Skel fjárfestingafélag (SKEL) Q4 2024 earnings summary

Executive summary

• 2024 performance aligned with strategic goals, including asset transformation, new investments, and portfolio growth.

• Notable achievements: Kaldalón's inclusion in OMXI index, Skagi's establishment, Styrkás' expansion, and first foreign investment.

• Key mergers and acquisitions: Heimkaup and Samkaup merger, Styrkás' acquisition of Hringrás, and Stork's investment in INNO.

• Portfolio diversification across real estate, consumer, corporate, financial, and foreign markets.

Financial highlights

• Net profit for 2024 reached ISK 6,754m, up from ISK 5,410m in 2023.

• Total assets increased to ISK 60,570m from ISK 49,745m year-over-year.

• Equity rose to ISK 43,728m, with cash and treasury bonds at ISK 4,690m.

• Dividends to shareholders proposed at ISK 6,000m for 2024, to be paid in two installments.

• Fair value changes in financial assets totaled ISK 7,520m, with Styrkás, Orkan, and Stork as main contributors.

Outlook and guidance

• Positive outlook for 2025, with continued growth expected in key segments and further expansion of foreign assets.

• Orkan aims to increase non-fossil fuel EBITDA share to over 50% within two years.

• Styrkás targets a Nasdaq listing by 2027 and plans to triple Skeljungur's EBITDA.

• Samkaup and Heimkaup merger expected to complete in 1H 2025, with synergy opportunities identified.