Festi plans buyback of 1.02% of share capital

Festi hf. said in a Nov. 5 press release its board approved a buyback of as many as 3.2 million shares, equal to 1.02% of issued share capital.

The plan gives Festi room to continue capital returns before its March 4, 2027 annual meeting, but is below the 10% ceiling shareholders authorized at the March 5, 2026 AGM.

Festi said the program's total purchase price may not exceed ISK 1 billion. A buyback, or share repurchase, lets a company buy its own shares for cancellation, employee share plans or other approved corporate purposes.

The company said the repurchases are intended to reduce share capital and/or meet obligations under employee stock-option agreements. Festi already holds 9,347,545 of its own shares, corresponding to 2.99% of issued share capital, before the new program begins.

Daily purchases will be limited to 25% of average daily turnover in Festi shares on Nasdaq Iceland during the preceding 20 trading days, and in all cases to no more than 100,000 shares per trading day. Festi said the price per share may not exceed the higher of the last independent transaction price or the highest independent purchase bid on Nasdaq Iceland.

Arion Banki hf. will run the program and make acquisition decisions, including timing, independently of Festi, the company said. Festi said transactions under the program will be announced no later than the end of the seventh trading day after they occur.

The program is scheduled to start on Nov. 6 and continue until the annual meeting on March 4, 2027, unless the share or purchase-price limits are reached earlier.

Source: press release, GlobeNewswire, Nov. 5, 2026