Reitir fasteignafélag (REITIR) Q1 2025 earnings summary

Executive summary

• Rental income for Q1 2025 reached ISK 4,305 million, up 9.8% year-over-year, driven by property acquisitions and lease adjustments.

• Operating profit before valuation changes increased by 10.2% to ISK 2,801 million compared to Q1 2024.

• Nearly ISK 3 billion invested in new and existing properties during the quarter, with active investment strategy nearly meeting 2024–2025 targets.

• Major development projects at Korputún and Kringlureitur are progressing on schedule and nearing completion.

• Shareholder count increased from 843 to 869 during the quarter.

Financial highlights

• Rental income grew by ISK 384 million (9.8%) year-over-year to ISK 4,305 million.

• Operating profit margin was 61.2%, nearly unchanged from last year.

• Net profit for the quarter was ISK 1,094 million, down from ISK 2,536 million year-over-year.

• Total assets at quarter-end were ISK 235,890 million; equity was ISK 73,072 million.

• Cash flow from operations was ISK 1,297 million for the quarter, down from ISK 1,964 million year-over-year.

Outlook and guidance

• 2025 revenue guidance remains at ISK 17,700–18,000 million; operating profit guidance at ISK 11,750–12,050 million.

• Q1 performance aligns with company forecasts, with results trending toward the upper end of guidance.

• Ongoing large-scale development projects are expected to support future growth.