Sýn (SYN) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was ISK 5,220 million, down from ISK 5,365 million in Q1 2024, with a net loss of ISK 344 million compared to a loss of ISK 153 million year-over-year.

• EBITDA for the quarter was ISK 890 million, a decrease from ISK 1,097 million in the same period last year.

• The company is progressing with the planned merger of subsidiaries Endor ehf., Eignarhaldsfélagið Njálu ehf., and Já hf., aiming for completion in Q2 2025 to enhance efficiency and profitability.

Financial highlights

• EBIT for Q1 2025 was negative ISK 139 million, compared to positive ISK 47 million in Q1 2024.

• Loss per share was ISK 1.39, compared to ISK 0.62 in Q1 2024.

• Cash flow from operations increased to ISK 850 million from ISK 673 million year-over-year.

• Investments in operating and intangible assets totaled ISK 163 million, with an additional ISK 316 million in content rights.

• Net interest-bearing debt (including lease liabilities) was ISK 18,100 million at quarter-end.

Segment performance

• Revenue from mobile services, internet, and media declined year-over-year, with mobile at ISK 2,259 million (down from ISK 2,381 million), internet at ISK 1,231 million (up from ISK 1,147 million), and media at ISK 1,015 million (down from ISK 1,062 million).