At the Annual General Meeting of Festi hf., held on 5 March 2026, the shareholders authorized the Board of Directors, pursuant to Article 55 of the Act on Public Limited Companies No. 2/1995, to purchase on behalf of the company up to 10% of its issued share capital. The purpose of the buybacks is to reduce the company’s share capital and/or to enable the company to meet its obligations under stock option agreements with employees.
Based on this authorization granted by the Annual General Meeting, the Board of Directors of Festi hf. has decided to implement a buyback program. The aim is to repurchase a maximum of 3,200,000 own shares in the company, equivalent to 1.02% of issued share capital, provided that the total purchase price of the buyback program shall not exceed ISK 1,000 million.
The share repurchases will be executed in stages, with the maximum number of shares purchased each day limited to 25% of the average daily turnover in the company’s shares on the regulated market of Nasdaq Iceland during the 20 trading days preceding the date of purchase, but in all cases so that the number of shares purchased on any trading day does not exceed 100,000 shares. The purchase price per share shall not exceed the price in the last independent transaction or the highest independent purchase bid on Nasdaq Iceland, whichever is higher.
The buyback program will commence on Friday, 6 November 2026, and will remain in effect until Festi’s Annual General Meeting on 4 March 2027, unless the limits set out under the buyback program are reached before that date.
Arion Banki hf. will manage the execution of the buyback program and will make all decisions regarding the acquisition of shares, including timing, independently of Festi.
The execution of the buyback program will be carried out in accordance with the Act on Public Limited Companies No. 2/1995, Article 5 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council on market abuse, as well as Commission Delegated Regulation (EU) 2016/1052, cf. the Act on Actions against Market Abuse No. 60/2021.
Trading in own shares by the company pursuant to the buyback program will be announced no later than at the end of the seventh trading day following the transactions.
Festi currently holds 9,347,545 shares, corresponding to 2.99% of issued share capital, prior to the commencement of the buyback program.
For further information, please contact Magnús Kr. Ingason, CFO of Festi (mki@festi.is).
