Eik fasteignafélag (EIK) Q4 2024 earnings summary

Executive summary

• Total operating income reached ISK 11,495 million in 2024, with rental income at ISK 9,896 million, up 4% year-over-year.

• EBITDA for 2024 was ISK 7,341 million, in line with updated guidance.

• Net profit for the year was ISK 6,477 million, with earnings per share at ISK 1.90.

• The company expanded its lettable area by 4,600 sqm and maintained a high occupancy rate of 93.6% at year-end.

Financial highlights

• Net operating income (NOI) margin was 72.2% in 2024, compared to 75.4% in 2023.

• Total assets at year-end were ISK 156,250 million, with investment properties valued at ISK 145,471 million.

• Equity at year-end was ISK 52,661 million, and the equity ratio was 33.7%.

• Interest-bearing debt increased to ISK 85,098 million, with weighted average indexed rates at 3.59% and non-indexed at 7.67%.

Outlook and guidance

• 2025 revenue is projected at ISK 12,055–12,545 million, with EBITDA expected between ISK 7,620–7,940 million.

• The company plans to increase lettable area by 11,000 sqm and targets a 95% occupancy rate by year-end 2025.

• Guidance includes a 5% real growth in rental income and continued focus on asset returns over portfolio growth.