Ásar (SIMINN) investor relations material

Executive summary

• Q3 revenue rose 11.1% YoY to ISK 7,846m and adjusted EBITDA increased 14.5% to ISK 2,116m; net profit fell 35.2% to ISK 403m.

• 9M revenue increased 4.8% YoY to ISK 22,451m, while net profit declined to ISK 843m from ISK 971m.

• Telecommunications and media operations transferred to Síminn Rekstur ehf. on 1 July, later renamed Síminn ehf.; the parent adopted the Ásar hf. name.

Financial highlights

• Q3 gross profit was ISK 2,923m (+4.8% YoY) and adjusted EBIT was ISK 1,099m (+4.5%); adjusted EBITDA and EBIT exclude specified costs, with EBIT also excluding acquisition-intangible amortisation.

• Q3 net sales were ISK 7,647m, operating profit ISK 887m and EBITDA ISK 1,939m; these are reported, rather than adjusted, measures.

• 9M net sales were ISK 21,899m, gross profit ISK 7,902m, operating profit ISK 1,923m and EBITDA ISK 4,900m.

• 9M adjusted EBITDA fell 6.4% to ISK 5,154m, adjusted EBIT fell 15.0% to ISK 2,282m and net profit fell 13.2% to ISK 843m.

• Q1 included a ISK 76.5m administrative fine expense and ISK 72m of GMÍ acquisition-related costs in operating expenses.

Outlook and guidance

• FY 2026 guidance reaffirmed: EBITDA of ISK 7.0–7.4bn, EBIT of ISK 3.3–3.7bn and investments of ISK 3.2–3.4bn; EBIT guidance excludes acquisition-related intangible amortisation.

• Guidance reflects current operations and excludes Öryggismiðstöð Íslands and Opin kerfi, whose acquisitions remain subject to Icelandic Competition Authority approval.

• Annual cost synergies of ISK 600–800m targeted 24–36 months after closing, assuming all acquisitions complete; timing and delivery remain uncertain.

• Agreed acquisitions of Opin kerfi and Öryggismiðstöð Íslands set combined enterprise value at ISK 13,750m plus estimated lease liabilities of ~ISK 1,000m, subject to customary conditions including competition approval.

• Proposed acquisition of Sýn hf.’s web and broadcasting media operations, at ISK 5,250m enterprise value, was abandoned after due diligence discussions failed to produce an agreement.