Heimar (HEIMAR) Q4 2025 earnings summary

Executive summary

• Revenue and rental income grew by 9.6% year-over-year, outpacing inflation by 5.4%, driven by investments and new asset acquisitions.

• EBITDA increased by 9.3% to ISK 10,984m–11 billion, with net profit at ISK 8.4 billion.

• Record leasing volumes achieved, with 103 lease agreements totaling ~51,000 sq m signed in 2025.

• Major acquisitions, including Gróska and Exeter Hotel, were completed and consolidated in June.

• Portfolio expanded to 97 properties, with a high occupancy rate of 96–96.2%.

Financial highlights

• Rental income reached ISK 15,404m, up 9.6% year-over-year, with real growth at 5.4%.

• EBITDA margin on rental income was 71.3%.

• Occupancy rate remained high at 96.2%.

• Fair value adjustment of investment properties was ISK 7.5 billion.

• LTV ratio decreased to 60.3%; equity ratio increased to 33.1%.

Outlook and guidance

• Rental income for 2026 projected at ISK 16,600–16,950 million; EBITDA expected between ISK 11,800–12,150 million, assuming 4% inflation.

• Ancillary revenue expected to exceed ISK 200 million in 2026, reaching 2–3% of total revenue by 2028.

• Share buybacks in 2026 anticipated to match 2025 levels, around ISK 2 billion.