Sýn (SYN) Q4 2025 earnings summary

Executive summary

• Revenue increased to ISK 21,981 million in 2025, up 1.5% year-over-year, with EBITDAaL at ISK 3,456 million and net loss reduced to ISK 634 million from ISK 1,518 million in 2024.

• Major rebranding unified multiple brands under a single identity, simplifying offerings and improving customer experience.

• Sold 4G/5G mobile infrastructure to Sendafélagið, streamlining operations, reducing investment needs, and improving efficiency.

• Fourth quarter showed operational improvements and record advertising sales.

• Achieved nomination as Iceland's Best Brand 2025 and saw strong customer engagement.

Financial highlights

• EBITDA increased by 1.9% to ISK 4,707 million; EBITDAaL rose 4.4% to ISK 3,456 million, with margin up to 16% from 15% year-over-year.

• EBIT turned positive at ISK 312 million versus negative ISK 657 million in 2024.

• Investments decreased by 20% to ISK 3,150 million from ISK 3,937 million year-over-year.

• Free cash flow (EBITDAaL minus investments) was ISK 306 million, up from negative ISK 628 million.

• Net interest-bearing debt (excluding lease liabilities) increased to ISK 6,690 million.

Outlook and guidance

• 2026 EBITDAAL after investments is projected at ISK 800–1,200 million.

• Investments for 2026 expected in the range of ISK 3,200–3,400 million.

• Updated EBIT guidance for 2025 was ISK 280 million, with EBITDAaL at ISK 3,450 million and investments at ISK 3,150 million.

• Focus remains on cost reduction, operational efficiency, and leveraging new bundled offerings.