Síminn

Investor Presentation • Apr 29, 2025

Investor Presentation Q1 2025

María Björk Einarsdóttir and Óskar Hauksson

Q1 – Strong Operations New Growth Pillars

Strong Core Operations and Positive Revenue Trends in Key Products

• Increase in mobile subscriptions while internet subscriptions remain stable
• Síminn Premium TV users grow by 10% year -on -year

Advertising Becomes a Strong Operational Pillar

• Successful acquisition and integration of Billboard in 2024
• Outdoor media and TV create unique value for customers

Síminn's Fintech Business Taking Shape

• 150,000 registered users on Noona Iceland
• Over 100 companies adopt Síminn Pay's new corporate card
• Acquired 9,000 loan agreements worth ISK 1.5 billion

Continued Strong Cash Flow from Core Operations

▪ Shareholder distributions totalled ISK 1,023 million in Q1

Results Marked by Supreme Court Judgment

Results Affected by Unexpected Supreme Court Judgment

• Supreme Court overturned the judgments of the District Court and Court of Appeal and ordered Síminn to pay a fine of ISK 400 million
• Outcomes of three additional legal disputes led to settlements totalling ISK 60 million, along with ISK 35 million in default interest
• Legal uncertainty significantly reduced with the resolution of these cases

Income Statement Q1 2025

Total Revenues Amounted to ISK 7,173 Million, an Increase of Almost ISK 600 Million from the Previous Year

• Increase largely due to the inclusion of Billboard and Noona Iceland, which were not part of the group in Q1 2024
• Revenue growth in television and mobile, while data transmission remains stable

Cost of Goods Sold Increased by ISK 346 Million Year-on-Year

▪ Higher costs driven by new subsidiaries and increased infrastructure supplier costs; Other items remain similar year-on-year

Operating Expenses Increased by ISK 494 Million Year-on-Year

▪ Legal settlements accounted for approximately ISK 460 million

Net Finance Costs Increased by ISK 126 Million Year-on-Year

• Finance income remained stable across the group, while interest income from Síminn Pay loans increased by 9% year-on-year
• Finance costs increased by ISK 135 million, reflecting higher debt levels related to acquisitions
• Default interest on payments due to legal disputes amounted to approximately ISK 35 million

Income Statement	Q1 2025	Q1 2024	Change	%
Net sales	7.003	6.417	586	9,1%
Cost of sales	(4.526)	(4.180)	(346)	8,3%
Gross profit	2.477	2.237	240	10,7%
Other operating income	170	158	12	7,6%
Operating expenses	(1.997)	(1.964)	(33)	1,7%
Administrative fine and damages	(461)	0	(461)
Operating profit (EBIT)	189	431	(242)	-56,1%
Financial income	192	183	9	4,9%
Financial cost	(513)	(378)	(135)	35,7%
Net financial items	(321)	(195)	(126)	64,6%
(Loss) Profit before tax	(132)	236	(368)	-155,9%
Income tax	(56)	(65)	9	-13,8%
(Loss) Profit	(188)	171	(359)	-209,9%
EBITDA	1.272	1.435	(163)	-11,4%
EPS	(0,08)	0,07	(0,15)	-214,3%

Revenue Q1 2025

Revenue Q1 2025

Mobile

• Increase in subscriber numbers and revenues compared to the previous year
• Roaming revenues increased by nearly 13%, mainly due to usage by foreign tourists in Iceland

Internet & network

▪ Slight increase in subscriber numbers, but average revenue per user Is trending downward

TV

• Strong year-on-year revenue growth
• Seasonal churn after Q4, but 10% growth in customer numbers year-on-year

Advertising

• Billboard became part of Síminn's group at the end of Q1 2024, and therefore revenues are not included in comparison figures
• Billboard's revenues in Q1 2025 amounted to ISK 370 million

Segments	Q1 2025	Q1 2024	Change	%
Mobile	1.685	1.628	57	3,5%
Internet & network	2.067	2.064	3	0,1%
TV	1.901	1.836	65	3,5%
Advertising	563	173	390	225,4%
Equipment sales	415	424	-9	-2,1%
Other	542	450	92	20,4%
Total	7.173	6.575	598	9,1%

Investor Presentation Q1 2025 7 Mobile: Mobile services, including traditional GSM services, satellite services, or other mobile services. Internet & network: Data transmission services, including xDSL services, GPON, Internet, IP networks, access lines, and access networks. TV: Distribution of television content, subscriptions, and usage of the company's media services. Advertising: Advertising revenues from outdoor media and television. Equipment Sales: Sale of telecommunications equipment and accessories. Other: Revenues related to other telecommunications and financial services.

EBIT

KPI's Q1 2025

Profit

* Cash flow from operations, net of investments

Investor Presentation Q1 2025 8 ** Adjusted for a settlement of ISK 460 million relating to fines and damages *** Adjusted for a settlement of ISK 495 million relating to fines and damages

Fintech

Lending

• Síminn Pay took over Valitor's loan portfolio in February, increasing lending by ISK 1.4 billion
• Modest growth in credit cards, while lending through loans has been declining
  • Turnaround expected in loans following acquisition of loan portfolio

Corporate Card

• Strong growth in the number of corporate card users
• 118 companies had implemented the solution by the end of March, with an additional 60 companies in the process of implementation and testing

Noona Iceland

• Noona's operations integrated into Síminn's Fintech Division following its inclusion in the group in December 2024
• Noona's booking and point-of-sale solutions have now become part of Síminn's broader fintech offering

Síminn Pay Loan Portfolio

Loans

Síminn Pay - Interest income

Balance Sheet and Cash Flow

Balance Sheet and Cash Flow

Balance Sheet

• Goodwill and other intangible assets decreased mainly due to amortisation of broadcasting rights. No investments were made in new television content in Q1
• Lending increased by ISK 1.4 billion, related to the acquisition of a loan portfolio
• Increase in other short-term receivables mainly due to Síminn Pay corporate cards and an increase in prepaid costs, which is standard practice for Síminn in Q1 and relates to contracts with key suppliers
• Long-Term debt increased by ISK 1.5 billion as the acquisition of the loan portfolio was financed with long-term borrowing
• Short-Term debt increased by ISK 400 million

Equity ratio

Balance sheet 31.03.2025 31.12.2024 Change % Property, plant and equipment 3.638 3.543 95 3% Right-of-use assets 1.750 1.844 (94) -5% Intangible assets 25.713 26.243 (530) -2% Other financial assets 980 638 342 54% Non-current assets 32.081 32.268 (187) -1% Inventories 1.329 1.339 (10) -1% Accounts receivables 2.403 2.503 (100) -4% Loans (Síminn Pay) 4.278 3.204 1.074 34% Other assets 1.651 1.033 618 60% Cash and cash equivalents 393 835 (442) -53% Current assets 10.054 8.914 1.140 13% Total assets 42.135 41.182 953 2% Equity 16.916 18.116 (1.200) -7% Equity 16.916 18.116 (1.200) -7% Borrowings 14.129 12.733 1.396 11% Lease liabilities 1.484 1.571 (87) -6% Deferred tax liabilities 578 686 (108) -16% Non-current liabilities 16.191 14.990 1.201 8% Bank loans 2.484 2.084 400 19% Accounts payables 3.787 3.760 27 1% Current maturities of borrowings 787 780 7 1% Other current liabilities 1.970 1.452 518 36% Current liabilities 9.028 8.076 952 12%

Total equity and liabilities 42.135 41.182 953 2%

Investor Presentation Q1 2025 11 *Net Interest-Bearing Debt Includes Interest-Bearing Liabilities and Lease Liabilities, Net of Cash and Síminn Pay Loans. *12M EBITDA 2024 Includes 12-Month Pro Forma EBITDA for Billboard and Noona. 12M EBITDA Q1 2025 Includes. *12-Month Pro Forma EBITDA for Noona, Adjusted for the ISK 460 Million due to legal settlements.

Balance Sheet and Cash Flow

Cash Flow

• Strong cash flow from underlying operations, but the quarter was marked by ISK 495 million in fines and damages including default interest
• Interest payments increased as leverage has grown since Q1 2024
• Significant reduction in investments in intangible assets compared to the previous year, when 20% of the three-year English Premier League broadcasting rights were capitalised in Q1; No investments in broadcasting rights in Q1 this year
• Shareholder payments totalled ISK 1,023 million in Q1, of which share buybacks accounted for ISK 525 million
• Short-Term debt increased by ISK 400 million due to higher outflows in Q1

Cash flow	Q1 2025	Q1 2024
Operating profit	189	431
Depreciation	1.083	1.004
Items not affecting cash flow	11	21
Total operating activities	1.283	1.456
Changes in current assets and liabilitites	(122)	(177)
Cash generated by operation	1.161	1.279
Interest income received	184	175
Interest expenses paid	(420)	(243)
Payments of taxes	(53)	(90)
Net cash from operating activities	872	1.121
Net investment in non-current assets	(547)	(1.292)
Changes in loans (Síminn Pay)	(1.446)	(119)
Acquisition of subsidiaries, net of cash acquired	0	(3.732)
Investment activities	(1.993)	(5.143)
Dividend paid	(498)	0
Buyback of ordinary shares	(525)	(191)
Payment of long term lease	(87)	(69)
Net Financing activities	1.793	4.500
Financing activities	683	4.240
Changes in cash and cash equivalents	(438)	218
Effect of exchange rate fluctuation on cash held	(4)	(2)
Cash and cash equivalents at the beginning of the period	835	1.810
Cash and cash equivalents at the end of the period	393	2.026

Investments

Investments

Growing Digital Ecosystem

Growing Digital Ecosystem

Síminn Premium TV

Leader in Icelandic Production

• 10% growth in customer numbers year-on-year
• Biggest year in Icelandic TV programming, seasons including Reykjavík 112, IceGuys, Friðarhöfn, Reykjavík Fusion, and Vesen
• 12 Icelandic TV series currently in production
• Over 52,000 viewers watched the first episode of Reykjavík 112 during its first week on air
• Production of Icelandic children's content continues, with a focus on strengthening the Icelandic language
• Major agreements with HBO, Paramount, Showtime, MGM, and ITV secure high-quality television content for Síminn throughout the year
• Síminn received the Áran Award, the marketing achievement prize from ÍMARK, for outstanding success with IceGuys

Growing Digital Ecosystem

Fintech

Opportunities in an Expanding Revenue Stream

118 Companies Using Síminn Pay's New Corporate Card

• Includes many of the country's largest companies
• 60 companies currently in implementation and testing

Almost 150,000 Registered Users at Noona

• Around 78,000 people book 200,000 appointments each month
• Noona Iceland processes billions of ISK in annual transaction volume
• Noona's vendor base is 1,016, with 89 new vendors added since January

Pilot Project with Artificial Intelligence for Call Handling and Appointment Booking

Electronic Expense Request Solutions from Síminn Pay in Municipal Operations

▪ Agreements finalised with some of Iceland ´s largest municipalities, implementation underway in Reykjavík and Hafnarfjörður

118

Síminn Pay – Companies Using Corporate Card

60

Síminn Pay – Companies Implementing and Testing the Corporate Card

5.000 m.ISK. – Síminn Pay Loan Portfolio

200.000

Noona – Appointments Booked Per Month

150.000

Noona – Registered Users

Outdoor Media (OOH)

Innovations Enhance Security in Fish Farming

• First private 5G network in Iceland secures reliable bandwidth for Arnarlax 7 km offshore
• Mobile core and base station located in Patreksfjörður
• Reliable transmission backbone for streaming from dozens of cameras at farming sites
• Accident prevention through surveillance and remote control of equipment over the 5G network by Radíómiðun
• Similar solutions under development in other parts of the country

Growing Digital Ecosystem

Customer Recommendation Rate

Focused Strategy Delivers Results

• Implementing the new strategy is a top operational priority
• Clear link between growing employee satisfaction and customer satisfaction

Employee Recommendation Rate

Investor Presentation Q1 2025 20 *Proportion of Customers Giving a Score of 7 or Higher in the Service Survey on a Scale of 1–10. Customers Are Asked How Likely They Are to Recommend Síminn. *Proportion of Employees Giving a Score of 8 or Higher in the Employee Satisfaction Survey on a Scale of 1–10.

Shareholders

Shareholders

• Shareholders totalled 891 at the end of Q1 2025
• Dividend of ISK 498 million paid on 28 March 2025
• Share capital reduced by 175,000,000 treasury shares on 24 March 2025, with share capital amounting to ISK 2,475,000,000 after the reduction
• Share buybacks in Q1 2025 totalled ISK 525 million
• Síminn's share price has increased by 33.3% over the past 12 months, and by 0.7% since the beginning of the year

Shareholders 28.4.2025	Position	% O/S
Stoðir hf.	461.194.170	18,63%
Brú Lífeyrissjóður starfs sveit	274.877.095	11,11%
Lífeyrissj.starfsm.rík. A-deild	258.771.439	10,46%
Lífeyrissjóður verzlunarmanna	163.922.187	6,62%
Gildi - lífeyrissjóður	149.446.085	6,04%
Söfnunarsjóður lífeyrisréttinda	88.830.504	3,59%
Birta lífeyrissjóður	81.415.261	3,29%
Stefnir - Innlend hlutabréf hs.	72.055.439	2,91%
Brú R deild	71.407.033	2,89%
Lífeyrissj.starfsm.rík. B-deild	60.306.152	2,44%
Top 10 shareholders	1.682.225.365	67,97%
Other Shareholders	749.602.173	30,29%
Shares outstanding	2.431.827.538	98,26%
Own shares	43.172.462	1,74%
Total number of shares	2.475.000.000	100,00%

Stoðir hf

Brú lífeyrissjóður starfs sveit

Lífeyrissj. Starfsm.rík. A-Deild

Lífeyrissjóður verzlunarmanna

Gildi - lífeyrissjóður

Söfnunarsjóður lífeyrisréttinda

Birta lífeyrissjóður

Stefnir - innlend hlutabréf hs.

Brú R deild

Lífeyrissj. Starfsm.rík. B-deild

Other shareholders

Own shares

Outlook 2025

Outlook 2025

Earnings Outlook for 2025

• Earnings outlook for EBITDA and EBIT lowered by ISK 400 million on 24 February following the Supreme Court ruling
• Forecast foundations otherwise remain unchanged
• Forecast uncertainty greater than usual as the Premier League broadcasting rights agreement expires in May
• Some uncertainty regarding impact, but current plans assume a positive effect on cash flow and EBIT, and a negative effect on EBITDA
• This year's plan assumes that reduction in amortisation will outweigh potential negative revenue impacts
• Noona Iceland's operations consolidated at the beginning of the year, loan portfolio acquisition completed in early March
• Investments are set to decrease significantly compared to 2024 due to lower investment in broadcasting rights

6,6–7,0 BN.ISK.

EBITDA

3,2–3,6 BN.ISK. *

EBIT

2,8–3,1 BN.ISK.

Investments

Disclaimer

Information contained in this presentation is based on sources that Síminn hf. ("Síminn" or the "company") considers reliable at each time. Its accuracy or completeness can however not be guaranteed. This report contains forward-looking statements that reflect the management's current views with respect to certain future events and potential financial performance. Although the management believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct.

The forward-looking information contained in this presentation applies only as at the date of this presentation. Síminn does not undertake any obligation to provide recipients of this presentation with any further information on the company or to make amendments or changes to this publication should inaccuracies or errors be discovered or opinions or information change. Other than as required by applicable laws and regulation.

This presentation is solely for information purposes and is not intended to form part of or be the basis of any decision making by its recipients. Nothing in this presentation should be construed as a promise or recommendation. Statements contained in this presentation that refer to the company's estimated or anticipated future results or future activities are forward looking statements which reflect the company's current analysis of existing trends, information and plans. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially depending on factors such as the availability of resources, the timing and effect of regulatory actions and other factors.

By the receipt of this presentation the recipient acknowledges and accepts the aforesaid disclaimer and restriction