From GlobeNewswire: 2025-05-12 11:42:00

Heimar experienced real revenue growth in Q1 2025, with operating revenues of ISK 3.7 billion and rental income up by 4.3% year-on-year. EBITDA increased to ISK 2.45 billion, but net profit decreased to ISK 1.4 billion compared to the previous year. The company refinanced bank loans and continues to focus on divestments and external investments.

CEO Halldór Benjamín Þorbergsson highlighted strong demand for commercial real estate, leading to a 4.3% increase in rental income. Strategic asset sales reduced the portfolio size, but a focus on divestment opportunities and refinancing aims to enhance profitability and shareholder value. Heimar plans to add Gróska to its portfolio and continue its share buyback program.

Heimar’s Q1 2025 performance included operating revenues of ISK 3,686 million, with rental income increasing by 4.3%. EBITDA rose to ISK 2,449 million, a 3.2% increase from the previous year. The company’s investment properties are valued at ISK 190,729 million, with ongoing acquisitions like Gróska and Tryggvagata contributing to growth.

Sustainability is a key focus for Heimar, with ongoing initiatives to improve performance and integrate sustainability into operations. Financially, the company remains strong with an equity ratio of 31.9% and a leverage ratio of 62.8%. Refinancing has extended debt maturity to 2031, ensuring financial stability and growth opportunities.

Heimar’s outlook includes strong leasing activity, renovations, and new developments like the Silfursmári 12 office building. The company continues to observe high demand for commercial space in its core areas and aims to expand its offerings with new projects like the upgraded restaurant and entertainment area at Smáralind.



Read more at GlobeNewswire:: Heimar hf.: Q1 Earning Preview