Kaldalón (KALD) H2 2024 earnings summary

Executive summary

• Achieved record results in 2024, with 40% revenue growth and 43% increase in operating profit before revaluation compared to the previous year.

• Investment properties grew by 27% year-over-year, driven by strategic acquisitions and value-adding investments.

• Maintained a diversified real estate portfolio with a focus on industrial, retail, and hotel properties, and continued expansion in infrastructure projects.

• Recognized as an outstanding and exemplary company by Creditinfo and Viðskiptablaðið for the first time.

Financial highlights

• Revenue reached ISK 4,508m, up 40% year-over-year, mainly from properties acquired in 2022–2023.

• Operating profit before revaluation increased by 43% to ISK 3,548m.

• Net profit before tax rose 9% to ISK 4,311m; EPS was 2.92.

• Investment properties totaled ISK 73.4bn at year-end, up 27% from ISK 57.6bn.

• Equity increased by ISK 2.7bn to ISK 25.9bn; equity ratio at 34%.

• Cash flow from operations was ISK 2,126m, up from ISK 838m the previous year.

Outlook and guidance

• 2025 guidance: revenue expected between ISK 4,200m–5,550m and operating profit before revaluation between ISK 4,200m–5,350m, assuming no new investments and 3.5% price inflation.

• Plans to initiate regular shareholder distributions (dividends or buybacks) from 2026, targeting 20–40% of operational cash flow, increasing to 50–75% by 2028.

• Continued focus on value-accretive growth, with further expansion in core property segments and infrastructure.