Eik fasteignafélag hf. Announces Impressive Interim Results
Financial Overview of Eik fasteignafélag hf.
The Interim Consolidated Financial Statements of Eik fasteignafélag hf. for the period of January 1 to June 30, 2025, showcase a robust performance approved by the Company's Board of Directors and CEO. Notably, income from operations reached ISK 5,998 million, marking a significant increase.
Main Financial Highlights
The highlights from the first half of 2025 include:
- Rental income was ISK 5,219 million, reflecting an 8.5% increase.
- Operating profit before fair value adjustments stood at ISK 3,693 million.
- Total comprehensive profit amounted to ISK 3,379 million.
- Net cash from operations recorded at ISK 1,943 million.
- The book value of investment properties totaled ISK 151,523 million.
- Equity ratio improved to 32.4%, with earnings per share at ISK 1.00.
Operational Growth and Earnings
The Company experienced strong revenue growth and operating performance as planned. The rental income of ISK 5,219 million represented real growth of 4.3% compared to the previous year. Operating expenses for the period totaled ISK 2,305 million, inclusive of one-off expenses amounting to ISK 90 million.
EBITDA and Profit Metrics
Operating profit before depreciation was ISK 3,693 million, increasing from ISK 3,519 million year-over-year. Adjusted EBITDA for the period reached ISK 3,783 million, an elevation of 7.5% compared to the first half of 2024.
Financial Position and Assets
The Company's total assets peaked at ISK 162,348 million by June 30, 2025, including investment properties valued at ISK 151,523 million. Shareholders can expect dividend distributions, with ISK 1,696.7 million already paid and another installment planned.
Debt Management and Investments
Total liabilities were reported at ISK 109,701 million. The Company actively managed debt, with interest-bearing liabilities at ISK 88,057 million. The recent issuance of EIK 150536 bonds will aid in restructuring previous debt commitments.
Company Portfolio Developments
The Company has signed a significant purchase agreement to acquire all shares in Festing hf., with a portfolio encompassing approximately 43,000 square meters across multiple properties. This strategic acquisition, pending regulatory approval, is projected for completion in the fourth quarter of 2025.
Leasing Successes
In terms of leasing, Eik fasteignafélag hf. successfully signed agreements for nearly 27,300 square meters, showcasing effective tenant engagement and increased occupancy rates which now stand at 94.8%.
Outlook for 2025
The updated forecast for annual revenue is set between ISK 12,270 million to ISK 12,650 million. Additionally, EBITDA is predicted to range from ISK 7,735 million to ISK 7,975 million—reinforcing confidence in meeting financial objectives.
Presentation Meeting Announcement
The Company intends to convene a presentation meeting on August 14, 2025, to discuss these results with stakeholders. Interested parties are encouraged to register for both in-person and virtual attendance.
Frequently Asked Questions
What were the main highlights of Eik fasteignafélag hf's interim results?
The main highlights include rental income growth reaching ISK 5,219 million and a comprehensive profit of ISK 3,379 million.
How has the company's cash position changed?
The net cash from operations stood at ISK 1,943 million, indicating a positive cash flow during the first half of 2025.
What is the expected revenue for the year?
The company projects annual operating revenue to attain between ISK 12,270 million and ISK 12,650 million based on current trends.
When is the planned presentation meeting?
The presentation meeting is scheduled for August 14, 2025, at the Company's offices.
What major acquisitions are in progress?
The acquisition of Festing hf. is anticipated to enhance the company's portfolio, pending regulatory approval.
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