STRENGUR

Icelandic investment company

Strengur invests in securities and other financial assets, concentrating its capital where it can be an engaged, long-term owner. Founded in 2020, it holds a majority interest in SKEL, an investment company listed on Nasdaq Iceland.

Approach

One holding, held with conviction

01

Engaged ownership

We hold a majority of SKEL and take part in its governance. SKEL in turn backs management teams as an active shareholder in each company it owns.

02

Build, then list

SKEL has assembled two national groups, Drangar in consumer retail and Styrkás in business services. Both are preparing for a listing on Nasdaq Iceland in 2027.

03

Measured risk

Holdings are spread across consumer, business, real estate, financial and infrastructure sectors, and carried at fair value under IFRS with independent valuations.

Ownership strand

Where Strengur’s capital runs

Ownership from Strengur through SKEL into each holding, by fair value at 31 December 2025

Band widths show SKEL’s fair value of each asset at 31 December 2025, in ISK million, from the audited consolidated accounts. In 2026 SKEL sold Gallon to Styrkás and sold about 50 Stefnisvogur apartments.

Portfolio

What we own, and how much of it

Every position below is held through SKEL. For each one we show SKEL’s ownership and Strengur’s look-through interest, which is SKEL’s share multiplied by our 51.59%.

Equity portfolio by sector, 31 Dec 2025

Core holding · Nasdaq Iceland: SKEL

SKEL fjárfestingafélag hf.

A listed investment company and the vehicle for all of Strengur’s investments. SKEL describes itself as a transformation investor that supports management teams in building and developing companies. Founded as Skeljungur in 1928 and listed since 2014.

skel.is

Strengur ownership
51.59%
Shares held
969.2m
SKEL equity, 30 Jun 2026
ISK 39.4bn
Equity per share
ISK 21.0

Realised: Sp/f Orkufelagið (Faroe Islands energy, sold). Figures are SKEL’s carrying values at 31 December 2025 unless stated. Ownership percentages are as last reported and may have changed.

Markets

Listed holdings on Nasdaq Iceland

Share prices for the three listed companies in the structure, and what Strengur’s SKEL shares are worth at the latest price.

Market value of Strengur’s SKEL stake
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SKEL market capitalisation
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SKEL price to equity per share
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Against ISK 21.0 equity per share at 30 June 2026
CompanyLast price (ISK)Day change3 monthsHeld byStake value, 31 Dec 2025

Prices are delayed and for information only. They are not investment advice. Stake values at 31 December 2025 are from the audited accounts.

News

What is moving across the holdings

Headlines about SKEL and the portfolio companies from Icelandic business media and exchange announcements, next to the milestones that shaped the portfolio.

Latest headlines

Ahead

Announced dates

Investors

Strengur group in numbers

From the consolidated annual accounts for 2025, prepared under IFRS and audited by KPMG. Amounts in ISK million.

20252024

Annual reports

PDF, in Icelandic

Team

Board and management

Strengur is run by a small board and management team based in Reykjavík.