Slides
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Interim Results Q3 2026 María Björk Einarsdóttir and Hjörtur Þór Steindórsson
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Building a new group Telecoms Fintech Media Growing from telecoms into a group founded on digital foundation, trust and security 2025 2026 Q3 2026 Interim Results 2
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t Growth across the Group Q3 2026 Interim Results 3 Q3 operations 146,153 Mobile subscriptions +2.0% 806 Billboard screens 60,976 Internet subscriptions - 1.6% 5,634 ISKm Loan portfolio +23.9% 175 thousand Noona users +8.4% 44,212 Premium subscribers +0.2% +14.8%
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t Q3 – Ásar taking shape Q3 2026 Interim Results 4 Ásar excl. GMÍ GMÍ 487 ISKm Revenue 124 ISKm EBITDA 54 ISKm EBIT 7,359 ISKm Revenue 1,992 ISKm EBITDA* 1,045 ISKm EBIT* * Adjusted for direct costs of external growth and Group reorganisation (ISK 177m). EBIT also excludes amortisation of acquisition - related intangibles +4.2% +7.8% −0.6%
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t A sound base to build on Q3 2026 Interim Results 5 33.8 % Equity ratio 7,846 ISKm Revenue 1,099 ISKm EBIT* 2,116 ISKm EBITDA * 1,257 ISKm EBITDAaL * – CAPEX 1,976 ISKm Cash from operations** Q3 financials +11.1% +14.5% +7.7% - 4.8 pp +4.5% +9.0% * Adjusted for direct costs of external growth and Group reorganisation (ISK 177m). EBIT also excludes amortisation of acquis iti on - related intangibles ** Before interest and taxes
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Q3 operating results Q3 2026 Interim Results 6 A good quarter for the Group ISKm Q3 2026 Q3 2025 Change % Revenue 7,846 7,062 784 11.1% Gross profit 2,923 2,789 134 4.8% EBITDA* 2,116 1,848 268 14.5% EBIT* 1,099 1,052 47 4.5% Net profit 403 622 (219) - 35.2% * Adjusted for direct costs of external growth and Group reorganisation (ISK 177m). EBIT also excludes amortisation of acquisition - related intangibles
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9M operating results Q3 2026 Interim Results 7 Consistent operating performance ISKm 9M 2026 9M 2025 Change % Revenue 22,451 21,431 1,020 4.8% Gross profit 7,902 7,908 (6) - 0.1% EBITDA* 5,154 5,505 (351) - 6.4% EBIT* 2,282 2,686 (404) - 15.0% Net profit 843 971 (128) - 13.2% * Adjusted for direct costs of external growth, Group reorganisation and administrative fines. EBIT also excludes amortisatio n o f acquisition - related intangibles
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Revenue growth across segments Q3 2026 Interim Results 8 % change vs. Q3 2025 Revenue by segment Q3 2026 Revenue by segment, ISKm 1,837 1,709 1,704 1,792 1,938 2,069 2,025 2,099 2,085 2,100 1,662 1,690 1,847 1,776 1,731 609 798 607 705 653 329 515 450 453 385 556 599 542 545 1,039 7,062 7,336 7,249 7,356 7,846 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Mobile Data TV services Advertising Equipment sales Other Mobile 1,938 ISKm +5.5% Data 2,100 ISKm +1.5% TV services 1,731 ISKm +4.2% Advertising 653 ISKm +7.2% Equipment sales 385 ISKm +17.0% Other 1,039 ISKm +86.9% Total 7,846 ISKm +11.1% GMÍ Of which GMÍ ISK 487m
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Q3 balance sheet Q3 2026 Interim Results 9 Healthy balance sheet ISKm 30 Sep 2026 31 Dec 2025 Change % Total assets 49,959 44,322 5,637 12.7% Equity 16,881 17,101 (220) - 1.3% Interest - bearing debt 22,076 17,528 4,548 25.9% Net interest - bearing debt* 17,252 13,968 3,284 23.5% Equity ratio 33.8% 38.6% - 4.8 pp – * Net interest - bearing debt comprises interest - bearing debt and lease liabilities, less cash and the loan portfolios of Síminn Pay and pei .
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Solid finances, low leverage 10 3.00x Interest coverage 2.34x Leverage ratio 17,252 ISKm NIBD* 33.8 % Equity ratio 13,763 13,727 13,241 13,968 14,249 14,488 17,252 1.82x 1.78x 1.75x 1.88x 2.00x 2.13x 2.34x Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Adjusted NIBD (ISKm) NIBD / 12M EBITDA (x) Q3 2026 Interim Results * Net interest - bearing debt comprises interest - bearing debt and lease liabilities, less cash and the loan portfolios of Síminn Pay and pei . **12M EBITDA is adjusted for an ISK 77m expense related to legal proceedings in Q1 2026, ISK 177m in direct costs of external gr owth and Group reorganisation in Q3 2026, and the effect of GMÍ on EBITDA on a 12 - month basis. (NIBD/12M EBITDA**)
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Strong operating cash flow Q3 2026 Interim Results 11 Dividends and own shares External growth Cash at end of period Investments (CAPEX) Lease repayments Increased borrowing FX effects Síminn Pay loans Cash from operations Cash at beginning of year 980 3,693 210 - 7 - 351 3,628 - 1,097 - 1,980 - 2,779 2,297 Change in cash 9M 2026, ISKm FCFaL* ( EBITDAaL – CAPEX), ISKm - TTM 3,222 3,203 3,992 4,270 4,079 3,937 3,554 3,160 3,261 11.9% 11.5% 14.0% 14.9% 14.1% 13.7% 12.3% 10.9% 10.9% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 FCFaL (EBITDAaL-CAPEX) FCFaL / revenue * FCFaL is adjusted for legal expenses, administrative fines, and costs and amortisation related to external growth and Group reorganisation
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A lighter investment profile Group investments, 9M 2026 12 608 ISKm Software 610 ISKm Broadcasting rights 762 ISKm Property, plant & equipment Q3 2026 Interim Results Forecast 3,200 – 3,400 1,677 1,556 1,840 2,008 1,370 2,674 2,116 1,628 943 610 4,351 3,671 3,468 2,951 6.8% 6.0% 6.6% 7.0% 6.1% 17.7% 14.3% 12.5% 10.3% 8.8% 2022 2023 2024 2025 2026 Infrastructure Broadcasting rights Forecast CAPEX infrastructure/Revenue CAPEX/Revenue 9M 2026 Investments by year, ISKm
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t Guidance reaffirmed 13 Financial year 2026 EBITDA 7.0 – 7.4 * EBIT 3.3 – 3.7 * Investments 3.2 – 3.4
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Strong pillars Telecoms – Media – Fintech
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Steady mobile base, expanding 5G network 14 6 , 153 Mobile subscriptions + 2. 0 % 60,976 Internet subscriptions - 1.6% Operational highlights Backup connections secure businesses Increased focus on backup connectivity solutions via 4G/5G and satellite 5G live at 270 sites nationwide 5G added at 4 0 + sites this year; mobile data usage up 25% Q3 2026 Interim Results 15 Telecom munication s Key metrics
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Out door media growing, Premium in the lead Q3 2026 Interim Results 16 Media Key metrics 44, 212 Premium subscribers +0.2% 806 Billboard screens +14.8% 631 ISKm (TTM) Investment in Icelandic content - 14.1% Operational highlights Premium rated best Icelandic streaming service According to 43% of respondents in a Maskína survey; 35.9% named RÚV and 17.8% named Sýn+ Out door media continue s to grow 60 new screens this year; Hafnarfjörður bus shelter agreement extended by ten years
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Lending, collections & marketplace grow Q3 2026 Interim Results 17 Fintech Key metrics Operational highlights 5,634 ISKm Loan portfolio +23.9% 16,155 ISKm Receivables management - 14.3% 2,900 Corporate cards issued +89% Corporate card spend up 53% year on year Record month in September with c ard spend of ISK 490m 175 thousand users on the Noona marketplace Users up 8.4% vs. Q3 2025
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Greiðslumiðlun Íslands Part of the Group since 1 July 2026 Q3 2026 Interim Results 18 Receivables, payments and lending solutions Decades of reliable operations Motus Specialist invoicing, receivables monitoring and collection services, backed by digital processes Pei Payment and lending solutions integrated with leading POS systems and online stores Lögheimtan and Pacta Partners for legal collection and general legal services Founded 1980 Full - time equivalents ~70 Motus clients 1,500 Pei users 34,650
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Key milestones in announced transactions Progress by company Q3 2026 Interim Results 19 *Based on the end of the Phase 2 deadline Transaction announced Shareholders' meeting Merger notification ICA decision* Settlement and closing 18 Dec 2025 Completed 28 Jan 2026 Completed 24 Apr 2026 Completed 30 Oct 2026 In progress Q4 2026 Expected 18 Dec 2025 Completed 28 Jan 2026 Completed 26 May 2026 Completed 4 Nov 2026 In progress Q4 2026 Expected
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Öryggismiðstöðin and OK * Acquisition s subject to ICA approval Q3 2026 Interim Results 20 Security and welfare solutions for homes and businesses Revenue 2025 9,546 ISKm EBITDA 2025* 1,050 ISKm Corporate revenue share ~90% Monitored systems 8,600 IT operations and service solutions for businesses Revenue 2025 7,116 ISKm EBITDA 2025 624 ISKm Service revenue 65% Customers 3,000 *Adjusted for the effects of IFRS 16. Source: the companies' 2025 annual financial statements.
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Targeting ISK 600 – 800m in annual cost synergies Synergies across a larger Group STARTED Q3 2026 GMÍ joins the Group Organisational changes under way to make full use of the Group’s strengths IN PROGRESS ICA decision in Q4 2026 ÖMÍ and OK join Shared support services, operating infrastructure and procurement *Acquisitions subject to ICA approval TARGET 24 – 36 months after closing Synergies fully realised 600 – 800 ISKm Annual cost synergies, assuming all acquisitions complete Q3 2026 Interim Results 21
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Information contained in this presentation is based on sources that Ásar hf . (“Ásar” or the “company”) considers reliable at each time . Its accuracy or completeness can, however, not be guaranteed . This presentation contains forward - looking statements that reflect management’s current views with respect to certain future events and potential financial performance . Although management believes 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 . Ásar 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, including expected synergies from acquisitions, 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 changes in economic conditions, the availability of resources, the timing and effect of regulatory actions and other factors . The announced acquisitions of Öryggismiðstöð Íslands hf . and Opin kerfi hf . are subject to approval by the Icelandic Competition Authority . Expected synergies and other effects of the transactions are management estimates and may not be realised in full or within the expected timeframe . 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 presentation that accompanies the Q 3 2026 results of Ásar hf . 23