Síminn (SIMINN) Q1 2025 earnings summary

Executive summary

• Revenue increased 9.1% year-over-year to ISK 7,173 million, driven by acquisitions and growth in TV and mobile segments.

• Net loss of ISK 188 million for Q1 2025, compared to a profit of ISK 171 million in Q1 2024.

• Supreme Court ruling resulted in a ISK 400 million fine, expensed and paid in Q1 2025, reducing legal uncertainty.

• Síminn Premium TV users grew 10% year-over-year; mobile subscriptions rose, internet subscriptions remained stable.

• Síminn Pay and Noona Iceland fintech operations expanded, with 150,000 Noona users and 118 companies using the new corporate card.

Financial highlights

• Operating profit (EBIT) fell 56.1% year-over-year to ISK 189 million, mainly due to ISK 461 million in legal settlements.

• EBITDA for Q1 2025: ISK 1,272 million, down from ISK 1,435 million in Q1 2024.

• Net loss for Q1 2025: ISK 188 million, compared to net profit of ISK 171 million in Q1 2024.

• EPS dropped to ISK -0.08 from ISK 0.07 year-over-year.

• Gross profit for Q1 2025: ISK 2,477 million, up from ISK 2,237 million in Q1 2024.

Outlook and guidance

• 2025 EBITDA and EBIT guidance lowered by ISK 400 million after Supreme Court ruling.

• Forecasted 2025 EBITDA: ISK 6.6–7.0 billion; EBIT: ISK 3.2–3.6 billion (excluding acquisition-related amortization).

• Investments expected to decrease significantly due to lower TV rights spending.

• Premier League broadcasting rights expiry in May introduces uncertainty but is expected to improve cash flow and EBIT.