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
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.
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.
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
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.
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.
| Company | Last price (ISK) | Day change | 3 months | Held by | Stake 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 datesInvestors
Strengur group in numbers
From the consolidated annual accounts for 2025, prepared under IFRS and audited by KPMG. Amounts in ISK million.
| 2025 | 2024 |
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Annual reports
PDF, in IcelandicTeam
Board and management
Strengur is run by a small board and management team based in Reykjavík.