Kaldalón (KALD) H1 2026 earnings summary

Executive summary

• Achieved key milestones, including completion of property acquisitions and delivery ahead of schedule, marking the end of a growth phase and transition to active portfolio management.

• The group owns and leases approximately 169,000 m² of real estate, up from 144,000 m² at the end of 2025, with a focus on property acquisition, development, and management.

• Strong operational performance with 19% year-over-year increase in rental income and 18% rise in operating profit before revaluations.

• Weighted occupancy rate for non-development properties was 97.5% during the period, with an average lease term of 8.2 years.

• The company has shifted from a growth focus to optimizing and developing its property portfolio, with plans for increased shareholder returns through buybacks and dividends.

Financial highlights

• Rental income for H1 2026 was ISK 3,132 million, up 19% from H1 2025.

• Operating profit before revaluations increased by 18% year-over-year to ISK 2,418 million.

• Net profit before tax rose 35% year-over-year to ISK 2,370 million.

• Total assets reached ISK 102,313 million, up from ISK 86,387 million at year-end 2025.

• Cash flow from operations increased by 67% year-over-year to ISK 1,163 million.

Outlook and guidance

• 2026 rental income forecasted at ISK 6,670–6,800 million, with operating profit before revaluations expected at ISK 5,140–5,300 million.

• Guidance revised downward due to property sales, inflation effects, delayed deliveries, and lease updates.

• Management expects stable conditions in the leasing market but is monitoring external factors such as interest rates and economic environment.

• Dividend payout ratio targeted to rise to 35–55% in 2027, with a long-term goal of 50–75% of operational cash flow.