Síminn hf. - Results for the second quarter of 2026

Financial highlights Q2 2026

Revenue in Q2 2026 amounted to ISK 7,356 million, compared to ISK 7,196 million in the same period of 2025, representing an increase of 2.2%. Revenue from telecommunications and TV services remained unchanged between periods. Revenue from advertising sales amounted to ISK 705 million, compared to ISK 604 million in the same period last year, corresponding to an increase of 16.7%. Equipment sales increased by 20.2% from last year.
EBITDA amounted to ISK 1,599 million in Q2 2026, a decrease of ISK 325 million, or 16.9%, from the same period in 2025. The EBITDA margin was 21.7% in Q2 2026, compared to 26.7% in the same period of 2025. EBIT amounted to ISK 620 million in Q2 2026, compared to ISK 931 million in the same period of 2025.
Net finance costs amounted to ISK 281 million in Q2 2026, compared to ISK 257 million in the same period of 2025. Finance expenses totaled ISK 552 million, financial income was ISK 274 million, and foreign exchange loss amounted to ISK 3 million.
Profit in Q2 2026 amounted to ISK 269 million, compared to ISK 537 million in the same period of 2025. Earnings per share were ISK 0.12 for the quarter.
Interest-bearing debt, including lease liabilities, amounted to ISK 20.8 billion at the end of Q2 2026, compared to ISK 19.5 billion at year-end 2025. Cash and cash equivalents at the end of Q2 2026 amounted to ISK 2,065 million, compared to ISK 980 million at year-end 2025. The carrying amount of the Síminn Pay loan portfolio was ISK 4.2 billion at the end of Q2 2026. Net interest-bearing debt to 12-month EBITDA¹ at the end of Q2 2026 was 2.1x.
The equity ratio stood at 37.2% at the end of Q2 2026, and total equity amounted to ISK 16.7 billion.

¹ 12M EBITDA is adjusted for ISK 77 million due to legal settlements.

María Björk Einarsdóttir, CEO:

“The second quarter delivered an acceptable performance, although we would have preferred a stronger result. Telecommunications revenue edged up year on year, while television service revenue declined marginally. Advertising revenues grew significantly, with strong sales related to the municipal elections across both Síminn TV and Billboard’s outdoor media network.

Like other businesses and households across Iceland, we have been affected by persistent inflationary pressure and broad-based cost increases. During the quarter, we therefore implemented targeted efficiency measures across Síminn’s core operations. These measures will begin delivering savings in the second half of the year and support the Group’s financial targets.

Despite a challenging external environment, we remain fully committed to the Group’s ambitious transformation. Our objective is to unlock substantial synergies while strengthening the foundations for future growth and improving infrastructure utilisation. As part of this process, the holding company Ásar formally commenced operations on 1 July, and Greiðslumiðlun Íslands joined the Group on the same day.

In July, Landsbankinn refinanced all of the Group’s bank debt for a five-year term. At the same time, we secured access to additional funding for growth, bringing the total financing package to ISK 31 billion. The refinancing secures favourable pricing and terms, while providing enhanced flexibility well suited to the Group’s growth phase over the coming years.

We are raising our earnings outlook to reflect the consolidation of Greiðslumiðlun Íslands. At the same time, we are lowering our full-year investment guidance by ISK 200 million. The reduced investment requirement is attributable in part to the deployment of AI, which is improving efficiency in software development, as well as more favourable agreements for the acquisition of television content. There is scope to deploy AI across further areas of the business and capture the associated operational benefits. This will be one of the Group’s key priorities over the coming quarters.”

Investor Presentation 20 August 2026

An investor and analyst presentation relating to the Company’s financial results will be held on Thursday, 20 August 2026, at 08:30, at the Company’s headquarters, Ármúli 25, Reykjavík. The presentation will be conducted in Icelandic. At the presentation, María Björk Einarsdóttir, Chief Executive Officer, and Hjörtur Þór Steindórsson, Chief Financial Officer, will present the Company’s results and address questions from participants.

The presentation materials will be made available via the Nasdaq Iceland news system and on Síminn’s website.

The presentation will also be broadcast live via webcast.

Participants wishing to submit questions in advance may do so by emailing fjarfestatengsl@siminn.is. Questions will be addressed at the conclusion of the presentation.

Further Information:

María Björk Einarsdóttir, CEO Síminn (maria@siminn.is)
Hjörtur Þór Steindórsson, CFO Síminn (hjortur.steindorsson@siminn.is)

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