Reitir fasteignafélag (REITIR) investor relations material

Executive summary

• Rental income increased by 11.8% year-over-year to ISK 4,811 million in Q1 2026, with 9.4% growth from the existing portfolio.

• Operating profit before fair value changes rose 14.7% year-over-year to ISK 3,212 million.

• Real revenue growth was 7.1% year-over-year, supported by investments and lease renewals.

• Operations focus on ownership, leasing, and management of commercial real estate, mainly retail and office space in the capital area, with ongoing development projects in various asset classes.

• First quarter 2026 performance was strong and aligned with forecasts, with continued investment in new projects supporting long-term growth.

Financial highlights

• Rental income for Q1 2026 was ISK 4,811 million, up 11.8% year-over-year.

• Operating profit before fair value changes increased by ISK 411 million to ISK 3,212 million.

• Fair value changes in investment properties amounted to ISK 2,841 million, up 149.4% year-over-year.

• Net profit for the quarter was ISK 858 million, down from ISK 1,094 million in Q1 2025.

• Total assets at quarter-end were ISK 261,065 million; equity was ISK 76,922 million.

Outlook and guidance

• Full-year 2026 rental income guidance remains ISK 19,600–19,900 million.

• Operating profit before fair value changes is guided at ISK 13,000–13,300 million for 2026.

• Forecasts are unchanged, with expectations for growth mainly from internal expansion and the Hyatt hotel opening late in the year.

• Continued strong progress in development projects and investments expected to support future growth.