Eik fasteignafélag hf.: Interim results for the first six months of 2025

Core Viewpoint - The interim consolidated financial statements for Eik fasteignafélag hf. for the first half of 2025 show strong growth in revenue and EBITDA, aligning with the company's operational plans [4][5]. Operations of the Period - The company's operating revenue reached ISK 5,998 million, marking an 8.5% increase from the same period in 2024, with rental income contributing ISK 5,219 million, reflecting a real growth of 4.3% year-on-year [4]. - Operating profit before valuation changes, sales gain, depreciation, and amortization was ISK 3,693 million, up from ISK 3,519 million in the previous year, while adjusted EBITDA for the first half of 2025 was ISK 3,783 million, a 7.5% increase year-on-year [5]. - The total profit for the group in the first six months of 2025 was ISK 3,379 million [5]. Financial Position - Total assets amounted to ISK 162,348 million, with investment properties valued at ISK 151,523 million and total equity at ISK 52,647 million, resulting in an equity ratio of 32.4% [7]. - The company approved a dividend distribution of ISK 3,393.4 million for the financial year 2024, with payments scheduled in two installments [7]. - Interest-bearing debt stood at ISK 88,057 million, with a loan-to-value ratio of 56.1% [9]. Company Portfolio - The company signed a purchase agreement for all shares in Festing hf., with the transaction expected to complete in Q4 2025, subject to Competition Authority approval [10][15]. - The company sold the property at Rauðarárstígur 27 for a sales gain of approximately ISK 42 million [11]. Economic Occupancy Rate - The economic occupancy rate improved to 94.8%, an increase of 1.2 percentage points since the beginning of the year [12]. Updated Outlook - The company expects annual operating revenue for 2025 to be between ISK 12,270 million and ISK 12,650 million, with rental income estimated between ISK 10,590 million and ISK 10,910 million [14]. - EBITDA for 2025 is projected to be between ISK 7,735 million and ISK 7,975 million [14]. - The occupancy rate is anticipated to be between 94% and 95% by the end of 2025, with leasing of development square meters progressing slower than expected [17].