Eik fasteignafélag (EIK) Q3 2025 earnings summary

Executive summary

• Revenue and EBITDA grew strongly in the first nine months of 2025, with operating revenue up 9.2% year-over-year to ISK 9,296 million and adjusted EBITDA up 7.8% to ISK 5,968 million.

• Net profit for the period was ISK 3,804 million, up from ISK 3,326 million in the same period of 2024.

• Achieved 5.1% real growth in core assets year-over-year, reflecting strong operational performance in a challenging environment.

• Completed or in process of acquiring 43 income-generating properties, including the major Festing acquisition, with regulatory approval received and closing expected in Q4.

• Implemented a new organizational structure, reducing the executive team and consolidating revenue generation under new leadership.

Financial highlights

• Operating revenue for the first nine months: ISK 9,296 million (up 9.2% year-over-year); rental income rose 8.9% to ISK 7,980 million.

• Adjusted EBITDA: ISK 5,968 million (up 7.8% year-over-year), excluding one-time costs.

• Net profit totaled ISK 3,804 million for the period.

• Total assets at period end: ISK 163,349 million, up 4.5% over nine months; equity: ISK 53,071 million.

• Cash flow from operations was ISK 3,749 million, a 5.6% increase year-over-year; cash at period end ISK 3,708 million.

Outlook and guidance

• 2025 operating revenue expected between ISK 12,360–12,610 million; EBITDA forecasted at ISK 7,760–7,920 million.

• Value occupancy rate projected at 94–95% by year-end, excluding the impact of Festing.

• Confident in meeting full-year EBITDA and revenue targets; guidance range narrowed as year progresses.

• Leasing of 6,100 sqm delayed into 2026.