Eik fasteignafélag (EIK) Q4 2024 earnings summary

Executive summary

• Eik fasteignafélag hf. is an Icelandic real estate company listed on Nasdaq Iceland, focusing on commercial property ownership, leasing, management, and hotel operations.

• 2024 was marked by takeover activity, including a withdrawn bid by Reginn hf. and a completed bid by Langisjór ehf., but operations remained in line with forecasts.

• The company is pursuing the acquisition of Festing hf. and evaluating a non-binding offer for Glerartorg in Akureyri, with decisions expected in Q1 2025.

• CEO Garðar Hannes Friðjónsson will step down after the April 2025 AGM; a search for a new CEO is underway.

Financial highlights

• Operating revenues rose to ISK 11,495 million in 2024 from ISK 11,224 million in 2023; operating expenses increased to ISK 4,154 million from ISK 3,749 million.

• EBITDA was ISK 7,341 million, down from ISK 7,475 million year-over-year; fair value gain on investment properties was ISK 7,327 million.

• Net finance costs decreased to ISK 6,368 million from ISK 7,620 million; net profit was ISK 6,477 million, down from ISK 7,279 million.

• Cash flow from operations was ISK 4,875 million; total assets reached ISK 156,250 million, with investment properties at ISK 145,471 million.

• Basic and diluted EPS was ISK 1.90, up from ISK 1.71; equity at year-end was ISK 52,661 million, equity ratio 33.7%.

Outlook and guidance

• 2025 operating revenues are projected at ISK 12,055–12,545 million; EBITDA guidance is ISK 7,620–7,940 million at fixed prices.