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Hagar hf: Financial results for Q2 2025/26
Globenewswire· 2025-10-16 15:59
Core Insights - Hagar hf. reported strong financial performance for Q2 of the 2025/26 financial year, with significant increases in sales, gross profit, and net profit compared to the previous year [5][9][11] - The company is expanding its operations with a new retail center in the Faroe Islands, which is expected to enhance its market presence [6][12] Financial Performance - Sales for Q2 reached 51,817 million ISK, marking an 11.2% increase from Q2 2024/25, while sales for the first six months totaled 99,932 million ISK, a 10.2% growth [5][9] - Gross profit for Q2 was 12,874 million ISK, representing a gross margin of 24.8%, up from 21.8% in Q2 2024/25 [5][9] - EBITDA for Q2 was 5,485 million ISK, or 10.6% of sales, with a six-month EBITDA of 9,531 million ISK, or 9.5% of sales [5][9] - Net profit for Q2 was 2,556 million ISK, equating to 4.9% of sales, and for the first six months, profit was 3,721 million ISK, or 3.7% of sales [5][9] Operational Highlights - Customer visits to grocery stores in Iceland increased by nearly 5%, with the number of units sold growing by just under 2% [6] - Fuel sales volume decreased by 2.0%, attributed to a decline in sales to industries despite an increase in retail sales [6] - Hagar's new loyalty program is set to launch soon, aimed at enhancing customer service and value [6][13] Strategic Developments - The company is constructing a new 3,000 m² retail center in Runavík, Faroe Islands, which will include new stores and restaurants, scheduled to open in November [6][12] - Hagar's share buyback program amounted to 395 million ISK during the quarter, involving 3.7 million shares [7] Management Outlook - Management has raised its EBITDA guidance for the financial year 2025/26 to a range of 17,000-17,500 million ISK, reflecting strong operational performance [8][16] - The company emphasizes its commitment to operational efficiency and business development, aiming to strengthen its market position further [16]