What Ístak does

Ístak hf. is an Icelandic general contractor and construction services company founded in 1970 and operating for over 55 years. It is a wholly-owned subsidiary of the Danish construction group Per Aarsleff A/S, maintaining local operational leadership under CEO Karl Andreassen while drawing on group-level expertise. The company delivers large-scale public and private construction projects across Iceland and Greenland through competitive tendering and direct contract awards, with service areas spanning building construction, civil engineering, harbor and bridge works, energy infrastructure, and property maintenance.

The business is structured around specialized operating divisions including Byggingasvið (building), Mannvirkjasvið (infrastructure), Viðhaldsþjónusta (maintenance), and vertically integrated production assets such as Stapafellsnáma quarry, Steypuskáli precast concrete plant, and Vélsmiðja metal workshop. Technology capabilities center on Building Information Modelling (BIM) for 3D digital project planning and execution, with newer initiatives including VerkAI AI-powered project management tools and Áhættumatstólur risk assessment tools. The company holds ISO 9001, ISO 14001, ÍST 85:2012 equal pay certification, CE marking for concrete products, and EU taxonomy-aligned sustainability reporting.

Revenue is generated primarily through project-based construction contracts awarded by government agencies, municipalities, healthcare institutions, and private enterprises, supplemented by aggregate materials sales, metal fabrication services, precast concrete production, and recurring maintenance service agreements. Major recent and active contracts include the ISK 15.9 billion NLSH national hospital interior finishing contract (2026), the ISK 7.6 billion Fossvogsbrú bridge joint venture with Per Aarsleff A/S (2025), and the approximately ISK 12 billion Nuuk school project in Greenland. Customers are predominantly Icelandic public-sector entities, with the Veitur 7.5-year utility maintenance framework providing multi-year recurring service revenue. The company is recognized as a Fyrirmyndarfyrirtæki 2025 (Exemplary Company), placing it among the top 2.6% of Icelandic companies on financial and operational criteria.

Name

Ístak

Legal name

Ístak hf.

Website

https://istak.is

Company type

Private

Founded year

1970

Operating status

Operating

Headcount range

101–250 employees

Short description

Ístak hf. is an Icelandic general contractor, founded in 1970 and owned by Per Aarsleff A/S, delivering building, civil engineering, energy, and infrastructure projects for Icelandic and Greenlandic government, municipal, healthcare, and private clients through vertically integrated quarry, concrete, and metal workshop operations supported by BIM digital planning.

Ownership category

akta.pro rank

Product category

Construction Services

NAICS

Industrial Building Construction (23621), Industrial Sand Mining (212322)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600), Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400)

akta.pro primary industry

Mining & Mineral Processing Facility Construction (IMAFADAE)

akta.pro secondary industries

Process Plant & Materials Handling EPC (Crushing, Conveying, Stockpiles, Loadout) (IMAKAOAE), Sand & Gravel Extraction & Processing (IMAKAHAB), Storage & Conveyance Structures (Reservoirs, Tanks, Culverts, Tunnels) (IMAFAGAE)

Keywords

• General construction contracting
• Civil engineering infrastructure
• Building construction services
• Aggregate materials supply
• Precast concrete manufacturing

Headquarters

HQ city

Mosfell

HQ country

Iceland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Construction Contract Services: General contracting services for building construction, civil engineering projects including buildings, power plants, industrial facilities, harbors, roads, and bridges. Revenue is project-based, derived from awarded contracts with government agencies, municipalities, and private clients.
2. Aggregate Materials Sales: Sale of processed and unprocessed aggregate materials from Stapafellsnáma quarry on Reykjanes Peninsula to contractors, primarily serving the Sudurnes region.
3. Maintenance Services: Specialized maintenance and renovation services for commercial and institutional real estate, including service agreements with property management companies, businesses, institutions, and municipalities.
4. Metal Fabrication: Custom metal fabrication, welding, and steel structure installation services for industrial and energy sector clients.
5. Precast Concrete Manufacturing: Production of CE-certified precast concrete units at the Steypuskáli facility, serving internal construction needs and external customers.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Ístak is a general construction contractor executing building construction, civil engineering, energy infrastructure, harbor, road, and bridge projects across Iceland and Greenland. The company operates integrated divisions covering construction project delivery, aggregate materials extraction and supply from its own quarry (Stapafellsnáma), CE-certified precast concrete manufacturing, metal fabrication, and specialized maintenance and renovation services for commercial and institutional real estate.

Product overview

Ístak is a leading Icelandic construction and contracting company operating for over 55 years. The company operates as a unified platform delivering diverse construction and infrastructure services through specialized divisions. Core divisions include Byggingasvið (Building) for residential, commercial, and public construction; Mannvirkjasvið (Infrastructure) for civil and specialized projects; Stapafellsnáma (Quarry) for aggregate materials; Vélsmiðja (Workshop) for metal fabrication; Steypuskáli (Concrete Plant) for precast concrete; and Viðhaldsþjónusta (Maintenance) for building maintenance. Support functions include BIM technology platform for digital construction modeling, Internal Services (quality, safety, planning, procurement), Finance Division, and HR Department. The company is part of Per Aarsleff A/S group and focuses on sustainability through electrification initiatives and renewable energy in operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Byggingasvið (Building Division) Construction of diverse buildings including residential, commercial, and public buildings for government, municipal, and private enterprise clients. Emphasizes quality craftsmanship, collaboration, and efficient execution across all project stages.
• Mannvirkjasvið (Infrastructure Division) Specializes in construction of larger and technically demanding infrastructure projects including civil works, bridges, harbors, roads, energy projects, and specialized construction. Built on strong engineering expertise and decades of experience.
• Stapafellsnáma (Stapafell Quarry) Quarry operation extracting and processing aggregate materials on the Reykjanes Peninsula. Processes and sells processed and unprocessed materials primarily to contractors in the Sudurnes region. Provides fast and quality service with typically two staff members handling processing and dispatch.
• Vélsmiðja (Metal Workshop) Metal fabrication, welding, and steel structure installation services for industrial and energy sector clients. Includes large sandblasting booth and paint shop meeting quality standards of demanding clients. Handles new construction, maintenance, and installation of steel, aluminum, and stainless steel.
• Steypuskáli (Concrete Plant) Manufactures CE-certified precast concrete units on three concrete tables. Units can be of all sizes and types. Serves both internal construction needs and external customers. Also handles various woodworking projects.
• Viðhaldsþjónusta (Maintenance Services) Specializes in maintenance and renovation of properties for the professional real estate market including companies, property and management firms, institutions, and municipalities. Also specializes in moisture damage and mold repairs with proper safety protocols. Provides long-term maintenance service agreements with reliable access to skilled craftsmen.

Quantifiable outcome

• Annual fuel savings of up to 34,000 liters per electric wheel loader (LiuGong 870) replacing diesel equipment
• +2 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered minor, core and major.

• SkútabergminorStrategic or Co-development Partner · 1 May 2026Partnership for stone crushing operations at Stapafellsnáma quarry. Skútaberg provides cone crushing equipment as part of the fully electrified material processing operation.
• Per Aarsleff A/S (Joint Venture for Fossvogsbrú)coreStrategic or Co-development Partner · 20 November 2025Joint venture partnership for construction of Fossvogsbrú bridge project. Per Aarsleff contributes international expertise in large marine construction projects while Ístak provides local knowledge and construction experience. Contract value approximately ISK 7.6 billion.
• Per Aarsleff A/ScoreStrategic or Co-development PartnerParent company of Per Aarsleff Group. Ístak operates as part of the Danish Per Aarsleff A/S construction group. The partnership involves sharing best practices, digital solutions, and joint project execution (e.g., joint venture for Fossvogsbrú bridge construction). Representatives from Per Aarsleff participated in BIM Day Ístaks to share experience on digital solutions in construction.
• VeiturmajorChannel Partner/ Reseller/ DistributorFramework agreement partner for maintenance and service on utility systems. Ístak is one of three contractors (alongside ÍAV and Stéttarfélagið) in the framework. The agreement covers maintenance of pipes, connections, and new construction for up to 7.5 years with approximately 3,600 bid items.
• Nýr Landspítali (NLSH)majorOthersMajor healthcare construction client. Contract signed March 2025 for interior finishing and control contracting of the treatment center at Landspítalinn (from basement K2 to 4th floor) plus overall management and coordination of construction on those floors. Contract value ISK 15.9 billion including VAT.
• VerkísmajorStrategic or Co-development PartnerEngineering designer for the Nuuk school project in Greenland. Verkís provided engineering design services for the approximately 18,000 m² school complex built by Ístak.
• Wicotec KirkebjergminorStrategic or Co-development PartnerSister company within Per Aarsleff Group. Representative presented on experience with digital solutions at BIM Day Ístaks event.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Wicotec Kirkebjerg: A sister company within the Per Aarsleff Group focused on construction and civil engineering in Denmark. Operates a comparable integrated contracting model and shares BIM/digital best practices with Ístak, including joint presentations at BIM Day Ístaks.
• ÍAV (Íslenskir aðalverktakar): ÍAV is Ístak's closest Icelandic competitor, offering general contracting across building construction, civil engineering, energy, and harbor projects. Both firms compete head-to-head on major public tenders such as the Veitur framework agreement and large hospital/transit projects.

Broad incumbents

• Skanska AB: One of the world's largest construction groups with strong Nordic roots. Comparable business model spanning building construction, civil engineering, and infrastructure, and similar sustainability/electrification positioning relevant to Ístak's roadmap.
• Veidekke ASA: Norwegian construction, civil engineering, and property development contractor with Nordic operations. Comparable as a multi-division contractor delivering building, infrastructure, and asphalt/aggregate businesses similar to Ístak's integrated platform.
• MT Højgaard A/S: One of Denmark's largest construction and civil engineering contractors, offering building, infrastructure, and offshore services comparable to Ístak's portfolio. Relevant as a Nordic general contractor benchmark for scale, project mix, and parent-group structure.
• Per Aarsleff A/S: Ístak's parent company and a major Danish construction and civil engineering group with international operations. Aarsleff shares the same integrated contracting business model in infrastructure, marine works, and piling, and collaborates with Ístak on JV projects like Fossvogsbrú.
• NCC AB: Major Nordic construction and property development company operating across Sweden, Norway, Finland, and Denmark. Comparable in its diversified building, infrastructure, and civil engineering services and its focus on sustainable construction practices similar to Ístak's electrification agenda.

Regional players

• Greenland Contractors (Kujalleq and others): Local construction and contracting firms active in Greenland, where Ístak is delivering the Nuuk school project. They represent regional competitors on public infrastructure tenders in Greenland, where Ístak is expanding beyond its Icelandic core market.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/istakhf
• LinkedInlinkedin.com/company/-stak

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ístak