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Introduction & Market Context
Platinum Nova hf (ICEX:NOVA) presented its second quarter 2025 results on August 15, showing solid growth across its key business segments. The Icelandic telecommunications company, which operates under the Nova Klubburinn brand, maintained its strong market position in mobile services while continuing to expand its internet business.
The company’s stock closed at 4.87 on August 14, down slightly by 0.62% ahead of the results presentation, but remains well above its 52-week low of 3.62.
Quarterly Performance Highlights
Nova Klubburinn reported total revenues of 3,428 million ISK for Q2 2025, representing a 6.2% increase compared to the same period last year. The company’s EBITDA grew at an even faster pace, rising 9.7% year-over-year to 1,054 million ISK, with EBITDA margin improving to 30.7% from 29.8% in Q2 2024.
As shown in the following chart of key financial metrics, the company demonstrated growth across most performance indicators:
For the first half of 2025, Nova Klubburinn generated total revenues of 6,753 million ISK, up 5.1% from the first half of 2024. H1 2025 EBITDA reached 2,043 million ISK, representing a 9.5% increase year-over-year, while the EBITDA margin improved to 30.3% from 29.0%.
Particularly noteworthy was the company’s bottom-line performance, with profit for Q2 2025 surging 38.2% to 149 million ISK, compared to 108 million ISK in Q2 2024. For the first half of the year, profit increased 31.4% to 317 million ISK.
Detailed Financial Analysis
Nova Klubburinn’s revenue growth was primarily driven by its service segments. The company’s breakdown of revenue sources shows that FlakkNet (mobile services) grew by 5.7% in Q2 2025 to 1,668 million ISK, while FastNet (internet services) saw an impressive 11.5% growth to 1,049 million ISK. Goods sales showed modest growth of 1.8% to 444 million ISK, while other revenues declined slightly by 2.3% to 267 million ISK.
The following chart illustrates the company’s revenue breakdown by segment:
The company’s income statement reveals strong operational efficiency, with operating expenses growing at a slower rate than revenues, contributing to the improved EBITDA margin. The comprehensive income statement with year-over-year comparisons shows the company’s improving profitability:
Cash flow generation was a particular highlight, with cash from operations in Q2 2025 increasing by 42.5% year-over-year to 763 million ISK. For the first half of 2025, cash from operations grew by 38.0% to 1,543 million ISK, demonstrating the company’s improved operational efficiency and cash conversion.
The following cash flow statement provides a detailed view of the company’s cash generation and usage:
From a balance sheet perspective, Nova Klubburinn maintained a solid financial position with total assets of 23,681 million ISK as of June 30, 2025, and an equity ratio of 39.9%. The company’s balance sheet shows a slight decrease in total assets compared to the end of 2024, primarily due to a reduction in current assets.
Competitive Industry Position
Nova Klubburinn maintained its strong position in the Icelandic mobile market with a 31.9% market share and 550,520 SIM cards in service. The company reported a slight increase in its mobile customer base and higher average revenue per user (ARPU).
In the internet service segment, the company continued its growth trajectory, reaching a market share of 18.4% with 147,619 connections. The fiber market share stood at 19.5%. The company’s presentation highlighted both customer growth and increasing ARPU in this segment, indicating successful execution of its broadband strategy.
The following chart shows the company’s FlakkNet (mobile) performance metrics:
Similarly, the FastNet (internet) segment showed strong performance with double-digit revenue growth:
Forward-Looking Statements
Looking ahead to the full year 2025, Nova Klubburinn provided guidance for total revenues in the range of 13,700-14,000 million ISK and EBITDA between 4,000-4,400 million ISK. The company expects to maintain its investment level at 11-12% of total revenues.
The following chart illustrates the company’s financial outlook for 2025:
CEO Margrét Tryggvadóttir and CFO Þórhallur Jóhannsson presented the results, emphasizing the company’s continued focus on customer satisfaction and service quality. The presentation highlighted Nova Klubburinn’s recognition as an "Exemplary Company 2025" and its commitment to innovation in the telecommunications market.
With strong performance across key financial metrics and solid market positioning, Nova Klubburinn appears well-positioned to continue its growth trajectory in the Icelandic telecommunications market through the remainder of 2025.
Full presentation:
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