Kaldalón hf.: Financial Statements 2025
The annual accounts of Kaldalón hf. for the year 2025 were approved by the company's board of directors on 4 March 2026.
Key highlights of the 2025 Annual Accounts:
Target of a ISK 100 billion property portfolio within reach based on existing agreements
Operating profit and rental income increased by 24% year-on-year
Profit before tax amounted to ISK 3,525 million
Cash generated from operations amounted to ISK 2,711 million
The Board of Directors proposes a dividend payment of ISK 1,000 million
| 2025 | 2024 |
Operating revenues | 5,598 | 4,508 |
Revenue Weighted occupancy rate of delivered properties | 97,6% | 97,1% |
Operating profit before fair value adjustments | 4,387 | 3,548 |
Operation net profit margin | 78,4% | 78,7% |
Gains on fair value adjustements | 3,168 | 3,991 |
Profit before tax | 3,525 | 4,311 |
Return on equity | 12,5% | 13,3% |
Cash balance at end of period | 1,090 | 1,727 |
| 2024 | |
Investment properties / real estate | 84,959 | 73,444 |
Total Assets | 86,387 | 75,823 |
Interest bearing debt | 48,092 | 42,117 |
Equity | 28,104 | 25,786 |
LTV ratio | 56,6% | 57,3% |
Equity ratio | 32,5% | 34,2% |
All amounts are in million ISK unless otherwise stated. Annual Accounts are published in Icelandic.
Jón Þór Gunnarsson, CEO
Annual statement 2025
The report of the board of directors and the CEO of the company can be found in the company's annual accounts. The annual accounts are prepared in accordance with accounting standards (IFRS).
Outlook for 2026
The Company’s operating outlook for 2026 is positive. Kaldalón expects operating revenues to be in the range of ISK 6,200–6,350 million and operating profit for the year to amount to ISK 4,860–5,030 million. The guidance assumes 4.3% year-on-year inflation and a comparable utilisation (occupancy) ratio.
The forecast does not include the acquisition of the properties owned by FÍ fasteignafélag, announced on 15 December. In addition, the forecast does not include revenues from new investments in 2026; such planned investments would therefore be additional to the above guidance.
The operating outlook will be updated as appropriate.
Annual General Meeting 2026
The Annual General Meeting of the company will be held at 16:00, Thursday 26 March 2026 at Hotel Reykjavík Natura, Nauthólsvegi 52, 102 Reykjavík.
Proposed Dividend
The Board of Directors proposes a dividend payment of ISK 1,000 million to shareholders for the financial year. The proposed dividend is in line with the criteria previously presented to investors. Further details of the proposal to be submitted to shareholders at the Company’s Annual General Meeting, scheduled for 26 March 2026, will be included in the AGM notice.
Annual and Sustainability Report
The Annual and Sustainability Report will be published prior to the company's Annual General Meeting.
Further Information
Jón Þór Gunnarsson
Chief Executive Officer
jon.gunnarsson@kaldalon.is
www.kaldalon.is
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