Kaldalón (KALD) Q3 2025 TU earnings summary

Financial performance and outlook

• Operating income rose 29% year-on-year to ISK 4,131 million for the first nine months of 2025.

• Operating profit before fair value changes reached ISK 3,211 million, with a margin of 78%.

• Net financial expenses for the quarter were ISK 1,091 million, with interest costs at ISK 562 million.

• Full-year revenue is forecast at ISK 5,500–5,670 million, with operating profit expected at ISK 4,270–4,430 million.

• Return on equity annualized at 8%, down from 17% the previous year.

Investment and portfolio development

• Investment properties increased by 10% since year-end, now totaling ISK 81,082 million.

• Completed acquisitions and handovers include Krókháls 16, Skúlagata 15, and Klettháls 1A.

• Approved purchase offer for Austurhraun 7, Garðabær, with closing expected by year-end.

• New lease agreements signed for Þverholt 1 and Hæðasmári 6, with several property handovers completed.

• Development projects progressing at Suðurhraun 10, Brúartorg 6, and Fossaleyni 19.

Financing and capital structure

• ISK 5 billion in market bonds issued since mid-year, split between two tranches.

• Refinancing of interest-bearing debt proceeding as planned, with annual interest savings of ISK 720 million.

• Weighted average cost of capital rose to 6.77% at quarter-end, up 0.23% since year-end.

• Interest-bearing debt increased to ISK 47,795 million, mainly due to new investments.

• Equity rose to ISK 26,833 million, with an equity ratio of 32%.