REG-Ásar hf. - Results for the third quarter of 2026
Key Highlights
- ➤Q3 revenue ISK 7,846 million, up 11.1% year-on-year
- ➤Adjusted EBITDA ISK 2,116 million, up 14.5%; margin expanded to 27.0%
- ➤Q3 profit fell to ISK 403 million from ISK 622 million
- ➤Interest-bearing debt rose to ISK 25,183 million; net debt/12M EBITDA was 2.3x
- ➤Planned Öryggismiðstöð Íslands and Opin kerfi acquisitions target ISK 600–800 million annual synergies
Expert Statements
María Björk Einarsdóttir, CEO of Ásar
“This is a milestone quarter as we present our first results as a newly formed group under the Ásar name, and our first with Greiðslumiðlun Íslands included.”
María Björk Einarsdóttir, CEO of Ásar
“The Group is rapidly taking shape, and stable operations are laying a solid foundation for continued growth.”
María Björk Einarsdóttir, CEO of Ásar
“Revenue is growing, and so are earnings when adjusted for direct costs related to external growth and restructuring of the Group.”
María Björk Einarsdóttir, CEO of Ásar
“Importantly, this performance is not driven by new companies alone: excluding the impact of the acquisition of Greiðslumiðlun Íslands, revenue grew by more than 4% and adjusted EBITDA by almost 8%.”
María Björk Einarsdóttir, CEO of Ásar
“In telecommunications, mobile subscriptions are increasing, 5G rollout continues at pace, and our expansion in backup connectivity is making Icelandic businesses and institutions more resilient.”
María Björk Einarsdóttir, CEO of Ásar
“Integrating artificial intelligence into our operations is boosting productivity and enhancing the quality of our customer service.”
María Björk Einarsdóttir, CEO of Ásar
“Fintech continues to gain momentum, with the loan portfolio up 24% since the start of the year and corporate card transaction volume up 53% year-on-year.”
María Björk Einarsdóttir, CEO of Ásar
“Noona's user base keeps growing, and with Noona Strax we offer a comprehensive, high-quality solution for businesses that are just getting started.”
María Björk Einarsdóttir, CEO of Ásar
“Our media business is advancing steadily, and according to a new Maskína survey, Premium is the best domestic streaming service by a wide margin.”
María Björk Einarsdóttir, CEO of Ásar
“We have also added 60 new Billboard screens this year, and a ten-year extension of our bus shelter agreement with the Municipality of Hafnarfjörður will enhance the passenger experience, simplify the municipality's operations and strengthen our outdoor media network.”
María Björk Einarsdóttir, CEO of Ásar
“Despite challenging external conditions, targeted efficiency measures allow us to keep investing in growth and better service.”
María Björk Einarsdóttir, CEO of Ásar
“Here, our outstanding people make all the difference, they have shown exceptional adaptability and grit through a period of significant change.”
María Björk Einarsdóttir, CEO of Ásar
“We expect the Icelandic Competition Authority's decision on the acquisitions of Öryggismiðstöð Íslands and Opin kerfi in the coming days.”
María Björk Einarsdóttir, CEO of Ásar
“These transactions are intended to further expand and strengthen the Group and to leverage shared support services for greater efficiency.”
María Björk Einarsdóttir, CEO of Ásar
“If completed, we are targeting annual cost synergies of ISK 600–800 million, to be realised over the coming years.”
María Björk Einarsdóttir, CEO of Ásar
“This will give us room to further enhance our services, counter cost pressures and offer our customers ever more competitive terms.”
Financial highlights Q3 2026 * Revenue in the third quarter (Q3) of 2026 amounted to ISK 7,846 million, up 11.1% from ISK 7,062 million in Q3 2025. Revenue from telecommunications and TV services increased by 3.6%, advertising revenue by 7.2% and sales of goods by 17%. Other revenue rose by ISK 483 million, or 86.9% year-on-year, to ISK 1,039 million, attributable to revenue from Greiðslumiðlun Íslands hf. (GMÍ, ISK 487 million), which became part of the Ásar group on 1 July 2026. * Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to ISK 1,939 million in Q3 2026, up ISK 91 million, or 4.9%, year-on-year. * Adjusted EBITDA amounted to ISK 2,116 million in Q3 2026, up ISK 268 million, or 14.5%, year-on-year. The adjusted EBITDA margin was 27.0%, compared with 26.2% in Q3 2025. Adjusted EBIT amounted to ISK 1,099 million, compared with ISK 1,052 million in Q3 2025. GMÍ contributed ISK 124 million to the Group's EBITDA in Q3 2026. Total adjustments to EBITDA and EBIT in Q3 amounted to ISK 177 million, comprising costs directly related to restructuring of the Group (ISK 65 million) and to external growth (ISK 112 million). The latter comprises ISK 72 million related to the acquisition of GMÍ and ISK 40 million related to preparations for the planned acquisition of Sýn's online and radio media operations. EBIT is also adjusted for amortisation of intangible assets arising from acquisitions (Q3 2026: ISK 35 million; Q3 2025: ISK 27 million). * Net finance costs amounted to ISK 380 million in Q3 2026, compared with ISK 245 million in Q3 2025. Finance costs amounted to ISK 731 million, finance income to ISK 293 million and foreign exchange gains to ISK 58 million. * Profit for Q3 2026 amounted to ISK 403 million, compared with ISK 622 million in Q3 2025. Earnings per share amounted to ISK 0.17 for the quarter. * The Group's interest-bearing debt, including lease liabilities, amounted to ISK 25,183 million at the end of Q3 2026, compared with ISK 19,497 million at year-end 2025. Cash and cash equivalents amounted to ISK 2,297 million at the end of Q3 2026, compared with ISK 980 million at year-end 2025. The carrying amount of the Group's loan portfolio was ISK 5,634 million at the end of Q3 2026, with the growth mainly attributable to GMÍ's loan portfolio of ISK 1,373 million. Net interest-bearing debt / 12M EBITDA(1) was 2.3x at the end of Q3 2026. * Ásar's equity ratio was 33.8% at the end of Q3 2026 and equity amounted to ISK 16.9 billion. (1) 12M EBITDA is adjusted for an ISK 77 million expense related to legal proceedings in Q1 2026 and ISK 177 million in direct costs related to external growth and restructuring of the Group in Q3 2026, and includes GMÍ's EBITDA on a pro forma basis for the full 12-month period.
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