Sýn (SYN) investor relations material

Executive summary

• Revenue for the first half of 2026 was ISK 11,020 million, up 3.2% year-over-year; adjusted for Sendafélagið, revenue grew 6% year-over-year.

• EBITDA increased by 25.3% year-over-year to ISK 2,412 million; EBITDAAL rose 41.8% to ISK 1,837 million.

• Net loss for 1H 2026 was ISK 506 million, a slight improvement from ISK 518 million last year.

• Media segment revenue grew 13–14.7% year-over-year, driven by sports rights and TV subscriptions; telecom revenue declined slightly due to IoT and Sendafélagið.

• Mergers, rebranding, and increased AI utilization supported operational efficiency and results.

Financial highlights

• Total revenue: ISK 11,020 million (up from ISK 10,677 million year-over-year); excluding Sendafélagið, revenue grew 6%.

• EBITDA: ISK 2,412 million (up from ISK 1,925 million year-over-year); EBITDAAL: ISK 1,837 million (up from ISK 1,295 million year-over-year).

• Net loss: ISK 506 million (improved from ISK 518 million loss year-over-year).

• Investments totaled ISK 1,528 million, up 38.5% year-over-year, mainly due to sports broadcasting rights.

• Operating cash flow increased 44.7% to ISK 1,926 million.

Outlook and guidance

• Management confirms full-year 2026 guidance: EBITDAAL-Fjárf. 0.8–1.2 bn ISK, investments 3.2–3.4 bn ISK.

• First half results exceeded management expectations, with EBITDAAL above plan and investments below plan due to timing.

• The failed sale of web and radio media assets to Ásar hf. does not affect 2026 earnings guidance.