Ásar hf Reports Strong Q3 2026 Financial Results
News related to:Ásar hf · 2 min read
Ásar hf, the Icelandic media and telecommunications company, reported strong financial results for the third quarter of 2026, marking a significant milestone in its operations. Revenue for the quarter amounted to ISK 7,846 million, a 11.1% increase from ISK 7,062 million in the same period of 2025. The growth was driven by various segments, with telecommunications and TV services revenue up 3.6%, advertising revenue up 7.2%, and sales of goods up 17%. Other revenue also saw a significant boost, rising by ISK 483 million, or 86.9% year-on-year, largely due to the inclusion of Greiðslumiðlun Íslands hf. (GMÍ), which became part of the Ásar group on July 1, 2026.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter amounted to ISK 1,939 million, up ISK 91 million, or 4.9%, from the previous year. Adjusted EBITDA, which excludes certain one-time costs, reached ISK 2,116 million, a 14.5% increase from ISK 1,848 million in Q3 2025. The adjusted EBITDA margin stood at 27.0%, compared to 26.2% in the same period of 2025. EBIT for the quarter was ISK 1,099 million, up from ISK 1,052 million in Q3 2025, with GMÍ contributing ISK 124 million to the Group's EBITDA.
Net finance costs for the quarter were ISK 380 million, up from ISK 245 million in the previous year. This increase was driven by higher interest expenses, with finance costs amounting to ISK 731 million, finance income to ISK 293 million, and foreign exchange gains to ISK 58 million. Despite the higher finance costs, the company reported a profit of ISK 403 million for the quarter, down from ISK 622 million in Q3 2025. Earnings per share for the quarter were ISK 0.17.
At the end of Q3 2026, the company's interest-bearing debt, including lease liabilities, stood at ISK 25,183 million, up from ISK 19,497 million at the end of 2025. Cash and cash equivalents amounted to ISK 2,297 million, up from ISK 980 million at year-end 2025. The carrying amount of the Group's loan portfolio was ISK 5,634 million, with the growth mainly attributable to GMÍ's loan portfolio of ISK 1,373 million. The net interest-bearing debt to 12-month EBITDA ratio was 2.3x at the end of Q3 2026.
Ásar's equity ratio was 33.8% at the end of Q3 2026, with equity amounting to ISK 16.9 billion.
The company is expected to present its results to investors and market participants on October 28, 2026, at its headquarters in Reykjavík.