Interim report
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Condensed Consolidated Interim Financial Statements 108 Reykjavík Kt. 460207-0880 1 January to 30 September 2026 Ármúla 25 Ásar hf.
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Contents Page Endorsement and Statement by the Board of Directors and the CEO............................................................... 2 - 3 Consolidated Income Statement........................................................................................................................ 4 Consolidated Statement of Financial Position.................................................................................................... 5 Consolidated Statement of Changes in Equity................................................................................................... 6 Consolidated Statement of Cash Flows............................................................................................................. 7 Notes to the Consolidated Financial Statements............................................................................................... 8 - 13 Quarterly Statements......................................................................................................................................... 14 Ásar hf. - Condensed Consolidated Interim FS 30 September 2026
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Endorsement and Statement by the Board of Directors and the CEO The Condensed Consolidated Interim Financial Statements of Ásar hf. and its subsidiaries (together referred to as "Ásar" or the "Company") for the period 1 January to 30 September 2026 are prepared and presented in accordance with International Financial Reporting Standards (IFRS) for Interim Financial Statements (IAS 34) as adopted by the EU. The Financial Statements are neither audited nor reviewed by the Company's auditors. Net profit for the first nine months of the year amounted to ISK 843 million, compared to a profit of ISK 971 million for the same period in 2025. Total revenue for the period amounted to ISK 22.451 million, compared to ISK 21.431 million for the same period in 2025. Total assets amounted to ISK 49.959 million and total equity amounted to ISK 16.881 million according to the Statement of Financial Position. The Company's equity ratio was 33,8%. On 1 July 2026, the telecommunications and media operations were sold to a new subsidiary, Síminn Rekstur ehf. Following a shareholders' meeting held on 20 August 2026, the name of the Group's parent company was changed to Ásar hf. The name of Síminn Rekstur ehf. was subsequently changed to Síminn ehf. The parent company will provide specified support services to its subsidiaries and support the development of the Group as a whole. On 18 December 2025, an agreement was signed to acquire all shares in Opin kerfi hf. (OK) and Öryggismiðstöð Íslands hf. (ÖMÍ). The combined enterprise value of OK and ÖMÍ in the transactions amounts to ISK 13.750 million, in addition to lease liabilities estimated at approximately ISK 1.000 million. The acquisitions will be financed through equity in Ásar, borrowings and cash. It is expected that approximately ISK 6.125 million will be paid through the delivery of approximately 428 million shares. The transactions are subject to customary conditions, including approval by the Icelandic Competition Authority. The Annual General Meeting of the Company approved on 12 March 2026 a share capital decrease to cancel treasury shares amounting to ISK 75 million in nominal value. The same Annual General Meeting approved a share buyback programme allowing repurchases of up to ISK 240 million in nominal value and a proposal to pay ISK 500 million in dividends to shareholders. The dividend was paid on 30 March 2026. Based on the authorisations granted by the Annual General Meetings in 2025 and 2026, the Company purchased treasury shares with a nominal value of ISK 65 million for a total market value of ISK 781 million during the period from January to September. For further information, reference is made to the Consolidated Statement of Changes in Equity. On 9 July 2026, loan agreements were signed with Landsbankinn for the refinancing of Ásar hf. and its subsidiaries. The agreements amount to ISK 31 billion in total and have a five-year maturity. ISK 15 billion was drawn under the facilities and used to refinance existing loans of Ásar. The new loan agreements provide the growing Ásar Group with increased access to funding, greater flexibility in its financing structure and more favourable terms. Ásar will continue to consider market- based financing and has listed bonds (SIMINN 28-1 and SIMINN 29-1) and commercial paper. On 1 July 2026, Ásar completed the acquisition of Greiðslumiðlun Íslands ehf. (GMÍ). The purchase price amounted to ISK 2.830 million, taking into account adjustments for net working capital, Pei's loan portfolio and net interest-bearing liabilities on the completion date. The purchase price was paid in cash. On 12 March 2026, Ásar hf. and Sýn hf. reached an agreement on the principal terms for the potential acquisition by Ásar of Sýn's web and broadcasting media operations. The proposed transaction assumed a total enterprise value of ISK 5.250 million. The transaction was subject to certain conditions, including the outcome of due diligence. Following discussions between the parties after the due diligence process, it became clear that they would not reach an agreement on the transaction. It was therefore decided not to proceed with the transaction, and an announcement to that effect was made to Nasdaq Iceland on 23 August 2026. The Financial Supervisory Committee of the Central Bank of Iceland decided to fine Ásar ISK 76,5 million on the grounds that the Company had not disclosed alleged inside information, nor decided to delay its disclosure, on 31 August 2021 in connection with the sale of its subsidiary Míla ehf. Ásar appealed the decision, first to the District Court of Reykjavík and subsequently to the Court of Appeal, but the Central Bank prevailed in both instances. On 10 April 2026, the Supreme Court rejected the Company's application for leave to appeal. The Company therefore recognised the amount as an expense in the first quarter of 2026. 2Ásar hf. - Condensed Consolidated Interim FS 30 September 2026
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Endorsement and Statement by the Board of Directors and the CEO Statement by the Board of Directors and the CEO Sigrún Ragna Ólafsdóttir, vice chairman Arnar Þór Másson Bjarni Þorvarðarson Valgerður Halldórsdóttir CEO According to the best of our knowledge the Condensed Consolidated Interim Financial Statements of Ásar hf. are prepared and presented in accordance with International Financial Reporting Standards (IFRS) for Interim Financial Statements (IAS 34) as adopted by the EU. It is our opinion that these Condensed Consolidated Interim Financial Statements give a true and fair view of the consolidated financial performance of Ásar hf. for the nine months ended 30 September 2026, its assets, liabilities and consolidated financial position as at 30 September 2026 and its consolidated cash flows for the nine month period ended 30 September 2026. Further, in our opinion the Condensed Consolidated Interim Financial Statements and the Statement by the Board of Directors and the CEO give a fair view of the development and performance of the Company's operations and its position and describe the principal risks and uncertainties faced by Ásar hf. María Björk Einarsdóttir The Board of Directors and the CEO have today discussed the Condensed Consolidated Interim Financial Statements of Ásar hf. for the period 1 January to 30 September 2026 and confirm them by means of their signatures. Jón Sigurðsson, Chairman Board of DirectorsReykjavík, 27 October 2026 3Ásar hf. - Condensed Consolidated Interim FS 30 September 2026
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Income Statement and other comprehensive income for the period 1 January to 30 September 2026 Notes 2026 2025 2026 2025 1.7.-30.9. 1.7.-30.9. 1.1.-30.9. 1.1.-30.9. Net sales .......................................................................................... 5 7.647 6.888 21.899 20.908 Cost of sales .................................................................................... 6 4.724)( 4.099)( 13.997)( 13.000)( Gross profit .................................................................................... 2.923 2.789 7.902 7.908 Other operating income ................................................................... 199 174 552 523 Operating expenses ......................................................................... 7 2.235)( 1.938)( 6.531)( 6.286)( Operating profit (EBIT) ................................................................. 887 1.025 1.923 2.145 Finance income ............................................................................... 293 240 811 670 Finance costs ................................................................................... 731)( 486)( 1.745)( 1.508)( Net exchange rate differences ......................................................... 58 1 93 15 Net finance costs ............................................................................. 8 380)( 245)( 841)( 823)( Profit before tax ................................................................................ 507 780 1.082 1.322 Income tax ....................................................................................... 104)( 158)( 239)( 351)( Profit for the period ....................................................................... 403 622 843 971 EBITDA ............................................................................................ 4 1.939 1.848 4.900 5.044 Earnings per share Basic earnings per share ................................................................. 0,17 0,26 0,36 0,40 Diluted earnings per share ............................................................... 0,17 0,26 0,36 0,40 The notes on pages 8 to 13 are an integral part of these consolidated financial statements 4 All amounts are in millions of ISKÁsar hf. - Condensed Consolidated Interim FS 30 September 2026
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Statement of Financial Position as at 30 September 2026 Notes 30.9.2026 31.12.2025 Assets Non-current assets Property, plant and equipment ......................................................................................... 3.535 3.555 Right-of-use assets .......................................................................................................... 2.786 1.843 Intangible assets .............................................................................................................. 28.823 27.048 Other financial assets ...................................................................................................... 9 1.166 871 Non-current assets 36.310 33.317 Current assets Inventories ....................................................................................................................... 10 1.673 1.550 Accounts receivable ......................................................................................................... 11 2.717 2.538 Loans ............................................................................................................................... 12 4.841 4.204 Other assets .................................................................................................................... 13 2.121 1.733 Cash and cash equivalents .............................................................................................. 2.297 980 Current assets 13.649 11.005 Total assets 49.959 44.322 Equity Share capital .................................................................................................................... 2.284 2.331 Statutory reserve .............................................................................................................. 583 583 Other reserve ................................................................................................................... 2.287 1.390 Retained earnings ............................................................................................................ 11.727 12.797 Equity 16.881 17.101 Liabilities Non-current liabilities Borrowings ....................................................................................................................... 20.569 13.127 Lease liabilities ................................................................................................................ 2.575 1.573 Accounts payable ............................................................................................................ 508 734 Deferred tax liabilities ....................................................................................................... 15 406 629 Non-current liabilities 24.058 16.063 Current liabilities Bank loans ....................................................................................................................... 1.507 1.401 Accounts payable ............................................................................................................ 16 4.035 4.596 Current maturities of borrowings ...................................................................................... 0 3.000 Current maturities of lease liabilities ................................................................................ 532 396 Taxes to be paid .............................................................................................................. 905 542 Other liabilities ................................................................................................................. 17 2.041 1.223 Current liabilities 9.020 11.158 Total liabilities 33.078 27.221 Total equity and liabilities 49.959 44.322 The notes on pages 8 to 13 are an integral part of these consolidated financial statements 5 All amounts are in millions of ISKÁsar hf. - Condensed Consolidated Interim FS 30 September 2026
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Statement of Changes in Equity 1 January to 30 September 2026 Share capital Statutory reserve Other restricted reserve Retained earnings Total equity 2.483 621 828 14.184 18.116 971 971 498)( 498)( 126)( 32)( 1.543)( 1.701)( 19 5 173 197 321 321)( 0 26 26 2.376 594 1.149 12.992 17.111 2.331 583 1.390 12.797 17.101 843 843 500)( 500)( 65)( 716)( 781)( 18 166 184 897 897)( 0 34 34 2.284 583 2.287 11.727 16.881 The notes on pages 8 to 13 are an integral part of these consolidated financial statements Total equity 30.9.2026 ............................................. Transfer to restricted reserve .................................. Share option charge ................................................ Total equity 30.9.2025 ............................................. Total equity 1.1.2026 ............................................... Net profit for the period ............................................ Payment of dividends (0,2 per share) ...................... Buyback of ordinary shares ..................................... Sold ordinary shares ................................................ Transfer to restricted reserve .................................. Share option charge ................................................ Total equity 1.1.2025 ............................................... Net profit for the period ............................................ Payment of dividends (0,2 per share) ...................... Buyback of ordinary shares ..................................... Sold ordinary shares ................................................ 6 All amounts are in millions of ISKÁsar hf. - Condensed Consolidated Interim FS 30 September 2026
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Statement of Cash Flows 1 January to 30 September 2026 Notes 2026 2025 2026 2025 1.7.-30.9. 1.7.-30.9.* 1.1.-30.9. 1.1.-30.9.* Cash flow from operating activities Operating profit ............................................................................... 887 1.025 1.923 2.145 Operational items not affecting cash flow: Depreciation .................................................................................... 1.052 823 2.977 2.899 Gain on sale of fixed assets ............................................................ 16)( 3)( 16)( 7)( Other items not affecting cash flow ................................................. 11 5 35 26 1.934 1.850 4.919 5.063 Changes in current assets and liabilities: Changes in inventories .................................................................... 241 84)( 179 64)( Changes in operating assets ........................................................... 20)( 231)( 264)( 580)( Changes in loans ............................................................................. 88)( 53 210 78 Changes in operating liabilities ........................................................ 91)( 246 66)( 295 Changes in current assets and liabilities 42 16)( 59 271)( Cash generated from operating activities 1.976 1.834 4.978 4.792 Interest income received ................................................................. 269 232 751 649 Interest expenses paid .................................................................... 668)( 428)( 1.654)( 1.389)( Payments of taxes ........................................................................... 65)( 73)( 172)( 196)( Net cash from operating activities 1.512 1.565 3.903 3.856 Investing activities Investment in property, plant and equipment .................................. 244)( 350)( 816)( 943)( Investment in intangible assets ....................................................... 425)( 209)( 1.218)( 859)( Proceeds from sale of property, plant and equipment ..................... 50 3 54 10 Investment in loan portfolio .............................................................. 0 0 0 1.429)( Acquisition of subsidiary, net of cash acquired ............................... 14 2.779)( 0 2.779)( 0 Investment activities 3.398)( 556)( 4.759)( 3.221)( Financing activities Dividend paid ................................................................................... 0 0 500)( 498)( Buyback of ordinary shares ............................................................. 455)( 630)( 781)( 1.701)( Sold ordinary shares ........................................................................ 184 197 184 197 New borrowings ............................................................................... 15.000 0 19.440 2.700 Payments of non-current liabilities ................................................... 12.467)( 107)( 15.467)( 321)( Payment of long term lease ............................................................. 140)( 95)( 351)( 272)( Change in short-term borrowings .................................................... 0 0 345)( 449)( Financing activities 2.122 635)( 2.180 344)( Increase in cash and cash equivalents ...................................... 236 374 1.324 291 Effect of exchange rate fluctuations on cash held ..................... 4)( 2)( 7)( 10)( Cash and cash equivalents at the beginning of the period ....... 2.065 744 980 835 Cash and cash equivalents at the end of the period .................. 2.297 1.116 2.297 1.116 * Comparative figures have been reclassified. See Note 3 for further details. The notes on pages 8 to 13 are an integral part of these consolidated financial statements 7 All amounts are in millions of ISKÁsar hf. - Condensed Consolidated Interim FS 30 September 2026
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Notes to the Consolidated Financial Statements 1. Reporting entity 2. Basis of accounting 2.1. Statement of compliance 2.2. Basis of measurement 2.3. Presentation and functional currency 2.4. Use of judgements and estimates 3. Changes in accounting policies The Company's principal activity is to operate as a holding company and to manage its subsidiaries and associates engaged in digital services, including telecommunications, information technology, media, financial technology (fintech) and security services, together with all related and ancillary activities permitted by law. Effective 1 January 2026, changes in loans in the statement of cash flows are classified within changes in operating assets and liabilities. Previously, such changes were classified as investing activities. Comparative figures have been reclassified accordingly, and a decrease of ISK 78 million in the loan portfolio, previously classified as investing activities, has been reclassified to changes in operating assets and liabilities. The accounting policies applied in the interim financial statements are the same as those applied in the Company's consolidated financial statements as at and for the year ended 31 December 2025. The Company's last annual consolidated financial statements are available on the company's website, www.asar.is, and in the company news release distribution network of Nasdaq Nordic: www.nasdaqomxnordic.com. These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting, and should be read in conjunction with the Company's last annual consolidated financial statements as at and for the year ended 31 December 2025. They do not include all the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company's financial position and performance since the last annual financial statements. These interim financial statements have been prepared on a historical cost basis. These interim financial statements are presented in Icelandic Krona (ISK), which is the Company's functional currency. All financial information presented in ISK has been rounded to the nearest million unless otherwise stated. In preparing these interim financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. Ásar hf. (the "Company") is a public limited liability company domiciled in Iceland. The address of the Company's registered office is Ármúli 25, Reykjavík. These condensed consolidated interim financial statements ('interim financial statements') for the nine months ended 30 September 2026 comprise the Company and its subsidiaries (together referred to as "Ásar" or the "Company"). The subsidiaries are Síminn ehf., Síminn Pay ehf., Radíómiðun ehf., Billboard ehf., BBI ehf., Noona Iceland ehf., Greiðslumiðlun Íslands ehf., Motus ehf. and Greiðslumiðlun ehf. The Board of Directors and the CEO approved these interim financial statements and authorised them for issue at a Board meeting held on 27 October 2026. 8 All amounts are in millions of ISKÁsar hf. - Condensed Consolidated Interim FS 30 September 2026
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Notes to the Consolidated Financial Statements 4. Operating segments Operating segments 1.1.-30.9.2026 Internet & Equipment Other Mobile network TV Advertising sales revenues Total 5.434 6.284 5.354 1.965 1.288 2.126 22.451 17.551)( 4.900 2.977)( 841)( 239)( 843 1.980)( 49.959 33.078 Operating segments 1.1.-30.9.2025 Internet & Equipment Other Mobile network TV Advertising sales revenues Total 5.265 6.221 5.385 1.776 1.121 1.663 21.431 16.387)( 5.044 2.899)( 823)( 351)( 971 1.792)( 42.491 25.380 Net earnings for the period ............................................................................................................................... Net finance costs .................................................................................................................................................. Assets 30.9.2025 ................................................................................................................................................. The Company operates within six segments that sell services and equipment in different markets. The operating segments are as follows: TV: ............................................. Revenue from sale of telco equipment. Internet & network: .................... Revenue from data service, incl. xDSL service, GPON, Internet, IP net, local loop and access network. Distribution of television content, subscriptions and use of the Company’s media services. Financial technology and other activities not included in other segments. Depreciation ......................................................................................................................................................... Net finance costs .................................................................................................................................................. Net earnings for the period ............................................................................................................................... Revenue from mobile services domestic and abroad, whether traditional GSM service, satellite service or other mobile service. Expenses ............................................................................................................................................................. EBITDA ................................................................................................................................................................ EBITDA ................................................................................................................................................................ Taxes .................................................................................................................................................................... Depreciation ......................................................................................................................................................... Capital additions ................................................................................................................................................... Assets 30.9.2026 ................................................................................................................................................. Liabilities 30.9.2026 ............................................................................................................................................. Expenses ............................................................................................................................................................. Revenue .................................... Revenue .................................... Advertising: ................................ Revenue in outdoor advertising and TV. An overview of operating segments is presented in the same manner as reported to the Board of Directors. Taxes .................................................................................................................................................................... Other revenue: ........................... Equipment sales: ....................... Description: Mobile: ....................................... Capital additions ................................................................................................................................................... Operating segment: Liabilities 30.9.2025 ............................................................................................................................................. 9 All amounts are in millions of ISKÁsar hf. - Condensed Consolidated Interim FS 30 September 2026
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Notes to the Consolidated Financial Statements 5. Net sales Sales of services and goods are specified as follows: 2026 2025 1.1.-30.9. 1.1.-30.9. 18.561 17.943 1.939 1.753 1.399 1.212 21.899 20.908 No customer comprises more than 10% of net sales. 6. Cost of sales Cost of sales is specified as follows: 1.509 1.199 9.466 8.858 1.244 1.076 176)( 129)( 1.954 1.996 13.997 13.000 7. Operating expenses Operating expenses are specified as follows: 2.981 2.799 507 501 181 178 878 810 884 633 77 461 1.023 904 6.531 6.286 8. Net finance costs Finance income and finance costs are specified as follows: Finance income 269 165 542 505 811 670 Finance costs 1.428)( 1.237)( 132)( 125)( 79)( 72)( 106)( 74)( 1.745)( 1.508)( 93 15 841)( 823)( Administrative fine and damages .................................................................................................... Advertising sales ............................................................................................................................ Loan write-downs ........................................................................................................................... Interest on borrowings .................................................................................................................... Cost of services sold comprises material costs, service agreements, licence fees, purchased services and telecommunications costs. Salaries and related expenses ........................................................................................................ Sales of service .............................................................................................................................. Salaries and related expenses ........................................................................................................ Sales of goods ................................................................................................................................ Cost of service sold ......................................................................................................................... Depreciation cost of sold services ................................................................................................... Cost of goods sold ........................................................................................................................... Capitalised work .............................................................................................................................. Marketing and sales expenses ........................................................................................................ Other finance expenses .................................................................................................................. Net exchange rate differences ........................................................................................................ Net financial costs .......................................................................................................................... Interest income ............................................................................................................................... General and administrative expenses ............................................................................................. Depreciation included in operating expenses .................................................................................. Interest income from loans ............................................................................................................. Housing and transportation expenses ............................................................................................. IT expenses ..................................................................................................................................... Interest expense from lease liability ............................................................................................... 10 All amounts are in millions of ISKÁsar hf. - Condensed Consolidated Interim FS 30 September 2026
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Notes to the Consolidated Financial Statements 9. Other financial assets Other financial assets are specified as follows: 30.9.2026 31.12.2025 57 57 166 468 793 346 150 0 1.166 871 10. Inventories Inventories are specified as follows: 858 724 815 826 1.673 1.550 11. Accounts Receivable Accounts receivable are specified as follows: 2.862 2.653 145)( 115)( 2.717 2.538 12. Loans Loans 30.9.2026: 2.327 793)( 66)( 1.468 3.512 0 139)( 3.373 5.839 793)( 205)( 4.841 Loans 31.12.2025: 1.599 345)( 74)( 1.180 3.158 0 134)( 3.024 4.757 345)( 208)( 4.204 13. Other assets Other assets are specified as follows: 30.9.2026 31.12.2025 1.023 724 1.098 1.009 2.121 1.733 Finance lease receivable from property sublease .......................................................................... Loans .............................................................................................................................................. TV programs ................................................................................................................................... Investment in other companies ....................................................................................................... Other financial assets total ............................................................................................................. Goods for resale and operating supplies ........................................................................................ TV programs ................................................................................................................................... Inventory total ................................................................................................................................. Accounts receivable ........................................................................................................................ Allowances for doubtful accounts .................................................................................................... Accounts receivable total ................................................................................................................ Loans, from 1 - 36 months .................................................................... Credit card, flexible payments ............................................................... Expected credit loss allowance Loans current Loans, from 1 - 60 months .................................................................... Credit card, flexible payments ............................................................... Gross carrying amount Classified as non- current The loans comprise loans granted by theCompany’s subsidiaries, Síminn Pay ehf. and Greiðslumiðlun ehf., exclusively to individuals, with terms ranging from 1 to 60 months. Prepayments .................................................................................................................................. Other current assets ....................................................................................................................... Other assets total ........................................................................................................................... 11 All amounts are in millions of ISKÁsar hf. - Condensed Consolidated Interim FS 30 September 2026
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Notes to the Consolidated Financial Statements 14. Acquisition of subsidiaries 658 1.342 214 51 2.265 59 922 498 1.478 787 2.830 2.043 15. Deferred tax Analysis of movements in the net deferred tax balances during the period is as follows: 30.9.2026 31.12.2025 629 686 59 0 239 485 521)( 542)( 406 629 16. Payables Payables are specified as follows: 2.911 3.374 1.124 1.222 4.035 4.596 The purchase price allocation had not been finalised at the date of preparation of these interim financial statements. The provisional purchase price allocation is presented in the table below. In accordance with IFRS 3, adjustments to the provisional purchase price allocation may be made during the measurement period, which cannot exceed 12 months from the acquisition date. Loans receivable ................................................................................................................................................. Trade and other receivables ............................................................................................................................... Interest-bearing liabilities .................................................................................................................................... Trade and other payables ................................................................................................................................... Deferred tax at the beginning of the year......................................................................................... Deferred tax liability at the end of the period.................................................................................... Payables total ................................................................................................................................. Payables due in 12 months or more are classified as long-term liabilities. Accrued expenses .......................................................................................................................... Income tax expensed for the period................................................................................................. Taxes to be paid............................................................................................................................... Acquisition of subsidiaries................................................................................................................ Payables ......................................................................................................................................... Goodwill .............................................................................................................................................................. On 23 October 2025, Ásar hf. entered into an agreement to acquire 100% of the shares in Greiðslumiðlun Íslands ehf. The acquired company owns and operates Pei, a payment solutions provider, and Motus, a debt collection company. The acquisition will strengthen the Group's operations in financial technology and payment services. The acquisition was subject to approval by the Icelandic Competition Authority, which was subsequently obtained. The acquisition date was 1 July 2026. The purchase consideration amounted to ISK 2.830 million, after adjustments for net working capital, the Pei loan portfolio and net interest-bearing debt at the closing date. The consideration was paid in full in cash. Acquisition- related costs of ISK 72 million were recognised as an expense within operating expenses. Intangible assets and property, plant and equipment ......................................................................................... Cash and cash equivalents ................................................................................................................................. Total assets ......................................................................................................................................................... Deferred tax liabilities .......................................................................................................................................... Total liabilities ...................................................................................................................................................... Net identifiable assets acquired .......................................................................................................................... Purchase price .................................................................................................................................................... 12 All amounts are in millions of ISKÁsar hf. - Condensed Consolidated Interim FS 30 September 2026
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Notes to the Consolidated Financial Statements 17. Other liabilities Other liabilities are specified as follows: 709 664 630 203 663 355 39 1 2.041 1.223 18. Legal proceedings 19. Events after reporting date No events have occurred after the reporting date that have affected the interim financial statements. Accrued expenses .......................................................................................................................... Other liabilities total ........................................................................................................................ Salaries and related expenses ....................................................................................................... VAT ................................................................................................................................................. Other ............................................................................................................................................... Although the outcomes of the matters described above remain uncertain, management does not expect either matter to result in material financial consequences for the Company. No expenses have been recognised in the financial statements in respect of potential claims arising from these matters. The status of the following legal case has not changed since the publication of the 2025 financial statements. On 8 January 2026, Ásar received a statement of objections from the Icelandic Competition Authority in connection with the acquisition of Noona Iceland. The Authority's preliminary assessment is that provisions of the Competition Act may have been infringed in relation to the information provided to the Authority during its review of the acquisition. The Authority has also raised concerns regarding the possible implementation of the merger before completion of its investigation. Ásar has responded to the statement of objections and has presented the Company's views. On 15 September 2026, Síminn ehf., a subsidiary of Ásar hf., received a statement of objections from the Icelandic Competition Authority in connection with the Authority's investigation into the sale of telecommunications and television services through the Heimilispakkinn package by the company (then Síminn hf.). The Authority's preliminary assessment, as set out in the statement of objections, was that temporary promotional offers for Heimilispakkinn may have constituted predatory pricing, contrary to Article 11 of the Icelandic Competition Act and certain conditions imposed under the Icelandic Competition Authority's Decision No. 6/2015. The case concerns the period2019–2021 and therefore relates to events that occurred five to seven years ago. Furthermore, the conditions imposed under Decision No. 6/2015 have been annulled by the Court of Appeal. The statement of objections does not constitute a binding administrative decision but forms part of the proceedings, allowing the company to submit explanations, comments and supporting documentation before a decision is made on how to proceed with the case. Síminn ehf. intends to submit its comments on the statement of objections. 13 All amounts are in millions of ISKÁsar hf. - Condensed Consolidated Interim FS 30 September 2026
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Quarterly Statements Q1 Q2 Q3 2026 2026 2026 Total Net sales ...................................................................................................... 7.058 7.194 7.647 21.899 Cost of sales ................................................................................................ 4.637)( 4.636)( 4.724)( 13.997)( Gross profit ................................................................................................ 2.421 2.558 2.923 7.902 Other operating income ............................................................................... 191 162 199 552 Operating expenses .................................................................................... 2.196)( 2.100)( 2.235)( 6.531)( Operating profit ........................................................................................ 416 620 887 1.923 Net finance costs ......................................................................................... 180)( 281)( 380)( 841)( Profit before tax ......................................................................................... 236 339 507 1.082 Income tax ................................................................................................... 65)( 70)( 104)( 239)( Profit for the period ................................................................................... 171 269 403 843 EBITDA ........................................................................................................ 1.362 1.599 1.939 4.900 Q1 Q2 Q3 Q4 2025 2025 2025 2025 Total 7.003 7.017 6.888 7.090 27.998 4.526)( 4.375)( 4.099)( 4.288)( 17.288)( 2.477 2.642 2.789 2.802 10.710 170 179 174 246 769 2.458)( 1.890)( 1.938)( 2.056)( 8.342)( 189 931 1.025 992 3.137 321)( 257)( 245)( 238)( 1.061)( 132)( 674 780 754 2.076 56)( 137)( 158)( 134)( 485)( 188)( 537 622 620 1.591 1.272 1.924 1.848 1.916 6.960 Summary of the Company's operating results by quarters: Operating profit ............................................................... Net sales .............................................................................. Cost of sales ........................................................................ Gross profit ........................................................................ Other operating income ....................................................... Operating expenses ............................................................ Net finance costs ................................................................. EBITDA ................................................................................ Income tax ........................................................................... Profit for the period .......................................................... Profit before tax ............................................................... 14 All amounts are in millions of ISKÁsar hf. - Condensed Consolidated Interim FS 30 September 2026