Skel fjárfestingafélag (SKEL) H1 2026 earnings summary

Executive summary

• Loss for 1H 2026 was ISK 384 million, with total assets at ISK 50.8 billion and equity at ISK 39.4 billion; equity ratio was 77.5%.

• NAV per share at 30.6.2026 was ISK 21, with a share price of ISK 16.4, reflecting a 22% discount to NAV.

• Major portfolio simplification underway, with 50 properties sold and debt reduced; listed assets and cash expected to reach 78% of portfolio within 18–24 months.

• Major asset sales included the divestment of Gallon for ISK 2,885 million and 50 apartments in Stefnisvogur for ISK 4.3 billion.

• Significant progress in listing preparations for Styrkás and Drangar, both targeting IPOs by 2027.

Financial highlights

• Total return on shares for 1H 2026 was 5.1%, outperforming the OMXI15 by 9.1 percentage points.

• Dividend payout ratio was 7.1%, with ISK 2.3 billion distributed via dividends and buybacks.

• Dividend of ISK 1.17 per share (ISK 2,198 million total) was paid in May 2026.

• Cash and cash equivalents increased to ISK 4,308 million from ISK 1,956 million at year-end 2025.

• Interest-bearing liabilities decreased to ISK 10,230 million from ISK 13,142 million at year-end.

Outlook and guidance

• Styrkás and Drangar are preparing for listings in 2027, with Styrkás targeting EBIT of ISK 3,350–3,650 million for 2026.

• Baridi copper plant commissioning delayed to 1H 2027 due to weather; full capacity expected that year.

• Management expects the implementation of IFRS 18 in 2027 to have an insignificant effect on financial statement presentation.