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Heimar (HEIMAR) investor relations material
Heimar Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Rental income increased by 8.2% year-over-year for the first nine months of 2025, with real growth of 4% and a high occupancy rate of 97%.
EBITDA rose by 8.2% to ISK 8.1 billion, with a margin of 72%.
Net profit reached ISK 2.9 billion, down from ISK 5.6 billion last year, mainly due to lower fair value adjustments.
Portfolio expansion included new office, nursing home, and food hall developments.
21 lease agreements were signed in Q3 2025, covering nearly 19,000 m², marking a record leasing quarter.
Financial highlights
Rental income for 9M 2025 was ISK 11,186 million, up 8.2% year-over-year, with real growth of 4%.
EBITDA margin remained strong at 72% of rental income.
Profit after tax for 9M 2025 was ISK 2.9 billion, with a fair value adjustment of investment properties at ISK 3.1 billion.
Return on equity was 5.6%, down from 13% last year.
Cash and cash equivalents stood at ISK 1.8 billion at period end.
Outlook and guidance
Strong demand for commercial real estate is expected to continue, supporting high occupancy and new lease agreements.
Ancillary revenues are projected to reach 2–3% of total revenue annually within 3–5 years.
Equity value in associate company CLASI expected to grow 15% annually, contributing SEK700–900 million to profit.
Rental income for 2025 is projected between ISK 15,200–15,500 million, and EBITDA between ISK 10,800–11,100 million.
Ongoing investments in core and sustainable properties are expected to support future growth.
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