Heimar (HEIMAR) Q2 2025 earnings summary

Executive summary

• Rental income increased by 4.9% year-over-year, with operating revenues reaching ISK 7.6 billion and EBITDA up 4.5% to ISK 5.1 billion.

• Major acquisitions of Gróska and Exeter Hotel were completed, expected to add ISK 1.6 billion in annual revenue from 2026 and 30,300 sqm to the portfolio.

• Occupancy rate remains high at 97%, with 36 lease agreements signed in Q2 2025 covering over 17,000 sqm.

• Net profit for the quarter was ISK 1.1 billion, down from ISK 4.3 billion year-over-year.

• 43% of rental income comes from public entities and listed companies.

Financial highlights

• EBITDA for the period totaled ISK 5.1 billion, up 4.5% year-over-year.

• Net profit for the quarter was ISK 1.1 billion, down from ISK 4.3 billion in the prior year.

• Investment properties valued at ISK 218.6 billion, with interest-bearing liabilities at ISK 131.2 billion.

• Equity ratio at 32.2%, leverage ratio at 61.6%.

• Cash generated from operations was ISK 2.3 billion; cash and cash equivalents at period end were ISK 3.4 billion.

Outlook and guidance

• Revised 2025 rental income guidance raised to ISK 15,200–15,500 million, and EBITDA guidance to ISK 10,800–11,100 million.

• Rental income for the next twelve months estimated at ISK 16.4–16.7 billion.

• Ancillary revenues projected to reach ISK 200 million in 2026 and up to 3% of total revenues by 2028.