Sýn raises second quarter EBITDAaL by 39 percent

Sýn hf. recorded EBITDAaL of 995 million Icelandic krónur in the second quarter, a 39 percent increase from the same period last year, according to a company announcement reported by mbl.is.

Revenue rose 2.8 percent year on year to 5.559 billion krónur. Adjusted for the impact of Sendafélagið, revenue growth was 5.5 percent.

Media revenue increased by 12.3 percent, advertising sales by 9.1 percent, mobile revenue by 7 percent and internet revenue by 2.1 percent.

Total operating costs fell 2.3 percent despite an additional cost of 93 million krónur related to changes in the operating arrangement at Sendafélagið. Wages and wage-related expenses declined by 3.1 percent, while other operating costs fell by 8.4 percent.

Investment amounted to 691 million krónur during the quarter. EBITDAaL after investment was 305 million krónur, compared with 92 million krónur in the second quarter of last year. Cash flow from operations was 871 million krónur, up from 481 million krónur a year earlier.

For the first half of the year, EBITDAaL increased by 42 percent year on year to 1.837 billion krónur. EBITDAaL after investment was 310 million krónur, compared with 192 million krónur in the same period last year, despite substantially higher investment in broadcasting rights.

Revenue for the first half, adjusted for the impact of Sendafélagið, grew by 6 percent. Media operations increased by 13 percent, mainly due to English football and an increase in television subscriptions.

Sýn chief executive Herdís Dröfn Fjeldsted said the first half confirmed a continued positive turnaround in the company’s operations. She said depreciation of broadcasting rights affected results after tax and explained the increased second quarter loss. However, the loss for the first half narrowed from the same period last year.

Sýn had 367 full-time equivalent positions at the end of the period, compared with 414 a year earlier. Wage costs fell by 4.6 percent, while net interest-bearing debt excluding lease liabilities declined by more than one billion krónur since the start of the year.

Negotiations with Ása hf. to purchase Sýn’s online and radio media outlets ended in August without a final sales agreement. The outlets will therefore remain part of Sýn’s operations. The company said the outcome would not affect its published earnings forecast for 2026.