Kaldalón hf. published its Management Accounts on Thursday, 12 February 2026.
Key highlights of the 2025 Management Accounts:
Target of a ISK 100 billion property portfolio within reach based on existing agreements
Operating profit and rental income increased by 24% year-on-year
Profit before tax amounted to ISK 3,525 million
Cash generated from operations amounted to ISK 2,711 million
The Board of Directors proposes a dividend payment of ISK 1,000 million
2025 | 2024 | |
Operating revenues | 5,598 | 4,508 |
Revenue Weighted occupancy rate of delivered properties | 97,6% | 97,1% |
Operating profit before fair value adjustments | 4,387 | 3,548 |
Operation net profit margin | 78,4% | 78,7% |
Gains on fair value adjustements | 3,168 | 3,991 |
Profit before tax | 3,525 | 4,311 |
Return on equity | 12,5% | 13,3% |
Cash balance at end of period | 1,090 | 1,727 |
2024 | ||
Investment properties / real estate | 84,959 | 73,444 |
Total Assets | 86,387 | 75,823 |
Interest bearing debt | 48,092 | 42,117 |
Equity | 28,104 | 25,786 |
LTV ratio | 56,6% | 57,3% |
Equity ratio | 32,5% | 34,2% |
All amounts are in million ISK unless otherwise stated. Management Accounts have been reviewed by the Company’s Board of Directors. They contain the key information on the Group’s operations, financial position and cash flows. The Management Accounts have not been audited by the Company’s auditors. The audited Annual Financial Statements will be published after market close on 4 March, and the Management Accounts may therefore be subject to change until that time. Management Accounts are published in Icelandic.
Jón Þór Gunnarsson, CEO
Outlook for 2026
The Company’s operating outlook for 2026 is positive. Kaldalón expects operating revenues to be in the range of ISK 6,200–6,350 million and operating profit for the year to amount to ISK 4,860–5,030 million. The guidance assumes 4.3% year-on-year inflation and a comparable utilisation (occupancy) ratio.
The forecast does not include the acquisition of the properties owned by FÍ fasteignafélag, announced on 15 December. In addition, the forecast does not include revenues from new investments in 2026; such planned investments would therefore be additional to the above guidance.
The operating outlook will be updated as appropriate.
Proposed Dividend
The Board of Directors proposes a dividend payment of ISK 1,000 million to shareholders for the financial year. The proposed dividend is in line with the criteria previously presented to investors. Further details of the proposal to be submitted to shareholders at the Company’s Annual General Meeting, scheduled for 26 March 2026, will be included in the AGM notice.
Investor Presentation
In connection with the publication of the Management Accounts, the Company will host an investor presentation on Friday, 13 February at 08:30 at Köllunarklettsvegur 1, Entrance A. Doors open at 08:15.
Management will review the Company’s operations during the period, the annual results and future outlook. The Management Accounts and investor presentation will be available at kaldalon.is/investors at the start of the meeting.
The Company’s audited Annual Financial Statements will be published after market close on 4 March 2026. The Annual and Sustainability Report will be issued ahead of the Annual General Meeting to be held on 26 March 2026.
Further Information
Jón Þór Gunnarsson
Chief Executive Officer
jon.gunnarsson@kaldalon.is
www.kaldalon.is
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