Kaldalon Hf · OMXICE:KALD
Kaldalon Hf — FY2025 Earnings Presentation
30 slides from Kaldalon Hf's earnings presentation, Feb 13, 2026
Slide 1: Management Report 2025
Management Report 2025 Open Investor Presentation February 13, 2026
Slide 2: Agenda
Agenda MANAGEMENT REPORT 2025 - OPEN INVESTOR PRESENTATION 1. Key Milestones 2. Property Portfolio 3. Financial Information 4. Outlook INVESTOR PRESENTATION - KALDALÓN HF. 2
Slide 3: Key Milestones and Objectives
Key Milestones and Objectives PROGRESS IN LINE WITH AMBITIOUS PLANS Dividends Main Market commence Transformation Profitable Growth Operations & Management 2021-2023 2024-2026 2026+ ✓ Sale of non-core assets ▪ ISK 100bn portfolio or ✓ Increased breadth in portfolio ▪ Slower relative growth ISK 8bn r
Slide 4: Key Milestones of the Period
Key Milestones of the Period OPERATING REVENUE IN LINE WITH PLANS Operating profit before revaluation ( ISKm) Strong leasing activity, with occupancy at 97.6% Rental income grew 24% year-on-year. +24% Total operating revenue of ISK 5,598m. Average yoy inflation 4.2% (251) Newly acquired properties c
Slide 5: Key Milestones of the Period
Key Milestones of the Period A GROWING COMPANY WITH PROFITABLE OPERATIONS Investment properties (ISK bn) Total investment ISK 8.3bn during the year. 11.5 Property acquisitions for ISK 6.4bn. 3.2 Construction of new properties and investment in 8,3 new leased spaces and renovations for ISK 1.9bn. Inv
Slide 6: Key Annual Results
Key Annual Results KEY FIGURES FOR 2025 Property portfolio by quarter (th.sqm) 160 97.6 12.5% 85.0 120 (97.1) (13.3%) (73.4) 80 % % ISK bn 40 Occupancy rate* Return on equity Investment properties 0 2022 Q2 2022 Q4 2023 Q2 2023 Q4 2024 Q4 2025 Q2 2025 Q4 2024 Q2 2021 Q4 2021 Q2 Equity development (I
Slide 7: Agenda
Agenda MANAGEMENT REPORT 2025 - OPEN INVESTOR PRESENTATION 1. Key Milestones 2. Property Portfolio 3. Financial Information 4. Outlook INVESTOR PRESENTATION - KALDALÓN HF. 7
Slide 8: Key Transactions of the Year
Key Transactions of the Year FURTHER GROWTH THROUGH ACQUISITION OF INCOME-GENERATING ASSETS AND ORGANIC GROWTH External Growth Organic Growth Suðurhraun 4-6 Construction at Brúartorg Long-term lease agreement in place Skúlagata 15 Construction at Fossaleynir 19 Long-term lease agreement in place Kró
Slide 9: Profitable Investments During the Year
Profitable Investments During the Year INVESTMENTS IN INCOME-GENERATING PROPERTIES 6,400 ISKm Property acquisitions of the year 550 ISKm 464 ISKm Rental revenue Operating profit On annual basis based on On annual basis based on 100% occupancy 100% occupancy INVESTOR PRESENTATION - KALDALÓN HF. 9
Slide 10: New Production Facility
New Production Facility CONSTRUCTION PROGRESSING WELL Construction progressing well on new industrial and production facility at Fossaleyni 19 The property will be approx. 3,400 sqm Estimated delivery in Q4 New building Existing building INVESTOR PRESENTATION - KALDALÓN HF. 10
Slide 11: New Lease Agreements
New Lease Agreements EXPECTED DELIVERY TO TENANTS DURING THE YEAR Q4 2026 Fossaleynir 19 3,400 sqm new building 2026 2027 Q2 2026 Brúartorg 6 116 sqm expansion 2027 Number of sqm for delivery during 2026 the year Q2 2026 Köllunarklettsvegur 1 1,750 sqm retail and service space 2027 5,700 2026 m2 Q2
Slide 12: Strong Cash Flow and Long-term Agreements
Strong Cash Flow and Long-term Agreements HIGH OCCUPANCY RATE AND GOOD INCOME DIVERSIFICATION Distribution of rental income by tenant type* Trend of largest tenants' share of total revenue Based on portfolio at year-end 5% Listed companies or their 15% subsidiaries 19% Five largest tenants Largest t
Slide 13: Diversified Portfolio of Commercial Properties
Diversified Portfolio of Commercial Properties GOOD DIVERSIFICATION ACROSS KEY INDUSTRIES Industry sector diversification Property location share of total revenue share of total value Tourism 29% Capital region 96.4% Industry & manufacturing 23% Outside capital region 3.6% Retail 19% Pharma, food &
Slide 14: FÍ Property Portfolio
FÍ Property Portfolio PURCHASE OFFER ACCEPTED AT YEAR-END 2025 Key transaction figures ▪ The company received an accepted purchase offer for the entire portfolio of Fasteignafélag Íslands in December 2025. 12,325 ISKm 23,340 m 2 ▪ Pre-emptive right for Laufásvegur 31 was exercised, therefore Total p
Slide 15: Property Portfolio After Announced Transactions
Property Portfolio After Announced Transactions Hotel 21 5 23 Value th.sqm Hotel (ISK bn) Warehouse, industrial & storage 103 31 45 Value th.sqm Properies (ISK bn) Retail & services 29 30 20 Propert Value th.sqm ies (ISK bn) Offices 14 4 6 Propert Value th.sqm ies (ISK bn) 1) Classified by dominant
Slide 16: Sustainability
Sustainability PURPOSEFUL STEPS Kaldalón has completed its annual assessment with Reitun. The rating has been progressively improving. Environmentally The company improved by 10 points year-on-year in certified the sustainability assessment. properties The company scored 71 out of 100 possible point
Slide 17: Agenda
Agenda MANAGEMENT REPORT 2025 - OPEN INVESTOR PRESENTATION 1. Key Milestones 2. Property Portfolio 3. Financial Information 4. Outlook INVESTOR PRESENTATION - KALDALÓN HF. 17
Slide 18: Income Statement
Income Statement OPERATING REVENUE INCREASES BY 24% YEAR-ON-YEAR Operating revenue ISKm and G&A Profit before income tax ISKm vs. total assets % and operating profit margin 5,598 2,638m Income Statement 2025 2024 ▲% 4,508 3,970 4,311 3,525 Operating revenue 5,598 4,508 24% 3,227 0.5% 0.4% 2,611 0.4%
Slide 19: Balance Sheet
Balance Sheet TOTAL ASSETS ISK 86.4BN, INCREASING BY ISK 11.5BN YEAR-ON-YEAR 12/31/2025 12/31/2024 ▲ Non-current assets Investment properties and LTV ratio* Investment property Investment properties 84,959 73,444 11,495 development in sqm Long-term receivables 0 29 ISK 85bn 144 th.sqm 84,959 73,472
Slide 20: Cash Flow
Cash Flow CASH FROM OPERATIONS INCREASES BY 28% YEAR-ON-YEAR Operating revenue and cash ratio/operating revenue 5,598 2025 2024 ▲% 4,508 3,227 48% Cash at beginning of year 1,727 1,830 1,761 47% 26% 22% Cash from operations 2,711 2,126 28% 2022 2023 2024 2025 Investing activities (6,997) (11,221) Ca
Slide 21: Financing
Financing REGULAR MARKET ISSUANCE AND CONTINUED SHIFT OF NON-INDEXED LOANS TO CPI-LINKED Interest-bearing debt ISK 48.1 bn ▪ CPI-linked debt is 74% of total financing. ▪ Weighted avg. interest on indexed debt is 4.5%, down 0.4 pp YoY 26% 74% Non-indexed debt ▪ Weighted avg. interest on non-indexed d
Slide 22: Refinancing Opportunities
Refinancing Opportunities CONTINUED WORK ON CHANGES TO COMPANY FINANCING Debt maturities (ISK bn) Continued opportunities in issuances and debt refinancing. 12 ▪ Low LTV ratio, 57% 10 8 ▪ High occupancy rate 97.6% and ISK 50bn in foreseeable non- 6 cancellable cash flow from lease payments from soli
Slide 23: Agenda
Agenda MANAGEMENT REPORT 2025 - OPEN INVESTOR PRESENTATION 1. Key Milestones 2. Property Portfolio 3. Financial Information 4. Outlook INVESTOR PRESENTATION - KALDALÓN HF. 23
Slide 24: Dividend Path Forward
Dividend Path Forward DIVIDENDS OR BUYBACKS AS A PROPORTION OF CASH FROM OPERATIONS Transformation Growth Operations 2021-2023 2024-2026 2026+ Funds mostly used for Progressively increasing Funds used for investments investments dividends Actual 2024: 30% Target 2025: 20% 2026: 20-40% 2027: 35-55% 2
Slide 25: Financial Calendar
Financial Calendar MORE FREQUENT REPORTING ON OPERATING STATUS Annual Report 2025 March 4, 2026 Annual General Meeting 2026 March 26, 2026 Q1 Announcement May 18, 2026 Half-Year Report 2026 August 20, 2026 Q3 Announcement November 16, 2026 Management Report 2026 February 19, 2027 Annual Report 2026
Slide 26: Shareholders and Share Capital
Shareholders and Share Capital 20 LARGEST SHAREHOLDERS 12/31/2025 Largest Shareholders Klettagarðar 11 and Álfhella 8. % Whole properties Skel fjárfestingafélag hf. in line with investment 15.76% Turnover ratio* of listed companies 2025 strategy. Stapi lífeyrissjóður 8.98% Trading in company shares
Slide 27: Outlook 2026
Outlook 2026 OPERATING OUTLOOK 2026 ISK 6,200 – 6,350 m Rental revenue* ISK 4,860 – 5,030 m Operating profit** Announced transactions: The announced acquisition of FÍ real estate properties on December 15 is not included in the earnings forecast. If the transaction completes, annual revenue amounts
Slide 28: Summary
Summary STRONG OPERATIONS AND CLEAR FORWARD VISION Operations on track 1 Operating revenue increased by 24% YoY. 78% operating profit margin – remains high. Property portfolio totals ISK 85 billion. 2 Growth trajectory targets in sight Company growth targets within reach based on existing agreements
Slide 29: Disclaimer
Disclaimer If there is any discrepancy between the Icelandic version of this presentation and the English version, the Icelandic version shall prevail. All information published in this presentation is according to the best knowledge of Kaldalón's management at the time the presentation is prepared.
Slide 30: Kaldalón hf. contact details
Kaldalón hf. | Köllunarklettsvegi 1 | 104 Reykjavík | Tel: 419 1414 | kaldalon@kaldalon.is | www.kaldalon.is