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Key people at Festi hf..
Founded in 2006 and headquartered in Kópavogur, Festi hf. is an Icelandic holding company listed on Nasdaq Iceland that operates leading subsidiaries across the retail, fuel, electronics, pharmacy, and real estate sectors. The corporation generates revenue through its operational entities and real estate holdings while functioning as a central driver for strategic investments and securities trading. Its core portfolio companies include the supermarket chain Krónan, the fuel and electric vehicle charging network N1, the electronics retailer ELKO, the real estate firm Yrkir eignir, and the distribution center Bakkann vöruhótel. Led by Chief Executive Officer Ásta S. Fjeldsted, the organization expanded its domestic healthcare footprint in 2024 by acquiring Lyfja, a subsidiary operating 45 drug and health stores. Looking ahead, the company plans to expand ELKO stores, add N1 car washes, and repurpose select N1 locations for real estate development.
Festi hf. is an Icelandic holding company that owns and operates leading subsidiaries in retail sectors including groceries (Krónan), fuel and service stations (N1), electronics (ELKO), pharmacies (Lyfja), warehousing (Bakkann vöruhótel), and real estate (Yrkir eignir).[1][2][3][5] Its mission is to drive investments, support value creation, and create new opportunities through these market leaders, primarily serving Icelandic customers via stores, online shops, service stations, and distribution centers.[1][3] With about 1,533 to 2,259 employees, Festi focuses on food, fuel, electronics, electricity sales, and related services, emphasizing sustainability via ESG criteria, as seen in its 2024 acquisition of Lyfja (45 pharmacies) to expand health and wellness reach.[1][2][5][6]
Festi hf. was incorporated in 2006 and headquartered in Kópavogur, Iceland; it was formerly known as N1 hf. before rebranding to Festi hf. in September 2018.[2][4] This evolution shifted its identity from a fuel-focused entity to a broader holding company overseeing diverse retail operations.[1][3] Key figures include CEO Asta Fjeldsted, CFO/COO Magnús Kristinn Ingason, and board members like Chairman Hjorleifur Pálsson and Vice Chairman Gudjon Karl Reynisson, guiding its growth through investments and acquisitions like Lyfja in July 2024.[1][2][4]
Festi operates in Iceland's consumer retail ecosystem, leveraging digital tools like online stores, apps (e.g., Lyfja), and smart shops for e-commerce in groceries, electronics, and health products amid rising online retail trends.[1][2][5] Its timing aligns with sustainability demands and post-pandemic shifts to convenience services like home delivery and electricity sales, capitalizing on Iceland's small, import-reliant market.[1][3] Festi influences the ecosystem by consolidating retail (e.g., via acquisitions), optimizing real estate from fuel stations, and promoting ESG, supporting local employment (over 2,000 staff) and supply chains in food, fuel, and tech gadgets.[1][6]
Festi's trajectory points to sustained growth through real estate redevelopment from N1 site reductions, ELKO expansions, and deeper health/organic product integration via Lyfja and Heilsa.[1] Rising e-commerce, green energy transitions, and Iceland's tourism recovery (e.g., KEF Airport ELKO store) will shape its path, potentially enhancing shareholder value amid a 1.06% dividend yield.[1][5][6] As a retail powerhouse, Festi will likely deepen its ESG leadership, driving investments in digital retail and sustainable operations to solidify its role in Iceland's essential goods ecosystem.[3]
Key people at Festi hf..
