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Heimar Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Rental income increased by 8.2% year-over-year for the first nine months of 2025, with real revenue growth of 4% and a high occupancy rate of 97%.
EBITDA rose by 8.2% to ISK 8.1 billion, maintaining a 72% margin, and net profit reached ISK 2.9 billion, down from ISK 5.6 billion last year due to lower fair value adjustments.
Portfolio consists of 97 assets valued at ISK 222 billion, with 75% of rental revenue from core areas and 42% from public entities and listed companies.
Major developments include a new office building at Dvergshöfði 4, a 3,500 m² expansion at Sóltún nursing home, and a new food hall in Smáralind.
21 lease agreements were signed in Q3 2025, covering nearly 19,000 m², marking the second largest leasing quarter in company history.
Financial highlights
Rental income for 9M 2025 was ISK 11,186 million, up 8.2% year-over-year, with real growth of 4%.
EBITDA was ISK 8,051 million, an 8.2% increase, and EBITDA margin remained strong at 72%.
Net profit for 9M 2025 was ISK 2.9 billion, mainly impacted by a fair value adjustment of ISK 3.1 billion.
Return on equity was 5.6%, and yield on investment properties was 5.4%.
Cash and cash equivalents stood at ISK 1.8 billion at period end.
Outlook and guidance
Rental income for 2025 is projected between ISK 15,200–15,500 million, and EBITDA between ISK 10,800–11,100 million.
Management expects rental income from the current portfolio to range between ISK 16,400–16,700 million over the next twelve months.
Ancillary revenues expected to grow to 2–3% of total revenue annually in 3–5 years.
Equity value of associate company Klasi projected to rise 15% annually, contributing ISK 700–900 million to profit.
Ongoing investments in core areas and sustainable properties are expected to support future growth.
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Frequently asked questions
Heimar hf., formerly known as Reginn hf., is an Iceland-based real estate company primarily involved in the investment, leasing, and management of commercial properties. The company's portfolio includes significant assets in key urban areas such as the Smaralindar area, the center of Reykjavik, Borgartun, and the center of Gardabaer. Heimar hf. focuses on consolidating and strengthening its presence in these strategic locations, providing property management and rental services tailored to the needs of the Icelandic market. The company is headquartered in Kópavogur, Iceland, and its shares are listed on the Nasdaq Iceland.
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