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María Björk Einarsdóttir and HjörturÞór Steindórsson Investor Presentation2025
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Síminn A transformative year InvestorPresentation2025 2 Resilient operations amid disruption Resilience in operationsStrong performance for the year and in Q4 despite market turbulence Operational stability and early signs of positive momentum in Q4Proactive commercial response in TV following loss of Premier League rights Strengthened pillarsLaunch of new satellite-based solutions in telecommunications Growth in fintech, including corporate card services and continued product development at Noona Ongoing progress in advertising sales, supported by synergies realised from the Billboard acquisition Foundations for the futureAnnouncement of proposed acquisitions of three companies in Q4 Work underway on a revised organisational structure Clear ambition to unlock synergies, enhance performance across group companies and pave the way for further growth Stable and growing earningsFocus on operational efficiency and cost discipline Notable increase in operating profit Clear track record of consistent earnings growth year-on-year
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Operations
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Síminn IncomeStatementQ4Revenue in line with expectations and positive signs in core productsTotal revenue of ISK 7,336m, down ISK 95m year-on-yearRevenue decline in core products following loss of Premier League rights§Clear signs of a positive turnaround in late Q4, especially in subscriptionsSolid overall performance, especially in comparison to an exceptionally strong Q4 2024 where Síminn Premium TV was close to record numbersDisciplined operations and cost controlOperating expenses increased by 1.2% year-on-year, despite higher input costs from suppliers§Amortisation of TV content & broadcasting rights declined year-on-year§Continued strong cost discipline accross all segmentsIncreased operating profitEBITDA decreased by ISK 155m, aligning with the company's provided guidanceEBIT increased by ISK 48m year-on-year; EBIT margin for the quarter was 13.5% InvestorPresentation2025 –AmountsinMillionISK 4 Operations Operatingprofitincreasedyear-on-year Q4 2025Q4 2024Change% Net sales 7.090 7.291 ( 201) -2,8%Costof sales ( 4.288)( 4.455)167 -3,7%Gross profit 2.802 2.836 ( 34) -1,2% Other operatingincome246 140 10675,7%Operatingexpenses( 2.056)( 2.032)( 24)1,2%Operatingprofit(EBIT) 992 944 48 5,1%EBIT margin13,5%12,7%0,8%6,4% Financial income371 195 176 90,3%Financial cost ( 609)( 501)( 108)21,6%Net financialitems( 238)( 306)68 -22,2% Profitbeforetax 754 638 116 18,2% Incometax ( 134)( 121)( 13)10,7%Profit 620 517 103 19,9%EPS 0,26 0,20 0,06 30,0% EBITDA 1.916 2.071 ( 155)-7,5%EBITDA margin26,1%27,9%-1,8%-6,3%
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Síminn Mobile: Mobile services, including traditional GSM services, satellite services, or other mobile services. Internet & network: Data transmission services, including xDSL services, GPON, Internet, IP networks, access lines, and access networks. TV: Distribution of television content, subscriptions, and usage of the company's media services. Advertising: Advertising revenues from outdoor media and television. Equipment Sales: Sale of telecommunications equipment and accessories. Other: Revenues related to other telecommunications and financial services. Segments Q4 2025Q4 2024Change% Mobile 1.7091.743-34-2,0%Internet & Network2.0252.064-39-1,9%TV 1.6901.823-133-7,3%Advertising 798821-23-2,8%Equipment sales515547-32-5,9%Other revenue59943316638,3%Total revenue7.3367.431-95-1,3% SegmentsMobile and data broadly stableSlight decline year-on-year (c. 2%)Clearsignsof a positivereboundinTVRevenuedown7% year-on-yearMarket disruption and a strong comparison quarter in 2024Subscription sales for Síminn Premium TV increased towards the end of Q4 2025StrongquarterinadvertisingSolid performance despite a slight year-on-year declineOutdoor media continued to grow and TV broadly stable year-on-yearQ4 2024 benefited from parliamentary elections and Premier League TV rightsFintechdrivingother revenueOther operating revenue up 38%, mainly driven by fintech InvestorPresentation2025 –AmountsinMillionISK 5 Operations 1.709 2.0251.690 798 515599 Q4 2025 1.743 2.0641.823 821 547433 Q4 2024 Revenue development in line with expectations MobileInternet & networkTVAdvertisingEquipment salesOther sales
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Síminn Segments InvestorPresentation2025 –AmountsinMillionISK 6 Operations Revenue developmentRevenue bridge Revenue development in line with expectations
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Síminn * Cash flow from operations after investments** Adjusted for ISK 461m expense related to fines and damages*** Adjusted for ISK 495m expense related to fines and damages Results InvestorPresentation2025 –AmountsinMillionISK 7 Operations FCF*EBITDA ProfitEBIT High investment and temporary increase in short-term receivables impact Q4 2025 cash flow
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Síminn Income Statement 2025•Total revenue for 2025 amounted to ISK 28,767m, compared with ISK 27,832m in 2024, representing 3.4% year-on-year growth•Revenue from data, broadband and television services was broadly unchanged year-on-year at ISK 22.3bn, while revenue from other segments increased by 17.1%•Advertising revenue increased by ISK 505m, mainly driven by Billboard outdoor media following the acquisition in Q2 2024•Equipment sales declined by ISK 98m, or 5.7%, year-on-year•Revenue from other operations increased by ISK 536m, supported by growth in fintech revenues•Operating expenses increased by ISK 252m (3.3%) year-on-year, including ISK 461m relating to an administrative fine and damages in Q1 2025•EBITDA amounted to ISK 7,421m, adjusted for administrative fines and damages, compared with ISK 7,147m in the prior year•Adjusted EBITDA margin remained stable year-on-year•EBIT before amortisation of intangible assets arising from acquisitions (ISK 140m) amounted to ISK 3,277m, within the guidance range for 2025•Adjusted EBIT amounted to ISK 3,598m, compared with ISK 2,875m in the same period last year, an increase of 25% year-on-year InvestorPresentation2025 –AmountsinMillionISK 8 Operations Stable and resilient operations in a changing market20252024Change% Net sales 27.998 27.189 809 3,0%Cost of sales( 17.288)( 17.328)40-0,2%Gross profit10.710 9.861 849 8,6% Other operating income769 643 126 19,6%Operating expenses( 7.881)( 7.629)( 252)3,3%Administrative fine and damages( 461)0 ( 461)Operating profit (EBIT)3.137 2.875 262 9,1%EBIT margin10,9%10,3%0,6%5,6% Financial income1.041734 307 41,8%Financial cost( 2.102)( 1.847)( 255)13,8%Net financial items( 1.061)( 1.113)52-4,7% Profit before tax 2.076 1.762 314 17,8% Income tax( 485)( 381)( 104)27,3%Profit 1.5911.381 210 15,2%EPS 0,66 0,54 0,12 22,2% EBITDA 6.960 7.147 ( 187)-2,6%EBITDA margin24,2%25,7%-1,5%-5,8% Adjusted for administrative fines and damagesAdjusted EBITDA7.421 7.147 274 3,8%Adjusted EBITDA margin25,8%25,7%0,1%0,5%Adjusted EBIT3.598 2.875 723 25,1%Adjusted EBIT margin12,5%10,3%2,2%21,1%
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Síminn 1.256 2.840 1.1822.1282.666 20212022**202320242025*** 2.2602.7452.0792.8753.5989,2%11,2%8,1%10,3%12,5% 20212022**202320242025**EBI TEBI T % 5.5025.9496.1507.1477.42122,4%24,2%23,9%25,7%25,8% 20212022**202320242025**EBI TDAEBI TDA % Results InvestorPresentation2025 –AmountsinMillionISK 9 Operations FCF*EBITDA ProfitEBIT Consistent earnings growth year-on-year * Operating cash flow less investments** Adjusted for ISK 461m fines and damages in 2025 and an ISK 200m fine reversal in 2022*** Adjusted for ISK 495m fines and damages in 2025
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Balance Sheetand Cash Flow
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Síminn 44,6%68,9%52,1%44,0%38,6% 20 2120 2220 2320 2420 25 * Net Interest-Bearing Debt Includes Interest-Bearing Liabilities and Lease Liabilities, Net of Cash and Síminn Pay Loans.12M EBITDA 2024 Includes 12-Month Pro Forma EBITDA for Billboard and Noona.12M EBITDA for 2025 adjusted for the ISK 461 Million due to legal settlements. Balance Sheet InvestorPresentation2025 –AmountsinMillionISK 11 Balance Sheet and Cash Flow Balance sheet increased in size year-on-yearNon-current assets increased following the HBO agreement during the yearLending increased year-on-year; a loan portfolio of ISK 1.4bn was acquired in Q1 ´25 which further increased the size of Síminn´s loan portfolioIncrease in other short-term assets reflects strong corporate card issuance and a temporary increase in other current assetsInterest-bearing debt increased by approximately ISK 2.3bn year-on-yearEquity ratio declined slightly year-on-year, reflecting the balance sheet growth and payments made via dividends & share buy-backs Moderate leverage and a strong balance sheet Net interest-bearing debt with lease liabilities and Pay* Equity ratio 31.12.202531.12.2024Change% Property, plant and equipment3.555 3.543 12 0%Right-of-use assets1.843 1.844 ( 1)0%Intangible assets27.048 26.243 8053%Other financial assets871 638 233 37%Non-current assets33.317 32.268 1.0493%Inventories1.550 1.339 21116%Accounts receivables2.538 2.503 351%Loans (Síminn Pay)4.204 3.204 1.000 31%Other assets1.733 1.033 700 68%Cash and cash equivalents980 835 145 17%Current assets11.005 8.914 2.091 23%Total assets44.322 41.182 3.140 8%Equity 17.101 18.116 ( 1.015)-6%Borrowings13.127 12.733 394 3%Lease liabilities1.573 1.571 20%Accounts payables7340734Deferred tax liabilities629 686 ( 57)-8%Non-current liabilities16.063 14.990 1.073 7%Bank loans1.401 2.084 ( 683)-33%Accounts payables4.596 3.760 83622%Current maturities of borrowings3.396 780 2.616 335%Other current liabilities1.765 1.452 313 22%Current liabilities11.158 8.076 3.082 38%Total equity and liabilities44.322 41.182 3.140 8%
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Síminn 835 5.526-495-10-369 2.33991 -2.638-1.348 -2.951980 Cash Flow2025Cash flow from operations declined year-on-year, mostly due to temporary increase of short-term assets in Q4 and continued success of Síminn’s corporate cards which results in higher receivables balanceInvestments totalled approximately ISK 4.2bnYear-on-year decline in investments mainly related to TV content & broadcasting rightsAcquisition of a consumer loan portfolio amounted to ISK 1.4bnCash flow from financing was negative by approx. ISK 700mDividends & share buybacks amounted to ISK 2.638bn, up ISK 715m year-on-yearNet increase in debt approximately ISK 2.3bn during the period InvestorPresentation2025 –Amountsin MillionISK 12 Balance Sheet and Cash Flow AssetsaleSíminn Pay lendingInvestmentsDividends and own shares Payment of lease liabilitiesNet changes in loansExchange rate changes Legal casesCash from operation Cash at beginning of the year Continuedstrongcashflow, asinprioryears 20252024Operating profit 3.137 2.875 Depreciation 3.823 4.272 Items not affecting cash flow( 35) 57 Total operating activities6.925 7.204 Changes in current assets and liabilitites( 628)( 244)Cash generated by operation 6.297 6.960 Interest income received948 742 Interest expenses paid( 1.959)( 1.612)Payments of taxes( 255)( 289)Net cash from operating activities 5.031 5.801 Net investment in non-current assets( 2.951)( 3.673)Changes in loans (Síminn Pay)( 1.348)( 597)Acquisition of subsidiaries, net of cash acquired0 ( 5.352)Proceeds from sale of shares in other companies910Investment activities( 4.208)( 9.622)Dividend paid ( 498)( 499)Net changes of ordinary shares( 2.140)( 1.424)Payment of long-term lease ( 369)( 362)Net Financing activities2.339 5.136 Financing activities( 668)2.851 Changes in cash and cash equivalents 155 ( 970)Effect of exchange rate fluctuation on cash held( 10)( 5)Cash and cash equivalents at the beginning of the year835 1.810 Cash and cash equivalents at the end of the year980 835 Cash at the end of the year
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Síminn Investments InvestorPresentation2025 –AmountsinMillionISK 13 Balance Sheet and Cash Flow Investments on Track•Total investments for the year amounted to ISK 2,951m, in line with guidance of ISK 2,800–3,100m, representing a year-on-year decrease of ISK 517m.•Investments in TV content & broadcasting rights declined by ISK 685m year-on-year, as the final payment related to English Premier League rights was made in Q1 2024•Investment in technical infrastructure increased by c. ISK 170m, or 8%, year-on-year•Síminn increased investments in telecommunication networks and BSS by ISK 120m•Billboard investments declined by c. ISK 80m, while Noona Iceland invested c. ISK 60m in technology and equipment•Síminn Pay reduced investments by ISK 70 million, but 2024 was an investment-heavy year as emphasis was placed on developing Síminn´s corporate card•Investment forecast for 2026 is between 3.4 and 3.7 billion ISK.•Of which, investment in 5G core amounts to about 500 million ISK•Investments in TV content increases in 2026, as the HBO Max service was only available in the last months of 2025 *Investments are without mobile frequency licenses ISK 205m
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Outlook 2026
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Síminn * EBIT forecastexcludesamortisationof intangiblesfrom acquisitions. Earnings Outlook for2026 Operations were stable in the past year and are expected to remain resilient Stable growth expected in telecommunications and television Focus on profitable growth in fintech and a positive outlook for advertising Investments expected to increase year-on-year, primarily due to higher investment in TV content & broadcasting rights This outlook is based on Síminn’s current operations and does not take into account the announced acquisitions of Öryggismiðstöð Íslands hf., Opin kerfi hf. and Greiðslumiðlun Íslands ehf. Those transactions are subject to a formal approval by the Competition Authority. InvestorPresentation2025 Outlook 2026 6.8–7.2BN.ISK.EBITDA 3.2–3.6BN.ISK.*EBIT 3.4–3.7 BN.ISK.Investments Solid outlook for Síminn’s operations
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Síminn ShareholdersShareholders were 946 at the end of 2025A dividend of ISK 498 million was distributed on March 28, 2025Share capital was reduced on March 24, 2025, by 175,000,000 own shares and the company's share capital is ISK 2,475,000,000 after the reductionShare buybacks during the year amounted to ISK 2,359 million and own shares sold in connection with employee stock options amounted to ISK 219 millionDividend payments and share buybacks over the past five years amounted to ISK 15.3 billion. InvestorPresentation2025 –AmountsinMillionISK 16 Shareholders Share price increased by 9% in the last 12 monthsShareholders13.02.2025# of shares% O/SStoðir hf. 461.194.17018,63%Brú Lífeyrissjóður starfs sveit260.877.09510,54%Lífeyrissj.starfsm.rík. A-deild 256.748.43910,37%Lífeyrissjóður verzlunarmanna198.922.1878,04%Gildi -lífeyrissjóður172.368.7256,96%Söfnunarsjóður lífeyrisréttinda89.258.6263,61%Birta lífeyrissjóður70.093.2212,83%Stapi lífeyrissjóður67.418.8132,72%Lífeyrissj.starfsm.rík. B-deild 50.949.1522,06%Kvika -Innlend hlutabréf48.278.8041,95%Top 10 shareholders1.676.109.23267,72%Other Shareholders650.022.07626,26%Shares outstanding2.326.131.30893,99%Own shares 148.868.6926,01%Total number of shares2.475.000.000100,00% 15,10 10,011,012,013,014,015,016,0 2.13.20253.13.20254.13.20255.13.20256.13.20257.13.20258.13.20259.13.202510.13.202511.13.202512.13.20251.13.20262.13.2026 Share price last 12 months 500 500 500 500 500 2.965 3.043 2.976 1.424 2.359 3.465 3.543 3.476 1.924 2.859 20212022202320242025DividendsShare buybacks
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GrowingDigital Ecosystem
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Síminn FintechA growingpillar InvestorPresentation2025 –AmountsinMillionISK 18 49 1.822 1F2F3F4F1F2F3F4F20242025 Síminn Pay Corporate Cards 131 þús. 163 þús. 1F2F3F4F1F2F3F4F20242025 Registered Noona usersLoanPortfolio (gross) 131.000 49 163.000 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
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Síminn Unique value proposition in the Icelandic B2B market•One-step service for smaller service providers: telecom, subscriptions, invoicing and payments•Ready-to-use solutions enabling customers to focus on core operations •Value creation through Noona synergies across telecoms and fintech •First-choice provider for combined telecoms and fintech solutions
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Síminn MediaSíminn’s media platforms stronger than ever InvestorPresentation2025 20 100% Increase in pause advertising revenue year-on-year 106New digital advertising screens on bus stops in 2025 17.000Households with HBO Max activated through Síminn packages 87.000Streamsof Hildurinthefirstweeks
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vFoundation for Growth 21
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Síminn Síminn today InvestorPresentation2025 22 •Broad consumer and corporate customer base supports continued growth •Resilient core operations and strong capabilities enable efficient scaling and integration •Solid foundation to expand the offering and strengthen core businesses Rekstrarstærðir –lykiltölur 2025 Platforms supporting expansion across markets Media Fintech Advertising Digital marketplace Telecom 313Employees1906Founded 90.000B2C customers12.000B2B customers 28,8ISKBNRevenue7,0ISKBNEBITDA 38,5%Equity Ratio2,9ISKBNFjárfestingar
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Síminn Over recent years, Síminn has built strong operational platforms to enter new verticals and strengthen existing ones Growth – driven by experience InvestorPresentation2025 23 Advertising•Billboard acquisition and digital development strengthened operational scale •Combined advertising platform leverages Síminn’s infrastructure and Billboard’s sales capability •Resulting in revenue growth, improved margins and broader offering Fintech•Targeted development, including acquisitions of Noona and Valitor’s loan portfolio •Growing fintech platform offering competitive solutions •Expanding user base and broader product range supporting continued growth Síminn Premium TV•Successful integration of Skjár Einn •Differentiated content mix of domestic and international programming •Television now a core pillar of the Group
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Síminn Substantail revenue growth with acquisitions, or 66% InvestorPresentation2025 24 New groupSecurity, mobilityandwellbeingIT solutions and equipment salesTelecom, mediaandfintech Digital servicesplatformfor householdsandbusinesses Fintech, lending, payments and claims management Revenue forecast 2025 (ISK bn) 47,728,89,57,02,3
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Síminn Expanded product portfolio InvestorPresentation2025 Claims management Health & wellbeing IT services Security Mobility solutions Advertising Telecommunications Media Fintech Digital marketplace Current portfolioNew portfolio Ný samstæða A Group built on a digital foundation, trust and security, serving both consumer and corporate markets 25
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Síminn Potential annual cost synergies of ISK 600–800m 26 •Robust sales and service platform with strong consumer brands •Trusted corporate relationships across the Group•Billing relationships with over 100,000 customers •Broader product portfolio and increased specialisation •Shared focus on trust, security and digital solutions •Leveraging customer insight to enhance offerings •Streamlined support functions across the Group •Alignment of overlapping operational layers •Greater scale benefits in operations and procurement Strong commercial platformsBusiness developmentMore efficient operations Investor Presentation 2025 Synergies expected within 24–36 months of completion
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Síminn New Group –Pro forma numbersSíminn todayNew GroupChange(%) 10%Investments/revenue 8%Fjárfestingar / tekjur 315Employees ~1.000 39%Equity ratio 34% 3,3EBIT* 5,4+63% NIBD / EBITDA2,6x 2,1x 27Investor Presentation 2025 28,8Revenue 47,7+66% 6,9EBITDA* 9,8+41% Operatingperformance(ISK bn) Financialsandemployees *EBITDA and EBIT prepared under IFRS, including ISK 700m of estimated annual synergies (midpoint), realised over 2–3 years.
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Síminn Glæru í lokin: Grand vision sem talar um Stoðir inn í stoðum félagsins -> Rétt tækifæri gefast þá taka sienna meir og gera sér stoð. Ekki skipulag sem er meitlað í stein. Fyrirtæki munu nýta kraft og halda áfram að vaxta og þróast. Investor Presentation 2025 28 Implementinga newgroupstructure, consolidating telecom and media operations in a dedicated subsidiaryThe new parent company’s name reflects the Group’s strategic objectives from the outset
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Síminn
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Síminn DisclaimerInformation contained in this presentation is based on sources that Síminn hf. (“Síminn” or the “company”) considers reliable at each time. Its accuracy or completeness can however not be guaranteed. This report contains forward-looking statements that reflect the management’s current views with respect to certain future events and potential financial performance. Although the management believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The forward-looking information contained in this presentation applies only as at the date of this presentation.Síminn does not undertake any obligation to provide recipients of this presentation with any further information on the company or to make amendments or changes to this publication should inaccuracies or errors be discovered or opinions or information change. Other than as required by applicable laws and regulation. This presentation is solely for information purposes and is not intended to form part of or be the basis of any decision making by its recipients. Nothing in this presentation should be construed as a promise or recommendation.Statements contained in this presentation that refer to the company’s estimated or anticipated future results or future activities are forward looking statements which reflect the company’s current analysis of existing trends, information and plans. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially depending on factors such as the availability of resources, the timing and effect of regulatory actions and other factors. By the receipt of this presentation the recipient acknowledges and accepts the aforesaid disclaimer and restrictions.Note: This English version is a translation of the Icelandic text that accompanies the Q4 2025 results of Síminn hf.