Eik fasteignafélag (EIK) Q4 2025 earnings summary

Executive summary

• EBITDA grew by 7.6% year-over-year to ISK 7,901 million, driven by strong leasing activity and the acquisition of Festing, which expanded the property portfolio by 43,000 sqm and secured long-term leases with Samskip.

• Total revenue increased by 9.5% to ISK 12,586 million, with rental income up 9.8% year-over-year.

• Three properties were sold, generating a profit of ISK 134 million, 13–14% above book value.

• The asset base grew to ISK 182,359 million from ISK 156,250 million year-over-year.

• Net profit for the period was ISK 5,494 million, down from ISK 6,477 million the previous year.

Financial highlights

• Operating revenue reached ISK 12,586 million, up 9.5% year-over-year.

• Rental income was ISK 10,865 million, a 9.8% increase; other income was ISK 1,721 million.

• EBITDA was ISK 7,901 million, up 7.6%; adjusted EBITDA was ISK 8,036 million, up 9.5%.

• Net profit: ISK 5,494 million (2025) vs. ISK 6,477 million (2024); EPS: 1.62 (2025) vs. 1.90 (2024).

• Cash flow from operations: ISK 4,962 million; cash at year-end: ISK 2,769 million.

Outlook and guidance

• 2026 revenue guidance: ISK 14,250–14,800 million; EBITDA guidance: ISK 9,000–9,360 million (at fixed prices).

• Expected occupancy rate for 2026 is 94.5–95.5%.

• EBITDA guidance varies with inflation, ranging from ISK 9,110–9,720 million depending on inflation rate (2–6%).

• Investment in existing properties planned at ISK 1,800–2,200 million for 2026.

• Lease income and EBITDA expected to grow further due to portfolio expansion.