New Risk • Jun 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr.648.0m (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 16% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (kr.648.0m market cap, or US$100.0m). Reported Earnings • Feb 23
First half 2026 earnings released: EPS: kr.0.024 (vs kr.0.03 in 1H 2025) First half 2026 results: EPS: kr.0.024 (down from kr.0.03 in 1H 2025). Revenue: kr.103.4m (up 2.0% from 1H 2025). Net income: kr.11.8m (down 14% from 1H 2025). Profit margin: 11% (down from 14% in 1H 2025). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. New Risk • Feb 21
New major risk - Revenue and earnings growth Earnings have declined by 16% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 16% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (19% increase in shares outstanding). Board Change • Oct 30
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Katja Moesgaard was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Oct 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (kr.476.3m market cap, or US$73.9m). Announcement • Oct 01
AGF A/S, Annual General Meeting, Oct 23, 2025 AGF A/S, Annual General Meeting, Oct 23, 2025, at 16:00 Romance Standard Time. Location: fredensvang, 1st floor, terp skovvej 18a, 8260 viby j, Denmark Reported Earnings • Sep 25
Full year 2025 earnings released: kr.0.04 loss per share (vs kr.0.13 profit in FY 2024) Full year 2025 results: kr.0.04 loss per share (down from kr.0.13 profit in FY 2024). Revenue: kr.188.4m (up 1.5% from FY 2024). Net loss: kr.20.0m (down 133% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Sep 25
AGF A/S has completed a Follow-on Equity Offering in the amount of DKK 70 million. AGF A/S has completed a Follow-on Equity Offering in the amount of DKK 70 million.
Security Name: Class B Shares
Security Type: Common Stock
Securities Offered: 87,500,000
Price\Range: DKK 0.8
Transaction Features: Subsequent Direct Listing Announcement • Sep 18
AGF A/S has filed a Follow-on Equity Offering in the amount of DKK 70 million. AGF A/S has filed a Follow-on Equity Offering in the amount of DKK 70 million.
Security Name: Class B Shares
Security Type: Common Stock
Securities Offered: 90,000,000
Price\Range: DKK 0.777778
Transaction Features: Subsequent Direct Listing New Risk • Sep 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (79% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Profit margins are more than 30% lower than last year (3.1% net profit margin). Market cap is less than US$100m (kr.353.9m market cap, or US$55.5m). Reported Earnings • Feb 21
First half 2025 earnings released: EPS: kr.0.03 (vs kr.0.15 in 1H 2024) First half 2025 results: EPS: kr.0.03 (down from kr.0.15 in 1H 2024). Revenue: kr.101.4m (up 5.7% from 1H 2024). Net income: kr.13.7m (down 80% from 1H 2024). Profit margin: 14% (down from 71% in 1H 2024). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Oct 02
AGF A/S, Annual General Meeting, Oct 24, 2024 AGF A/S, Annual General Meeting, Oct 24, 2024, at 16:00 Romance Standard Time. Location: atdjurslands bank arena, privatsikring lounge, 2nd floor, stadion alle 70, 8000 aarhus c, Denmark Reported Earnings • Sep 26
Full year 2024 earnings released: EPS: kr.0.13 (vs kr.0.057 in FY 2023) Full year 2024 results: EPS: kr.0.13 (up from kr.0.057 in FY 2023). Revenue: kr.185.6m (up 4.2% from FY 2023). Net income: kr.60.4m (up 166% from FY 2023). Profit margin: 33% (up from 13% in FY 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. New Risk • Sep 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (125% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Market cap is less than US$100m (kr.307.7m market cap, or US$45.7m). Reported Earnings • Feb 26
First half 2024 earnings released: EPS: kr.0.15 (vs kr.0.036 in 1H 2023) First half 2024 results: EPS: kr.0.15 (up from kr.0.036 in 1H 2023). Revenue: kr.95.9m (up 10% from 1H 2023). Net income: kr.68.2m (up 399% from 1H 2023). Profit margin: 71% (up from 16% in 1H 2023). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 23
Full year 2023 earnings released Full year 2023 results: Revenue: kr.178.1m (down 5.7% from FY 2022). Net income: kr.22.7m (up 192% from FY 2022). Profit margin: 13% (up from 4.1% in FY 2022). The increase in margin was driven by lower expenses. Reported Earnings • Feb 25
First half 2023 earnings released First half 2023 results: Revenue: kr.87.1m (down 5.0% from 1H 2022). Net income: kr.13.7m (down 19% from 1H 2022). Profit margin: 16% (down from 18% in 1H 2022). Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Independent Director Kim Larsen was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 23
Full year 2022 earnings released Full year 2022 results: Revenue: kr.188.8m (up 31% from FY 2021). Net income: kr.7.79m (down 69% from FY 2021). Profit margin: 4.1% (down from 18% in FY 2021). The decrease in margin was driven by higher expenses. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Director Kim Larsen was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 23
Full year 2021 earnings released: EPS kr.0.07 (vs kr.0.032 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: kr.143.8m (up 18% from FY 2020). Net income: kr.25.4m (up 113% from FY 2020). Profit margin: 18% (up from 9.8% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 25
First half 2021 earnings released: EPS kr.0.046 (vs kr.0.035 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: kr.70.8m (up 7.4% from 1H 2020). Net income: kr.17.3m (up 31% from 1H 2020). Profit margin: 25% (up from 20% in 1H 2020). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 20
New 90-day high: kr.0.75 The company is up 10.0% from its price of kr.0.68 on 20 November 2020. The Danish market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Hospitality industry, which is up 17% over the same period. Is New 90 Day High Low • Oct 06
New 90-day high: kr.0.70 The company is up 32% from its price of kr.0.53 on 08 July 2020. The Danish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 3.0% over the same period. Reported Earnings • Sep 27
Full year earnings released - EPS kr.0.032 Over the last 12 months the company has reported total profits of kr.11.9m, up 13% from the prior year. Total revenue was kr.122.0m over the last 12 months, down 6.6% from the prior year. Profit margins were 9.8%, which is higher than the 8.1% margin from last year. The increase in margin was driven by lower expenses. Is New 90 Day High Low • Sep 18
New 90-day high: kr.0.69 The company is up 32% from its price of kr.0.52 on 19 June 2020. The Danish market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 2.0% over the same period.