Síminn (SIMINN) Q4 2024 earnings summary

Executive summary

• Revenue grew to ISK 27,832 million in 2024, up from ISK 25,741 million in 2023, driven by expansion in mobile and TV services and successful integration of acquisitions.

• EBIT reached ISK 2,875m, net profit ISK 1,381m, and EPS increased 17.4% to 0.54.

• Billboard integration contributed ISK 1.3b in revenue and nearly ISK 600m in EBIT; Billboard revenue grew 17% year-over-year.

• Strategic acquisitions (Billboard, Noona Iceland, Valitor's loan portfolio) and organizational restructuring supported diversification and growth.

• Continued investment in 5G and fiber-optic infrastructure, with Sjónvarp Símans Premium becoming Iceland's largest content provider.

Financial highlights

• Total 2024 revenue: ISK 27,832m, up ISK 2.1b (8.1%) year-over-year; Q4 revenue: ISK 7,431m, up 11.6%.

• EBITDA: ISK 7,147m (+16.2%); EBIT: ISK 2,875m (+38.3%); Net profit: ISK 1,381m (+2.6%).

• EPS: ISK 0.54, up 17.4% year-over-year.

• Cash and cash equivalents at year-end: ISK 835m, down from ISK 1,810m.

• Equity increased to ISK 18,116m; total assets grew to ISK 41,182m, mainly due to acquisitions.

Outlook and guidance

• 2025 outlook: EBITDA ISK 7.0–7.4b, EBIT ISK 3.6–4.0b (excluding amortization from acquisitions), CAPEX ISK 2.8–3.1b.

• End of English Premier League contract expected to reduce investments and positively impact cash flow and EBIT, but negatively affect EBITDA.

• Noona Iceland and new loan portfolio to be fully included in 2025 results.

• Inflation is declining, and long-term labor agreements provide planning stability.

• Integration of acquisitions is proceeding smoothly, supporting a positive operational outlook.