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Heimar (HEIMAR) investor relations material

Heimar Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary21 Aug, 2025

Executive summary

  • Rental income increased by 4.9% year-over-year, with operating revenues reaching ISK 7.6 billion and EBITDA up 4.5% to ISK 5.1 billion.

  • Major acquisitions of Gróska and Exeter Hotel were completed, expected to add ISK 1.6 billion in annual revenue from 2026 and 30,300 sqm to the portfolio.

  • Occupancy rate remains high at 97%, with 36 lease agreements signed in Q2 2025 covering over 17,000 sqm.

  • Net profit for the quarter was ISK 1.1 billion, down from ISK 4.3 billion year-over-year.

  • 43% of rental income comes from public entities and listed companies.

Financial highlights

  • EBITDA for the period totaled ISK 5.1 billion, up 4.5% year-over-year.

  • Net profit for the quarter was ISK 1.1 billion, down from ISK 4.3 billion in the prior year.

  • Investment properties valued at ISK 218.6 billion, with interest-bearing liabilities at ISK 131.2 billion.

  • Equity ratio at 32.2%, leverage ratio at 61.6%.

  • Cash generated from operations was ISK 2.3 billion; cash and cash equivalents at period end were ISK 3.4 billion.

Outlook and guidance

  • Revised 2025 rental income guidance raised to ISK 15,200–15,500 million, and EBITDA guidance to ISK 10,800–11,100 million.

  • Rental income for the next twelve months estimated at ISK 16.4–16.7 billion.

  • Ancillary revenues projected to reach ISK 200 million in 2026 and up to 3% of total revenues by 2028.

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Frequently asked questions

Heimar hf., formerly known as Reginn hf., is an Iceland-based real estate company primarily involved in the investment, leasing, and management of commercial properties. The company's portfolio includes significant assets in key urban areas such as the Smaralindar area, the center of Reykjavik, Borgartun, and the center of Gardabaer. Heimar hf. focuses on consolidating and strengthening its presence in these strategic locations, providing property management and rental services tailored to the needs of the Icelandic market. The company is headquartered in Kópavogur, Iceland, and its shares are listed on the Nasdaq Iceland.

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