Landsvirkjun‘s Financial Statements

Strong results in a challenging operational year

• Landsvirkjun's profit from core operations last year amounted to approximately USD 287 million.
• The Company's financial position remains strong with an equity ratio of 64.5% and net debt amounting to 1.7x EBITDA.
• Proposal of USD 165 million in dividends.

Hörður Arnarson, CEO:

Landsvirkjun's operations performed well in 2025, reflecting the Company's solid foundation and strong financial position. Although conditions were challenging at times, the operating results were good, demonstrating that core operations stand on solid ground. Hydrological conditions were unusual and volatile; at the beginning of the year, circumstances were difficult following a prolonged drought, but the situation improved significantly as the year progressed and by year-end the water levels in Landsvirkjun's reservoirs had become very good.

Power station operations were under significant strain during the year, not least due to equipment disruptions and challenging conditions in the Þjórsá area. Landsvirkjun's employees demonstrated the professionalism and responsibility required to ensure electricity generation in an isolated energy system, where there is little room for error. Operations withstood the strain and all commitments were fulfilled.

In 2025, an important step was also taken into a construction period that will be one of the most extensive in the Company's history. Construction of the Vaðalda power station progressed well, preparatory work for the Hvammsvirkjun hydropower project continued, and in the coming months construction will begin on the expansion of the Sigalda and Þeistareykir power stations.

Landsvirkjun's financial position is strong, providing the Company with the capacity to undertake the projects necessary to meet the growing energy needs of industry, support the energy transition and contribute to energy security for the future. The Board of Directors intends to propose a dividend payment to owners in the amount of USD 165 million at the Annual General Meeting. The Board of Directors is also considering proposing a special dividend ahead of the Annual General Meeting in April.

Attachments

• Financial statements LV 2025
• Financial_Statement_Highlights

You May Also Be Interested In

• DIVEVOLK-Equipped Photographers Sweep the Smartphone Category at Ocean Geographic Pictures of the Year 2026
• Insta360 Big Deal Days Returns with Savings of up to US$200 on Cameras, Gimbals, Microphones, and More
• Brake Repair Services Available at Ledgewood Car Care