Heimar Hf. · OMXICE:HEIMAR
Heimar Hf — H1 2025 Earnings Presentation
39 slides from Heimar Hf's earnings presentation, 2025
Slide 1: Investor Presentation Six Months Results 2025
Investor Presentation Six Months Results 2025 1
Slide 2: Revenue Growth Following Substantial Investments
Revenue Growth Following Substantial Investments Adding High-Quality Assets and Revenue Streams to a Strong Core Business Real Revenue Growth Major Investment Projects Transformation of Smáralind and Capital Increase and Share Completed During the Quarter Greater Emphasis on Ancillary Buybacks Reven
Slide 3: Achievements in the First Half of 2025
Achievements in the First Half of 2025 What We Said What We Achieved "Heimar will undertake share buybacks in line with its dividend policy, Completed a ISK 500m buyback program on May 19 and launched a and total buybacks for the year could amount to up to ISK 2bn." new program on July 9. Year-to-da
Slide 4: Revised Earnings Guidance for 2025
ISK 15,200 – 15,500 million Revised Earnings Estimated Rental Income Initial Forecast: ISK 14,400 – 14,600m Guidance for 2025 ISK 10,800 – 11,100 million Estimated EBITDA Initial Forecast: ISK 10,300 – 10,500m Rental income for the current portfolio over the next twelve months is estimated to range
Slide 5: Heimar – An Attractive Investment With Exciting Times Ahead
Heimar – An Attractive Investment With Exciting Times Ahead 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
Slide 6: Strong Performance Driven by Heimar’s Core Areas
Strong Performance Driven by Heimar’s Core Areas Key Financial and Operational Indicators Remain Strong Operations Profitability Financial Position 4.9% (0.5% real growth) 1.1bn (4.3bn) 218.6bn (190.8bn) Rental Income Increases year- Profit after Tax Investment Properties over-year 4.5% (0.1% real g
Slide 7: Purposeful Steps Toward Clear Goals
Purposeful Steps Toward Clear Goals Clear Strategic Focus Delivers Measurable Results Properties in the Portfolio Occupancy Rate Customers Proportion of Green Buildings 97 97% 410 41% m2 Located Within Public Entites and Proportion of Green Investment Properties Core Areas Listed Companies Financing
Slide 8: Heimar‘s Deliberate Steps Toward Long-Term Goals
Heimar‘s Deliberate Steps Toward Long-Term Goals Strategic Investments Pay Off % of Rental Income Long Term Goal In recent years, Heimar has focused on investing in Core Areas 75% 70 - 80% properties in designated core areas. According to the company’s investment strategy, property location is a key
Slide 9: Finance and Operations
Finance and Operations
Slide 10: Revenue and EBITDA Growth Outpaces Inflation
Revenue and EBITDA Growth Outpaces Inflation Higher WACC Lowers Valuation Changes and Profit For the Period Income Statement Rental Income 3.069 Million ISK 3.242 3.276 3.439 3.341 Million ISK 3,490 3,504 3,716 3,486 3,683 4.9% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 6M 24 – 6M 25 Δ% 6M 25 6M 24 Δ% Rental Inc
Slide 11: Strong Financial Position
Strong Financial Position Deleveraging in Line With Policy Balance Sheet Equity Ratio Million ISK Development from 6M 23 32.2% 31.8% 31.9% 31.1% 31.0% 31.0% 30.06.25 31.12.24 30.7% 30.4% 30.0% Investment Propetries and Associates 223,893 196,985 Other Assets 1,098 1,171 Current Assets 4,729 4,707 6M
Slide 12: Real Revenue Growth
Real Revenue Growth New Assets Consolidated in June Revenue Development Million ISK 6M 24 – 6M 25 +4.9% +0.3% 7,169 ▪ Rental income grew by 4.9% year-over-year. 21 22 ▪ Price levels increased by 4.4% year-over-year. ▪ Changes in the property portfolio positively affect year- over-year revenue growth
Slide 13: Shareholder-Focused: Intrinsic Value is the Benchmark for Buybacks
Shareholder-Focused: Intrinsic Value is the Benchmark for Buybacks P/B Ratio Adjusted For Non-Interest-Bearing Deferred Tax Liability Equity and Liabilities P/B Ratio Development Billion ISK Active Buyback Active Buyback Program Program Active Buyback Program 1.2 1,2 230 11 0.82 0,8 0.8 Other Liabil
Slide 14: 36 Lease Agreements Signed in Q2 2025
Heilsu-, Health,mennta- ogand Education afþreyingarhúsnæði Recreation Skrifstofu- Offices og atvinnuhúsnæði 36 Lease Agreements Samherji hf Efla hf. Signed in Q2 2025 Wpd Ísland Ísland sturn ehf ar Fly 4 Renewed Agreements ~1,193 m2 Arctica Finance hf. KEAhót el ehf Play hf 32 Verslun Retail og þjón
Slide 15: New Revenue
Revenue Tenant Property Square Meters Generating Kjarni endurhæfing Síðumúli 28 326 Q3 As we grow Hafnartorg 93 Q3 Starbucks Hafnartorg 125.6 Q3 Smárabíó, stækkun Smáralind 320 Q4 New Revenue Reykjavíkurborg Ármúli 6 914.1 Q4 Samherji hf. Hagasmári 1 1255 Q4 Upcoming Gaeta Ís Smáralind 58.7 Q4 Deliv
Slide 16: Rising Interest Rates Reduce the Change in Fair Value
Rising Interest Rates Reduce the Change in Fair Value ▪ Fair value change for the first six months og the year amounted to ISK 1,414 million. ▪ Approximately ISK 23bn has been invested year-to-date. ▪ WACC increases by 9 basis points from year-end and is now 6.55%. 16
Slide 17: Limited Refinancing Need in the Coming Years
Limited Refinancing Need in the Coming Years Enviable Debt Profile Refinancing Plan* 2025-2031 ▪ No refinancing need through 2026. ▪ Heimar took over the bond series GRÓSKA 29 18bn GB, with final maturity in 2029. 16bn ▪ In June, the HEIMAR50 GB bond series was 14bn expanded by ISK 1.8bn. 12bn 10bn
Slide 18: Ancillary Revenues
Ancillary Revenues Enhanced Service and New Revenue Streams ▪ Systematic efforts began at the start of the year to analyze Ancillary Revenue Forecast opportunities and challenges associated with the Base High Low introduction of ancillary revenues. ▪ The company sees significant opportunity to enhan
Slide 19: Increased Ancillary Revenues Flow Directly to Profit
Increased Ancillary Revenues Flow Major Opportunities in Growing Ancillary Directly to Profit Revenues Ancillary Revenues Increase and Enhance Free the Capital Available to be Used for: Cash Flow ▪ Better use of existing assets and Mighty Oaks From Little Payment of Debts investments – and Installme
Slide 20: Heimar’s Stake in Klasi Expected at Just Under ISK 8bn Book Value in 2027
Estimated Development of the Book Value of Heimar‘s Stake in Klasi ISK Billion Heimar’s Stake in Klasi 7.9 Expected at Just Under ISK 6.8 8bn Book Value in 2027 15% 5.9 5.2 ▪ The book value of Heimar’s stake in 4.5 Klasi has increased from ISK 3.9bn in 3.9 2022 to ISK 5.2bn at year-end 2024. ▪ A 15%
Slide 21: Operations on a Solid Foundation Where the Whole Is Greater Than the Sum of Its Parts
Operations on a Solid Foundation Where the Whole Core Operations Ancillary Revenues Klasi Is Greater Than the Sum of Its Parts Core Operations Ancillary Revenues ISK 100 – 500m ISK 700 – 900m Klasi ISK 800 – 1,400m 21 Impact on Annual Profit
Slide 22: Sustainability
Sustainability
Slide 23: Growth in Sustainable Properties
Growth in Sustainable Properties Steady Growth in Certified Green Properties ▪ Gróska now part of Heimar’s BREEAM-certified assets. ▪ Certification of Dvergshöfði 2 is expected in the fall. Certified Properties ▪ 41% of the company’s portfolio is now environmentally certified, or just over 160,000 m
Slide 24: Development of the Property Portfolio
Development of the Property Portfolio
Slide 25: Major Deals Closed This Quarter
Major Deals Closed This Quarter Gróska Exeter Hotel ▪ Heimar completed the acquisition of all shares in Gróska ▪ Heimar finalized the acquisition of all shares in ehf. og Gróðurhúsið ehf. Tryggvagata ehf. ▪ Gróska ehf. owns the property Gróska, located at ▪ Tryggvagata ehf. owns properties located a
Slide 26: Dvergshöfði 4
Dvergshöfði 4 Construction Underway ▪ Dvergshöfði 4 will be a high-quality office building of over 10,000 m2 across seven floors, with an underground car park, totaling around 14,000 m 2. ▪ The building is very well located in Heimar’s new core area at Borgarhöfði and offers diverse opportunities fo
Slide 27: Sóltún 2
Sóltún 2 Expansion of the Nursing Home ▪ A new long-term lease for the Sóltún nursing home was concluded in June 2025. ▪ The agreement provides for an expansion of the existing nursing home by 3,500 m 2, or 67 nursing rooms, bringing the total capacity to 159 rooms upon completion. ▪ Groundbreaking
Slide 28: Smáralind Food Hall
Smáralind Food Hall Iceland’s Most Ambitious Food Hall 13 Restaurants Expected opening in early November Emphasis on Quality and Variety in Dining 28
Slide 29: Heimar‘s Core Areas
61,000 m2 Heimar‘s Core Areas 33,000 m2 96% 96% Acquired Properties Within Core Areas 98% 98% Sold Properties Outside Core Areas 77,000 m2 22,000 m2 12,000 m2 Properties acquired from 2018 85,000 m2 | 16 properties Sold Properties 41,000 m2 | 42 properties Properties acquired in 2025 Properties in C
Slide 30: 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 31: 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 31 Eduaction and Sports – 6,162 m2 Hotels and Tourism –
Slide 32: 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 33: Shareholders
Shareholders
Slide 34: 20 Largest Shareholders of Heimar
20 Largest Shareholders of Heimar Distribution Pension Funds Lífeyrissjóðir Private Investors Einkafjárfestar Nr. Name Shares % ∆* 1 Omega fasteignir ehf. 252,273,929 12.60% 2 Brú lífeyrissjóður 193,459,192 9.66% 3 Lífeyrissjóður starfsmanna ríkisins 186,787,919 9.33% - 4 Lífeyrissjóður verzlunarman
Slide 35: Heimar – One of the Market’s Most Traded Stocks
Heimar – One of the Market’s Most Traded Stocks Share Price Up Slightly in Q2 2025 Heimar‘s Share Price Most Actively Traded Shares on Nasdaq Iceland Closing Price in ISK – Q2 2025 Average Daily Turnover in ISK – Q2 2025 0.6% 2,296 39 38 37 36 36 35 Heimar had the 6th 34 highest avg daily 451 turnov
Slide 36: Heimar's Financial Calendar
Heimar's Financial Calendar Q3 Earnings Preview October 22, 2025 Preliminary Financial Report February 4, 2026 Q4 2025 Results March 4, 2026 AGM March 26, 2026 36
Slide 37: Slide 37
Slide 38: Við erum annað og meira
Við erum annað og meira
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