Kaldalón hf.: Interim Financial Statements for the First Six Months of 2025
The interim consolidated financial statements of Kaldalón hf. for the first half of 2025 were approved by the Company's Board of Directors on 21 August 2025.
Substantial Revenue Growth Driven by Prior-Year Investments
Rental income increased by 24% year-on-year.
Operating profit margin (NOI ratio) stood at 78% for the period and remains high.
Investments amounted to ISK 3.5 billion during the period.
Profit before income tax amounted to ISK 1,753 million.
Return on equity was 11.3% on an annualized basis.
The Company raises its earnings guidance for the year.
Key Milestones During the Period
Cash flow from operations increases by 74% year-on-year, adjusted for changes in operating assets and liabilities.
Acquired approx. 10,000 m² of real estate.
Conditional purchase agreements have been signed for the properties Krókháls 16, Skúlagata 15 and Klettháls 1a in Reykjavík.
Construction commenced on new industrial premises at Fossaleyni 19–23 for a client.
Market-based funding increased to 35% of total debt from 21% in line with the long-term strategy. 82% of the Company's real estate portfolio is now mortgaged under the general security arrangement.
Environmental certification of properties progressing well. Around 30% of the portfolio is expected to be certified by year-end.
Key highlights of the financial results are
H1 2025
H1 2024
Operating revenues
2.638
2.132
Revenue Weighted occupancy rate of delivered properties
96 %
97 %
Operating profit before fair value adjustments
2.056
1.672
Operation net profit margin
78 %
79 %
Gains on fair value adjustements
1.833
