Reitir fasteignafélag (REITIR) Q3 2025 earnings summary

Executive summary

• Revenue increased by 10.5% year-over-year for the first nine months, with operating profit before revaluation up 9.3%.

• Operating profit for the quarter exceeded ISK 3 billion for the first time, increasing 7.7% from the previous quarter.

• Investments of ISK 12.5 billion in new properties, improvements, and development projects, nearing the annual target of ISK 13 billion.

• Net profit for the period was ISK 5,765 million, down from ISK 10,373 million the previous year.

• Results are in line with company forecasts, supported by high occupancy rates and successful investment execution.

Financial highlights

• Rental income for the first nine months reached ISK 13,401 million, up from ISK 12,123 million year-over-year.

• Operating profit before revaluation for the nine months was ISK 8,769 million, a 9.3% increase year-over-year.

• Total assets at period end were ISK 248,768 million, up ISK 17.4 billion since year-end 2024.

• Equity ratio stood at 29.8% at the end of September 2025.

• Basic and diluted earnings per share for the period were ISK 8.3, compared to ISK 14.7 last year.

Outlook and guidance

• Real revenue growth of 6% is expected in the coming years, with projected revenue of ISK 21.5 billion by 2027.

• Growth in 2026 will be driven by new investments and projects coming online, with further contributions from development projects in 2027.

• Growth strategy execution is on track, with investments close to the annual target.

• Management expects continued alignment with plans and ongoing focus on portfolio development.