Skel fjárfestingafélag (SKEL) Q3 2025 earnings summary

Executive summary

• Unlisted investments performed in line with expectations and prior forecasts for the first nine months of 2025.

• Drangar, formed from the merger of Orkan, Lyfjaval, and Samkaup, began operations in Q3 and showed strong sales and operational improvements.

• Listed equity holdings generated ISK 0.4 billion profit in Q3, with main holdings in Skagi and Kaldalón.

Financial highlights

• Drangar reported Q3 gross profit of ISK 6,023 million and EBITDA of ISK 1,962 million.

• INNO's EBITDAAL rose 40% year-over-year to €14 million, with revenue up €2 million (+0.7%) and operating profit up €5 million (+250%).

• Styrkás achieved 9-month gross profit of ISK 7,619 million and EBITDA of ISK 2,145 million, with service revenue up 28% year-over-year.

• Gallon exceeded budget with EBIT up 4% year-over-year for the first nine months.

Outlook and guidance

• Drangar's share offering is expected to conclude in December, with plans to list on a regulated market before end of 2027.

• Styrkás plans to list its equity on the stock exchange before year-end 2027.