Eik fasteignafélag hf.: Financial Statements 2025
The Financial Statements of Eik fasteignafélag for the year 2025 were approved by the Company’s Board of Directors and CEO on 12 March 2026. The Company has published an annual report, which contains detailed information about the Company and its operations in 2025 as well as the Financial Statements. The Annual Report is attached to this announcement and can also be found on the Company’s website, www.eik.is. The Company’s sustainability report is also available on its website.
The main results from the Company’s Financial Statements for the year 2025 are:
- Income from operations amounted to ISK 12,586 million
- Thereof, rental income amounted to ISK 10,865 million
- Operating profit before changes in fair value and depreciation amounted to 7,901 million
- Total comprehensive profit amounted to ISK 5,493 million.
- Net cash from operations amounted to ISK 4,919 million.
- The book value of investment properties amounted to ISK 172,760 million.
- Change in fair value of investment properties amounted to ISK 5,352 million.
- Gain on sale of investment properties amounted to ISK 134 million
- Cash and cash equivalents amounted to ISK 2,769 million.
- Interest-bearing debt amounted to ISK 104,210 million
- Net leverage ratio (net interest-bearing debt /value of properties, building rights and land) was 58.6%
- Equity ratio was 30.0%.
- Earnings per share was ISK 1.62.
- Economic occupancy rate was 94.7%
- Weighted indexed interest was 3.71%.
- Weighted unindexed interest was 9.55%.
- The Board of Directors proposes a dividend payment of ISK 3,732,74 million or ISK 1.1 per share.
In case of any discrepancy in the English and the Icelandic versions of this announcement or the Financial Statements, the Icelandic version shall prevail.
Hreiðar Már Hermannsson, CEO:
‘It was gratifying to see the company’s strong performance during the year, which was in line with our ambitious plans. Property leasing performed well overall, despite challenges in the economic environment, and the company continued to demonstrate consistent year-on-year revenue growth. At the end of the year, a significant milestone was reached for the company with the finalisation of the acquisition of Festing hf., following dedicated efforts. This addition substantially strengthens the company’s asset portfolio and increases future revenue stability, as contractual future payments to the company will significantly rise with new long-term lease agreements for the properties. During the year, major renovation phases at Turninn at Smáratorg were also completed, which improves the condition of the property and enhances the building’s overall appearance for the future.
The outlook for 2026 is positive, and continued revenue growth is anticipated. The company will continue to focus on the quality development, enhancement, and operation of its asset portfolio with the aim of creating lasting value for shareholders and other stakeholders.'”
Operation of the year
Eik’s operations performed well in 2025, with robust growth in revenue and EBITDA maintained in line with projections. The Company’s operating revenue amounted to ISK 12,586 million in 2025, there off, rental income was ISK 10,865 million. Operating expenses amounted to ISK 4,685 million, were one-off items amounted to ISK 135 million. Operating profit before changes in fair value and depreciation amounted to ISK 7.901 million. Profit before income tax amounted to ISK 6,867 million and the Company’s total comprehensive profitfor 2025 amounted to ISK 5,493 million.
The Net Operating Income (NOI) ratio (i.e. operating profit before changes in value and depreciation adjusted for one-off revenue and cost) was 72,0% for the year 2025, compared to 72.4% for the year 2024.
The Company’s financial position
The Company’s total assets amounted to ISK 182,359 million as of 31 December 2025. Of this, investment properties were valued at ISK 172,760 million, and properties for own use amounted to ISK 5,427 million. The Company’s equity amounted to ISK 54,761 million at the end of the period, resulting in an equity ratio of 30.0%. At the Company’s Annual General Meeting on 10 April 2025, it was approved to pay out a dividend to shareholders for the operating year 2024, totalling ISK 3,393.4 million, which was distributed in two instalments. The first instalment, amounting to ISK 1,696.7 million, was paid to shareholders on 23 April 2025, and the second instalment of the same amount was paid on 8 October 2025.
The Company’s total liabilities amounted to ISK 127,598 million as of 31 December 2025. Of this, interest-bearing debt was ISK 104,210 million, and deferred tax liability was ISK 15,548 million. The Company’s leverage ratio (net interest-bearing debt / value of properties, building rights, and land) was 58.6%. The Company issued a new bond series, EIK 150536, with a total nominal value of ISK 8,500 million. Furthermore, the Company repaid the bond series EIK 25 1 for a total of ISK 2,520 million and bank loans amounting to approximately ISK 13,382 million. The acquisition of Festing hf. included bank loans totalling ISK 10,333 million. The proportion of indexed loans was just over 94.2% at the end of 2025.
The Company’s asset portfolio
During the year, the Company acquired Festing hf. Festing’s real estate portfolio consists approximately 43,000 sqm across 12 properties, primarily located in Reykjavík, but also in Akureyri, Dalvík, Egilsstaðir, Ísafjörður, and Vestmannaeyjar. Concurrently with the acquisition of Festing, lease agreements were signed with Samskip for all properties for a period of 20 years. The Company also purchased a property under construction, Jötnahella 5, which will be approximately 2,600 sqm of industrial premises, with delivery expected in the first half of 2027. The Company sold three properties during the year: Rauðarárstígur 27, Smiðjuvegur 46, and Þönglabakki 1, totalling approximately 2,750 sqm.
Further discussion on the Company’s property portfolio can be found in the accompanying Annual Report.
Proposal for payment of dividend
The Board of Directors proposes that ISK 3,732.74 million be paid as a dividend to shareholders for the operating year 2025, in accordance with the Company’s dividend policy, or ISK 1.1 per share. It will be proposed to the shareholders’ meeting that the dividend be paid in two equal instalments. Further details regarding the proposal, which will be presented to shareholders at the company’s Annual General Meeting, scheduled for 16 April 2026, will be included in the notice of the Annual General Meeting.
Outlook
Eik forecasts continued robust growth in rental income and EBITDA following the expansion of its property portfolio with the acquisition of Festing hf.
Here are the key figures from the Company’s forecast at constant prices, based on the consumer price index in January 2026:
- Operating revenues in the range of ISK 14,250 – 14,800 million.
- Rental income in the range of ISK 12,530 – 13,040 million.
- EBITDA in the range of ISK 9,000 – 9,360 million.
- Investments in existing properties and capitalised improvements in the range of ISK 2,500 – 3,000 million.
- Expensed maintenance of approximately ISK 280 million.
- Economic occupancy rate of 94.5 – 95.5% at the end of 2026.
Annual General Meeting 2026
The Company’s Annual General Meeting will be held at 15:00 o’clock on 16 April at the restaurant Brasa, 2nd floor, Smáratorg 3, 201 Kópavogur.
For further information, please contact:
Hreiðar Már Hermannsson, CEO, hreidar@eik.is
Lýður H. Gunnarsson, CFO, lydur@eik.is, s. 820-8980
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