Park Street A/S – Annual Report 2025

Park Street A/S – Annual Report 2025

Copenhagen, 31 March 2026

Park Street primarily uses EBVAT (Earnings before value adjustments and tax) as the key measure of the Group’s operating performance.

The Group achieved an EBVAT of DKK 11.5 million in 2025 (2024: DKK 2.8 million), compared to previously communicated expectations of DKK 20–25 million. The variance is attributable to a combination of factors, primarily weaker than expected performance from hotel operations and the newly launched co-working site in Odense, as well as a reduced asset base following property disposal during the year.

During 2025, the Group undertook several significant initiatives, including refinancing activities, operational optimisation and capex-led leasing initiatives. While some of these actions impacted short-term earnings, they are expected to deliver sustained improvements to the platform’s performance. On this basis, the Group expects EBVAT for 2026 to be in the range of DKK 50–55 million, subject to any material acquisitions or disposals of assets.

The development in EBVAT is influenced by the following key factors:

• Gross profit amounted to DKK 114.9 million in 2025 (2024: DKK 107.3 million), representing an increase of DKK 7.6 million. This increase is primarily driven by reductions in operating costs during the year.
  
  
• Overhead costs were DKK 24.7 million in 2025 compared to DKK 31.6 million in 2024, a decrease of DKK 6.9 million. This reflects a simplification of the operating model, supported by technology driven efficiencies and reductions in employee and corporate costs.
  
  
• Net financial items amounted to DKK –78.7 million in 2025 (2024: DKK –72.9 million), representing a negative variance of DKK 5.8 million. This includes a one-off expense of DKK 24.2 million related to the write-off of capitalised borrowing costs following refinancing completed during the year. Excluding this one-off item, underlying financing costs decreased due to lower interest rates and a reduction in debt following asset disposals.

The Group reported a net result of DKK 18.6 million in 2025, compared to DKK 6.9 million in 2024.

The change is primarily driven by the following:

• Fair value adjustments resulted in a net increase of DKK 20.1 million in 2025 (2024: DKK 22.2 million), reflecting updated valuations of the investment property portfolio based on yield adjustments and revised income expectations.

The Group’s equity as at 31 December 2025 was DKK 981 million, compared to DKK 963 million as at 31 December 2024. The increase is attributable to the profit generated during the year.

Subsequent events after 31 December 2025

Park Street has signed a conditional SPA for the sale of Hersegade 23, Roskilde.
From the balance sheet date until the date of presentation of this Annual Report, no additional events have occurred that materially affect the assessment of the Annual Report.

Management Comments on the Annual Report

2025 has been a year of disciplined execution and repositioning for Park Street. While the broader European real estate market remained characterised by elevated interest rates, constrained liquidity and selective tenant demand, the Group has focused on actions within its control to strengthen the underlying platform.

During the year, we successfully completed a comprehensive refinancing of the Group’s debt, simplified the operating model and materially reduced overhead costs. These actions, combined with targeted operational improvements, have created a significantly more efficient and resilient platform going forward.

In parallel, we initiated a number of capex-led leasing initiatives across selected assets which are expected to contribute meaningfully to income growth over the coming years.
As a result of these initiatives, we enter 2026 with a stronger operational foundation and improved visibility on earnings progression. The Group expects a step change in performance, with EBVAT guidance of DKK 50–55 million for 2026.

Looking ahead, a key milestone for the Group is the planned launch of the Pulse Taastrup (“Pulse T”) project in 2026, with expected completion in 2027. This project has the potential to add more than DKK 20 million of annual NOI upon stabilisation and represents an important evolution of our Pulse platform.

In addition, we have initiated new local planning processes across several assets, including properties in Vejle, Odense and Ringsted, in collaboration with leading architects and local municipalities. These initiatives are aimed at unlocking long-term value through design-led development and enhanced utilisation of our existing portfolio.

While the global environment remains uncertain, with ongoing geopolitical tensions and structural shifts in capital markets, Denmark continues to offer a stable and supportive ecosystem. Strong institutions, progressive municipalities and continued inflow of international talent underpin long-term demand for well-designed and well-managed spaces.
Against this backdrop, Park Street remains focused on:

• improving the quality and performance of its assets
• reducing vacancy and enhancing tenant experience
• leveraging technology to optimise operations
• and developing design-led solutions that respond to evolving patterns of living and working

The Group’s strategy remains centred on disciplined capital allocation and active asset management, while selectively positioning the platform to benefit from structural changes in the real estate and broader “space” ecosystem. 
The company expects EBVAT for the year 2026 to be in the range of DKK 50-55 million.

Attached files

The Annual Report 2025 and the Statement of the mandatory review of Corporate Governance, cf. section 107b of the Danish Financial Statement Act, 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

Attachments

• Park Street- Annual Report 2025
• Park Street Corporate Governance Statement - Annual Report 2025
• 213800VGJC18MRKMZC33-2025-12-31-en