Slides
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1 Nine Months Results 2026 Investor Presentation
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2 ISK 8.1bn Total investment in the property portfolio year-to-date. 12.2% Year-on-year growth in rental income; total operating revenue up 11.7%. 9.9% Net cash from operating activities over the last 12 months as a proportion of market value at quarter-end.
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3 New Dividend Policy: Greater Emphasis on Shareholder Distributions A Stable Foundation for Distributions Strategic Decision by the Board ▪ The Board of Heimar has approved a new dividend policy based on solid underlying operations and a clear investment strategy. ▪ Over the coming periods, major revenue-generating investment projects with strong tenants will be added to the portfolio. ▪ Targeted development has created a foundation for increased dividend payments to shareholders alongside continued investment. New Policy ≥ 60% of net cash from operating activities 2× dividend paid twice a year The Board will place greater emphasis on dividend payments over share buybacks. The new dividend policy reflects the company’s current position and greater capacity to let shareholders benefit from the solid operations and development of recent years.
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4 Operations Profitability Financial Position Key Operating and Balance Sheet Metrics Remain Strong 12.2% (7.2% real growth) Rental Income Growth YoY 10.3% (5.3% real growth) EBITDA Growth YoY 70.8% (72.0%) EBITDA % of Rental Income 96.1% (97.0%) Occupancy Rate 7.5bn (3.1bn) Value Adjustment of Investment Properties 4.2bn (2.9bn) Profit after Tax 5.1% (5.4%) Yield of Investment Properties 7.1% (5.6%) Return on Equity 147bn (131bn) Interest-Bearing Liabilities 244bn (222bn) Investment Properties 61.5% (60.6%) LTV Ratio 31.9% (32.4%) Equity Ratio (9M 2025)
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5 EV Charging Stations 185 Average Lease Terms 6 years Total Square Meters 392 (thous.) Rental Income from Core Areas 74% Proportion of Green Buildings (m2) 43% Customers 420 Occupancy Rate 96% Properties in the Portfolio 98 Proportion of Green Financing 44% Public Entities and Listed Companies 42% m2 Located Within Core Areas 69% Investment Properties 244 (ISK bn) Purposeful Steps Toward Clear Goals Clear Strategic Focus Delivers Measurable Results
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6 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 properties in designated core areas. According to the company’s investment strategy, property location is a key factor in investment decisions. 74% 70 - 80% Core Areas A strong client base reduces counterparty risk for Heimar. The company has invested in recent years to increase the number of listed companies among its clients. 11% 10 - 15% Listed Companies Heimar established early on a vision to place special emphasis on collaboration with public entities.31% 30 - 40% Public Entities Heimar are committed to leading the development of core areas, with a focus on sustainable property management that promotes community welfare, quality of life and the environment for residents. 44% 40% Green Assets
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7 7 58% 60% 62% 64% 66% 74% 0% 20% 40% 60% 80% 100% 4bn 6bn 8bn 10bn 2021 2022 2023 2024 2025 Heimar – An Attractive Investment With Solid Fundamentals EBITDA EBITDA/Rental Income 74% of rental income comes from core areas Proportion of Green Assets Proportion of Green Financing Change in Carbon Footprint per m2 from 2019 43% 44% -8% EBITDA Development Rental Income from Core Areas Key Sustainability MetricsLTV Ratio Resilient Revenue Base Inflation-linked revenues tied to long-term leases. Strengthening Sustainable Revenues Examples include revenues from parking, EV charging, and advertising displays. Eight Core Areas Identified Core areas with strong value growth potential in the capital region and Akureyri. Diversified Assets a Key Focus Shaping vibrant urban environments through a mix of commerce, services, housing, and leisure. Driving Sustainability Forward 43% of the company’s portfolio qualifies as green assets, with a focus on certifying larger self-operated properties. Green Assets Lower operating costs, enable green bond issuance, and boost appeal to global investors and lenders. Deleveraging Objective Reduces risk in a rising interest rate environment. Strong Financial Position Creates increased capacity for dividends along with flexibility to seize market opportunities. A Reliable and Responsible Investment Opportunity Core Areas, Clear Strategy and Strong Execution Sustainability and Social ResponsibilityModerate LTV Ratio
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Finance and Operations
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9 Income Statement, ISK million 9M 2026 9M 2025 Δ % Rental Income 12,548 11,186 12.2% Income from Operations in Real Estates 631 616 2.4% Operating Revenue 13,179 11,801 11.7% Operating Expenses of Investment Properties -2,673 -2,264 18.1% Operations in Real Estates -961 -883 8.8% Administrative Expenses -665 -603 10.3% Operating Profit Before Value Adjustment 8,880 8,051 10.3% Value Adjustment and Depreciation 7,412 3,101 Operating Profit 16,292 11,152 Net Finance Expenses -11,098 -7,589 46.2% Share in Profit of Associates 52 16 Profit Before Income Tax 5,246 3,580 46.5% Income Tax -1,049 -716 Profit for the Period 4,197 2,864 46.5% Strong Nominal and Real Revenue Growth Profit Increases Year-on-Year 4.2 billion Profit for the Period 5.3% (5.4%) Administrative Expense Ratio Decreases 21.3% (20.2%) Operating Expense Ratio of Investment Properties 70.8% (72.0%) Operating Profit Before Value Adjustment as % of Rental Income (9M 2025)
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10 519 327 516 Real Revenue Growth Revenue Development Million ISK 9M 2025 – 9M 2026 ▪ Rental income grew by 12.2% year -on-year. ▪ Price levels increased by 5.0% year -on-year. ▪ Real revenue growth of 7.2% year -on-year. ▪ Last year's new investments were the largest driver of revenue growth. ▪ Revenue growth of 8.1% on a like -for-like portfolio. ▪ Real revenue growth of 3.1% on a like -for-like portfolio. ▪ The expiry of sublease agreements reduces rental income by just over 1%. ▪ 11 lease agreements were signed in Q3 2026 for approximately 9,770 square meters. Investments Driving Strong Revenue Growth 11,186 12,548 9M 2025 Inflation Increase Above Inflation Change in Property Portfolio, Net 9M 2026 +12.2%
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11 622 568 685 399 62 70 146 279 Accounts Receivable: Strong Tenant Mix Mitigates Risk 2023 2024 2025 9M 2026 684 638 Receivables > 30 Days Overdue Receivables ≤ 30 Days Overdue High-Quality Tenant Base with Strong Oversight Accounts Receivable, Net at Period End Million ISK 3 15 35 Write-Offs Million ISK 832 678 102 ▪ Minimal change in accounts receivable. ▪ Impairment of accounts receivable ISK 150m. ▪ Write-offs of accounts receivable are explained by a few known bankruptcy cases.
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12 30.09.26 31.12.25 Investment Properties and Associates 250,340 234,621 Other Assets 996 1,036 Current Assets 5,005 4,748 Total Assets 256,341 240,405 Interest-Bearing Liabilities 146,741 134,468 Other Liabilities 27,878 26,455 Total Liabilities 174,619 160,922 Equity 81,721 79,483 Balance Sheet Million ISK Equity Ratio Development Since 2024 LTV Ratio Development Since 2024 Strong Balance Sheet 9M24 12M24 3M25 6M25 9M25 12M25 3M26 6M26 9M26 9M24 12M24 3M25 6M25 9M25 12M25 3M26 6M26 9M26 Net LTV Ratio 60.0% Net LTV Ratio Including Associates 58.5% 63.5% 62.5% 62.8% 61.6% 60.6% 60.3% 61.4% 61.6% 61.5% 31.0% 31.8% 31.9% 32.2% 32.4% 33.1% 32.3% 32.1% 31.9%
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13 13 Positive Value Adjustment of ISK 7.5bn in the First Nine Months of the Year ▪ Inflation the primary driver of valuation changes. ▪ WACC at the end of the quarter was 6.57% compared to 6.48% at year -end 2025. ▪ The increase in WACC resulted in a valuation decrease of ISK 200m in the third quarter.
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14 Investments and Property Sales ISK 1.2bn Sale Price ~10% Above Book Value ▪ The company has invested approximately ISK 8.1bn year - to-date. ▪ Agreements were recently finalised for the sale of two properties for approximately ISK 1.2bn, and the transactions are expected to close in the coming months. ISK 6.0bn Improvements ISK 2.1bn Investment Properties Purchased Investments Sale
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15 Key Investment Projects in Progress Four projects will deliver approximately ISK 1,800m in additional annualised revenue Dvergshöfði 4 Offices – 10,300 m² Investment ISK 7.5bn of which ISK 4.1bn already invested Annual Revenue ISK 700m of which ISK 400m contracted Revenue from: Spring 2027 Sóltún 2 Nursing Home – 3,500 m² Investment ISK 3.5bn of which ISK 1.2bn already invested Annual Revenue ISK 360m Revenue from: Autumn 2027 Eirhöfði 2 Nursing Home – 6,200 m² Investment ISK 6bn Annual Revenue ISK 435m Revenue from: 2028/2029 Tjarnarvellir 9 Health Centre – 4,200 m² Investment ISK 3.2bn Annual Revenue ISK 280m Revenue from: 2028 Under construction – ISK 1,060m annual revenue At contract stage – ISK 715m annual revenue
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16 ▪ No refinancing requirement through year -end 2026. ▪ Approximately 44% of the company’s total interest -bearing debt qualifies as green financing. ▪ Approximately 27% of interest -bearing loans are bank loans. ▪ The effective average interest rate on indexed loans was 3.48% at the end of the quarter, an increase of 4 bps since year -end. ▪ Refinancing of bank loans maturing in 2027 has been fully completed. No Refinancing Need in 2026 Final Maturities* 2026-2031 *Financing maturing in 2032-2050 is not included in the graph. Green Financing 44% of Interest-Bearing Debt Bonds Bank Loans 0bn 2bn 4bn 6bn 8bn 10bn 12bn 14bn 16bn 18bn 2026 2027 2028 2029 2030 2031
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Shareholders
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18 Omega fasteignir ehf. Túnsteinn ehf. Sigla ehf. Brimgarðar ehf. Kristinn ehf. FM eignir 1 ehf. FM eignir 2 ehf Lífeyrissjóður starfsmanna ríkisins Lífeyrissjóður verzlunarmanna Birta lífeyrissjóður Gildi - lífeyrissjóður Brú lífeyrissjóður Stapi lífeyrissjóður Almenni- Lífsverk lífeyrissjóður Frjálsi lífeyrissjóðurinn Söfnunarsjóður lífeyrisréttinda Other Shareholders Private Investors Foreign Pension Funds 20 Largest Shareholders of Heimar Distribution No. Name Shares % ∆* 1 Omega fasteignir ehf. 252,273,929 13.07% - 2 Lífeyrissjóður starfsmanna ríkisins 195,787,919 10.15% 3 Lífeyrissjóður verzlunarmanna 164,536,338 8.53% 4 Birta lífeyrissjóður 139,746,123 7.24% 5 Gildi - lífeyrissjóður 132,638,597 6.87% 6 Brú lífeyrissjóður 122,874,687 6.37% 7 Stapi lífeyrissjóður 79,917,998 4.14% 8 Túnsteinn ehf. 70,000,000 3.63% - 9 Vanguard 68,346,262 3.54% 10 Sigla ehf. 67,000,000 3.47% - 11 Almenni-Lífsverk lífeyrissjóður 61,498,644 3.19% 12 Brimgarðar ehf. 57,924,483 3.00% - 13 Frjálsi lífeyrissjóðurinn 54,921,867 2.85% 14 Íslandsbanki hf. 48,423,617 2.51% 15 Söfnunarsjóður lífeyrisréttinda 39,493,269 2.05% - 16 Stefnir hf. 28,082,519 1.46% 17 Kristinn ehf. 28,000,000 1.45% - 18 Arion banki hf. 27,617,447 1.43% 19 FM eignir 1 ehf. 25,771,241 1.34% - 20 FM eignir 2 ehf. 25,771,240 1.34% - 20 Largest 1,690,626,180 87.6% Shareholders as of close of business on 29.10.2026 * Change in number of shares since 21.08.2026 5.6%
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19 377 315 122 106 93 92 85 68 64 46 44 41 40 33 ISB ARION FESTI HAGA ALVO KVIKA REITIR AMRQ BRIM SVN BERA SJOVA ASAR HEIMAR 30 31 32 33 34 35 36 30.6.2026 31.7.2026 31.8.2026 30.9.2026 Heimar’s Shares Share Price Down 0.6% in the Third Quarter -0.6% 33.6 Heimar’s Share Price Development Closing Price in ISK – Q3 2026 Most Actively Traded Shares on Nasdaq Iceland Average Daily Turnover in ISK million – Q3 2026 Heimar had the 14th highest avg. daily turnover in Q3 2026
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Building Tomorrow Today
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APPENDIX Leasing
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23 23 11 Lease Agreements Signed in Q3 2026 Renewed Agreements ~8,950 m2 5 New Agreements ~820 m2 11 Total Agreements ~9,770 m2 6 Kea hótelrekstur ehf. Bindivír ehf. RippleDineOut ehf.Glófi ehf B.M. Vallá Sortie ehf.Múlakaffi ehf Hotels Offices Commercial
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24 Metta Sport Sunnusmári 2 654 Q4 Sjúkraþjálfun Akureyrar Sunnuhlíð 12 170 Q4 Indverska torgið ehf. Hafnartorg 14 Q4 Ríkiseignir Sunnuhlíð 12 154 Q4 IHCP ehf. Silfursmári 12 510 Q1 27 Newbie Smáralind 181 Q1 27 Sunnuhlíðar Apótek ehf. Sunnuhlíð 12 228 Q1 27 DineOut ehf. Silfursmári 12 459 Q1 27 Wise lausnir ehf. Dvergshöfði 4 3,267 Q2 27 Kópavogsbær Smáralind 900 Q2 27 Öldungur, expansion Sóltún 2 3,513 Q3 27 Rarik ohf. Dvergshöfði 4 2,450 Q3 27 Tenant Square MetersProperty Revenue Generating New Revenue Upcoming Deliveries 12,500 m2
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25 Customer Satisfaction at Its Highest Since Measurements Began Customer Service Survey 2026 Overall Satisfaction – Development Since 2019 Customer satisfaction has increased four years in a row 2019 2020 2021 2022 2023 2024 2025 2026 Change Since 2022 +38 point increase in NPS Positive for the first time 71% satisfied customers Up from 53% in 2022 +14% increase in satisfaction Highest score on record
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APPENDIX Portfolio Development
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27 ▪ The Sóltún nursing home will expand from 92 to 159 care rooms. ▪ A floor has been added to the existing building and two of the four wings extended, totaling approx. 3,500 m 2. ▪ Construction is on track; the extension is enclosed and interior finishing is underway. Handover to the tenant is scheduled for autumn 2027. Nursing Home Expansion Sóltún 2 Estimated Investment ISK 3.5bn Of which ISK 1.2bn already invested. New Annualised Revenue ISK 360m Fully contracted
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28 ▪ Dvergshöfði 4 will be an approximately 10,300 m 2 high-quality office building across seven floors, plus a parking basement, totaling approximately 14,000 m 2. ▪ The building has been erected and enclosed, and interior finishing has begun. ▪ Lease agreements have already been signed for approximately 60% of the property, and the first tenants will begin operations in the building in the first half of 2027. New Office Building Dvergshöfði 4 Estimated Investment ISK 7.5bn Of which ISK 4.1bn already invested Annual Revenue at Full Occupancy ISK 700m Of which ISK 400m contracted
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29 ▪ FSRE has accepted Heimar’s offer of leased premises for the Hafnarfjörður Health Centre in a new building at Tjarnarvellir 9. ▪ The health centre is planned at approx. 1,900 m2, with approx. 1,200 m 2 of retail and service space on the ground floor and just over 1,100 m2 of office space on the 3rd floor. ▪ Delivery of the leased premises is expected in summer 2028. Planned Health Centre Development Tjarnarvellir 9 Estimated Investment ISK 3.2bn Annual Revenue at Full Occupancy ISK 280m
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30 ▪ FSRE has notified Heimar that the company’s offer for the development and leasing of a nursing home at Eirhöfði 2 has been selected in a market survey for nursing homes in the capital region. ▪ Heimar’s offer involves the development of an approximately 6,200 m 2 nursing home with approximately 95 care rooms. ▪ A final agreement is subject to the parties reaching agreement on the terms of the lease. Planned Agreement with FSRE Nursing Home at Borgarhöfði Estimated Investment ISK 6bn Annual Revenue ISK 435m
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31 ▪ Heimar is working on an amendment to the local zoning plan for the Ofanleiti 2 site in cooperation with the City of Reykjavík. ▪ Heimar’s proposal provides for perimeter block development with 170 –200 apartments and commercial space on the ground floors. The existing office building will remain unchanged. ▪ Heimar aims to develop the site in line with wider developments in the area, ensuring cohesive and coordinated growth. ▪ The focus will be on well -designed apartments with good daylight and acoustics, and on giving the new buildings their own distinctive architectural character. Ofanleiti Portfolio Development Opportunities
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32 ▪ The Egilshöll area is one of Heimar’s most exciting development sites. The site covers almost 10 hectares and its current plot ratio is only around 0.3. ▪ Work is underway with international advisors on development options and a review of the site’s utilisation. ▪ Heimar’s goal is to develop the Egilshöll area into a high -quality urban hub – a place where people want to live, play and work. ▪ Heimar envisions a mixed -use development where sports, health and physical activity are woven into daily life, services and public spaces. Egilshöll Portfolio Development Opportunities
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33 ▪ Arion Bank has entered into exclusive negotiations with Íslensk verðbréf, on behalf of a fund to be established, on the sale of all share capital in Landey í Blikastaðalandi ehf., which owns and develops Blikastaðaland in Mosfellsbær. ▪ Over 3,600 residential units, along with commercial premises, are planned for the area. ▪ Klasi is the intended developer of the project and is expected to be the cornerstone investor in the fund. ▪ Heimar owns a one -third stake in Klasi, as well as a purchase option on all commercial premises built by Klasi that fit Heimar’s core operations. ▪ A purchase agreement is targeted before year -end, with completion of the transaction in the first quarter of 2027. Klasi to Develop Blikastaðaland Klasi Intended Developer and Cornerstone Investor
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34 Heimar‘s Core Areas 96% 95% Properties acquired from 2018 88,000 m2 | 19 properties Sold Properties 44,000 m2 | 44 properties Properties acquired in 2026 Properties in Core Areas Acquired/Built Before 2018 Acquired Properties Within Core Areas 96% Sold Properties Outside Core Areas 95% 61,000 m2 33,000 m2 80,000 m2 12,000 m2 21,000 m2 56,000 m2
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35 Heimar’s Largest Properties are in the Heart of Core Areas Key Properties in the Capital Area Smáralind Iceland’s largest shopping center – 62,100 m2 Egilshöll Sport and entertainment – 33,057 m2 Hafnartorg Retail and services – 11,354 m2 Höfðatorg Offices – 37,867 m2 Gróska Offices, retail and services – 24,800 m2 Total 169,000 m2
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36 Other Significant Assets High-Quality Properties in Prime Locations Mjölnisholt 12-14 Hotels and tourism – 6,742 m2 Litlatún 3 Retail and services – 5,261 m2 Austurstræti 16 Hotels and tourism – 2,773 m2 Áslandsskóli Education and sports – 6,162 m2 Tryggvagata 14 Hotels and tourism – 5,004 m2 Suðurhraun 3 Offices – 5,963 m2 Total 32,000 m2
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37 Diverse Properties for Public Entities Number of Properties in Core Areas Leased and Operated for Public Entities Primary School: ▪ Áslandsskóli in Hafnarfjörður Preschools: ▪ Tjarnarás, Hafnarfjörður ▪ Hörðuvellir, Hafnarfjörður ▪ Sjáland, Garðabær ▪ Múlaborg, Reykjavík Egilshöll in Reykjavík: ▪ Football Hall ▪ Gymnastics Center ▪ Multipurpose Sports Hall ▪ Ice Rink ▪ Shooting Range ▪ Track and Field Facilities ▪ In addition to leasing the Egilshöll facility, Heimar manages all operations and staffing. A number of institutions rent offices from Heimar for their operations: ▪ Reykjavíkurborg ▪ Akureyrarbær ▪ Landsvirkjun ▪ Vegagerðin ▪ Sýslumaðurinn á höfuðborgarsvæðinu ▪ Tryggingastofnun ▪ RARIK ▪ The National Museum – Conservation and Research Center, Tjarnarvellir 11 ▪ Guesthouse for Refugees and Asylum Seekers ▪ Icelandic Museum of Design and Applied Art, Garðabær ▪ Sóltún Nursing Home Schools Sport Facilities Offices Other
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APPENDIX Sustainability
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39 Responsible Operations and Targeted Certification New Risk Dashboard Implemented to manage portfolio risk ▪ Integrated overview of risk assessments and audits of certified properties ▪ Climate and flood risk, safety assessments and energy audits ▪ Improved oversight and more targeted prioritisation of projects Certification of Key Properties Focus on certifying larger properties operated by the company Dvergshöfði 4 Initial Certification Katrínartún 2 Recertification Commenced Borgartún 8-16 Recertification Commenced Gróska Recertification Commenced
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40 Recognition for Sound Operations Among Iceland’s Leading Companies Year After Year Strongest in Iceland 2026 Excellent in Iceland 2026
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41 Silfursmári 12 Receives the Green Shovel Award 2026 Awarded by Green Building Council Iceland in the new construction category for high-quality design and an emphasis on sustainability and environmental quality. The building was designed by Batteríið Architects, with a strong focus on quality and functionality, daylight, air quality and acoustics.
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42 42 Disclaimers This presentation is based on information from Heimar hf. (hereafter “Heimar”), the company’s management’s plans and assessme nts, 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 decision-making by its recipients. Heimar therefore cannot guarantee that the information in this presentation is accurate and/or that any conclusions drawn fro m such information are fully accurate. Under no circumstances can Heimar be held liable for any damage arising from the information presented herein or for any dama ge that may be directly or indirectly attributed to its use. Any statements referring to projected future performance, intentions, or scenarios describe future outlooks and are subject to various uncertainties and risk factors. Thus, the performance, future developments, and actual outcomes regarding matters presented here may differ from those described, such as if risk factors materialize. Heimar cannot, in any way, be held responsible for any plans, projections, or forecasts coming to fruition. For this reason, recipients are encouraged to take all future projections and intentions in this presentation with caution, and they should not be considered promises of f uture operational success. Heimar holds the copyright to this presentation and the presentation of information contained herein. Heimar is not obligated to update the presentation, provide further information, or correct any errors that may become apparent, even if the information underlying the presentation changes. Please note that in case of discrepancy in the English and the Icelandic versions, the Icelandic version shall prevail.