Sýn (SYN) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 was ISK 21,647 million, down 0.5% year-over-year, mainly due to irregular items and a 55% drop in IoT revenue.

• Adjusted EBIT for 2024 was ISK 739 million, compared to ISK 1,108 million in 2023, reflecting lower one-off gains.

• Net loss for 2024 was ISK 357 million, slightly higher than the ISK 327 million loss in 2023.

• Free cash flow increased to ISK 1,584 million from ISK 1,002 million in 2023.

• Significant restructuring and efficiency measures were implemented, including the integration of Endor and a new executive team.

Financial highlights

• Revenue from core operations (media, data transfer, mobile) grew 4.4% year-over-year.

• Advertising revenue rose nearly 10%, with TV ad sales up over 40% year-over-year.

• TV subscription revenue declined 4.4% year-over-year, underperforming expectations.

• Operating expenses increased by nearly 4% year-over-year, but cost control targets were met.

• EBIT excluding impairment and one-offs was ISK 739 million; reported EBIT was negative due to impairment.

Outlook and guidance

• 2025 EBIT guidance is ISK 800–1,200 million, with stronger performance expected in the second half.

• Focus for 2025 includes further efficiency, simplified product offerings, and leveraging new sports broadcasting rights.

• One-off costs expected in early 2025 due to marketing and technology investments for English Premier League rights.