Hagar (HAGA) Q2 26/27 earnings summary

Executive summary

• Q2 sales rose 5.5% YoY to ISK 54.7bn and EBITDA increased 3.3% to ISK 5.7bn; profit fell 10.4% to ISK 2.3bn.

• H1 sales were ISK 105,468m, EBITDA ISK 10,802m and net income ISK 4,207m; Q2 results exceeded management expectations.

• Strong H1 performance and a positive second-half outlook prompted an ISK 800m increase in FY EBITDA guidance.

Financial highlights

• Q2 gross profit rose 5.0% to ISK 13.5bn; gross margin was 24.7%, down 0.1 percentage points YoY.

• Q2 EBIT was ISK 3.8bn, down 0.7%; net finance expense rose 18.9% to ISK 992m, contributing to lower profit.

• H1 gross profit was ISK 26,795m vs ISK 24,493m; EBIT was ISK 7,061m vs ISK 6,232m.

• H1 profit before tax was ISK 5,288m vs ISK 4,636m; basic EPS was ISK 3.88 vs ISK 3.39.

• H1 total comprehensive income was ISK 4.1bn, up 13.5% YoY.

Outlook and guidance

• FY 2026/27 EBITDA guidance rose by ISK 800m to ISK 19,600–20,100m; the range includes ISK 470m of temporary Álfabakki 2 costs.

• Operations remained strong with a positive second-half outlook; priorities include efficiency and profitable growth across supply chain, assortment, infrastructure and new revenue streams.

• Bónus assortment changes, Álfabakki 2 capacity expansion, Olís non-fuel services, Hagar Media advertising, and digital and data-led efficiencies offer growth opportunities.