Kaldalón (KALD) Q1 2026 TU earnings summary

Executive summary

• Revenue for Q1 2026 increased 18% year-over-year to 1,510 m.kr., driven by investment growth and renewed leases.

• Operating profit before fair value changes rose 21% year-over-year to 1,167 m.kr.

• Updated full-year 2026 guidance: revenue of 6,770–6,910 m.kr. and operating profit before fair value changes of 5,250–5,420 m.kr.

• Major acquisition of 23,200 sqm of real estate in Reykjavík to be delivered June 2026 for 12,280 m.kr.

Financial highlights

• Q1 2026 operating margin was 77%, up from 76% in Q1 2025.

• Net fair value gain on investment properties was 1,782 m.kr., mainly due to inflation and new leases.

• Net financial expenses for the quarter were 1,692 m.kr., with inflation at 10.4% annualized.

• Cash from operations was 667 m.kr.; cash at period end was 1,777 m.kr.

• Equity at quarter end was 27,995 m.kr.; total assets 89,421 m.kr.

Outlook and guidance

• Full-year 2026 revenue expected at 6,770–6,910 m.kr.; operating profit before fair value changes at 5,250–5,420 m.kr.

• Guidance raised following the acquisition of new properties.