Slide 1: Investor Presentation Nine Months Results 2025
Investor Presentation Nine Months Results 2025 1
Slide 2: Rental Income Increases by 8.2% Following Substantial Investments
Rental Income Increases by 8.2% Following Substantial Investments New High-Quality Assets and Revenue Streams Strengthen Solid Operations in Core Areas Stong Real Portfolio Development Increasing Equity Ratio and Share Buyback Revenue Growth Decreasing Leverage Ratio Program in Effect ▪ Rental incom
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: 4% Real Growth in Rental Income and EBITDA
4% Real Growth in Rental Income and EBITDA Key Financial and Operational Indicators Remain Strong Operations Profitability Financial Position 8.2% (4% real growth) 2.9bn (5.6bn) 222bn (192.9bn) Rental Income Increases year- Profit after Tax Investment Properties over-year 8.2% (4% real growth) 3.1bn
Slide 5: 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% 430 42% m2 Located Within Public Entities and Proportion of Green Investment Properties Core Areas Listed Companies Financin
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 75% 70 - 80% properties in designated core areas. According to the company’s investment strate
Slide 7: Finance and Operations
Finance and Operations
Slide 8: 4% Real Revenue Growth Delivers 4% Real Increase in EBITDA
4% Real Revenue Growth Delivers 4% Real Increase in EBITDA Administrative Costs Decrease year-on-year Income Statement 9M 2025 Rental Income 3.069 Million ISK 3.242 3.276 3.439 3.341 Million ISK 3,504 3,716 3,486 3,683 4,017 8.2% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 9M 24 – 9M 25 Δ% 9M 25 9M 24 Δ% Rental I
Slide 9: Q3: Growth in EBITDA Outpaces That of Rental Income
Q3: Growth in EBITDA Outpaces That of Rental Income 10,7% Real Growth of Rental Income for the Quarter Income Statement Q3 2025 Rental Income 3.069 Million ISK 3.242 3.276 3.439 3.341 Million ISK 3,504 3,716 3,486 3,683 4,017 8.2% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 9M 24 – 9M 25 Δ% Q3 25 Q3 24 Δ% Rental
Slide 10: Rising Equity Ratio and Decreasing Leverage Ratio
Rising Equity Ratio and Decreasing Leverage Ratio Balance Sheet Equity Ratio Million ISK Development 32.2% 32.4% 31.8% 31.9% 31.1% 31.0% 31.0% 30.09.25 31.12.24 30.4% 30.0% Investment Propetries and Associates 227,295 196,985 Other Assets 1,069 1,171 Current Assets 2,865 4,707 9M23 12M23 3M24 6M24 9
Slide 11: Real Revenue Growth
Real Revenue Growth Gróska and Exeter Consolidated in June Revenue Development Million ISK 9M 2024 – 9M 2025 +8.2% 11,186 ▪ Rental income grew by 8.2% year-over-year. ▪ Price levels increased by 4.2% year-over-year. +0.2% 400 ▪ Changes in the property portfolio positively affect year- over-year reve
Slide 12: 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 1,2 1.2 Program Active Buyback Program 231 11 0,8 0.8 0.80 Other Liabilities 139 0,6 0.6 P/B 0
Slide 13: Positive Fair Value Adjustment of ISK 3.1bn for the First Nine Months of 2025
Positive Fair Value Adjustment of ISK 3.1bn for the First Nine Months of 2025 ▪ Approximately ISK 25bn has been invested year-to-date. ▪ WACC remains unchanged from Q2 at 6.55%, but has increased by 9 basis points from year-end 2024. 13
Slide 14: Limited Refinancing Need in the Coming Years
Limited Refinancing Need in the Coming Years Enviable Debt Profile ▪ No refinancing need through 2026. Refinancing Plan* ▪ Heimar recently issued a new green, non- 2025-2031 indexed bond series maturing in 2028. o The series carries a floating interest rate 18bn linked to three-month REIBOR plus a 1
Slide 15: Operations on a Solid Foundation
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 15 Impact on Annual Profit
Slide 16: Shareholders
Shareholders
Slide 17: 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 12.68% - 2 Lífeyrissjóður starfsmanna ríkisins 186,787,919 9.39% - 3 Brú lífeyrissjóður 179,059,192 9.00% Túnsteinn 4 Lífeyrissjóður
Slide 18: Heimar – One of the Market’s Most Traded Stocks
Heimar – One of the Market’s Most Traded Stocks Share Price Slightly Down in Q3 2025 Heimar‘s Share Price Most Actively Traded Shares on Nasdaq Iceland Closing Price in ISK – Q3 2025 Average Daily Turnover in million ISK – Q3 2025 -3.3% 743 39 38 37 36 324 35 34.8 Heimar had the 10th 206 highest avg
Slide 19: Heimar's Financial Calendar
Heimar's Financial Calendar Annual Results 2025 February 12, 2026 Annual General Meeting March 26, 2026 19
Slide 20: Slide 20
Slide 21: Appendix: Operations
Appendix: Operations
Slide 22: 21 Lease Agreements Signed in Q3 2025
Iðnaður og geymslur Verslun og þjónusta Skrifstofu- og atvinnuhúsnæði Industry Retail Offices Penninn ehf. 21 Lease Agreements Signed in Q3 2025 PS2 ehf - Metta sport Suðuverk ehf. JS 6 Reykja Renewed Agreements Manhattan vík ehf. Wise lausnir ehf ~5,464 m2 ehf - Húrra Rollsinn ehf. Sage by Klukkan
Slide 23: New Revenue Upcoming Deliveries
Revenue Tenant Property Square Meters Generating Gaeta Ís Smáralind 58.7 Q4 Sbarro Smáralind 133.5 Q4 Fuego / La Chingona Smáralind 128.8 Q4 JS Reykjavík (Húrra) Smáralind 164.1 Q4 New Revenue Serrano Subway Smáralind Smáralind 136.9 145.6 Q4 Q4 Upcoming Neo Pizza Smáralind 128.8 Q4 Funky Bhangra Sm
Slide 24: Appendix: Sustainability
Appendix: Sustainability
Slide 25: Sustainability Results and Impact
Sustainability Results and Impact ▪ Heimar received 84 points in Reitun‘s 2025 sustainability performance assessment. ESG score distribution of Icelandic issuers o Above average in all categories. 18 o An increase year-on-year, alongside stricter 16 requirements. 14 Number of issuers ▪ Dvergshöfði 2
Slide 26: Appendix: Development of the Property Portfolio
Appendix: Development of the Property Portfolio
Slide 27: 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 28: 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 29: Smáralind Food Hall
Smáralind Food Hall Iceland’s Most Ambitious Food Hall 13 Restaurants Expected opening mid November Emphasis on Quality and Variety in Dining 29
Slide 30: 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 31: 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 32: 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 32 Eduaction and Sports – 6,162 m2 Hotels and Tourism –
Slide 33: 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 34: Building Tomorrow Today
Building Tomorrow Today
Slide 35: 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