Heimar Hf. · OMXICE:HEIMAR
Heimar Hf — H1 2026 Earnings Presentation
39 slides from Heimar Hf's earnings presentation, 2026
Slide 1: Investor Presentation Six Months Results 2026
Investor Presentation Six Months Results 2026 1
Slide 2: 16.1% Revenue Growth Following Significant Investments
16.1% Revenue Growth Following Significant Investments Investments in Core Areas Drive Real Revenue Growth Strong Real Revenue Growth Strong Financial Position Clear Strategy in Word and in Action ▪ Rental income grew by 16.1% ▪ The equity ratio remains strong ▪ Investment in high-quality year-on-ye
Slide 3: Heimar – An Attractive Investment With Solid Fundamentals
Heimar – An Attractive Investment With Solid Fundamentals A Reliable and Responsible Core Areas, Clear Strategy Sustainability and Social Moderate LTV Ratio Investment Opportunity and Strong Execution Responsibility Resilient Revenue Base Eight Core Areas Identified Deleveraging Objective Driving Su
Slide 4: Strong Revenue Growth: 11.3% Real Growth Year-on-Year
Strong Revenue Growth: 11.3% Real Growth Year-on-Year Key Operating and Balance Sheet Metrics Remain Strong Operations Profitability Financial Position 16.1% (11.3% real growth) 4.6bn (1.1bn) 243bn (219bn) Rental Income Increases year- Profit after Tax Investment Properties on-year 14.6% (9.7% real
Slide 5: Purposeful Steps Toward Clear Goals
Purposeful Steps Toward Clear Goals Clear Strategic Focus Delivers Measurable Results Proportion of Green Buildings Properties in the Portfolio Occupancy Rate Customers (m2) 98 96% 420 43% m2 Located Public Entities and Proportion of Green Investment Properties Within Core Areas Listed Companies Fin
Slide 6: The Company’s Strategy is Clear and Delivers Strong Results
The Company’s Strategy is Clear and Delivers Strong Results Disciplined Operations and Strategic Investments % of Rental Income Long Term Goal In recent years, Heimar has focused on investing in Core Areas 74% 70 - 80% properties in designated core areas. According to the company’s investment strate
Slide 7: Finance and Operations
Finance and Operations
Slide 8: Strong Nominal and Real Revenue Growth
Strong Nominal and Real Revenue Growth Profit Increases Year-on-Year Income Statement, ISK million Rental Income 6M 2026 6M 2025 8,325 7,169 Δ% 16.1% 4.6 billion Other Income 420 409 2.7% Profit For the Period Operating Income 8,745 7,578 15.4% Operating Costs of Investment Properties -1,780 -1,464
Slide 9: Real Revenue Growth
Real Revenue Growth Investments Driving Strong Revenue Growth Revenue Development Million ISK 6M 2025 – 6M 2026 +16.1% ▪ Rental income grew by 16.1% year-on-year. ▪ Price levels increased by 4.9% year-on-year. 8,325 ▪ Real revenue growth of 11.3% year-on-year. 597 ▪ Changes in the property portfolio
Slide 10: Accounts Receivable: Strong Tenant Mix Mitigates Risk
Accounts Receivable: Strong Tenant Mix Mitigates Risk High-Quality Tenant Base with Strong Oversight Accounts Receivable, Net at Period End Million ISK High-Quality Properties 832 749 Reliable Tenants 146 684 638 Low Write-Offs 62 70 257 685 622 568 492 Receivables > 30 Days Overdue Receivables ≤ 30
Slide 11: High Equity Ratio and Low Leverage Ratio
High Equity Ratio and Low Leverage Ratio Balance Sheet Equity Ratio Million ISK Development 33.1% 30.06.26 31.12.25 32.2% 32.4% 32.3% 31.9% 32.1% 31.8% Investment Properties and Associates 248,661 234,621 31.0% 31.0% Other Assets 1,040 1,036 Current Assets 6,563 4,748 6M24 9M24 12M24 3M25 6M25 9M25
Slide 12: Positive Fair Value Change of ISK 7.7bn
Positive Fair Value Change of ISK 7.7bn ▪ Inflation the primary driver of valuation changes. ▪ WACC at the end of the quarter was 6.47% compared to 6.48% at year-end 2025. ▪ ISK 6.2bn invested year-to-date. 12
Slide 13: Interest Rate Reductions Positively Impact Portfolio Valuations and Lower Interest Expenses
Interest Rate Reductions Positively Impact Portfolio Valuations and Lower Interest Expenses The question is: What impact will falling interest rates have on Heimar’s operations and balance sheet? A simple illustrative example of the impact of lower interest rates Impact on the Value of Investment Pr
Slide 14: No Refinancing Need in 2026
No Refinancing Need in 2026 Green Financing 44% of Interest-Bearing Debt Final Maturities* 2026-2031 ▪ No refinancing requirement through year-end 2026. ▪ The bond series HEIMAR50 GB was increased by ISK 18bn 2,500m and HEIMAR230628 GB by ISK 1,400m during Bonds 16bn Bank Loans the quarter. 14bn ▪ A
Slide 15: Heimar's 2026 Earnings Guidance
ISK 16,850-17,200m ISK 12,050-12,400m Heimar's 2026 Projected Rental Income Projected EBITDA Earnings ▪ The earnings guidance for ▪ EBITDA is operating Guidance the year has been updated to reflect inflation and the profit before fair value adjustment. – Updated development of rental income. Earning
Slide 16: Shareholders
Shareholders
Slide 17: Shareholder-Focused: Intrinsic Value is the Buyback Benchmark
Shareholder-Focused: Intrinsic Value is the Buyback Benchmark P/B Ratio Adjusted For Non-Interest-Bearing Deferred Tax Liability Equity and Liabilities P/B Ratio Development Over Time Billion ISK ISK 1,500m ISK 1,000m 1.2 1,20 Share Buyback Share Buyback 256 1 1,00 0.83 0.8 0,80 154 Other Liabilitie
Slide 18: 20 Largest Shareholders of Heimar
20 Largest Shareholders of Heimar Distribution Lífeyrissjóðir Pension Funds Einkafjárfestar Private Investors Nr. Name Shares % ∆* 1 Omega fasteignir ehf. 252,273,929 13.01% - 2 Lífeyrissjóður starfsmanna ríkisins 192,787,919 9.94% - 3 Lífeyrissjóður verzlunarmanna 163,778,141 8.44% - 4 Birta lífeyr
Slide 19: Heimar’s Shares
Heimar’s Shares Share Price Down 1.2% in the Second Quarter Heimar‘s Share Price Development Most Actively Traded Shares on Nasdaq Iceland Closing Price in ISK – Q2 2026 Average Daily Turnover in million ISK – Q2 2026 -1.2% 664 38 37 36 400 35 34 33.8 Heimar had the 15th 33 highest avg daily turnove
Slide 20: Heimar's Financial Calendar
Heimar's Financial Calendar Q3 2026 Results November 5, 2026 Annual Results 2026 February 11, 2027 Annual General Meeting 2027 March 11, 2027 20
Slide 21: Slide 21
Slide 22: Building Tomorrow Today
Building Tomorrow Today
Slide 23: Appendix: Leasing
APPENDIX Leasing
Slide 24: 26 Lease Agreements Signed in Q2 2026
Skrifstofa Offices Verslun og þjónusta Commercial 26 Lease Agreements Signed in Q2 2026 Líf og List ehf. 9 Renewed Agreements ~5,030 m2 BBA Fjeldco ehf. 17 Bitter ehf. New Agreements ~4,040 m2 Sunnuhlíðar 26 Total Agreements Klasi ehf. apótek ehf. ~9,070 m2 Tryggja ehf. Vottunarst ofan Tún Epal Desi
Slide 25: New Revenue
Revenue Tenant Property Square Meters Generating IHCP ehf. Silfursmári 12 510 Q3 New Revenue FSRE/HSN Sunnuhlíð 12 247 Q3 Elko Smáralind 210 Q3 Upcoming Metta Sport Sunnusmári 2 654 Q3 Deliveries Sjúkraþjálfun Akureyrar Sunnuhlíð 12 170 Q3 Newbie Smáralind 181 Q3 Indverska torgið ehf. Hafnartorg 14
Slide 26: Appendix: Other Matters
APPENDIX Other Matters
Slide 27: Major Projects with Secured Revenues
Major Projects with Secured Revenues Sóltún 2 Dvergshöfði 4 ▪ In June 2025, a new long-term lease agreement was ▪ Dvergshöfði 4 will be a 10,300 m 2 high-quality office signed for the Sóltún nursing home. building across seven floors, plus a parking basement, totaling approximately 14,000 m 2. ▪ The
Slide 28: Smáralind’s Position Continues to Strengthen
Smáralind’s Position Continues to Strengthen Continued Growth in Sales and Footfall ▪ The year got off to a strong start at Smáralind, with an even stronger second quarter. ▪ Following the opening of Garðurinn, footfall and tenant sales increased, and the growth continues. ▪ Demand for lease space i
Slide 29: Silfursmári 12
Silfursmári 12 High-Quality Office and Commercial Space ▪ Silfursmári 12, approximately 2,700 m 2 of office and commercial space in Smárinn, was added to the portfolio during the quarter. ▪ This is the first property the company has acquired out of Klasi. The site was among the assets the company co
Slide 30: Ancillary Revenues
Ancillary Revenues Enhanced Service and New Revenue Streams Ancillary Revenue Forecast Base Case High Case Low Case In early 2025, the company began focused work to identify opportunities and challenges in implementing ancillary revenues. 600m This work is already having a significant impact on oper
Slide 31: Heimar‘s Core Areas
61,000 m2 Heimar‘s Core Areas 56,000 m2 33,000 m2 96% 96% Acquired Properties Within Core Areas 98% 98% Sold Properties Outside Core Areas 80,000 m2 22,000 m2 12,000 m2 Properties acquired from 2018 88,000 m2 | 19 properties Sold Properties 41,000 m2 | 42 properties Properties acquired in 2026 Prope
Slide 32: Heimar‘s Largest Properties are in the Heart of Core Areas
Heimar‘s Largest Properties are in the Heart of Core Areas Key Properties in the Capital Area Höfðatorg Gróska Offices – 37,867 m2 Offices, Retail and Services – 24,800 m2 Smáralind Egilshöll Hafnartorg Iceland‘s largest shopping center – 62,100 m2 Sport and entertainment – 33,057 m2 Retail and serv
Slide 33: Other Significant Assets
Other Significant Assets High-Quality Properties in Prime Locations Mjölnisholt 12-14 Litlatún 3 Austurstræti 16 Hotels and Tourism – 6,742 m2 Retail and Services – 5,261 m2 Hotels and Tourism – 2,773 m2 Áslandsskóli Tryggvagata 14 Suðurhraun 3 Eduaction and Sports – 6,162 m2 Hotels and Tourism – 5,
Slide 34: Diverse Properties for Public Entities
Diverse Properties for Public Entities Number of Properties in Core Areas Leased and Operated for Public Entities Schools Sport Facilities Offices Other Primary Schools: Egilshöll in Reykjavík: Number of institutions rent offices • The National Museum – • Áslandsskóli in Hafnarfjörður from Heimar fo
Slide 35: Appendix: Sustainability
APPENDIX Sustainability
Slide 36: A Sustainable Property Portfolio
A Sustainable Property Portfolio Green Financing Framework Updated ▪ Heimar’s Green Financing Framework has been updated and published. ▪ The Framework defines which projects and assets are eligible for green financing. ▪ The Framework was developed taking into account developments in market practic
Slide 37: Improved ESG Performance for Heimar
Improved ESG Performance for Heimar Total score of 85 points in Reitun’s 2026 sustainability assessment Development of the Company’s Rating Distribution of Icelandic Issuers Rating Year-on-Year A1 20 ▪ An improvement of one category year- 10 A2 A3 9 15 on-year, now rated A3, alongside a 2- Fjöldi út
Slide 38: Exemplary Company in Corporate Governance
Exemplary Company in Corporate Governance For the eighth consecutive year, Heimar has received Stjórnvísi’s recognition as an Exemplary Company in Corporate Governance. The recognition reflects the company’s emphasis on sound corporate governance, responsible operations and sustainability. 38
Slide 39: Disclaimers
Disclaimers This presentation is based on information from Heimar hf. (hereafter “Heimar”), the company’s management’s plans and assessments, and public information where applicable. This presentation is intended solely for informational purposes and should not be used as part of or the basis for de