Heimar Hf. · OMXICE:HEIMAR
Heimar Hf — Q1 2026 Earnings Presentation
39 slides from Heimar Hf's earnings presentation, 2026
Slide 1: Investor Presentation Interim Report Q1 2026
Investor Presentation Interim Report Q1 2026 1
Slide 2: 18.1% Revenue Growth Following Significant Investments
18.1% 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 and Solid Leasing Momentum Action ▪ Rental income grew by 18.1% ▪ The equity ratio remains strong ▪ Investment
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: 13.7% Real Growth Year-on-Year
Strong Revenue Growth: 13.7% Real Growth Year-on-Year Key Operating and Balance Sheet Metrics Remain Strong Operations Profitability Financial Position 18.1% (13.7% real growth) 2.3bn (1.4bn) 235bn (194bn) Rental Income Increases year- Profit after Tax Investment Properties on-year 16.5% (12.0%real
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 96% 430 42% m2 Located Within Public Entities and Listed Proportion of Green Investment Properties Core Areas 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 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 Q1 2026 4,118 Q1 2025 3,486 Δ% 18.1% 2.3 billion Other Income 208 200 4.0% Profit For the Quarter Operating Income 4,325 3,686 17.3% Operating Costs of Investment Properties -878 -715 22.
Slide 9: Real Revenue Growth
Real Revenue Growth Investments Driving Strong Revenue Growth Revenue Development Million ISK Q1 2025 – Q1 2026 +18.1% 4,118 ▪ Rental income grew by 18.1% year-on-year. ▪ Price levels increased by 4.5% year-on-year. ▪ Real revenue growth of 13.7% year-on-year. 378 +2.8% ▪ Changes in the property por
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 Million ISK 832 High-Quality Properties 146 Reliable Tenants 684 62 638 603 Virtually No Write-Offs 70 220 685 622 568 382 Receivables > 30 Days Overdue Receivables ≤ 30 Days Over
Slide 11: Strong Equity and LTV Ratios
Strong Equity and LTV Ratios Balance Sheet Equity Ratio Million ISK Development 33.1% 31.03.26 31.12.25 32.2% 32.4% 32.3% 31.8% 31.9% Investment Properties and Associates 241,449 234,621 31.1% 31.0% 31.0% Other Assets 1,012 1,036 Current Assets 6,716 4,748 3M24 6M24 9M24 12M24 3M25 6M25 9M25 12M25 3
Slide 12: Positive Fair Value Adjustment of ISK 4.3bn in Q1 2026
Positive Fair Value Adjustment of ISK 4.3bn in Q1 2026 ▪ 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. ▪ Total investment in Q1 amounted to ISK 2.3bn. 12
Slide 13: No Refinancing Need in 2026
No Refinancing Need in 2026 Green Fincancing 42% of Interest-Bearing Debt Refinancing Plan* 2026-2031 ▪ No refinancing requirement through year-end 2026. 18bn ▪ The bond series HEIMAR301036 GB was increased by 16bn Bonds ISK 5 billion during the quarter. Bank Loans 14bn ▪ Green financing accounts fo
Slide 14: Shareholders
Shareholders
Slide 15: 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 ISK 500m ISK 1,500m 1,20 1.2 Share Buyback Share Buyback ISK 750m Share Buyback 249 1,00 1 0.84 0,80 0.8 150
Slide 16: 20 Largest Shareholders of Heimar
20 Largest Shareholders of Heimar Distribution Pension Funds Private Investors Nr. Name Shares % ∆* 1 Omega fasteignir ehf. 252,273,929 12.96% - 2 Lífeyrissjóður starfsmanna ríkisins 192,787,919 9.90% 3 Lífeyrissjóður verzlunarmanna 163,778,141 8.41% - 4 Birta lífeyrissjóður 139,998,187 7.19% Túnste
Slide 17: Heimar – One of the Market's Most Traded Stocks
Heimar – One of the Market’s Most Traded Stocks Share Price Down 8.1% in Q1 2026 Heimar‘s Share Price Most Actively Traded Shares on Nasdaq Iceland Closing Price in ISK – Q1 2026 Average Daily Turnover in million ISK – Q1 2026 -8.1% 853 39 38 37 36 434 35 34.2 34 Heimar had the 10th 33 235 230 highe
Slide 18: Heimar's Financial Calendar
Heimar's Financial Calendar Q2 2026 Results August 27, 2026 Q3 2026 Results November 5, 2026 Annual Results 2026 February 11, 2027 Annual General Meeting 2027 March 11, 2027 18
Slide 19: Slide 19
Slide 20: Building Tomorrow Today
Building Tomorrow Today
Slide 21: APPENDIX Development of the Property Portfolio
APPENDIX Development of the Property Portfolio
Slide 22: Major Development Projects in Full Progress
Major Development Projects in Full Progress Sóltún 2 Dvergshöfði 4 ▪ In June 2025, a new long-term lease agreement was ▪ Dvergshöfði 4 will be a 10,300 sqm high-quality office signed for the Sóltún nursing home. building across seven floors, plus a parking basement, totaling approximately 14,000 sqm
Slide 23: Portfolio Development Opportunities
Portfolio Development Opportunities Garðatorg ▪ In cooperation with the Municipality of Garðabær, work is underway to amend the town center’s zoning plan, which will strengthen Garðatorg. ▪ The primary objective is to further support the development of the town center with a diverse mix of services,
Slide 24: Portfolio Development Opportunities
Portfolio Development Opportunities Ofanleiti ▪ Heimar is working, in cooperation with the City of Reykjavík, on amendments to the detailed zoning plan for the Ofanleiti 2 site. ▪ The proposal includes 170–200 residential units with ground-floor commercial space, while the existing office building r
Slide 25: Portfolio Development Opportunities
Portfolio Development Opportunities Egilshöll ▪ The Egilshöll area is one of Heimar’s most exciting development sites, comprising nearly 10 hectares of land with a current floor area ratio (FAR) of only 0.3. ▪ Work is underway with international advisors to assess development potential and review th
Slide 26: Continued Development of Smárinn
Continued Development of Smárinn A New Town Centre in Kópavogur ▪ Heimar and Klasi are jointly developing the southern area of Smáralind. ▪ Heimar contributed the site to Klasi upon acquiring a one- third ownership stake in the company and holds a purchase option for all commercial property upon com
Slide 27: Challenging Residential Housing Market
Challenging Residential Housing Market Limited Impact on Heimar ▪ Klasi, a development company one-third owned by Heimar, completed the sale of all apartments in Smárabyggð at the beginning of 2025 and has not had any apartments on the market since. ▪ Klasi has 133 apartments under construction at B
Slide 28: The Opening of Garðurinn Food Hall Has Transformed Smáralind
The Opening of Garðurinn Food Hall Has Transformed Smáralind 20% Increase in Footfall Since Target of Increasing Evening Higher Footfall Drives Repurposing Space Enhances the Opening of Garðurinn Footfall Achieved Higher Sales Tenant Mix and Rental Income • 1.6 million visitors visited Smáralind • T
Slide 29: Kópavogur Cultural Center
Kópavogur Cultural Center Opens in Smáralind 2027 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 Eduaction and Sports – 6,162 m2 Hotels and Tourism – 5,
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: APPENDIX Leasing
APPENDIX Leasing
Slide 35: 14 New Agreements
Skrifstofa Verslun og þjónusta Offices Commercial 21 Lease Agreements Signed in Q1 2026 Kópavogsbær Hótel Vík ehf. 7 Renewed Agreements ~3,200 m2 Sena Ríkiseignir Ríkiseignir 14 New Agreements ~6,000 m2 S4S ehf. Sjúkraþjálf 21 Total Agreements un Newbie Akureyrar ~9,200 m2 Nox Medical ehf Trang Hoan
Slide 36: New Revenue Upcoming Deliveries
Revenue Tenant Property Square Meters Generating Rollsinn Hafnarstræti 18 503.1 Q2 Arango ehf. Silfursmári 12 387.6 Q2 New Revenue Stöðin líkamsrækt M7 ehf. Miðhraun 4 Silfursmári 12 422 503.1 Q2 Q2 Upcoming HSE Consulting Hótel Vík ehf. Silfursmári 12 Dalshraun 15 194.5 707 Q2 Q2 Deliveries S4S ehf
Slide 37: APPENDIX Sustainability
APPENDIX Sustainability
Slide 38: Efficient Use of Resources
Efficient Use of Resources BREEAM – Certifications ▪ Smáralind completed its second BREEAM In-Use recertification during the period, having first received certification in 2019. ▪ Ongoing work on the new certification of Dvergshöfði 4. ▪ The recertification of Egilshöll is in its final stages, and w
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