Kaldalón
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Kaldalón (KALD) investor relations material

Kaldalón H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary12 Feb, 2026

Executive summary

  • Operating income increased by 24% year-over-year, maintaining a 78% operating margin.

  • Achieved strong operational performance in 2025, meeting ambitious growth targets for 2026.

  • Property portfolio reached ISK 85 billion, with a 97.6% occupancy rate.

  • Cash flow from operations rose by 28% year-over-year, reaching ISK 2,711 million.

  • Transitioned to slower, sustainable growth while pursuing market opportunities.

Financial highlights

  • Rental income and operating profit before revaluation increased by 24% year-over-year, outpacing inflation.

  • Operating profit before revaluation was ISK 4,387 million, with a 78% margin.

  • Net profit for 2025 was ISK 2,837 million, down from ISK 3,231 million in 2024.

  • Total assets increased to ISK 86.4 billion, with investment properties valued at ISK 85 billion.

  • Earnings per share (diluted) were ISK 2.54, down from ISK 2.81 year-over-year.

Outlook and guidance

  • 2026 rental income is projected at ISK 6,200–6,350 million, with operating profit before revaluation at ISK 4,860–5,030 million.

  • Forecast assumes 4.3% inflation and stable occupancy, excluding pending acquisitions.

  • Dividend payout ratio is expected to increase, targeting 20–40% in 2026 and 50–75% from 2028 onward.

  • High occupancy and strong demand for commercial properties expected to continue.

  • The Fasteignafélag Íslands acquisition, if completed, would add ISK 1,120 million in annual revenue and ISK 920 million in operating profit at full occupancy.

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Next Kaldalón earnings date

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Q1 2026 TU18 May, 2026
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Frequently asked questions

Kaldalón hf. is a real estate development company based in Reykjavik, Iceland. The company engages in real estate ownership, leasing activities, and real estate development and management. Founded in 2017, Kaldalón's portfolio includes a diverse range of properties primarily located in the Greater Reykjavik area. Its business operations focus on constructing and managing commercial and residential properties, providing rental spaces, and managing real estate investments.The company is headquartered in Reykjavik, Iceland, and its shares are listed on the Nasdaq Iceland.

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