Icelandic Media Company Issues Profit Warning

Icelandic media company Sýn has issued a profit warning for the year. The company now expects 2025 operating profit to reach approximately 280 million Icelandic króna.

Sýn reported that revenue from individual television subscriptions fell below expectations. Advertising sales and network share revenues also remained below projections.

During autumn months, the company transferred customers to a new, simplified product offering. The transition went well overall, but Sýn decided to book a one-time cost of 90 million króna to simplify billing systems for customers, according to a company statement.

The new profit forecast predicts 280 million króna in annual operating profit. This includes seven million króna in the third quarter and around 350 million króna in the fourth quarter. Previous forecasts had projected operating profit between 800 million and one billion króna.

EBITDAaL expectations were also revised downward. The company now expects approximately 3.45 billion króna, down from previous projections of 4-4.2 billion króna.

Sýn continues to focus on reducing operational costs. These savings should fully materialize by early next year, the company stated. The transfer of Sýn's fiber network distribution system to Sendifélagið will also be completed.

This profit warning reflects ongoing challenges in Iceland's media sector as companies adapt to changing consumer habits and digital transformation. The substantial downward revision suggests the company faces stronger headwinds than previously anticipated.