Eik fasteignafélag (EIK) Q3 2024 earnings summary

Executive summary

• Eik fasteignafélag hf. operates in property management, leasing, commercial real estate, and hotel sectors in Iceland, with consolidated results for the nine months ended 30 September 2024.

• Operations aligned with updated outlook; takeover bid by Langisjór ehf. resulted in the offeror and partners holding 32.32% of share capital post-offer.

• Board and management continue to focus on strategic review, asset portfolio opportunities, and capital structure optimization.

Financial highlights

• Consolidated operating income for 1 Jan–30 Sep 2024 was ISK 8,514 million, up from ISK 8,453 million year-over-year.

• Operating profit before valuation changes and depreciation was ISK 5,537 million, down from ISK 5,766 million year-over-year.

• Positive valuation change of investment properties was ISK 4,345 million; total profit for the period was ISK 3,326 million.

• Net cash flow from operations was ISK 3,551 million, compared to ISK 3,498 million for the same period last year.

• Basic and diluted EPS for the period was ISK 0.97, down from ISK 1.60 year-over-year.

Outlook and guidance

• Updated 2024 EBITDA guidance is ISK 7,295–7,515 million at fixed price, based on November 2024 CPI for inflation adjustment.