Last Tuesday, May 12, Halldór Benjamín Þorbergsson, CEO of Heimar, presented the company’s results for the first quarter of 2026.

Key highlights of the first quarter:

Operating revenues amounted to ISK 4.3 billion during the first three months of the year, while rental income increased by 18.1% year-on-year, representing growth 13.7% above inflation over the same period.
Real growth in rental income from the comparable property portfolio was 2.8% year-on-year.
EBITDA amounted to ISK 2.9 billion, increasing by 16.5% compared to the same period in 2025.
Profit amounted to ISK 2.3 billion, compared to ISK 1.4 billion during the same period last year.
Return on equity was 11.7%.
Investment properties were valued at ISK 235 billion.
Changes in the fair value of investment properties amounted to ISK 4.3 billion during the first three months of the year.
Cash and cash equivalents amounted to ISK 5.4 billion at the end of the period.
Interest-bearing debt amounted to ISK 141 billion at the end of the period.
The loan-to-value ratio was 61.4% and the equity ratio was 32.3% at the end of the period.

Halldór Benjamín Þorbergsson, CEO of Heimar:

“Heimar’s operations are strong, and the company’s investments made in 2025 are beginning to deliver increased revenue growth. The acquisitions of Gróska and Exeter have strengthened the company’s portfolio within Heimar’s core areas, while targeted development in Smáralind has increased its attractiveness and reinforced its position as a leading destination for retail, services, and leisure. Visitor numbers at Smáralind increased by 20% year-on-year during the period.

Demand for commercial real estate remains strong, and the company’s occupancy rate stood at 96% at the end of the quarter. We are seeing that a clear strategy focused on the development and strengthening of core areas is generating increased value, stronger operations, and a solid long-term revenue base.

Approximately 43% of the company’s revenues come from public entities and listed companies. Tenant defaults remain low, and several leasing projects currently underway are expected to become revenue-generating in the near future.

Inflation during the year has exceeded the assumptions underlying the company’s earnings forecast, and revenues and operating profit are expected to be at the upper end of the current earnings guidance for 2026.”

A recording of the investor presentation and additional presentation materials can be found here.