Eik fasteignafélag hf.: Condensed Interim Financial Statement for the first three months 2025

Core Points - The company reported strong growth in revenue and EBITDA for the first three months of 2025, with operating revenue reaching ISK 2,964 million, a 9.4% increase year-on-year [4][8] - The new CEO, Hreiðar Már Hermannsson, took over on April 10, 2025, succeeding Garðar Hannes Friðjónsson [3] - The company’s total assets were ISK 160,890 million as of March 31, 2025, with an equity ratio of 33.6% [7][10] Financial Performance - Rental income for the first quarter of 2025 was ISK 2,589 million, reflecting a real growth of 4.7% compared to the same period in 2024 [4][8] - Operating profit before valuation changes and depreciation was ISK 1,817 million, up 6.9% from ISK 1,700 million in the previous year [5][8] - Total comprehensive profit for the quarter was ISK 1,366 million [5][8] Balance Sheet - The company’s total liabilities amounted to ISK 106,863 million, with interest-bearing liabilities at ISK 87,366 million [10] - The loan-to-value ratio was 54.6% at the end of the period [10][8] - The company approved a dividend payout of ISK 3,393.4 million for the financial year 2024, to be distributed in two installments [7][9] Real Estate Portfolio - The company sold a property at Rauðarárstígur 27 for a gain of approximately ISK 42 million [11] - Negotiations for the acquisition of Festing hf. are ongoing, which could expand the real estate portfolio by over 43,000 square meters [13] - The company aims to develop Glerártorg in Akureyri into a major shopping and service center in North Iceland [12] Operational Metrics - The occupancy rate improved to 94.3% by the end of the first quarter, an increase of 0.7 percentage points from the beginning of the year [14] - The company signed lease agreements for nearly 6,700 square meters during the quarter [15] Outlook - The company maintains its 2025 revenue forecast between ISK 12,055 million and ISK 12,545 million, with rental income expected to grow by approximately 5% [16] - The goal is to achieve a 95% occupancy rate by the end of 2025, alongside signing agreements for an additional 6,400 square meters of development space [17]