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Sýn (SYN) investor relations material

Sýn Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary26 Aug, 2025

Executive summary

  • Revenue for H1 2025 was ISK 10,577 million, with a net loss of ISK 518 million compared to a loss of ISK 339 million in H1 2024.

  • Q2 2025 revenue increased by 1.4% year-over-year to ISK 5,357 million, with growth in media, internet, and mobile services by 3.4%.

  • Core business segments showed revenue growth from telecom and TV subscriptions, but overall revenue declined due to lower IoT and advertising sales.

  • Major brand consolidation in June 2025 merged Vodafone, Stöð 2, and related brands under Sýn.

  • Subsidiary mergers and a planned network asset transfer to Sendafélagið are expected to improve efficiency and reduce debt.

Financial highlights

  • EBITDAAL for H1 2025 was ISK 1,297 million, down 12.6% from H1 2024; EBITDA for H1 2025 was ISK 1,927 million, down from ISK 2,115 million.

  • EBIT for H1 2025 was negative ISK 74 million, compared to positive ISK 110 million last year.

  • Free cash flow for H1 2025 was ISK 838 million, a significant improvement from negative ISK 415 million in H1 2024.

  • Investments in H1 2025 totaled ISK 1,103 million, significantly lower than ISK 2,108 million in H1 2024.

  • Net interest-bearing debt (excluding lease liabilities) was ISK 6,216 million at June 30, 2025.

Outlook and guidance

  • Updated 2025 guidance expects EBITDAAL of ISK 4.0–4.2 billion and investments of ISK 3.3–3.5 billion.

  • Ongoing growth in core telecom and media subscriptions is expected to support future revenue.

  • The planned sale of mobile network assets is projected to reduce annual investments by ISK 200 million and debt by ISK 960 million.

  • Second half expected to see full impact of rebranding and English Premier League rights.

  • Uncertainty remains regarding inflation, interest rates, and regulatory decisions.

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Frequently asked questions

Sýn hf, operating under the brand name Vodafone Iceland among others, is an Icelandic company specializing in communication and media services. It offers a broad range of services, including a subscription-based television network, telecommunication solutions for individuals and businesses, and various advertising services. The company is headquartered in Reykjavik, Iceland, and its shares are listed on the Nasdaq Iceland.

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