Síminn hf. - Results for the fourth quarter of 2025 and for the year 2025

Financial highlights Q4 2025

• Revenue in Q4 2025 amounted to ISK 7,336m, compared with ISK 7,431m in the corresponding quarter of 2024, representing a decrease of 1.3%. Revenue from telecommunications and television services declined by ISK 206m, or 3.7%, year-on-year. Advertising revenue amounted to ISK 798m, compared with ISK 821m in the corresponding quarter last year, a decrease of 2.8%. It should be noted that parliamentary elections took place in the corresponding quarter of 2024.
• EBITDA in Q4 2025 amounted to ISK 1,916m, decreasing by ISK 155m, or 7.5%, compared with the corresponding quarter of the previous year. The EBITDA margin was 26.1% in Q4 2025, compared with 27.9% in the corresponding quarter of 2024. EBIT amounted to ISK 992m, compared with ISK 944m in the corresponding quarter last year, an increase of 5.1%.
• Net finance costs amounted to ISK 238m in Q4 2025, compared with ISK 306m in the corresponding quarter of 2024. Finance costs totalled ISK 537m, finance income amounted to ISK 371m, and foreign exchange losses were ISK 72m.
• Profit for the quarter amounted to ISK 620m in Q4 2025, compared with ISK 517m in the corresponding quarter of 2024. Earnings per share were ISK 0.26 in the quarter, compared with ISK 0.20 in the corresponding quarter last year.
• Interest-bearing debt, including lease liabilities, amounted to ISK 19.5bn at year-end 2025, compared with ISK 17.2bn at year-end 2024. Cash and cash equivalents totalled ISK 980m at year-end 2025, compared with ISK 835m at year-end 2024. The carrying amount of the Síminn Pay loan portfolio was ISK 4.5bn at year-end 2025. Net interest-bearing debt to 12-month EBITDA¹ at year-end 2025 was 1.88x.
• The equity ratio stood at 38.6 % at year-end 2025, with total equity of ISK 17.1bn.
  
  
  ¹ 12M EBITDA for 2025 adjusted for the ISK 461 million due to legal settlements.

María Björk Einarsdóttir, CEO:

„The quarter was characterised by increased stability following a period of market disruption. This entailed both customer churn and additional costs; however, operating profit increased year-on-year. The result reflects disciplined operations and firm cost control, alongside revenue growth from new streams such as advertising and fintech.

Resilient performance in a time of transition aptly describes 2025. Results were within our published guidance range, with EBITDA at the upper end. Our people demonstrated exceptional resilience and ingenuity amid constantly evolving circumstances, while maintaining strong momentum in sales and product development.

The English Premier League featured prominently in public discussion during the first half of the year. From the outset, we prioritised transparent communication and outstanding customer service. We have since concluded a wholesale and content distribution agreement with Sýn, removing uncertainty in the matter. At the same time, we shifted decisively onto the front foot: leading streaming services HBO Max and Hayu were added to our portfolio, and investment in high-quality local content has never been greater. A Maskína survey confirmed that Sjónvarp Símans Premium is the leading Icelandic television service.

Fintech expansion continued at pace during the period. Corporate cards in issue reached 1,800 at year-end, 20% growth between Q3 and Q4. Registered Noona users exceeded 160,000, up 10% year-on-year. Significant opportunities remain in further integrating the digital ecosystems of Noona and Síminn. In the coming weeks, we will launch Noona Strax, a unique proposition enabling small businesses to access telecom and fintech services seamlessly in a single step. The potential for payment solutions within the ecosystem is also substantial and we now offer customers access to payment processing services from Landsbankinn and Straumur.

Advertising performance was noteworthy, considering the loss of Premier League rights in June and the fact that parliamentary elections took place in Q4 of the 2024 comparison year. November marked the highest month of total advertising sales in Síminn’s history. TV pause advertising revenue doubled in 2025 year-on-year, supported by strong product development. The first full year of Billboard within the Group has demonstrated the clear success of the acquisition, with more than 100 new digital advertising screens added to Strætó bus shelters during the year, creating mutual value for Síminn and the municipalities.

We announced acquisitions of Greiðslumiðlun Íslands, Opin Kerfi and Öryggismiðstöð Íslands, subject to approval by the ICA. Each company has a long-standing track record, strong digital foundations, and trust within its respective field. Our objective is to unlock meaningful synergies, maximise the performance of each business and pave the way for further growth.

These changes are being undertaken in a milestone year, as Síminn celebrates its 120th anniversary. The anniversary will primarily serve to reaffirm what does not change: more than a century of building and operating Iceland’s telecommunications infrastructure, defined by entrepreneurship, trust and operational resilience. Those foundations have rarely been more relevant, amid geopolitical uncertainty and heightened security awareness. Síminn’s 120-year legacy of operating secure, Western-based infrastructure remains a distinct and enduring strength. It is therefore fitting that the next chapter begins at this point.

The Group is implementing a revised structure, transferring its telecommunications and media operations into a new subsidiary. The new parent company will be named Ásar, reflecting a strategy of disciplined, well-considered growth in multiple directions, anchored in a clear centre built on robust and secure digital services for people and businesses. In summary, the past year was both successful and eventful, and 2026 has every potential to be even stronger."

Investor Presentation 18 February 2026

An investor and analyst presentation relating to the Company’s financial results will be held on Wednesday, 18 February 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 at the following address: www.siminn.is/fjarfestakynning-2025

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.

The English version of the consolidated financial statements will be available at https://www.siminn.is/fjarfestar/quarterly-results later this month.

Further Information

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

Attachments

• Síminn hf. - Ársreikningur samstæðu 2025
• Síminn hf. - Investor Presentation Q4 2025
• 254900X9GQZM6UGXYF10-2025-12-31-1-is
• Síminn hf - Financial Results Q4 2025