CEMAT A/S
Real estate·CEMAT · Nasdaq Copenhagen·Fiscal year to 31/12/2025
Property development and letting.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Real estate
End markets
DriverNegative impact: weakens
“The operating performance of the property is affected by external factors, including economic developments and developments in the property and retail markets.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“Changes in real estate prices Significant decreases or increases in the estimated rental value and rental situation would result in a significantly lower or higher fair value of the properties.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Obtaining legal title to part of the land CeMat '70 has control of the land through the possession right to the site, the perpetual usufruct right and ownership rights. Part of the property is not entered in the land and mortgage register.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Claims for title The claims relate to disputes between the former landowners (or their heirs) and the Polish state, which expropriated the land back in the 1970s. In order for CeMat '70 to sell the land, the company must have title to that land either in the form of actual ownership or a perpetual usufruct right (RPU).”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“ In line with its 2024 - 2027 strategy, announced in February 2024, CeMat will continue to pursue a dualtrack business model, focusing on leasing activities to ensure stable cash flows, while selectively expanding its development operations to drive long-term value growth.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Strong industry fundamentals - high occupancy levels and attractive rental rates per square metre—support additional investment phases and the redevelopment of existing warehouse space, underpinning resilient and predictable cash flows over the medium term. The leasing business remains a stable earnings backbone, delivering record rental income growth (from PLN 16.6m in 2023 to PLN 22.2m in 2025) and supporting further value creation through increased exposure to high-margin formats such as self-storage facilities and SBUs.”
Annual report 2025A · The company itself
Market
“CeMat Intro CeMat A/S is a Denmark-based holding company operating in the real estate sector. The Group operates through two business segments: Development and Asset Management. Within the Development segment, CeMat A/S focuses on residential and commercial real estate projects.”
Annual report 2025A · The company itself
Market
“Traditional warehouse activities accounted for approximately 54% of the Company’s rental revenue in 2025.”
Annual report 2025A · The company itself
Market
“As part of its 2024 - 2027 strategy, the Company is increasing rental income through the systematic transformation of traditional warehouse space into Small Business Units (SBUs) and self-storage facilities.”
Annual report 2025A · The company itself
Market
“Income statement Revenue for 2025 amounted to DKK 164.7 million (2024: DKK 39.4 million), comprising rental income of DKK 30.1 million (2024: DKK 28.1 million) and sales of utilities, including power and water, and facility services, etc. to tenants of DKK 9.2 million (2024: DKK 11.3 million).”
Annual report 2025A · The company itself
Chains in: Interest rates weakens
Residential construction
End markets
StrategyPositive impact: strengthens
“CeMat A/S is executing its development strategy for the period 2024 - 2027. At the current stage of implementation, the majority of key strategic objectives and assumptions have been successfully secured.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The CeMat Group currently maintains a development pipeline for the period 2026 - 2028 comprising 228 residential units as well as a self-storage facility. The strategic objective for the next two years is to secure the required planning documentation necessary for the execution of subsequent investment projects.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The Company actively contributes to the planning process by submitting formal applications and proposing both residential and service-oriented developments, including offices, small-scale logistics facilities, retail and other commercial uses. The nature of development activities inherently results in high variability in the revenue structure.”
Annual report 2025A · The company itself
Market
“ The increase in revenues mainly resulted from the sales of residential units, combined with the continued strong performance of rental operations across its portfolio. The residential sales segment reached a volume of 93 apartments, generating revenues of DKK 125.3 million. The revenue from leasing properties amounted to DKK 39.3 million in 2025 (2024: DKK 39.4 million).”
Annual report 2025A · The company itself
Market
“CeMat Intro CeMat A/S is a Denmark-based holding company operating in the real estate sector. The Group operates through two business segments: Development and Asset Management. Within the Development segment, CeMat A/S focuses on residential and commercial real estate projects.”
Annual report 2025A · The company itself
Market
“The second segment with a significant impact on the Company’s results is residential development. Construction work on Moje Bielany I was completed in 2025.”
Annual report 2025A · The company itself
Market
“The planned development of a new self-storage facility in Warsaw’s Bielany district (2026 - 2027) will further strengthen cash flows and accelerate portfolio modernisation, supporting long-term rental growth and asset value appreciation.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens
Electricity
Raw materials and inputs
InputNegative impact: weakens
“The increased costs of energy in 2021 and 2022, which are a fundamental factor in the business of some tenants, and are paid by CeMat and then re-invoiced, may also be a risk in 2026 should the tenants become insolvent.”
Annual report 2025A · The company itself
Market
“CeMat '70 engages in the letting of premises and land, and the provision of utilities, including power, water and natural gas, and facility services etc. to its tenants.”
Annual report 2025A · The company itself
Market
“Income statement Revenue for 2025 amounted to DKK 164.7 million (2024: DKK 39.4 million), comprising rental income of DKK 30.1 million (2024: DKK 28.1 million) and sales of utilities, including power and water, and facility services, etc. to tenants of DKK 9.2 million (2024: DKK 11.3 million).”
Annual report 2025A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
Residential rental
End markets
Market
“ The increase in revenues mainly resulted from the sales of residential units, combined with the continued strong performance of rental operations across its portfolio. The residential sales segment reached a volume of 93 apartments, generating revenues of DKK 125.3 million. The revenue from leasing properties amounted to DKK 39.3 million in 2025 (2024: DKK 39.4 million).”
Annual report 2025A · The company itself
Market
“The Asset Management segment encompasses the leasing and management of the Group’s owned real estate assets, including self-storage facilities and small warehouse units. This segment generates stable and recurring rental income, with a focus on increasing the value of CeMat's property portfolio.”
Annual report 2025A · The company itself
Market
“Leasing business and asset management In 2025, the performance of the real estate rental business was broadly in line with the previous year. Revenue Revenue from property leasing amounted to DKK 39.3 million in 2025 (2024: DKK 39.4 million).”
Annual report 2025A · The company itself
Chains in: Interest rates weakens
Construction
End markets
DriverNegative impact: weakens
“Risk of general contractor bankruptcy In property development, there is a risk of bankruptcy of the general contractor, i.e. the company that carries out all or most of the construction work under a contract with the developer. If this risk materialises, a new contractor will have to be selected to complete the construction. For the investment, this means the possibility of cost increases and schedule overruns and, in extreme cases, termination of the loan agreement by the bank.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The Company actively contributes to the planning process by submitting formal applications and proposing both residential and service-oriented developments, including offices, small-scale logistics facilities, retail and other commercial uses. The nature of development activities inherently results in high variability in the revenue structure.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Natural gas
Raw materials and inputs
InputNegative impact: weakens
“The increased costs of energy in 2021 and 2022, which are a fundamental factor in the business of some tenants, and are paid by CeMat and then re-invoiced, may also be a risk in 2026 should the tenants become insolvent.”
Annual report 2025A · The company itself
Market
“CeMat '70 engages in the letting of premises and land, and the provision of utilities, including power, water and natural gas, and facility services etc. to its tenants.”
Annual report 2025A · The company itself
Water
Raw materials and inputs
Market
“CeMat '70 engages in the letting of premises and land, and the provision of utilities, including power, water and natural gas, and facility services etc. to its tenants.”
Annual report 2025A · The company itself
Market
“Income statement Revenue for 2025 amounted to DKK 164.7 million (2024: DKK 39.4 million), comprising rental income of DKK 30.1 million (2024: DKK 28.1 million) and sales of utilities, including power and water, and facility services, etc. to tenants of DKK 9.2 million (2024: DKK 11.3 million).”
Annual report 2025A · The company itself
Grocery retail and private label
End markets
Market
“The company sold 100 apartments, with another 2 reserved and 3 still available. For the ground-floor retail space of the Moje Bielany project, CeMat has entered into lease agreements with Jeronimo Martins Polska S.A.(Biedronka supermarket) and Maxi Zoo.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Chains out: this weakens Agriculture and food production
Hospitality and leisure
End markets
Market
“The company sold 100 apartments, with another 2 reserved and 3 still available. For the ground-floor retail space of the Moje Bielany project, CeMat has entered into lease agreements with Jeronimo Martins Polska S.A.(Biedronka supermarket) and Maxi Zoo.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
SMEs
End markets
Market
“The office segment complements the warehouse offering, with tenants valuing the convenience of office space located directly adjacent to their storage and warehouse units. This integrated offering supports higher tenant satisfaction and retention.”
Annual report 2025A · The company itself
Building codes and fire safety
Regulation
DriverNegative impact: weakens
“In Poland, a comprehensive reform of spatial planning regulations is currently underway. As part of this reform, all municipalities and cities are required to adopt new General Master Plans (so-called Master Plans) by the end of June 2026. The absence of an adopted Master Plan will prevent local authorities from issuing planning decisions, which may temporarily limit development activities.”
Annual report 2025A · The company itself
Interest rates
Macro
DriverPositive impact: strengthens
“Inflation is expected to average approximately 2.9% in 2026, moving closer to the NBP’s inflation target, which allows for a moderate monetary policy stance. Market consensus anticipates the possibility of gradual interest rate cuts, with the reference rate potentially declining towards approximately 3.5% in 2026.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“This recovery was primarily supported by lower interest rates, with the NBP reference rate reduced to 4.0%, and a gradual improvement in mortgage availability, as 64.800 new housing loans were granted in 2025, accompanied by a visible rebound in lending volumes.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“On the demand side, further interest rate cuts and stabilised mortgage costs should continue to support buyer activity, particularly among first-time buyers and upgraders. However, demand is likely to remain highly priceand location-sensitive, with limited tolerance for aggressive price increases.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Development risks These are potential problems connected with the sale of dwellings and retail units due to lower demand as a result of changes in the economic situation, including a tightening of accessibility to mortgages from banks and an increase in unemployment.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Urbanisation
Geography
DriverPositive impact: strengthens
“Combined with the attractive location, the scale of planned developments and the dynamic growth of the Bielany district, the portfolio presents significant opportunities to increase net operating income and develop plots for residential and commercial projects, including self-storage, office space, and other serviceoriented facilities. The CeMat Group has control of the land through the perpetual usufruct right, ownership rights and the right of possession to the site.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The performance of the existing self-storage operations is in line with expectations, confirming the attractiveness of the small-format warehouse segment. On this basis, the CeMat A/S has decided to proceed with the new development and is currently in the process of obtaining the building permit.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“CeMat A/S recognises the growing demand for self-storage solutions in Poland, driven by urbanisation, changing housing patterns, increased mobility and the rising popularity of flexible storage options among both private and business customers. The self-storage sector is experiencing dynamic growth and remains significantly underpenetrated compared to the UK or Scandinavian markets, creating attractive investment opportunities.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The area around Wólczyńska 133 previously housed a lot of industrial works, but in recent years more and more land has been converted into retail, service and residential areas. There are thousands of people living in low- and high-rise apartment blocks in the vicinity of CeMat '70 and more apartments are currently under construction, largely driven by the net inflow of people from the countryside to the larger metropolitan areas, in particular to Warsaw.”
Annual report 2025A · The company itself
Housing market
Macro
DriverMixed impact: mixed
“Large metropolitan areas demonstrated notable resilience and moderate price growth, while several secondary cities recorded flat or slightly declining prices, reflecting weaker local demand and greater sensitivity to affordability constraints.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“On the demand side, further interest rate cuts and stabilised mortgage costs should continue to support buyer activity, particularly among first-time buyers and upgraders. However, demand is likely to remain highly priceand location-sensitive, with limited tolerance for aggressive price increases.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Building on the successful delivery and experience gained from the Moje Bielany I project, as well as the favourable conditions in the residential market and attractive return prospects, CeMat A/S has decided to proceed with a further residential development In these residential projects, we aim to achieve a profit broadly in line with Moje Bielany I, subject to market conditions and project execution.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens
Chains out: this strengthens Construction, strengthens Residential construction
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“Poland benefits from a stable banking sector, a well-developed industrial base, and a growing role as a regional logistics hub. A mature real estate market and increasing demand for modern rental and warehouse formats continue to be supported by solid macroeconomic fundamentals and ongoing inflows of foreign investment.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Adverse economic developments may cause demand for leased premises to decline. In the long term, this may lead to a deterioration in letting conditions and put pressure on the rental income obtainable for individual leases.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Consumer spending
Macro
DriverNegative impact: weakens
“Adverse economic developments may cause demand for leased premises to decline. In the long term, this may lead to a deterioration in letting conditions and put pressure on the rental income obtainable for individual leases.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Development risks These are potential problems connected with the sale of dwellings and retail units due to lower demand as a result of changes in the economic situation, including a tightening of accessibility to mortgages from banks and an increase in unemployment.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Other currencies
Macro
DriverMixed impact: mixed
“Outlook for 2026 Consolidated revenue for the CeMat Group is expected to be DKK 86-88 million in 2026. Consolidated EBITDA for the CeMat Group is expected to be DKK 13.8-14.8 million in 2026. EBITDA from the development segment is expected to be DKK 6.5-7 million. EBITDA from the property rental business is projected to reach DKK 7.3-7.8 million. A positive net result of approx. DKK 8-9 million is expected for 2026 (before taking into account the valuation of the investment property).”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“The average PLN to DKK exchange rate in 2025 increased from 1.73 to 1.77 which impacted the financial figures. The same exchange rate is assumed in the forecast for 2026.”
Annual report 2025A · The company itself
Cement and building materials
Raw materials and inputs
InputNegative impact: weakens
“Construction costs risk Construction costs may increase. This potential increase is mainly related to rises in the costs of hiring a qualified workforce, as well as increases in the costs of building materials.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Reconstruction of Ukraine strengthens
Employment
Macro
DriverNegative impact: weakens
“Development risks These are potential problems connected with the sale of dwellings and retail units due to lower demand as a result of changes in the economic situation, including a tightening of accessibility to mortgages from banks and an increase in unemployment.”
Annual report 2025A · The company itself
Growing middle class
Geography
DriverPositive impact: strengthens
“The area around Wólczyńska 133 previously housed a lot of industrial works, but in recent years more and more land has been converted into retail, service and residential areas. There are thousands of people living in low- and high-rise apartment blocks in the vicinity of CeMat '70 and more apartments are currently under construction, largely driven by the net inflow of people from the countryside to the larger metropolitan areas, in particular to Warsaw.”
Annual report 2025A · The company itself
Inflation
Macro
DriverPositive impact: strengthens
“Inflation is expected to average approximately 2.9% in 2026, moving closer to the NBP’s inflation target, which allows for a moderate monetary policy stance. Market consensus anticipates the possibility of gradual interest rate cuts, with the reference rate potentially declining towards approximately 3.5% in 2026.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Labour and wages
Raw materials and inputs
InputNegative impact: weakens
“Construction costs risk Construction costs may increase. This potential increase is mainly related to rises in the costs of hiring a qualified workforce, as well as increases in the costs of building materials.”
Annual report 2025A · The company itself
Public investment and infrastructure
Regulation
DriverMixed impact: mixed
“The new Master Plan for Warsaw is expected to enter into force in the summer of 2026. The Company is actively participating in the public consultation process related to the Master Plan, and the final provisions will have impact on the future development potential and planning framework for CeMat’s land holdings.”
Annual report 2025A · The company itself
Chains in: Reconstruction of Ukraine strengthens
Chains out: this strengthens Construction, strengthens Digitalisation, strengthens IT consulting and public-sector IT
Denmark
Geography
Geography
“Property highlights The CeMat Group’s real estate portfolio comprises a diversified set of investment and development assets, including land plots predominantly located in Warsaw’s Bielany district.”
Annual report 2025A · The company itself
Geography
“No revenue from external customers is attributable to Denmark, which is the Group’s country of domicile. All non-current non-financial assets are located in Poland, and no such assets are attributable to Denmark.”
Annual report 2025A · The company itself
Geography
“Financial review The activities of the CeMat Group are comprised of a listed holding company in Denmark, Cemat A/S, with a property business in Poland operated through the 100%-owned subsidiary CeMat Real Estate, which in turn owns 94.29% of the shares in CeMat '70 S.A.”
Annual report 2025A · The company itself
Europe
Geography
Geography
“Property highlights The CeMat Group’s real estate portfolio comprises a diversified set of investment and development assets, including land plots predominantly located in Warsaw’s Bielany district.”
Annual report 2025A · The company itself
Geography
“Financial review The activities of the CeMat Group are comprised of a listed holding company in Denmark, Cemat A/S, with a property business in Poland operated through the 100%-owned subsidiary CeMat Real Estate, which in turn owns 94.29% of the shares in CeMat '70 S.A.”
Annual report 2025A · The company itself
China
Geography
Geography
“No revenue from external customers is attributable to Denmark, which is the Group’s country of domicile. All non-current non-financial assets are located in Poland, and no such assets are attributable to Denmark.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 0.16 bn DKK |
| Revenue growth vs. the year before, same method | 318 % |
| EBITDA reported by the company | 0.04 bn DKK |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 25 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.