Síminn (SIMINN) Q2 2025 earnings summary

Executive summary

• Revenues reached ISK 7,196m in Q2 2025, a 4.7% year-on-year increase, with EBITDA up 11.5% and EBIT up 46.4% year-on-year.

• Net profit more than doubled to ISK 537m in Q2, but for H1 2025 net profit was ISK 349m, down from ISK 415m year-over-year.

• Total sales for H1 2025 were ISK 14,369m, up from ISK 13,446m in H1 2024.

• Strong performance in media, with advertising revenues up 12.9% and premium TV revenues up nearly 7% year-on-year.

• Fintech operations expanded rapidly, with Síminn Pay active users up 26% year-on-year and significant growth in corporate clients and lending.

Financial highlights

• Gross profit increased 16.3% year-on-year to ISK 2,642m in Q2 2025; gross margin for H1 2025 was ISK 5,119m, up from ISK 4,509m.

• EBITDA for H1 2025 was ISK 3,196m, nearly flat compared to ISK 3,161m in 2024.

• Operating expenses rose 5.1% year-on-year, mainly due to higher amortisation from acquisitions.

• Net financial items improved by ISK 63m year-on-year in Q2, but net finance costs for H1 increased to ISK 578m.

• Basic and diluted EPS for H1 2025 was ISK 0.14, down from ISK 0.16 in 2024.

Outlook and guidance

• EBITDA guidance for 2025 is ISK 6.6–7.0bn, EBIT at ISK 3.2–3.6bn, and investments expected at ISK 2.8–3.1bn.

• Guidance revised downward after a Supreme Court ruling and related fine.

• Uncertainty around English Premier League rights has eased, and cost of HBO content rights will increase investments but remain within guidance.