Skel fjárfestingafélag (SKEL) Q4 2025 earnings summary

Executive summary

• Net asset value per share was ISK 22.4 at year-end 2025, with significant portfolio simplification and asset sales completed, including real estate and energy holdings.

• Major restructuring and efficiency measures across portfolio companies, notably Drangar and Styrkás, have delivered substantial cost savings and improved profitability.

• Key subsidiaries are being prepared for public listing, with Styrkás scheduled for IPO in Q2 2027 and Drangar undergoing operational turnaround.

• Total return since November 2020 reached 178.9%, outperforming major indices.

Financial highlights

• Net profit for 2025 was ISK 4,297 million, with total assets at ISK 57,895 million and equity at ISK 42,064 million.

• Cash and government bonds at year-end 2025 totaled ISK 3,119 million.

• Dividend proposal for 2025 is ISK 2,200 million.

• Asset sales in 2025 and 2026 included real estate (over ISK 2 billion) and 49 apartments for ISK 4.2 billion.

• Equity return since 2020 has averaged 22% annually.

Outlook and guidance

• Continued focus on operational efficiency, asset sales, and preparing Drangar and Styrkás for public listing.

• Drangar expects further cost reductions and margin improvements, with EBITDAAL projected at ISK 5.4 billion in 2026.

• Styrkás targets EBIT of ISK 3.35–3.65 billion in 2026, with strong growth in infrastructure services.

• Baridi’s copper processing plant in Tanzania is on track for commissioning in Q4 2026.