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Skel fjárfestingafélag (SKEL) investor relations material
Skel fjárfestingafélag H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Loss for 1H 2026 was ISK 384 million, with total assets at ISK 50.8 billion and equity at ISK 39.4 billion; equity ratio was 77.5%.
NAV per share at 30.6.2026 was ISK 21, with a share price of ISK 16.4, reflecting a 22% discount to NAV.
Major portfolio simplification underway, with 50 properties sold and debt reduced; listed assets and cash expected to reach 78% of portfolio within 18–24 months.
Major asset sales included the divestment of Gallon for ISK 2,885 million and 50 apartments in Stefnisvogur for ISK 4.3 billion.
Significant progress in listing preparations for Styrkás and Drangar, both targeting IPOs by 2027.
Financial highlights
Total return on shares for 1H 2026 was 5.1%, outperforming the OMXI15 by 9.1 percentage points.
Dividend payout ratio was 7.1%, with ISK 2.3 billion distributed via dividends and buybacks.
Dividend of ISK 1.17 per share (ISK 2,198 million total) was paid in May 2026.
Cash and cash equivalents increased to ISK 4,308 million from ISK 1,956 million at year-end 2025.
Interest-bearing liabilities decreased to ISK 10,230 million from ISK 13,142 million at year-end.
Outlook and guidance
Styrkás and Drangar are preparing for listings in 2027, with Styrkás targeting EBIT of ISK 3,350–3,650 million for 2026.
Baridi copper plant commissioning delayed to 1H 2027 due to weather; full capacity expected that year.
Management expects the implementation of IFRS 18 in 2027 to have an insignificant effect on financial statement presentation.
- 2024 profit exceeded plans, assets grew 22%, and a 6,000m ISK dividend is proposed for 2025.SKEL
Q4 2024 - Net profit ISK 4,297m in 2025; major asset sales and IPO preparations drive growth.SKEL
Q4 2025 - Net loss widened, assets declined, and major retail consolidation and dividend payout occurred.SKEL
Q2 2025 - Strong Q3 results, operational improvements, and active capital allocation across key segments.SKEL
Q3 2025 - Styrkás and Orkan outperformed projections, while Heimkaup lagged and ESA launched an inquiry.SKEL
Q3 2024 - Net loss of ISK 314 million in 1H 2024, strong equity ratio, and major portfolio changes.SKEL
Q2 2024 - Strong Q1 operating results offset by listed share losses and major capital allocation moves.SKEL
Q1 2025
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