Landsnet's interim financial statement for the period January-June, 2025 was published today.
Landsnet - Half-Year Financial Report, January- June 2025
Solid performance and exciting times ahead
Landsnet delivered strong results in the first half of the year, aligning with expectations. The company reported a profit of USD 11.5 million for the period. The refund of in-feed fees affected this year's results.
Ragna Árnadóttir, CEO of Landsnet:
"The coming period will be challenging as we work to strengthen and develop the transmission system for the future. This interim report reflects Landsnet's sound financial position. Revenues for the first half of the year were lower than during the same period last year, primarily due to refunds of in-feed fees resulting from a Supreme Court ruling. Nevertheless, forecasts indicate that the company's full-year operating results will broadly align with previous years.
This year's projects were numerous and, for the most part, on schedule. They include responding to volcanic activity on the Reykjanes Peninsula and making significant investments to secure the long-term security of the electricity supply. Due to ongoing legal proceedings, work on the Suðurnes Line 2 is on hold. Three new subsea cables were laid this summer, two to the Westman Islands and one across Arnarfjörður, significantly improving the security of supply. The supply chain continues to face challenges, with rising costs and high global demand for key materials."
Main points of the financial statement:
Profits in the first 6 months of the year 2025 amounted to 11.5 million USD compared with 21.1 million USD during the same period in 2024. Earnings before Interest and Taxes (EBIT) was 28.0 million USD compared with 34.9 million USD in the previous year.
The total assets of the company amounted to 1,250.1 million USD compared with 1,236.2 million USD at year end, 2024. Total liabilities amounted to 687.1 million USD compared with 661.2 million USD at year end, 2024.
Equity ratio was 45.5% at end of June, compared with 46.5% at year-end, 2024. Net assets amounted to 568.4 million USD compared with 574.9 million USD at year end in 2024.
Net cash availability was 48.8 million USD at end of June and net cash provided by operating activities amounted to 28.2 million USD.
The interim report can be accessed here: www.landsnet.is
More information can be provided by Guðlaug Sigurðardóttir, CFO: Tel: +354 563 9300 or Email: gudlaugs@landsnet.is
About Landsnet
Landsnet was established in 2005 and is responsible for operating Iceland's electricity transmission system, one of the most important parts of Iceland's infrastructure. Our role is to operate and develop Iceland's electricity transmission system and administer its system operations.
