Heimar (HEIMAR) investor relations material

Executive summary

• Revenue grew by 9.6% year-over-year, reaching ISK 16,229 million, with rental income at ISK 15,404 million and a high occupancy rate of 96.2%.

• EBITDA increased by 9.3% to ISK 10,984 million, and net profit reached ISK 8,352 million.

• Record leasing volumes achieved, with 51,000 sq m of new leases signed in 2025 and strong performance at Smáralind.

• Major acquisitions, including Gróska and Exeter Hotel, expanded the portfolio and drove investment properties to ISK 228.5 billion.

• Sustainability initiatives advanced, with 42% of the portfolio environmentally certified and green financing at 40%.

Financial highlights

• Rental income rose 9.6% year-over-year to ISK 15,404 million, with real growth at 5.4%.

• EBITDA margin on rental income was 71.3%.

• Occupancy rate remained high at 96.2%.

• Fair value adjustment of investment properties was ISK 7.5 billion, mainly inflation-driven.

• Equity ratio increased to 33.1% at year-end, up 1.3% year-over-year.

Outlook and guidance

• Rental income for 2026 projected at ISK 16,600–16,950 million; EBITDA expected between ISK 11,800–12,150 million, with inflation at 4%.

• Ancillary revenue expected to exceed ISK 200 million in 2026, reaching 2–3% of total revenue by 2028.

• Share buybacks in 2026 anticipated to match 2025 levels, around ISK 2 billion.

• Dividend proposal for 2026 is ISK 0.40 per share, totaling approximately ISK 790 million.

• No major debt maturities in 2026; focus remains on robust liquidity and capital position.