Substantial Revenue Growth Driven by Prior-Year Investments
Rental income increased by 24% year-on-year.
Operating profit margin (NOI ratio) stood at 78% for the period and remains high.
Investments amounted to ISK 3.5 billion during the period.
Profit before income tax amounted to ISK 1,753 million.
Return on equity was 11.3% on an annualized basis.
The Company raises its earnings guidance for the year.
Key Milestones During the Period
Cash flow from operations increases by 74% year-on-year, adjusted for changes in operating assets and liabilities.
Acquired approx. 10,000 m² of real estate.
Conditional purchase agreements have been signed for the properties Krókháls 16, Skúlagata 15 and Klettháls 1a in Reykjavík.
Construction commenced on new industrial premises at Fossaleyni 19–23 for a client.
Market-based funding increased to 35% of total debt from 21% in line with the long-term strategy. 82% of the Company's real estate portfolio is now mortgaged under the general security arrangement.
Environmental certification of properties progressing well. Around 30% of the portfolio is expected to be certified by year-end.
Key highlights of the financial results are
H1 2025
H1 2024
Operating revenues
2.638
2.132
Revenue Weighted occupancy rate of delivered properties
96 %
97 %
Operating profit before fair value adjustments
2.056
1.672
Operation net profit margin
78 %
79 %
Gains on fair value adjustements
1.833
