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Skel fjárfestingafélag (SKEL) investor relations material

Skel fjárfestingafélag 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 summary14 Aug, 2025

Executive summary

  • Achieved key milestones, including Drangar's formation via merger and a 15.4% Styrkás stake sale to institutional investors.

  • Revenue for H1 2025 reached ISK 23.9 bn, up 6.9% year-over-year, with gross profit at ISK 5.8 bn and a margin of 24.7%.

  • Net loss for H1 2025 was ISK 559 m, compared to ISK 314 m loss in H1 2024, mainly due to fair value changes and restructuring costs.

  • Drangar established as a major retail group, targeting a public listing by 2027 and raising ISK 2 bn in new share capital.

  • Significant dividend payout of ISK 6 bn during the period.

Financial highlights

  • Total assets stood at ISK 56,663 m as of June 30, 2025, with equity at ISK 37,202 m.

  • Cash and government bonds totaled ISK 3,703 m; cash and cash equivalents decreased to ISK 2,582 m from ISK 3,604 m at year-end 2024.

  • Fair value changes in H1 2025 resulted in a net decrease of ISK 531 m, with positive revaluations in Baridi and Stork, but a decrease in Drangar and listed assets.

  • Dividend payments of ISK 6 bn scheduled for 2025, with ISK 3 bn already paid and the remainder due in October.

  • Earnings per share at ISK -0.30, compared to ISK -0.17 year-over-year.

Outlook and guidance

  • Drangar aims to improve earnings by ISK 2.5–3 bn over the next two years through procurement, cost reduction, and operational simplification.

  • Revenue for Drangar is forecast to grow from ISK 74.7 bn in 2024 to ISK 79.6 bn in 2026, with EBITDAAL margin rising from 2.6% to 6.5%.

  • Drangar's capital raise to be completed in Q4 2025, with a planned IPO by 2027.

  • Continued asset sales and real estate divestments expected to support liquidity and shareholder returns.

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Frequently asked questions

Skel fjárfestingafélag hf., formerly known as Skeljungur hf., is an investment company based in Reykjavik, Iceland. The company engages in the purchasing, distribution, and wholesale of fuel, lubricants, cleaning and chemical products, fertilizers, and other products to businesses and farmers across Iceland. Skel also operates various fuel and charging stations under brand names such as Orkan, Löður, Gló, Lyfsalinn, Lyfjaval, 10-11, Extra, and Íslenska vetnisfélagið. The company is headquartered in Reykjavik, and its shares are listed on the Nasdaq Iceland.

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