Sýn (SYN) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 totaled ISK 15,759 million, with a net loss of ISK 757 million for the period, and total assets at ISK 30,219 million as of September 30, 2025.

• The company completed a merger of subsidiaries and entered a significant infrastructure partnership, aiming for operational efficiency and improved financial flexibility.

• Workforce reduced to 397 FTEs at period end, down from 422 at the start of the year.

Financial highlights

• Q3 2025 revenue declined 1.6% year-over-year, mainly due to one-off effects from customer migration and lack of media grant income.

• EBITDA for the first nine months was ISK 3,060 million, down from ISK 3,366 million year-over-year.

• Net loss for the nine-month period was ISK 757 million, compared to a loss of ISK 321 million in the same period last year.

• Investments in tangible and intangible assets totaled ISK 641 million for the period.

• Cash flow from operations was ISK 2,163 million for the nine months.

Outlook and guidance

• Cost-saving measures are set to be fully implemented at the start of next year, with the sale of the mobile network expected to positively impact cash flow.

• The company is revising its media revenue model to adapt to changing market conditions.