Landsvirkjun's first quarter results

Solid operations in challenging weather conditions

•    Landsvirkjun‘s profit from core operations for the first quarter of the year amounted to USD 91 million and cash flow from operations USD 104 million.

•    The Company’s financial position has never been stronger, the equity ratio is 67% and the net debt to EBITDA ratio is 1.4×.

•    Operating revenues increased compared with the same period of the prior year after a downturn following the record year 2023.

Hörður Arnarson, CEO:

„Following a temporary downturn in revenues due to challenging reservoir levels, Landsvirkjun’s operations have now returned to previous stability. A winter of heavy precipitation in the Icelandic highlands has led to above-average water levels in all reservoirs, marking a decisive improvement from the historically low levels of the latter part of last year.
First quarter revenues amounted to USD 162 million, increasing by 13% compared to the same period of the previous year.
Profit before unrealised financial items in the quarter increased by 18% year-on-year and amounted to USD 91 million. At 67%, the equity ratio is at an all-time-high, placing Landsvirkjun in a strong financial position at the start of the upcoming construction period, with the building of Vaðölduver wind farm and Hvammsvirkjun hydropower station, as well as the expansion of Sigalda hydropower station. Net debt continues to decrease and amounts to 1.4 times EBITDA.“

Attachments

• Interim financial statements Jan-March 2025
• Financial Statement Highlights