282,953
-291,105
150
-1,062
-855
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 2025.
Park Street | Interim Financial Report 1
st
Half 2025
Page 14 of 16
Note 9 – Domiciles Property
Amounts in DKK 1000s
30 June
2025
31 December
2024
Cost at 1 of January
135,944
215,823
Revaluation of value
0
-95
Costs incurred for improvements
109
0
Sale of property
0
-79,784
Cost / Revaluated Value
136,053
135,944
Depreciation and amortization at 1 January
-6,644
-17,542
Depreciation
0
-700
Depreciation of sold property
0
11,598
Depreciation and amortization
-6,644
-6,644
Balance
129,409
129,300
Note 10 - Investment properties
30 June
31 December
Amounts in DKK 1000s
2025
2024
Book value as at 1 January
2,248,267
2,436,714
Cost incurred for improvements
5,319
11,528
Adjustment to fair value, net
4,916
22,210
Retirement on sale
-27,137
-222,184
2,231,365
2,248,268
Note 11 – Receivable
30 June
31 December
Amounts in DKK 1000s
2025
2024
Receivables from tenants
15,377
8,132
Deposited funds in banks
0
384
Other receivable
9,053
16,451
24,430
24,967
Note 12 – Share Capital
30 June
31 December
Amounts in DKK 1000s
2025
2024
Share capital opening period
57,175
57,175
Share capital reduction
-13,794
0
Share capital closing period
43,381
57,175
Park Street | Interim Financial Report 1
st
Half 2025
Page 15 of 16
The share capital consists of 43,381,248 shares of DKK 1 (31 December 2024: 57,175,572 shares of DKK 1). 13,794,324 shares have been cancelled
during the year. 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.
Note 13 – Treasury shares
Number of shares
Nominal value
Share of share capital
(Amount in DKK 1000)
30 June
2025
31 December
2024
30 June
2025
31 Decem-
ber
2024
30 June
2025
31 Decem-
ber 2024
As at 1 January
13,794,324
4,859,970
13,794
4,860
24.13%
8.50%
Additions during the year
0
11,072,293
0
11,072
0%
19,37%
Correction
0
-2,137,939
0
-2,138
0%
-3.74%
Cancelled
13,794,324
0
-13,794
0
-24.13%
0%
As at 30 June
0
13,794,324
0
13,794
0%
24.13%
All treasury shares are owned by Park Street A/S.
In June 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.
The comparative figures for 2024 reflect a correction made during the year in relation to an error identified in August 2024. This error related to the
incorrect attribution of 2,137,939 Class A shares to the Company’s treasury shareholding following a conversion of Class B shares held by Park
Street NordAc S.a.r.l. in July 2022. The Danish Business Authority required the reversal of the related May 2024 share capital reduction to correct
this.
Following the June 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 2024, to which reference is made.
Park Street | Interim Financial Report 1
st
Half 2025
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
2025
2024
Amounts in DKK 1000s
Non-current financial liabilities with credit institutions
682,293
1,332,708
Current financial liabilities with credit institutions
563,868
22,953
Financial liabilities with credit institutions at 1 January
1,246,161
1,355,661
Repayment of liabilities to credit institutions
-30,119
-110,729
Accrued financial expenses
0
1,229
Financial liabilities with credit institutions end of period
1,216,042
1,246,162
Non-current financial liabilities with credit institutions
632,669
682,293
Current financial liabilities with credit institutions
583,374
563,868
Total financial liabilities with credit institutions end of period
1,216,043
1,246,161
Note 16 – Subsequent Events
From the Half year reporting date until the date of presentation of this report no additional events have occurred.