Financial highlights Q2 2025
- Revenues in Q2 2025 amounted to ISK 7,196 million, up from ISK 6,871 million Q2 2024, an increase of 4.7%. Revenue from mobile, data transmission, and television services grew by 2.5% year-on-year. Advertising revenues amounted to ISK 604 million compared with ISK 535 million in the same period last year, an increase of 12.9%.
- EBITDA amounted to ISK 1,924 million in Q2 2025, up by ISK 198 million or 11.5% from Q2 2024. EBITDA margin improved to 26.7% from 25.1% in the prior year. EBIT rose to ISK 931 million, a 46.4% increase from ISK 636 million in Q2 2024.
- Net financial expenses were ISK 257 million, compared with ISK 320 million in Q2 2024. Financial expenses were ISK 505 million, financial income ISK 238 million, and foreign exchange gains ISK 10 million.
- Net profit in Q2 2025 was ISK 537 million, compared to ISK 244 million in Q2 2024, an increase of 120.1%. Earnings per share were ISK 0.22 in the quarter, compared to ISK 0.09 in Q2 2024, an increase of 144.4%.
- Net interest-bearing debt, including lease liabilities, amounted to ISK 19.1 billion at the end of Q2 2025, compared to ISK 17.2 billion at year-end 2024. Cash and cash equivalents totalled ISK 744 million at the end of Q2 2025, compared to ISK 835 million at year-end 2024. The carrying amount of the Síminn Pay loan portfolio was ISK 4.6 billion at the end of Q2 2025. The net debt to last-12-month EBITDA ratio was 1.78x at the end of the quarter.
- The equity ratio was 40.3% at the end of Q2 2025, with total equity of ISK 16.9 billion.
María Björk Einarsdóttir, CEO:
"The quarter was characterised by solid operations and continued progress in services and product offerings. Strong momentum in Síminn’s media business is reflected both in revenue growth from Síminn Premium TV and in higher advertising revenues year-on-year, supported by the unique visibility Síminn offers across television and digital media. Alongside meaningful growth in total revenues, we maintained good control of operating costs, resulting in a significant increase in earnings compared with the same period last year. We also continued to deliver value to shareholders through targeted share buybacks during the quarter.
This summer, Síminn signed agreements for access to the HBO Max and Hayu streaming services. As a result, subscribers to Síminn Premium TV gain access to some of the world’s leading drama series in addition to thousands of hours of reality content. Partnerships of this kind are aligned with global industry trends, with the goal of increasing convenience and value for customers. Following the introduction of Hayu, viewings in Síminn Premium TV increased by 20% between June and July.
In line with our emphasis on access and consumer choice, Síminn provided English Premier League broadcasts across Sýn’s distribution network while holding the rights in recent years. Sýn now holds the rights, but the Electronic Communications Office recently issued an interim decision confirming that Sýn is required to provide its linear broadcasts on Síminn’s platforms and cannot limit them exclusively to its own applications and set-top boxes. Síminn will therefore continue to sell and distribute Sýn’s sports content and the Sýn open channel across its platforms.
Síminn’s fintech activities also delivered strong growth during the quarter. The number of users of Síminn Pay corporate cards increased significantly alongside continued product development. Active users of Noona reached 84 thousand at the end of June, up 26% from the same time last year, while the number of vendors on the platform also continued to grow. Interest income from lending rose substantially year-on-year, following Síminn Pay’s acquisition of Valitor’s loan portfolio at the end of February.
The outlook for operations is generally positive, with the third quarter of the year off to a good start. Core business remains strong, and we continue to build new revenue streams through diverse product development and innovation in telecoms, media and fintech. At the same time, we continue to look outward for growth opportunities, as Síminn’s strong infrastructure provides a solid foundation for expansion into new areas.
Finally, this report marks the last under the leadership of Óskar Hauksson, who will be stepping down after serving at the company since 2005, including as CFO since 2011. Síminn’s finances have therefore been in Óskar’s trusted hands for over fourteen years, a period defined by responsibility, well-considered operational decisions, and the successful transformation of the company. I would like to thank Óskar for his contribution to Síminn and for the excellent cooperation in recent years. He will be greatly missed at Síminn, and we all wish him the best of success in his new role."
Investor Presentation August 20, 2025
Síminn will host a presentation for analysts and investors on Wednesday, August 20, 2025, at 8:30 a.m. at the company’s headquarters, Ármúli 25, Reykjavík. The meeting will be conducted in Icelandic.
The presentation will be available through Nasdaq Iceland’s news system and on Síminn’s investor relations website at https://www.siminn.is/fjarfestar/uppgjor-og-arsskyrslur.
It will also stream live at www.siminn.is/fjarfestakynning-2025.
Questions can be submitted to fjarfestatengsl@siminn.is and will be answered at the end of the meeting.
Further Information:
María Björk Einarsdóttir, CEO (maria@siminn.is)
Óskar Hauksson, CFO (oskarh@siminn.is)
