Heimar Real Estate Company hiked its full-year guidance after reporting a 16.1% rise in H1 2026 rental income to ISK 8.33 billion, driven by a 16.1% increase in rental income to ISK 8.33 billion from ISK 7.17 billion in the same period a year earlier.
Adjusted for 4.9% inflation, real revenue growth reached 11.3%. EBITDA advanced 14.6% to ISK 5.83 billion, maintaining a 70% margin on rental income, while net profit surged 310.1% to ISK 4.57 billion, largely due to a fair value adjustment of ISK 7.7 billion on investment properties.
The company raised its full-year 2026 rental income guidance by ISK 250 million to a range of ISK 16.85–17.20 billion, and projected EBITDA of ISK 12.05–12.40 billion, implying a margin of 71–72%. Total assets grew to ISK 256.26 billion as of June 30, 2026, up from ISK 240.41 billion at year-end 2025.
Heimar’s portfolio comprises 98 properties totaling 392,000 square meters, with a 96% occupancy rate and 420 tenants. Core areas generated 74% of rental income, while public entities accounted for 31% and green assets represented 44% of rental income by square meters. The company has installed 185 EV charging stations and reduced its carbon footprint per square meter by 8% since 2019.
LTV remained stable at 61.6%, with net LTV at 59.6%. The weighted average cost of capital held at 6.47%, while return on equity improved to 11.8% from 3.5%. Heimar also increased its HEIMAR50 and HEIMAR230628 bond series by ISK 2.5 billion and ISK 1.4 billion, respectively, and has no refinancing requirements through the end of 2026.
The company purchased ISK 1 billion in treasury shares in H1 and paid ISK 780 million in dividends. For 2026, it plans up to ISK 2 billion in buybacks. Share price declined 1.2% in Q2 to ISK 33.80, with an average daily turnover of ISK 55 million on Nasdaq Iceland.
