Síminn hf. - Results for the first quarter of 2025
Financial highlights of Q1 2025
- Revenue in the first quarter (Q1) of 2025 amounted to ISK 7,173 million compared to ISK 6,575 million in the same period 2024 and increased by 9.1%. Revenue from Síminn's main telecommunications services, mobile, data and TV services increases by 2.3% from Q1 2024.
- EBITDA amounted to ISK 1,272 million in Q1 2025, down by ISK 163 million or 11.4% compared to the same period 2024. The EBITDA ratio was 17.7% in Q1 2025, compared to 21.8% in the same period of 2024. Operating profit EBIT amounted to ISK 189 million in Q1 2025 compared to ISK 431 million in the same period of 2024. Adjusted for an expense of ISK 460 million related to legal proceedings, the quarter's EBITDA amounted to ISK 1,732 million, representing a margin of 24.1%, while EBIT totaled ISK 649 million, corresponding to a margin of 9.0%.
- Net financial expenses amounted to ISK 321 million in Q1 2025, compared to ISK 195 million in the same period of 2024. Financial expenses amounted to ISK 517 million, including ISK 35 million in penalty interest related to legal dispute settlements, financial income amounted to ISK 192 million and foreign exchange gain of ISK 4 million.
- There was a loss in Q1 2025 that amounted to ISK 188 million compared to ISK 171 million profit in the same period of 2024. Adjusted for an expense of ISK 495 million, related to legal proceedings, the quarter's profit amounted to ISK 307 million.
- Interest-bearing debt including lease liabilities amounted to ISK 18.9 billion at the end of Q1 2025, compared to ISK 17.2 billion at the end of 2024. Cash at the end of Q1 2025 amounted to ISK 0.4 billion, compared to ISK 0.8 billion at the end of 2024. The balance of loans at Síminn Pay was ISK 4.7 billion at the end of Q1 2025. Net interest bearing debt / 12M EBITDA by the end of Q1 2025 was 1.82.
- Síminn's equity ratio was 40.1% at the end of Q1 2025 and equity was ISK 16.9 billion.
María Björk Einarsdóttir, CEO:
"Strong core operations, considerable revenue growth from advertising, and continued development of the fintech business with significant customer growth characterized the quarter. Síminn Premium TV (Sjónvarp Símans Premium) maintained its strong momentum, with subscriber numbers now 10% higher than at the end of Q1 2024, totaling around 50,000. Production of high-quality Icelandic TV programming has never been more ambitious.
An unexpected Supreme Court ruling affects the quarter, as the verdicts of the District Court and the Court of Appeals in the "English Premier League case" were overturned, resulting in a fine of ISK 400 million. Three additional legal settlements cases resulted in payments of approximately ISK 60 million in addition to ISK 35 million in late interest. Legal uncertainty is significantly reduced with the resolution of these cases.
Advertising media is becoming a strong revenue pillar for Síminn. The company now operates 41 billboards and 620 digital screens in bus stops in an expanding network. Síminn’s strong outdoor and television media create unique value for customers through high visibility, while the outdoor media also deliver benefits to partners in sports clubs and local councils in the capital area.
We continue to expand and strengthen our portfolio of top-tier fintech solutions. 118 companies, including many of Iceland’s largest employers, have adopted Síminn Pay’s corporate cards, following the product’s launch last year. Additionally, nearly 150,000 registered users are now active on the Noona app, which became part of the Síminn Group in 2024. Through Noona’s platform, users book over 200,000 service appointments each month, with annual turnover processed through the system amounting to tens of billions.
Twelve new Icelandic TV series are currently in production for Síminn Premium TV. During Easter, the premiere of Reykjavík 112 attracted over 52,000 viewers within its first week on air. Production of Icelandic children's programming also continues, with a strong focus on promoting and preserving the Icelandic language. In addition, major partnerships with HBO, Paramount, Showtime, MGM, and ITV ensure that Síminn customers enjoy year-round access to top-tier international content — a key driver behind the platform’s steadily growing popularity.
The rollout of our new corporate strategy has been a central focus in recent months. Although we are still in the early stages of this journey, the results are already becoming evident, with a clear and positive correlation between rising employee satisfaction and increasing customer satisfaction. Both metrics are formally and regularly measured within Síminn. I would like to take this opportunity to sincerely thank all my colleagues for the ambition and dedication they have shown in advancing the strategy across every part of the company. It is by no means a given to secure such strong support during a major transition period, especially while maintaining the daily operation with diligence and an unwavering focus on our customers' interests."
Investor meeting 30 April 2025
An investor presentation will be held on Wednesday 30 April 2025 at 8:30 am at Síminn‘s headquarters in Ármúli 25, Reykjavík. During the meeting, María Björk Einarsdóttir CEO and Óskar Hauksson CFO will present the financial results. The meeting will be held in Icelandic. Presentation materials will be available on Nasdaq Iceland‘s news platform and on the company’s investor relations website .
The meeting will be live-streamed on: .
Participants who wish to submit questions are kindly requested to send them to . Responses to submitted questions will be provided at the end of the meeting."
For further information:
María Björk Einarsdóttir, CEO ( )
Óskar Hauksson, CFO ( )
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