CEMATNasdaq CopenhagenReal Estate ServicesIFRS · DKK

CEMAT A/S

CEMAT A/S is a Danish real estate company based in Copenhagen. Its business covers property management and property development, with an emphasis on letting premises and land, providing utilities to tenants, and developing housing projects.

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Revenue165m DKK
+318.0 %y/y
Operating profit (EBIT)39.9m DKK
+448.8 %y/y
EBIT margin24.2%
+5.8 ppy/y
Net income65.9m DKK
+389.7 %y/y
Free cash flow52.6m DKK
+723.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

050100150200m DKK2020: 20 m DKK2020: EBIT 1.1 m DKK20202021: 21 m DKK2021: EBIT 3.3 m DKK20212022: 27 m DKK2022: EBIT 3.5 m DKK20222023: 34 m DKK2023: EBIT 4.4 m DKK20232024: 39 m DKK2024: EBIT 7.3 m DKK20242025: 165 m DKK2025: EBIT 40 m DKK202516540
RevenueOperating profit (EBIT)
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Business

Share of revenue
Property management55 %

Letting of premises and land, including tenant services and utilities.

Property development35 %

Preparation and execution of development projects, primarily housing.

Property sales10 %

Sale of residential and commercial real estate units when control transfers.

Customers

CEMAT primarily serves tenants and users of its properties, generating recurring income from leased premises, land, and related utilities. It also sells developed real estate to purchasers of residential and commercial units, making its customer base a mix of occupiers and property buyers.

Tenants

Lease premises and land and buy related utility services.

Housing purchasers

Buy completed residential units from development projects.

Commercial property buyers

Acquire commercial space or mixed-use real estate when projects are completed.

Site users

Use land or facilities under property management arrangements.

Strategy

CEMAT's core strategy appears to combine recurring property management income with value creation from property development. Its emphasis on housing projects suggests a focus on converting land and development opportunities into completed residential assets for sale or long-term holding.

Grow housing development pipelineMedium term

Development projects create value beyond rental income and can unlock realized sales.

Sustain property management incomeShort term

Leasing and utilities provide recurring cash-generating activity that supports the portfolio.

Convert completed projects into salesShort term

Sales recognition depends on transfer of control and supports project monetization.

Geography

CEMAT is headquartered in Copenhagen, Denmark, and its business is centered on Danish property holdings and development activity. The available report excerpt does not provide a formal regional revenue split, so the profile should be read as Denmark-centered with local property market exposure.

Risks

CEMAT is exposed to property market risk, including changes in tenant demand, occupancy, and real estate values. Its development business also depends on planning, construction execution, and the timing of project completion and sale recognition, which can make results uneven across periods.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Tenant demand and occupancy risk1Development execution risk2Revenue recognition timing risk3Real estate market valuation risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Tenant demand and occupancy riskImpact: HighLikelihood: Medium

    Rental income depends on keeping premises and land occupied and leased.

    Exposure: Property management portfolio

  2. Development execution riskImpact: HighLikelihood: Medium

    Housing projects depend on planning approvals, construction progress, and delivery timing.

    Exposure: Property development projects

  3. Revenue recognition timing riskImpact: MediumLikelihood: High

    Property sales are recognized when the buyer takes control, which can shift revenue between periods.

    Exposure: Residential and commercial unit sales

  4. Real estate market valuation riskImpact: MediumLikelihood: Medium

    Changes in Danish property values can affect asset carrying values and project economics.

    Exposure: Investment properties and development land

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Accounting

Judgemental items
Revenue recognition on real estate sales

Sales are recognized when control transfers, so timing depends on handover conditions.

Impact: Can move revenue and profit between reporting periods

Property valuation estimates

Real estate carrying amounts depend on management assumptions and market inputs.

Impact: Can affect asset values and impairment risk

Development project accounting

Project costs and completion status influence when margins are recognized.

Impact: Can make reported earnings volatile across periods

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Last updated: 24/10/2026