Nova Klúbburinn (NOVA) Q4 2025 earnings summary

Executive summary

• Total revenues reached 14.3 billion ISK in 2025, a 7% increase year-over-year and above guidance.

• EBITDA was 4.3 billion ISK, exceeding Q3 guidance and up 128 million ISK from 2024.

• Net profit for the year was 783 million ISK.

• Nova Innviðir was established to separate infrastructure and service operations, enhancing transparency and financial flexibility.

• Acquisition of a 20% stake in Dineout and announcement of the Ofar acquisition to expand B2B offerings.

Financial highlights

• Revenue grew by 985 million ISK year-over-year, with FastNet revenues up 336 million ISK, now 30% of total revenues.

• EBITDA margin remained strong at around 30%.

• Free cash flow from operations was 3.2 billion ISK, up 3% from 2024.

• Equity ratio at year-end was 41%, with leverage ratio decreasing to 2.52.

• One-time income of 209 million ISK from asset transfer to Sendafélagið.

Outlook and guidance

• 2026 revenue guidance is 13.6–14.0 billion ISK, with EBITDA expected at 3.2–3.4 billion ISK, reflecting 3–9% growth.

• Investments projected at ~1.1 billion ISK, similar to 2025.

• Guidance excludes potential efficiency gains from Sendafélagið integration and the Ofar acquisition, which will be updated once conditions are met.