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Síminn hf. - New product offering generates revenue growth


Financial highlights Q3 2023

  • Revenue in the third quarter (Q3) of 2023 amounted to ISK 6,501 million compared to ISK 6,210 million in the same period 2022 and increased by 4.7%. Revenue from Síminn's core services, mobile, data and TV services increases by over 7% during the quarter.
  • EBITDA amounted to ISK 1,811 million in Q3 2023, up by ISK 21 million or 1.2% compared to the same period 2022. The EBITDA ratio was 27.9% in Q3 2023, compared to 28.8% in the same period of 2022. Operating profit EBIT amounted to ISK 765 million in Q3 2023, compared to ISK 986 million in the same period of 2022.
  • Net financial expenses amounted to ISK 126 million in Q3 2023, compared to ISK 84 million in the same period of 2022. Financial expenses amounted to ISK 303 million, financial income ISK 161 million, and foreign exchange loss ISK 16 million.
  • Profit in Q3 2023 amounted to ISK 507 million compared to a ISK 718 million profit of continuing operation in the same period 2022.
  • Interest-bearing debt including lease liabilities amounted to ISK 10.2 billion at the end of Q3 2023, compared to ISK 8.9 billion at the end of 2022. Cash in the end of Q3 2023 amounted to ISK 2.0 billion, compared to ISK 3.7 billion at the end of 2022. The balance of loans at Síminn Pay was ISK 2.5 billion at the end of Q3 2023, but was ISK 1.7 billion at the end of 2022.
  • Síminn's equity ratio was 52.4% at the end of Q3 2023 and equity was ISK 18.0 billion.

Orri Hauksson, CEO:

"From the first two quarters of the year, revenues, EBITDA and EBIT are now increasing significantly. External cost increases have been rapid in recent seasons, and we have barely managed to keep income growth in line with increased expenses. The third quarter of this year was more profitable than before, which is often the case but that change is especially noticeable now, in addition to the fact that EBITDA grows slightly year-on-year, and EBITDA grows slightly year-on-year. We are still in the middle of the amortization process of our increased investments from the past two years, primarily due to contracts for popular TV content and new technologies with a short amortization period. In the long term, those investments will benefit the company, but have taken EBIT down significantly in recent quarters. The bottom has now been reached and EBIT has resumed its growth curve.

We have made numerous changes to our product offering during the year which seem to have met consumer needs well. Increasingly, Icelandic consumers are choosing to buy the complete range of products from their telecommunications and television service providers that suits them, instead of hand-selecting each service element. In the case of Síminn, the number of packages sold has increased by 10% during the year, but the number of individual products such as internet services has decreased. The number of mobile customers has increased rapidly recently, both within and outside the package, and roaming income has grown somewhat with the number of tourists.

Overall, rapid and varied income development is taking place due to internal and external changes, which in turn has produced more versions than before of the transactions that households have with Síminn. Some households have thus reduced their bill, while others have chosen larger packages and added products. Síminn's biggest benefit in this product development is that we now meet more diverse needs than before, and not least for younger target groups than before.

Síminn’s TV service is an example of a product that appeals more and more to younger audiences, but also to the solid core that has been in the business for a long time. Viewership has increased rapidly again, but only after the end of the pandemic did the amount of time people spent in front of the TV drop significantly. New viewing records are being set week after week, but the series about the band IceGuys, which has received an average of ten thousand plays per day since the first episode aired last October 6, is in the forefront. Foreign series, children's content and football also have their loyal viewers.

There is more of all the above ahead, especially high-quality Icelandic series until Christmas. Síminn is also involved in an exciting development project with HSÍ, which is the first of the Icelandic sports associations to sell access to the sport without intermediaries to viewers through Síminn's system. In this project, artificial intelligence plays a big role and is therefore extremely exciting for Síminn as a technology company. After the end of the year, on the other hand, it will be interesting to see how the production of television content develops in the world, but labor disputes in Hollywood could temporarily reduce the supply of new programs from this mainstay of the entertainment industry.

Financial technology and the use of Síminn's revolving card Léttkort are growing the fastest of all the company's product categories. Loans at the end of October will amount to almost ISK three billion on the residential market. Companies that do business with Síminn have, just like households, increased the number of services they acquire from Síminn. The electronic order book for purchasing authorizations is the fastest growing part of Síminn’s fintech services in the corporate market now. The system alone does not generate huge income for Síminn yet, but it is a good basis for further product offerings to companies.

Advertisements are also a rapidly growing product, as in our case they are based on viewing figures in real time from the target groups that the advertiser has set out to reach. Social media has long offered such precision online, while television has been a much less focused platform, until now.

There will be further news about the changed and strengthened revenue generation at Síminn. Mainly, such changes will increase the number of service lines offered by Síminn, but older products will also be discontinued. One can mention the analog telephone system, which has been useful to citizens for decades. From the beginning of next year, landline calls in Iceland will be based only on the internet unit IP. In addition to internal projects of that nature, it will be important in the coming months for Símann - as well as other Icelandic companies - that our economic system ends its turbulent journey on a favorable path again."

Investor meeting 25 October 2023

An investor presentation will be held on Wednesday 25 October 2023 at 8:30 am at Síminn‘s headquarters in Ármúli 25, Reykjavík. During the meeting, Orri Hauksson CEO and Óskar Hauksson CFO will present the financial results. The meeting will be held in Icelandic. Documents for the meeting are available in Nasdaq‘s Iceland company news and on the company’s investor relations website
The meeting is webcasted on:

Further information:

Orri Hauksson, CEO (
Óskar Hauksson, CFO (


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