Reference is made to the annual general meeting of Kaldalón hf. (“Kaldalón” or the “Company”) held on 2 July 2024, at which shareholders approved an authorisation for the Board of Directors to acquire shares in the Company so that, subject to the fulfilment of other statutory conditions, the Company may hold up to 10% of its share capital. The purpose of the authorisation is to establish market making in the Company’s shares and/or to implement a formal share repurchase programme in accordance with Article 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse (“MAR”) and Commission Delegated Regulation (EU) 2016/1052, cf. Act No. 60/2021 on measures against market abuse. The authorisation is valid until 2 July 2026.
In 2024, the Company utilised ISK 613,868,947 of the above authorisation to acquire 33,700,150 shares. In 2025, the Company utilised ISK 527,841,385 of the above authorisation to acquire 21,002,721 shares.
As of today, Kaldalón hf. holds 21,002,721 treasury shares, corresponding to 1.93% of the Company’s issued share capital.
On the basis of the above shareholder authorisation, the Board of Directors of Kaldalón decided on 6 January 2026 to utilise part of the authorisation and to implement a share repurchase programme. The objective of the programme is to reduce the Company’s issued share capital. Under the programme, the Company intends to repurchase up to 9,000,000 shares, corresponding to 0.83% of the Company’s issued share capital, provided that the total consideration paid under the programme shall not exceed ISK 250,000,000.
The programme will commence on Wednesday, 7 January 2026, and will remain in effect until either of the above thresholds (volume or amount) has been reached, but in any event no later than 2 March 2026.
Íslandsbanki hf. will manage the execution of the share repurchase programme and will make all trading decisions regarding the acquisition of shares and the timing of such acquisitions independently of the Company.
The purchase price per share shall not exceed the higher of (i) the price of the last independent trade and (ii) the highest current independent bid on the Nasdaq Iceland trading system. Purchases will be carried out in tranches, provided that the number of shares purchased on any trading day shall not exceed 25% of the average daily trading volume of Kaldalón’s shares on Nasdaq Iceland during the 20 trading days preceding the date of purchase, in accordance with Article 3(3) of Commission Delegated Regulation (EU) 2016/1052. Íslandsbanki hf. will calculate the average daily trading volume and will be responsible for ensuring that the execution of the repurchases does not exceed the applicable limits.
The share repurchase programme will be carried out in accordance with applicable laws and regulations in Iceland, including MAR, Commission Delegated Regulation (EU) 2016/1052, the Icelandic Public Limited Companies Act No. 2/1995, Act No. 60/2021 on measures against market abuse, and Rules No. 1290/2025 on the same subject. Transactions in the Company’s shares executed under the programme will be disclosed in accordance with applicable laws and regulations.
For further information, please contact:
Jón Þór Gunnarsson, CEO
jon.gunnarsson@kaldalon.is
