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Condensed Consolidated Interim Financial Statements 30 June 2025
2
Contents
Page
Endorsement and Statement by the Board of Directors and the CEO …….………………………………….……
3
Consolidated Statement of Comprehensive Income ………….…………….…………………………………..……
4
Consolidated Statement of Financial Position ………….…………………………………………….………….……
5
Consolidated Statement of Changes in Equity …………………………………………………………….…….……
6
Consolidated Statement of Cash Flows ……………………………………………………………………….….……
7
Notes to the Condensed Consolidated Interim Financial Statements ………………………………………………
8
1. Reporting entity ……………………………………………………………………………………………………
8
2. Basis of preparation ………………………………………………………………………………….……………
8
3. Use of estimates and judgements ……………………………………………………….………………………
8
4. New and revied IFRS's ……………………………………………………………………………………………
8
5. Operating segments ……………………………………………………………………….………………………
9
6. Operating income ………………………………………………………………………….………………………
11
7. Margin from sale of goods and services …………………………………………………….….….……………
11
8. Salaries and other personnel expenses …………………………………………………………………………
12
9. Other operating expenses ………………………………………………………………………………...………
12
10. Finance income and finance costs ……………………………………………………………………….………
12
11. Operating assets ……………………………………………………………………………………………...……
13
12. Share options ……………………………………………………………………………………………...……
13
13. Loans from credit institutions …………………………………………………………………...…………………
14
14. Lease liabilities …………………………………………………………………………………….…………………
15
15. Group entities …………………………………………………………………………………….…………………
16
16. Other matters …………………………………………………………………………………….…………………
17
17. Financial ratios ……………………………………………………………………………………………...………
17
Condensed Consolidated Interim Financial Statements 30 June 2025
3
Endorsement and Statement by the
Board of Directors and the CEO
Operations of the Group
The Condensed Consolidated Interim Financial Statements of Festi hf. for the period from 1 January to 30 June 2025
have been prepared in accordance with International Accounting Standard IAS 34, Interim Financial Reporting, and should
be read in conjunction with the Group's Annual Consolidated Financial Statements as at and for the year ended 31
December 2024. The interim financial statements comprise the Consolidated Interim Financial Statements of Festi hf. (the
"Company") and its subsidiaries together referred to as the "Group". The Condensed Consolidated Interim Financial
Statements have not been audited or reviewed by the Company's independent auditors.
Operations in the six-month period ended 30 June 2025
For the period from 1 January to 30 June 2025, profit amounted to ISK 1,699 million (2024 6M: 1,155 million). Total
comprehensive income for the period was ISK 1,771 million (2024 6M: 1,144 million). At the end of the period equity
amounted to ISK 44,123 million, including share capital in the amount of ISK 312 million. Based on the Company's 2025
Annual General Meeting resolution in March, a dividend of ISK 1,401 million was approved and paid to the shareholders
in April. Reference is made to the Consolidated Statement of Changes in Equity regarding information on changes in
equity.
The operations in the second quarter were good and better than management expectations. There was considerable
increase in number of visits to our stores compared to last year. All business segments increased both sales and margin
contribution levels from same quarter last year. Sale of goods and services in total increased by 20.9% from same quarter
last year but 7.3% without Lyfja. Margin from sales increased by 28.1% but 10.5% without Lyfja. Margin contribution level
increased by 1.5 percentage points but 0.7 without Lyfja. Considering strong results for the quarter and good outlook for
the remainder of the year, EBITDA forecast for 2025 is increased by ISK 800 million to ISK 15,200 – 15,600 million.
Statement by the Board of Directors and the CEO
The Company's Condensed Consolidated Interim Financial Statements have been prepared in accordance with
International Financial Reporting Standard IAS 34 Interim Financial Reporting as adopted by the European Union and, as
applicable, additional requirements of the Icelandic Financial Statements Act.
According to the best of our knowledge, in our opinion the Condensed Consolidated Interim Financial Statements give a
true and fair view of the financial performance of the Group for the six-month period ended 30 June 2025, its assets,
liabilities and financial position as of 30 June 2025, and change in cash and cash equivalents for the period then ended.
Furthermore, in our opinion the Condensed Consolidated Interim Financial Statements and the Endorsement and
Statement by the Board of Directors and the CEO give a true and fair view of the development and results of the Group´s
operations and its position and describes the principal risk and uncertainties faced by the Group.
The Board of Directors and the CEO have today discussed the Company's Condensed Consolidated Interim Financial
Statements of Festi hf. for the period from 1 January to 30 June 2025 and confirm them by means of their signatures.
Kópavogur, 29 July 2025.
Board of Directors
Hjörleifur Pálsson, Chairman
Guðjón Karl Reynisson, Vice-Chairman
Edda Blumenstein
Guðjón Auðunsson
Sigurlína Ingvarsdóttir
CEO
Ásta Sigríður Fjeldsted
Condensed Consolidated Interim Financial Statements 30 June 2025
4
Amounts are in thousands of ISK
Consolidated Statement of Comprehensive Income
for the period from 1 January to 30 June 2025
The notes on pages 8 to 17 are an integral part of these condensed financial statements.
Notes
2025
2024
2025
2024
1.4.-30.6.
1.4.-30.6.
1.1.-30.6.
1.1.-30.6.
6
43.579.093
36.037.111
81.364.948
68.260.184
32.571.112)
(
27.444.240)
(
61.144.908)
(
52.634.489)
(
7
11.007.981
8.592.871
20.220.040
15.625.695
6
569.216
526.692
1.118.138
1.034.719
8
5.584.970)
(
4.410.429)
(
10.889.664)
(
8.357.291)
(
9
2.054.546)
(
1.793.678)
(
4.021.587)
(
3.489.858)
(
7.070.300)
(
5.677.415)
(
13.793.113)
(
10.812.430)
(
Operating profit before depreciation, amortisation
3.937.681
2.915.456
6.426.927
4.813.265
Depreciation of property and equipment and leased
1.550.326)
(
1.125.152)
(
2.989.134)
(
2.162.791)
(
82.167
142.112
131.401
255.937
2.469.522
1.932.416
3.569.194
2.906.411
10
87.107
74.042
208.594
158.500
10
1.014.406)
(
962.461)
(
1.974.431)
(
1.902.357)
(
10
6.637
8.502)
(
12.378)
(
16.183
186.698
133.548
273.449
220.700
733.964)
(
763.373)
(
1.504.766)
(
1.506.974)
(
1.735.558
1.169.043
2.064.428
1.399.437
316.192)
(
216.229)
(
365.890)
(
244.867)
(
1.419.366
952.814
1.698.538
1.154.570
Other comprehensive income
Translation difference arising from operations
4.995)
(
5.555)
(
14.247)
(
9.037)
(
Effective portion of changes in fair value
62.302
5.105)
(
86.521
1.786)
(
57.307
10.660)
(
72.274
10.823)
(
1.476.673
942.154
1.770.812
1.143.747
4,55
3,16
5,45
3,83
4,51
3,16
5,39
3,83
of cash flow hedges, net of income tax .................
Total other comprehensive income (loss) ..........................................................................
Items that are or may be reclassified subsequently to profit or loss:
Sale of goods and services ....................................
Cost of goods sold .................................................
Other operating income .........................................
Margin from sale of goods and services ................................................................................................................
of a foreign associate ............................................
Finance costs ........................................................
Share of profit of associates ..................................
Income tax ...............................................................
and changes in fair value (EBITDA) ...........................................................................................
Operating profit before finance items (EBIT) ...........................................................................................
Foreign currency differences .................................
Salaries and other personnel expenses ................
Other operating expenses .....................................
assets and amortisation of intangible assets ........
Total comprehensive income for the period ..............................................................................................
Basic earnings per share in ISK ..............................
Profit for the period ..........................................................................................................
Profit before income tax (EBT) ..........................................................................
Changes in value of investment property ................
Finance income .....................................................
Diluted earnings per share in ISK ...........................
Condensed Consolidated Interim Financial Statements 30 June 2025
5
Amounts are in thousands of ISK
Consolidated Statement of
Financial Position as at 30 June 2025
The notes on pages 8 to 17 are an integral part of these condensed financial statements.
Notes
30.6.2025
31.12.2024
Assets
18.367.104
18.367.104
8.011.289
8.196.611
11
42.090.124
41.217.494
11.214.362
10.535.014
7.291.897
7.012.240
2.673.406
2.914.790
14.140
14.140
39.964
35.336
Non-current assets
89.702.286
88.292.729
14.315.981
14.117.878
6.472.430
7.167.970
1.350.323
1.180.705
5.142.272
4.075.358
Current assets
27.281.006
26.541.911
Total assets
116.983.292
114.834.640
Equity
12
312.303
311.254
9.999.013
9.803.982
16.566.504
18.258.010
17.245.102
15.119.951
Equity
44.122.922
43.493.197
Liabilities
13
28.595.085
29.339.934
14
10.664.780
10.001.415
8.167.859
7.763.839
Non-current liabilities
47.427.724
47.105.188
13
2.307.230
3.227.122
14
1.462.647
1.387.796
12.575.714
11.787.327
9.087.055
7.834.010
Current liabilities
25.432.646
24.236.255
Total liabilities
72.860.370
71.341.443
Total equity and liabilities
116.983.292
114.834.640
Goodwill .........................................................................................................
Other intangible assets ..................................................................................
Share premium ..............................................................................................
Property and equipment ................................................................................
Leased assets ...............................................................................................
Investment property ........................................................................................
Shares in associates .....................................................................................
Shares in other companies ............................................................................
Long-term receivables ...................................................................................
Inventories .....................................................................................................
Trade receivables ..........................................................................................
Other short-term receivables .........................................................................
Cash and cash equivalents ...........................................................................
Share capital ..................................................................................................
Loans from credit institutions .........................................................................
Lease liabilities ..............................................................................................
Trade payables ..............................................................................................
Other short-term liabilities ..............................................................................
Other restricted equity ...................................................................................
Retained earnings .........................................................................................
Loans from credit institutions .........................................................................
Lease liabilities ..............................................................................................
Deferred tax liability .......................................................................................
Condensed Consolidated Interim Financial Statements 30 June 2025
6
Amounts are in thousands of ISK
Consolidated Statement of Changes in Equity
for the period from 1 January to 30 June 2025
The notes on pages 8 to 17 are an integral part of these condensed financial statements.
Unrealised
profit of
Other
Share
Share
Statutory
Revaluation
subsidiaries
restricted
Retained
Total
capital
premium
reserve
reserve
and associates
accounts
earnings
equity
1 January to 30 June 2024
Equity 1.1.2024 .....................................................................................
301.254
7.773.982
75.314
4.565.998
8.322.414
25.517)
(
14.828.910
35.842.355
Profit for the period ...............................................................................
1.154.570
1.154.570
Total other comprehensive income ......................................................
10.823)
(
10.823)
(
Restricted due to subsidiaries and associates ....................................
1.038.209)
(
1.038.209
0
Dissolution of revaluation of an associate ...........................................
7.355)
(
7.355
0
Dissolution of revaluation of property and equipment ..........................
62.374)
(
62.374
0
301.254
7.773.982
75.314
4.496.269
7.284.205
36.340)
(
17.091.418
36.986.102
Transactions with shareholders:
Share options .......................................................................................
22.827
22.827
Dividend paid to shareholders (ISK 3 per share) ..................................
903.761)
(
903.761)
(
Equity 30.6.2024 ...................................................................................
301.254
7.773.982
75.314
4.496.269
7.284.205
36.340)
(
16.210.484
36.105.168
Total other restricted equity .................................................................
11.819.448
1 January to 30 June 2025
Equity 1.1.2025 .....................................................................................
311.254
9.803.982
77.814
6.834.403
11.405.001
59.208)
(
15.119.951
43.493.197
Profit for the period ...............................................................................
1.698.538
1.698.538
Total other comprehensive income ......................................................
72.274
72.274
Restricted due to subsidiaries and associates ....................................
1.645.677)
(
1.645.677
0
Dissolution of revaluation of an associate ...........................................
32.905)
(
32.905
0
Dissolution of revaluation of property and equipment ..........................
85.460)
(
85.460
0
311.254
9.803.982
77.814
6.716.038
9.759.324
13.066
18.582.531
45.264.009
Transactions with shareholders:
Share options .......................................................................................
63.475
63.475
Share options exercised .......................................................................
1.049
195.031
196.080
Transferred to statutory reserve ...........................................................
262
262)
(
0
Dividend paid to shareholders (ISK 4.50 per share) .............................
1.400.642)
(
1.400.642)
(
Equity 30.6.2025 ...................................................................................
312.303
9.999.013
78.076
6.716.038
9.759.324
13.066
17.245.102
44.122.922
Total other restricted equity ..................................................................
16.566.504
Other restricted equity
Condensed Consolidated Interim Financial Statements 30 June 2025
7
Amounts are in thousands of ISK
Consolidated Statement of Cash Flows
for the period from 1 January to 30 June 2025
The notes on pages 8 to 17 are an integral part of these condensed financial statements.
Notes
2025
2024
2025
2024
1.4.-30.6.
1.4.-30.6.
1.1.-30.6.
1.1.-30.6.
Cash flows from operating activities
Operating profit before depreciation, amortisation and changes
3.937.681
2.915.456
6.426.927
4.813.265
Operating items not affecting cash flows:
10.622)
(
1.785)
(
17.287)
(
3.362)
(
3.927.059
2.913.671
6.409.640
4.809.903
Changes in operating assets and liabilities:
1.046.459
1.140.764
198.103)
(
298.736
1.006.436)
(
422.984
600.294
338.093)
(
2.075.112
639.604)
(
2.631.181
411.687
2.115.135
924.144
3.033.372
372.330
24.669
36.206
57.635
76.005
688.829)
(
756.418)
(
1.542.470)
(
1.548.514)
(
173.119)
(
54.615)
(
346.238)
(
109.230)
(
5.204.915
3.062.988
7.611.939
3.600.494
Cash flows used in investing activities
273.700)
(
220.274)
(
467.870)
(
396.492)
(
11
1.787.446)
(
701.569)
(
2.457.103)
(
1.200.797)
(
20.819
27.871
47.922
35.211
111.254)
(
34.043)
(
148.255)
(
99.342)
(
385.998
298.238
500.586
298.238
0
100.408
4.917)
(
99.485
1.765.583)
(
529.369)
(
2.529.637)
(
1.263.697)
(
Cash flows used in financing activities
1.400.642)
(
903.761)
(
1.400.642)
(
903.761)
(
196.080
0
196.080
0
0
4.491
0
4.491
1.784.132)
(
918.164)
(
2.107.034)
(
919.335)
(
364.016)
(
241.583)
(
723.317)
(
465.203)
(
3.352.710)
(
2.059.017)
(
4.034.913)
(
2.283.808)
(
86.622
474.602
1.047.389
52.989
Foreign currency difference on cash and cash equivalents .................................................................................................................
27.079
40.759)
(
19.525
20.205)
(
5.028.571
2.961.153
4.075.358
3.362.212
5.142.272
3.394.996
5.142.272
3.394.996
Investing and financing activities not affecting cash flows
1.071.327)
(
490.870)
(
1.461.533)
(
1.009.343)
(
1.071.327
490.870
1.461.533
1.009.343
New lease contracts and their remeasurement ..............................
New lease liabilities and their remeasurement ................................
Interest received .............................................................................
Interest paid ....................................................................................
New long-term loans from credit institutions ....................................
Dividend paid ...................................................................................
Share options exercised ..................................................................
Net cash used in investing activities
Sold property and equipment .........................................................
Purchase of investment properties .................................................
Cash and cash equivalents at the beginning of the period .................................................................................................................
Cash and cash equivalents at the end of the period .................................................................................................................
Increase in cash and cash equivalents .................................................................................................................
Repayment of long-term loans from credit institutions ...................
Net cash used in financing activities
Long-term receivables, change ......................................................
Changes in operating assets and liabilities
Gain on sale of property and equipment ......................................
in fair value (EBITDA) ..................................................................
Trade and short-term receivables, (increase) decrease ..............
Inventories, decrease (increase) .................................................
Trade and other short-term liabilities, increase (decrease) .........
Dividend received ...........................................................................
Repayment of lease liabilities .........................................................
Income tax paid ..............................................................................
Net cash from operating activities
Purchased intangible assets ..........................................................
Purchased property and equipment ...............................................
Condensed Consolidated Interim Financial Statements 30 June 2025
8
Amounts are in thousands of ISK
Notes to the Condensed Consolidated
Interim Financial Statements
1.
Reporting entity
Festi hf. (the "Company" or “the Group”) is an Icelandic public limited liability company incorporated and domiciled in
Iceland. The Company's headquarters are located at Dalvegur 10-14, Kópavogur, Iceland. The main business activities
of the Company and its subsidiaries (together referred to as the "Group") consists of sale of fuel, goods and services in
service stations, groceries and related products, sale of medicines, sale of electronic equipment and leasing of properties.
These Condensed Consolidated Interim Financial Statements of the Company as at and for the six months ended 30
June 2025 comprise of the Company and its subsidiaries. The Company is listed on Nasdaq Iceland.
2.
Basis of preparation
The Condensed Consolidated Interim Financial Statements for the six months ended 30 June 2025 have been prepared
in accordance with International Accounting Standard IAS 34, Interim Financial Reporting, as adopted by the European
Union and, as applicable, additional requirements of the Icelandic Financial Statements Act. The Condensed Consolidated
Interim Financial Statements have been prepared under the historical cost convention, except for financial assets and
liabilities, which are valued at fair value through Other Comprehensive Income and the Company's real estate leased to
third parties are revalued to fair value. They do not include all the information required for a complete set of IFRS financial
statements. However, selected explanatory notes are included to explain events and transactions that are significant to
an understanding of the changes in the Group's financial position and performance since the last annual Consolidated
Financial Statements as at and for the year ended 31 December 2024.
The accounting policies and methods of computation applied in these Condensed Consolidated Interim Financial
Statements are the same as those applied by the Group in its Consolidated Financial Statements as at and for the year
ended 31 December 2024.
The Condensed Consolidated Interim Financial Statements are prepared and presented in Icelandic krona (ISK), which
is the Company's functional currency. All amounts are presented in thousands of Icelandic krona unless otherwise stated.
The Board of Directors of Festi hf. approved the Condensed Consolidated Interim Financial Statements on 29 July 2025.
3.
Use of estimates and judgements
The preparation of the Condensed Consolidated Interim Financial Statements in conformity with IFRSs requires
management to make judgements, estimates and assumptions, which affect the application of accounting policies and
the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
The significant judgements made by management in applying the Group's accounting policies and the key sources of
estimation uncertainty were in all major matters the same as those applied to the Consolidated Financial Statements as
at and for the year ended 31 December 2024.
4.
New and revied IFRS's
The accounting policies and methods of computation applied in these Condensed Consolidated Interim Financial
Statements are the same as those applied by the Group in its Consolidated Financial Statements as at and for the year
ended 31 December 2024. A few new standards are effective for annual periods beginning after 1 January 2025 and
earlier application is permitted; however, the Group has not early adopted the new or amended standards in preparing
these Condensed Consolidated Interim Financial Statements as they are not considered to have significant impact on the
Condensed Consolidated Interim Financial Statements.
Condensed Consolidated Interim Financial Statements 30 June 2025
9
Amounts are in thousands of ISK
Notes, continued:
5.
Operating segments
An operating segment is a component of the Group that engages in business activity from which it may earn revenue and
incur expenses, including revenue and expenses relating to transactions with other segments of the Group. Segments
are determined by the Company´s management, which regularly reviews the Group´s segments to decide upon how
assets are allocated as well as to monitor their financial performance.
Operating results of segments, their assets and liabilities consist of items directly attributable to individual segments as
well as those items which can be allocated to them in a logical way. Capital expenditure of segments consists of the total
cost of acquisition of operating and intangible assets. Transactions between segments are priced on an arm's length
basis.
The operating companies of ELKO, Krónan, Lyfja, N1 and Yrkir eignir are individual operating segments. The Group´s
other entities comprise the sixth segment. That segment consists of the operations of the Parent Company Festi and
Bakkinn Vöruhótel. The operations of Lyfja were included in the Group from July 2024.
Reportable segments for the six months ended 30 June 2025
Reportable segments for the six months ended 30 June 2024
Other
Segments
ELKO
Krónan
Lyfja
N1
Yrkir eignir
companies
total
External revenue ......................................................
9.307.713
37.300.552
9.507.993
25.880.001
307.010
179.817
82.483.086
Intra-group revenue .................................................
8.822
871.254
188.271
150.500
1.907.999
3.018.602
6.145.448
Total segment revenue ............................................
9.316.535
38.171.806
9.696.264
26.030.501
2.215.009
3.198.419
88.628.534
Operating profit before depreciation, amorti-
sation and changes in value (EBITDA) ..............
681.058
2.777.668
734.444
2.425.248
1.745.052
865.620
9.229.090
Segment depreciation and amortisation ..................
353.029)
(
1.215.031)
(
538.271)
(
1.558.109)
(
1.045.539)
(
443.679)
(
5.153.658)
(
Changes in value of investment property ................
0
0
0
0
131.401
0
131.401
Operating profit of segments (EBIT) ........................
328.029
1.562.637
196.173
867.139
830.914
421.941
4.206.833
Net finance costs .....................................................
68.916)
(
134.944)
(
76.011)
(
328.237)
(
813.796)
(
988.279)
(
2.410.183)
(
Share of profit of associates ...................................
0
0
0
0
0
273.449
273.449
Income tax ...............................................................
51.823)
(
285.539)
(
24.061)
(
112.955)
(
3.424)
(
110.778
367.024)
(
Profit (loss) for the period ........................................
207.290
1.142.154
96.101
425.947
13.694
182.111)
(
1.703.075
30 June 2025
Segment assets .......................................................
6.734.369
24.426.702
10.712.601
27.316.337
32.642.340
82.698.765
184.531.114
Segment capital expenditure ...................................
170.257
848.581
142.307
606.552
973.137
332.395
3.073.229
Segment liabilities ....................................................
4.951.004
19.384.018
5.127.247
17.121.952
24.621.818
36.977.613
108.183.652
Other
Segments
ELKO
Krónan
Lyfja
N1
Yrkir eignir
companies
total
External revenue ......................................................
8.593.700
34.364.449
-
25.795.599
261.253
279.902
69.294.903
Intra-group revenue .................................................
8.515
799.584
-
227.970
1.854.756
2.651.794
5.542.619
Total segment revenue ............................................
8.602.215
35.164.033
-
26.023.569
2.116.009
2.931.696
74.837.522
Operating profit before depreciation, amorti-
sation and changes in value (EBITDA) ..............
639.866
2.612.516
-
1.599.328
1.661.290
995.067
7.508.067
Segment depreciation and amortisation ..................
300.709)
(
1.172.260)
(
-
1.387.048)
(
966.059)
(
412.986)
(
4.239.062)
(
Changes in value of investment property ................
0
0
-
0
255.937
0
255.937
Operating profit of segments (EBIT) ........................
339.157
1.440.256
-
212.280
951.168
582.081
3.524.942
Net finance costs .....................................................
34.499)
(
153.907)
(
-
410.305)
(
876.935)
(
982.458)
(
2.458.104)
(
Share of profit of associates ...................................
0
0
-
0
0
220.700
220.700
Income tax ...............................................................
64.298)
(
270.833)
(
-
41.799
15.589)
(
86.434
222.487)
(
Profit (loss) for the period ........................................
240.360
1.015.516
-
156.226)
(
58.644
93.243)
(
1.065.051
30 June 2024
Segment assets .......................................................
5.866.160
22.761.456
-
26.734.138
31.971.521
68.231.679
155.564.954
Segment capital expenditure ...................................
165.194
451.510
-
806.566
154.110
154.442
1.731.822
Segment liabilities ....................................................
4.253.440
18.114.430
-
17.445.219
24.478.449
29.989.757
94.281.295
Condensed Consolidated Interim Financial Statements 30 June 2025
10
Amounts are in thousands of ISK
Notes, continued:
5.
Operating segments, continued:
Reconciliations of reportable segment revenues, profit or loss, assets and liabilities, and other material items in the
Consolidated Statement of Comprehensive Income.
According to
1.1.-30.6.2025
Segments
financial
total
Eliminations
statements
9.229.090
2.802.163)
(
6.426.927
5.153.658)
(
2.164.524
2.989.134)
(
131.401
131.401
4.206.833
637.639)
(
3.569.194
2.410.183)
(
631.968
1.778.215)
(
273.449
273.449
367.024)
(
1.134
365.890)
(
1.703.075
4.537)
(
1.698.538
30 June 2025
184.531.114
67.547.822)
(
116.983.292
3.073.229
3.073.229
108.183.652
35.323.282)
(
72.860.370
1.1.-30.6.2024
7.508.067
2.694.802)
(
4.813.265
4.239.062)
(
2.076.271
2.162.791)
(
255.937
255.937
3.524.942
618.531)
(
2.906.411
2.458.104)
(
730.430
1.727.674)
(
220.700
220.700
222.487)
(
22.380)
(
244.867)
(
1.065.051
89.519
1.154.570
30 June 2024
155.564.954
58.635.989)
(
96.928.965
1.731.822
35.191)
(
1.696.631
94.281.295
33.457.498)
(
60.823.797
Segment assets ......................................................................................
Segment capital expenditure ..................................................................
Segment liabilities ...................................................................................
Changes in fair value of investment property ..........................................
Operating profit (EBIT) ............................................................................
Net finance costs ....................................................................................
Share of profit of associates ..................................................................
Income tax ..............................................................................................
Profit for the period .................................................................................
and amortisation of intangible assets ...............................................
Operating profit (EBIT) ............................................................................
Net finance costs ....................................................................................
Share of profit of associates ..................................................................
Income tax ..............................................................................................
Profit for the period .................................................................................
Segment assets ......................................................................................
Segment capital expenditure ..................................................................
Segment liabilities ...................................................................................
Operating profit before depreciation, amortisation and
changes in fair value (EBITDA) .........................................................
Depreciation of property and equipment and leased assets
Changes in fair value of investment property ..........................................
Operating profit before depreciation, amortisation and
changes in fair value (EBITDA) .........................................................
Depreciation of property and equipment and leased assets
and amortisation of intangible assets ...............................................
Condensed Consolidated Interim Financial Statements 30 June 2025
11
Amounts are in thousands of ISK
Notes, continued:
6.
Operating income
Sale of goods and services
Sale of goods and services are recognised based on the fundamental principle of recognising revenue as or when control
of goods and services are transferred to the customer.
Income from lease of real estate
Properties leased to parties outside the Group are recognised as investment properties. Investment properties are
properties held to earn rentals or for capital appreciation or both. Investment properties are recognised at fair value. Fair
value changes of investment properties are presented separately in profit or loss and therefore presented separately from
lease income from those same assets.
Other operating revenue
Revenue from warehouse services, commissions, gain on sale of property and equipment, market grants and other
income are presented in other operating income.
7.
Margin from sale of goods and services
Cost of goods sold consists of the purchase price as well as related transportation cost, excise tax, duties and distribution
costs. Any decrease in the cost of inventories to net realisable value is expensed as part of cost of goods sold.
Gross profit from sale of goods and services is specified as follows:
Operating income is specified as follows:
2025
2024
2025
2024
1.4.-30.6.
1.4.-30.6.
1.1.-30.6.
1.1.-30.6.
Sale of goods and services:
22.015.034
19.199.497
41.644.166
37.173.488
10.156.609
10.003.001
18.345.519
18.455.580
4.888.794
4.461.523
9.197.824
8.495.190
3.587.172
0
7.060.208
0
2.931.484
2.373.090
5.117.231
4.135.926
43.579.093
36.037.111
81.364.948
68.260.184
Other operating income:
212.960
175.411
416.682
359.030
72.314
106.536
165.440
211.371
130.434
122.761
259.862
234.675
10.622
1.785
17.287
3.362
142.886
120.199
258.867
226.281
569.216
526.692
1.118.138
1.034.719
44.148.309
36.563.803
82.483.086
69.294.903
Total operating revenue ..........................................
Lease income from properties ................................
Warehouse services ...............................................
Commissions ..........................................................
Gain on sale of property and equipment ................
Other operating income ..........................................
Total other operating income ..................................
Convenience goods ................................................
Fuel and electricity ..................................................
Electronic equipment ..............................................
Other goods and services .......................................
Total sale of goods and services ............................
Prescription and over-the-counter medicine ...........
2025
2024
2025
2024
1.4.-30.6.
1.4.-30.6.
1.1.-30.6.
1.1.-30.6.
5.200.814
4.506.189
9.782.459
8.489.049
2.277.160
1.885.599
4.107.347
3.293.779
1.281.689
1.152.531
2.389.914
2.184.062
954.639
0
1.887.206
0
1.293.679
1.048.552
2.053.114
1.658.805
11.007.981
8.592.871
20.220.040
15.625.695
Other goods and services ...........................................
Margin from sale of goods and services ....................
Convenience goods ....................................................
Fuel and electricity ......................................................
Electronic equipment ..................................................
Prescription and over-the-counter medicine ...............
Condensed Consolidated Interim Financial Statements 30 June 2025
12
Amounts are in thousands of ISK
Notes, continued:
8.
Salaries and other personnel expenses
Salaries and other personnel expenses are specified as follows:
9.
Other operating expenses
Other operating expenses are specified as follows:
10.
Finance income and finance costs
2025
2024
2025
2024
1.4.-30.6.
1.4.-30.6.
1.1.-30.6.
1.1.-30.6.
4.378.745
3.480.380
8.279.377
6.430.789
988.068
748.803
2.071.907
1.582.220
218.157
181.246
538.380
344.282
5.584.970
4.410.429
10.889.664
8.357.291
Other personnel expenses .........................................
Total salaries and other personnel expenses .............
Salaries ......................................................................
Salary-related expenses .............................................
2025
2024
2025
2024
1.4.-30.6.
1.4.-30.6.
1.1.-30.6.
1.1.-30.6.
603.872
528.585
1.195.777
1.054.386
291.357
264.072
588.053
547.016
542.357
481.031
986.848
853.306
128.206
142.025
282.004
257.940
344.207
253.261
680.676
503.257
40.886
47.603
72.973
101.464
103.661
77.101
215.256
172.489
2.054.546
1.793.678
4.021.587
3.489.858
Other expenses .........................................................
Total other operating expenses ................................
Operating expenses of properties .............................
Maintenance expenses .............................................
Sales and marketing expenses .................................
Insurance and claims expenses ...............................
Office and administrative expenses ..........................
Communication expenses .........................................
2025
2024
2025
2024
1.4.-30.6.
1.4.-30.6.
1.1.-30.6.
1.1.-30.6.
60.599
46.533
149.149
105.047
26.508
27.509
59.445
53.453
87.107
74.042
208.594
158.500
823.267
810.411
1.602.912
1.595.211
170.480
129.364
327.571
254.163
20.659
22.686
43.948
52.983
1.014.406
962.461
1.974.431
1.902.357
Interest income on receivables ..................................
Total finance costs .....................................................
Total finance income ..................................................
Finance cost is specified as follows:
Interest expense and CPI-index on loans ..................
Finance income is specified as follows:
Interest expense on lease liabilities ...........................
Other interest expense ...............................................
Interest income on cash and cash equivalents ..........
Condensed Consolidated Interim Financial Statements 30 June 2025
13
Amounts are in thousands of ISK
Notes, continued:
11.
Operating assets
Acquisition of operating assets in the first six months of 2025 amounted to ISK 2,605 million (2024 6M: 1,300 million).
Thereof investment in buildings is ISK 1,395 million (2024 6M: 499 million), interiors, equipment and tools was ISK 1,172
million (2024 6M: 747 million) and investment in computers and other IT hardware was ISK 38 million (2024 6M: 54
million).
12.
Share options
At the annual general meeting of Festi on 6 March 2024, two share option plans were approved, one for all permanent
employees of the Group and the other for management. The Board of Directors decided to grant share options according
to the specified share option plans at meetings on 23 Apri 2024, 30 October 2024 and 29 April 2025.
The fair value of share options granted to employees is estimated using the Black-Scholes formula. The total cost of the
options is estimated at ISK 312 million over their vesting period, of which ISK 63 million is expensed as salary cost during
the first six months of 2025.
Movements of share options are specified as follows:
Weighted average
Nominal
exercise price
shares
at 30.6.2025
12.981
1.426
1.049)
(
743)
(
12.615
206,3
Share options granted 2025..........................................................................................
Forfeited share options..................................................................................................
Shares outstanding at 30 January 2025 for vesting in the coming years......................
Shares outstanding at 31 December 2024 for vesting in the coming years..................
Share options exercised................................................................................................
Share options granted:
Weighted average
Nominal
exercise price
shares
at 30.6.2025
4.390
203,6
4.445
207,2
1.725
206,0
1.725
206,0
330
234,5
12.615
206,3
100% exercisable in May 2026......................................................................................
100% exercisable in May 2027......................................................................................
100% exercisable in November 2027............................................................................
100% exercisable in May 2028......................................................................................
100% exercisable in November 2028............................................................................
Condensed Consolidated Interim Financial Statements 30 June 2025
14
Amounts are in thousands of ISK
Notes, continued:
13.
Loans from credit institutions
All loans from credit institutions are denominated in Icelandic krona. The loans are secured by pledge in real estate and
inventories.
The loans are specified as follows:
As of 30 June 2025, the Group had undrawn credit lines in the amount of ISK 500 million.
2025
2024
1.1.-30.6.
1.1.-31.12.
Long-term
29.339.934
26.680.829
2.107.034)
(
2.083.084)
(
0
3.985.802
0
1.563.782
10.365
18.566
431.928
594.147
919.892
1.420.108)
(
28.595.085
29.339.934
Short-term
2.307.230
3.227.122
2.307.230
3.227.122
30.902.315
32.567.056
2025
2024
30.6.2025
31.12.2024
9,6%
10,8%
13.960.568
15.407.277
5,0%
4,7%
16.941.747
17.159.779
30.902.315
32.567.056
The maturities of the loans are specified as follows:
1.153.730
3.227.122
2.307.911
2.275.502
2.308.663
2.275.718
2.108.913
2.075.511
1.909.846
1.876.444
1.910.029
1.876.627
19.203.223
18.960.132
30.902.315
32.567.056
Year 2025 ..............................................................................................................................
Balance at the end of the period............................................................................................
Total loans from credit institutions .........................................................................................
Weighted average interest rates
Non-indexed loans at floating interest rates .........
CPI-indexed loans at floating interest rates ..........
Total loans from credit institutions .........................................................................................
Year 2026 ..............................................................................................................................
Year 2027 ..............................................................................................................................
Year 2028 ..............................................................................................................................
Year 2029 ..............................................................................................................................
Due for payment onwards .....................................................................................................
Total loans from credit institutions .........................................................................................
Year 2030 ..............................................................................................................................
Balance at the beginning of the year .....................................................................................
Repayments ..........................................................................................................................
Outstanding amounts at
New loans..............................................................................................................................
Expensed borrowing costs.....................................................................................................
CPI-indexation........................................................................................................................
Change in current portion.......................................................................................................
Balance at the end of the period............................................................................................
Current portion of long-term loans ........................................................................................
Taken over on acquisition of subsidiiary................................................................................
Condensed Consolidated Interim Financial Statements 30 June 2025
15
Amounts are in thousands of ISK
Notes, continued:
14.
Lease liabilities
All lease liabilities are denominated in Icelandic krona.
2025
2024
1.1.-30.6.
1.1.-31.12.
11.389.211
8.652.596
1.102.435
797.325
0
2.275.544
359.098
822.301
723.317)
(
1.158.555)
(
12.127.427
11.389.211
1.462.647)
(
1.387.796)
(
10.664.780
10.001.415
The maturity analysis of lease liabilities is specified as follows:
731.324
1.387.796
1.461.276
1.376.195
1.348.644
1.299.119
1.110.771
1.051.443
884.829
730.951
770.894
649.432
5.819.689
4.894.275
12.127.427
11.389.211
2025
2024
1.1.-30.6.
1.1.-30.6.
Impact of lease liabilities in profit or loss are as follows:
782.185
534.599
327.571
254.163
Expensed rent due to lease agreements not capitalised:
163.763
159.865
5.213
8.312
Impact of rental agreements on Statement of Cash Flows:
1.050.888
719.366
Year 2025 .......................................................................................................................
Year 2026 .......................................................................................................................
Increase due to indexation of lease payments................................................................
Payments due to lease contracts....................................................................................
Deprecation of lease assets............................................................................................
Interest expensed on lease liabilities...............................................................................
Year 2027 .......................................................................................................................
Year 2028 .......................................................................................................................
Year 2029 .......................................................................................................................
Due for payment onwards................................................................................................
Total.................................................................................................................................
Year 2030 .......................................................................................................................
Real estate rent...............................................................................................................
Other rent payments........................................................................................................
Payment of lease liabilities during the year.....................................................................
Total lease liabilities........................................................................................................
Current portion.................................................................................................................
Total non-current portion of lease liabilities.....................................................................
Carrying amount at the beginning of the year..................................................................
New lease contracts........................................................................................................
Taken over on acquisition of subsidiary ..........................................................................
Condensed Consolidated Interim Financial Statements 30 June 2025
16
Amounts are in thousands of ISK
Notes, continued:
15.
Group entities
The Condensed Consolidated Interim Financial Statements include the following entities. All subsidiaries are directly or
indirectly fully owned by the Parent Company, Festi.
Mengi ehf.
Mengi leases non-residential real estate to retail companies.
N1 ehf.
N1 specialises in wholesale and retail of fuel, operation of service
stations, including tire and lubrication service stations around the
country. The Company’s service stations sell fuel in addition to
refreshments, sale of various convenience goods, purchases of
electricity in the wholesale market and the retail sale to individuals
and companies in Iceland.
Yrkir eignir ehf.
Yrkir eignir runs the property operations of the Group and leases
out non-residential buildings to retail companies, both within and
outside the Group. The company also operates the security and
development departments, which run projects related to security
matters, maintenance of properties and their development with
the objective of profitability.
Vínportið ehf.
Vínportið specialises in imports and wholesales of alcohol to
ÁTVR stores and to hotels and restaurants.
Lyfja hf.
Lyfja specialises in pharmacy operations as well as wholesale and
retail sales of health-related products. The company operates 45
pharmacies and branches as well as an online store and app.
Heilsa ehf.
Heilsa specilises in imports and wholesales of pharmacy products
and cosmetic and health releated products sold in stores all
arround the country.
ELKO ehf.
ELKO specialises in selling household appliances and electronic
equipment. The company operates stores in the capital region,
Akureyri and at the Leifur Eiríksson
International Airport in
Keflavik, as well as an online shop.
Krónan ehf.
Krónan is a retail company that operates convenience stores in
Iceland. The company operates stores throughout the country
under the brand name of Krónan and Smart shop with home
deliveries.
Icelandic Food Company ehf.
Icelandic Food Company sepcialises in production of convenience
goods sold in Krónan and N1.
Company
Business activity
Festi hf.
Festi
is
a
holding
company
that
specialises
in
operating
companies that are leading in the retail and fuel sale in Iceland.
Festi's role is to support its operating companies in fulfilling
customers´ demands so as to enable them to continue to be at
the forefront in providing goods and services across the country.
Festi provides its subsidiaries with supporting services, among
other things in the area of finance, operations and business
development.
Bakkinn vöruhótel ehf.
Bakkinn vöruhótel specialises in product storage, packaging,
labelling, handling and distribution of products for customers that
elect to outsource their warehouse activities.
Condensed Consolidated Interim Financial Statements 30 June 2025
17
Amounts are in thousands of ISK
Notes, continued:
16.
Other matters
Sales process for the shares of the Company in Olíudreifing
On 26 September 2024 it was announced that Festi and Olís had reached an agreement to initiate the preparation of the
sales process of their shares in Olíudreifing, whereas 60% of Olíudreifing is owned by Festi and 40% by Olís. On 3
December 2024 it was announced that non-binding offers had been received for all shares in Olíudreifing and that a
decision had been made to invite three parties to continue in the sales process and provide them with access to further
information. On 30 April 2025 it was announced that both Festi and Olís had decided to terminate the sale process as it
was apparent that an agreement could not be reached. The formal sale process of the shares is therefore discontinued.
17.
Financial ratios
The Group's key financial ratios
2025
2024
Operations
1.1.-30.6.
1.1.-30.6.
8,7
7,9
Average balance of trade receivables during the period /
11,8
13,5
31,8%
30,8%
53,9%
53,5%
19,9%
22,3%
30.6.2025
31.12.2024
Financial position
1,07
1,10
0,51
0,51
1,82
2,28
37,7%
37,9%
11,0%
10,5%
Return on equity: profit for last 12 months / average balance of equity.................................
Salaries and personnel expenses / margin from sales of goods and services......................
Other operating expenses / margin from sales of goods and services..................................
Current ratio: current assets / current liabilities.....................................................................
Liquidity ratio: (current assets - inventories) / current liabilities.............................................
Leverage: net interest bearing liabilities excluding lease liabilities / EBITDA........................
Equity ratio: equity / total capital............................................................................................
EBITDA / margin from sales of goods and services..............................................................
Turnover rate of inventories
Utilisation of goods / average balance of inventories during the period...........................
Sales days in trade receivables:
goods and services sold .............................................................................................
