Eik fasteignafélag hf.: Interim results for the first six months of 2025
The Interim Consolidated Financial Statements of Eik fasteignafélag hf. for the period 1 January to 30 June 2025 were approved by the Company's Board of Directors and CEO on 13 August 2025.
The main results are as follows:
Income from operations amounted to ISK 5,998 million.
Thereof, rental income amounted to ISK 5,219 million an increase of 8.5% from the same period last year.
Operating income before fair value changes, sales gain and depreciation and amortization amounted to 3,693 million.
Total comprehensive profit amounted to ISK 3,379 m.kr..
Net cash from operations amounted to ISK 1,943 m.kr.
Book value of investment properties amounted to ISK 151,523 million.
Book value of assets for own use amounted to ISK 5,501 million
Change in fair value of investment properties amounted to ISK 4,293 million.
Cash and cash equivalents amounted to ISK 3,578 million.
Interest-bearing debt amounted to ISK 88,0577 million
Equity ratio was 32.4%.
Earnings per share was ISK 1.00.
Economic occupancy rate was 94.8%
Weighted indexed interest was 3.49%.
Weighted unindexed interest was 7.67%.
Loan-to-value ratio (net interest-bearing debt / value of real estate, building permits, and land) was 56.1%
In case of any discrepancy in the English and the Icelandic versions of this announcement or the Financial Statements, the Icelandic version shall prevail.
Attached is the Interim Consolidated Financial Statements for the first six months of the year 2025.
Operations of the period
There was strong growth in the Company's revenue and EBITDA in the first six months of the year, and the operations were in line with the plan. The Company's operating revenue amounted to ISK 5,998 million in the first six months of 2025, an increase of 8.5% compared to the same period in 2024. Of this, rental income was ISK 5,219 million, with a real growth of 4.3% year-on-year. Operating expenses amounted to ISK 2,305 million, of which one-off expenses were ISK 90 million.
Operating profit before valuation changes, sales gain, depreciation and amortization amounted to ISK 3,693 million compared to ISK 3,519 million in the same period the previous year. Adjusted for one-off expenses, EBITDA for the first half of 2025 amounted to ISK 3,783 million, an increase of 7.5% year-on-year. Profit before income tax amounted to ISK 4,224 million, and the total profit of the Group in the first six months of 2025 amounted to ISK 3,379 million.
The NOI ratio (i.e., operating profit before valuation changes and depreciation as a percentage of rental income adjusted for one-off expenses) was 71.3% in the first six months of 2025 compared to 71.6% for the same period in 2024.
Financial Position
The Company's total assets amounted to ISK 162,348 million as of 30 June 2025. Of ...
