Heimar (HEIMAR) Q1 2026 earnings summary

Executive summary

• Revenue grew 18.1% year-over-year in Q1 2026, reaching ISK 4,325 million, with real revenue growth at 13.7% and strong leasing momentum, including 21 new lease agreements covering over 9,200 sqm.

• EBITDA increased by 16.5% year-over-year to ISK 2,853 million.

• Net profit for Q1 was ISK 2,266 million, up 64% from Q1 last year.

• Occupancy rate remains high at 96%, with 74–75% of rental revenue from core areas in Reykjavík.

• Investments in high-quality properties and major development projects, such as Sóltún nursing home and Dvergshöfði 4, are driving growth.

Financial highlights

• Investment properties valued at ISK 235 billion; total assets at quarter-end were ISK 249,176 million.

• Interest-bearing liabilities at ISK 141–142 billion.

• Equity ratio at 32.3%, LTV ratio at 61.4%.

• Fair value adjustments of investment properties totaled ISK 4.3 billion in Q1 2026.

• EBITDA margin at 69.3% of rental income.

Outlook and guidance

• Inflation trends are pushing the full-year outlook toward the upper end of previously announced guidance.

• No refinancing needs anticipated through 2026; refinancing of 2027 bank loans is underway.

• 94% of rental income is indexed, mitigating inflation risk.