Skel fjárfestingafélag (SKEL) Q4 2025 earnings summary

Executive summary

• NAV per share was ISK 22.4 at year-end 2025, with significant asset sales and capital raises completed.

• Net profit for 2025 was ISK 4,297m, down from ISK 6,754m in 2024, reflecting lower fair value gains and higher financial expenses.

• Key portfolio companies advanced: Drangar completed a capital raise, Kaldalón expanded its real estate portfolio, and Styrkás merged with Hreinsitækni.

• Operational efficiency initiatives delivered ISK 1,930m in annualized cost savings, with a target of ISK 2.5–3.0bn over two years.

• Major transactions included the sale of real estate assets and the remaining stake in Orkufélagið.

Financial highlights

• Net profit for 2025 was ISK 4,297m, with total assets of ISK 57,895m and equity of ISK 42.1bn at year-end.

• Total shareholder return since November 2020 was 178.9%, with an annualized return of 22% from 2020 to 2025.

• Dividends paid in 2025 totaled ISK 6,000m, up from ISK 750m in 2024.

• Return on equity reached 46.4% in 2025.

• Operating profit fell to ISK 5,327m from ISK 7,714m year-over-year.

Outlook and guidance

• Drangar and Styrkás are being prepared for stock exchange listings, with Styrkás expected to list in Q2 2027.

• Retained earnings increased to ISK 30,272m, supporting future dividend capacity.

• Continued focus on operational efficiency, asset sales, and debt reduction.

• Kaldalón targets ISK 100bn in investment properties and plans to start dividend payments.