Heimar (HEIMAR) Q2 2025 earnings summary

Executive summary

• Rental income increased by 4.9% year-over-year, with real revenue growth of 0.5% and a like-for-like portfolio growth of 0.3%.

• Revenue for the first half of 2025 was ISK 7,578 million, up from ISK 7,224 million year-over-year.

• Major acquisitions of Gróska, Exeter Hotel, Gróðurhúsið ehf., Gróska bílastæðahús ehf., and Tryggvagötu ehf. were completed and consolidated in June, expected to add ISK 1.6bn in annual revenue from 2026.

• Occupancy rate remains high at 97%, with 36 lease agreements signed in Q2 2025 covering over 17,000 m².

• Share capital increased by 258 million shares to finance acquisitions.

Financial highlights

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

• Net profit for the quarter was ISK 1.1bn, a significant decrease from ISK 4.26bn in the same period last year, mainly due to lower fair value changes.

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

• Equity at period end was ISK 73,888 million, with an equity ratio of 32%.

• Fair value changes in investment properties were ISK 1,414 million, down from ISK 6,229 million year-over-year.

Outlook and guidance

• Revised 2025 rental income guidance raised to ISK 15,200–15,500m (from ISK 14,400–14,600m).

• EBITDA guidance for 2025 increased to ISK 10,800–11,100m.

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

• 94% of rental income is indexed, mitigating risk from inflation.

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