Hagar (HAGA) Q3 2025 earnings summary

Executive summary

• Operations performed well in Q3 2024/25, with stable revenues and improved profitability year-over-year.

• Net profit for the nine months ended November 30, 2024, was ISK 3,964 million, up from ISK 3,853 million year-over-year.

• EBITDA rose to ISK 10,881 million for the nine months, with a 13.1% increase in Q3.

• Expansion into the Faroe Islands through the acquisition of P/F SMS, increasing market reach by over 14%.

• Notable events include the SMS acquisition and initiation of a formal sale process for Olíudreifing.

Financial highlights

• Q3 revenue was ISK 43.7bn, nearly flat year-over-year (▼0.1%).

• For the nine months, revenue grew 2.9% to ISK 134.3bn; EBITDA up 6.4% to ISK 10.9bn; net profit up 2.9% to ISK 4.0bn.

• Gross margin improved by 1.9 percentage points to 22.6%.

• EBITDA margin improved to 8.1% from 7.8% year-over-year.

• Total assets increased to ISK 83,890 million from ISK 77,214 million at the end of the previous fiscal year.

Outlook and guidance

• Management raised full-year 2024/25 EBITDA guidance to ISK 14,000–14,500 million, reflecting the SMS acquisition.

• Strong financial position and secured funding support future growth and integration of SMS.

• Focus remains on operational efficiency, new revenue streams, and adapting to changing economic conditions.