Reitir (REITIR) Q3 2026 earnings summary

Executive summary

• 9M 2026 rental income rose 11.1% YoY to ISK 14,887m; operating profit before revaluation increased 12.5% to ISK 9,867m.

• Net profit fell to ISK 1,969m from ISK 5,765m, reflecting lower revaluation gains and higher net finance costs.

• Revenue and operating profit tracked forecasts, while full-year results are expected near the lower end of unchanged guidance amid softer occupancy and challenging conditions.

Financial highlights

• 9M rental income increased ISK 1,486m; operating expenses rose 9.5% and administrative costs 3.3%.

• 9M investment-property revaluation gain was ISK 4,890m versus ISK 6,797m; net finance expense rose 48.5% to ISK 12,294m.

• 9M operating profit was ISK 14,757m versus ISK 15,566m; profit before tax was ISK 2,463m versus ISK 7,288m.

• Q3 rental income was ISK 5,003m; operating profit before revaluation was ISK 3,274m, down 3.2% QoQ.

• Q3 net profit was ISK 402m versus ISK 2,994m a year earlier.

Outlook and guidance

• FY 2026 rental-income guidance remains ISK 19,800–20,100m and operating profit before revaluation guidance ISK 13,200–13,500m.

• Management expects FY results near the lower end of guidance, citing challenging operations and lower occupancy.

• New projects added in 2026 and a growing healthcare-related project mix support further growth opportunities.